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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
 

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

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

    • 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.
    • 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 15271312 2038.193 1112 1112 204 219 219 102.23 110.27 110.27 16.23 16.23 15.04 15.04 18.84Euro Stoxx 50 Pr EUR 2713836 5590.895 4551 4551 731 763 763 202.40 299.27 299.27 22.86 18.53 15.46 15.46 19.77NIKKEI 225 JPY 2852100 197.0179 188 188 18 21 21 5.31 6.87 6.87 0.27 0.26 0.21 0.21 0.11FTSE 100 INDEX GBP 2809303 12390.57 10063 10063 1461 1738 1738 596.00 825.06 825.06 25.99 24.24 18.77 18.77 21.64SWISS MARKET INDEX CHF 1085883 11249.94 4065 4065 856 827 827 415.65 550.90 550.90 21.22 17.66 16.01 16.01 21.76S&P/TSX COMPOSITE INDEX CAD 1651404 17113.04 7809 7809 1834 2018 2018 762.43 858.26 858.26 15.77 15.77 14.01 14.01 23.87S&P/ASX 200 INDEX AUD 1389289 6566.53 2688 2688 606 669 669 240.56 321.94 321.94 20.69 16.62 15.46 15.46 22.18HANG SENG INDEX HKD 1749899 3449.621 1687 1687 371 408 408 283.55 271.07 271.07 1.35 1.53 1.41 1.41 3.00MSCI EM USD 7868207 1854.702 1023 1023 212 285 285 83.89 94.75 94.75 12.47 12.76 11.04 11.04 18.21GOLDCORP INC USD 22265 8975 812 1 0 0 1 22.74 5435 5101 4905 6245 2798 2532 570 570 1.99 1.70 1.40 2.10 16.02 16.02 19.46 13.01 1.36 13.48 19.78 21.03 49.64 BBB+ 01.06.2009 Baa2 13.03.2013BARRICK GOLD CORP USD 19462 23817 1001 14 0 3 2 34.61 14547 14340 13583 14589 7358 7071 1583 1583 3.74 3.30 3.16 3.33 5.89 5.89 6.16 5.84 2.18 13.61 -11.64 24.49 49.31 BBB 26.04.2013 Baa2 24.04.2013NEWMONT MINING CORP USD 15751 9296 497 6 0 3 2 23.92 9868 9362 9216 10761 4169 3731 808 808 3.78 3.34 2.71 3.41 9.45 9.45 11.67 9.27 -4.73 4.99 -19.24 19.37 39.85 BBB+ 11.08.2008 Baa1 26.07.2010RANDGOLD RESOURCES LTD-ADR USD 6633 765 92 0 0 0 0 6.54 1318 1331 1383 1791 699 689 - - 4.65 4.48 4.33 6.73 16.08 16.08 16.64 10.70 16.92 27.97 20.16 53.34 51.75 - - - -YAMANA GOLD INC USD 8344 9956 1 0 0 0 8.91 2337 2312 2481 2998 1269 1164 263 263 - - 0.78 1.06 - - 14.18 10.44 7.52 14.54 0.53 26.81 50.35 - - - -GOLD FIELDS LTD-SPONS ADR USD 4461 5794 16 0 2 5 28916 38146 29086 30284 14243 18261 12706 12706 - - 6.00 7.52 - - 9.41 7.50 14.46 8.58 5.29 13.85 47.87 BB+ 15.11.2012 - -SILVER WHEATON CORP USD 7865 6872 0 0 0 1 8.88 850 856 965 1085 701 700 181 181 - - 1.59 1.76 - - 13.98 12.57 16.38 43.77 13.36 43.74 81.79 - - - -ANGLOGOLD ASHANTI-SPON ADR USD 6820 4166 30 0 0 8 52160 51968 57034 62449 19105 17635 20359 20359 - - 14.62 23.71 - - 11.27 6.95 -4.14 11.91 -17.82 86.63 33.93 BBB- 10.12.2012 - -CIA DE MINAS BUENAVENTUR-ADR USD 4994 1441 253 0 0 0 5.22 1564 1492 1642 1761 569 - 174 174 2.69 2.27 2.21 2.35 7.97 7.95 8.21 7.71 0.44 14.04 -30.59 7.40 - - - - -NEW GOLD INC USD 3095 5423 1 0 0 1 3.28 791 824 933 987 390 388 115 115 - - 0.41 0.54 - - 16.02 12.04 13.70 39.01 13.39 63.80 47.02 BB- 27.03.2012 B2 27.03.2012AGNICO EAGLE MINES LTD USD 4928 2008 1 0 0 0 5.44 1918 1865 1705 2061 787 735 179 179 - - 1.03 1.78 - - 27.67 16.04 5.26 38.09 4.59 31.64 39.41 NR 12.03.2003 WR 05.03.2002ELDORADO GOLD CORP USD 4923 4371 1 0 0 1 5.13 1148 1214 1264 1402 584 631 136 136 - - 0.43 0.53 - - 15.91 13.12 3.97 58.56 -9.24 53.95 51.94 BB 13.11.2012 Ba3 12.11.2012KINROSS GOLD CORP USD 6028 21000 1140 3 0 0 2 6.84 4311 4333 4041 4209 1962 1981 347 347 0.77 0.74 0.45 0.56 7.14 7.14 11.63 9.50 12.20 27.96 1.87 40.67 45.72 BBB- 15.08.2011 Baa3 15.08.2011ROYAL GOLD INC USD 3253 915 59 0 0 0 0 2.89 263 292 303 379 233 260 65 65 1.63 1.40 1.52 2.10 36.01 36.01 33.31 24.02 21.52 33.98 25.17 44.69 88.90 - - - -HARMONY GOLD MNG-SPON ADR USD 1789 3257 2 0 0 2 15169 16353 16517 21953 4222 3140 4735 4735 - - 3.91 7.72 - - 9.80 4.96 30.81 9.67 79.35 16.71 19.20 - - - -IAMGOLD CORP USD 1898 6874 1 0 0 1 1.98 1670 1571 1479 1681 710 642 148 148 - - 0.52 0.68 - - 9.73 7.43 -0.19 12.44 -9.54 30.21 40.84 BB- 10.09.2012 - -PAN AMERICAN SILVER CORP USD 1810 2604 0 0 0 1 1.37 929 943 1004 1077 362 345 91 91 - - 0.93 1.13 - - 12.90 10.59 8.57 24.85 -18.81 25.23 36.62 - - - -FIRST MAJESTIC SILVER CORP USD 1198 1994 0 0 0 0 1.12 247 256 373 543 135 132 - - - - 0.84 1.29 - - 12.19 7.94 0.68 59.29 -13.49 101.01 51.60 - - - -COEUR DALENE MINES CORP USD 1376 1922 90 0 0 0 0 1.40 895 863 901 1066 378 343 89 89 0.59 0.68 0.59 1.32 19.94 19.94 22.87 10.24 -12.31 37.42 -28.81 43.35 39.75 B+ 25.06.2012 B3 24.01.2013AURICO GOLD INC USD 1150 2104 0 0 0 1 1.05 164 293 398 52 53 21 21 - - 0.26 0.39 - - 18.27 11.92 94.95 15.72 2151.89 - - - - - -ALLIED NEVADA GOLD CORP USD 703 3842 90 1 0 0 0 0.88 215 225 368 560 95 95 25 25 0.52 0.49 0.84 1.51 15.96 15.96 9.35 5.19 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012HECLA MINING CO USD 884 6775 285 0 0 0 0 0.75 321 306 484 642 93 74 50 50 0.07 0.12 0.19 0.38 25.83 25.83 16.76 8.24 -32.76 22.69 -63.53 10.36 24.02 B 04.04.2013 B2 02.04.2013NEVSUN RESOURCES LTD USD 931 0 0 0 0 566 488 320 672 426 347 21 21 - - 0.33 0.94 - - 10.54 3.73 3.34 - -0.64 - 71.21 - - - -AURIZON MINES LTD USD 627 208 0 0 0 0 0.45 224 210 209 266 92 78 - - - - 0.13 0.26 - - 29.85 14.92 -14.02 5.97 -26.18 14.15 37.08 - - - -SILVER STANDARD RESOURCES USD 524 1879 0 0 0 0 0.29 241 252 216 243 55 55 12 12 - - -0.10 -0.02 - - 63.09 - 38.56 - 22.64 - - - -SEABRIDGE GOLD INC USD 464 467 0 0 0 0 0.42 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -TANZANIAN ROYALTY EXPLORATIO USD 265 323 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -GOLDEN STAR RESOURCES LTD USD 181 3521 259 0 0 0 0 0.23 551 552 482 487 125 117 26 26 -0.05 -0.16 -0.05 0.09 - - 8.24 16.89 21.87 35.80 - 21.18 - - - -VISTA GOLD CORP USD 108 484 82 0 0 0 0 0.02 0 0 0 -36 -34 - - -0.54 -0.51 -0.29 -0.18 - - - - -26.58 - - - - - -GREAT BASIN GOLD LTD USD 3 3263 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -ARGONAUT GOLD INC CAD 913 1219 149 0 0 0 0 0.71 184 202 201 258 105 105 16 16 0.67 0.62 0.38 0.57 9.55 9.55 15.47 10.36 77.52 - 90.14 - 56.30 - - - -TOREX GOLD RESOURCES INC CAD 852 10756 604 0 0 0 0 0.48 0 0 0 0 -59 -63 -15 -15 -0.14 -0.15 -0.10 -0.09 - - - - -75.80 - - - - - -LIONGOLD CORP LTD SGD 838 8437 731 0 0 0 0 0.81 78 91 89 114 -4 1 - - -0.02 -0.03 0.00 0.01 - - 151.58 69.96 13.33 7.04 - - 1.18 - - - -CHINA GOLD INTERNATIONAL RES CAD 1063 368 396 0 0 0 0 1.08 326 326 348 625 136 136 151 151 0.18 0.18 0.16 0.18 14.12 14.12 16.45 14.38 6.65 - -1.28 - 40.96 - - - -PERSEUS MINING LTD CAD 535 1705 0 0 0 0 0.50 142 307 391 54 125 - - - - 0.12 0.19 - - 9.20 6.03 - - - - - - - - -SANDSTORM GOLD LTD CAD 620 300 86 0 0 0 0 0.56 55 57 70 94 36 35 - - 0.25 0.17 0.18 0.38 39.70 39.70 37.08 17.67 85.12 - 89.97 - 59.93 - - - -OCEANAGOLD CORP CAD 522 861 294 0 0 0 0 0.73 378 385 576 625 142 166 50 50 0.08 0.11 0.22 0.30 15.87 15.87 7.93 5.63 -2.52 13.67 -11.83 65.88 42.36 - - - -MEDUSA MINING LTD AUD 438 2077 189 0 0 0 0 0.42 79 91 111 262 57 63 - - 0.26 0.28 0.40 0.92 7.95 - 5.57 2.44 -44.82 92.52 -51.12 - 68.11 - - - -DUNDEE PRECIOUS METALS INC CAD 538 1462 126 0 0 0 0 0.50 378 368 426 502 - - - - 0.38 0.34 0.54 0.76 12.52 12.52 7.74 5.55 13.40 42.70 - - - - - - -RIO ALTO MINING LTD CAD 556 1644 176 0 0 0 0 0.52 311 276 313 314 170 170 - - 0.56 0.40 0.45 0.53 7.68 7.68 6.89 5.88 - - - - 53.73 - - - -AURIZON MINES LTD USD 627 208 0 0 0 0 0.45 224 210 209 266 92 78 - - - - 0.13 0.26 - - 29.85 14.92 -14.02 5.97 -26.18 14.15 37.08 - - - -ENDEAVOUR SILVER CORP USD 407 1439 0 0 0 0 0.41 208 229 238 280 90 88 24 24 - - 0.41 0.60 - - 9.93 6.86 62.57 53.81 38.56 - 38.27 - - - -CONTINENTAL GOLD LTD CAD 449 480 108 0 0 0 0 0.34 0 0 14 14 -12 -10 - - -0.07 -0.11 -0.06 -0.07 - - - - - - - - - - -RUBICON MINERALS CORP CAD 442 880 288 0 0 0 0 0.30 0 0 -11 -12 - - -0.04 -0.04 -0.05 0.20 - - 7.66 - - 45.71 - - - - - -SILVERCORP METALS INC USD 444 1312 0 0 0 0 0.39 238 193 202 256 155 102 - - - - 0.21 0.29 - - 12.21 8.87 42.21 27.32 40.76 43.24 53.14 - - - -EVOLUTION MINING LTD AUD 577 4029 707 0 0 0 0 0.61 461 625 602 689 187 210 136 136 0.06 0.18 0.08 0.11 4.44 - 9.70 7.08 279.97 - 531.12 - 33.00 - - - -CHINA PRECIOUS METAL RESOURC HKD 762 42412 4351 0 0 0.99 209 209 246 309 143 143 164 164 - 0.02 0.02 0.02 1.44 - 1.21 1.07 5.83 26.53 4.47 - 8.80 - - - -SEABRIDGE GOLD INC USD 464 467 0 0 0 0 0.42 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -BEADELL RESOURCES LTD AUD 482 6881 742 0 0 0 0 0.61 1 1 307 327 -14 - 158 158 -0.05 -0.06 0.14 0.17 - - 4.32 3.61 - - 59.26 - - - - - -RESOLUTE MINING LTD AUD 464 11228 636 0 0 0 0 0.40 566 606 645 574 250 255 - - 0.16 0.25 0.22 0.16 2.83 - 3.15 4.51 29.04 28.70 128.76 102.83 41.34 - - - -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 |
    • 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 15271312 2038.193 1112 1112 204 219 219 102.23 110.27 110.27 16.23 16.23 15.04 15.04 18.84Euro Stoxx 50 Pr EUR 2713836 5590.895 4551 4551 731 763 763 202.40 299.27 299.27 22.86 18.53 15.46 15.46 19.77NIKKEI 225 JPY 2852100 197.0179 188 188 18 21 21 5.31 6.87 6.87 0.27 0.26 0.21 0.21 0.11FTSE 100 INDEX GBP 2809303 12390.57 10063 10063 1461 1738 1738 596.00 825.06 825.06 25.99 24.24 18.77 18.77 21.64SWISS MARKET INDEX CHF 1085883 11249.94 4065 4065 856 827 827 415.65 550.90 550.90 21.22 17.66 16.01 16.01 21.76S&P/TSX COMPOSITE INDEX CAD 1651404 17113.04 7809 7809 1834 2018 2018 762.43 858.26 858.26 15.77 15.77 14.01 14.01 23.87S&P/ASX 200 INDEX AUD 1389289 6566.53 2688 2688 606 669 669 240.56 321.94 321.94 20.69 16.62 15.46 15.46 22.18HANG SENG INDEX HKD 1749899 3449.621 1687 1687 371 408 408 283.55 271.07 271.07 1.35 1.53 1.41 1.41 3.00MSCI EM USD 7868207 1854.702 1023 1023 212 285 285 83.89 94.75 94.75 12.47 12.76 11.04 11.04 18.21ENDEAVOUR MINING CORP CAD 356 2009 391 0 0 0 0 0.52 340 378 482 623 134 134 - - -0.04 0.10 0.14 0.17 8.54 8.54 6.13 4.99 135.13 - 210.84 - 38.66 - - - -FORTUNA SILVER MINES INC CAD 345 739 0.28 158 158 167 201 69 69 20 20 0.27 0.23 0.24 0.32 11.74 11.74 11.20 8.33 45.54 46.57 43.98 66.13 43.12 - - - -MCEWEN MINING INC USD 609 3088 296 0 0 0 0 0.56 6 39 150 217 -92 -67 - - -0.19 -0.17 -0.01 0.08 - - 25.63 - - -54.81 - -171.96 - - - -MAG SILVER CORP CAD 384 146 60 0 0 0 0 0.34 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.13 -0.14 - - - - -40.23 - - - - - -PRIMERO MINING CORP CAD 495 342 97 0 0 0 0 0.38 180 182 198 246 76 71 33 33 0.53 0.50 0.42 0.59 9.78 9.78 11.54 8.36 16.56 - 6.22 - 38.11 - - - -KINGSGATE CONSOLIDATED LTD AUD 246 3329 151 0 0 0 0 0.37 351 365 335 382 162 - - - 0.51 0.34 0.24 0.25 4.67 - 6.67 6.33 105.36 82.66 144.00 - - - - - -TIMMINS GOLD CORP CAD 314 879 144 0 0 0 0 0.30 153 163 193 211 67 75 17 17 0.25 0.31 0.34 0.33 6.81 6.81 6.37 6.55 86.56 - 58.99 - 44.93 - - - -ST BARBARA LTD AUD 297 4439 325 0 0 0 0 0.44 531 512 520 609 220 197 - - 0.40 0.27 0.08 0.15 2.23 - 7.51 3.93 49.58 27.31 103.02 82.99 37.82 B 15.03.2013 - -PREMIER GOLD MINES LTD CAD 252 1366 149 0 0 0 0 0.23 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.07 - - - - -5.24 - -1301.56 - - - -NORTHERN STAR RESOURCES LTD AUD 302 4498 402 0 0 0 0 0.26 98 112 131 161 47 57 74 74 0.05 0.08 0.07 0.09 9.24 9.60 9.62 7.65 -13.15 - 5.14 - 49.75 - - - -TANZANIAN ROYALTY EXPLORATIO USD 265 323 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -REAL GOLD MINING LTD HKD 1031 0 907 0 0 0 0 0.49 176 176 153 153 - - 0.12 0.12 0.94 0.95 4.55 - 7.02 - 11.18 - - - -GOLDEN STAR RESOURCES LTD USD 181 3521 259 0 0 0 0 0.23 551 552 482 487 125 117 26 26 -0.05 -0.16 -0.05 0.09 - - 8.24 16.89 21.87 35.80 - 21.18 - - - -ROMARCO MINERALS INC CAD 213 1067 585 0 0 0 0 0.16 0 0 -12 -11 -8 -8 -0.02 -0.02 -0.01 -0.01 - - - - 22.12 - - - - - -BANRO CORPORATION CAD 270 1837 202 0 0 0 0 0.39 42 74 143 347 6 6 - - -0.02 0.03 0.06 0.31 35.04 35.04 18.12 3.33 - - - - 13.90 - - - -COLOSSUS MINERALS INC CAD 192 1092 106 0 0 0 0 0.20 0 0 41 282 -32 -32 -7 -7 -0.27 -0.27 -0.12 0.83 - - 2.09 - - -12.01 - - - - - -RAINY RIVER RESOURCES LTD CAD 207 352 100 0 0 0 0 0.11 0 0 1 1 -63 -63 -15 -15 -0.72 -0.61 -0.19 -0.14 - - - - -296.17 - - - - - -SULLIDEN GOLD CORP LTD CAD 218 2032 243 0 0 0 0 0.20 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -35.85 - - - - - -ASANKO GOLD INC CAD 196 297 76 0 0 0 0 0.01 0 0 0 -35 -34 - - -0.48 -0.26 -0.15 -0.16 - - - - 7.21 - - - - - -BEAR CREEK MINING CORP CAD 168 123 92 0 0 0 0 0.10 0 0 -31 -31 - - -0.33 -0.32 -0.21 -0.07 - - - - -5.79 - - - - - -PARAMOUNT GOLD AND SILVER USD 215 571 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 241 687 70 0 0 0 0 0.30 157 137 154 258 55 24 22 22 0.56 -0.01 0.01 0.53 - - 429.60 6.36 53.70 61.42 108.90 - 17.26 - - - -GUYANA GOLDFIELDS INC CAD 188 340 95 0 0 0 0 0.16 0 0 407 -8 -8 - - -0.09 -0.10 -0.08 -0.09 - - - - 19.26 - - - - - -HIGHLAND GOLD MINING LTD GBp 399 45 325 0 0 0 0 0.53 535 535 587 689 247 247 247 247 0.58 0.57 0.42 0.49 4.94 4.93 6.72 5.85 26.16 37.65 5.46 62.66 70.09 - - - -INDOPHIL RESOURCES NL AUD 295 849 1203 0 0 0 0 0.06 0 0 -17 -17 - - 0.00 0.00 52.10 - - - -121.60 - - - - - -LYDIAN INTERNATIONAL LTD CAD 189 433 127 0 0 0 0 0.10 0 0 - - - - -0.05 -0.05 -0.04 -0.02 - - - - - - - - - - -SABINA GOLD & SILVER CORP CAD 193 928 174 0 0 0 0 0.08 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.03 - - - - -18.38 - - - - - -LAKE SHORE GOLD CORP CAD 119 5464 416 0 0 0 0 0.21 131 149 196 265 37 37 - - -0.22 -0.22 -0.01 0.05 - - 5.70 99.00 - 409.44 - 27.99 - - - -BRIGUS GOLD CORP USD 139 1186 0 0 0 0 0.20 118 136 152 159 48 48 - - - - 0.15 0.13 - - 4.06 4.52 63.78 - 239.92 60.49 41.21 - - - -GREAT PANTHER SILVER LTD USD 110 952 0 0 0 0 0.09 61 60 57 68 16 16 - - - - 0.04 0.05 - - 23.13 16.19 5.74 21.76 -28.90 - 25.56 - - - -INTREPID MINES LTD AUD 153 5787 555 0 0 0 0 0.14 0 0 -47 -47 - - -0.11 -0.13 -0.01 -0.01 - - - - -21.31 - - - - - -VISTA GOLD CORP USD 108 484 82 0 0 0 0 0.02 0 0 0 -36 -34 - - -0.54 -0.51 -0.29 -0.18 - - - - -26.58 - - - - - -ALEXCO RESOURCE CORP USD 99 437 0 0 0 0 0.08 85 77 78 95 25 25 - - - - -0.14 -0.04 - - 87.81 276.59 160.76 - 30.03 - - - -ATAC RESOURCES LTD CAD 109 325 104 0 0 0 0 0.09 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -SCORPIO MINING CORP CAD 90 386 198 0 0 0 0 0.06 45 41 50 102 14 14 - - 0.04 0.03 0.03 0.13 15.06 15.06 13.28 3.40 -24.54 - -50.82 - 30.39 - - - -MIDWAY GOLD CORP USD 113 393 128 0 0 0 0 0.08 0 0 -14 -14 - - -0.12 -0.12 -0.11 -0.12 - - - - 21.14 - - - - - -PATAGONIA GOLD PLC GBp 140 443 813 0 0 0 0 0.14 0 0 -24 -24 - - -0.03 -0.03 - - - - 79.06 - - - - - -GRYPHON MINERALS LTD AUD 90 5524 348 0 0 0 0 0.04 0 0 1 1 -8 -7 - - - -0.01 -0.02 -0.01 - - - - 48.45 - - - - - -DRDGOLD LTD-SPONSORED ADR USD 235 71 0 0 0 0 1764 1959 2129 2546 371 400 526 526 - - 7.97 12.05 - - 7.11 4.71 27.89 7.86 64.25 12.94 20.40 - - - -RED 5 LTD AUD 82 68 135 0 0 0 0 0.09 4 16 43 123 -3 -5 9 9 -0.01 -0.07 -0.06 0.25 - - 2.41 - - 42.56 - -28.99 - - - -LINGBAO GOLD CO LTD-H HKD 216 1498 770 1 0 0 0 0.69 824 824 892 850 95 95 97 97 0.03 0.03 0.02 0.02 1.05 1.02 1.23 1.20 1.51 2.37 -1.33 0.92 1.49 - - - -INTL TOWER HILL MINES LTD USD 82 242 0 0 0 0 0.06 0 0 0 0 -56 -57 - - - - -0.10 -0.07 - - - - -463.04 - - - - - -SARACEN MINERAL HOLDINGS LTD AUD 91 6924 595 0 0 0 0 0.10 180 184 207 227 62 51 61 61 0.04 -0.02 0.03 0.07 - - 4.35 2.20 17.71 - 5.99 - 27.27 - - - -EXETER RESOURCE CORP USD 65 240 88 0 0 0 0 0.01 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -RICHMONT MINES INC USD 70 189 40 0 0 0 0 0.03 102 100 105 134 8 3 - - -0.08 -0.21 0.05 0.36 - - 40.28 5.04 -14.20 10.98 -79.79 8.26 2.89 - - - -RAMELIUS RESOURCES LTD AUD 68 1355 336 0 0 0 0 0.03 83 114 126 164 13 -10 25 25 0.01 -0.06 0.01 0.08 - - 25.15 2.37 -42.27 171.79 -86.60 8.55 -8.92 - - - -GOLDEN MINERALS CO USD 65 263 43 0 0 0 0 0.03 26 26 33 52 -35 -35 -6 -6 -1.44 -1.37 -0.68 -0.29 - - 1320.81 - 45.58 - -133.08 - - - -SAN GOLD CORP CAD 44 3775 335 0 0 0 0 0.04 140 129 129 165 35 35 - - -0.04 -0.06 -0.05 -0.02 - - 24.11 136.57 184.46 - 24.79 - - - -OREZONE GOLD CORP CAD 56 324 86 0 0 0 0 0.04 0 0 -28 -28 - - -0.06 -0.08 -0.17 -0.08 - - - - 9.57 - - - - - -GRAN COLOMBIA GOLD CORP CAD 64 536 382 0 0 0 0 0.25 165 160 171 207 15 15 10 10 -0.08 -0.06 -0.06 0.03 - - 5.46 21.77 - 860.78 - 8.63 - - - -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 |
    • 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 2.33 2.33 2.14 1.96 2.33 1.49 1.49 1.43 1.37 1.49 10.49 10.49 9.79 10.09 10.49 9.32 9.32 8.61 8.06 9.32 15.04 15.04 13.53 12.29 15.04 2.09 2.09 2.25 2.43 2.09 1741.9 5.0%Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.79 0.79 0.77 0.75 0.79 6.03 6.03 5.58 5.01 6.03 7.32 7.32 6.91 6.55 7.32 12.03 12.03 10.73 9.73 12.03 4.09 4.09 4.38 4.71 4.09 2934.4 4.8%NIKKEI 225 1.69 1.69 1.58 1.46 1.69 0.78 0.78 0.76 0.75 0.78 9.86 9.86 9.20 8.58 9.86 9.47 9.47 8.81 8.36 9.47 21.35 21.35 19.52 15.65 21.35 1.47 1.47 1.50 1.74 1.47 13690.9 -9.0%FTSE 100 INDEX 1.76 1.76 1.64 1.56 1.76 1.01 1.01 0.99 1.00 1.01 8.65 8.65 7.86 6.85 8.65 7.13 7.13 6.73 6.32 7.13 12.35 12.35 11.28 10.42 12.34 3.75 3.75 4.03 4.39 3.75 6965.9 4.0%SWISS MARKET INDEX 2.47 2.47 2.32 2.12 2.47 2.10 2.10 2.00 1.91 2.10 12.78 12.78 11.55 10.40 12.78 13.60 13.60 12.56 11.77 13.60 15.52 15.52 13.95 12.71 15.52 3.13 3.13 3.48 4.00 3.13 8389.6 1.2%S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.45 1.67 1.57 1.57 1.48 1.39 1.57 8.34 8.34 7.50 6.93 8.34 8.48 8.48 7.50 7.06 8.48 14.27 14.27 12.59 11.64 14.27 3.20 3.20 3.35 3.54 3.20 14270.4 14.4%S&P/ASX 200 INDEX 1.95 1.95 1.85 1.75 1.95 1.89 1.89 1.78 1.68 1.89 11.58 11.58 10.31 9.44 11.58 9.81 9.81 8.72 8.06 9.81 15.75 15.75 14.13 12.95 15.75 4.35 4.35 4.64 4.98 4.35 5247.6 1.6%HANG SENG INDEX 1.36 1.36 1.26 1.15 1.36 1.76 1.76 1.63 1.50 1.76 8.18 8.18 7.73 7.34 8.18 8.45 8.45 7.69 7.09 8.45 10.97 10.97 10.08 9.17 10.97 3.53 3.53 3.81 4.22 3.53 24962.1 8.1%MSCI EM 1.47 1.47 1.16 1.23 1.47 1.02 1.02 0.95 0.90 1.02 7.16 7.16 6.60 6.20 7.16 6.52 6.52 5.97 5.61 6.52 11.04 11.04 9.88 9.20 11.04 2.80 2.80 3.09 3.38 2.80 1184.0 13.2%GOLDCORP INC 0.99 0.95 0.91 0.86 4.04 4.54 3.57 3.25 3.05 9.59 11.38 7.97 6.72 5.77 7.70 9.51 6.56 5.73 5.02 13.77 19.46 13.01 11.43 9.13 1.97 2.18 2.18 2.20 2.20 38.45 40.8%BARRICK GOLD CORP 0.75 0.81 0.77 0.70 1.37 1.43 1.33 1.35 1.25 3.54 4.09 3.78 3.57 3.47 4.63 5.22 4.77 4.62 4.07 5.11 6.16 5.84 6.08 5.25 3.87 4.13 4.16 4.05 5.66 28.94 48.9%NEWMONT MINING CORP 1.15 1.05 1.02 0.97 1.57 1.71 1.46 1.47 5.23 5.87 4.89 5.10 8.94 5.54 6.85 5.44 5.66 8.55 8.88 11.67 9.27 10.26 14.93 4.54 4.64 4.53 3.90 3.80 41.22 30.6%RANDGOLD RESOURCES LTD-ADR 2.55 2.22 1.91 1.65 4.84 4.80 3.70 3.86 4.24 11.34 10.94 7.39 6.66 10.96 9.00 9.39 6.61 6.46 7.60 15.25 16.64 10.70 10.53 11.50 0.66 0.71 0.88 0.89 109.13 51.6%YAMANA GOLD INC 1.06 1.03 0.96 0.91 3.51 3.36 2.78 2.87 2.43 7.79 7.84 6.12 5.85 5.44 6.78 7.01 5.33 5.45 4.08 12.15 14.18 10.44 10.16 9.32 2.16 2.24 2.21 2.13 2.34 16.94 52.8%GOLD FIELDS LTD-SPONS ADR 0.70 0.81 0.75 0.68 0.84 1.43 1.37 1.31 2.57 3.95 3.99 3.66 4.97 9.41 7.50 6.59 6.30 3.32 3.63 4.36 8.53 40.8%SILVER WHEATON CORP 2.52 2.26 2.01 1.80 1.46 9.61 8.15 7.25 6.98 5.14 11.63 10.72 9.61 8.98 7.87 13.01 11.53 10.01 9.91 7.07 13.40 13.98 12.57 12.47 10.32 1.69 1.66 1.68 1.56 -0.41 39.55 78.3%ANGLOGOLD ASHANTI-SPON ADR 1.19 1.09 0.95 0.85 1.05 1.11 1.02 1.04 3.75 3.41 3.20 3.65 6.12 11.27 6.95 7.47 2.30 1.47 1.43 1.47 28.72 62.3%CIA DE MINAS BUENAVENTUR-ADR 1.28 1.12 1.00 0.91 3.25 3.04 2.84 2.94 11.19 13.37 10.41 6.09 8.08 6.79 7.23 6.38 8.21 7.71 8.14 3.38 2.69 3.48 3.06 26.80 47.9%NEW GOLD INC 1.20 1.08 1.01 0.93 0.89 4.03 3.32 3.14 3.09 3.32 10.48 7.96 6.53 6.00 6.69 8.27 6.80 5.66 5.26 5.27 15.99 16.02 12.04 11.17 14.92 0.00 0.00 12.28 89.2%AGNICO EAGLE MINES LTD 1.42 1.41 1.36 1.30 2.57 2.89 2.39 2.41 2.27 6.98 9.59 7.08 6.52 6.07 6.58 8.83 6.29 6.10 4.25 13.53 27.67 16.04 14.98 13.41 2.69 2.97 2.94 2.88 2.80 42.65 49.5%ELDORADO GOLD CORP 0.82 0.81 0.79 0.74 4.26 3.90 3.51 2.53 1.75 10.58 9.93 8.30 5.63 3.46 8.46 8.11 7.09 4.76 2.97 15.01 15.91 13.12 8.70 5.25 2.10 1.89 2.06 2.51 3.05 12.49 81.3%KINROSS GOLD CORP 0.46 0.59 0.57 0.56 0.56 1.39 1.49 1.43 1.55 1.42 4.20 4.58 4.05 4.57 4.33 3.45 4.13 3.62 4.05 3.54 7.15 11.63 9.50 11.14 9.53 3.03 2.94 2.92 3.03 3.03 8.15 54.3%ROYAL GOLD INC 1.64 1.35 1.31 1.22 11.87 10.73 8.58 6.30 16.28 17.32 13.24 9.46 11.95 10.66 8.60 6.43 28.86 33.31 24.02 15.78 1.09 1.43 1.56 1.68 77.03 52.4%HARMONY GOLD MNG-SPON ADR 0.44 0.43 0.42 0.41 0.99 1.01 0.76 0.70 3.97 3.88 2.89 3.49 5.60 9.80 4.96 12.15 3.12 1.49 3.28 1.65 7.85 91.0%IAMGOLD CORP 0.50 0.50 0.48 0.47 1.16 1.28 1.13 1.11 1.03 3.54 4.52 3.66 3.82 3.44 2.68 3.43 2.77 2.95 2.30 5.85 9.73 7.43 8.62 7.71 5.04 4.88 4.64 4.54 4.96 9.51 88.6%PAN AMERICAN SILVER CORP 0.63 0.66 0.62 0.58 0.53 1.89 1.80 1.68 1.68 1.32 6.69 7.25 6.45 7.26 4.66 3.46 3.97 3.31 3.62 1.79 9.52 12.90 10.59 13.00 8.17 1.48 3.68 3.44 3.11 4.18 17.76 48.6%FIRST MAJESTIC SILVER CORP 1.94 4.55 3.21 2.21 1.93 1.70 8.28 7.89 5.36 4.44 3.61 6.66 5.38 3.73 3.34 2.81 10.67 12.19 7.94 6.67 5.95 19.16 87.1%COEUR DALENE MINES CORP 0.57 0.55 0.51 0.46 1.52 1.53 1.29 1.28 1.13 4.58 5.59 4.58 3.74 3.76 3.62 2.70 2.53 12.44 22.87 10.24 8.06 21.46 58.3%AURICO GOLD INC 0.61 0.58 0.57 0.56 0.48 3.68 3.93 2.89 2.45 2.07 11.51 9.61 5.93 5.48 4.48 7.30 7.85 5.28 4.29 3.33 11.65 18.27 11.92 11.51 9.43 0.00 3.86 3.07 3.37 4.29 7.25 55.6%ALLIED NEVADA GOLD CORP 1.11 0.91 0.69 0.59 0.52 3.24 1.91 1.26 0.91 0.66 8.65 6.46 3.72 2.70 2.44 9.29 5.54 3.00 2.59 1.89 14.48 9.35 5.19 3.59 3.06 19.90 154.5%HECLA MINING CO 0.78 0.74 0.70 0.61 0.54 2.71 1.83 1.38 1.38 1.36 9.94 6.30 4.98 4.22 4.49 6.74 3.63 2.19 1.90 2.02 28.70 16.76 8.24 7.28 8.09 1.29 1.19 1.94 2.58 1.29 4.84 56.1%NEVSUN RESOURCES LTD 1.13 1.04 0.92 0.85 2.64 5.48 2.50 2.90 5.02 5.00 10.54 3.73 4.49 7.84 2.84 2.87 2.84 2.87 5.16 47.9%AURIZON MINES LTD 1.65 1.64 2.82 3.05 2.40 2.61 2.50 9.02 9.95 6.99 7.23 6.02 4.62 4.79 3.23 18.84 29.85 14.92 14.21 13.52 0.00 4.70 23.3%SILVER STANDARD RESOURCES 0.50 0.46 0.45 0.44 0.34 2.11 2.43 2.15 1.89 1.11 12.83 11.74 10.76 6.88 5.45 4.11 5.04 3.68 2.75 1.19 42.98 45.38 0.00 0.00 0.00 15.05 131.9%SEABRIDGE GOLD INC 42.93 321.3%TANZANIAN ROYALTY EXPLORATIOGOLDEN STAR RESOURCES LTD 0.42 0.43 0.42 0.38 0.33 0.38 0.37 0.37 0.36 1.56 3.11 2.04 1.96 1.43 2.04 2.95 1.94 1.83 3.59 14.58 8.24 6.60 2.03 0.00 0.95 36.0%VISTA GOLD CORP 0.77 0.41 0.42 1.46 0.28 0.50 0.49 0.58 6.75 411.7%GREAT BASIN GOLD LTD 0.01 0.02 0.14 10.20ARGONAUT GOLD INC 1.53 1.03 0.93 0.82 4.91 4.46 3.48 2.80 2.24 8.87 11.10 7.35 6.46 5.47 6.80 7.42 5.15 4.13 3.09 11.06 15.75 10.55 8.89 8.63 10.91 74.9%TOREX GOLD RESOURCES INC 1.61 1.55 1.56 1.39 1980.13 6.99 37.63 26.30 89.38 0.00 2.56 78.8%LIONGOLD CORP LTD 16.29 10.90 9.47 7.35 5.36 190.00 87.69 43.85CHINA GOLD INTERNATIONAL RES 0.77 0.72 0.67 0.61 3.16 3.00 1.67 1.10 6.70 0.77 1.68 0.34 7.37 7.18 4.51 2.93 13.08 16.75 14.65 12.18 0.48 0.48 0.63 12.12 3.61 32.4%PERSEUS MINING LTD 1.54 1.35 1.14 0.85 0.72 3.39 1.74 1.37 0.95 0.94 8.88 7.04 3.92 2.38 2.83 8.55 4.09 3.04 1.71 2.02 9.52 9.37 6.14 3.51 4.49 0.00 0.00 0.25 2.86 2.52 2.36 97.9%SANDSTORM GOLD LTD 10.50 8.72 6.50 4.86 12.54 14.14 9.40 7.57 10.91 13.28 12.68 7.65 6.05 22.76 37.76 17.99 12.32 31.25 12.25 75.0%OCEANAGOLD CORP 0.86 0.80 0.76 0.72 0.82 1.34 0.89 0.82 0.89 1.07 4.31 2.59 2.35 2.54 4.56 5.17 3.27 3.41 3.84 7.30 27.77 8.08 5.73 7.53 2.98 64.7%MEDUSA MINING LTD 1.38 1.14 0.81 0.63 0.58 4.83 3.88 1.64 1.50 1.10 8.02 4.70 2.46 2.18 2.41 6.56 5.57 2.16 1.99 1.84 7.45 5.68 2.48 2.33 2.51 4.36 1.42 4.92 7.47 9.93 5.06 114.3%DUNDEE PRECIOUS METALS INC 0.72 0.65 0.51 0.47 1.55 1.26 1.07 1.08 4.44 4.29 3.35 3.02 2.74 3.75 3.22 2.24 1.76 1.48 7.23 7.88 5.65 5.32 4.32 0.00 0.00 0.00 10.79 147.4%RIO ALTO MINING LTD 2.48 1.87 1.86 1.77 1.77 1.79 1.47 5.14 5.38 5.11 4.60 3.70 2.78 3.88 3.81 3.36 2.19 6.11 7.02 5.99 6.04 5.55 0.00 0.00 0.00 5.97 85.5%AURIZON MINES LTD 1.65 1.64 2.82 3.05 2.40 2.61 2.50 9.02 9.95 6.99 7.23 6.02 4.62 4.79 3.23 18.84 29.85 14.92 14.21 13.52 0.00 4.70 23.3%ENDEAVOUR SILVER CORP 1.97 1.71 1.45 1.45 4.90 5.21 3.89 4.25 4.57 4.70 3.10 3.26 9.32 9.93 6.86 8.11 8.20 101.0%CONTINENTAL GOLD LTD 32.11 32.11 29.96 1.94 4.23 5.36 6.55 11.81 226.3%RUBICON MINERALS CORP 0.96 4.88 4.22 7.80 7.09 4.83 209.8%SILVERCORP METALS INC 1.02 1.82 2.20 1.73 1.32 1.23 3.77 5.74 5.13 2.61 2.59 4.18 2.76 2.23 5.58 12.21 8.87 4.56 5.31 3.42 3.85 6.20 138.5%EVOLUTION MINING LTD 0.54 0.52 0.47 0.43 0.45 1.25 0.96 0.84 0.85 0.90 2.99 3.02 2.60 2.68 2.74 3.49 2.66 2.15 2.21 2.49 8.06 9.88 7.22 6.06 8.65 0.00 1.20 2.41 2.65 2.53 1.16 39.6%CHINA PRECIOUS METAL RESOURC 1.51 1.09 0.95 0.80 3.96 3.10 2.47 2.59 12.36 15.11 7.84 6.00 4.81 5.31 13.60 9.38 8.34 8.50 0.74 1.70 25.0%SEABRIDGE GOLD INC 42.93 321.3%BEADELL RESOURCES LTD 5.30 2.77 1.40 1.12 89.15 1.57 1.48 1.71 1.96 3.98 3.09 4.31 3.84 3.39 4.61 7.10 4.40 3.68 5.12 5.08 0.00 0.32 1.44 1.76 4.80 1.00 60.5%RESOLUTE MINING LTD 0.82 0.74 0.62 0.52 0.38 0.77 0.72 0.81 0.76 0.76 2.34 2.13 2.77 2.30 2.63 1.54 1.50 1.84 1.55 1.43 3.39 3.21 4.59 4.40 4.48 0.00 6.53 3.40 4.49 6.80 1.38 87.6%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 |
    • 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 2.33 2.33 2.14 1.96 2.33 1.49 1.49 1.43 1.37 1.49 10.49 10.49 9.79 10.09 10.49 9.32 9.32 8.61 8.06 9.32 15.04 15.04 13.53 12.29 15.04 2.09 2.09 2.25 2.43 2.09 1741.9 5.0%Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.79 0.79 0.77 0.75 0.79 6.03 6.03 5.58 5.01 6.03 7.32 7.32 6.91 6.55 7.32 12.03 12.03 10.73 9.73 12.03 4.09 4.09 4.38 4.71 4.09 2934.4 4.8%NIKKEI 225 1.69 1.69 1.58 1.46 1.69 0.78 0.78 0.76 0.75 0.78 9.86 9.86 9.20 8.58 9.86 9.47 9.47 8.81 8.36 9.47 21.35 21.35 19.52 15.65 21.35 1.47 1.47 1.50 1.74 1.47 13690.9 -9.0%FTSE 100 INDEX 1.76 1.76 1.64 1.56 1.76 1.01 1.01 0.99 1.00 1.01 8.65 8.65 7.86 6.85 8.65 7.13 7.13 6.73 6.32 7.13 12.35 12.35 11.28 10.42 12.34 3.75 3.75 4.03 4.39 3.75 6965.9 4.0%SWISS MARKET INDEX 2.47 2.47 2.32 2.12 2.47 2.10 2.10 2.00 1.91 2.10 12.78 12.78 11.55 10.40 12.78 13.60 13.60 12.56 11.77 13.60 15.52 15.52 13.95 12.71 15.52 3.13 3.13 3.48 4.00 3.13 8389.6 1.2%S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.45 1.67 1.57 1.57 1.48 1.39 1.57 8.34 8.34 7.50 6.93 8.34 8.48 8.48 7.50 7.06 8.48 14.27 14.27 12.59 11.64 14.27 3.20 3.20 3.35 3.54 3.20 14270.4 14.4%S&P/ASX 200 INDEX 1.95 1.95 1.85 1.75 1.95 1.89 1.89 1.78 1.68 1.89 11.58 11.58 10.31 9.44 11.58 9.81 9.81 8.72 8.06 9.81 15.75 15.75 14.13 12.95 15.75 4.35 4.35 4.64 4.98 4.35 5247.6 1.6%HANG SENG INDEX 1.36 1.36 1.26 1.15 1.36 1.76 1.76 1.63 1.50 1.76 8.18 8.18 7.73 7.34 8.18 8.45 8.45 7.69 7.09 8.45 10.97 10.97 10.08 9.17 10.97 3.53 3.53 3.81 4.22 3.53 24962.1 8.1%MSCI EM 1.47 1.47 1.16 1.23 1.47 1.02 1.02 0.95 0.90 1.02 7.16 7.16 6.60 6.20 7.16 6.52 6.52 5.97 5.61 6.52 11.04 11.04 9.88 9.20 11.04 2.80 2.80 3.09 3.38 2.80 1184.0 13.2%ENDEAVOUR MINING CORP 1.02 0.74 0.57 0.57 0.35 2.08 2.18 1.80 1.61 0.80 3.62 2.73 2.24 2.10 1.66 5.68 6.24 5.09 4.76 1.52 2.61 196.6%FORTUNA SILVER MINES INC 1.42 1.15 0.98 0.84 0.75 2.03 2.02 1.68 1.64 5.12 5.57 4.71 4.53 4.43 3.99 3.85 2.74 2.64 3.02 9.96 11.41 8.49 8.21 8.33 4.94 76.4%MCEWEN MINING INC 0.64 0.58 0.53 4.06 2.81 1.96 14.64 58.57 10.25 10.25 13.43 4.95 2.71 22.78 25.63 10.79 41.00 5.13 150.0%MAG SILVER CORP 2.76 2.97 3.26 3.44 14.25 118.9%PRIMERO MINING CORP 0.86 0.84 0.87 0.74 2.67 2.45 1.97 1.45 1.12 5.47 6.08 4.91 4.64 2.78 4.47 4.33 2.83 1.88 1.25 10.26 11.75 8.52 7.29 4.18 0.00 0.00 8.60 66.4%KINGSGATE CONSOLIDATED LTD 0.33 0.30 0.28 0.26 0.22 0.68 0.73 0.64 0.52 0.38 2.05 1.99 1.47 1.32 1.11 2.25 3.33 2.65 2.42 1.78 2.75 6.80 6.45 6.09 3.26 13.07 6.63 11.19 14.65 25.78 3.15 91.2%TIMMINS GOLD CORP 1.99 1.51 1.20 1.20 2.00 1.63 1.49 1.42 1.37 5.62 4.55 4.72 4.77 4.35 4.14 3.51 3.43 3.70 3.43 7.99 6.49 6.67 6.38 6.08 0.00 0.00 0.00 3.43 54.4%ST BARBARA LTD 0.38 0.30 0.28 0.26 0.33 0.56 0.57 0.49 0.45 0.54 0.94 2.67 1.61 1.41 2.05 2.08 2.87 1.91 1.89 2.37 1.71 7.65 4.00 4.25 8.73 0.00 0.00 1.94 2.90 2.58 1.27 105.3%PREMIER GOLD MINES LTD 0.61 135.21 0.00 5.57 223.8%NORTHERN STAR RESOURCES LTD 3.30 2.50 2.03 1.74 1.65 2.80 2.30 1.87 1.82 1.11 7.18 4.93 5.49 6.42 3.63 5.22 3.55 2.91 3.26 2.14 12.95 9.80 7.80 7.80 5.75 0.00 3.59 4.14 3.45 4.83 1.01 39.6%TANZANIAN ROYALTY EXPLORATIOREAL GOLD MINING LTD 1.43 4.51 6.03 3.35 7.56 0.00GOLDEN STAR RESOURCES LTD 0.42 0.43 0.42 0.38 0.33 0.38 0.37 0.37 0.36 1.56 3.11 2.04 1.96 1.43 2.04 2.95 1.94 1.83 3.59 14.58 8.24 6.60 2.03 0.00 0.95 36.0%ROMARCO MINERALS INC 0.22 0.91 2.24 1.04 8.07 2.42 12.11 1.48 300.0%BANRO CORPORATION 0.64 6.12 1.85 0.76 0.71 0.65 97.30 4.98 1.63 1.31 1.41 222.05 8.63 2.42 2.32 1.91 18.45 3.39 3.21 2.61 0.93 0.00 0.00 5.61 6.54 1.94 78.0%COLOSSUS MINERALS INC 1.68 1.74 0.68 0.48 4.56 0.67 0.66 0.69 1.77 1.49 1.87 16.81 0.98 0.90 2.13 1.80 2.35 0.00 0.00 6.76 269.4%RAINY RIVER RESOURCES LTD 0.94 210.94 210.94 2.54 191.82 4.14 0.00 6.61 213.2%SULLIDEN GOLD CORP LTD 0.81 18.05 1.59 4.82 5.13 1.95 4.32 4.56 1.72 110.0%ASANKO GOLD INC 0.86 0.92 2.26 0.72 2.85 1.08 384.59 4.27 0.00 0.00 0.00 0.00 4.34 84.8%BEAR CREEK MINING CORP 1.23 2.33 4.01 116.9%PARAMOUNT GOLD AND SILVER 0.80 0.56 1.00 3.67 165.9%KIRKLAND LAKE GOLD INC 1.04 0.98 0.87 0.73 1.48 1.57 0.93 0.69 0.53 4.58 9.21 3.76 1.94 1.29 4.72 9.68 2.94 1.91 1.48 4.81 437.50 6.48 2.84 2.11 9.01 157.5%GUYANA GOLDFIELDS INC 0.77 0.63 0.39 0.33 0.28 0.46 0.92 0.76 2.30 1.38 1.35 1.07 3.82 1.95 0.00 5.26 246.2%HIGHLAND GOLD MINING LTD 0.51 0.46 0.42 0.39 0.35 1.16 1.03 0.88 0.90 0.90 2.97 3.51 2.87 2.92 2.41 2.24 2.15 1.80 1.84 1.96 3.92 4.42 3.85 4.28 5.58 6.03 5.78 6.19 5.86 6.51 140.04 73.4%INDOPHIL RESOURCES NLLYDIAN INTERNATIONAL LTD 2.51 1.69 1.88 1.22 7.03 3.36 19.50 15.93 3.56 140.7%SABINA GOLD & SILVER CORP 0.65 0.38 0.65 0.67 0.00 4.28 278.3%LAKE SHORE GOLD CORP 0.13 0.18 0.17 0.86 0.60 0.45 0.45 0.37 2.76 1.88 1.30 1.21 0.78 6.73 2.78 1.73 2.03 1.23 5.80 3.49 3.22 1.23 324.6%BRIGUS GOLD CORP 0.50 1.15 0.92 0.88 0.71 0.51 2.60 1.96 2.04 1.86 1.50 3.79 2.61 2.32 1.93 1.84 6.13 4.06 4.52 3.25 2.86 1.41 134.9%GREAT PANTHER SILVER LTD 1.80 1.97 1.64 6.09 11.56 6.75 4.26 4.26 4.74 10.69 4.66 12.46 23.13 16.19 16.19 26.98 1.23 54.8%INTREPID MINES LTD 0.92 1.09 1.13 0.96 0.64 4629.42 4.76 0.65 0.00 0.00 0.00 0.00 0.24 -14.3%VISTA GOLD CORP 0.77 0.41 0.42 1.46 0.28 0.50 0.49 0.58 6.75 411.7%ALEXCO RESOURCE CORP 1.13 1.30 1.07 0.94 0.70 4.46 6.40 3.25 2.36 1.78 7.24 39.11 39.12 28.92 13.49 3.86 3.20 101.1%ATAC RESOURCES LTD 1.23 1.09 1.00 0.93 3.53 259.7%SCORPIO MINING CORP 1.94 1.79 0.88 6.87 5.54 1.63 1.00 5.06 5.68 3.24 11.50 13.53 3.46 2.19 1.78 287.7%MIDWAY GOLD CORP 1.17 2.00 1.36 1.34 1.76 0.98 35.97 29.97 26.07 1.85 29.97 1.77 101.0%PATAGONIA GOLD PLCGRYPHON MINERALS LTD 0.42 0.44 0.41 0.36 0.20 37.38 121.19 67.33 1.57 0.55 8.85 1.68 1.53 2.52 0.59 4.42 1.97 0.00 0.00 0.00 0.00 0.00 0.60 162.8%DRDGOLD LTD-SPONSORED ADR 1.03 0.86 5.35 3.62 7.11 4.71 5.27 7.03 8.40 37.9%RED 5 LTD 0.62 0.58 0.47 0.37 6.09 1.92 0.67 0.64 0.42 10.88 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 0.97 56.5%LINGBAO GOLD CO LTD-H 0.53 0.53 0.51 0.50 0.19 0.19 0.20 0.23 6.65 7.06 6.57 6.91 6.37 9.55 9.29 12.73 4.31 3.49 3.20 2.33 2.14 -1.4%INTL TOWER HILL MINES LTD 0.36 0.52 0.31 0.00 4.06 385.4%SARACEN MINERAL HOLDINGS LTD 0.52 0.34 0.30 0.26 0.21 0.50 0.44 0.40 0.32 0.33 1.61 1.65 1.40 1.08 1.29 1.65 1.61 1.21 0.88 1.12 3.52 4.43 2.25 1.91 1.63 0.00 0.00 0.00 7.10 6.45 0.30 91.9%EXETER RESOURCE CORP 1.19 4.55 519.3%RICHMONT MINES INC 0.68 0.68 0.54 6.47 5.94 2.54 17.26 40.28 5.03 3.60 102.3%RAMELIUS RESOURCES LTD 0.43 0.25 0.25 0.22 0.74 0.54 0.41 0.45 0.34 9.32 6.41 1.88 1.86 1.67 1.19 0.55 0.59 0.53 5.54 25.63 2.41 2.81 3.42 0.00 0.00 1.95 2.93 9.76 0.34 63.4%GOLDEN MINERALS CO 2.60 2.00 1.25 0.84 25.00 1.55 0.53 2.94 4.03 168.5%SAN GOLD CORP 0.19 0.21 0.32 0.35 0.27 1.16 1.63 0.95 1.04 1.04 1.19 1.36 0.98 1.84 0.23 70.4%OREZONE GOLD CORP 0.26 6.58 0.67 5.06 5.46 8.22 2.50 273.8%GRAN COLOMBIA GOLD CORP 0.31 0.37 0.30 0.19 2.38 1.85 0.83 6.63 25.19 5.25 2.49 5.56 5.56 1.67 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 |
    • 16.05.2013Goldcorp, 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: 03/yy52-Week High (21.09.2012) 47.4252-Week Low (17.04.2013) 27.11Daily Volume27.352-Week High % Change -42.43% Dividend Yield 2.0352-Week Low % Change 0.70% Beta 0.73% 52 Week Price Range High/Low 0.94% Equity Float 809.15Shares Out 30.04.2013 812.0 Short Int 7.2922264.98 1 Yr Total Return -15.34%Total Debt 783.00 YTD Return -25.03%Preferred Stock 0.0 Adjusted BETA 0.730Minority Interest 213.0 Analyst Recs 27Cash and Equivalents 918.00 Consensus Rating 4.333Enterprise Value 22738.98Average Volume 5 Day 7053540GG US EQUITY YTD Change - Average Volume 30 Day 8147308GG US EQUITY YTD % CHANGE - Average Volume 3 Month 7330675LTM-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 Q32419.6 2723.6 3738.0 5362.0 5435.0 5357 5101 4905 6245 1171 12899.42x 10.50x 9.95x 6.61x 5.50x 27.45x 24.55x 4.83x 3.77x 19.67x 18.04x1052.2 1366.2 2026.0 2336.0 2798.0 2966.0 2532.0 2391.9 3464.5 569.6 660.721.66x 20.94x 18.36x 15.18x 10.69x 12.15x 10.97x 9.51x 6.56x 8.86x 8.74x1475.6 240.2 2051.0 1187.0 1749.0 1709.0 1579.0 1192.9 1767.9 220.9 294.657.34x 50.85x 30.36x 22.24x 18.47x 23.69x 19.73x 19.46x 13.01x 18.27x 16.28xEBITDA 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 Analysis8974858.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure05101520253035404550m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-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 |
    • 16.05.2013Holder 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 30706526 3.78 (2230630) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 28365944 3.49 (3227565) 15.05.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 23371159 2.88 379529 31.03.2013 BankBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19122015 2.35 (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 15798349 1.95 5678487 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 15368322 1.89 (264603) 31.03.2013 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 AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 11159562 1.37 3920300 31.03.2013 Investment AdvisorRS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 8785563 1.08 4171254 31.03.2013 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 7186295 0.89 (176695) 31.03.2013 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6835256 0.84 1053271 31.03.2013 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 6076235 0.75 (1030733) 31.03.2013 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 5947164 0.73 1660114 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 5776522 0.71 1267153 31.12.2012 GovernmentFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.05.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 42 Not Provided 09.05.2013Credit Suisse ANITA SONI neutral 3 M 35 Not Provided 09.05.2013JPMorgan JOHN BRIDGES overweight 5 M 47 12 month 09.05.2013Macquarie TONY LESIAK outperform 5 M 40 12 month 09.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 41 12 month 09.05.2013GMP GEORGE V ALBINO buy 5 M 61 Not Provided 09.05.2013TD Securities GREG BARNES buy 5 M 37 12 month 09.05.2013RBC Capital Markets STEPHEN D WALKER outperform 5 M 36 12 month 08.05.2013CIBC World Markets ALEC KODATSKY sector outperform 5 M 45 Not Provided 08.05.2013Davenport & Co LLOYD T OCARROLL buy 5 M 35 Not Provided 08.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 43 12 month 07.05.2013Stifel GEORGE J TOPPING buy 5 M 36 12 month 03.05.2013Salman Partners DAVID WEST top pick 5 M 46 12 month 03.05.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 44 12 month 03.05.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 28 Not Provided 03.05.2013Barclays FAROOQ HAMED overweight 5 M 38 Not Provided 03.05.2013Deutsche Bank JORGE M BERISTAIN hold 3 M 28 12 month 02.05.2013Jefferies PETER D WARD hold 3 M 27 12 month 02.05.2013HSBC PATRICK CHIDLEY overweight 5 M 35 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 39 12 month 23.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 15.03.2013Morgan 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 |
    • 16.05.2013Barrick 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 Volume19.4452-Week High % Change -55.10% Dividend Yield 4.1252-Week Low % Change 11.02% Beta 0.79% 52 Week Price Range High/Low 7.48% Equity Float 998.50Shares Out 30.04.2013 1001.2 Short Int 13.8219462.40 1 Yr Total Return -43.57%Total Debt 13943.00 YTD Return -44.12%Preferred Stock 0.0 Adjusted BETA 0.792Minority Interest 2663.0 Analyst Recs 32Cash and Equivalents 2093.00 Consensus Rating 3.938Enterprise Value 34609.40Average Volume 5 Day 16409598ABX US EQUITY YTD Change - Average Volume 30 Day 25081874ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 17541120LTM-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 13583.2 14589.4 3306.0 3425.34.64x 5.27x 5.25x 4.08x 3.41x 15.70x 14.05x 2.60x 2.43x 10.56x 10.31x3010.0 3589.0 6211.0 8327.0 7358.0 8579.0 7071.0 6625.6 7258.9 1583.0 1700.611.75x 11.95x 9.30x 6.98x 6.73x 6.58x 6.30x 5.22x 4.77x 5.24x 5.32x785.0 (4274.0) 3582.0 4484.0 (665.0) 4522.0 (847.0) 3096.5 3322.4 660.6 736.020.18x 16.56x 15.62x 9.79x 9.36x 9.18x 8.90x 6.16x 5.84x 6.60x 6.43xEBITDA 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 Analysis23816719.00Current Price (5/dd/yy) Market Data051015202530354045m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-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 20120.002.004.006.008.0010.0012.0014.0016.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 87777710 8.77 - 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 29144249 2.91 (4654979) 15.05.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 27711488 2.77 (2358585) 31.03.2013 BankCAPITAL GROUP COMPAN n/a ULT-AGG 27616252 2.76 (47634385) 31.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 26847836 2.68 16089445 31.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 23305185 2.33 11852598 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 19232728 1.92 (765564) 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 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 AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14348784 1.43 925862 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 AdvisorINSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12481312 1.25 (248326) 31.03.2013 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 10376354 1.04 (576200) 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 AdvisorNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 8491106 0.85 2265919 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 8451322 0.84 2825528 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank JORGE M BERISTAIN hold 3 M 23 12 month 13.05.2013Salman Partners DAVID WEST buy 5 M 30 Not Provided 13.05.2013Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.05.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 30 Not Provided 09.05.2013Credit Suisse ANITA SONI outperform 5 M 36 Not Provided 09.05.2013JPMorgan JOHN BRIDGES neutral 3 M 31 6 month 09.05.2013HSBC PATRICK CHIDLEY overweight 5 M 28 Not Provided 09.05.2013Canaccord Genuity Corp STEVEN BUTLER hold 3 M 23 12 month 09.05.2013Haywood Securities Inc. KERRY SMITH buy 5 M 34 Not Provided 09.05.2013GMP GEORGE V ALBINO buy 5 M 50 Not Provided 09.05.2013TD Securities GREG BARNES hold 3 M 24 12 month 09.05.2013RBC Capital Markets STEPHEN D WALKER sector perform 3 M 24 12 month 08.05.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 33 Not Provided 08.05.2013Davenport & Co LLOYD T OCARROLL buy 5 M 27 Not Provided 08.05.2013Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 03.05.2013Macquarie TONY LESIAK neutral 3 M 21 12 month 03.05.2013Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 03.05.2013Stifel GEORGE J TOPPING buy 5 M 34 12 month 03.05.2013Jefferies PETER D WARD buy 5 M 30 12 month 30.04.2013Cormark Securities Inc. RICHARD GRAY market perform 3 M 26 12 month 30.04.2013Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 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 25.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 24 12 month 24.04.2013Barclays FAROOQ HAMED equalweight 3 M 24 Not Provided 24.04.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013S&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 |
    • 16.05.2013Newmont 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 Volume31.5752-Week High % Change -45.50% Dividend Yield 4.6752-Week Low % Change 0.77% Beta 0.67% 52 Week Price Range High/Low 0.90% Equity Float 491.01Shares Out 22.04.2013 492.3 Short Int 16.8415750.92 1 Yr Total Return -25.04%Total Debt 6298.00 YTD Return -31.28%Preferred Stock 0.0 Adjusted BETA 0.673Minority Interest 3175.0 Analyst Recs 24Cash and Equivalents 1647.00 Consensus Rating 3.833Enterprise Value 23917.92Average Volume 5 Day 6667299NEM US EQUITY YTD Change - Average Volume 30 Day 9507130NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 8849534LTM-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 9215.8 10761.2 2208.0 2318.63.70x 3.46x 3.45x 3.38x 3.13x 12.61x 13.44x 2.63x 2.25x 10.95x 10.49x2139.0 3799.0 5118.0 5162.0 4169.0 5185.0 3731.0 3491.3 4396.1 808.0 875.510.60x 7.02x 6.43x 6.78x 7.41x 6.08x 7.72x 6.85x 5.44x 6.46x 6.07x831.0 1297.0 2277.0 366.0 1809.0 342.0 1634.0 1382.9 1977.4 281.4 326.020.98x 16.99x 13.50x 13.92x 12.29x 11.70x 12.55x 11.67x 9.27x 10.75x 9.80xEBITDA 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 Analysis9295938.00Current Price (5/dd/yy) Market Data0102030405060m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 61681268 12.53 - 31.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 23252143 4.72 1215913 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 21606678 4.39 108377 15.05.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 19347700 3.93 (32540600) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 18679612 3.79 (1772862) 15.05.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 12509376 2.54 8462980 31.03.2013 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 11032090 2.24 (1096373) 31.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10350619 2.1 2264400 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7585611 1.54 (37784) 31.03.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7349484 1.49 470862 31.03.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 7008200 1.42 7008200 31.12.2012 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6023181 1.22 (290400) 31.03.2013 Hedge Fund ManagerFMR LLC n/a ULT-AGG 5834755 1.19 (4006058) 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 5497991 1.12 453905 31.03.2013 UnclassifiedUBS n/a ULT-AGG 5431744 1.1 655171 31.03.2013 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 GovernmentBANK OF AMERICA CORP BANK OF AMERICA 13F 4420359 0.9 747540 31.03.2013 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 DateArgus Research Corp WILLIAM V SELESKY buy 5 M 42 Not Provided 13.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 34 Not Provided 13.05.2013Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 03.05.2013JPMorgan JOHN BRIDGES overweight 5 M 51 6 month 01.05.2013Jefferies PETER D WARD hold 3 M 30 12 month 01.05.2013Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 48 12 month 01.05.2013TD Securities GREG BARNES hold 3 M 37 12 month 01.05.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 U 42 12 month 01.05.2013Credit Suisse ANITA SONI neutral 3 M 45 Not Provided 30.04.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 45 Not Provided 30.04.2013BB&T Capital Markets GARRETT S. NELSON buy 5 M 42 12 month 30.04.2013Barclays FAROOQ HAMED overweight 5 M 45 Not Provided 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 29.04.2013HSBC PATRICK CHIDLEY overweight 5 M 39 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 41 12 month 23.04.2013GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013Veritas 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 |
    • 16.05.2013Randgold 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: 03/yy52-Week High (05.10.2012) 127.2752-Week Low (17.04.2013) 66.51Daily Volume7252-Week High % Change -43.43% Dividend Yield 0.6952-Week Low % Change 8.25% Beta 0.64% 52 Week Price Range High/Low 9.04% Equity Float -Shares Out 30.04.2013 92.1 Short Int 1.366633.50 1 Yr Total Return -2.14%Total Debt 18.02 YTD Return -26.98%Preferred Stock 0.0 Adjusted BETA 0.644Minority Interest 166.1 Analyst Recs 10Cash and Equivalents 390.76 Consensus Rating 4.400Enterprise Value 6541.92Average Volume 5 Day 743752GOLD US EQUITY YTD Change - Average Volume 30 Day 980909GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 781136LTM-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 Q3338.6 432.8 484.6 1127.1 1317.8 1175.7 1331.2 1383.4 1791.2 339.0 361.09.01x 15.50x 14.79x 7.97x 6.59x 27.71x 26.69x 4.76x 3.39x - -97.3 142.3 164.3 581.9 699.2 622.0 688.9 697.0 989.4 - -31.34x 47.15x 43.62x 15.44x 12.43x 12.18x 11.41x 9.39x 6.61x - -41.6 69.4 103.5 383.9 431.8 431.7 412.0 424.2 657.8 85.0 94.578.87x 94.26x 72.03x 24.30x 20.57x 18.19x 19.26x 16.64x 10.70x 15.17x 13.33xEBITDA 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 Analysis765378.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure020406080100120140m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8511020 9.24 (58542) 14.05.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 6269467 6.8 255676 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 6186287 6.71 (441271) 15.05.2013 Investment AdvisorFMR LLC n/a ULT-AGG 4337790 4.71 288408 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 AdvisorPOWER CORP OF CANADA n/a ULT-AGG 1487200 1.61 954000 31.03.2013 Holding CompanyFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1264736 1.37 - 31.03.2013 Hedge Fund ManagerJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1081729 1.17 67989 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 1032315 1.12 213780 31.03.2013 UnclassifiedOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 956494 1.04 300000 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 947594 1.03 (20901) 31.03.2013 Investment AdvisorPAULSON & CO PAULSON & CO 13F 926192 1.01 (4310) 31.03.2013 Hedge Fund ManagerTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 891270 0.97 (60950) 31.03.2013 Hedge Fund ManagerIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 775000 0.84 550000 31.03.2013 Investment AdvisorINVESCO LTD n/a ULT-AGG 676284 0.73 (145226) 15.05.2013 Investment AdvisorASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444700 0.48 - 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 425216 0.46 128654 31.03.2013 BankUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 416777 0.45 156408 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC PATRICK CHIDLEY overweight 5 M 91 Not Provided 07.05.2013Clarus Securities NANA SANGMUAH buy 5 M 120 18 month 07.05.2013Dundee Securities Corp JOSH WOLFSON buy 5 M 100 12 month 03.05.2013BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 100 Not Provided 02.05.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 94 12 month 23.04.2013Canaccord Genuity Corp TIM DUDLEY buy 5 M 133 12 month 11.04.2013EVA 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 |
    • 16.05.2013Yamana 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: 03/yy52-Week High (09.11.2012) 20.5952-Week Low (17.04.2013) 11.02Daily Volume11.0952-Week High % Change -46.14% Dividend Yield -52-Week Low % Change 0.64% Beta 0.75% 52 Week Price Range High/Low 0.73% Equity Float 749.87Shares Out 30.04.2013 752.4 Short Int 5.368344.19 1 Yr Total Return -13.45%Total Debt 765.91 YTD Return -35.28%Preferred Stock 0.0 Adjusted BETA 0.747Minority Interest 46.8 Analyst Recs 23Cash and Equivalents 349.59 Consensus Rating 4.304Enterprise Value 8908.90Average Volume 5 Day 6461217AUY US EQUITY YTD Change - Average Volume 30 Day 8449024AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7855324LTM-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 Q3949.4 1183.3 1686.8 2173.3 2336.8 2257.0 2311.9 2481.1 2997.5 551.3 652.86.36x 7.39x 5.76x 5.04x 5.73x 18.35x 22.46x 3.61x 2.86x 16.16x 13.70x438.9 575.5 884.1 1262.7 1269.4 1302.7 1164.1 1271.0 1672.3 262.7 337.713.76x 15.19x 11.00x 8.67x 10.56x 8.88x 10.44x 7.01x 5.33x 6.78x 6.46x434.8 192.6 466.5 548.3 442.1 570.1 374.1 533.8 750.8 113.0 153.0- - - - - 0.00x 0.00x 14.18x 10.44x 13.79x 12.34xEBITDA 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 Analysis9955697.00Current Price (5/dd/yy) Market Data0510152025m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBANK 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 28005526 3.72 (2389675) 15.05.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 21120135 2.81 186776 31.03.2013 BankALLIANZ ASSET MANAGE n/a ULT-AGG 18951251 2.52 8923202 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 18879315 2.51 (21825881) 31.03.2013 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 12696118 1.69 12696118 31.03.2013 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 AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 9490738 1.26 3729389 31.03.2013 Investment AdvisorDONALD SMITH & CO IN DONALD SMITH & CO IN 13F 8469389 1.13 3072073 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 7226163 0.96 (304473) 31.03.2013 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 6942805 0.92 6942805 31.03.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 6398774 0.85 6398774 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6069801 0.81 6069801 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 6019943 0.8 783343 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5913740 0.79 (332388) 31.03.2013 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 5822420 0.77 352746 31.03.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5339800 0.71 (619328) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF buy 5 M 13 Not Provided 13.05.2013National Bank Financial STEPHEN PARSONS outperform 5 M 19 12 month 10.05.2013Davenport & Co LLOYD T OCARROLL buy 5 M 14 Not Provided 08.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 20 12 month 07.05.2013HSBC PATRICK CHIDLEY neutral 3 M 12 Not Provided 06.05.2013Raymond James BRAD HUMPHREY outperform 5 M 19 12 month 02.05.2013TD Securities STEVEN J GREEN buy 5 M 18 12 month 02.05.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 12 Not Provided 02.05.2013RBC Capital Markets DAN ROLLINS outperform 5 M 14 12 month 01.05.2013Credit Suisse ANITA SONI outperform 5 M 19 Not Provided 01.05.2013CIBC World Markets ALEC KODATSKY sector outperform 5 M 19 Not Provided 01.05.2013Dundee Securities Corp JOSH WOLFSON neutral 3 M 17 12 month 01.05.2013GMP GEORGE V ALBINO buy 5 M 22 Not Provided 01.05.2013Barclays FAROOQ HAMED overweight 5 M 16 Not Provided 01.05.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 22 Not Provided 30.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 20 Not Provided 30.04.2013Macquarie TONY LESIAK neutral 3 M 12 12 month 25.04.2013Morgan 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 23.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013Davy BART JAWORSKI underperform 1 D #N/A N/A Not Provided 15.04.2013VSA 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 |
    • 16.05.2013Gold 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: 03/yy52-Week High (04.06.2012) 12.0952-Week Low (15.05.2013) 6.06Daily Volume6.0652-Week High % Change -49.86% Dividend Yield -52-Week Low % Change 0.00% Beta 0.74% 52 Week Price Range High/Low 0.00% Equity Float -Shares Out 07.03.2013 736.1 Short Int 6.164461.06 1 Yr Total Return -38.74%Total Debt 16015.70 YTD Return -43.07%Preferred Stock 0.0 Adjusted BETA 0.744Minority Interest 1803.9 Analyst Recs 3Cash and Equivalents 5195.60 Consensus Rating 3.000Enterprise Value -Average Volume 5 Day 4105706GFI US EQUITY YTD Change - Average Volume 30 Day 6143583GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5974145LTM-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 Q323009.5 29086.9 31565.3 25263.7 28915.8 27566.3 38145.8 29086.1 30284.2 - -3.10x 2.56x 2.56x 3.99x 3.05x 13.68x 8.85x 1.85x 1.71x - -8713.0 10955.0 11960.3 13527.5 14243.0 13712.4 18260.7 12705.8 14066.7 - -8.19x 6.80x 6.75x 7.45x 6.20x 0.00x 3.66x - - - -4457.5 1535.6 3631.4 7026.7 5658.1 8055.0 6365.9 4713.9 5404.3 - -- - - - - 0.00x 0.00x 9.41x 7.50x - -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 7.83% Short-Term Rating BReturn on Common Equity 13.81%Return on Capital 10.97% EBITDA/Interest Exp. 24.36Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.99Net Debt/EBITDA 0.72Gross Margin 38.7% Total Debt/EBITDA 1.01EBITDA Margin 47.9%EBIT Margin 33.2% 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 0.64Quick Ratio 0.39 Accounts receivable turnover-days -Debt to Assets 16.85% Inventory Days -Tot Debt to Common Equity 31.19% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 69.00Inventory Turnover -Fiscal Year EndedGold Fields LtdPrice/VolumeValuation Analysis5793853.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure02468101214m-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 |
    • 16.05.2013Holder 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 40934319 5.56 5017592 15.05.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 24337148 3.31 1371059 31.03.2013 Investment AdvisorTHORNBURG INVESTMENT THORNBURG INVESTMENT 13F 12217700 1.66 5072700 31.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 9090390 1.23 2820234 30.04.2013 Investment AdvisorFMR LLC n/a ULT-AGG 8464843 1.15 (1275318) 31.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7254900 0.99 4486300 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 6795326 0.92 (1745314) 14.05.2013 Investment AdvisorPAULSON & CO PAULSON & CO 13F 6529748 0.89 (11852) 31.03.2013 Hedge Fund ManagerNORGES BANK Multiple Portfolios MF-AGG 6177141 0.84 - 31.12.2012 GovernmentRUFFER LLP RUFFER LLP 13F 5396309 0.73 (21230) 31.03.2013 Hedge Fund ManagerWELLS FARGO n/a ULT-AGG 4906608 0.67 (128413) 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 4690600 0.64 (472200) 31.03.2013 Hedge Fund ManagerUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4338700 0.59 - 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 4244739 0.58 (225930) 31.03.2013 UnclassifiedINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3930403 0.53 (7900) 31.03.2013 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 3424400 0.47 (349900) 31.03.2013 Hedge Fund ManagerCREDIT SUISSE AG CREDIT SUISSE AG 13F 3168803 0.43 2839790 31.03.2013 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 |
    • 16.05.2013Silver 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: 03/yy52-Week High (01.11.2012) 41.3052-Week Low (18.04.2013) 21.79Daily Volume22.1852-Week High % Change -46.30% Dividend Yield -52-Week Low % Change 1.79% Beta 1.08% 52 Week Price Range High/Low 2.00% Equity Float 354.14Shares Out 30.04.2013 354.6 Short Int 3.757865.27 1 Yr Total Return -4.40%Total Debt 50.06 YTD Return -38.25%Preferred Stock 0.0 Adjusted BETA 1.079Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 778.22 Consensus Rating 4.600Enterprise Value 8879.73Average Volume 5 Day 5562602SLW US EQUITY YTD Change - Average Volume 30 Day 6530004SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 5481579LTM-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 Q3166.7 239.3 423.4 730.0 849.6 771.5 855.7 964.8 1085.3 229.2 243.212.14x 21.12x 31.91x 13.01x 14.18x 53.44x 53.99x 8.54x 7.62x 37.72x 35.72x105.5 158.5 316.2 618.8 701.5 654.1 699.9 769.9 886.8 180.5 198.519.18x 31.87x 42.72x 15.35x 17.17x 16.49x 17.30x 11.53x 10.01x 11.54x 11.75x17.3 117.9 153.4 550.0 586.0 575.0 572.3 573.7 650.5 124.5 136.8- - - - - 0.00x 0.00x 13.98x 12.57x 14.37x 13.72xEBITDA 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 15.45% Short-Term Rating -Return on Common Equity 19.11%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA 1.45Gross Margin 74.3% Total Debt/EBITDA 1.56EBITDA Margin 81.8%EBIT Margin 69.1% Total Debt/Equity 1.6%Net Income Margin 69.0% Total Debt/Capital 1.6%Asset Turnover 0.23Current Ratio 15.88 Net Fixed Asset Turnover 0.28Quick Ratio 15.86 Accounts receivable turnover-days 2.45Debt to Assets 1.57% Inventory Days -Tot Debt to Common Equity 1.61% Accounts Payable Turnover Day 21.26Accounts Receivable Turnover 148.71 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedSilver Wheaton CorpPrice/VolumeValuation Analysis6872492.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure051015202530354045m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-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 |
    • 16.05.2013Holder 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 14997993 4.23 66224 15.05.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 13917000 3.92 13917000 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 6521841 1.84 (925966) 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 6284267 1.77 (378634) 31.03.2013 BankBMO 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 4748500 1.34 20000 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 4623285 1.3 (1872251) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4349599 1.23 90737 31.12.2012 Investment AdvisorTCW GROUP INC TCW GROUP INCORPORAT 13F 3770833 1.06 (18415) 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3473930 0.98 (35700) 31.03.2013 Hedge Fund ManagerCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3333501 0.94 420000 31.03.2013 Investment AdvisorGREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 3099463 0.87 (230385) 31.03.2013 Insurance CompanyUBS n/a ULT-AGG 2862094 0.81 89806 31.03.2013 UnclassifiedJP MORGAN n/a ULT-AGG 2750546 0.78 (488041) 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2623306 0.74 26794 31.03.2013 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2612842 0.74 283586 31.03.2013 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 2456700 0.69 (5718600) 31.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2171641 0.61 153760 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James BRAD HUMPHREY outperform 5 M 41 12 month 14.05.2013Salman Partners DAVID WEST top pick 5 M 38 Not Provided 14.05.2013BMO Capital Markets ANDREW KAIP outperform 5 M 40 Not Provided 13.05.2013Credit Suisse RALPH M PROFITI outperform 5 M 38 Not Provided 13.05.2013CIBC World Markets COSMOS CHIU sector outperform 5 M 45 Not Provided 13.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 42 12 month 13.05.2013GMP CHELSEA HAMILTON buy 5 M 47 12 month 13.05.2013TD Securities DANIEL EARLE buy 5 M 35 12 month 13.05.2013RBC Capital Markets DAN ROLLINS outperform 5 M 33 12 month 12.05.2013Macquarie TONY LESIAK neutral 3 M 27 12 month 26.04.2013Scotia Capital TREVOR TURNBULL focus stock 5 M 50 12 month 23.04.2013JPMorgan JOHN BRIDGES overweight 5 M 40 6 month 19.04.2013EVA 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 |
    • 16.05.2013AngloGold 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: 03/yy52-Week High (06.06.2012) 38.3152-Week Low (17.04.2013) 17.45Daily Volume17.752-Week High % Change -53.80% Dividend Yield -52-Week Low % Change 1.43% Beta 0.77% 52 Week Price Range High/Low 1.20% Equity Float -Shares Out 09.05.2013 383.7 Short Int 3.766820.34 1 Yr Total Return -43.46%Total Debt 30375.96 YTD Return -43.45%Preferred Stock 0.0 Adjusted BETA 0.775Minority Interest 186.5 Analyst Recs 6Cash and Equivalents 7562.20 Consensus Rating 4.000Enterprise Value -Average Volume 5 Day 2821677AU US EQUITY YTD Change - Average Volume 30 Day 3191695AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2570135LTM-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 Q329774.0 30745.0 38833.0 47849.0 52160.3 51123.2 51861.6 57033.6 62449.0 - -3.48x 3.88x 3.60x 3.00x 2.30x 10.50x 9.48x 1.56x 1.33x - -3278.0 (2435.0) 9720.0 20443.0 19105.5 22721.7 17555.7 20358.6 24979.0 - -31.64x - 14.37x 7.03x 6.27x 5.50x 6.01x - - - -(16138.0) (2762.0) 637.0 11282.0 6814.6 14088.2 4225.8 6005.9 8569.5 - -- - - - - 0.00x 0.00x 11.27x 6.95x - -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 4.24% Short-Term Rating -Return on Common Equity 9.11%Return on Capital 7.82% EBITDA/Interest Exp. 10.07Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 2.46Net Debt/EBITDA 1.67Gross Margin 36.1% Total Debt/EBITDA 1.69EBITDA Margin 33.9%EBIT Margin 20.5% Total Debt/Equity 65.8%Net Income Margin 13.1% Total Debt/Capital 39.6%Asset Turnover 0.51Current Ratio 1.37 Net Fixed Asset Turnover 0.84Quick Ratio 0.53 Accounts receivable turnover-days -Debt to Assets 28.22% Inventory Days 98.24Tot Debt to Common Equity 65.78% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 63.01Inventory Turnover 3.72Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedAngloGold Ashanti LtdPrice/VolumeValuation Analysis4165573.00Current Price (5/dd/yy) Market Data0510152025303540m-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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePAULSON & CO PAULSON & CO 13F 28254950 7.36 50951 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 14810494 3.86 (814185) 15.05.2013 Investment AdvisorNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11336430 2.95 (431746) 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 8747623 2.28 (128150) 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 5693290 1.48 164885 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 5518760 1.44 (1096046) 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 5230372 1.36 (1261046) 14.05.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4945084 1.29 (259531) 31.03.2013 Hedge Fund ManagerDUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 3731629 0.97 3731629 31.03.2013 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 3728373 0.97 (458492) 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3398300 0.89 157600 31.03.2013 Hedge Fund ManagerNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2663932 0.69 6463 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 2612472 0.68 (22697) 31.03.2013 Investment AdvisorPLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2204815 0.57 147000 31.12.2012 Investment AdvisorPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 2137844 0.56 733688 31.03.2013 Hedge Fund ManagerDIMENSIONAL FUND ADV n/a ULT-AGG 1932470 0.5 352945 31.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1741097 0.45 (357793) 31.03.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1622856 0.42 (95200) 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 1611720 0.42 (310) 31.03.2013 UnclassifiedINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1608497 0.42 (700) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale BRUCE ALWAY hold 3 M 20 12 month 14.05.2013HSBC PATRICK CHIDLEY overweight 5 M 31 Not Provided 28.04.2013Scotia 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 |
    • 16.05.2013Cia 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: 03/yy52-Week High (06.06.2012) 42.7352-Week Low (15.05.2013) 18.00Daily Volume18.1252-Week High % Change -57.59% Dividend Yield -52-Week Low % Change 0.67% Beta 0.56% 52 Week Price Range High/Low 0.49% Equity Float -Shares Out 04.02.2013 274.9 Short Int 1.404994.50 1 Yr Total Return -48.20%Total Debt 179.30 YTD Return -48.97%Preferred Stock - Adjusted BETA 0.561Minority Interest 262.3 Analyst Recs 13Cash and Equivalents 241.22 Consensus Rating 3.308Enterprise Value 5221.44Average Volume 5 Day 1212045BVN US EQUITY YTD Change - Average Volume 30 Day 1588915BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1472551LTM-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 Q3766.6 881.5 1103.8 1556.6 1563.5 1570.2 1492.0 1641.5 1761.1 373.3 413.36.61x 9.30x 10.85x 6.05x 5.98x 24.14x 23.70x 3.17x 2.92x - -(54.4) 351.5 475.4 820.2 569.3 429.4 260.9 645.8 769.2 174.0 208.0- 23.33x 25.19x 11.49x 16.42x 0.00x 0.00x 8.08x 6.79x - -153.3 593.6 660.8 858.9 684.7 848.7 579.9 544.0 608.6 125.0 147.033.61x 14.29x 18.66x 11.16x 13.41x 11.93x 11.38x 8.21x 7.71x 8.76x 8.22xEBITDA 569.30 Long-Term Rating Date -EBIT 421.85 Long-Term Rating -Operating Margin 26.98% 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. 68.67Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 15.24Net Debt/EBITDA -Gross Margin 47.5% Total Debt/EBITDA -EBITDA Margin -EBIT Margin 23.2% 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 1.44Quick Ratio 1.42 Accounts receivable turnover-days 39.45Debt to Assets 3.91% Inventory Days 65.36Tot Debt to Common Equity 4.84% Accounts Payable Turnover Day 59.17Accounts Receivable Turnover 9.25 Cash Conversion Cycle 44.85Inventory 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 Analysis1441073.00Current Price (5/dd/yy) Market Data051015202530354045m-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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 25536584 9.29 (4985793) 14.05.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 13179122 4.79 1099130 15.05.2013 Investment AdvisorVONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 12497006 4.55 4814696 31.03.2013 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 4674992 1.7 371700 15.05.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 4619673 1.68 46724 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 4200079 1.53 (1591439) 31.03.2013 Investment AdvisorGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 4187270 1.52 3390686 31.03.2013 Investment AdvisorHARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 3497516 1.27 1025840 28.03.2013 UnclassifiedCREDIT SUISSE AG CREDIT SUISSE AG 13F 2490156 0.91 1647792 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 2298752 0.84 1801505 31.12.2012 GovernmentUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1858000 0.68 51500 31.03.2013 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1679805 0.61 28779 31.01.2013 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1677132 0.61 216700 31.03.2013 Investment AdvisorPARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1434207 0.52 33736 31.03.2013 Investment AdvisorING GROEP NV ING GROEP NV 13F 1100345 0.4 1054067 31.03.2013 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 1097662 0.4 (1561) 28.02.2013 Investment AdvisorGAMCO n/a ULT-AGG 1087600 0.4 (25200) 31.03.2013 UnclassifiedING INV MANAGEMENT E ING INVESTMENT MANAG 13F 1038976 0.38 (71704) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBanco de Credito del Peru HECTOR JOSUE COLLANTES hold 3 M 21 Not Provided 06.05.2013Inteligo SAB LALI MERINO buy 5 M 29 Not Provided 03.05.2013JPMorgan JOHN BRIDGES neutral 3 M 34 6 month 01.05.2013Grupo Santander WALTER CHIARVESIO buy 5 M 33 Not Provided 30.04.2013Morgan 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 30.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013EVA 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 07.03.2013Holdings By:Cia de Minas Buenaventura SAAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013New Gold Inc. is a natural resource company. The Company acquires, explores,and develops gold properties.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 12.8452-Week Low (15.04.2013) 6.25Daily Volume6.4952-Week High % Change -49.45% Dividend Yield -52-Week Low % Change 3.84% Beta 0.97% 52 Week Price Range High/Low 3.64% Equity Float 461.89Shares Out 30.04.2013 476.9 Short Int 3.053094.87 1 Yr Total Return -10.73%Total Debt 847.80 YTD Return -41.16%Preferred Stock 0.0 Adjusted BETA 0.966Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 687.80 Consensus Rating 4.600Enterprise Value 3276.77Average Volume 5 Day 3238248NGD US EQUITY YTD Change - Average Volume 30 Day 4016974NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 3414111LTM-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 Q3143.1 323.8 530.5 695.9 791.3 693.5 824.3 933.0 986.6 254.0 286.52.55x 4.31x 6.83x 6.62x 6.86x 26.07x 24.77x 3.43x 3.17x - -13.8 110.4 239.2 344.0 390.1 339.3 387.6 482.0 579.1 115.0 149.026.46x 12.64x 15.15x 13.39x 13.91x 13.50x 11.65x 6.80x 5.66x - -(102.7) (194.3) 47.5 179.0 199.0 187.8 201.7 170.9 227.4 30.7 62.6- - - - - 0.00x 0.00x 16.02x 12.04x 14.49x 13.11xEBITDA 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 Analysis5423404.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure02468101214m-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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 62551684 13.12 - 14.05.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 51601629 10.82 (19073) 15.05.2013 Investment AdvisorFMR LLC n/a ULT-AGG 35344411 7.41 (401290) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 15167798 3.18 15004748 31.12.2012 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 12987264 2.72 1051834 31.03.2013 Holding CompanyOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12693570 2.66 - 31.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12469841 2.61 (1200483) 31.03.2013 Investment AdvisorRS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 11134273 2.33 1234109 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 11078536 2.32 1017815 31.03.2013 BankTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 8366671 1.75 (127400) 31.03.2013 Hedge Fund ManagerGCIC LTD/CANADA GCIC LTD 13F 6966945 1.46 1127145 31.03.2013 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6040968 1.27 3201270 31.03.2013 Investment AdvisorLASSONDE PIERRE n/a SEDI 5645000 1.18 - 22.03.2012 n/aFIRST 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 AdvisorINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5091201 1.07 (326365) 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 4883382 1.02 (27471) 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 4785859 1 703973 31.03.2013 Pension Fund (ERISA)PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4584060 0.96 190800 31.03.2013 Investment AdvisorOLIPHANT RANDALL n/a SEDI 4570855 0.96 320855 23.11.2012 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW KAIP outperform 5 M 12 12 month 15.05.2013RBC Capital Markets DAN ROLLINS outperform 5 M 10 12 month 15.05.2013National Bank Financial STEPHEN PARSONS outperform 5 M 11 12 month 10.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 14 12 month 07.05.2013TD Securities STEVEN J GREEN buy 5 M 11 12 month 03.05.2013Casimir Capital STUART MCDOUGALL buy 5 M 16 12 month 03.05.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 12 Not Provided 02.05.2013GMP GEORGE V ALBINO buy 5 M 16 Not Provided 02.05.2013Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 8 12 month 02.05.2013Credit Suisse ANITA SONI outperform 5 M 12 Not Provided 01.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 11 Not Provided 01.05.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013Paradigm Capital Inc DON MACLEAN buy 5 M 16 12 month 08.04.2013Scotia Capital TREVOR TURNBULL sector outperform 5 M 13 12 month 05.04.2013Holdings By:New Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Agnico Eagle Mines Limited is a gold producer with operations primarily innorthwestern Quebec, northern Mexico, northern Finland and Nunavut. TheCompany also has exploration activities in Canada, Europe, Latin America, andthe United States. Agnico Eagle Mines focuses on the exploration, development,and expansion of its gold properities primarily from underground operations.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (26.11.2012) 57.3552-Week Low (15.05.2013) 28.48Daily Volume28.5352-Week High % Change -50.25% Dividend Yield -52-Week Low % Change 0.18% Beta 0.61% 52 Week Price Range High/Low 0.17% Equity Float 171.85Shares Out 30.04.2013 172.7 Short Int 1.804927.70 1 Yr Total Return -14.60%Total Debt 842.96 YTD Return -45.33%Preferred Stock 0.0 Adjusted BETA 0.610Minority Interest 0.0 Analyst Recs 25Cash and Equivalents 351.28 Consensus Rating 3.560Enterprise Value 5444.27Average Volume 5 Day 1745726AEM US EQUITY YTD Change - Average Volume 30 Day 2070931AEM US EQUITY YTD % CHANGE - Average Volume 3 Month 1815801LTM-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 Q3368.9 613.8 1422.5 1821.8 1917.7 1882.7 1865.2 1705.3 2061.1 373.3 439.821.80x 14.47x 9.45x 3.75x 4.96x 18.58x 18.18x 3.34x 2.71x 14.73x 12.62x94.9 202.5 601.8 752.9 787.4 801.6 735.0 616.9 866.0 178.5 222.884.80x 43.86x 22.34x 9.08x 12.08x 7.78x 10.34x 8.83x 6.29x 6.80x 7.03x73.2 86.5 332.1 (568.9) 310.9 (535.6) 256.2 184.0 319.3 25.3 56.7- - - - - 0.00x 0.00x 27.67x 16.04x 24.74x 20.39xEBITDA 787.42 Long-Term Rating Date 12.03.2003EBIT 515.56 Long-Term Rating NROperating Margin 26.88% Long-Term Outlook -Pretax Margin 22.69% Short-Term Rating Date -Return on Assets 5.00% Short-Term Rating -Return on Common Equity 7.63%Return on Capital 7.06% EBITDA/Interest Exp. 13.60Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 5.91Net Debt/EBITDA 0.70Gross Margin 39.0% Total Debt/EBITDA 1.10EBITDA Margin 39.4%EBIT Margin 24.5% Total Debt/Equity 24.7%Net Income Margin 16.2% Total Debt/Capital 19.8%Asset Turnover 0.36Current Ratio 3.26 Net Fixed Asset Turnover 0.46Quick Ratio 1.51 Accounts receivable turnover-days 15.79Debt to Assets 16.04% Inventory Days 87.72Tot Debt to Common Equity 24.72% Accounts Payable Turnover Day 50.91Accounts Receivable Turnover 23.11 Cash Conversion Cycle 66.58Inventory Turnover 4.16Fiscal Year EndedAgnico Eagle Mines LtdPrice/VolumeValuation Analysis2008427.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0102030405060m-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 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 20005396 11.58 - 14.05.2013 Investment AdvisorFMR LLC n/a ULT-AGG 13384186 7.75 2418604 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 11305234 6.55 696000 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 8353624 4.84 501322 15.05.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6927650 4.01 223720 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 4729613 2.74 (157068) 31.03.2013 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 4381540 2.54 414729 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 3956923 2.29 (551324) 31.03.2013 BankCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3507319 2.03 1303500 31.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3247664 1.88 (83945) 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 2433065 1.41 (37672) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 2127726 1.23 75223 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1800000 1.04 (665218) 31.03.2013 Investment AdvisorVINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 1598700 0.93 418800 31.03.2013 Hedge Fund ManagerTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1551262 0.9 (35750) 31.03.2013 Hedge Fund ManagerINVESCO LTD n/a ULT-AGG 1551011 0.9 428246 15.05.2013 Investment AdvisorGAMCO n/a ULT-AGG 1501826 0.87 (15150) 31.03.2013 UnclassifiedTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1343527 0.78 57043 31.03.2013 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 1210011 0.7 36572 31.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1051526 0.61 78180 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.05.2013Global Hunter Securities JEFF WRIGHT buy 5 M 47 12 month 13.05.2013National Bank Financial STEPHEN PARSONS sector perform 3 M 42 12 month 10.05.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 45 Not Provided 07.05.2013RBC Capital Markets STEPHEN D WALKER outperform 5 M 40 12 month 07.05.2013Credit Suisse ANITA SONI outperform 5 M 51 Not Provided 07.05.2013Macquarie TONY LESIAK underperform 1 M 30 12 month 07.05.2013Salman Partners DAVID WEST buy 5 M 45 12 month 30.04.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 49 12 month 30.04.2013JPMorgan JOHN BRIDGES neutral 3 M 39 6 month 29.04.2013Raymond James BRAD HUMPHREY market perform 3 M 46 12 month 29.04.2013Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 29.04.2013Canaccord Genuity Corp STEVEN BUTLER hold 3 M 41 Not Provided 29.04.2013TD Securities GREG BARNES buy 5 M 41 12 month 29.04.2013Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 38 12 month 29.04.2013HSBC PATRICK CHIDLEY underweight 1 D 29 Not Provided 28.04.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 54 Not Provided 26.04.2013Dundee Securities Corp JOSH WOLFSON neutral 3 M 45 12 month 26.04.2013GMP GEORGE V ALBINO buy 5 M 55 Not Provided 26.04.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 30 Not Provided 26.04.2013Barclays FAROOQ HAMED equalweight 3 M 39 Not Provided 26.04.2013Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 46 12 month 23.04.2013Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 25.10.2012Paradigm Capital Inc DON MACLEAN buy 5 M 59 12 month 05.01.2012Holdings By:Agnico Eagle Mines LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Eldorado Gold Corporation acquires, explores, and develops mineral properties.The Company currently has operating gold mines in Brazil, China, Turkey, Greece,and surrounding regions.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (19.09.2012) 16.2052-Week Low (17.04.2013) 6.59Daily Volume6.8952-Week High % Change -57.47% Dividend Yield -52-Week Low % Change 4.55% Beta 0.84% 52 Week Price Range High/Low 3.12% Equity Float 708.10Shares Out 30.04.2013 714.6 Short Int 3.144923.45 1 Yr Total Return -32.01%Total Debt 593.32 YTD Return -46.18%Preferred Stock 0.0 Adjusted BETA 0.840Minority Interest 284.1 Analyst Recs 21Cash and Equivalents 818.83 Consensus Rating 4.143Enterprise Value 5132.84Average Volume 5 Day 3953494EGO US EQUITY YTD Change - Average Volume 30 Day 6022282EGO US EQUITY YTD % CHANGE - Average Volume 3 Month 5603205LTM-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 Q3277.7 358.5 791.2 1103.7 1147.5 1156.1 1214.1 1263.9 1402.4 291.0 310.310.15x 21.00x 12.74x 6.66x 8.06x 29.80x 29.81x 4.25x 4.09x 18.06x 17.12x132.0 181.2 423.3 643.9 584.4 659.7 630.5 632.6 724.4 136.0 146.521.36x 41.53x 23.82x 11.41x 15.83x 14.80x 11.16x 8.11x 7.09x 9.15x 9.32x163.7 102.4 221.0 318.7 305.3 334.0 192.0 275.5 338.1 59.3 69.3- - - - - 0.00x 0.00x 15.91x 13.12x 15.91x 15.35xEBITDA 584.40 Long-Term Rating Date 13.11.2012EBIT 470.87 Long-Term Rating BBOperating Margin 41.03% Long-Term Outlook STABLEPretax Margin 38.89% Short-Term Rating Date -Return on Assets 2.51% Short-Term Rating -Return on Common Equity 3.32%Return on Capital 3.23% EBITDA/Interest Exp. 83.69Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 22.66Net Debt/EBITDA -0.12Gross Margin 62.7% Total Debt/EBITDA 0.94EBITDA Margin 51.9%EBIT Margin 41.8% Total Debt/Equity 10.0%Net Income Margin 26.6% Total Debt/Capital 8.7%Asset Turnover 0.16Current Ratio 4.90 Net Fixed Asset Turnover 0.21Quick Ratio 3.96 Accounts receivable turnover-days 22.79Debt to Assets 7.48% Inventory Days 167.85Tot Debt to Common Equity 10.01% Accounts Payable Turnover Day 189.39Accounts Receivable Turnover 16.01 Cash Conversion Cycle 43.64Inventory Turnover 2.17Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedEldorado Gold CorpPrice/VolumeValuation Analysis4370584.00Current Price (5/dd/yy) Market Data024681012141618m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M0.0200.0400.0600.0800.01000.01200.01400.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 115755188 16.2 - 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 46388863 6.49 (1071523) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 46199408 6.47 1979063 15.05.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 33729686 4.72 6645120 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 17640602 2.47 426594 31.03.2013 BankCARMIGNAC GESTION Multiple Portfolios MF-AGG 13044870 1.83 (14814642) 29.03.2013 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 12322002 1.72 (163800) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11861546 1.66 11861546 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 11661328 1.63 861550 31.03.2013 Hedge Fund ManagerJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11264562 1.58 771210 31.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 10662061 1.49 (256391) 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 10031223 1.4 (12436) 31.03.2013 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 9924291 1.39 (1473143) 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 9088523 1.27 (223376) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 8932322 1.25 329970 31.12.2012 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 8799121 1.23 (2010762) 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8616810 1.21 966831 31.03.2013 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 8067119 1.13 1115425 31.12.2012 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7601100 1.06 50000 31.03.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 6793010 0.95 201650 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets DAN ROLLINS sector perform 3 D 9 12 month 06.05.2013Raymond James BRAD HUMPHREY outperform 5 M 16 12 month 06.05.2013CIBC World Markets COSMOS CHIU sector outperform 5 M 14 Not Provided 06.05.2013Salman Partners DAVID WEST buy 5 M 13 12 month 06.05.2013Cormark Securities Inc. MIKE KOZAK buy 5 M 12 12 month 06.05.2013Haywood Securities Inc. KERRY SMITH buy 5 M 17 Not Provided 06.05.2013TD Securities STEVEN J GREEN action list buy 5 M 14 12 month 06.05.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 7 Not Provided 06.05.2013Credit Suisse ANITA SONI outperform 5 M 15 Not Provided 03.05.2013Macquarie TONY LESIAK neutral 3 M 8 12 month 03.05.2013Dundee Securities Corp JOSH WOLFSON neutral 3 M 10 12 month 03.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 11 Not Provided 03.05.2013GMP GEORGE V ALBINO buy 5 M 20 Not Provided 03.05.2013Barclays FAROOQ HAMED equalweight 3 M 9 Not Provided 03.05.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 12 Not Provided 02.05.2013HSBC PATRICK CHIDLEY overweight 5 M 13 Not Provided 28.04.2013Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 10 12 month 23.04.2013Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 12 12 month 23.04.2013EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 16.04.2013Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 13 Not Provided 12.03.2013Paradigm Capital Inc DON MACLEAN hold 3 M 18 12 month 21.02.2012Holdings By:Eldorado Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Kinross Gold Corporation is involved in the exploration, development, andproduction of gold in countries located around the world. The Company currentlyhas operations in the United States, Brazil, Chile, Ecuador and Russia.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (04.10.2012) 11.2052-Week Low (17.04.2013) 4.97Daily Volume5.2852-Week High % Change -52.84% Dividend Yield 3.0352-Week Low % Change 6.24% Beta 0.77% 52 Week Price Range High/Low 4.98% Equity Float 1139.69Shares Out 30.04.2013 1141.7 Short Int 4.056027.99 1 Yr Total Return -26.58%Total Debt 2632.60 YTD Return -45.13%Preferred Stock 0.0 Adjusted BETA 0.767Minority Interest 75.5 Analyst Recs 27Cash and Equivalents 1982.70 Consensus Rating 4.333Enterprise Value 6838.29Average Volume 5 Day 12709566KGC US EQUITY YTD Change - Average Volume 30 Day 14970154KGC US EQUITY YTD % CHANGE - Average Volume 3 Month 11695044LTM-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 Q31617.0 2412.1 3010.1 3842.5 4311.4 3910.6 4332.9 4040.9 4209.3 934.0 951.17.84x 5.37x 6.92x 3.37x 2.74x 14.92x 10.04x 1.78x 1.71x 7.60x 7.68x656.3 1093.2 1200.4 1926.2 1962.2 1885.9 1980.9 1655.9 1889.3 346.8 374.819.32x 11.85x 17.35x 6.73x 6.01x 6.00x 4.97x 4.13x 3.62x 4.41x 4.27x(807.2) 309.9 759.7 (2073.6) (2504.9) (2225.3) (2450.1) 534.9 691.9 87.8 109.046.21x 41.68x 146.30x 15.25x 12.61x 12.84x 10.69x 11.63x 9.50x 11.35x 10.11xEBITDA 1962.20 Long-Term Rating Date 15.08.2011EBIT 1281.00 Long-Term Rating BBB-Operating Margin 29.71% Long-Term Outlook STABLEPretax Margin -53.16% Short-Term Rating Date -Return on Assets -15.73% Short-Term Rating -Return on Common Equity -21.83%Return on Capital - EBITDA/Interest Exp. 13.84Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 0.25Net Debt/EBITDA 0.37Gross Margin 57.1% Total Debt/EBITDA 1.09EBITDA Margin 45.7%EBIT Margin 28.1% Total Debt/Equity 26.7%Net Income Margin -58.1% Total Debt/Capital 21.0%Asset Turnover 0.28Current Ratio 2.76 Net Fixed Asset Turnover 0.47Quick Ratio 1.74 Accounts receivable turnover-days 24.27Debt to Assets 17.69% Inventory Days 239.28Tot Debt to Common Equity 26.73% Accounts Payable Turnover Day 108.04Accounts Receivable Turnover 15.04 Cash Conversion Cycle 222.18Inventory Turnover 1.53Fiscal Year EndedKinross Gold CorpPrice/VolumeValuation Analysis21000452.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure024681012m-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 M30.0 M0.0500.01000.01500.02000.02500.03000.03500.04000.04500.05000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.002.004.006.008.0010.0012.0014.0016.0018.0020.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 57357709 5.02 (2019268) 15.05.2013 Investment AdvisorINVESCO LTD n/a ULT-AGG 29781489 2.61 6302441 15.05.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 25903233 2.27 3849773 31.03.2013 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 22078500 1.93 22078500 31.03.2013 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 20640874 1.81 3329797 31.03.2013 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 20421586 1.79 (1148398) 31.03.2013 UnclassifiedTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 19663848 1.72 (977748) 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 16877973 1.48 (15894) 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 16120045 1.41 (8201037) 31.03.2013 BankNORGES BANK NORGES BANK 13F 15598099 1.37 4274423 31.12.2012 GovernmentALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 14937516 1.31 30083 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 14411242 1.26 (3227985) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 14146557 1.24 (132094) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 13959327 1.22 (3126980) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 13897771 1.22 13897771 31.03.2013 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 12697029 1.11 (5850702) 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12671799 1.11 (1130000) 31.03.2013 Hedge Fund ManagerCARMIGNAC GESTION CARMIGNAC GESTION 13F 12416200 1.09 12416200 31.12.2012 Investment AdvisorPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 12217459 1.07 (1903663) 31.03.2013 Hedge Fund ManagerTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 10443940 0.91 2570 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan JOHN BRIDGES overweight 5 M 12 6 month 16.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 8 12 month 13.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 8 Not Provided 13.05.2013HSBC PATRICK CHIDLEY overweight 5 M 10 Not Provided 10.05.2013National Bank Financial PAOLO LOSTRITTO outperform 5 M 11 12 month 10.05.2013Macquarie TONY LESIAK outperform 5 M 6 12 month 09.05.2013Salman Partners DAVID WEST buy 5 M 8 12 month 09.05.2013Jefferies PETER D WARD hold 3 M 6 12 month 08.05.2013CIBC World Markets ALEC KODATSKY sector underperform 1 M 8 Not Provided 08.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 10 12 month 08.05.2013GMP GEORGE V ALBINO buy 5 M 9 Not Provided 08.05.2013TD Securities GREG BARNES buy 5 M 8 12 month 08.05.2013Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 6 Not Provided 08.05.2013Barclays FAROOQ HAMED equalweight 3 M 7 Not Provided 08.05.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 9 Not Provided 07.05.2013Deutsche Bank JORGE M BERISTAIN hold 3 M 6 12 month 07.05.2013RBC Capital Markets STEPHEN D WALKER outperform 5 M 7 12 month 07.05.2013Credit Suisse ANITA SONI outperform 5 M 10 Not Provided 07.05.2013Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 03.05.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 10 12 month 30.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 8 12 month 23.04.2013EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013Morgan Stanley PARETOSH MISRA Underwt/In-Line 1 D #N/A N/A Not Provided 10.10.2012Paradigm Capital Inc DON MACLEAN buy 5 M #N/A N/A Not Provided 25.01.2012Holdings By:Kinross Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Royal Gold, Inc. acquires and manages precious metals royalties. The Companyseeks to acquire existing royalties or to finance projects that are inproduction or near production in exchange for royalty interests. Royal GoldInc.s gold-focused portfolio contains royalties ranging from those inproduction and development to those in the evaluation and exploration stages.Latest Fiscal Year: 06/2012LTM as of: 03/yy52-Week High (01.10.2012) 100.8452-Week Low (15.05.2013) 50.02Daily Volume50.5352-Week High % Change -49.89% Dividend Yield 1.3952-Week Low % Change 1.02% Beta 0.68% 52 Week Price Range High/Low 1.00% Equity Float 61.68Shares Out 24.04.2013 64.4 Short Int 2.703252.87 1 Yr Total Return -17.41%Total Debt 293.25 YTD Return -37.55%Preferred Stock 0.0 Adjusted BETA 0.677Minority Interest 25.0 Analyst Recs 10Cash and Equivalents 390.47 Consensus Rating 3.800Enterprise Value 2889.54Average Volume 5 Day 686554RGLD US EQUITY YTD Change - Average Volume 30 Day 1110852RGLD US EQUITY YTD % CHANGE - Average Volume 3 Month 975450LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q166.3 73.8 136.6 216.5 263.1 262.2 292.0 303.2 379.1 70.7 71.013.56x 19.29x 18.40x 15.32x 17.19x 55.35x 66.52x 9.59x 7.18x 41.30x -51.3 59.9 114.2 186.3 233.2 230.7 259.6 271.0 336.0 65.0 63.117.51x 23.77x 22.00x 17.80x 19.39x 16.28x 16.16x 10.66x 8.60x 9.58x 8.39x24.0 38.3 21.5 71.4 92.5 93.6 79.0 95.9 133.3 21.0 22.356.00x 91.09x 61.79x 45.40x 48.25x 39.16x 50.62x 33.31x 24.02x 28.89x 24.04xEBITDA 233.22 Long-Term Rating Date -EBIT 158.22 Long-Term Rating -Operating Margin 60.15% Long-Term Outlook -Pretax Margin 58.17% Short-Term Rating Date -Return on Assets 3.16% Short-Term Rating -Return on Common Equity 3.82%Return on Capital 4.04% EBITDA/Interest Exp. 30.27Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -5.64Net Debt/EBITDA -1.49Gross Margin 71.5% Total Debt/EBITDA 1.16EBITDA Margin 88.9%EBIT Margin 61.2% Total Debt/Equity 16.0%Net Income Margin 35.2% Total Debt/Capital 13.6%Asset Turnover 0.12Current Ratio 29.27 Net Fixed Asset Turnover 0.15Quick Ratio 28.23 Accounts receivable turnover-days 75.69Debt to Assets 12.36% Inventory Days -Tot Debt to Common Equity 15.95% Accounts Payable Turnover Day 10.43Accounts Receivable Turnover 4.82 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedRoyal Gold IncPrice/VolumeValuation Analysis915322.00Current Price (5/dd/yy) Market Data020406080100120m-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 M0.050.0100.0150.0200.0250.0300.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0010.0020.0030.0040.0050.0060.0070.0080.0090.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 7427251 11.54 - 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 5518786 8.57 78125 15.05.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 3592556 5.58 159701 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 2384184 3.7 183158 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 2252514 3.5 147148 31.03.2013 Investment AdvisorSTUCKERT JAMES W n/a Form 4 1622095 2.52 (150000) 24.04.2013 n/aFMR LLC n/a ULT-AGG 1392949 2.16 (895027) 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1361050 2.11 (47750) 31.03.2013 Hedge Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 1329864 2.07 95610 30.04.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 1209346 1.88 441649 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1115000 1.73 745000 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 867401 1.35 - 31.03.2013 Hedge Fund ManagerAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 838175 1.3 838175 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 678787 1.05 149690 31.03.2013 UnclassifiedBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 633761 0.98 25047 31.03.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 624300 0.97 9000 31.03.2013 Investment AdvisorUBS n/a ULT-AGG 621096 0.96 518527 31.03.2013 UnclassifiedNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 560996 0.87 (413048) 31.03.2013 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 558674 0.87 82417 31.03.2013 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 533948 0.83 (96771) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateNational Bank Financial SHANE NAGLE outperform 5 M 80 12 month 10.05.2013MLV & Co MICHAEL D PETERSON buy 5 M 80 12 month 03.05.2013CIBC World Markets COSMOS CHIU sector perform 3 M 88 Not Provided 02.05.2013BB&T Capital Markets GARRETT S. NELSON buy 5 M 80 12 month 02.05.2013RBC Capital Markets STEPHEN D WALKER sector perform 3 M 71 12 month 30.04.2013HSBC PATRICK CHIDLEY overweight 5 M 77 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 71 12 month 23.04.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013Holdings By:Royal Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Harmony Gold Mining Company Limited is a mining company which produces gold fromits operations in the district of Virginia, Orange Free State. Harmony owns andoperates the Harmony, Randfontein, Evander, Consolidated Modderfontein, Grootveiand Bissett gold mines. Harmony also has gold mining operations in Australia.Latest Fiscal Year: 06/2012LTM as of: 03/yy52-Week High (06.06.2012) 10.7352-Week Low (15.05.2013) 4.09Daily Volume4.1152-Week High % Change -61.70% Dividend Yield -52-Week Low % Change 0.49% Beta 0.87% 52 Week Price Range High/Low 0.30% Equity Float -Shares Out 31.03.2013 435.3 Short Int 2.421788.91 1 Yr Total Return -52.21%Total Debt 1844.00 YTD Return -53.72%Preferred Stock 0.0 Adjusted BETA 0.874Minority Interest 0.0 Analyst Recs 3Cash and Equivalents 1773.00 Consensus Rating 5.000Enterprise Value -Average Volume 5 Day 2068648HMY US EQUITY YTD Change - Average Volume 30 Day 3403348HMY US EQUITY YTD % CHANGE - Average Volume 3 Month 2880964LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q19617.0 11496.0 11284.0 11596.0 15169.0 13997.0 16353.0 16517.1 21952.5 - -4.37x 2.83x 3.13x 3.41x 2.18x 11.33x 7.37x 1.00x 0.82x - -1393.0 2125.0 1737.0 2354.0 4222.0 3190.0 3140.0 4735.2 8182.3 - -30.15x 15.29x 20.33x 16.81x 7.84x 0.00x 8.01x - - - -(245.0) 2927.0 (192.0) 617.0 2645.0 2496.0 1176.0 1772.9 3348.3 - -- - - - - 0.00x 0.00x 9.80x 4.96x - -EBITDA 4222.00 Long-Term Rating Date -EBIT 2231.00 Long-Term Rating -Operating Margin 14.71% Long-Term Outlook -Pretax Margin 12.72% Short-Term Rating Date -Return on Assets 2.66% Short-Term Rating -Return on Common Equity 3.41%Return on Capital 3.58% EBITDA/Interest Exp. 14.26Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 3.47Net Debt/EBITDA -0.18Gross Margin 25.7% Total Debt/EBITDA 0.80EBITDA Margin 19.2%EBIT Margin 7.8% Total Debt/Equity 5.4%Net Income Margin 17.4% Total Debt/Capital 5.1%Asset Turnover 0.37Current Ratio 2.28 Net Fixed Asset Turnover 0.49Quick Ratio 0.93 Accounts receivable turnover-days 30.59Debt to Assets 4.27% Inventory Days 30.71Tot Debt to Common Equity 5.41% Accounts Payable Turnover Day 47.72Accounts Receivable Turnover 11.93 Cash Conversion Cycle 31.22Inventory Turnover 11.89Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedHarmony Gold Mining Co LtdPrice/VolumeValuation Analysis3256872.00Current Price (5/dd/yy) Market Data024681012m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDEUTSCHE BANK TRUST n/a 20F 135983632 31.24 - 22.10.2012 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 30771192 7.07 781177 15.05.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 20829043 4.79 (1394122) 31.03.2013 Hedge Fund ManagerBLACKROCK n/a ULT-AGG 20017881 4.6 (3910953) 14.05.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 10223297 2.35 199574 31.03.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5755000 1.32 1930000 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 3994173 0.92 (462623) 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 3030594 0.7 (2974400) 31.03.2013 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 2283081 0.52 1802132 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 1982360 0.46 (270) 31.03.2013 UnclassifiedTWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 1780331 0.41 458902 31.03.2013 Hedge Fund ManagerTEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 1500000 0.34 - 31.03.2013 Pension Fund (ERISA)CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1265348 0.29 (81600) 31.03.2013 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1203118 0.28 490639 31.03.2013 Investment AdvisorTWO SIGMA ADVISERS L TWO SIGMA ADVISERS L 13F 1129600 0.26 726300 31.03.2013 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1050000 0.24 - 31.03.2013 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 1037400 0.24 (106100) 31.01.2013 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1005045 0.23 (1320115) 31.03.2013 Investment AdvisorHUSSMAN ECONOMETRICS HUSSMAN ECONOMETRICS 13F 1000000 0.23 - 31.03.2013 Investment AdvisorGAM HOLDING LTD GAM HOLDING LTD 13F 998850 0.23 55000 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC PATRICK CHIDLEY overweight 5 M 7 Not Provided 28.04.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 28.03.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 11 Not Provided 24.02.2010Holdings By:Harmony Gold Mining Co LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013IAMGOLD Corporation is a mid-tier gold mining company. The Company is focusedin West Africa, the Guiana Shield of South America and in Quebec where it has apipeline of development and exploration projects.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (05.10.2012) 16.8852-Week Low (18.04.2013) 4.60Daily Volume5.0452-Week High % Change -70.14% Dividend Yield -52-Week Low % Change 9.57% Beta 0.98% 52 Week Price Range High/Low 3.58% Equity Float 370.97Shares Out 30.04.2013 376.6 Short Int 4.061897.88 1 Yr Total Return -44.33%Total Debt 641.40 YTD Return -56.06%Preferred Stock 0.0 Adjusted BETA 0.984Minority Interest 76.7 Analyst Recs 24Cash and Equivalents 813.50 Consensus Rating 3.500Enterprise Value 1978.18Average Volume 5 Day 6846406IAG US EQUITY YTD Change - Average Volume 30 Day 7328017IAG US EQUITY YTD % CHANGE - Average Volume 3 Month 7065220LTM-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 Q3869.6 914.3 1097.1 1673.2 1670.0 1613.3 1571.1 1479.0 1680.6 388.8 406.02.09x 6.14x 5.88x - 2.52x 13.37x 10.75x 1.43x 1.46x 5.43x 5.45x342.1 378.6 470.3 785.0 710.1 748.7 641.7 576.0 713.0 148.0 163.55.31x 14.82x 13.71x - 5.94x 5.37x 4.36x 3.43x 2.77x 3.34x 3.52x(9.9) 114.1 262.6 806.6 334.7 772.4 226.4 192.3 255.5 37.1 49.7- - - - - 0.00x 0.00x 9.73x 7.43x 8.47x 7.92xEBITDA 710.10 Long-Term Rating Date 10.09.2012EBIT 546.20 Long-Term Rating BB-Operating Margin 32.71% Long-Term Outlook STABLEPretax Margin 34.17% Short-Term Rating Date -Return on Assets 4.65% Short-Term Rating -Return on Common Equity 6.17%Return on Capital 6.75% EBITDA/Interest Exp. 14.20Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 0.19Net Debt/EBITDA 0.00Gross Margin 43.2% Total Debt/EBITDA 1.01EBITDA Margin 40.8%EBIT Margin 30.5% Total Debt/Equity 17.2%Net Income Margin 20.0% Total Debt/Capital 14.4%Asset Turnover 0.32Current Ratio 3.76 Net Fixed Asset Turnover 0.62Quick Ratio 2.61 Accounts receivable turnover-days 36.68Debt to Assets 11.93% Inventory Days 144.64Tot Debt to Common Equity 17.20% Accounts Payable Turnover Day 80.12Accounts Receivable Turnover 9.95 Cash Conversion Cycle 94.44Inventory Turnover 2.52Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedIAMGOLD CorpPrice/VolumeValuation Analysis6874243.00Current Price (5/dd/yy) Market Data024681012141618m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M0.0200.0400.0600.0800.01000.01200.01400.01600.01800.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 36891874 9.8 (7062191) 30.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 26609525 7.07 (13095832) 15.05.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 9719845 2.58 1300000 31.03.2013 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 9271077 2.46 1611410 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 7184974 1.91 (2667734) 31.03.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 6755000 1.79 290599 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6125592 1.63 (776100) 31.03.2013 Hedge Fund ManagerHEXAVEST INC HEXAVEST INC 13F 5890847 1.56 (3062014) 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 5356509 1.42 (87839) 31.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 5016061 1.33 (268526) 31.03.2013 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 4905401 1.3 2828200 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4617450 1.23 158233 31.12.2012 Investment AdvisorPAULSON & CO PAULSON & CO 13F 3863912 1.03 (17988) 31.03.2013 Hedge Fund ManagerMANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 3566791 0.95 1447076 31.03.2013 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 3462599 0.92 275900 31.03.2013 Holding CompanyDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3407054 0.9 536267 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 3204100 0.85 (1256100) 31.03.2013 Investment AdvisorCARIBBEAN INVESTMENT n/a SEDI 3119569 0.83 - 06.09.2011 BankJP MORGAN n/a ULT-AGG 3071125 0.82 6609 31.03.2013 Investment AdvisorCLARINGTON CAPITAL M Multiple Portfolios MF-AGG 3035395 0.81 2248674 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDundee Securities Corp JOSH WOLFSON neutral 3 M 9 12 month 14.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 7 12 month 13.05.2013National Bank Financial PAOLO LOSTRITTO outperform 5 M 14 12 month 10.05.2013Salman Partners DAVID WEST buy 5 M 9 12 month 09.05.2013Cormark Securities Inc. MIKE KOZAK market perform 3 M 6 12 month 09.05.2013TD Securities STEVEN J GREEN buy 5 M 11 12 month 09.05.2013Barclays FAROOQ HAMED equalweight 3 M 7 Not Provided 09.05.2013Societe Generale BRUCE ALWAY sell 1 M 5 12 month 08.05.2013RBC Capital Markets DAN ROLLINS sector perform 3 M 7 12 month 08.05.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 9 Not Provided 08.05.2013GMP GEORGE V ALBINO buy 5 M 15 Not Provided 08.05.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 5 Not Provided 08.05.2013Clarus Securities NANA SANGMUAH hold 3 M 13 12 month 08.05.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 8 Not Provided 07.05.2013Credit Suisse ANITA SONI underperform 1 M 7 Not Provided 07.05.2013Stifel MICHAEL A SCOON hold 3 M #N/A N/A Not Provided 03.05.2013HSBC PATRICK CHIDLEY overweight 5 M 8 Not Provided 28.04.2013Macquarie TONY LESIAK outperform 5 M 7 12 month 25.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 7 12 month 23.04.2013Paradigm Capital Inc DON MACLEAN buy 5 M 25 12 month 25.03.2013Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 14 Not Provided 12.03.2013EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 24.01.2013Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 N #N/A N/A Not Provided 10.10.2012Holdings By:IAMGOLD CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Pan American Silver Corporation is a silver mining company with its principalproperty in Peru. The Company also explores and develops mines in Mexico.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (01.11.2012) 22.8352-Week Low (18.04.2013) 11.78Daily Volume11.9552-Week High % Change -47.66% Dividend Yield -52-Week Low % Change 1.44% Beta 1.02% 52 Week Price Range High/Low 1.54% Equity Float 149.11Shares Out 30.04.2013 151.5 Short Int 4.161810.25 1 Yr Total Return -18.56%Total Debt 77.98 YTD Return -35.72%Preferred Stock 0.0 Adjusted BETA 1.018Minority Interest 7.3 Analyst Recs 15Cash and Equivalents 542.32 Consensus Rating 3.533Enterprise Value 1371.06Average Volume 5 Day 2254973PAAS US EQUITY YTD Change - Average Volume 30 Day 2373496PAAS US EQUITY YTD % CHANGE - Average Volume 3 Month 1994011LTM-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 Q3338.6 454.8 646.6 855.3 928.6 893.6 942.8 1004.4 1076.8 253.0 257.54.05x 5.14x 6.33x 2.15x 2.57x 11.23x 9.96x 1.40x 1.26x 5.25x 4.98x121.0 179.1 277.8 445.9 362.0 456.8 345.3 345.6 414.0 90.7 97.411.33x 13.05x 14.73x 4.12x 6.60x 6.30x 5.94x 3.97x 3.31x 3.22x 2.92x24.6 62.0 13.7 352.5 87.4 310.2 57.6 142.4 187.6 39.8 44.1- - - - - 0.00x 0.00x 12.90x 10.59x 10.91x 10.34xEBITDA 361.98 Long-Term Rating Date -EBIT 253.83 Long-Term Rating -Operating Margin 27.33% Long-Term Outlook -Pretax Margin 19.53% Short-Term Rating Date -Return on Assets 1.70% Short-Term Rating -Return on Common Equity 2.12%Return on Capital 2.17% EBITDA/Interest Exp. 47.15Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 26.32Net Debt/EBITDA -1.29Gross Margin 45.2% Total Debt/EBITDA 0.13EBITDA Margin 36.6%EBIT Margin 24.1% Total Debt/Equity 2.9%Net Income Margin 9.4% Total Debt/Capital 2.8%Asset Turnover 0.28Current Ratio 4.96 Net Fixed Asset Turnover 0.43Quick Ratio 3.44 Accounts receivable turnover-days 50.25Debt to Assets 2.30% Inventory Days 162.08Tot Debt to Common Equity 2.87% Accounts Payable Turnover Day 74.80Accounts Receivable Turnover 7.26 Cash Conversion Cycle 154.58Inventory Turnover 2.25Fiscal Year EndedPan American Silver CorpPrice/VolumeValuation Analysis2604023.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0510152025m-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 M0.0100.0200.0300.0400.0500.0600.0700.0800.0900.01000.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 10733900 7.09 235556 15.05.2013 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10001527 6.6 (1140970) 31.03.2013 Investment AdvisorRIVER ROAD ASSET MAN RIVER ROAD ASSET MAN 13F 3721492 2.46 1725646 31.03.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 3576503 2.36 (374997) 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3257722 2.15 (10899) 31.03.2013 Hedge Fund ManagerBEATY ROSS J n/a SEDI 2118680 1.4 300000 31.05.2012 n/aDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1969181 1.3 151207 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1939341 1.28 (110000) 31.03.2013 Investment AdvisorASTON ASSET MANAGEME Multiple Portfolios MF-AGG 1795904 1.19 82638 28.03.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1511945 1 (21408) 31.03.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1467674 0.97 20900 31.03.2013 Investment AdvisorDREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1390676 0.92 (14164) 31.03.2013 Investment AdvisorALETHEIA RESEARCH & ALETHEIA RESEARCH & 13F 1212045 0.8 412637 30.09.2012 Hedge Fund ManagerCARLSON CAPITAL LP CARLSON CAPITAL LP 13F 1200000 0.79 1200000 31.03.2013 Hedge Fund ManagerINTREPID CAPITAL MAN INTREPID CAPITAL MAN 13F 1198545 0.79 - 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 1134677 0.75 (19831) 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1109882 0.73 (151875) 31.03.2013 Pension Fund (ERISA)MORGAN STANLEY n/a ULT-AGG 1105942 0.73 393712 31.03.2013 Investment AdvisorAXA n/a ULT-AGG 1095911 0.72 - 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 1087824 0.72 (925154) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James BRAD HUMPHREY outperform 5 M 21 12 month 15.05.2013Salman Partners DAVID WEST buy 5 M 19 12 month 15.05.2013TD Securities DANIEL EARLE hold 3 M 16 12 month 15.05.2013BMO Capital Markets ANDREW KAIP market perform 3 M 20 Not Provided 14.05.2013Deutsche Bank JORGE M BERISTAIN hold 3 M 16 12 month 14.05.2013RBC Capital Markets DAN ROLLINS sector perform 3 M 14 12 month 14.05.2013Credit Suisse RALPH M PROFITI outperform 5 M 20 Not Provided 14.05.2013Canaccord Genuity Corp RAHUL PAUL buy 5 M 20 Not Provided 14.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 19 Not Provided 14.05.2013Scotia Capital TREVOR TURNBULL sector outperform 5 M 16 12 month 23.04.2013JPMorgan JOHN BRIDGES underweight 1 M 18 6 month 19.04.2013CIBC World Markets ARNOLD VAN GRAAN sector perform 3 M 19 Not Provided 11.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 25.02.2013Holdings By:Pan American Silver CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013First Majestic Silver Corp. is a silver producing mining company. TheCompanys presently owns and operates producing silver mines in Mexico, the LaParrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine,and the La Guitarra Silver Mine.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (09.11.2012) 24.2052-Week Low (15.05.2013) 10.13Daily Volume10.2452-Week High % Change -57.69% Dividend Yield -52-Week Low % Change 1.04% Beta 1.19% 52 Week Price Range High/Low 0.75% Equity Float 111.92Shares Out 30.04.2013 117.0 Short Int 1.061197.95 1 Yr Total Return -17.42%Total Debt 29.64 YTD Return -49.28%Preferred Stock 0.0 Adjusted BETA 1.195Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 111.59 Consensus Rating 4.143Enterprise Value 1122.67Average Volume 5 Day 1069037AG US EQUITY YTD Change - Average Volume 30 Day 1247196AG US EQUITY YTD % CHANGE - Average Volume 3 Month 1104784LTM-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 Q341.8 52.4 117.9 245.5 247.2 248.1 256.4 373.0 542.5 - -3.30x 6.36x 11.66x 6.93x 9.19x 27.16x 32.01x - - - -2.3 11.7 53.4 156.2 135.1 157.7 132.3 208.7 300.7 - -59.08x 28.43x 25.73x 10.89x 16.82x 10.69x 13.74x 5.38x 3.73x - -(4.9) 5.6 35.1 103.6 88.9 106.1 89.1 146.4 217.5 - -- - - - - 0.00x 0.00x 12.19x 7.94x 8.57x 7.44xEBITDA 135.11 Long-Term Rating Date -EBIT 109.13 Long-Term Rating -Operating Margin 44.15% Long-Term Outlook -Pretax Margin 44.90% Short-Term Rating Date -Return on Assets 13.40% Short-Term Rating -Return on Common Equity 17.73%Return on Capital 17.25% EBITDA/Interest Exp. 58.92Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -17.45Net Debt/EBITDA -0.57Gross Margin 57.5% Total Debt/EBITDA 0.26EBITDA Margin 51.6%EBIT Margin 40.3% Total Debt/Equity 5.0%Net Income Margin 36.0% Total Debt/Capital 4.8%Asset Turnover 0.39Current Ratio 3.02 Net Fixed Asset Turnover 0.54Quick Ratio 2.29 Accounts receivable turnover-days 24.87Debt to Assets 3.65% Inventory Days 66.83Tot Debt to Common Equity 4.99% Accounts Payable Turnover Day 78.63Accounts Receivable Turnover 14.68 Cash Conversion Cycle 23.35Inventory Turnover 5.46Fiscal Year EndedFirst Majestic Silver CorpPrice/VolumeValuation Analysis1994179.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0510152025m-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 M3.5 M4.0 M4.5 M5.0 M0.050.0100.0150.0200.0250.0300.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 8250379 7.05 251339 15.05.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 4404872 3.77 (376800) 31.03.2013 Hedge Fund ManagerGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 3871362 3.31 (159106) 31.03.2013 Investment AdvisorNEUMEYER KEITH n/a SEDI 3126000 2.67 150000 19.11.2012 n/aOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2550000 2.18 2550000 31.03.2013 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2462160 2.1 (181475) 31.03.2013 Investment AdvisorBARING INTERNATIONAL BARING INTERNATIONAL 13F 2154471 1.84 (122348) 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 1558416 1.33 159265 31.03.2013 BankTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 1332088 1.14 1295488 31.12.2012 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1203343 1.03 19400 31.03.2013 Pension Fund (ERISA)PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1127680 0.96 31000 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1095918 0.94 9418 31.03.2013 Investment AdvisorPOLAR SECURITIES INC POLAR SECURITIES INC 13F 1034662 0.88 - 31.03.2013 Hedge Fund ManagerIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 991400 0.85 (207700) 31.12.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 836400 0.71 - 31.12.2012 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 777102 0.66 777102 31.03.2013 Investment AdvisorCLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 689593 0.59 - 31.12.2012 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 675000 0.58 (125000) 31.12.2012 Investment AdvisorINVESCO LTD n/a ULT-AGG 659782 0.56 (231913) 15.05.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 659529 0.56 71372 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW KAIP market perform 3 M 18 Not Provided 15.05.2013Raymond James CHRIS THOMPSON outperform 5 M 21 12 month 15.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 15 12 month 15.05.2013Casimir Capital STUART MCDOUGALL buy 5 M 22 12 month 02.05.2013TD Securities DANIEL EARLE buy 5 M 18 12 month 23.04.2013Cormark Securities Inc. GRAEME JENNINGS buy 5 M 21 12 month 22.04.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013Holdings By:First Majestic Silver CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Coeur Mining, Inc., through its subsidiaries, explores, develops,operates, and/or owns silver and gold mining properties and companies. TheCompanys properties are located primarily in the United States, Australia, andSouth America.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (01.11.2012) 31.9752-Week Low (18.04.2013) 13.31Daily Volume13.5652-Week High % Change -57.59% Dividend Yield 0.0052-Week Low % Change 1.88% Beta 1.29% 52 Week Price Range High/Low 1.34% Equity Float 100.89Shares Out 08.05.2013 101.5 Short Int 3.541376.02 1 Yr Total Return -18.07%Total Debt 124.55 YTD Return -44.88%Preferred Stock 0.0 Adjusted BETA 1.292Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 153.50 Consensus Rating 4.125Enterprise Value 1395.18Average Volume 5 Day 1819855CDE US EQUITY YTD Change - Average Volume 30 Day 1909807CDE US EQUITY YTD % CHANGE - Average Volume 3 Month 1744966LTM-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 Q3170.9 300.4 515.5 1021.2 895.5 1026.1 862.7 901.0 1065.8 233.0 243.75.09x 5.42x 4.98x 2.05x 2.45x 8.11x 9.12x 1.42x 1.04x 5.86x 5.47x0.3 78.2 218.7 531.3 378.2 539.5 342.9 385.3 516.3 89.1 99.52750.95x 20.82x 11.74x 3.95x 5.80x 3.90x 4.99x 3.62x 2.70x 2.97x 2.61x(0.6) (27.1) (91.3) 93.5 48.7 85.0 57.0 67.2 158.4 15.4 16.1- - - 22.35x 41.69x 24.22x 27.74x 22.87x 10.24x 15.82x 12.54xEBITDA 378.23 Long-Term Rating Date 25.06.2012EBIT 159.37 Long-Term Rating B+Operating Margin 17.80% Long-Term Outlook STABLEPretax Margin 13.10% Short-Term Rating Date -Return on Assets 1.71% Short-Term Rating -Return on Common Equity 2.63%Return on Capital 2.91% EBITDA/Interest Exp. 13.10Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. 8.08Net Debt/EBITDA 0.06Gross Margin 24.6% Total Debt/EBITDA 1.09EBITDA Margin 39.7%EBIT Margin 14.6% Total Debt/Equity 5.7%Net Income Margin 5.4% Total Debt/Capital 5.4%Asset Turnover 0.26Current Ratio 1.70 Net Fixed Asset Turnover 0.33Quick Ratio 0.79 Accounts receivable turnover-days 32.36Debt to Assets 3.87% Inventory Days 91.49Tot Debt to Common Equity 5.67% Accounts Payable Turnover Day 30.34Accounts Receivable Turnover 11.28 Cash Conversion Cycle 77.12Inventory Turnover 3.99Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedCoeur dAlene Mines CorpPrice/VolumeValuation Analysis1921726.00Current Price (5/dd/yy) Market Data05101520253035m-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 M0.0200.0400.0600.0800.01000.01200.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0035.0040.0045.0050.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 7408808 7.3 - 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 6405227 6.31 239786 15.05.2013 Investment AdvisorGUGGENHEIM n/a ULT-AGG 5212830 5.14 2953122 30.04.2013 UnclassifiedVANGUARD GROUP INC VANGUARD GROUP INC 13F 4876942 4.81 (420427) 31.03.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 4849068 4.78 372118 31.03.2013 Investment AdvisorDONALD SMITH & CO IN DONALD SMITH & CO IN 13F 4641704 4.57 3039676 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 3163120 3.12 (18288) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2963100 2.92 560000 31.03.2013 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 2810872 2.77 (256964) 31.03.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1892202 1.86 34861 31.03.2013 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1588191 1.57 (207650) 31.03.2013 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1278258 1.26 - 31.03.2013 Hedge Fund ManagerDREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1251341 1.23 (14548) 31.03.2013 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1194069 1.18 197959 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 942523 0.93 (89282) 31.03.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 838500 0.83 (341000) 31.03.2013 Hedge Fund ManagerPANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 791096 0.78 516832 31.03.2013 Investment AdvisorTWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 699487 0.69 668603 31.03.2013 Hedge Fund ManagerTEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 670115 0.66 145492 31.03.2013 Pension Fund (ERISA)CREDIT SUISSE AG CREDIT SUISSE AG 13F 660625 0.65 436039 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan JOHN BRIDGES neutral 3 M 19 12 month 16.05.2013BMO Capital Markets ANDREW KAIP market perform 3 M 17 Not Provided 13.05.2013Global Hunter Securities JEFF WRIGHT accumulate 4 M 21 12 month 13.05.2013Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 28 12 month 10.05.2013Cormark Securities Inc. GRAEME JENNINGS market perform 3 M 21 12 month 10.05.2013EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 10.05.2013Deutsche Bank JORGE M BERISTAIN buy 5 M 21 12 month 09.05.2013Sidoti & Company LLC ADAM BROOKS buy 5 M 24 12 month 09.05.2013Holdings By:Coeur dAlene Mines CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013AuRico Gold Inc. is a Canadian gold producer with mines and projects in NorthAmerica that have solid production growth and exploration potential. The Companyis focused on its core operations including the Young-Davidson gold mine innorthern Ontario and the El Chanate mine in Sonora State, Mexico. AuRicosproject pipeline also includes development opportunities in Canada and Mexico.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (13.06.2012) 8.7952-Week Low (18.04.2013) 4.52Daily Volume4.6652-Week High % Change -46.99% Dividend Yield -52-Week Low % Change 3.10% Beta 0.87% 52 Week Price Range High/Low 3.28% Equity Float 245.93Shares Out 30.04.2013 246.8 Short Int 13.481149.97 1 Yr Total Return -31.01%Total Debt 188.57 YTD Return -42.65%Preferred Stock 0.0 Adjusted BETA 0.866Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 603.40 Consensus Rating 3.357Enterprise Value 1052.52Average Volume 5 Day 1879781AUQ US EQUITY YTD Change - Average Volume 30 Day 3071386AUQ US EQUITY YTD % CHANGE - Average Volume 3 Month 3246067LTM-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 Q3212.5 206.8 238.3 83.9 163.6 175.3 185.8 292.9 397.5 58.4 72.83.30x 6.86x 4.42x 27.78x 11.67x 47.64x 42.87x 3.73x 2.75x 11.68x 13.73x53.3 70.5 106.6 2.3 52.3 83.7 53.2 134.1 199.4 21.0 39.113.17x 20.14x 9.87x 1003.29x 36.48x 0.00x 27.39x 7.85x 5.28x 6.45x 5.56x38.7 8.2 (134.7) 176.9 33.2 166.3 50.2 55.6 78.8 6.6 16.2- - - - - 0.00x 0.00x 18.27x 11.92x 15.23x 12.53xEBITDA 52.33 Long-Term Rating Date -EBIT 33.61 Long-Term Rating -Operating Margin 20.54% Long-Term Outlook -Pretax Margin -60.53% Short-Term Rating Date -Return on Assets 1.72% Short-Term Rating -Return on Common Equity 2.35%Return on Capital - EBITDA/Interest Exp. 23.39Asset Turnover - (EBITDA-Capex)/Interest Exp. -142.03Net Debt/EBITDA -1.83Gross Margin 43.2% Total Debt/EBITDA 3.23EBITDA Margin -EBIT Margin - Total Debt/Equity 8.2%Net Income Margin 20.3% Total Debt/Capital 7.6%Asset Turnover -Current Ratio 7.76 Net Fixed Asset Turnover -Quick Ratio 6.33 Accounts receivable turnover-days -Debt to Assets 6.51% Inventory Days -Tot Debt to Common Equity 8.21% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedAuRico Gold IncPrice/VolumeValuation Analysis2104375.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0123456789m-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 M0.050.0100.0150.0200.0250.0300.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 34465703 13.97 14538023 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 22916069 9.29 (2190375) 15.05.2013 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 12572597 5.09 1193174 31.03.2013 Investment AdvisorDONALD SMITH & CO IN DONALD SMITH & CO IN 13F 11173993 4.53 2838940 31.03.2013 Investment AdvisorHEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 8574011 3.47 (3159581) 31.03.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7954202 3.22 (359998) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 7469100 3.03 - 31.03.2013 Investment AdvisorRIVER ROAD ASSET MAN RIVER ROAD ASSET MAN 13F 6556114 2.66 6556114 31.03.2013 Investment AdvisorOPUS CAPITAL GROUP L OPUS CAPITAL GROUP L 13F 4478647 1.81 1610951 31.03.2013 Investment AdvisorHEXAVEST INC HEXAVEST INC 13F 3895355 1.58 (1586686) 31.03.2013 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 3862659 1.57 371532 31.03.2013 Holding CompanyFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 3677730 1.49 (11562015) 31.03.2013 Investment AdvisorASTON ASSET MANAGEME Multiple Portfolios MF-AGG 3654124 1.48 488507 28.03.2013 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 3493185 1.42 - 31.03.2013 Hedge Fund ManagerGEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3444100 1.4 - 31.03.2013 Hedge Fund ManagerSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 3207165 1.3 (8592660) 31.03.2013 Investment AdvisorNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 3186064 1.29 (730412) 31.03.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2867697 1.16 (1925861) 31.03.2013 Investment AdvisorMAK CAPITAL ONE LLC MAK CAPITAL ONE LLC 13F 2606897 1.06 2606897 31.03.2013 Hedge Fund ManagerRUFFER LLP Multiple Portfolios MF-AGG 2480000 1 (145000) 27.12.2012 Hedge Fund ManagerFirm Name Analyst Recommendation Weighting Change Target Price Date DateDesjardins Securities ADAM MELNYK buy 5 U 7 12 month 13.05.2013Canaccord Genuity Corp RAHUL PAUL buy 5 M 9 12 month 13.05.2013TD Securities STEVEN J GREEN reduce 2 M 5 12 month 13.05.2013BMO Capital Markets BRIAN QUAST market perform 3 M 7 Not Provided 12.05.2013CIBC World Markets COSMOS CHIU sector perform 3 M 8 Not Provided 12.05.2013RBC Capital Markets DAN ROLLINS sector perform 3 M 6 12 month 10.05.2013Credit Suisse ANITA SONI neutral 3 M 8 Not Provided 10.05.2013Dundee Securities Corp JOE FAZZINI neutral 3 M 6 Not Provided 10.05.2013GMP CHELSEA HAMILTON buy 5 M 12 Not Provided 10.05.2013National Bank Financial PAOLO LOSTRITTO sector perform 3 M 6 12 month 10.05.2013Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 10.05.2013Macquarie TONY LESIAK outperform 5 M 6 12 month 25.04.2013Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 15.04.2013Scotia Capital TREVOR TURNBULL sector perform 3 M 7 12 month 04.04.2013Holdings By:AuRico Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Allied Nevada Gold Corporation evaluates, acquires, explores, and advancesgold exploration and potential development projects. The Companys holdingsinclude projects in Nevada, California, Idaho and Colorado in the UnitedStates, as well as Bolivia, Mexico, Indonesia and Australia.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (17.10.2012) 41.0252-Week Low (15.05.2013) 7.78Daily Volume7.8252-Week High % Change -80.94% Dividend Yield 0.0052-Week Low % Change 0.51% Beta 1.01% 52 Week Price Range High/Low 0.12% Equity Float 82.61Shares Out 25.04.2013 89.9 Short Int 6.58702.93 1 Yr Total Return -67.17%Total Debt 525.19 YTD Return -74.05%Preferred Stock 0.0 Adjusted BETA 1.005Minority Interest 0.0 Analyst Recs 10Cash and Equivalents 347.05 Consensus Rating 3.500Enterprise Value 881.08Average Volume 5 Day 2274512ANV US EQUITY YTD Change - Average Volume 30 Day 3131877ANV US EQUITY YTD % CHANGE - Average Volume 3 Month 2249297LTM-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 Q30.0 43.2 130.9 152.0 214.6 159.3 224.5 368.2 559.7 72.6 89.1- 23.79x 15.41x 16.34x 13.43x 69.10x 39.30x 2.80x 2.25x 7.37x 4.92x(38.7) (0.8) 30.5 48.8 95.5 64.8 77.6 159.0 294.2 24.9 31.9- - 66.12x 50.94x 30.19x 42.00x 0.00x 5.54x 3.00x 6.84x 6.01x(79.6) 8.5 34.1 36.7 47.7 48.6 44.5 82.1 131.5 10.1 14.4- 107.71x 64.17x 77.64x 57.94x 62.56x 33.59x 9.35x 5.19x 7.46x 5.89xEBITDA 95.46 Long-Term Rating Date 07.06.2012EBIT 80.87 Long-Term Rating BOperating Margin 37.69% Long-Term Outlook STABLEPretax Margin 29.90% Short-Term Rating Date -Return on Assets 5.04% Short-Term Rating -Return on Common Equity 8.05%Return on Capital 6.96% EBITDA/Interest Exp. 3.69Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -6.45Net Debt/EBITDA 1.87Gross Margin 49.0% Total Debt/EBITDA 5.50EBITDA Margin 44.5%EBIT Margin 37.7% Total Debt/Equity 84.7%Net Income Margin 22.2% Total Debt/Capital 45.9%Asset Turnover 0.23Current Ratio 5.58 Net Fixed Asset Turnover 0.62Quick Ratio 4.00 Accounts receivable turnover-days 51.58Debt to Assets 42.43% Inventory Days 140.60Tot Debt to Common Equity 84.71% Accounts Payable Turnover Day 115.64Accounts Receivable Turnover 7.10 Cash Conversion Cycle 76.54Inventory Turnover 2.60Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedAllied Nevada Gold CorpPrice/VolumeValuation Analysis3841882.00Current Price (5/dd/yy) Market Data051015202530354045m-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 M0.050.0100.0150.0200.0250.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00100.00200.00300.00400.00500.00600.00700.00800.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWELLINGTON MANAGEMEN n/a 13G 12563335 13.98 7712243 30.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 7266752 8.08 128651 15.05.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 4618576 5.14 (88198) 31.03.2013 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 4534307 5.04 (1437400) 31.03.2013 Investment AdvisorPESCIO CARL A n/a Form 4 4403800 4.9 (296200) 21.09.2012 n/aSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 4264100 4.74 9400 31.03.2013 Investment AdvisorGUGGENHEIM n/a ULT-AGG 4094906 4.56 2895167 30.04.2013 UnclassifiedGCIC LTD/CANADA n/a 13G 3931475 4.37 (1009900) 18.04.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 3054914 3.4 (174019) 14.05.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 2596885 2.89 188152 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 2464979 2.74 106871 31.03.2013 Investment AdvisorBUCHAN ROBERT M n/a PROXY 2211500 2.46 (23300) 08.03.2013 n/aOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2189300 2.44 331500 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 2048400 2.28 (1176615) 31.03.2013 Investment AdvisorTACONIC CAPITAL ADVI TACONIC CAPITAL ADVI 13F 2000000 2.22 2000000 31.03.2013 Hedge Fund ManagerTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1768623 1.97 (400400) 31.03.2013 Hedge Fund ManagerSCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 1620900 1.8 - 28.02.2013 Investment AdvisorPAULSON & CO PAULSON & CO 13F 1502184 1.67 (7037) 31.03.2013 Hedge Fund ManagerCOLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 1322000 1.47 (122000) 31.03.2013 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 981800 1.09 837700 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 15.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 17 12 month 13.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 34 Not Provided 13.05.2013CIBC World Markets CHITIMUKULU MUSONDA sector perform 3 M 15 Not Provided 02.05.2013BMO Capital Markets BRIAN QUAST underperform 1 M 11 Not Provided 01.05.2013Macquarie MICHAEL GRAY underperform 1 M 9 12 month 01.05.2013RBC Capital Markets SAM CRITTENDEN sector perform 3 M 15 12 month 30.04.2013Scotia Capital TREVOR TURNBULL sector perform 3 U 12 12 month 23.04.2013Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 24 12 month 22.04.2013GMP ANDREW MIKITCHOOK buy 5 M 43 12 month 09.04.2013Holdings By:Allied Nevada Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Hecla Mining Company explores, develops, and mines precious metals, gold andsilver. The Company has operations in the United States and Mexico.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 6.9252-Week Low (18.04.2013) 2.95Daily Volume3.152-Week High % Change -55.22% Dividend Yield 2.0252-Week Low % Change 5.08% Beta 1.36% 52 Week Price Range High/Low 3.78% Equity Float 283.22Shares Out 07.05.2013 285.2 Short Int 26.09884.01 1 Yr Total Return -16.09%Total Debt 17.50 YTD Return -46.67%Preferred Stock 0.0 Adjusted BETA 1.356Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 190.98 Consensus Rating 3.500Enterprise Value 745.97Average Volume 5 Day 5170497HL US EQUITY YTD Change - Average Volume 30 Day 6445187HL US EQUITY YTD % CHANGE - Average Volume 3 Month 6366699LTM-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 Q3204.7 312.5 418.8 477.6 321.1 432.4 306.4 483.6 641.6 111.4 151.53.08x 4.39x 6.28x 2.59x 4.64x 11.93x 17.19x 2.41x 1.68x 6.93x 7.46x15.3 132.3 211.3 254.7 92.9 210.2 73.6 205.4 340.9 49.7 83.341.21x 10.38x 12.44x 4.85x 16.03x 5.01x 13.43x 3.63x 2.19x 2.31x 2.04x(66.6) 67.8 49.0 151.2 15.0 120.4 13.5 60.1 125.8 9.2 16.6- 34.33x 62.56x 12.16x 83.29x 14.00x 32.92x 16.76x 8.24x 11.88x 9.04xEBITDA 92.91 Long-Term Rating Date 04.04.2013EBIT 42.79 Long-Term Rating BOperating Margin 13.33% Long-Term Outlook STABLEPretax Margin 7.42% Short-Term Rating Date -Return on Assets 0.97% Short-Term Rating -Return on Common Equity 1.13%Return on Capital 1.31% EBITDA/Interest Exp. 38.28Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -8.32Net Debt/EBITDA -1.98Gross Margin 44.7% Total Debt/EBITDA 0.31EBITDA Margin 24.0%EBIT Margin 6.5% Total Debt/Equity 1.5%Net Income Margin 4.7% Total Debt/Capital 1.5%Asset Turnover 0.22Current Ratio 2.98 Net Fixed Asset Turnover 0.31Quick Ratio 2.20 Accounts receivable turnover-days 10.59Debt to Assets 1.27% Inventory Days 57.05Tot Debt to Common Equity 1.54% Accounts Payable Turnover Day 63.06Accounts Receivable Turnover 34.48 Cash Conversion Cycle -4.24Inventory Turnover 6.40Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedHecla Mining CoPrice/VolumeValuation Analysis6774904.00Current Price (5/dd/yy) Market Data012345678m-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 M0.0100.0200.0300.0400.0500.0600.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0035.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 20163923 7.07 491092 15.05.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 15874824 5.57 - 31.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 15111549 5.3 (139843) 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 10875818 3.81 (1098945) 31.03.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 5583337 1.96 913185 31.03.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4997041 1.75 (97116) 31.03.2013 Investment AdvisorCS MCKEE LP C S MCKEE LP 13F 4173590 1.46 1290990 31.03.2013 Investment AdvisorKESTREL INVESTMENT M KESTREL INVESTMENT M 13F 4127550 1.45 130300 31.03.2013 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 3911135 1.37 945081 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 3247355 1.14 (497214) 31.03.2013 Investment AdvisorLRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 2800000 0.98 - 30.04.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2728961 0.96 (42581) 31.03.2013 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2623100 0.92 (2027715) 31.03.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 2493254 0.87 8934 31.03.2013 Investment AdvisorAXA n/a ULT-AGG 2418493 0.85 - 31.03.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 2250000 0.79 (150000) 28.02.2013 Investment AdvisorQUANTEX AG Multiple Portfolios MF-AGG 2035400 0.71 (330000) 29.03.2013 Investment AdvisorNEW JERSEY DIVISION STATE OF NJ COMMON P 13F 1900000 0.67 - 31.03.2013 Pension Fund (ERISA)BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1771132 0.62 (155431) 31.03.2013 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1698286 0.6 1054728 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW KAIP market perform 3 M 4 Not Provided 13.05.2013Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 13.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 5 12 month 13.05.2013Global Hunter Securities JEFF WRIGHT buy 5 M 6 12 month 13.05.2013Deutsche Bank JORGE M BERISTAIN hold 3 M 4 12 month 09.05.2013JPMorgan JOHN BRIDGES neutral 3 M 6 6 month 19.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 17.04.2013Scotia Capital TREVOR TURNBULL restricted #N/A N/A M #N/A N/A Not Provided 05.03.2013Holdings By:Hecla Mining CoAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Nevsun Resources Ltd. is a gold producer and base metal developer. The Companyhas a gold-copper-zinc mine in Eritrea.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (07.11.2012) 4.9852-Week Low (16.05.2012) 2.68Daily Volume3.4952-Week High % Change -29.92% Dividend Yield -52-Week Low % Change 30.22% Beta 1.04% 52 Week Price Range High/Low 35.22% Equity Float -Shares Out #N/A N/A - Short Int 1.08- 1 Yr Total Return 33.27%Total Debt 0.00 YTD Return -18.46%Preferred Stock 0.0 Adjusted BETA 1.040Minority Interest 143.5 Analyst Recs 12Cash and Equivalents 396.40 Consensus Rating 4.000Enterprise Value -Average Volume 5 Day 613246NSU US EQUITY YTD Change - Average Volume 30 Day 761792NSU US EQUITY YTD % CHANGE - Average Volume 3 Month 1116330LTM-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 Q30.0 0.0 0.0 547.8 566.0 646.6 487.8 319.8 671.5 61.4 34.7- - - 1.60x 1.05x 5.21x 4.68x - - - -(6.1) (4.9) (12.2) 429.2 426.5 509.2 347.4 197.5 449.3 21.4 14.1- - - 2.04x 1.40x 1.15x 1.68x - - - -(5.7) (4.3) (13.3) 147.1 145.3 176.5 114.6 55.4 165.4 4.3 2.8- - - - - 0.00x 0.00x 10.54x 3.73x 7.26x 5.17xEBITDA 426.46 Long-Term Rating Date -EBIT 397.41 Long-Term Rating -Operating Margin 70.21% Long-Term Outlook -Pretax Margin 70.80% Short-Term Rating Date -Return on Assets 14.32% Short-Term Rating -Return on Common Equity 19.57%Return on Capital 27.26% EBITDA/Interest Exp. 683.43Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 544.86Net Debt/EBITDA -0.96Gross Margin 89.9% Total Debt/EBITDA 0.00EBITDA Margin 71.2%EBIT Margin 66.0% Total Debt/Equity 0.0%Net Income Margin 25.7% Total Debt/Capital 0.0%Asset Turnover 0.61Current Ratio 6.56 Net Fixed Asset Turnover 1.50Quick Ratio 5.92 Accounts receivable turnover-days 34.31Debt to Assets 0.00% Inventory Days 339.31Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 94.57Accounts Receivable Turnover 10.64 Cash Conversion Cycle 235.97Inventory Turnover 1.08Fiscal Year EndedNevsun Resources LtdPrice/VolumeValuation Analysis930950.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0123456m-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 M0.0100.0200.0300.0400.0500.0600.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 39604711 0 60000 31.03.2013 Investment AdvisorM&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 38500000 0 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 29730099 0 - 14.05.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 19717500 0 - 30.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 14062861 0 364628 15.05.2013 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 5077040 0 613900 31.03.2013 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 4239444 0 124000 31.03.2013 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3054900 0 51600 31.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2652816 0 (409688) 31.03.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1922020 0 43700 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1635201 0 (248400) 31.03.2013 Pension Fund (ERISA)DAVIS CLIFFORD T n/a SEDI 1553219 0 (50100) 19.11.2012 n/aRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1433700 0 390400 31.03.2013 Hedge Fund ManagerCLARKE JOHN A n/a SEDI 1367000 0 - 31.12.2012 n/aNORGES BANK NORGES BANK 13F 1233881 0 (146716) 31.12.2012 GovernmentTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1119275 0 (276702) 31.03.2013 Investment AdvisorMCKINLEY CAPITAL MAN MCKINLEY CAPITAL MAN 13F 1094380 0 1094380 31.03.2013 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1091342 0 11479 31.03.2013 Investment AdvisorBATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 1031500 0 24900 31.03.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 1028199 0 763003 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets PATRICK MORTON sector perform 3 M 5 12 month 15.05.2013Raymond James ADAM LOW outperform 5 M 4 12 month 13.05.2013CIBC World Markets COSMOS CHIU sector perform 3 U 4 Not Provided 13.05.2013Paradigm Capital Inc DAVID DAVIDSON buy 5 M 8 12 month 13.05.2013Canaccord Genuity Corp RAHUL PAUL hold 3 M 4 12 month 13.05.2013Cormark Securities Inc. CLIFF HALE-SANDERS buy 5 M 5 12 month 13.05.2013Haywood Securities Inc. STEFAN IOANNOU buy 5 M 5 12 month 13.05.2013GMP ANDREW MIKITCHOOK hold 3 M 4 Not Provided 13.05.2013TD Securities STEVEN J GREEN hold 3 M 4 12 month 13.05.2013PI Financial Corp. ALEEM LADAK buy 5 M 6 Not Provided 13.05.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Holdings By:Nevsun Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Aurizon Mines Ltd. is a gold mining company. The Companys operations andexploration activities are located in the Abitibi region of north-westernQuebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,the Sleeping Giant Mine, and the Casa Berardi property.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (19.09.2012) 5.3752-Week Low (24.12.2012) 3.19Daily Volume3.8152-Week High % Change -29.05% Dividend Yield -52-Week Low % Change 19.44% Beta 0.96% 52 Week Price Range High/Low 28.44% Equity Float 136.32Shares Out 30.04.2013 164.7 Short Int 2.40627.38 1 Yr Total Return -3.54%Total Debt 0.00 YTD Return 9.48%Preferred Stock 0.0 Adjusted BETA 0.958Minority Interest 0.0 Analyst Recs 5Cash and Equivalents 204.71 Consensus Rating 3.000Enterprise Value 449.51Average Volume 5 Day 412945AZK US EQUITY YTD Change - Average Volume 30 Day 888891AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 917810LTM-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 Q3144.5 175.6 178.7 260.0 223.6 269.5 210.1 209.3 266.3 46.6 49.54.07x 3.65x 5.82x 2.31x 1.61x 9.71x 10.01x - - - -53.5 87.5 69.8 124.9 92.2 134.3 77.9 94.0 139.0 - -10.98x 7.32x 14.90x 4.81x 3.90x 4.46x 6.98x 4.79x 3.23x - -4.9 36.7 17.2 43.9 31.8 49.7 20.6 27.9 51.1 3.4 4.6- - - - - 0.00x 0.00x 29.85x 14.92x - -EBITDA 92.23 Long-Term Rating Date -EBIT 54.50 Long-Term Rating -Operating Margin 24.38% Long-Term Outlook -Pretax Margin 25.08% Short-Term Rating Date -Return on Assets 4.76% Short-Term Rating -Return on Common Equity 5.91%Return on Capital 6.03% EBITDA/Interest Exp. 107.74Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 19.32Net Debt/EBITDA -2.43Gross Margin 41.0% Total Debt/EBITDA 0.00EBITDA Margin 37.1%EBIT Margin 18.6% Total Debt/Equity 0.0%Net Income Margin 14.2% Total Debt/Capital 0.0%Asset Turnover 0.49Current Ratio 7.30 Net Fixed Asset Turnover 1.07Quick Ratio 6.49 Accounts receivable turnover-days 19.33Debt to Assets 0.00% Inventory Days 49.19Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 82.16Accounts Receivable Turnover 18.89 Cash Conversion Cycle 14.19Inventory Turnover 7.42Fiscal Year EndedAurizon Mines LtdPrice/VolumeValuation Analysis207992.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0123456m-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 M3.5 M4.0 M4.5 M5.0 M0.050.0100.0150.0200.0250.0300.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALAMOS GOLD INC n/a 13D 26507283 16.1 - 19.03.2013 OtherVAN ECK ASSOCIATES C n/a ULT-AGG 22947156 13.94 (4072245) 15.05.2013 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 5855560 3.56 104300 31.03.2013 Hedge Fund ManagerRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 4647300 2.82 (159200) 31.03.2013 Hedge Fund ManagerGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 4273700 2.6 4273700 31.03.2013 Investment AdvisorALPINE ASSOCIATES AD ALPINE ASSOCIATES AD 13F 3842000 2.33 3842000 31.03.2013 Hedge Fund ManagerHARVARD MANAGEMENT C HARVARD MANAGEMENT C 13F 1707800 1.04 1707800 31.03.2013 EndowmentLONGFELLOW INVESTMEN LONGFELLOW INVESTMEN 13F 1674818 1.02 1674818 31.03.2013 Investment AdvisorTOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1655218 1.01 1655218 28.03.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1584910 0.96 45000 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 1400000 0.85 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1379219 0.84 - 14.05.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1304320 0.79 (1626815) 31.03.2013 Pension Fund (ERISA)MORGAN STANLEY n/a ULT-AGG 1289081 0.78 1097036 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 1264143 0.77 1264143 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1121404 0.68 (1183046) 31.03.2013 Hedge Fund ManagerUBS n/a ULT-AGG 1093674 0.66 1062194 31.03.2013 UnclassifiedHALL DAVID P n/a SEDI 990342 0.6 5000 04.04.2012 n/aTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 962464 0.58 12062 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 955334 0.58 (248713) 31.12.2012 GovernmentFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets BRIAN QUAST underperform 1 M 4 Not Provided 15.05.2013Global Hunter Securities JEFF WRIGHT neutral 3 M 5 12 month 13.05.2013Desjardins Securities ADAM MELNYK tender #N/A N/A M 5 Not Provided 10.05.2013National Bank Financial PAOLO LOSTRITTO tender #N/A N/A M 5 12 month 10.05.2013EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 15.03.2013Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 05.03.2013Euro Pacific Capital Inc HEIKO IHLE buy 5 M 5 12 month 04.03.2013Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013CIBC World Markets COSMOS CHIU restricted #N/A N/A M #N/A N/A Not Provided 25.01.2013Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 6 12 month 23.01.2013Scotia Capital OVAIS HABIB restricted #N/A N/A M #N/A N/A Not Provided 21.01.2013Holdings By:Aurizon Mines LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Silver Standard Resources Inc. is a silver exploration company focused onacquiring and developing silver resources on a global basis. The Companyhas projects in Argentina, Peru, Mexico, Canada, Chile, the United States andAustralia.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 16.9252-Week Low (15.05.2013) 6.43Daily Volume6.4952-Week High % Change -61.64% Dividend Yield -52-Week Low % Change 0.93% Beta 1.09% 52 Week Price Range High/Low 0.57% Equity Float 80.57Shares Out 30.04.2013 80.8 Short Int 3.54524.10 1 Yr Total Return -36.18%Total Debt 135.81 YTD Return -56.41%Preferred Stock 0.0 Adjusted BETA 1.089Minority Interest 0.0 Analyst Recs 11Cash and Equivalents 366.95 Consensus Rating 3.545Enterprise Value 292.95Average Volume 5 Day 1167253SSRI US EQUITY YTD Change - Average Volume 30 Day 1457722SSRI US EQUITY YTD % CHANGE - Average Volume 3 Month 1234993LTM-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 Q30.0 5.4 112.3 147.8 241.1 126.2 251.8 215.9 243.4 56.1 59.4- 307.12x 18.82x 6.19x 4.03x 40.61x 10.87x 1.75x 2.23x 6.05x 6.85x(17.9) (17.7) 5.3 39.4 54.6 20.8 46.9 58.2 79.7 11.9 15.4- - 400.55x 23.24x 17.81x 50.46x 0.00x 5.04x 3.68x 4.06x 3.53x(5.6) (13.2) 338.5 80.1 54.8 69.1 51.3 (10.4) (5.2) (1.9) (1.1)- - - - - 0.00x 0.00x - - - 540.83xEBITDA 54.59 Long-Term Rating Date -EBIT 9.75 Long-Term Rating -Operating Margin 4.04% Long-Term Outlook -Pretax Margin 14.55% Short-Term Rating Date -Return on Assets 4.23% Short-Term Rating -Return on Common Equity 5.37%Return on Capital - EBITDA/Interest Exp. 2.23Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -0.30Net Debt/EBITDA -4.23Gross Margin 19.1% Total Debt/EBITDA 2.49EBITDA Margin 22.6%EBIT Margin 4.0% Total Debt/Equity 12.8%Net Income Margin 22.7% Total Debt/Capital 11.4%Asset Turnover 0.19Current Ratio 2.76 Net Fixed Asset Turnover 0.44Quick Ratio 2.10 Accounts receivable turnover-days 78.06Debt to Assets 10.31% Inventory Days 184.84Tot Debt to Common Equity 12.84% Accounts Payable Turnover Day 114.73Accounts Receivable Turnover 4.69 Cash Conversion Cycle 148.18Inventory Turnover 1.98Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedSilver Standard Resources IncPrice/VolumeValuation Analysis1879463.00Current Price (5/dd/yy) Market Data024681012141618m-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 M3.5 M4.0 M0.050.0100.0150.0200.0250.0300.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 6782680 8.4 (1486526) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 5716543 7.08 141978 15.05.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 3564858 4.41 592287 31.03.2013 Investment AdvisorVINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 2504177 3.1 722770 31.03.2013 Hedge Fund ManagerTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1841793 2.28 747006 31.03.2013 Investment AdvisorAXA n/a ULT-AGG 1508237 1.87 8300 31.03.2013 Investment AdvisorNEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 1283256 1.59 302640 31.03.2013 Investment AdvisorCARLSON CAPITAL LP CARLSON CAPITAL LP 13F 1127900 1.4 923744 31.03.2013 Hedge Fund ManagerGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1076357 1.33 (8883) 31.03.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 915000 1.13 (75000) 28.02.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 811912 1.01 288500 31.03.2013 Pension Fund (ERISA)UBS n/a ULT-AGG 804279 1 88666 31.03.2013 UnclassifiedPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 778570 0.96 10800 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 720000 0.89 (180000) 31.12.2012 Investment AdvisorATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 697830 0.86 697830 31.03.2013 Investment AdvisorLRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 681000 0.84 - 30.04.2013 Investment AdvisorNEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 618576 0.77 - 30.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 498001 0.62 (78964) 31.12.2012 GovernmentTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 493683 0.61 9039 31.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 466332 0.58 39728 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW KAIP market perform 3 M 12 Not Provided 13.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 22 Not Provided 13.05.2013Global Hunter Securities JEFF WRIGHT buy 5 M 17 12 month 13.05.2013Salman Partners ASH GUGLANI buy 5 M 16 12 month 10.05.2013Deutsche Bank JORGE M BERISTAIN sell 1 M 9 12 month 09.05.2013RBC Capital Markets DAN ROLLINS sector perform 3 M 10 12 month 09.05.2013Credit Suisse RALPH M PROFITI neutral 3 M 17 Not Provided 09.05.2013GMP CHELSEA HAMILTON buy 5 M 27 12 month 09.05.2013Scotia Capital TREVOR TURNBULL sector perform 3 M 9 12 month 23.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 18.04.2013CIBC World Markets ARNOLD VAN GRAAN sector perform 3 M 12 Not Provided 11.04.2013Holdings By:Silver Standard Resources IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Seabridge Gold, Inc. acquires gold projects in North America. The Companyexpands and verifies these resources, moves them to reserves to determine theireconomic value, and either sells to or forms joint ventures with largercompanies for mine construction and production.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (14.09.2012) 20.3452-Week Low (18.04.2013) 9.63Daily Volume10.1952-Week High % Change -49.89% Dividend Yield -52-Week Low % Change 5.82% Beta 0.99% 52 Week Price Range High/Low 5.23% Equity Float 41.57Shares Out 30.04.2013 45.6 Short Int 3.88464.22 1 Yr Total Return -19.95%Total Debt 0.00 YTD Return -43.29%Preferred Stock 0.0 Adjusted BETA 0.990Minority Interest 0.0 Analyst Recs 2Cash and Equivalents 52.04 Consensus Rating 4.000Enterprise Value 420.67Average Volume 5 Day 249532SA US EQUITY YTD Change - Average Volume 30 Day 378080SA US EQUITY YTD % CHANGE - Average Volume 3 Month 377719LTM-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 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(5.6) (5.0) (5.7) (19.8) (15.8) (19.8) (5.1) (15.0) (16.0) - -- - - - - 0.00x 0.00x - - - -10.3 (4.7) 3.3 (20.1) (12.5) (18.3) (14.1) - - - -- - - - - 0.00x 0.00x - - - -EBITDA -15.82 Long-Term Rating Date -EBIT -15.83 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -5.08% Short-Term Rating -Return on Common Equity -5.37%Return on Capital - EBITDA/Interest Exp. -385.83Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -1574.22Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 5.11 Net Fixed Asset Turnover 0.00Quick Ratio 5.11 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedSeabridge Gold IncPrice/VolumeValuation Analysis467017.00Current Price (5/dd/yy) Market Data0510152025m-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 M3.5 M4.0 M4.5 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 12566447 27.58 661363 15.05.2013 Investment AdvisorPAN ATLANTIC BANK n/a PROXY 8001232 17.56 - 10.05.2012 BankROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5837287 12.81 (289596) 31.03.2013 Investment AdvisorWEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 2022491 4.44 - 31.03.2013 Hedge Fund ManagerFRONK RUDI P n/a SEDI 1180000 2.59 10000 16.11.2012 n/aANTHONY JAMES S n/a PROXY 779791 1.71 - 15.05.2012 n/aFMR LLC n/a ULT-AGG 601905 1.32 - 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 572976 1.26 115079 31.03.2013 Investment AdvisorFCMI FINANCIAL CORP n/a PROXY 555000 1.22 - 10.05.2012 CorporationBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478467 1.05 (203241) 31.03.2013 Hedge Fund ManagerFNDTN FOR STUDY OBJ n/a SEDI 425334 0.93 - 06.02.2012 OtherFIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 415000 0.91 (35000) 02.05.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 338868 0.74 (465199) 14.05.2013 Investment AdvisorFOX LOUIS J n/a SEDI 300750 0.66 - 06.12.2011 n/aPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 286420 0.63 (23150) 31.03.2013 Investment AdvisorTHRELKELD WILLIAM E n/a SEDI 265000 0.58 (10000) 30.08.2011 n/aBANFIELD A FREDERICK n/a PROXY 245000 0.54 - 15.05.2012 n/aNORGES BANK NORGES BANK 13F 235224 0.52 (71639) 31.12.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 199794 0.44 21035 31.03.2013 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 167000 0.37 - 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF buy 5 M 64 Not Provided 13.05.2013Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 22 12 month 08.03.2013Nomura TYLER BRODA buy 5 M 24 Not Provided 16.05.2012Holdings By:Seabridge Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Tanzanian Royalty Exploration Corporation acquires, explores, and developsmineral properties. The Company explores for gold.Latest Fiscal Year: 08/2012LTM as of: 02/yy52-Week High (21.09.2012) 5.3452-Week Low (18.04.2013) 2.42Daily Volume2.6352-Week High % Change -50.75% Dividend Yield -52-Week Low % Change 8.68% Beta 1.25% 52 Week Price Range High/Low 7.19% Equity Float 92.75Shares Out 30.04.2013 100.7 Short Int 8.19264.79 1 Yr Total Return -26.54%Total Debt 2.07 YTD Return -40.36%Preferred Stock 0.0 Adjusted BETA 1.246Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 20.06 Consensus Rating -Enterprise Value 256.10Average Volume 5 Day 277054TRX US EQUITY YTD Change - Average Volume 30 Day 472773TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 474072LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q40.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(2.9) (3.4) (3.0) (4.3) (5.1) (4.6) (5.0) - - - -- - - - - 0.00x 0.00x - - - -(3.7) (4.7) (3.4) (11.1) (8.9) (14.6) (2.2) - - - -- - - - - 0.00x 0.00x - - - -EBITDA -5.06 Long-Term Rating Date -EBIT -5.44 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -3.52% Short-Term Rating -Return on Common Equity -4.13%Return on Capital - EBITDA/Interest Exp. -49.26Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -133.96Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -0.21EBITDA Margin -EBIT Margin - Total Debt/Equity 4.1%Net Income Margin - Total Debt/Capital 3.9%Asset Turnover 0.00Current Ratio 8.84 Net Fixed Asset Turnover 0.00Quick Ratio 8.68 Accounts receivable turnover-days -Debt to Assets 3.28% Inventory Days -Tot Debt to Common Equity 4.09% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedTanzanian Royalty Exploration CorpPrice/VolumeValuation Analysis323081.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0123456m-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 M3.5 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 14700030 14.6 1177305 15.05.2013 Investment AdvisorGEIER GROUP LLC n/a 13G 4879743 4.85 (4801048) 10.11.2011 OtherBPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 3669696 3.64 (116921) 28.02.2013 Investment AdvisorSINCLAIR JAMES E n/a SEDI 1885543 1.87 (1000) 08.02.2013 n/aBPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 673902 0.67 (37877) 28.09.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 516924 0.51 - 14.05.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 498912 0.5 131800 31.03.2013 Pension Fund (ERISA)VANGUARD GROUP INC Multiple Portfolios MF-AGG 474292 0.47 60200 31.03.2013 Investment AdvisorMORROW ROSALIND n/a SEDI 429429 0.43 5382 11.03.2013 n/aHARVEY WILLIAM M n/a SEDI 340090 0.34 7732 12.04.2013 n/aBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 334811 0.33 4654 31.03.2013 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 309070 0.31 - 15.05.2013 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 287556 0.29 102344 31.03.2013 Investment AdvisorPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212810 0.21 250 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 190479 0.19 22792 31.03.2013 Investment AdvisorLUIS VICTORIA n/a 20F 144045 0.14 - 31.10.2012 n/aDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 141479 0.14 (4090) 31.03.2013 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 124831 0.12 27380 31.03.2013 Investment AdvisorVAN TONGEREN STEVEN n/a SEDI 124663 0.12 544 09.05.2013 n/aALTUS CAPITAL INC ALTUS CAPITAL INC 13F 104500 0.1 56500 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/AHoldings By:Tanzanian Royalty Exploration CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Golden Star Resources Ltd. is a mid-tier gold mining company. The Companysoperating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.Latest Fiscal Year: 12/1997LTM as of: 03/yy52-Week High (16.10.2012) 2.1152-Week Low (15.05.2013) 0.66Daily Volume0.752-Week High % Change -66.82% Dividend Yield 0.0052-Week Low % Change 6.06% Beta 1.06% 52 Week Price Range High/Low 2.76% Equity Float 257.69Shares Out 08.05.2013 259.1 Short Int 12.89181.37 1 Yr Total Return -44.88%Total Debt 117.48 YTD Return -61.96%Preferred Stock 0.0 Adjusted BETA 1.057Minority Interest (2.0) Analyst Recs 10Cash and Equivalents 78.88 Consensus Rating 2.200Enterprise Value 228.15Average Volume 5 Day 3531699GSS US EQUITY YTD Change - Average Volume 30 Day 2504985GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 2193966LTM-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 Q3257.4 - 432.7 471.0 550.5 485.5 552.4 481.9 487.2 123.0 123.71.43x - 2.72x 0.98x 0.95x 4.31x 3.44x 0.60x 0.58x 1.96x 2.05x1.8 - 107.6 91.8 124.7 94.4 117.0 77.4 117.8 26.0 27.8200.09x - 10.93x 5.00x 4.18x 5.74x 3.95x 2.95x 1.94x 2.24x 2.36x(119.3) - (11.2) (2.1) (9.5) 1.1 (25.2) (9.0) 26.7 0.4 2.2- - - - - 0.00x 0.00x - 8.24x - 21.88xEBITDA 124.67 Long-Term Rating Date -EBIT 25.74 Long-Term Rating -Operating Margin 4.68% Long-Term Outlook -Pretax Margin 1.20% Short-Term Rating Date -Return on Assets -3.45% Short-Term Rating -Return on Common Equity -5.78%Return on Capital - EBITDA/Interest Exp. 12.27Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 3.56Net Debt/EBITDA 0.43Gross Margin 9.6% Total Debt/EBITDA 0.95EBITDA Margin 21.2%EBIT Margin 2.9% Total Debt/Equity 27.1%Net Income Margin -1.7% Total Debt/Capital 21.4%Asset Turnover 0.76Current Ratio 1.58 Net Fixed Asset Turnover 1.06Quick Ratio 0.69 Accounts receivable turnover-days 7.91Debt to Assets 16.18% Inventory Days 61.01Tot Debt to Common Equity 27.10% Accounts Payable Turnover Day 51.20Accounts Receivable Turnover 46.13 Cash Conversion Cycle -1.28Inventory Turnover 5.98Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedGolden Star Resources LtdPrice/VolumeValuation Analysis3521219.00Current Price (5/dd/yy) Market Data011223m-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 M0.0100.0200.0300.0400.0500.0600.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 39316268 15.17 3237877 15.05.2013 Investment AdvisorSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 28879600 11.15 (1359000) 31.03.2013 Investment AdvisorHEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 26830259 10.35 844389 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 10793356 4.17 723887 14.05.2013 Investment AdvisorHILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 7898726 3.05 1617352 31.03.2013 Hedge Fund ManagerCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 5237500 2.02 5237500 31.03.2013 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4819436 1.86 (1475687) 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 4558095 1.76 12016 31.03.2013 Investment AdvisorGEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 4350000 1.68 4350000 31.03.2013 Hedge Fund ManagerWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3221423 1.24 (492267) 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 3178325 1.23 (308600) 31.03.2013 Pension Fund (ERISA)NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2972612 1.15 (92341) 31.03.2013 Investment AdvisorBATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2625741 1.01 - 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 1934059 0.75 - 31.12.2012 GovernmentCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1870572 0.72 1267792 31.03.2013 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 1795127 0.69 (50700) 31.03.2013 Investment AdvisorLEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1467781 0.57 - 31.03.2013 Investment AdvisorPRINCIPAL FINANCIAL n/a ULT-AGG 1271090 0.49 (619837) 31.03.2013 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1235376 0.48 (1024176) 31.03.2013 Investment AdvisorTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 1175635 0.45 455015 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW BREICHMANAS underperform 1 D 1 Not Provided 14.05.2013Canaccord Genuity Corp RAHUL PAUL hold 3 M 1 12 month 13.05.2013Macquarie PIERRE VAILLANCOURT neutral 3 M 1 12 month 11.05.2013Raymond James BRAD HUMPHREY market perform 3 M 1 12 month 10.05.2013National Bank Financial PAOLO LOSTRITTO sector perform 3 M 2 12 month 10.05.2013EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 10.05.2013Credit Suisse ANITA SONI underperform 1 M 1 Not Provided 09.05.2013CIBC World Markets COSMOS CHIU sector underperform 1 D 1 Not Provided 09.05.2013Scotia Capital TREVOR TURNBULL sector underperform 1 D 0 12 month 23.04.2013Holdings By:Golden Star Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Vista Gold Corp. is an international gold mining company. The Company isfocused on its core projects, the Concordia gold project located in BajaCalifornia Sur, Mexico and the Mt. Todd gold project in Northern Territory,Australia.Latest Fiscal Year: 12/2007LTM as of: 03/yy52-Week High (21.09.2012) 4.0952-Week Low (15.05.2013) 1.30Daily Volume1.3252-Week High % Change -67.73% Dividend Yield 0.0052-Week Low % Change 1.54% Beta 1.17% 52 Week Price Range High/Low 0.72% Equity Float 68.27Shares Out 30.04.2013 81.7 Short Int 1.54107.87 1 Yr Total Return -46.12%Total Debt 0.00 YTD Return -51.11%Preferred Stock 0.0 Adjusted BETA 1.168Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 88.40 Consensus Rating 5.000Enterprise Value 19.48Average Volume 5 Day 306286VGZ US EQUITY YTD Change - Average Volume 30 Day 414468VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 483989LTM-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 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - -- - - - - #DIV/0! #DIV/0! - - - -(6.5) (6.1) (17.7) (28.1) (35.6) (31.9) (26.7) (18.8) (14.6) - -- - - - - 0.00x 0.00x - - - -(10.0) (1.9) (20.0) 51.5 (70.7) 44.2 (85.7) (26.5) (6.4) (4.4) (5.9)- - - - - 0.00x 0.00x - - - -EBITDA -35.63 Long-Term Rating Date -EBIT -36.22 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -44.30% Short-Term Rating -Return on Common Equity -57.29%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 2.94 Net Fixed Asset Turnover 0.00Quick Ratio 2.84 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedVista Gold CorpPrice/VolumeValuation Analysis484396.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0112233445m-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 M0.00.20.40.60.81.01.21.41.62001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSUN VALLEY GOLD LLC n/a Research 12084310 14.79 - 31.12.2012 Hedge Fund ManagerSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 12084310 14.79 - 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 11374527 13.92 1172092 15.05.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 6145260 7.52 (430462) 31.03.2013 Hedge Fund ManagerBLACKROCK n/a ULT-AGG 2577504 3.15 268822 14.05.2013 Investment AdvisorLOEWS CORPORATION LOEWS CORPORATION 13F 1758748 2.15 - 31.03.2013 CorporationANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1386026 1.7 (200000) 31.03.2013 Hedge Fund ManagerSTATE STREET n/a ULT-AGG 881631 1.08 (20701) 31.03.2013 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 871929 1.07 343929 31.03.2013 Investment AdvisorPERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 822000 1.01 - 31.03.2013 Investment AdvisorTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 755864 0.92 627319 31.03.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 713381 0.87 4326 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 632415 0.77 (100000) 31.03.2013 Pension Fund (ERISA)PARKER FREDERICK H E n/a Form 4 556325 0.68 - 05.09.2012 n/aCREDIT SUISSE AG CREDIT SUISSE AG 13F 412356 0.5 327220 31.03.2013 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 327993 0.4 44000 31.03.2013 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 248473 0.3 88467 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 201025 0.25 11051 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 199168 0.24 (72615) 31.03.2013 Investment AdvisorRICHINGS MICHAEL B n/a Form 4 188121 0.23 - 08.01.2013 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateRoth Capital Partners BRIAN W POST buy 5 M 7 12 month 13.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 12 Not Provided 13.05.2013Global Hunter Securities JEFF WRIGHT buy 5 M 5 12 month 13.05.2013National Bank Financial PAOLO LOSTRITTO outperform 5 M 4 12 month 10.05.2013Holdings By:Vista Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Great Basin Gold Limited explores and develops gold properties. The Companyprospects for gold in the Witwatersrand Basin in South Africa and the CarlinTrend in Nevada.Latest Fiscal Year: 12/2011LTM as of: 09/yy52-Week High (15.06.2012) 0.7852-Week Low (03.05.2013) 0.01Daily Volume0.00652-Week High % Change -99.23% Dividend Yield -52-Week Low % Change 0.00% Beta -% 52 Week Price Range High/Low 0.00% Equity Float -Shares Out 28.09.2012 552.4 Short Int 0.693.31 1 Yr Total Return -98.78%Total Debt 282.45 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 25.75 Consensus Rating -Enterprise Value 319.56Average Volume 5 Day 1076966GBGLF US EQUITY YTD Change - Average Volume 30 Day 1944195GBGLF US EQUITY YTD % CHANGE - Average Volume 3 Month 2560745LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q10.0 24.7 33.7 99.7 170.3 172.5 144.8 - - - -- 14.86x 19.15x 14.22x 4.16x 28.57x 13.73x - - - -(62.2) (104.9) (50.6) (15.7) 18.3 24.5 (26.1) - - - -- - - - 38.63x 43.55x 0.00x - - - -(51.2) (84.9) (48.4) (27.1) (17.7) (48.2) (91.7) - - - -- - - - - 0.00x 0.00x - - - -EBITDA 18.34 Long-Term Rating Date -EBIT -0.57 Long-Term Rating -Operating Margin -0.33% Long-Term Outlook -Pretax Margin -38.35% Short-Term Rating Date -Return on Assets -11.45% Short-Term Rating -Return on Common Equity -22.67%Return on Capital - EBITDA/Interest Exp. 0.75Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -5.72Net Debt/EBITDA -Gross Margin 29.7% Total Debt/EBITDA -12.49EBITDA Margin -18.0%EBIT Margin -28.2% Total Debt/Equity 59.9%Net Income Margin -10.4% Total Debt/Capital 37.5%Asset Turnover 0.18Current Ratio 0.78 Net Fixed Asset Turnover 0.20Quick Ratio 0.50 Accounts receivable turnover-days 19.73Debt to Assets 33.22% Inventory Days 69.54Tot Debt to Common Equity 59.90% Accounts Payable Turnover Day 202.52Accounts Receivable Turnover 18.55 Cash Conversion Cycle 39.53Inventory Turnover 5.26Fiscal Year EndedGreat Basin Gold LtdPrice/VolumeValuation Analysis3262601.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure000001111m-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 M30.0 M35.0 M0.020.040.060.080.0100.0120.0140.0160.0180.02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 20110.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 23107390 4.18 - 31.01.2013 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 22797000 4.13 - 27.12.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 22362762 4.05 (68246952) 15.05.2013 Investment AdvisorTRANTER GOLD (BEE) n/a Research 20932183 3.79 - 24.04.2012 n/aPOWER CORP OF CANADA n/a ULT-AGG 9258842 1.68 (17025) 31.01.2013 Holding CompanyUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 3530000 0.64 - 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 3012546 0.55 - 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2686303 0.49 1050 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 1785700 0.32 (17785700) 31.03.2013 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1173800 0.21 (768400) 31.12.2012 Investment AdvisorDIPPENAAR FERDINAND n/a SEDI 1126800 0.2 100000 13.04.2012 n/aMOSTERT JACOB DAWID n/a SEDI 731273 0.13 - 16.04.2012 n/aCOOKE PATRICK RANDAL n/a SEDI 525202 0.1 - 31.12.2012 n/aTHIESSEN RONALD W n/a SEDI 468531 0.08 100000 25.04.2012 n/aMOMENTUM Multiple Portfolios MF-AGG 422273 0.08 - 31.12.2012 Investment AdvisorTIMBER HILL LLC TIMBER HILL LLC 13F 381096 0.07 - 31.12.2012 Investment AdvisorNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 300000 0.05 - 28.03.2013 Investment AdvisorUNIVERSAL INS HOLDIN n/a ULT-AGG 297928 0.05 - 31.12.2012 Insurance CompanySTATE STREET n/a ULT-AGG 266255 0.05 - 15.05.2013 Investment AdvisorPRUDENTIAL OF AMERIC n/a ULT-AGG 240200 0.04 240200 31.12.2012 Insurance CompanyFirm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/AHoldings By:Great Basin Gold LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Argonaut Gold, Inc. explores for gold. The Company owns the operating ElCastillo mine, the San Antonio development stage project and advanced stageexploration properties including: La Fortuna and La Colorada.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (04.10.2012) 11.0852-Week Low (17.04.2013) 5.24Daily Volume6.2452-Week High % Change -43.68% Dividend Yield 0.0052-Week Low % Change 19.08% Beta 1.16% 52 Week Price Range High/Low 17.12% Equity Float 144.53Shares Out 30.04.2013 149.0 Short Int 11.88929.57 1 Yr Total Return -5.31%Total Debt 0.00 YTD Return -34.11%Preferred Stock 0.0 Adjusted BETA 1.163Minority Interest 0.0 Analyst Recs 11Cash and Equivalents 191.89 Consensus Rating 4.273Enterprise Value 720.93Average Volume 5 Day 1304896AR CN EQUITY YTD Change - Average Volume 30 Day 1246969AR CN EQUITY YTD % CHANGE - Average Volume 3 Month 1365788LTM-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 Q3- - 51.6 104.6 187.1 103.2 205.8 204.5 262.3 41.0 53.8- - 4.70x 5.77x 6.53x 26.41x 13.70x 3.65x 2.83x 18.38x 13.97x- - 15.3 55.9 107.3 55.7 94.7 97.2 140.0 16.8 26.4- - 15.83x 10.78x 11.39x 13.93x 0.00x 7.42x 5.15x 7.60x 7.05x(0.1) (0.5) 3.7 26.3 64.9 27.6 69.2 55.1 81.8 10.0 17.4- - 66.38x 24.42x 14.00x 30.39x 12.87x 15.75x 10.55x 13.93x 12.11xEBITDA 107.29 Long-Term Rating Date -EBIT 85.19 Long-Term Rating -Operating Margin 45.53% Long-Term Outlook -Pretax Margin 45.69% Short-Term Rating Date -Return on Assets 10.38% Short-Term Rating -Return on Common Equity 11.44%Return on Capital 11.43% EBITDA/Interest Exp. 296.39Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 159.48Net Debt/EBITDA -1.79Gross Margin 62.5% Total Debt/EBITDA 0.00EBITDA Margin 57.3%EBIT Margin 45.5% Total Debt/Equity 0.0%Net Income Margin 34.7% Total Debt/Capital 0.0%Asset Turnover 0.30Current Ratio 12.31 Net Fixed Asset Turnover 0.41Quick Ratio 9.89 Accounts receivable turnover-days 16.68Debt to Assets 0.00% Inventory Days 182.86Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 31.36Accounts Receivable Turnover 21.94 Cash Conversion Cycle 178.40Inventory Turnover 2.00Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedArgonaut Gold IncPrice/VolumeValuation Analysis1218660.00Current Price (5/dd/yy) Market Data024681012m-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 M0.020.040.060.080.0100.0120.0140.0160.0180.0200.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00500.001000.001500.002000.002500.003000.003500.004000.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 15290043 10.26 2255841 15.05.2013 Investment AdvisorIG INVESTMENT MANAGE n/a Co File 6707533 4.5 - 30.09.2011 Investment AdvisorLIBRA ADVISORS LLC n/a SEDI 5768001 3.87 (117000) 02.03.2012 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5602697 3.76 - 31.03.2013 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 3138600 2.11 - 30.06.2012 Investment AdvisorMONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 2898359 1.95 - 28.03.2013 Investment AdvisorGCIC LTD/CANADA Multiple Portfolios MF-AGG 2517350 1.69 2517350 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 2489862 1.67 422500 31.03.2013 Investment AdvisorALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 2186110 1.47 8074 28.03.2013 UnclassifiedFIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 1971153 1.32 87779 28.02.2013 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 1530917 1.03 (8500) 31.01.2013 Holding CompanyKENNEDY BRIAN JOHN n/a SEDI 1472476 0.99 5488 06.02.2013 n/aDOUGHERTY PETER C n/a SEDI 1337779 0.9 54885 06.02.2013 n/aBLACKROCK n/a ULT-AGG 1333212 0.89 1892 14.05.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1133457 0.76 (54000) 28.09.2012 Investment AdvisorSMITH EDGAR A n/a SEDI 1120359 0.75 39286 14.02.2011 n/aNORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1113156 0.75 (30100) 31.03.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 1050881 0.71 (99119) 29.03.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1028750 0.69 - 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 994950 0.67 331100 31.03.2013 Hedge Fund ManagerFirm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie MICHAEL SIPERCO outperform 5 M 9 12 month 15.05.2013Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 10 12 month 15.05.2013BMO Capital Markets ANDREW KAIP outperform 5 M 12 Not Provided 14.05.2013RBC Capital Markets SAM CRITTENDEN outperform 5 M 11 12 month 14.05.2013CIBC World Markets CHITIMUKULU MUSONDA sector perform 3 M 8 12 month 14.05.2013Canaccord Genuity Corp RAHUL PAUL buy 5 M 11 Not Provided 14.05.2013GMP ANDREW MIKITCHOOK buy 5 M 15 12 month 14.05.2013Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 14.05.2013Scotia Capital OVAIS HABIB sector outperform 5 M 14 12 month 23.04.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 12 12 month 27.03.2013Mine2Capital Inc ALKA SINGH sell 1 M 8 Not Provided 26.02.2013MLV & Co RICHARD TROTMAN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2012Holdings By:Argonaut Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Torex Gold Resources Inc. is a mining company dedicated to the exploration anddevelopment of precious metal resources with a focus on gold. The CompanysMorelos Project is an advanced stage gold exploration property located in thestate of Guerrero, southwest of Mexico City.Latest Fiscal Year: 10/2012LTM as of: 03/yy52-Week High (21.09.2012) 2.2952-Week Low (15.04.2013) 1.19Daily Volume1.4352-Week High % Change -37.55% Dividend Yield 0.0052-Week Low % Change 20.17% Beta 1.04% 52 Week Price Range High/Low 21.82% Equity Float 604.09Shares Out 30.04.2013 606.5 Short Int 2.40867.30 1 Yr Total Return -4.67%Total Debt 0.00 YTD Return -35.00%Preferred Stock 0.0 Adjusted BETA 1.038Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 423.29 Consensus Rating 4.667Enterprise Value 486.57Average Volume 5 Day 4257434TXG CN EQUITY YTD Change - Average Volume 30 Day 4141879TXG CN EQUITY YTD % CHANGE - Average Volume 3 Month 3646038LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 03/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!(0.3) (1.1) (18.0) (34.1) (60.4) (40.3) (64.4) (61.7) (60.9) (15.2) (15.2)- - - - - 0.00x 0.00x - - - -(0.3) (1.0) (16.4) (33.9) (61.2) (39.9) (66.0) (57.6) (64.1) (12.7) (13.0)- - - - - 0.00x 0.00x - - - -EBITDA -60.39 Long-Term Rating Date -EBIT -60.89 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -14.08% Short-Term Rating -Return on Common Equity -14.28%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 50.56 Net Fixed Asset Turnover 0.00Quick Ratio 50.21 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedTorex Gold Resources IncPrice/VolumeValuation Analysis10755520.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure011223m-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 M30.0 M35.0 M0.00.00.00.00.00.00.00.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTYRUS CAPITAL S.A.M. #N/A N/A Co File 92450000 15.24 6150000 30.04.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 60515402 9.98 (827068) 15.05.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 34109990 5.62 (42200) 31.03.2013 Hedge Fund ManagerGCIC LTD/CANADA Multiple Portfolios MF-AGG 25131050 4.14 14571050 28.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 22706997 3.74 2147411 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 20684500 3.41 (915500) 28.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 18072377 2.98 1674300 28.03.2013 BankINVESCO LTD n/a ULT-AGG 11270799 1.86 1434766 15.05.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 6062900 1 (1969100) 29.03.2013 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 5808000 0.96 (931500) 27.12.2012 Hedge Fund ManagerBLACKROCK n/a ULT-AGG 5297720 0.87 7700 14.05.2013 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 5250000 0.87 5250000 31.12.2012 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 5133800 0.85 150000 31.12.2012 Hedge Fund ManagerAMERICAN CENTURY COM Multiple Portfolios MF-AGG 5129653 0.85 - 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 5036452 0.83 - 31.03.2013 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 4657714 0.77 - 15.05.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3217000 0.53 - 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3027518 0.5 391260 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 2949500 0.49 2500000 27.03.2013 Investment AdvisorBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 2809056 0.46 (245778) 31.03.2013 Hedge Fund ManagerFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 3 Not Provided 07.05.2013Industrial Alliance Securities MERRILL MCHENRY buy 5 M 2 12 month 06.05.2013Stifel MICHAEL A SCOON buy 5 M 3 12 month 03.05.2013Macquarie PIERRE VAILLANCOURT outperform 5 M 3 12 month 25.04.2013TD Securities DANIEL EARLE hold 3 M 2 12 month 23.04.2013GMP GEORGE V ALBINO buy 5 M 3 12 month 15.04.2013Clarus Securities JAMIE SPRATT buy 5 N 3 12 month 07.03.2013RBC Capital Markets DAN ROLLINS outperform 5 M 3 12 month 07.01.2013Scotia Capital TREVOR TURNBULL sector outperform 5 M 3 12 month 31.10.2012Holdings By:Torex Gold Resources IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013LionGold Corp is an investment holding company focusing on gold mining, minedevelopment and exploration globally.Latest Fiscal Year: 03/2012LTM as of: 12/yy52-Week High (26.07.2012) 1.3052-Week Low (23.05.2012) 0.96Daily Volume1.1452-Week High % Change -12.31% Dividend Yield 0.0052-Week Low % Change 18.75% Beta 0.61% 52 Week Price Range High/Low 52.94% Equity Float 736.17Shares Out 16.05.2013 921.9 Short Int -1051.01 1 Yr Total Return 16.92%Total Debt 31.11 YTD Return 4.11%Preferred Stock 0.0 Adjusted BETA 0.612Minority Interest (3.0) Analyst Recs 2Cash and Equivalents 31.66 Consensus Rating 3.000Enterprise Value 1012.39Average Volume 5 Day 14727200LIGO SP EQUITY YTD Change - Average Volume 30 Day 18051800LIGO SP EQUITY YTD % CHANGE - Average Volume 3 Month 17475350LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q172.0 79.8 70.4 83.9 98.0 77.1 111.8 111.0 143.0 - -0.64x 0.56x 3.80x 6.95x 7.95x 24.11x 33.63x - - - -0.4 (3.7) 3.1 4.0 (5.3) (9.1) (18.2) - - - -114.85x - 84.96x 144.70x - 0.00x 0.00x - - - -(4.7) (5.0) 2.9 0.9 (27.8) (15.1) (18.5) 4.9 10.1 - -- - 92.86x 740.91x - 0.00x 0.00x 190.00x 87.69x - -EBITDA -5.31 Long-Term Rating Date -EBIT -6.26 Long-Term Rating -Operating Margin -6.39% Long-Term Outlook -Pretax Margin -31.95% Short-Term Rating Date -Return on Assets -13.46% Short-Term Rating -Return on Common Equity -23.76%Return on Capital - EBITDA/Interest Exp. -1.79Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. -2.01Net Debt/EBITDA -15.19Gross Margin 10.5% Total Debt/EBITDA 25.31EBITDA Margin 1.5%EBIT Margin -1.4% Total Debt/Equity 93.4%Net Income Margin -28.4% Total Debt/Capital 50.7%Asset Turnover 0.55Current Ratio 2.52 Net Fixed Asset Turnover 7.06Quick Ratio 1.58 Accounts receivable turnover-days 88.47Debt to Assets 33.89% Inventory Days 45.83Tot Debt to Common Equity 93.42% Accounts Payable Turnover Day 145.53Accounts Receivable Turnover 4.14 Cash Conversion Cycle 2.67Inventory Turnover 7.99Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedLionGold Corp LtdPrice/VolumeValuation Analysis8437000.00Current Price (5/dd/yy) Market Data00011111m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M30.0 M35.0 M40.0 M45.0 M50.0 M0.020.040.060.080.0100.0120.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00100.00200.00300.00400.00500.00600.00700.00800.0003.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 03.04.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeASIASONS INVESTMENT n/a EXCH 77500000 8.41 - 28.03.2013 Holding CompanyVAN ECK ASSOCIATES C n/a ULT-AGG 59245000 6.43 4746000 15.05.2013 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 48666000 5.28 3500000 28.03.2013 Investment AdvisorVENATON HOLDINGS LIM n/a EXCH 42100000 4.57 - 06.11.2012 Holding CompanyFORTE SERVICES LIMIT n/a EXCH 40000000 4.34 - 06.11.2012 OtherNOMURA n/a ULT-AGG 39154410 4.25 - 09.04.2013 UnclassifiedCREDIT SUISSE AG n/a EXCH 29800996 3.23 (2001000) 04.12.2012 Investment AdvisorBIN ABDUL DAI MD WIR n/a EXCH 16425000 1.78 - 06.11.2012 n/aNORGES BANK Multiple Portfolios MF-AGG 13066202 1.42 - 31.12.2012 GovernmentDMG & PARTNERS SECUR n/a Co File 7600000 0.82 - 29.06.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 4139691 0.45 (8000) 31.03.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 2721000 0.3 47000 31.07.2012 Investment AdvisorNG YICK HING NICHOLA n/a EXCH 2000000 0.22 2000000 14.02.2013 n/aBLACKROCK n/a ULT-AGG 1980000 0.21 - 14.05.2013 Investment AdvisorJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 611000 0.07 45000 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 430000 0.05 10000 15.05.2013 Investment AdvisorCHARLES SCHWAB INVES Multiple Portfolios MF-AGG 303000 0.03 - 15.05.2013 Investment AdvisorSCANLAN GARY FRANCIS n/a EXCH 135005 0.01 - 08.10.2012 n/aINVESCO LTD n/a ULT-AGG 120000 0.01 - 15.05.2013 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 39622 0 - 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013SIAS Research Pte Ltd JINSHU LIU overweight 5 M 1 12 month 10.07.2012Holdings By:LionGold Corp LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013China Gold International Resources Corp Ltd. is a mining company focused on theexploration and development of gold projects in inner Mongolia and copperprojects in Tibet Autonomous Region of China.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 4.6552-Week Low (31.07.2012) 2.30Daily Volume2.7352-Week High % Change -41.29% Dividend Yield 0.0052-Week Low % Change 18.70% Beta 1.35% 52 Week Price Range High/Low 18.30% Equity Float 240.39Shares Out 30.04.2013 396.4 Short Int 1.521082.06 1 Yr Total Return -11.36%Total Debt 212.93 YTD Return -19.94%Preferred Stock 0.0 Adjusted BETA 1.348Minority Interest 8.1 Analyst Recs 7Cash and Equivalents 181.74 Consensus Rating 3.857Enterprise Value 1101.94Average Volume 5 Day 227206CGG CN EQUITY YTD Change - Average Volume 30 Day 331250CGG CN EQUITY YTD % CHANGE - Average Volume 3 Month 342408LTM-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 Q329.4 81.0 133.2 311.3 332.4 353.5 331.5 354.5 636.3 - -3.54x 7.07x 15.60x 2.82x 4.21x 14.89x 12.60x 3.55x 1.98x - -(0.1) 25.0 69.3 140.5 138.7 145.6 118.9 153.5 244.5 - -- 22.93x 29.97x 6.24x 10.08x 12.87x 0.00x 7.18x 4.51x - -14.6 (9.3) 26.2 79.4 70.9 89.1 73.1 65.3 95.3 - -36.15x - 39.69x 13.23x 19.15x 22.91x 20.27x 16.75x 14.65x - -EBITDA 138.66 Long-Term Rating Date -EBIT 99.49 Long-Term Rating -Operating Margin 29.93% Long-Term Outlook -Pretax Margin 29.99% Short-Term Rating Date -Return on Assets 4.00% Short-Term Rating -Return on Common Equity 5.37%Return on Capital 5.34% EBITDA/Interest Exp. 11.05Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -6.09Net Debt/EBITDA 0.22Gross Margin 37.6% Total Debt/EBITDA 1.54EBITDA Margin 41.7%EBIT Margin 29.9% Total Debt/Equity 15.7%Net Income Margin 21.3% Total Debt/Capital 13.5%Asset Turnover 0.19Current Ratio 1.57 Net Fixed Asset Turnover 0.24Quick Ratio 1.26 Accounts receivable turnover-days 13.92Debt to Assets 11.79% Inventory Days 57.83Tot Debt to Common Equity 15.66% Accounts Payable Turnover Day 121.78Accounts Receivable Turnover 26.30 Cash Conversion Cycle -50.04Inventory Turnover 6.33Fiscal Year EndedChina Gold International Resources Corp LtdPrice/VolumeValuation Analysis368171.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure01122334455m-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 M0.050.0100.0150.0200.0250.0300.0350.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA NATIONAL GOLD n/a SEDI 155794830 39.31 184200 30.09.2011 CorporationVAN ECK ASSOCIATES C n/a ULT-AGG 19367676 4.89 - 15.05.2013 Investment AdvisorNORGES BANK Multiple Portfolios MF-AGG 3766753 0.95 - 31.12.2012 GovernmentBLACKROCK n/a ULT-AGG 1952963 0.49 3082 14.05.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 1685900 0.43 - 28.03.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 911636 0.23 11974 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 890593 0.22 33750 31.03.2013 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 170322 0.04 - 15.05.2013 Investment AdvisorHE YINGBIN n/a SEDI 160000 0.04 40000 09.01.2013 n/aTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 151700 0.04 53000 31.12.2012 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 150000 0.04 - 28.02.2013 Investment AdvisorMARLBOROUGH FUND MAN Multiple Portfolios MF-AGG 146950 0.04 - 01.11.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 127028 0.03 2580 15.05.2013 Investment AdvisorDAIWA SB INVESTMENT Multiple Portfolios MF-AGG 100000 0.03 - 11.01.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 97155 0.02 - 31.12.2012 BankOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 90000 0.02 - 31.01.2013 Investment AdvisorINDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 88342 0.02 - 15.05.2013 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 74886 0.02 (1515) 31.12.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 59705 0.02 - 31.01.2013 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 57376 0.01 1243 28.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateArgonaut Securities Pty Ltd CHRIS JIANG buy 5 M 4 Not Provided 16.05.2013Guotai Junan KEVIN GUO neutral 3 D 3 Not Provided 22.04.2013Credit Suisse OWEN LIANG neutral 3 M 3 Not Provided 09.04.2013EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 02.04.2013BOCOM International Holdings BENJAMIN PEI long-term buy 5 M 4 Not Provided 28.03.2013Citic Securities Co., Ltd SONG XIAOQING overweight 5 N 4 6 month 14.01.2013CCB International Securities Ltd KIN CHUNG LI outperform 5 M 4 Not Provided 12.09.2012GuoSen Securities Co Ltd CHENGMING GAO buy 5 M 5 12 month 02.02.2012Holdings By:China Gold International Resources Corp LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Perseus Mining Limited is a mineral exploration Company. The Company exploresfor gold in West Africa and Central Asia regions.Latest Fiscal Year: 06/2012LTM as of: 03/yy52-Week High (04.10.2012) 3.0752-Week Low (15.05.2013) 1.18Daily Volume1.1952-Week High % Change -61.24% Dividend Yield -52-Week Low % Change 1.28% Beta 1.40% 52 Week Price Range High/Low 0.79% Equity Float 446.89Shares Out 01.01.2013 458.0 Short Int 0.32544.97 1 Yr Total Return -48.71%Total Debt 60.26 YTD Return -45.91%Preferred Stock 0.0 Adjusted BETA 1.398Minority Interest (0.6) Analyst Recs 23Cash and Equivalents 105.50 Consensus Rating 4.348Enterprise Value 508.87Average Volume 5 Day 1359431PRU CN EQUITY YTD Change - Average Volume 30 Day 2138338PRU CN EQUITY YTD % CHANGE - Average Volume 3 Month 1749024LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1- - 0.0 0.0 144.7 0.0 291.8 312.5 398.6 96.1 116.0- - - - 7.53x #DIV/0! 11.32x 1.61x 1.36x - -(5.5) (3.3) (10.1) (32.0) 55.3 (46.3) 167.9 124.5 167.3 - -- - - - 19.72x 0.00x 0.00x 4.09x 3.04x - -(4.8) (4.8) (9.7) (48.2) 47.2 24.8 44.6 58.5 86.0 26.0 34.1- - - - - 0.00x 0.00x 9.37x 6.14x 5.13x 4.48xEBITDA 55.28 Long-Term Rating Date -EBIT 45.11 Long-Term Rating -Operating Margin 31.18% Long-Term Outlook -Pretax Margin 41.62% Short-Term Rating Date -Return on Assets 12.17% Short-Term Rating -Return on Common Equity 17.73%Return on Capital - EBITDA/Interest Exp. 28.41Asset Turnover - (EBITDA-Capex)/Interest Exp. 26.49Net Debt/EBITDA -0.31Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 16.7%Net Income Margin 32.6% Total Debt/Capital 14.3%Asset Turnover -Current Ratio 1.55 Net Fixed Asset Turnover -Quick Ratio 1.13 Accounts receivable turnover-days -Debt to Assets 11.39% Inventory Days -Tot Debt to Common Equity 16.72% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedPerseus Mining LtdPrice/VolumeValuation Analysis1705127.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure01122334m-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 M0.020.040.060.080.0100.0120.0140.0160.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTHE BANK OF NOVA SCO n/a EXCH 44475800 9.71 (5324430) 22.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 43695232 9.54 - 15.05.2013 Investment AdvisorGCIC LTD/CANADA Multiple Portfolios MF-AGG 38604803 8.43 (49197) 28.02.2013 Investment AdvisorWELLINGTON MANAGEMEN n/a EXCH 21999741 4.8 (2286330) 05.03.2013 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 13439700 2.93 930000 31.01.2013 Holding CompanyJP MORGAN n/a ULT-AGG 11009300 2.4 29000 31.03.2013 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 10294000 2.25 - 30.06.2012 Investment AdvisorFMR LLC n/a ULT-AGG 8160134 1.78 520000 31.03.2013 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 6800650 1.48 - 15.05.2013 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 6459171 1.41 300000 31.03.2013 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 5921800 1.29 500000 28.02.2013 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 5531332 1.21 392732 31.12.2012 Hedge Fund ManagerMONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 5295993 1.16 - 28.03.2013 Investment AdvisorSCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 4921700 1.07 - 28.02.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 4839476 1.06 661134 31.03.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4610900 1.01 - 28.09.2012 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 4000000 0.87 - 31.12.2012 Investment AdvisorCALDERWOOD MARK ANDR n/a EXCH 3600000 0.79 - 31.01.2013 n/aBLACKROCK n/a ULT-AGG 3173872 0.69 - 14.05.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3109619 0.68 443404 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie PIERRE VAILLANCOURT outperform 5 M 2 12 month 16.05.2013RBC Capital Markets STEUART MCINTYRE sector perform 3 M 2 12 month 13.05.2013Canaccord Genuity Corp REG SPENCER buy 5 M 2 12 month 13.05.2013Clarus Securities NANA SANGMUAH buy 5 M 3 12 month 13.05.2013Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 2 Not Provided 29.04.2013Goldman Sachs PAUL HISSEY neutral/attractive 3 M 2 12 month 24.04.2013Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 2 12 month 22.04.2013Cormark Securities Inc. MIKE KOZAK market perform 3 M 3 12 month 22.04.2013Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 2 12 month 22.04.2013BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 3 Not Provided 19.04.2013JPMorgan JOSEPH KIM overweight 5 M 2 6 month 19.04.2013CIBC World Markets COSMOS CHIU sector perform 3 M 3 Not Provided 19.04.2013CIMB JAMES STEWART outperform 5 M 3 12 month 19.04.2013GMP LEVI SPRY buy 5 M 3 12 month 19.04.2013Commonwealth Bank ANDREW KNUCKEY neutral 3 M 2 12 month 16.04.2013Dundee Securities Corp JOSH WOLFSON buy 5 M 3 Not Provided 12.04.2013Nomura DAVID RADCLYFFE suspended coverage #N/A N/A M #N/A N/A Not Provided 12.04.2013EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 05.04.2013Bell Potter STEPHEN THOMAS hold 3 M 3 12 month 16.01.2013Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 03.01.2013Holdings By:Perseus Mining LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Sandstorm Gold Ltd. acquires gold purchase agreements with companies that haveadvanced stage development projects or operating mines. The Company makes anupfront cash payment to its partners and receives the right to purchase apercentage of the gold produced, for the life of the mine, at a fixed price perounce.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (05.10.2012) 14.9952-Week Low (17.04.2013) 6.47Daily Volume752-Week High % Change -53.30% Dividend Yield 0.0052-Week Low % Change 8.19% Beta 1.22% 52 Week Price Range High/Low 6.22% Equity Float 82.73Shares Out 30.04.2013 90.2 Short Int 2.97631.48 1 Yr Total Return -7.28%Total Debt 0.00 YTD Return -40.12%Preferred Stock 0.0 Adjusted BETA 1.217Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 127.36 Consensus Rating 4.000Enterprise Value 566.85Average Volume 5 Day 329411SSL CN EQUITY YTD Change - Average Volume 30 Day 423610SSL CN EQUITY YTD % CHANGE - Average Volume 3 Month 459821LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.03.2008 31.03.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3- 0.0 3.1 30.0 55.9 39.8 57.8 71.1 95.3 - -- - 72.23x 12.63x 15.79x 42.83x 46.72x - - - -- - (0.2) 19.1 36.6 27.3 35.3 44.7 74.1 - -- - - 19.80x 24.12x 22.74x 7.87x 12.68x 7.65x - -(0.1) (0.4) (2.8) 12.5 21.9 15.9 5.4 15.0 23.6 - -- - 80.46x 39.35x 47.00x 47.06x 55.67x 37.76x 17.99x 29.01x 23.87xEBITDA 36.63 Long-Term Rating Date -EBIT 21.91 Long-Term Rating -Operating Margin 39.17% Long-Term Outlook -Pretax Margin 45.00% Short-Term Rating Date -Return on Assets 1.77% Short-Term Rating -Return on Common Equity 1.95%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -2.75Gross Margin 78.7% Total Debt/EBITDA 0.00EBITDA Margin 61.0%EBIT Margin 33.3% Total Debt/Equity 0.0%Net Income Margin 39.2% Total Debt/Capital 0.0%Asset Turnover 0.19Current Ratio 27.97 Net Fixed Asset Turnover 0.27Quick Ratio 24.35 Accounts receivable turnover-days 13.15Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 27.76 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedSandstorm Gold LtdPrice/VolumeValuation Analysis299905.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0246810121416m-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 M3.5 M4.0 M4.5 M0.010.020.030.040.050.060.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00100.00200.00300.00400.00500.00600.00700.0003.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 03.04.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 6287563 6.97 - 15.05.2013 Investment AdvisorSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 5862520 6.5 (37200) 31.03.2013 Investment AdvisorLIBRA ADVISORS LLC n/a SEDI 4928760 5.46 - 03.08.2011 Hedge Fund ManagerARIAS RESOURCE CAPIT n/a SEDI 4840000 5.37 - 25.02.2010 Private EquityWELLS FARGO n/a ULT-AGG 3147295 3.49 103625 31.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2876862 3.19 242100 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2292300 2.54 1250000 31.03.2013 Investment AdvisorMASON HILL ADVISORS MASON HILL ADVISORS 13F 1836404 2.04 1836404 31.03.2013 Hedge Fund ManagerROYAL BANK OF CANADA n/a ULT-AGG 1236912 1.37 (216668) 31.03.2013 BankAMERICAN CENTURY COM Multiple Portfolios MF-AGG 1086266 1.2 607 31.03.2013 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 1065600 1.18 (314400) 31.12.2012 Investment AdvisorMONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 1010000 1.12 153250 31.03.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 1009660 1.12 (163340) 29.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1005674 1.11 (92716) 31.03.2013 Investment AdvisorWATSON NOLAN ALLAN n/a SEDI 930000 1.03 - 19.06.2012 n/aGBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 777820 0.86 - 31.12.2011 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 767280 0.85 (22700) 30.11.2012 Investment AdvisorDE WITT DAVID E n/a SEDI 767000 0.85 - 10.05.2012 n/aAWRAM DAVID I n/a SEDI 759100 0.84 (3400) 04.01.2013 n/aCANADA PENSION PLAN CANADA PENSION PLAN 13F 594946 0.66 (60200) 31.03.2013 Pension Fund (ERISA)Firm Name Analyst Recommendation Weighting Change Target Price Date DateCormark Securities Inc. RICHARD GRAY buy 5 M 14 12 month 10.05.2013TD Securities DANIEL EARLE hold 3 M 9 12 month 10.05.2013National Bank Financial SHANE NAGLE outperform 5 M 13 12 month 10.05.2013Casimir Capital ERIC WINMILL buy 5 M 14 12 month 10.05.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 10.05.2013RBC Capital Markets DAN ROLLINS outperform 5 M 10 12 month 09.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 11 Not Provided 09.05.2013Paradigm Capital Inc DON MACLEAN buy 5 M 16 12 month 01.04.2013Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 13 12 month 29.01.2013Holdings By:Sandstorm Gold LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013OceanaGold Corporation is a gold mining and exploration company. The Companycurrently owns interests in projects in New Zealand and the Philippines.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (22.10.2012) 3.7052-Week Low (23.05.2012) 1.70Daily Volume1.8152-Week High % Change -51.08% Dividend Yield 0.0052-Week Low % Change 6.47% Beta 2.08% 52 Week Price Range High/Low 5.50% Equity Float 287.46Shares Out 30.04.2013 293.5 Short Int 1.10531.27 1 Yr Total Return -1.09%Total Debt 266.87 YTD Return -36.49%Preferred Stock 0.0 Adjusted BETA 2.084Minority Interest 0.0 Analyst Recs 5Cash and Equivalents 96.50 Consensus Rating 4.800Enterprise Value 744.14Average Volume 5 Day 630254OGC CN EQUITY YTD Change - Average Volume 30 Day 980369OGC CN EQUITY YTD % CHANGE - Average Volume 3 Month 1158929LTM-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 Q3217.2 237.1 305.6 395.6 385.4 393.4 392.5 586.3 636.3 137.0 156.00.77x 1.89x 3.30x 1.61x 2.62x 7.19x 9.75x 1.08x 0.88x 4.71x 4.06x63.7 106.6 141.1 164.3 144.5 145.7 169.3 227.5 218.0 50.5 65.92.62x 4.20x 7.15x 3.88x 7.00x 5.58x 6.24x 3.27x 3.41x 3.33x 3.34x(54.7) 54.5 44.4 44.2 20.7 25.5 31.6 52.1 57.7 10.7 21.6- 5.68x 18.76x 13.02x 35.81x 26.83x 25.85x 8.08x 5.73x 6.71x 6.35xEBITDA 144.50 Long-Term Rating Date -EBIT 53.12 Long-Term Rating -Operating Margin 13.78% Long-Term Outlook -Pretax Margin 8.37% Short-Term Rating Date -Return on Assets 3.38% Short-Term Rating -Return on Common Equity 5.67%Return on Capital 6.12% EBITDA/Interest Exp. 5.98Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. -6.04Net Debt/EBITDA 1.31Gross Margin 17.7% Total Debt/EBITDA 1.48EBITDA Margin 43.1%EBIT Margin 17.9% Total Debt/Equity 43.8%Net Income Margin 5.4% Total Debt/Capital 30.4%Asset Turnover 0.42Current Ratio 0.93 Net Fixed Asset Turnover 0.57Quick Ratio 0.56 Accounts receivable turnover-days 19.41Debt to Assets 25.87% Inventory Days 88.89Tot Debt to Common Equity 43.76% Accounts Payable Turnover Day 55.75Accounts Receivable Turnover 18.81 Cash Conversion Cycle 17.15Inventory Turnover 4.11Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedOceanaGold CorpPrice/VolumeValuation Analysis861303.00Current Price (5/dd/yy) Market Data011223344m-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 M0.050.0100.0150.0200.0250.0300.0350.0400.0450.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0035.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBAKER STEEL CAPITAL n/a PROXY 20669000 7.04 - 11.05.2012 Investment AdvisorAMP CAPITAL INVESTOR n/a EXCH 14660107 4.99 (1119773) 21.01.2013 OtherVAN ECK ASSOCIATES C n/a ULT-AGG 13382819 4.56 - 15.05.2013 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 8700000 2.96 - 28.02.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 5372100 1.83 9000 31.01.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 3565116 1.21 (4700) 28.03.2013 BankOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3560000 1.21 - 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 3252300 1.11 43200 31.03.2013 Investment AdvisorNEW ZEALAND CENTRAL n/a PROXY 2703536 0.92 - 11.05.2012 GovernmentBLACKROCK n/a ULT-AGG 2653232 0.9 3724 14.05.2013 Investment AdvisorINVESCO LTD n/a ULT-AGG 1897338 0.65 (547087) 15.05.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1631518 0.56 275600 31.03.2013 Investment AdvisorNORGES BANK Multiple Portfolios MF-AGG 1486726 0.51 - 31.12.2012 GovernmentBOND STREET CUSTODIA n/a PROXY 1284229 0.44 - 11.05.2012 OtherYANDAL INVESTMENTS P n/a PROXY 1123653 0.38 - 11.05.2012 Investment AdvisorINTERNATIONAL MINING n/a SEDI 1097008 0.37 10000 30.12.2012 OtherASKEW JAMES EDWARD n/a EXCH 1087008 0.37 48360 07.02.2012 n/aSFB INVESTMENTS PTY n/a PROXY 1000000 0.34 - 11.05.2012 OtherDEN DUYTS CORP & ASS n/a PROXY 922855 0.31 - 11.05.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 910369 0.31 (53699) 29.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateForsyth Barr ANDREW HARVEY-GREEN accumulate 4 D 3 12 month 01.05.2013Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 30.04.2013GMP ANDREW MIKITCHOOK buy 5 M 3 12 month 30.04.2013BMO Capital Markets BRIAN QUAST outperform 5 M 3 Not Provided 29.04.2013Macquarie MICHAEL SIPERCO outperform 5 M 3 12 month 25.04.2013Holdings By:OceanaGold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Medusa Mining Limited is a gold exploration and mining Company. The Companyhas exploration projects located in Western Australia and the Philippines alongwith mining leases in Tasmania.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (11.10.2012) 6.7052-Week Low (16.05.2013) 2.30Daily Volume2.3652-Week High % Change -64.78% Dividend Yield 0.8952-Week Low % Change 2.61% Beta 1.04% 52 Week Price Range High/Low 1.44% Equity Float 168.43Shares Out 31.12.2012 188.9 Short Int 2.71445.81 1 Yr Total Return -50.56%Total Debt 0.00 YTD Return -56.54%Preferred Stock 0.0 Adjusted BETA 1.036Minority Interest 0.0 Analyst Recs 10Cash and Equivalents 12.47 Consensus Rating 4.400Enterprise Value 428.82Average Volume 5 Day 1931139MML AU EQUITY YTD Change - Average Volume 30 Day 1961374MML AU EQUITY YTD % CHANGE - Average Volume 3 Month 1625409LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -15.8 42.6 93.9 148.7 80.8 - - 112.7 266.9 - -9.93x 5.99x 6.25x 8.51x 11.40x - - 3.82x 1.29x - -4.6 30.4 73.0 120.2 57.6 - - 77.0 198.4 - -34.16x 8.41x 8.04x 10.54x 16.00x - - 5.57x 2.16x - -(1.2) 28.5 65.8 110.4 49.2 - - 66.0 179.9 - -- 8.88x 8.74x 12.02x 18.94x - - 5.68x 2.48x - -EBITDA 57.59 Long-Term Rating Date -EBIT 47.69 Long-Term Rating -Operating Margin 59.02% Long-Term Outlook -Pretax Margin 59.50% Short-Term Rating Date -Return on Assets 16.13% Short-Term Rating -Return on Common Equity 16.84%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -0.14Gross Margin 74.3% Total Debt/EBITDA 0.00EBITDA Margin 69.4%EBIT Margin 56.7% Total Debt/Equity 0.0%Net Income Margin 60.9% Total Debt/Capital 0.0%Asset Turnover 0.28Current Ratio 5.30 Net Fixed Asset Turnover 0.37Quick Ratio 0.79 Accounts receivable turnover-days 194.30Debt to Assets 0.00% Inventory Days 152.17Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 136.57Accounts Receivable Turnover 1.88 Cash Conversion Cycle -Inventory Turnover 2.41Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedMedusa Mining LtdPrice/VolumeValuation Analysis2076693.00Current Price (5/dd/yy) Market Data01234567m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M.5 M1.0 M1.5 M2.0 M2.5 M3.0 M3.5 M4.0 M4.5 M0.020.040.060.080.0100.0120.0140.0160.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0035.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 25137551 13.31 (933152) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 15309037 8.1 1902381 15.05.2013 Investment AdvisorM&G INVESTMENT MANAG #N/A N/A EXCH 14982900 7.93 (2000000) 13.05.2013 Investment AdvisorFMR LLC n/a ULT-AGG 12833369 6.79 (2752112) 10.05.2013 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 5096443 2.7 912960 30.04.2013 Investment AdvisorDAVIS GEOFFREY JOHN n/a EXCH 4102750 2.17 50000 03.05.2013 n/aBLACKROCK n/a ULT-AGG 3829377 2.03 (989) 14.05.2013 Investment AdvisorFORTY TRADERS LTD n/a Co File 3660631 1.94 - 17.09.2012 UnclassifiedGOODFELLOW WILLIAM D n/a Co File 3210425 1.7 - 17.09.2012 n/aCEDARDALE HOLDINGS P n/a Co File 3187673 1.69 - 17.09.2012 UnclassifiedFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2613520 1.38 - 30.09.2012 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2500000 1.32 500000 31.03.2013 Investment AdvisorYANDAL INVESTMENTS P n/a Co File 2000000 1.06 - 17.09.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1750000 0.93 - 31.12.2012 Investment AdvisorBANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1628939 0.86 28939 28.03.2013 Investment AdvisorAFDAL SAMUEL G n/a Co File 1450000 0.77 - 30.06.2012 n/aOLD MUTUAL n/a ULT-AGG 1448400 0.77 (31235) 28.02.2013 UnclassifiedDANIEL ROY PHILIP n/a Co File 1425000 0.75 - 30.06.2012 n/aUCA AG n/a Co File 1300000 0.69 - 17.09.2012 Investment AdvisorBARING INTERNATIONAL Multiple Portfolios MF-AGG 1166975 0.62 (46992) 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank CHRIS TERRY buy 5 M 4 12 month 13.05.2013EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 07.05.2013Cantor Fitzgerald ASA BRIDLE buy 5 M 5 Not Provided 03.05.2013Ord Minnett DAVID BRENNAN buy 5 M 6 Not Provided 03.05.2013RBC Capital Markets STEUART MCINTYRE sector perform 3 M 4 12 month 01.05.2013Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 5 12 month 30.04.2013Goldman Sachs PAUL HISSEY buy/attractive 5 M 4 12 month 24.04.2013Blackswan Equities Ltd RHYS BRADLEY buy 5 N 7 12 month 01.03.2013Holdings By:Medusa Mining LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Dundee Precious Metals Inc. acquires, explores, and develops gold miningproperties. The Company owns interests in mineral properties in Armenia,Bulgaria, Canada, and Serbia.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 9.9452-Week Low (15.05.2013) 4.27Daily Volume4.3652-Week High % Change -56.14% Dividend Yield -52-Week Low % Change 2.11% Beta 1.36% 52 Week Price Range High/Low 1.59% Equity Float 94.21Shares Out 30.04.2013 125.7 Short Int 23.96548.02 1 Yr Total Return -30.46%Total Debt 81.77 YTD Return -48.52%Preferred Stock 0.0 Adjusted BETA 1.355Minority Interest 7.0 Analyst Recs 9Cash and Equivalents 123.36 Consensus Rating 4.889Enterprise Value 513.43Average Volume 5 Day 747147DPM CN EQUITY YTD Change - Average Volume 30 Day 523719DPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 586568LTM-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 Q3105.1 137.6 202.0 338.5 384.7 367.9 374.3 433.6 511.2 100.6 110.00.65x 2.15x 5.56x 2.84x 2.68x 10.79x 7.68x 1.04x 1.03x - -(36.2) 16.4 - - - 14.7 16.6 159.5 229.3 - -- 18.00x - - - 0.00x 0.00x 3.22x 2.24x - -(79.2) 5.1 22.9 86.1 54.4 80.0 46.9 94.1 126.1 24.8 31.9- 44.88x 49.37x 13.48x 21.72x 16.02x 22.72x 7.88x 5.65x 6.25x 6.07xEBITDA - Long-Term Rating Date -EBIT 76.66 Long-Term Rating -Operating Margin 19.93% Long-Term Outlook -Pretax Margin 12.91% Short-Term Rating Date -Return on Assets 5.73% Short-Term Rating -Return on Common Equity 7.51%Return on Capital 4.04% EBITDA/Interest Exp. -Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin 40.8% Total Debt/EBITDA -EBITDA Margin -EBIT Margin 19.9% Total Debt/Equity 10.9%Net Income Margin 14.1% Total Debt/Capital 9.8%Asset Turnover 0.41Current Ratio 3.10 Net Fixed Asset Turnover 0.70Quick Ratio 2.36 Accounts receivable turnover-days 47.87Debt to Assets 8.41% Inventory Days 79.30Tot Debt to Common Equity 10.94% Accounts Payable Turnover Day 70.69Accounts Receivable Turnover 7.65 Cash Conversion Cycle 56.62Inventory Turnover 4.62Fiscal Year EndedDundee Precious Metals IncPrice/VolumeValuation Analysis1462335.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure024681012m-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 M-50.00.050.0100.0150.0200.0250.0300.0350.0400.0450.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDUNDEE CORP n/a SEDI 30629607 24.37 35000 26.04.2013 Holding CompanyUS GLOBAL INVESTORS n/a Research 8442571 6.72 - 28.02.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 7650960 6.09 - 15.05.2013 Investment AdvisorNORGES BANK Multiple Portfolios MF-AGG 5684509 4.52 - 31.12.2012 GovernmentUNITED SERVICES AUTO Multiple Portfolios MF-AGG 5331900 4.24 - 28.02.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4734500 3.77 - 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 4514449 3.59 4124249 31.12.2012 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 3944865 3.14 (432800) 28.03.2013 BankIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3634800 2.89 (2100) 31.01.2013 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 3394800 2.7 1314000 31.12.2012 Investment AdvisorFIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 2655547 2.11 (12100) 28.02.2013 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2369196 1.88 (50000) 30.09.2012 Hedge Fund ManagerNATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1651367 1.31 53212 28.03.2013 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 1423900 1.13 10000 31.12.2012 Hedge Fund ManagerBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 1163346 0.93 43784 31.03.2013 Hedge Fund ManagerDIMENSIONAL FUND ADV n/a ULT-AGG 988297 0.79 - 31.01.2013 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 771700 0.61 (19200) 31.01.2013 Holding CompanyGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 761500 0.61 - 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 583541 0.46 28700 31.03.2013 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 578200 0.46 (89400) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDundee Securities Corp JOSH WOLFSON not rated #N/A N/A M #N/A N/A Not Provided 15.05.2013BMO Capital Markets JOHN P HAYES speculative outperform 4 M 10 Not Provided 12.05.2013RBC Capital Markets SAM CRITTENDEN outperform 5 M 9 12 month 10.05.2013Cormark Securities Inc. MIKE KOZAK top pick 5 M 11 12 month 10.05.2013Scotia Capital LEILY OMOUMI sector outperform 5 M 11 12 month 09.05.2013Stifel MICHAEL A SCOON buy 5 M 9 12 month 03.05.2013EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 16.04.2013CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 11 Not Provided 11.04.2013GMP GEORGE V ALBINO buy 5 M 15 12 month 04.03.2013Paradigm Capital Inc DON MACLEAN buy 5 N 13 12 month 03.12.2012Holdings By:Dundee Precious Metals IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Rio Alto Mining Limited is a mineral exploration company. The Company currentlyis focusing on the development of La Arena gold / copper project, located innorth central Peru.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (02.11.2012) 6.0052-Week Low (15.05.2013) 3.20Daily Volume3.2252-Week High % Change -46.33% Dividend Yield 0.0052-Week Low % Change 0.62% Beta 1.08% 52 Week Price Range High/Low 0.71% Equity Float 160.58Shares Out 30.04.2013 175.9 Short Int 1.14566.35 1 Yr Total Return -13.67%Total Debt 3.26 YTD Return -36.74%Preferred Stock 0.0 Adjusted BETA 1.075Minority Interest 0.0 Analyst Recs 10Cash and Equivalents 38.61 Consensus Rating 4.200Enterprise Value 531.00Average Volume 5 Day 776282RIO CN EQUITY YTD Change - Average Volume 30 Day 776354RIO CN EQUITY YTD % CHANGE - Average Volume 3 Month 712000LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.05.2008 31.05.2009 31.05.2010 31.05.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q30.0 0.0 0.0 0.0 316.5 94.7 281.1 319.2 320.3 - -- - - - 2.71x 15.20x 8.35x 1.66x - - -(2.3) (1.5) (3.9) (8.0) 173.1 61.5 107.0 136.8 139.5 - -- - - - 4.96x 0.00x 0.00x 3.88x 3.81x - -(1.9) (1.5) (12.6) (8.0) 100.4 29.2 75.6 74.1 89.2 - -- - - - 8.93x 0.00x 11.16x 7.02x 5.99x 8.73x 9.15xEBITDA 173.12 Long-Term Rating Date -EBIT 151.44 Long-Term Rating -Operating Margin 47.85% Long-Term Outlook -Pretax Margin 48.82% Short-Term Rating Date -Return on Assets 38.61% Short-Term Rating -Return on Common Equity 59.31%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -0.20Gross Margin 62.4% Total Debt/EBITDA 0.02EBITDA Margin 54.7%EBIT Margin 47.9% Total Debt/Equity 1.4%Net Income Margin 31.7% Total Debt/Capital 1.4%Asset Turnover 1.22Current Ratio 1.61 Net Fixed Asset Turnover 1.91Quick Ratio 0.74 Accounts receivable turnover-days 26.87Debt to Assets 0.92% Inventory Days 50.64Tot Debt to Common Equity 1.43% Accounts Payable Turnover Day 114.13Accounts Receivable Turnover 21.59 Cash Conversion Cycle -36.68Inventory Turnover 11.45Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedRio Alto Mining LtdPrice/VolumeValuation Analysis1643976.00Current Price (5/dd/yy) Market Data01234567m-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 M0.050.0100.0150.0200.0250.0300.0350.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.002.004.006.008.0010.0012.0014.0016.0005.06.2009 05.12.2009 05.06.2010 05.12.2010 05.06.2011 05.12.2011 05.06.2012 05.12.2012Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA n/a 13G 28000700 15.92 - 31.12.2012 Investment AdvisorSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 27493900 15.63 27493900 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 14940000 8.49 8960000 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 12701102 7.22 - 15.05.2013 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7989300 4.54 102600 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 6701405 3.81 3973199 14.05.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 6530445 3.71 6530445 31.03.2013 BankAUSCAN ASSETS LIMITE n/a SEDI 4969651 2.83 50000 07.12.2012 OtherNORWICH ROGER n/a SEDI 4734195 2.69 265000 25.11.2011 n/aCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 4296000 2.44 4296000 31.03.2013 Investment AdvisorHAWKSHAW ANTHONY GRA n/a SEDI 3000000 1.71 - 19.10.2011 n/aCANADA PENSION PLAN CANADA PENSION PLAN 13F 2902100 1.65 2902100 31.03.2013 Pension Fund (ERISA)BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 2360802 1.34 2360802 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2068242 1.18 2068242 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1970000 1.12 1970000 31.03.2013 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 1854700 1.05 1854700 31.03.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1560100 0.89 1560100 31.03.2013 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1351000 0.77 1351000 31.03.2013 Investment AdvisorINTACT INVESTMENT MA INTACT INVESTEMENT M 13F 1076700 0.61 1076700 31.03.2013 Investment AdvisorSOLDI JAIME n/a SEDI 1028288 0.58 126000 02.01.2013 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateCIBC World Markets MATTHEW GIBSON sector outperform 5 M 7 12 month 15.05.2013Desjardins Securities ADAM MELNYK hold 3 M 5 12 month 15.05.2013GMP GEORGE V ALBINO buy 5 M 8 Not Provided 15.05.2013Clarus Securities MIKE BANDROWSKI buy 5 M 7 12 month 15.05.2013Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 4 12 month 15.05.2013BMO Capital Markets BRIAN QUAST market perform 3 M 5 Not Provided 14.05.2013Kallpa Securities SAB HUMBERTO LEON overweight 5 M 5 12 month 03.05.2013Scotia Capital MARK TURNER sector perform 3 M 5 12 month 08.04.2013Euro Pacific Capital Inc HEIKO IHLE buy 5 M 7 12 month 08.04.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Holdings By:Rio Alto Mining LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Aurizon Mines Ltd. is a gold mining company. The Companys operations andexploration activities are located in the Abitibi region of north-westernQuebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,the Sleeping Giant Mine, and the Casa Berardi property.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (19.09.2012) 5.3752-Week Low (24.12.2012) 3.19Daily Volume3.8152-Week High % Change -29.05% Dividend Yield -52-Week Low % Change 19.44% Beta 0.96% 52 Week Price Range High/Low 28.44% Equity Float 136.32Shares Out 30.04.2013 164.7 Short Int 2.40627.38 1 Yr Total Return -3.54%Total Debt 0.00 YTD Return 9.48%Preferred Stock 0.0 Adjusted BETA 0.958Minority Interest 0.0 Analyst Recs 5Cash and Equivalents 204.71 Consensus Rating 3.000Enterprise Value 449.51Average Volume 5 Day 412945AZK US EQUITY YTD Change - Average Volume 30 Day 888891AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 917810LTM-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 Q3144.5 175.6 178.7 260.0 223.6 269.5 210.1 209.3 266.3 46.6 49.54.07x 3.65x 5.82x 2.31x 1.61x 9.71x 10.01x - - - -53.5 87.5 69.8 124.9 92.2 134.3 77.9 94.0 139.0 - -10.98x 7.32x 14.90x 4.81x 3.90x 4.46x 6.98x 4.79x 3.23x - -4.9 36.7 17.2 43.9 31.8 49.7 20.6 27.9 51.1 3.4 4.6- - - - - 0.00x 0.00x 29.85x 14.92x - -EBITDA 92.23 Long-Term Rating Date -EBIT 54.50 Long-Term Rating -Operating Margin 24.38% Long-Term Outlook -Pretax Margin 25.08% Short-Term Rating Date -Return on Assets 4.76% Short-Term Rating -Return on Common Equity 5.91%Return on Capital 6.03% EBITDA/Interest Exp. 107.74Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 19.32Net Debt/EBITDA -2.43Gross Margin 41.0% Total Debt/EBITDA 0.00EBITDA Margin 37.1%EBIT Margin 18.6% Total Debt/Equity 0.0%Net Income Margin 14.2% Total Debt/Capital 0.0%Asset Turnover 0.49Current Ratio 7.30 Net Fixed Asset Turnover 1.07Quick Ratio 6.49 Accounts receivable turnover-days 19.33Debt to Assets 0.00% Inventory Days 49.19Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 82.16Accounts Receivable Turnover 18.89 Cash Conversion Cycle 14.19Inventory Turnover 7.42Fiscal Year EndedAurizon Mines LtdPrice/VolumeValuation Analysis207992.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0123456m-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 M3.5 M4.0 M4.5 M5.0 M0.050.0100.0150.0200.0250.0300.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALAMOS GOLD INC n/a 13D 26507283 16.1 - 19.03.2013 OtherVAN ECK ASSOCIATES C n/a ULT-AGG 22947156 13.94 (4072245) 15.05.2013 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 5855560 3.56 104300 31.03.2013 Hedge Fund ManagerRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 4647300 2.82 (159200) 31.03.2013 Hedge Fund ManagerGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 4273700 2.6 4273700 31.03.2013 Investment AdvisorALPINE ASSOCIATES AD ALPINE ASSOCIATES AD 13F 3842000 2.33 3842000 31.03.2013 Hedge Fund ManagerHARVARD MANAGEMENT C HARVARD MANAGEMENT C 13F 1707800 1.04 1707800 31.03.2013 EndowmentLONGFELLOW INVESTMEN LONGFELLOW INVESTMEN 13F 1674818 1.02 1674818 31.03.2013 Investment AdvisorTOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1655218 1.01 1655218 28.03.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1584910 0.96 45000 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 1400000 0.85 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1379219 0.84 - 14.05.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1304320 0.79 (1626815) 31.03.2013 Pension Fund (ERISA)MORGAN STANLEY n/a ULT-AGG 1289081 0.78 1097036 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 1264143 0.77 1264143 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1121404 0.68 (1183046) 31.03.2013 Hedge Fund ManagerUBS n/a ULT-AGG 1093674 0.66 1062194 31.03.2013 UnclassifiedHALL DAVID P n/a SEDI 990342 0.6 5000 04.04.2012 n/aTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 962464 0.58 12062 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 955334 0.58 (248713) 31.12.2012 GovernmentFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets BRIAN QUAST underperform 1 M 4 Not Provided 15.05.2013Global Hunter Securities JEFF WRIGHT neutral 3 M 5 12 month 13.05.2013Desjardins Securities ADAM MELNYK tender #N/A N/A M 5 Not Provided 10.05.2013National Bank Financial PAOLO LOSTRITTO tender #N/A N/A M 5 12 month 10.05.2013EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 15.03.2013Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 05.03.2013Euro Pacific Capital Inc HEIKO IHLE buy 5 M 5 12 month 04.03.2013Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013CIBC World Markets COSMOS CHIU restricted #N/A N/A M #N/A N/A Not Provided 25.01.2013Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 6 12 month 23.01.2013Scotia Capital OVAIS HABIB restricted #N/A N/A M #N/A N/A Not Provided 21.01.2013Holdings By:Aurizon Mines LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Endeavour Silver Corp. is a small-cap silver mining company focused on thegrowth of its silver production, reserves and resources in Mexico.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 10.7352-Week Low (15.05.2013) 4.05Daily Volume4.0852-Week High % Change -61.98% Dividend Yield -52-Week Low % Change 0.74% Beta 1.22% 52 Week Price Range High/Low 0.45% Equity Float 98.17Shares Out 30.04.2013 99.7 Short Int 1.24406.73 1 Yr Total Return -45.96%Total Debt 9.00 YTD Return -48.29%Preferred Stock 0.0 Adjusted BETA 1.221Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 27.14 Consensus Rating 4.750Enterprise Value 408.49Average Volume 5 Day 1131951EXK US EQUITY YTD Change - Average Volume 30 Day 1418660EXK US EQUITY YTD % CHANGE - Average Volume 3 Month 1438925LTM-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 Q339.3 50.8 86.5 128.0 208.1 141.7 228.9 238.2 279.8 - -1.18x 3.98x 5.80x 5.79x 3.68x 18.97x 12.83x - - - -(4.5) 11.3 30.7 64.8 89.8 71.1 87.6 86.9 131.9 24.1 28.7- 17.91x 16.36x 11.43x 8.53x 9.84x 7.11x 4.70x 3.10x - -(18.0) (1.9) (20.4) 18.8 42.1 38.0 36.7 33.9 59.8 - -- - - - - 0.00x 0.00x 9.93x 6.86x 13.83x 11.03xEBITDA 89.81 Long-Term Rating Date -EBIT 59.85 Long-Term Rating -Operating Margin 28.76% Long-Term Outlook -Pretax Margin 28.88% Short-Term Rating Date -Return on Assets 9.33% Short-Term Rating -Return on Common Equity 12.72%Return on Capital 12.20% EBITDA/Interest Exp. 185.55Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 48.70Net Debt/EBITDA 0.02Gross Margin 41.6% Total Debt/EBITDA 0.38EBITDA Margin 38.3%EBIT Margin 23.6% Total Debt/Equity 2.6%Net Income Margin 20.2% Total Debt/Capital 2.6%Asset Turnover 0.58Current Ratio 2.07 Net Fixed Asset Turnover 1.01Quick Ratio 1.00 Accounts receivable turnover-days 29.04Debt to Assets 1.88% Inventory Days 91.04Tot Debt to Common Equity 2.65% Accounts Payable Turnover Day 52.07Accounts Receivable Turnover 12.57 Cash Conversion Cycle 75.06Inventory Turnover 4.01Fiscal Year EndedEndeavour Silver CorpPrice/VolumeValuation Analysis1438931.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure024681012m-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 M3.5 M0.050.0100.0150.0200.0250.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 8013149 8.04 1059160 15.05.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 4503915 4.52 (646415) 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3482397 3.49 (277402) 31.03.2013 Hedge Fund ManagerNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3118300 3.13 224200 31.03.2013 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1502600 1.51 95000 31.03.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1141496 1.15 (18119) 31.03.2013 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1110237 1.11 (16700) 31.03.2013 Investment AdvisorCOOKE BRADFORD JAMES n/a SEDI 1085337 1.09 (200000) 22.04.2013 n/aPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 922750 0.93 (71300) 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 900000 0.9 400000 31.12.2012 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 836900 0.84 25700 31.03.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 579250 0.58 - 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 558672 0.56 77803 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 547823 0.55 4210 31.12.2012 GovernmentIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 482200 0.48 - 31.12.2012 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 481933 0.48 (9867) 31.03.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 446820 0.45 (49400) 31.03.2013 Hedge Fund ManagerTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 364494 0.37 193362 31.03.2013 Investment AdvisorPADCO ADVISORS INC Multiple Portfolios MF-AGG 322181 0.32 36380 30.04.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 298727 0.3 (744233) 31.03.2013 Pension Fund (ERISA)Firm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW KAIP market perform 3 M 6 Not Provided 13.05.2013Salman Partners ASH GUGLANI buy 5 M 8 12 month 08.05.2013Haywood Securities Inc. BENJAMIN ASUNCION buy 5 M 8 Not Provided 08.05.2013Raymond James CHRIS THOMPSON outperform 5 M 9 12 month 07.05.2013Euro Pacific Capital Inc HEIKO IHLE buy 5 M 6 12 month 07.05.2013EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 16.04.2013CIBC World Markets LEON ESTERHUIZEN sector outperform 5 N 9 Not Provided 11.04.2013GMP CHELSEA HAMILTON buy 5 M 10 12 month 08.04.2013Holdings By:Endeavour Silver CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Continental Gold Ltd. is an advanced-stage exploration company. The Company hasa portfolio of gold projects located in established mineral belts in Colombia,South America. Continental Golds priorities include advanced exploration anddefinition drilling programs at its Buritica gold project and phase-one drillingat its Berlin project.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (12.11.2012) 10.0352-Week Low (15.05.2013) 3.54Daily Volume3.6252-Week High % Change -63.91% Dividend Yield 0.0052-Week Low % Change 2.26% Beta 1.15% 52 Week Price Range High/Low 1.23% Equity Float 103.24Shares Out 30.04.2013 126.4 Short Int 0.27457.73 1 Yr Total Return -34.30%Total Debt 0.00 YTD Return -59.10%Preferred Stock 0.0 Adjusted BETA 1.150Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 83.89 Consensus Rating 4.000Enterprise Value 346.58Average Volume 5 Day 267401CNL CN EQUITY YTD Change - Average Volume 30 Day 639849CNL CN EQUITY YTD % CHANGE - Average Volume 3 Month 634223LTM-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 Q30.0 0.0 0.0 0.0 - 0.0 0.0 14.0 14.0 - -- - - - - #DIV/0! #DIV/0! - - - -(0.6) (4.2) (10.7) (11.8) - (9.5) (5.0) (9.6) (9.6) - -- - - - - 0.00x 0.00x - - - -(0.6) (4.1) (119.1) 18.2 (7.9) (11.3) (13.6) (9.6) (12.8) - -- - - 38.93x - 0.00x 0.00x - - - -EBITDA -11.77 Long-Term Rating Date -EBIT -12.17 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -4.13% Short-Term Rating -Return on Common Equity -4.55%Return on Capital - EBITDA/Interest Exp. -141.81Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -569.05Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 8.87 Net Fixed Asset Turnover 0.00Quick Ratio 8.87 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedContinental Gold LtdPrice/VolumeValuation Analysis479646.00Current Price (5/dd/yy) Market Data024681012m-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 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGCIC LTD/CANADA n/a Co File 17893800 14.15 116400 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN n/a Co File 16205564 12.82 1985981 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 8109507 6.41 - 15.05.2013 Investment AdvisorBULLET HOLDING CORP n/a SEDI 8024456 6.35 (200000) 05.10.2012 Holding CompanyCOASTAL FINANCING CO n/a SEDI 5786124 4.58 (250000) 21.12.2012 OtherROYAL BANK OF CANADA n/a ULT-AGG 4842218 3.83 111800 28.03.2013 BankREINDEER CAPITAL LTD n/a SEDI 3668490 2.9 (250000) 21.12.2012 OtherSPROTT INC Multiple Portfolios MF-AGG 2582500 2.04 485700 31.12.2012 Hedge Fund ManagerIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2471400 1.95 - 31.01.2013 Investment AdvisorEXPERT FUNDING CORP n/a SEDI 2316327 1.83 (35000) 02.11.2012 CorporationHARTFORD INVESTMENT Multiple Portfolios MF-AGG 2293942 1.81 353535 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 2216400 1.75 (771400) 31.03.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 2141942 1.69 (188058) 29.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 1659000 1.31 329000 28.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1567461 1.24 495815 31.03.2013 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 1523400 1.2 1523400 31.12.2012 Investment AdvisorSUSSMAN ARI B n/a SEDI 1149151 0.91 10606 21.08.2012 n/aFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1078849 0.85 58800 15.05.2013 Investment AdvisorPENTAGON PROPERTIES n/a SEDI 1025000 0.81 500000 23.04.2012 OtherQUANTEX AG Multiple Portfolios MF-AGG 900000 0.71 90000 29.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateStifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 03.05.2013Clarus Securities JAMIE SPRATT speculative buy 4 M 14 12 month 03.05.2013Dundee Securities Corp JOE FAZZINI buy 5 M 9 12 month 24.04.2013TD Securities DANIEL EARLE speculative buy 4 M 10 12 month 23.04.2013Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013GMP GEORGE V ALBINO buy 5 M 15 12 month 11.04.2013RBC Capital Markets DAN ROLLINS sector perform 3 M 11 12 month 07.01.2013Interbolsa SA GABRIEL BAYONA speculative buy 4 M 13 Not Provided 01.10.2012Holdings By:Continental Gold LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Rubicon Minerals Corporation is a mineral exploration company. The Companyexplores for gold deposits in the Red Lake gold camp of Canada, as well asNevada and Alaska.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (17.09.2012) 3.8052-Week Low (18.04.2013) 1.44Daily Volume1.5652-Week High % Change -58.95% Dividend Yield 0.0052-Week Low % Change 8.33% Beta 1.20% 52 Week Price Range High/Low 5.08% Equity Float 274.32Shares Out 30.04.2013 288.5 Short Int 2.75450.01 1 Yr Total Return -40.23%Total Debt 0.44 YTD Return -38.82%Preferred Stock 0.0 Adjusted BETA 1.201Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 171.99 Consensus Rating 4.250Enterprise Value 302.44Average Volume 5 Day 573435RMX CN EQUITY YTD Change - Average Volume 30 Day 856914RMX CN EQUITY YTD % CHANGE - Average Volume 3 Month 849211LTM-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 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(3.4) (4.6) (25.4) (21.6) (11.6) (21.9) (11.8) - - - -- - - - - 0.00x 0.00x - - - -(2.4) (0.6) (25.5) (21.4) (10.4) (21.5) (10.4) - - - -- - - - - 0.00x 0.00x - 7.80x 1560.00x 25.16xEBITDA -11.56 Long-Term Rating Date -EBIT -11.63 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -2.18% Short-Term Rating -Return on Common Equity -2.26%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -0.03EBITDA Margin -EBIT Margin - Total Debt/Equity 0.1%Net Income Margin - Total Debt/Capital 0.1%Asset Turnover 0.00Current Ratio 10.32 Net Fixed Asset Turnover 0.00Quick Ratio 10.29 Accounts receivable turnover-days -Debt to Assets 0.09% Inventory Days -Tot Debt to Common Equity 0.10% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedRubicon Minerals CorpPrice/VolumeValuation Analysis880101.00Current Price (5/dd/yy) Market Data011223344m-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 M0.00.00.00.10.10.10.12000 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 28491142 9.88 5755275 31.03.2013 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 13783100 4.78 423700 31.12.2012 Investment AdvisorGREYWOLF CAPITAL MAN GREYWOLF CAPITAL MAN 13F 12987200 4.5 3862200 31.03.2013 Hedge Fund ManagerAGNICO-EAGLE MINES L n/a 13D 10671827 3.7 (11000000) 01.06.2012 CorporationSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 7263300 2.52 - 31.03.2013 Hedge Fund ManagerFMR LLC n/a ULT-AGG 5002102 1.73 1345750 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 4815492 1.67 (22525) 31.03.2013 Investment AdvisorINVESCO LTD n/a ULT-AGG 3672663 1.27 441768 15.05.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2770500 0.96 75100 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 2510876 0.87 3648 14.05.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2247666 0.78 (164800) 31.03.2013 Pension Fund (ERISA)CAPITAL TACTICS ADVI CAPITAL TACTICS ADVI 13F 1992710 0.69 (35900) 31.03.2013 Hedge Fund ManagerTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 1938402 0.67 814628 31.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1661675 0.58 200100 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 1560601 0.54 (247212) 31.12.2012 GovernmentADAMSON DAVID W n/a SEDI 1535189 0.53 107000 04.02.2013 n/aLOEWS CORPORATION LOEWS CORPORATION 13F 1401817 0.49 - 31.03.2013 CorporationSHARE SICAV Multiple Portfolios MF-AGG 1244300 0.43 22000 31.12.2012 Investment AdvisorD E SHAW & COMPANY I D E SHAW & CO 13F 1175037 0.41 (217500) 31.03.2013 Hedge Fund ManagerGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1019385 0.35 1019385 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateTD Securities DANIEL EARLE speculative buy 4 M 4 12 month 23.04.2013BMO Capital Markets ANDREW KAIP market perform 3 M 3 Not Provided 15.04.2013GMP GEORGE V ALBINO buy 5 M 8 12 month 18.03.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 6 Not Provided 29.01.2013Holdings By:Rubicon Minerals CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Silvercorp Metals Inc. acquires, explores, and develops mineral properties inChina. The Company is developing its Ying Silver project located in thePeoples Republic of China.Latest Fiscal Year: 03/2012LTM as of: 12/yy52-Week High (14.09.2012) 6.8652-Week Low (17.04.2013) 2.55Daily Volume2.652-Week High % Change -62.10% Dividend Yield -52-Week Low % Change 1.96% Beta 1.01% 52 Week Price Range High/Low 1.16% Equity Float 164.96Shares Out 30.04.2013 170.8 Short Int 5.03444.03 1 Yr Total Return -47.90%Total Debt 0.00 YTD Return -48.91%Preferred Stock 0.0 Adjusted BETA 1.014Minority Interest 77.0 Analyst Recs 4Cash and Equivalents 154.51 Consensus Rating 4.500Enterprise Value 389.71Average Volume 5 Day 731770SVM US EQUITY YTD Change - Average Volume 30 Day 1150804SVM US EQUITY YTD % CHANGE - Average Volume 3 Month 1427932LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1108.4 83.5 107.2 167.3 238.0 236.1 192.8 201.7 256.0 - -10.33x 3.67x 9.86x 14.29x 4.61x 25.98x 19.96x 2.24x - - -76.7 40.4 66.4 110.3 155.3 158.2 102.5 93.2 141.0 - -14.60x 7.59x 15.92x 21.68x 7.06x 6.33x 8.01x 4.18x 2.76x - -59.9 (16.0) 38.5 67.7 73.8 76.2 30.6 29.5 53.8 - -- - - - - 0.00x 0.00x 12.21x 8.87x 7.88x 6.27xEBITDA 155.30 Long-Term Rating Date -EBIT 141.60 Long-Term Rating -Operating Margin 59.50% Long-Term Outlook -Pretax Margin 61.72% Short-Term Rating Date -Return on Assets 5.24% Short-Term Rating -Return on Common Equity 7.01%Return on Capital 9.37% EBITDA/Interest Exp. 1652.13Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 900.45Net Debt/EBITDA -1.27Gross Margin 74.3% Total Debt/EBITDA 0.00EBITDA Margin 53.1%EBIT Margin 45.1% Total Debt/Equity 0.0%Net Income Margin 31.0% Total Debt/Capital 0.0%Asset Turnover 0.33Current Ratio 4.48 Net Fixed Asset Turnover 0.54Quick Ratio 4.16 Accounts receivable turnover-days 11.13Debt to Assets 0.00% Inventory Days 38.51Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 156.53Accounts Receivable Turnover 32.88 Cash Conversion Cycle -60.19Inventory Turnover 9.50Fiscal Year EndedSilvercorp Metals IncPrice/VolumeValuation Analysis1312332.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure012345678m-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 M3.5 M4.0 M0.050.0100.0150.0200.0250.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 17994480 10.54 1507271 15.05.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 5068400 2.97 863400 31.03.2013 Hedge Fund ManagerROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 4484200 2.63 (1325850) 31.03.2013 Investment AdvisorFENG RUI n/a SEDI 4169500 2.44 30000 22.01.2013 n/aAXA n/a ULT-AGG 2259386 1.32 - 31.03.2013 Investment AdvisorSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 2207900 1.29 510000 31.03.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2176845 1.27 (33942) 31.03.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1644860 0.96 44900 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1393690 0.82 - 31.03.2013 Pension Fund (ERISA)IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1333300 0.78 25000 31.12.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 1083600 0.63 - 31.12.2012 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1065516 0.62 (39797) 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 976053 0.57 (301811) 31.12.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 961280 0.56 55500 31.03.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 888000 0.52 - 31.03.2013 Investment AdvisorGAO JIANGUO n/a SEDI 803713 0.47 2990 16.09.2011 n/aROYAL BANK OF CANADA n/a ULT-AGG 701217 0.41 157314 31.03.2013 BankUBS n/a ULT-AGG 653024 0.38 (49295) 31.03.2013 UnclassifiedSIMPSON S PAUL n/a PROXY 648005 0.38 - 17.08.2012 n/aGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 644603 0.38 (50126) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW KAIP market perform 3 M 5 Not Provided 13.05.2013Raymond James BRAD HUMPHREY outperform 5 M 7 12 month 24.04.2013Salman Partners ASH GUGLANI buy 5 M 7 12 month 17.04.2013EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.04.2013Knight TEAM COVERAGE strong buy 5 M 13 12 month 20.09.2011Holdings By:Silvercorp Metals IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Evolution Mining Ltd is a gold exploration company with operations in WesternAustralia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon andPajingo - and the Mt Carlton development project.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (23.10.2012) 2.1452-Week Low (24.04.2013) 0.83Daily Volume0.8352-Week High % Change -61.21% Dividend Yield 0.0052-Week Low % Change 0.00% Beta 1.28% 52 Week Price Range High/Low 8.02% Equity Float 442.71Shares Out 31.12.2012 708.1 Short Int 22.07587.72 1 Yr Total Return -38.06%Total Debt 35.85 YTD Return -51.46%Preferred Stock 0.0 Adjusted BETA 1.279Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 141.78 Consensus Rating 4.071Enterprise Value 622.80Average Volume 5 Day 4735785EVN AU EQUITY YTD Change - Average Volume 30 Day 4688599EVN AU EQUITY YTD % CHANGE - Average Volume 3 Month 3561535LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -- - 22.3 121.9 469.5 - - 613.6 701.9 - -- - 13.04x 2.11x 2.00x - - 1.15x 0.93x - -(2.3) (3.3) 2.9 29.7 190.4 - - 234.4 289.2 - -- - 99.74x 8.65x 4.92x - - 2.66x 2.15x - -(2.3) (3.3) 5.5 (2.3) 37.3 - - 57.8 82.4 - -- - 41.35x - 20.77x - - 9.88x 7.22x - -EBITDA 190.41 Long-Term Rating Date -EBIT 95.24 Long-Term Rating -Operating Margin 20.29% Long-Term Outlook -Pretax Margin 14.16% Short-Term Rating Date -Return on Assets 7.60% Short-Term Rating -Return on Common Equity 9.11%Return on Capital 9.13% EBITDA/Interest Exp. 27.52Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. -3.81Net Debt/EBITDA 0.16Gross Margin 28.1% Total Debt/EBITDA 0.39EBITDA Margin 33.6%EBIT Margin 21.2% Total Debt/Equity 3.4%Net Income Margin 7.9% Total Debt/Capital 3.3%Asset Turnover 0.50Current Ratio 1.60 Net Fixed Asset Turnover 0.63Quick Ratio 1.17 Accounts receivable turnover-days 15.57Debt to Assets 2.82% Inventory Days 40.32Tot Debt to Common Equity 3.39% Accounts Payable Turnover Day 62.99Accounts Receivable Turnover 23.51 Cash Conversion Cycle 6.10Inventory Turnover 9.08Fiscal Year EndedEvolution Mining LtdPrice/VolumeValuation Analysis4029300.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure011223m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M18.0 M0.050.0100.0150.0200.0250.0300.0350.0400.0450.0500.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0010.0020.0030.0040.0050.0060.0070.0080.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNEWCREST MINING LTD n/a Co File 231082631 32.63 - 17.09.2012 CorporationALLAN GRAY AUSTRALIA #N/A N/A EXCH 69618085 9.83 9983115 09.05.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 43595715 6.16 - 15.05.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 19201488 2.71 (2500) 14.05.2013 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 11341660 1.6 - 27.12.2012 Hedge Fund ManagerWALKER DONALD ROBIN n/a Co File 6015385 0.85 - 17.09.2012 n/aKLEIN JACOB n/a EXCH 5800000 0.82 50000 05.02.2013 n/aTrinity Management P n/a Co File 5382930 0.76 - 17.09.2012 UnclassifiedOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5000000 0.71 - 31.03.2013 Investment AdvisorAMP LIFE LTD n/a Co File 4933179 0.7 - 17.09.2012 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 4500000 0.64 - 31.12.2012 Investment AdvisorLUJETA PTY LTD n/a Co File 4220000 0.6 - 17.09.2012 CorporationFRANKLIN RESOURCES n/a ULT-AGG 4050000 0.57 - 28.03.2013 Investment AdvisorCREASY MARK GARETH n/a Co File 3856176 0.54 - 17.09.2012 n/aJJ HOLDINGS (VIC) PT n/a Co File 3552009 0.5 - 30.08.2012 OtherNORGES BANK Multiple Portfolios MF-AGG 3182195 0.45 - 31.12.2012 GovernmentFMR LLC n/a ULT-AGG 3139480 0.44 67263 31.10.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2701033 0.38 302373 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2493191 0.35 (20500) 31.03.2013 Hedge Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2377918 0.34 (18512) 30.09.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie MITCH RYAN outperform 5 M 1 12 month 14.05.2013Deutsche Bank CHRIS TERRY hold 3 D 1 12 month 13.05.2013Goldman Sachs PAUL HISSEY neutral/attractive 3 M 1 12 month 09.05.2013Investec TIM GERRARD buy 5 M 1 12 month 26.04.2013RBC Capital Markets GEOFF BREEN outperform 5 M 1 12 month 24.04.2013JPMorgan JOSEPH KIM neutral 3 M 1 9 month 24.04.2013BBY Limited KURT WORDEN strong buy 5 M 1 12 month 24.04.2013Credit Suisse MICHAEL SLIFIRSKI outperform 5 U 1 Not Provided 23.04.2013Paterson Securities MATTHEW TRIVETT hold 3 M 1 12 month 23.04.2013Nomura DAVID RADCLYFFE suspended coverage #N/A N/A M #N/A N/A Not Provided 12.04.2013EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 20.02.2013RBS Morgans JAMES WILSON outperform 5 N 2 12 month 27.11.2012Ord Minnett DAVID BRENNAN buy 5 M #N/A N/A Not Provided 01.11.2012Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 26.10.2012Bell Potter CHRIS WHITEHEAD buy 5 M 2 12 month 06.03.2012Hartleys PETER GRAY buy 5 M 2 Not Provided 02.02.2012Holdings By:Evolution Mining LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013China Precious Metal Resources Holdings Co Ltd.through its subsidiary, mines forprecious metals.Latest Fiscal Year: 12/2012LTM as of: 01/yy52-Week High (26.11.2012) 1.6252-Week Low (16.07.2012) 1.08Daily Volume1.3652-Week High % Change -16.05% Dividend Yield 0.0052-Week Low % Change 25.93% Beta 0.63% 52 Week Price Range High/Low 50.00% Equity Float 3550.71Shares Out 31.12.2012 4350.7 Short Int -5916.99 1 Yr Total Return 0.74%Total Debt 1841.42 YTD Return -8.11%Preferred Stock - Adjusted BETA 0.626Minority Interest - Analyst Recs 4Cash and Equivalents 100.19 Consensus Rating 5.000Enterprise Value 7658.21Average Volume 5 Day 60865581194 HK EQUITY YTD Change - Average Volume 30 Day 53000081194 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7618551LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -139.5 19.4 168.2 1119.3 1626.0 - - 1910.0 2396.3 - -1.97x 167.09x 37.32x 5.56x 5.03x - - 4.03x 3.05x - -(51.4) 5.1 116.1 824.5 1110.5 - - 1277.0 1593.5 - -- 639.25x 54.07x 7.55x 7.37x - - 6.00x 4.81x - -(52.2) (29.2) 21.9 417.4 445.1 - - 569.0 679.3 - -- - 72.08x 12.00x 12.13x - - 9.38x 8.34x - -EBITDA 1110.52 Long-Term Rating Date -EBIT 841.85 Long-Term Rating -Operating Margin 51.77% Long-Term Outlook -Pretax Margin 40.73% Short-Term Rating Date -Return on Assets 5.76% Short-Term Rating -Return on Common Equity 9.71%Return on Capital - EBITDA/Interest Exp. 6.19Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 0.11Net Debt/EBITDA 1.57Gross Margin 63.9% Total Debt/EBITDA 1.66EBITDA Margin 68.3%EBIT Margin 51.8% Total Debt/Equity 32.9%Net Income Margin 27.4% Total Debt/Capital 24.7%Asset Turnover 0.21Current Ratio 0.47 Net Fixed Asset Turnover 1.11Quick Ratio 0.30 Accounts receivable turnover-days 34.07Debt to Assets 19.79% Inventory Days 39.24Tot Debt to Common Equity 32.85% Accounts Payable Turnover Day 135.77Accounts Receivable Turnover 10.74 Cash Conversion Cycle -62.45Inventory Turnover 9.33Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedChina Precious Metal Resources Holdings Co LtdPrice/VolumeValuation Analysis42412001.00Current Price (5/dd/yy) Market Data0001111122m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M20.0 M40.0 M60.0 M80.0 M100.0 M120.0 M140.0 M160.0 M180.0 M0.0500.01000.01500.02000.02500.03000.03500.04000.04500.05000.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMUNSUN GL MINING INV n/a EXCH 312576000 7.18 (126190000) 02.05.2013 Investment AdvisorYIM YANG CHANG n/a EXCH 307206000 7.06 24900000 26.10.2012 n/aASWELL GROUP LTD n/a EXCH 257196670 5.91 - 16.10.2012 OtherVAN ECK ASSOCIATES C n/a ULT-AGG 221008000 5.08 - 15.05.2013 Investment AdvisorBANK OF NEW YORK MEL n/a EXCH 217908000 5.01 - 22.01.2013 Investment AdvisorPREMIUM WISE INC n/a EXCH 187636382 4.31 (679470000) 08.11.2012 Holding CompanyDIMENSIONAL FUND ADV n/a ULT-AGG 25326000 0.58 - 31.01.2013 Investment AdvisorSIMPLE BEST LTD n/a EXCH 16682000 0.38 (50000000) 07.10.2011 OtherNORGES BANK Multiple Portfolios MF-AGG 15562110 0.36 - 31.12.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 15208000 0.35 794000 31.03.2013 Investment AdvisorZHANG SHU GUANG n/a EXCH 10300000 0.24 1120000 18.04.2012 n/aXIAOBING DAI n/a EXCH 10000000 0.23 (1000000) 10.04.2013 n/aBLACKROCK n/a ULT-AGG 9512000 0.22 - 14.05.2013 Investment AdvisorCHAM LAM n/a EXCH 7400000 0.17 - 16.10.2012 n/aCHAM LAM n/a Short (6000000) -0.14 - 16.10.2012 n/aCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4858000 0.11 - 15.05.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 3528000 0.08 - 15.05.2013 Investment AdvisorXIMIN MEI n/a Co File 2000000 0.05 - 31.12.2011 n/aOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 1920000 0.04 - 31.01.2013 Investment AdvisorKIN SANG CHAN n/a Co File 800000 0.02 - 31.12.2011 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateDaiwa Securities Co. Ltd. JOEY CHEN buy 5 N 2 Not Provided 10.05.2013Argonaut Securities Pty Ltd CHRIS JIANG buy 5 M 2 Not Provided 19.04.2013BOCOM International Holdings BENJAMIN PEI buy 5 M 2 Not Provided 02.04.2013EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 17.01.2013Holdings By:China Precious Metal Resources Holdings Co LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Seabridge Gold, Inc. acquires gold projects in North America. The Companyexpands and verifies these resources, moves them to reserves to determine theireconomic value, and either sells to or forms joint ventures with largercompanies for mine construction and production.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (14.09.2012) 20.3452-Week Low (18.04.2013) 9.63Daily Volume10.1952-Week High % Change -49.89% Dividend Yield -52-Week Low % Change 5.82% Beta 0.99% 52 Week Price Range High/Low 5.23% Equity Float 41.57Shares Out 30.04.2013 45.6 Short Int 3.88464.22 1 Yr Total Return -19.95%Total Debt 0.00 YTD Return -43.29%Preferred Stock 0.0 Adjusted BETA 0.990Minority Interest 0.0 Analyst Recs 2Cash and Equivalents 52.04 Consensus Rating 4.000Enterprise Value 420.67Average Volume 5 Day 249532SA US EQUITY YTD Change - Average Volume 30 Day 378080SA US EQUITY YTD % CHANGE - Average Volume 3 Month 377719LTM-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 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(5.6) (5.0) (5.7) (19.8) (15.8) (19.8) (5.1) (15.0) (16.0) - -- - - - - 0.00x 0.00x - - - -10.3 (4.7) 3.3 (20.1) (12.5) (18.3) (14.1) - - - -- - - - - 0.00x 0.00x - - - -EBITDA -15.82 Long-Term Rating Date -EBIT -15.83 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -5.08% Short-Term Rating -Return on Common Equity -5.37%Return on Capital - EBITDA/Interest Exp. -385.83Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -1574.22Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 5.11 Net Fixed Asset Turnover 0.00Quick Ratio 5.11 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedSeabridge Gold IncPrice/VolumeValuation Analysis467017.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0510152025m-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 M3.5 M4.0 M4.5 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 12566447 27.58 661363 15.05.2013 Investment AdvisorPAN ATLANTIC BANK n/a PROXY 8001232 17.56 - 10.05.2012 BankROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5837287 12.81 (289596) 31.03.2013 Investment AdvisorWEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 2022491 4.44 - 31.03.2013 Hedge Fund ManagerFRONK RUDI P n/a SEDI 1180000 2.59 10000 16.11.2012 n/aANTHONY JAMES S n/a PROXY 779791 1.71 - 15.05.2012 n/aFMR LLC n/a ULT-AGG 601905 1.32 - 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 572976 1.26 115079 31.03.2013 Investment AdvisorFCMI FINANCIAL CORP n/a PROXY 555000 1.22 - 10.05.2012 CorporationBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478467 1.05 (203241) 31.03.2013 Hedge Fund ManagerFNDTN FOR STUDY OBJ n/a SEDI 425334 0.93 - 06.02.2012 OtherFIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 415000 0.91 (35000) 02.05.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 338868 0.74 (465199) 14.05.2013 Investment AdvisorFOX LOUIS J n/a SEDI 300750 0.66 - 06.12.2011 n/aPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 286420 0.63 (23150) 31.03.2013 Investment AdvisorTHRELKELD WILLIAM E n/a SEDI 265000 0.58 (10000) 30.08.2011 n/aBANFIELD A FREDERICK n/a PROXY 245000 0.54 - 15.05.2012 n/aNORGES BANK NORGES BANK 13F 235224 0.52 (71639) 31.12.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 199794 0.44 21035 31.03.2013 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 167000 0.37 - 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF buy 5 M 64 Not Provided 13.05.2013Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 22 12 month 08.03.2013Nomura TYLER BRODA buy 5 M 24 Not Provided 16.05.2012Holdings By:Seabridge Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Beadell Resources Limited is a gold development company. The Companysprimary asset is the Tucano gold project, located in Brazil. Beadell also hasan extensive portfolio of gold exploration tenements throughout Australiaand Brazil, including the prospective Tropicana East Project located adjacentto the Tropicana gold depositLatest Fiscal Year: 12/2012LTM as of: 01/yy52-Week High (07.12.2012) 1.1452-Week Low (16.05.2012) 0.52Daily Volume0.62552-Week High % Change -44.93% Dividend Yield 0.0052-Week Low % Change 20.19% Beta 1.31% 52 Week Price Range High/Low 22.76% Equity Float 628.43Shares Out 22.04.2013 786.5 Short Int 39.70491.55 1 Yr Total Return 17.92%Total Debt 132.84 YTD Return -36.22%Preferred Stock 0.0 Adjusted BETA 1.313Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 5.38 Consensus Rating 4.643Enterprise Value 619.01Average Volume 5 Day 6406797BDR AU EQUITY YTD Change - Average Volume 30 Day 9031217BDR AU EQUITY YTD % CHANGE - Average Volume 3 Month 8016993LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -- - 2.9 0.0 0.9 - - 313.1 332.8 - -- - 28.44x - 976.94x - - 1.50x 1.02x - -(5.9) (3.9) (7.5) (35.3) (14.0) - - 161.1 182.5 - -- - - - - - - 3.84x 3.39x - -(5.3) (3.9) (8.3) (34.8) (43.0) - - 127.8 141.0 - -- - - - - - - 4.40x 3.68x - -EBITDA -13.98 Long-Term Rating Date -EBIT -14.11 Long-Term Rating -Operating Margin -1612.69% Long-Term Outlook -Pretax Margin -4944.23% Short-Term Rating Date -Return on Assets -22.34% Short-Term Rating -Return on Common Equity -100.81%Return on Capital - EBITDA/Interest Exp. -5.55Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -16.00Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin -1612.7% Total Debt/Equity 407.5%Net Income Margin -4913.5% Total Debt/Capital 80.3%Asset Turnover 0.00Current Ratio 0.44 Net Fixed Asset Turnover 0.01Quick Ratio 0.05 Accounts receivable turnover-days -Debt to Assets 53.81% Inventory Days -Tot Debt to Common Equity 407.55% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedBeadell Resources LtdPrice/VolumeValuation Analysis6881259.00Current Price (5/dd/yy) Market Data0001111m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M30.0 M35.0 M0.00.51.01.52.02.53.03.52001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0010.0020.0030.0040.0050.0060.0070.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOLUMBIA WANGER ASSE n/a EXCH 61627671 7.84 386033 18.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 57959639 7.37 12464715 15.05.2013 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 39552582 5.03 - 13.05.2013 Investment AdvisorCOUPLAND CARDIFF ASS n/a Co File 37132343 4.72 - 18.02.2013 Hedge Fund ManagerL1 CAPITAL PTY LTD n/a EXCH 23660753 3.01 (21000000) 22.11.2012 Investment AdvisorBOWLER PETER n/a EXCH 21043333 2.68 (4000000) 30.11.2012 n/aFRANKLIN RESOURCES n/a ULT-AGG 19652465 2.5 70000 28.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 16469711 2.09 65047 14.05.2013 Investment AdvisorOZ MINERALS INVESTME n/a Co File 12800000 1.63 - 31.03.2012 UnclassifiedAMP LIFE LTD n/a Co File 12331993 1.57 - 31.03.2012 Investment AdvisorUNISUPER n/a EXCH 12137228 1.54 - 05.12.2011 OtherFMR LLC n/a ULT-AGG 11653618 1.48 1685000 31.03.2013 Investment AdvisorBRAIDWOOD INVESTMENT n/a Co File 9100001 1.16 - 31.03.2012 UnclassifiedLEIBOWITZ ANTHONY HO n/a EXCH 8586457 1.09 263091 30.11.2012 n/aBARRETT GREGORY MICH n/a Co File 8351651 1.06 - 31.12.2011 n/aACORN CAPITAL LTD n/a EXCH 7556401 0.96 - 05.12.2011 Investment AdvisorHOOKIPA PTY LTD n/a Co File 7254650 0.92 - 31.03.2012 UnclassifiedWATKINS ROBERT n/a EXCH 6150001 0.78 - 14.11.2012 n/aTWYNAM AGRICULTURAL n/a Co File 5975000 0.76 - 31.12.2012 OtherNORGES BANK Multiple Portfolios MF-AGG 4785317 0.61 - 31.12.2012 GovernmentFirm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie MITCH RYAN outperform 5 M 1 12 month 14.05.2013Shaw Stockbroking VINCENT PISANI buy 5 M 1 Not Provided 03.05.2013Ord Minnett DAVID BRENNAN buy 5 M 1 Not Provided 01.05.2013Argonaut Securities Pty Ltd PATRICK CHANG buy 5 N 1 Not Provided 26.04.2013Octa Phillip Securities Ltd ANDREW SHEARER buy 5 M 1 Not Provided 24.04.2013Hartleys TRENT BARNETT buy 5 M 1 12 month 23.04.2013GMP LEVI SPRY buy 5 M 1 12 month 28.03.2013Casimir Capital ERIC ALLISON overweight 5 M 2 12 month 16.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013Blackswan Equities Ltd RHYS BRADLEY buy 5 N 1 12 month 21.12.2012RBS Morgans JAMES WILSON outperform 5 N 1 12 month 27.11.2012Evans & Partners Pty Ltd CATHY MOISES Positive 4 N #N/A N/A Not Provided 24.10.2012Bell Potter CHRIS WHITEHEAD buy 5 M 1 12 month 05.03.2012Holdings By:Beadell Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Resolute Mining Limited explores for, produces and develops gold in Ghana, MaliQueensland and Tanzania. The Companys gold exploration projects includeObotan, Syama, Ravenswood and Golden Pride.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (05.10.2012) 2.0852-Week Low (16.05.2013) 0.71Daily Volume0.73552-Week High % Change -64.66% Dividend Yield 6.8052-Week Low % Change 4.26% Beta 1.25% 52 Week Price Range High/Low 1.54% Equity Float 510.03Shares Out 31.12.2012 643.1 Short Int 0.94472.67 1 Yr Total Return -45.93%Total Debt 11.02 YTD Return -55.18%Preferred Stock 0.0 Adjusted BETA 1.252Minority Interest (33.3) Analyst Recs 13Cash and Equivalents 48.78 Consensus Rating 3.769Enterprise Value 411.55Average Volume 5 Day 9066289RSG AU EQUITY YTD Change - Average Volume 30 Day 5008541RSG AU EQUITY YTD % CHANGE - Average Volume 3 Month 4297626LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 12/11 Q2 03/12 Q3231.5 299.7 334.9 445.1 576.7 - - 657.1 585.1 - -2.48x 1.12x 1.49x 1.36x 1.37x - - 0.53x 0.56x - -20.9 57.3 80.3 110.0 254.4 - - 274.6 224.3 - -27.45x 5.85x 6.23x 5.49x 3.10x - - 1.50x 1.84x - -(56.7) 30.7 (37.2) 59.7 105.1 - - 144.8 96.9 - -- 6.17x - 8.72x 7.25x - - 3.21x 4.59x - -EBITDA 254.40 Long-Term Rating Date -EBIT 180.99 Long-Term Rating -Operating Margin 31.38% Long-Term Outlook -Pretax Margin 21.58% Short-Term Rating Date -Return on Assets 21.89% Short-Term Rating -Return on Common Equity 25.34%Return on Capital 27.39% EBITDA/Interest Exp. 24.36Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 22.02Net Debt/EBITDA -0.13Gross Margin 35.8% Total Debt/EBITDA 0.06EBITDA Margin 42.1%EBIT Margin 31.0% Total Debt/Equity 1.9%Net Income Margin 18.2% Total Debt/Capital 2.0%Asset Turnover 0.90Current Ratio 3.40 Net Fixed Asset Turnover 3.38Quick Ratio 0.76 Accounts receivable turnover-days 12.69Debt to Assets 1.66% Inventory Days 136.26Tot Debt to Common Equity 1.91% Accounts Payable Turnover Day 32.96Accounts Receivable Turnover 28.85 Cash Conversion Cycle 85.74Inventory Turnover 2.69Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedResolute Mining LtdPrice/VolumeValuation Analysis11227856.00Current Price (5/dd/yy) Market Data011223m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M18.0 M20.0 M0.0100.0200.0300.0400.0500.0600.0700.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeUTILICO INVESTMENTS n/a EXCH 121029227 18.82 - 24.04.2013 Investment AdvisorALLIANCE LIFE COMMON n/a Co File 62989484 9.79 - 24.04.2013 n/aVANGUARD GROUP INC #N/A N/A EXCH 47350000 7.36 (9650000) 09.05.2013 Investment AdvisorM&G INVESTMENT MANAG #N/A N/A EXCH 44600000 6.94 (5750000) 10.05.2013 Investment AdvisorBANK OF AMERICA CORP n/a EXCH 39392367 6.13 (9442393) 10.05.2012 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 33691540 5.24 - 15.05.2013 Investment AdvisorVINVA INVESTMENT MGM n/a EXCH 32497591 5.05 - 31.01.2013 Investment AdvisorCF RUFFER BAKER STEE n/a EXCH 19097479 2.97 (3846391) 04.04.2012 n/aRUFFER LLP Multiple Portfolios MF-AGG 12576000 1.96 - 27.12.2012 Hedge Fund ManagerECLECTIC INVEST TRUS n/a EXCH 5350000 0.83 1850000 24.04.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 5020898 0.78 - 31.01.2013 Investment AdvisorPERMANENT INVESTMENT n/a EXCH 5010643 0.78 (4989357) 12.07.2012 OtherGENUS DYNAMIC GOLD F n/a EXCH 4811000 0.75 - 23.02.2012 n/aJP MORGAN n/a ULT-AGG 4776489 0.74 - 31.03.2013 Investment AdvisorBAKER STEEL CAPITAL n/a EXCH 4300000 0.67 - 04.04.2012 Investment AdvisorNORGES BANK Multiple Portfolios MF-AGG 3713389 0.58 - 31.12.2012 GovernmentVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3455670 0.54 807280 30.09.2012 Investment AdvisorSULLIVAN PETER ROSS n/a EXCH 3007448 0.47 (500000) 02.01.2013 n/aFMR LLC n/a ULT-AGG 2988261 0.46 - 31.03.2013 Investment AdvisorICM LTD n/a EXCH 2903765 0.45 - 24.04.2013 OtherFirm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp REG SPENCER sell 1 M 1 12 month 13.05.2013Veritas Securities MATTHEW BAILLIE buy 5 M 2 Not Provided 30.04.2013Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 1 12 month 24.04.2013GMP LEVI SPRY buy 5 M 2 Not Provided 24.04.2013Bell Potter STEPHEN THOMAS buy 5 M 2 12 month 24.04.2013Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 2 12 month 24.04.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 2 Not Provided 15.04.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Westhouse Securities ROB BROKE add 4 M 2 Not Provided 08.11.2012Helmsec Global Capital Limited GAVIN VAN DER WATH speculative buy 4 M 2 12 month 31.07.2012Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012Holdings By:Resolute Mining LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Endeavour Mining Corp. is a growth focused West African gold producer. TheCompanys operations include three operating mines in Ghana, Mali, and BurkinaFaso, and a fourth mine in Cote dIvoire that is currently in construction.Endeavour also has a large West African land position with active explorationprograms.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (10.10.2012) 2.5652-Week Low (18.04.2013) 0.83Daily Volume0.8852-Week High % Change -65.63% Dividend Yield 0.0052-Week Low % Change 6.02% Beta 0.99% 52 Week Price Range High/Low 2.89% Equity Float 406.80Shares Out 30.04.2013 412.5 Short Int 0.43362.99 1 Yr Total Return -55.33%Total Debt 201.83 YTD Return -57.49%Preferred Stock 0.0 Adjusted BETA 0.985Minority Interest 75.0 Analyst Recs 5Cash and Equivalents 113.67 Consensus Rating 4.800Enterprise Value 526.11Average Volume 5 Day 2004066EDV CN EQUITY YTD Change - Average Volume 30 Day 1953092EDV CN EQUITY YTD % CHANGE - Average Volume 3 Month 2075166LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3109.2 (219.3) 167.1 145.6 346.1 193.0 385.0 490.8 634.0 103.0 120.0- - - 3.93x 2.81x 6.42x 5.32x - - - -- (237.2) 130.7 43.3 136.2 70.0 100.9 193.0 235.3 - -- - - 13.22x 7.14x 7.66x 0.00x 2.73x 2.24x - -57.1 (241.8) 125.3 (23.5) (8.6) (44.4) 24.8 81.6 207.0 - -3.99x - 1.70x - - 0.00x 14.83x 6.24x 5.09x 5.95x 4.78xEBITDA 136.25 Long-Term Rating Date -EBIT 62.12 Long-Term Rating -Operating Margin 17.95% Long-Term Outlook -Pretax Margin 10.05% Short-Term Rating Date -Return on Assets -0.61% Short-Term Rating -Return on Common Equity -0.97%Return on Capital -0.90% EBITDA/Interest Exp. 25.82Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 2.76Net Debt/EBITDA 0.65Gross Margin 27.4% Total Debt/EBITDA 1.48EBITDA Margin 39.4%EBIT Margin 18.0% Total Debt/Equity 19.0%Net Income Margin -2.5% Total Debt/Capital 15.1%Asset Turnover 0.25Current Ratio 2.48 Net Fixed Asset Turnover 0.33Quick Ratio 1.17 Accounts receivable turnover-days 22.12Debt to Assets 11.50% Inventory Days 89.61Tot Debt to Common Equity 19.00% Accounts Payable Turnover Day 90.61Accounts Receivable Turnover 16.54 Cash Conversion Cycle 21.22Inventory Turnover 4.08Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedEndeavour Mining CorpPrice/VolumeValuation Analysis2009360.00Current Price (5/dd/yy) Market Data0112233m-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 M-300.0-200.0-100.00.0100.0200.0300.0400.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0010.0020.0030.0040.0050.0060.0070.0080.0090.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 32707812 7.93 - 15.05.2013 Investment AdvisorSENTRY SELECT CAPITA n/a Co File 20147799 4.88 - 31.10.2012 Investment AdvisorFMR LLC n/a ULT-AGG 14061830 3.41 (7178000) 31.03.2013 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 9321000 2.26 526000 27.12.2012 Hedge Fund ManagerROYCE AND ASSOCIATES n/a 13G 4850000 1.18 (500000) 31.12.2011 Investment AdvisorJP MORGAN n/a ULT-AGG 4757617 1.15 - 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3700000 0.9 (3078475) 31.03.2013 Investment AdvisorASHDELL LTD n/a PROXY 2800000 0.68 - 10.09.2012 OtherDIMENSIONAL FUND ADV n/a ULT-AGG 2765232 0.67 14500 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 2268936 0.55 - 14.05.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1918223 0.47 421209 31.03.2013 Investment AdvisorNORGES BANK Multiple Portfolios MF-AGG 1877316 0.46 - 31.12.2012 GovernmentJONES HEWARD INVESTM Multiple Portfolios MF-AGG 1266210 0.31 - 15.05.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 999030 0.24 60256 31.03.2013 Investment AdvisorCONNELLY MARK n/a SEDI 855000 0.21 - 12.12.2011 n/aDWS INVESTMENT SA Multiple Portfolios MF-AGG 800000 0.19 799000 28.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 700000 0.17 - 27.03.2013 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 541001 0.13 (171161) 31.12.2012 Hedge Fund ManagerWOODYER NEIL n/a SEDI 447127 0.11 50000 19.04.2013 n/aLAING DAVID C n/a SEDI 388618 0.09 60000 16.04.2013 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs EUGENE KING Buy/Neutral 5 M 2 12 month 15.05.2013Raymond James BRAD HUMPHREY outperform 5 M 3 12 month 15.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 3 12 month 15.05.2013CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 2 Not Provided 11.04.2013GMP ANDREW MIKITCHOOK buy 5 M 3 Not Provided 01.04.2013BMO Capital Markets ANDREW BREICHMANAS not rated #N/A N/A M #N/A N/A Not Provided 24.01.2013Holdings By:Endeavour Mining CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Fortuna Silver Mines Inc. is a growth oriented, silver and base metal producerfocused on mining opportunities in Latin America. The Companys primary assetsare the San Jose silver-gold mine in Mexico and the Caylloma silver-lead-zincmine in Peru. Fortuna Silver Mines is selectively pursuing additionalacquisition opportunities in the Americas.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 5.8552-Week Low (17.04.2013) 2.67Daily Volume2.852-Week High % Change -52.14% Dividend Yield 0.0052-Week Low % Change 4.87% Beta 1.44% 52 Week Price Range High/Low 4.09% Equity Float 124.53Shares Out 30.04.2013 125.3 Short Int 2.97350.85 1 Yr Total Return -21.13%Total Debt - YTD Return -32.53%Preferred Stock - Adjusted BETA 1.439Minority Interest - Analyst Recs 10Cash and Equivalents - Consensus Rating 4.300Enterprise Value 282.51Average Volume 5 Day 469640FVI CN EQUITY YTD Change - Average Volume 30 Day 477159FVI CN EQUITY YTD % CHANGE - Average Volume 3 Month 455622LTM-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 Q324.8 51.4 74.1 110.0 161.0 128.7 161.1 170.2 204.8 39.0 40.71.39x 3.01x 6.78x 5.78x - 17.74x 8.90x - - - -0.1 21.3 34.1 48.8 70.7 59.4 49.2 73.4 103.2 20.0 23.5401.05x 7.25x 14.71x 13.01x - 8.66x 0.00x 3.85x 2.74x - -(0.9) 0.6 16.0 19.5 31.5 25.9 27.0 30.7 42.7 4.7 6.1- 99.42x 34.34x 32.35x 15.45x 20.48x 18.73x 11.41x 8.49x 10.58x 9.42xEBITDA 70.72 Long-Term Rating Date -EBIT 49.34 Long-Term Rating -Operating Margin 30.64% Long-Term Outlook -Pretax Margin 28.09% Short-Term Rating Date -Return on Assets 10.70% Short-Term Rating -Return on Common Equity 12.77%Return on Capital 12.75% EBITDA/Interest Exp. 125.83Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 46.04Net Debt/EBITDA -0.88Gross Margin 43.9% Total Debt/EBITDA 0.04EBITDA Margin 43.9%EBIT Margin 30.6% Total Debt/Equity -Net Income Margin 19.5% Total Debt/Capital -Asset Turnover 0.55Current Ratio - Net Fixed Asset Turnover 0.83Quick Ratio - Accounts receivable turnover-days 52.51Debt to Assets - Inventory Days 48.91Tot Debt to Common Equity - Accounts Payable Turnover Day 39.64Accounts Receivable Turnover 6.97 Cash Conversion Cycle -Inventory Turnover 7.48Fiscal Year EndedFortuna Silver Mines IncPrice/VolumeValuation Analysis739038.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0123456m-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 M0.020.040.060.080.0100.0120.0140.0160.0180.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0035.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 9880700 7.89 (643800) 31.03.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 8370809 6.68 (356649) 31.03.2013 Hedge Fund ManagerMASON HILL ADVISORS MASON HILL ADVISORS 13F 7932400 6.33 - 31.03.2013 Hedge Fund ManagerMONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 3994740 3.19 1487550 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 2187340 1.75 180272 14.05.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1641307 1.31 1641307 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1380838 1.1 (16962) 31.03.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1210600 0.97 36400 31.03.2013 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1169500 0.93 (239800) 31.03.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1137189 0.91 - 28.09.2012 Investment AdvisorINTACT INVESTMENT MA INTACT INVESTEMENT M 13F 997900 0.8 (289500) 31.03.2013 Investment AdvisorCQS CAYMAN LP CQS CAYMAN LP 13F 750000 0.6 (100000) 31.03.2013 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 711800 0.57 138400 31.03.2013 Holding CompanyCANADA PENSION PLAN CANADA PENSION PLAN 13F 704591 0.56 206500 31.03.2013 Pension Fund (ERISA)VANGUARD GROUP INC Multiple Portfolios MF-AGG 615180 0.49 47900 31.03.2013 Investment AdvisorFEDERATED INVESTORS FEDERATED INVESTORS 13F 600000 0.48 - 31.03.2013 Investment AdvisorQUANTEX AG Multiple Portfolios MF-AGG 600000 0.48 - 29.03.2013 Investment AdvisorNORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 505241 0.4 - 31.03.2013 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 462200 0.37 - 31.03.2013 Investment AdvisorVEHRS THOMAS I n/a SEDI 425000 0.34 225000 29.11.2011 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW KAIP market perform 3 M 5 Not Provided 13.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 6 12 month 13.05.2013Global Hunter Securities JEFF WRIGHT buy 5 M 5 12 month 13.05.2013Raymond James CHRIS THOMPSON outperform 5 U 5 12 month 09.05.2013Cormark Securities Inc. GRAEME JENNINGS market perform 3 M 4 12 month 09.05.2013Haywood Securities Inc. BENJAMIN ASUNCION buy 5 M 5 Not Provided 09.05.2013EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 09.05.2013Euro Pacific Capital Inc HEIKO IHLE buy 5 M 4 12 month 08.05.2013CIBC World Markets LEON ESTERHUIZEN sector outperform 5 N 6 Not Provided 11.04.2013Scotia Capital TREVOR TURNBULL sector perform 3 M 4 12 month 21.03.2013Holdings By:Fortuna Silver Mines IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013McEwen Mining Inc. is a high growth, low cost mid-tier gold producer in theAmericas.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (01.11.2012) 4.7252-Week Low (18.04.2013) 1.67Daily Volume2.0552-Week High % Change -56.54% Dividend Yield 0.0052-Week Low % Change 22.75% Beta 1.48% 52 Week Price Range High/Low 12.47% Equity Float 184.40Shares Out 03.05.2013 258.6 Short Int 29.24609.04 1 Yr Total Return -4.14%Total Debt 0.00 YTD Return -46.48%Preferred Stock 0.0 Adjusted BETA 1.484Minority Interest 0.0 Analyst Recs 3Cash and Equivalents 70.92 Consensus Rating 3.667Enterprise Value 563.91Average Volume 5 Day 2961632MUX US EQUITY YTD Change - Average Volume 30 Day 3765805MUX US EQUITY YTD % CHANGE - Average Volume 3 Month 3341979LTM-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 Q30.0 0.0 0.0 0.0 6.0 3.0 38.9 150.0 217.0 34.8 39.2- - - - 178.15x 948.65x 99.45x - - - -(19.7) (17.3) (29.0) (59.6) (92.3) (69.8) (66.8) 42.0 114.0 - -- - - - - 0.00x 0.00x 13.43x 4.95x - -(131.1) (27.7) (33.1) (61.9) (66.7) (70.5) (58.4) 70.9 114.0 16.1 18.8- - - - - 0.00x 0.00x - 25.63x - -EBITDA -92.34 Long-Term Rating Date -EBIT -93.37 Long-Term Rating -Operating Margin -1565.02% Long-Term Outlook -Pretax Margin -1573.89% Short-Term Rating Date -Return on Assets -5.11% Short-Term Rating -Return on Common Equity -6.66%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin 10.5% Total Debt/EBITDA 0.00EBITDA Margin -172.0%EBIT Margin -174.8% Total Debt/Equity 0.0%Net Income Margin -1117.2% Total Debt/Capital 0.0%Asset Turnover 0.03Current Ratio 3.65 Net Fixed Asset Turnover 0.05Quick Ratio 2.82 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days 101.38Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 188.52Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 3.60Fiscal Year EndedMcEwen Mining IncPrice/VolumeValuation Analysis3088439.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure01122334455m-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 M0.01.02.03.04.05.06.07.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMCEWEN ROBERT R n/a Form 4 73428564 28.4 - 18.04.2013 n/aVAN ECK ASSOCIATES C n/a ULT-AGG 14825787 5.73 2112575 15.05.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 13335621 5.16 - 31.03.2013 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10796918 4.18 (90000) 31.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 8798586 3.4 (3843036) 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 7321268 2.83 (2501373) 31.03.2013 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6747005 2.61 (79379) 31.03.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 3940961 1.52 993013 31.03.2013 Investment AdvisorSTALEY CAPITAL ADVIS STALEY CAPITAL ADVIS 13F 3200440 1.24 753503 31.03.2013 Hedge Fund ManagerNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2998509 1.16 (38931) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2696531 1.04 450000 31.03.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2166610 0.84 (26038) 31.03.2013 Investment AdvisorHORIZON KINETICS n/a ULT-AGG 1770336 0.68 (82987) 31.03.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 1735340 0.67 (1000000) 31.03.2013 Hedge Fund ManagerWELLS FARGO n/a ULT-AGG 1478932 0.57 153696 31.03.2013 Investment AdvisorBPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 1410913 0.55 15016 28.02.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1166475 0.45 73405 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 1152810 0.45 295800 31.03.2013 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1104843 0.43 27168 31.03.2013 Investment AdvisorAEGIS FINANCIAL CORP AEGIS FINANCIAL CORP 13F 1063594 0.41 1063594 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF buy 5 M 7 Not Provided 13.05.2013Stifel CRAIG P STANLEY buy 5 M 3 12 month 09.05.2013EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 18.04.2013Holdings By:McEwen Mining IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013MAG Silver Corp acquires and explores mineral properties with a focus onhigh-grade silver and gold. The Company, through its subsidiary, holds optionsto earn an interest in properties located in Mexico.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (06.11.2012) 13.3252-Week Low (15.05.2013) 6.50Daily Volume6.5152-Week High % Change -51.13% Dividend Yield 0.0052-Week Low % Change 0.15% Beta 1.68% 52 Week Price Range High/Low 0.15% Equity Float 48.04Shares Out 30.04.2013 60.1 Short Int 0.20391.52 1 Yr Total Return -8.70%Total Debt 0.00 YTD Return -35.99%Preferred Stock 0.0 Adjusted BETA 1.681Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 41.05 Consensus Rating 4.500Enterprise Value 350.47Average Volume 5 Day 108497MAG CN EQUITY YTD Change - Average Volume 30 Day 140367MAG CN EQUITY YTD % CHANGE - Average Volume 3 Month 178965LTM-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 Q2- 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(6.7) (9.4) (12.9) (9.5) (13.4) (9.5) (13.5) (3.4) (3.4) (0.9) (0.9)- - - - - 0.00x 0.00x - - - -(5.9) (13.5) (12.6) (8.3) (12.3) (8.3) (12.3) (4.4) (9.2) (0.9) (0.9)- - - - - 0.00x 0.00x - - - -EBITDA -13.45 Long-Term Rating Date -EBIT -13.49 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -10.53% Short-Term Rating -Return on Common Equity -10.72%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 31.79 Net Fixed Asset Turnover 0.00Quick Ratio 31.65 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedMAG Silver CorpPrice/VolumeValuation Analysis145824.00Current Price (5/dd/yy) Market Data02468101214m-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.1 M.2 M.3 M.4 M.5 M.6 M.7 M.8 M0.00.10.20.30.40.50.60.70.80.91.02000 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRESNILLO PLC n/a PROXY 9746193 16.21 - 07.09.2012 UnclassifiedMASON HILL ADVISORS MASON HILL ADVISORS 13F 5227561 8.69 - 31.03.2013 Hedge Fund ManagerTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 4329250 7.2 1805500 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 3859581 6.42 - 15.05.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3597500 5.98 2224600 31.03.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 2755754 4.58 2755754 31.03.2013 Hedge Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 1626550 2.7 (544950) 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1583225 2.63 466927 31.03.2013 Pension Fund (ERISA)BLACKROCK n/a ULT-AGG 992852 1.65 (408125) 14.05.2013 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 986206 1.64 - 31.03.2013 Hedge Fund ManagerCARMAX ENTERPRISES n/a Co File 946300 1.57 - 31.12.2010 CorporationGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 788555 1.31 (10525) 31.03.2013 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 764000 1.27 4000 31.03.2013 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 528682 0.88 8100 31.03.2013 Hedge Fund ManagerFALCON FUND MANAGEME Multiple Portfolios MF-AGG 432000 0.72 - 28.02.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 402144 0.67 - 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 390000 0.65 90000 31.03.2013 Investment AdvisorCARLSON ERIC H n/a SEDI 379200 0.63 50000 03.08.2012 n/aRAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 372900 0.62 - 31.03.2013 Hedge Fund ManagerAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 370978 0.62 105600 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 13.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 15 12 month 07.05.2013Macquarie MICHAEL GRAY outperform 5 M 14 12 month 25.04.2013Raymond James DAVID SADOWSKI outperform 5 M 14 12 month 24.04.2013Holdings By:MAG Silver CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Primero Mining Corporation is a gold and silver producer. The Company focuseson building a precious metals portfolio in the Americas.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (24.10.2012) 7.8952-Week Low (28.06.2012) 2.43Daily Volume5.1752-Week High % Change -34.47% Dividend Yield 0.0052-Week Low % Change 112.76% Beta 1.48% 52 Week Price Range High/Low 50.18% Equity Float 65.03Shares Out 30.04.2013 97.4 Short Int 5.51503.74 1 Yr Total Return 104.35%Total Debt 40.00 YTD Return -19.22%Preferred Stock 0.0 Adjusted BETA 1.482Minority Interest 0.0 Analyst Recs 12Cash and Equivalents 139.24 Consensus Rating 4.667Enterprise Value 385.66Average Volume 5 Day 209352P CN EQUITY YTD Change - Average Volume 30 Day 305423P CN EQUITY YTD % CHANGE - Average Volume 3 Month 374610LTM-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 Q30.0 0.0 60.3 156.5 182.9 166.6 185.3 201.5 250.8 61.2 53.1- - 8.68x 1.80x 2.88x 6.89x 8.97x 1.75x 1.44x 5.97x 6.70x(0.6) (0.6) 12.8 72.8 77.4 80.8 71.9 89.1 136.4 33.6 23.7- - 40.81x 3.86x 6.79x 2.70x 7.52x 4.33x 2.83x 3.64x 3.57x(0.7) (0.7) (31.5) 49.6 49.6 76.1 48.3 48.3 69.0 25.1 14.6- - - 5.81x 11.91x 2.95x 13.08x 11.75x 8.52x 11.70x 10.49xEBITDA 77.44 Long-Term Rating Date -EBIT 49.39 Long-Term Rating -Operating Margin 27.00% Long-Term Outlook -Pretax Margin 24.42% Short-Term Rating Date -Return on Assets 7.25% Short-Term Rating -Return on Common Equity 8.68%Return on Capital - EBITDA/Interest Exp. 26.82Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 13.06Net Debt/EBITDA -1.52Gross Margin 58.7% Total Debt/EBITDA 0.45EBITDA Margin 38.8%EBIT Margin 22.8% Total Debt/Equity 7.0%Net Income Margin 27.1% Total Debt/Capital 6.5%Asset Turnover 0.28Current Ratio 3.07 Net Fixed Asset Turnover 0.38Quick Ratio 2.66 Accounts receivable turnover-days 10.52Debt to Assets 5.97% Inventory Days 47.70Tot Debt to Common Equity 7.00% Accounts Payable Turnover Day 173.68Accounts Receivable Turnover 34.70 Cash Conversion Cycle -86.81Inventory Turnover 7.65Fiscal Year EndedPrimero Mining CorpPrice/VolumeValuation Analysis342492.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0123456789m-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 M0.020.040.060.080.0100.0120.0140.0160.0180.0200.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.001.002.003.004.005.006.007.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOLDCORP INC n/a SEDI 31151200 31.97 (8422460) 12.10.2012 CorporationTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 7443290 7.64 (34700) 31.03.2013 Hedge Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 7016800 7.2 68800 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 6354449 6.52 (36) 31.03.2013 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 5548175 5.69 79800 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 5225586 5.36 - 15.05.2013 Investment AdvisorSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 4851400 4.98 3822900 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 4120705 4.23 (297524) 31.03.2013 BankOSHAUGHNESSY ASSET OSHAUGHNESSY ASSET 13F 1895988 1.95 108693 31.03.2013 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 1707777 1.75 (1155890) 31.03.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 1452000 1.49 (128000) 31.03.2013 Hedge Fund ManagerFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1116000 1.15 - 28.02.2013 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1076900 1.11 - 31.03.2013 Hedge Fund ManagerFMR LLC n/a ULT-AGG 918600 0.94 (1221100) 31.03.2013 Investment AdvisorHILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 879700 0.9 (144400) 31.03.2013 Hedge Fund ManagerRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 755000 0.77 81100 31.03.2013 Hedge Fund ManagerCONWAY JOSEPH F n/a SEDI 563300 0.58 50000 04.07.2012 n/aOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 548800 0.56 548800 31.03.2013 Investment AdvisorSPARK INVESTMENT MAN SPARK INVESTMENT MAN 13F 529500 0.54 (53300) 31.03.2013 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 510100 0.52 (66400) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp STEVEN BUTLER buy 5 M 10 12 month 13.05.2013Macquarie MICHAEL GRAY outperform 5 M 7 12 month 09.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 9 12 month 09.05.2013TD Securities STEVEN J GREEN buy 5 M 9 12 month 09.05.2013BMO Capital Markets BRIAN QUAST outperform 5 M 9 Not Provided 08.05.2013RBC Capital Markets DAN ROLLINS sector perform 3 M 7 12 month 08.05.2013CIBC World Markets CHITIMUKULU MUSONDA sector outperform 5 M 9 Not Provided 08.05.2013Cantor Fitzgerald ROB CHANG buy 5 M 9 12 month 08.05.2013GMP CHELSEA HAMILTON buy 5 M 10 12 month 08.05.2013Scotia Capital OVAIS HABIB sector outperform 5 M 9 12 month 23.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 15.04.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 10 12 month 27.03.2013Holdings By:Primero Mining CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Kingsgate Consolidated Limited is a gold mining and exploration company withoperations focused in Thailand at the Chatree gold project. The Company alsoexplores for silver and other metals.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (03.10.2012) 6.2052-Week Low (16.05.2013) 1.61Daily Volume1.64552-Week High % Change -73.47% Dividend Yield 9.1252-Week Low % Change 2.17% Beta 1.33% 52 Week Price Range High/Low 1.02% Equity Float 146.95Shares Out 12.04.2013 152.2 Short Int 9.16250.36 1 Yr Total Return -66.42%Total Debt 157.54 YTD Return -62.11%Preferred Stock 0.0 Adjusted BETA 1.328Minority Interest 0.0 Analyst Recs 12Cash and Equivalents 90.62 Consensus Rating 2.750Enterprise Value 382.02Average Volume 5 Day 1823418KCN AU EQUITY YTD Change - Average Volume 30 Day 1464115KCN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1346155LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -74.3 113.0 176.1 172.4 357.4 - - 341.8 389.2 - -6.01x 5.46x 5.16x 6.69x 2.24x - - 1.11x 0.97x - -19.6 (38.1) 84.7 66.8 164.9 - - 114.8 144.1 - -22.77x - 10.74x 17.26x 4.86x - - 3.33x 2.65x - -36.2 32.5 66.3 21.1 75.2 - - 33.5 46.0 - -10.12x 19.20x 12.59x 42.78x 9.24x - - 6.80x 6.45x - -EBITDA 164.86 Long-Term Rating Date -EBIT 97.31 Long-Term Rating -Operating Margin 27.23% Long-Term Outlook -Pretax Margin 25.54% Short-Term Rating Date -Return on Assets 4.93% Short-Term Rating -Return on Common Equity 6.76%Return on Capital 6.48% EBITDA/Interest Exp. 10.36Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. -0.38Net Debt/EBITDA -Gross Margin 33.2% Total Debt/EBITDA -EBITDA Margin -EBIT Margin 23.9% Total Debt/Equity 20.3%Net Income Margin 21.0% Total Debt/Capital 16.9%Asset Turnover 0.37Current Ratio 2.03 Net Fixed Asset Turnover 0.47Quick Ratio 0.98 Accounts receivable turnover-days 19.78Debt to Assets 15.03% Inventory Days -Tot Debt to Common Equity 20.31% Accounts Payable Turnover Day -Accounts Receivable Turnover 18.50 Cash Conversion Cycle 42.36Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedKingsgate Consolidated LtdPrice/VolumeValuation Analysis3329013.00Current Price (5/dd/yy) Market Data01234567m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M.5 M1.0 M1.5 M2.0 M2.5 M3.0 M3.5 M4.0 M4.5 M0.050.0100.0150.0200.0250.0300.0350.0400.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0035.0040.0045.0050.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 13470832 8.85 (450000) 14.05.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 10654665 7 - 15.05.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 9639841 6.33 (1356557) 26.04.2013 Investment AdvisorFMR LLC n/a ULT-AGG 8578820 5.64 (369358) 31.10.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 5550000 3.65 50000 28.02.2013 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 4693651 3.08 - 27.12.2012 Hedge Fund ManagerFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4118481 2.71 - 30.09.2012 Hedge Fund ManagerSMYTH-KIRK ROSS DONA n/a EXCH 3706582 2.44 - 03.04.2013 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1065821 0.7 310561 30.09.2012 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 1042573 0.69 16822 31.01.2013 Investment AdvisorTHOMAS GAVIN n/a EXCH 946403 0.62 - 06.05.2013 n/aNORGES BANK Multiple Portfolios MF-AGG 944190 0.62 - 31.12.2012 GovernmentPRUDENTIAL FINANCIAL n/a ULT-AGG 925953 0.61 3261 28.03.2013 Investment AdvisorARINYA INVESTMENTS P n/a EXCH 879689 0.58 - 03.04.2013 OtherVANGUARD GROUP INC Multiple Portfolios MF-AGG 751153 0.49 63808 31.03.2013 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 662402 0.44 523974 31.12.2012 Investment AdvisorERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 540000 0.35 - 28.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 354759 0.23 308118 31.03.2013 Investment AdvisorPACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 281011 0.18 - 28.03.2013 Investment AdvisorHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 225000 0.15 - 31.07.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 14.05.2013Macquarie MITCH RYAN neutral 3 M 3 12 month 13.05.2013Goldman Sachs PAUL HISSEY sell/attractive 1 M 2 12 month 09.05.2013BBY Limited KURT WORDEN strong buy 5 M 3 12 month 30.04.2013Veritas Securities MATTHEW BAILLIE buy 5 M 3 Not Provided 30.04.2013RBC Capital Markets STEUART MCINTYRE underperform 1 D 2 12 month 29.04.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 5 Not Provided 15.04.2013E.L. & C. Baillieu SOPHIE SPARTALIS hold 3 M 4 12 month 15.03.2013Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 02.11.2012Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012Bell Potter PETER CHAPMAN Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011Holdings By:Kingsgate Consolidated LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Timmins Gold Corporation operates as a gold exploration and production company.The Company owns and operates a Mexican based mine where they develop, exploreand produce gold.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (13.11.2012) 3.4852-Week Low (23.05.2012) 1.49Daily Volume2.2252-Week High % Change -36.21% Dividend Yield 0.0052-Week Low % Change 48.99% Beta 1.11% 52 Week Price Range High/Low 36.68% Equity Float 137.45Shares Out 30.04.2013 144.1 Short Int 0.12319.87 1 Yr Total Return 37.04%Total Debt 17.55 YTD Return -25.75%Preferred Stock 0.0 Adjusted BETA 1.108Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 24.06 Consensus Rating 4.571Enterprise Value 310.24Average Volume 5 Day 479660TMM CN EQUITY YTD Change - Average Volume 30 Day 673355TMM CN EQUITY YTD % CHANGE - Average Volume 3 Month 654738LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.03.2008 31.03.2009 31.03.2010 31.03.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q30.0 0.0 0.0 84.4 156.1 105.8 166.2 196.3 214.8 47.0 46.2- - - 4.15x 2.73x 12.87x 8.95x 1.37x 0.94x 6.48x 6.42x(4.2) (3.5) (6.7) 43.5 68.5 56.7 76.0 88.4 90.5 17.5 19.9- - - 8.05x 6.22x 5.63x 5.36x 3.51x 3.43x 4.06x 4.09x(5.3) (3.4) (8.6) 11.5 36.1 21.2 45.5 49.8 48.0 10.6 9.2- - - 27.89x 12.02x 14.12x 9.04x 6.49x 6.67x 6.73x 6.63xEBITDA 68.51 Long-Term Rating Date -EBIT 60.58 Long-Term Rating -Operating Margin 38.80% Long-Term Outlook -Pretax Margin 36.58% Short-Term Rating Date -Return on Assets 21.95% Short-Term Rating -Return on Common Equity 33.32%Return on Capital 30.52% EBITDA/Interest Exp. 27.48Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 13.71Net Debt/EBITDA -0.12Gross Margin 49.1% Total Debt/EBITDA 0.23EBITDA Margin 45.8%EBIT Margin 40.4% Total Debt/Equity 11.9%Net Income Margin 23.1% Total Debt/Capital 10.7%Asset Turnover 0.80Current Ratio 1.97 Net Fixed Asset Turnover 1.27Quick Ratio 0.97 Accounts receivable turnover-days 20.58Debt to Assets 8.12% Inventory Days 141.38Tot Debt to Common Equity 11.93% Accounts Payable Turnover Day 55.91Accounts Receivable Turnover 17.74 Cash Conversion Cycle 151.43Inventory Turnover 2.58Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedTimmins Gold CorpPrice/VolumeValuation Analysis879490.00Current Price (5/dd/yy) Market Data011223344m-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 M3.5 M0.020.040.060.080.0100.0120.0140.0160.0180.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0050.00100.00150.00200.00250.00300.00350.00400.00450.00500.0003.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 03.04.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 25551300 17.73 262100 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 10964736 7.61 - 15.05.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 8131210 5.64 70979 31.03.2013 BankOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5781224 4.01 5781224 31.03.2013 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 5253300 3.65 161700 31.03.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 3810200 2.64 860000 31.03.2013 Hedge Fund ManagerRUFFER LLP Multiple Portfolios MF-AGG 3706900 2.57 - 27.12.2012 Hedge Fund ManagerBRAGAGNOLO BRUCE n/a SEDI 2928000 2.03 (25000) 03.01.2013 n/aGCIC LTD/CANADA GCIC LTD 13F 2728100 1.89 463100 31.03.2013 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2705400 1.88 100000 31.03.2013 Investment AdvisorBONILLAS ZEPEDA F A n/a SEDI 2584800 1.79 (34729) 19.12.2012 n/aINTACT INVESTMENT MA INTACT INVESTEMENT M 13F 2217500 1.54 536400 31.03.2013 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 2050500 1.42 (1661700) 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2003600 1.39 200000 31.03.2013 Pension Fund (ERISA)HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 1929200 1.34 243100 31.03.2013 Hedge Fund ManagerCQS CAYMAN LP CQS CAYMAN LP 13F 1500000 1.04 200000 31.03.2013 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 1054100 0.73 (35600) 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 820191 0.57 63043 31.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 698391 0.48 (4915) 31.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 659429 0.46 83000 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF buy 5 M 3 Not Provided 13.05.2013National Bank Financial SHANE NAGLE outperform 5 M 4 12 month 10.05.2013Macquarie MICHAEL SIPERCO neutral 3 M 3 12 month 09.05.2013Cormark Securities Inc. KYLE MCPHEE buy 5 M 3 12 month 09.05.2013TD Securities STEVEN J GREEN buy 5 M 4 12 month 09.05.2013M Partners Inc ERIK BERMEL buy 5 M 4 12 month 09.05.2013RBC Capital Markets SAM CRITTENDEN outperform 5 M 4 12 month 08.05.2013Dundee Securities Corp JOE FAZZINI buy 5 M 4 12 month 08.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL sell 1 M 2 12 month 08.05.2013PI Financial Corp. PHILIP KER buy 5 M 3 12 month 08.05.2013Stonecap Securities Inc BRIAN SZETO outperform 5 M 4 12 month 08.05.2013Casimir Capital STUART MCDOUGALL buy 5 M 4 12 month 01.05.2013Scotia Capital OVAIS HABIB sector outperform 5 M 4 12 month 23.04.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013MGI Securities MARC PAIS buy 5 M 5 12 month 05.07.2011Holdings By:Timmins Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013St. Barbara Limited is a gold exploration and production company. The Companysexploration projects include its Southern Cross and Leonora Operations whichare located in Western Australia.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (18.10.2012) 2.4052-Week Low (08.05.2013) 0.51Daily Volume0.6252-Week High % Change -74.17% Dividend Yield 0.0052-Week Low % Change 21.57% Beta 1.23% 52 Week Price Range High/Low 7.94% Equity Float 486.24Shares Out 31.12.2012 488.1 Short Int 13.37302.61 1 Yr Total Return -66.49%Total Debt 4.26 YTD Return -57.09%Preferred Stock 0.0 Adjusted BETA 1.225Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 185.40 Consensus Rating 4.357Enterprise Value 453.36Average Volume 5 Day 6088577SBM AU EQUITY YTD Change - Average Volume 30 Day 4944770SBM AU EQUITY YTD % CHANGE - Average Volume 3 Month 4005479LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -143.1 281.1 296.8 359.6 541.2 - - 530.2 620.2 - -3.41x 1.33x 2.01x 1.58x 0.73x - - 0.83x 0.56x - -(0.1) 50.3 77.2 109.3 224.1 - - 158.2 237.0 - -- 7.42x 7.74x 5.21x 1.76x - - 2.87x 1.91x - -(17.3) (76.3) (40.2) 68.6 130.2 - - 39.9 78.3 - -- - - 9.29x 4.42x - - 7.65x 4.00x - -EBITDA 224.06 Long-Term Rating Date 15.03.2013EBIT 133.19 Long-Term Rating BOperating Margin 24.61% Long-Term Outlook STABLEPretax Margin 20.23% Short-Term Rating Date -Return on Assets 9.10% Short-Term Rating -Return on Common Equity 13.09%Return on Capital - EBITDA/Interest Exp. 308.62Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 164.28Net Debt/EBITDA 0.75Gross Margin 50.3% Total Debt/EBITDA 1.08EBITDA Margin 38.5%EBIT Margin 21.0% Total Debt/Equity 0.8%Net Income Margin 24.1% Total Debt/Capital 0.7%Asset Turnover 0.55Current Ratio 3.39 Net Fixed Asset Turnover 0.71Quick Ratio 2.62 Accounts receivable turnover-days 13.29Debt to Assets 0.62% Inventory Days 75.96Tot Debt to Common Equity 0.75% Accounts Payable Turnover Day 69.88Accounts Receivable Turnover 27.54 Cash Conversion Cycle -34.88Inventory Turnover 4.82Fiscal Year EndedSt Barbara LtdPrice/VolumeValuation Analysis4438933.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure011223m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M30.0 M0.0100.0200.0300.0400.0500.0600.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeM&G INVESTMENT MANAG n/a EXCH 93372398 19.13 - 14.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 70959173 14.54 (547654) 28.03.2013 Investment AdvisorVANGUARD GROUP INC n/a EXCH 60536881 12.4 9536881 29.01.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 38851254 7.96 12768675 15.05.2013 Investment AdvisorPARADICE INVESTMENT n/a EXCH 19990864 4.1 - 13.09.2012 Investment AdvisorUBS n/a ULT-AGG 16608948 3.4 512340 06.09.2012 UnclassifiedTRADEWINDS GLOBAL IN n/a EXCH 16240544 3.33 (1270413) 03.11.2011 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 15874016 3.25 38344 31.01.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 12749179 2.61 79914 15.05.2013 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 12528000 2.57 - 27.12.2012 Hedge Fund ManagerBLACKROCK n/a ULT-AGG 11424935 2.34 (1335100) 14.05.2013 Investment AdvisorLSV ASSET MANAGEMENT n/a RNS-RUL8 11363061 2.33 684600 23.07.2012 Investment AdvisorFMR LLC n/a ULT-AGG 10598053 2.17 (536807) 31.03.2013 Investment AdvisorCOMMONWEALTH BANK OF n/a RNS-RUL8 8897062 1.82 - 31.08.2012 BankHUNTER HALL INVESTME n/a RNS-RUL8 7754662 1.59 (8245338) 12.07.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 6700000 1.37 300000 28.02.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 6200627 1.27 (2413751) 31.12.2012 Investment AdvisorJCP INVESTMENT PARTN n/a RNS-RUL8 6032951 1.24 (326553) 09.08.2012 Investment AdvisorBANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 6000000 1.23 500000 28.03.2013 Investment AdvisorCENTAURUS CAPITAL LT n/a Short (5746460) -1.18 (506570) 06.09.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank CHRIS TERRY buy 5 M 1 12 month 13.05.2013Goldman Sachs PAUL HISSEY neutral/attractive 3 M 1 12 month 13.05.2013Canaccord Genuity Corp LUKE SMITH buy 5 M 1 12 month 13.05.2013Ord Minnett DAVID BRENNAN buy 5 M 1 Not Provided 01.05.2013Macquarie MITCH RYAN outperform 5 M 1 12 month 26.04.2013Bell Potter STEPHEN THOMAS buy 5 M 1 12 month 24.04.2013RBC Capital Markets STEUART MCINTYRE outperform 5 M 1 12 month 23.04.2013E.L. & C. Baillieu SOPHIE SPARTALIS buy 5 M 2 12 month 23.04.2013Nomura DAVID RADCLYFFE neutral 3 M 1 Not Provided 08.03.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 19.07.2012Argonaut Securities Pty Ltd TROY IRVIN buy 5 U 3 Not Provided 18.06.2012Holdings By:St Barbara LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Premier Gold Mines Limited is a mining and exploration company focused ondeveloping gold projects worldwide.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (21.09.2012) 6.7952-Week Low (18.04.2013) 1.57Daily Volume1.7252-Week High % Change -74.67% Dividend Yield 0.0052-Week Low % Change 9.55% Beta 1.79% 52 Week Price Range High/Low 2.87% Equity Float 144.31Shares Out 30.04.2013 149.4 Short Int 5.28256.90 1 Yr Total Return -52.09%Total Debt 18.50 YTD Return -59.05%Preferred Stock 0.0 Adjusted BETA 1.792Minority Interest 40.6 Analyst Recs 12Cash and Equivalents 85.10 Consensus Rating 4.167Enterprise Value 230.94Average Volume 5 Day 974211PG CN EQUITY YTD Change - Average Volume 30 Day 1415851PG CN EQUITY YTD % CHANGE - Average Volume 3 Month 1066926LTM-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 Q20.0 0.0 0.0 0.0 0.0 0.0 0.9 0.0 0.0 - -- - - - - #DIV/0! 2932.95x - - - -(3.2) (6.2) (13.2) (11.9) (12.5) (5.4) (12.2) (11.0) (11.0) - -- - - - - 0.00x 0.00x - - - -0.2 (3.7) (10.9) (16.8) (32.1) (16.8) (32.1) (15.2) (20.8) - -- - - - - 0.00x 0.00x - - - -EBITDA -12.54 Long-Term Rating Date -EBIT -12.60 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -8.06% Short-Term Rating -Return on Common Equity -9.88%Return on Capital - EBITDA/Interest Exp. -34.03Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -100.44Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -1.51EBITDA Margin -1325.5%EBIT Margin -1366.1% Total Debt/Equity 5.0%Net Income Margin - Total Debt/Capital 4.3%Asset Turnover 0.00Current Ratio 5.74 Net Fixed Asset Turnover 0.00Quick Ratio 5.59 Accounts receivable turnover-days 302.60Debt to Assets 3.85% Inventory Days -Tot Debt to Common Equity 4.95% Accounts Payable Turnover Day 3549.64Accounts Receivable Turnover 1.21 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedPremier Gold Mines LtdPrice/VolumeValuation Analysis1366168.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure012345678m-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 M3.5 M4.0 M4.5 M5.0 M0.00.10.20.30.40.50.60.70.80.91.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0050.00100.00150.00200.00250.00300.00350.00400.00450.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 19258570 12.89 - 31.03.2013 Investment AdvisorGCIC LTD/CANADA n/a Co File 13896800 9.3 3271500 31.10.2012 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 11579722 7.75 - 15.05.2013 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7832701 5.24 (10800) 31.01.2013 Investment AdvisorDOWNIE EWAN S n/a SEDI 3130601 2.1 7500 24.04.2013 n/aLB SWISS INVESTMENT Multiple Portfolios MF-AGG 2900000 1.94 275000 31.12.2012 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 1318700 0.88 - 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 1300423 0.87 1896 14.05.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1166300 0.78 (502900) 31.03.2013 Hedge Fund ManagerSHARE SICAV Multiple Portfolios MF-AGG 947736 0.63 (148500) 31.12.2012 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 822618 0.55 163248 31.12.2012 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 820314 0.55 - 28.09.2012 Investment AdvisorGBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 812900 0.54 - 31.12.2011 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 800000 0.54 (100000) 30.04.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 720847 0.48 54600 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 705900 0.47 - 31.12.2012 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 700000 0.47 10000 31.12.2012 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 562437 0.38 - 15.05.2013 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 556136 0.37 (15100) 28.09.2012 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 548899 0.37 - 31.12.2012 Hedge Fund ManagerFirm Name Analyst Recommendation Weighting Change Target Price Date DateStifel CRAIG P STANLEY buy 5 M 4 12 month 03.05.2013Scotia Capital OVAIS HABIB sector outperform 5 M 6 12 month 23.04.2013Beacon Securities Ltd MICHAEL CURRAN buy 5 M 6 12 month 19.04.2013Cantor Fitzgerald ROB CHANG buy 5 M 6 12 month 18.04.2013Laurentian Bank Securities ERIC LEMIEUX speculative buy 4 M 4 12 month 18.04.2013CIBC World Markets JEFF KILLEEN sector perform 3 M 7 Not Provided 11.04.2013Canaccord Genuity Corp STEVEN BUTLER speculative buy 4 M 7 12 month 11.04.2013Octagon Capital Corporation ANNIE ZHANG speculative buy 4 M 6 12 month 02.04.2013Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 6 12 month 28.03.2013RBC Capital Markets SAM CRITTENDEN outperform 5 M 5 12 month 12.03.2013Mackie Research Capital Corp. BARRY D ALLAN speculative buy 4 M #N/A N/A Not Provided 30.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013Holdings By:Premier Gold Mines LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Northern Star Resources Ltd is an Australian Gold Producer with tenementholdings and gold deposits located in the Ashburton - Pilbara Region of WesternAustralia.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (26.11.2012) 1.5952-Week Low (16.05.2012) 0.61Daily Volume0.72552-Week High % Change -54.26% Dividend Yield 4.8352-Week Low % Change 19.83% Beta 0.66% 52 Week Price Range High/Low 14.80% Equity Float 373.09Shares Out 14.05.2013 424.3 Short Int 5.19307.60 1 Yr Total Return 20.03%Total Debt 9.43 YTD Return -40.64%Preferred Stock 0.0 Adjusted BETA 0.663Minority Interest 0.0 Analyst Recs 6Cash and Equivalents 64.96 Consensus Rating 4.333Enterprise Value 268.49Average Volume 5 Day 3348683NST AU EQUITY YTD Change - Average Volume 30 Day 4402472NST AU EQUITY YTD % CHANGE - Average Volume 3 Month 4275693LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -- - - 114.9 99.5 - - 133.9 164.5 - -- - - 1.11x 2.55x - - 1.91x 1.45x - -(0.1) (5.1) (1.3) 45.1 47.5 - - 75.7 92.4 - -- - - 2.83x 5.35x - - 3.55x 2.91x - -(0.1) (4.7) (1.3) 16.3 22.0 - - 33.4 41.1 - -- - - 7.80x 12.62x - - 9.80x 7.80x - -EBITDA 47.49 Long-Term Rating Date -EBIT 30.02 Long-Term Rating -Operating Margin 30.16% Long-Term Outlook -Pretax Margin 31.60% Short-Term Rating Date -Return on Assets 29.17% Short-Term Rating -Return on Common Equity 42.20%Return on Capital 38.16% EBITDA/Interest Exp. 89.78Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 40.79Net Debt/EBITDA -0.68Gross Margin 57.3% Total Debt/EBITDA 0.20EBITDA Margin 50.7%EBIT Margin 34.2% Total Debt/Equity 10.0%Net Income Margin 22.1% Total Debt/Capital 9.1%Asset Turnover 1.05Current Ratio 3.13 Net Fixed Asset Turnover 2.27Quick Ratio 2.68 Accounts receivable turnover-days 0.11Debt to Assets 7.03% Inventory Days 67.11Tot Debt to Common Equity 9.97% Accounts Payable Turnover Day 67.12Accounts Receivable Turnover 3404.63 Cash Conversion Cycle -39.98Inventory Turnover 5.45Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedNorthern Star Resources LtdPrice/VolumeValuation Analysis4498099.00Current Price (5/dd/yy) Market Data0001111122m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M10.0 M20.0 M30.0 M40.0 M50.0 M60.0 M0.020.040.060.080.0100.0120.0140.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.002.004.006.008.0010.0012.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 31535653 7.43 (230268) 14.05.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 26706283 6.29 3981558 15.05.2013 Investment AdvisorINVESTMET LIMITED n/a EXCH 21946900 5.17 (18089000) 30.11.2012 CorporationPARADICE INVESTMENT n/a EXCH 18915010 4.46 (2872573) 08.01.2013 Investment AdvisorBEAMENT WILLIAM JAME n/a EXCH 12134735 2.86 - 30.11.2012 n/aJP MORGAN n/a ULT-AGG 11803850 2.78 (1514461) 31.03.2013 Investment AdvisorFOTIOS MICHAEL GEORG n/a EXCH 7103474 1.67 (7400000) 30.11.2012 n/aROWE CHRISTOPHER n/a EXCH 3986195 0.94 - 30.11.2012 n/aGCIC LTD/CANADA Multiple Portfolios MF-AGG 3350000 0.79 3350000 31.12.2012 Investment AdvisorMORGAN STANLEY AUSTR n/a EXCH 3202580 0.75 (36529953) 04.12.2012 Investment AdvisorUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2250000 0.53 - 30.06.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2095462 0.49 (15180) 30.09.2012 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 1638853 0.39 38476 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1572104 0.37 212438 31.03.2013 Investment AdvisorNORGES BANK Multiple Portfolios MF-AGG 1501596 0.35 - 31.12.2012 GovernmentBROWN KAREN ELIZABET n/a Co File 1191666 0.28 - 30.06.2012 n/aMACQUARIE GROUP n/a ULT-AGG 1168772 0.28 (310278) 30.06.2011 Investment AdvisorOCONNOR PETER EDMUN n/a EXCH 850000 0.2 - 03.12.2012 n/aPARRY RAYMOND JOSEPH n/a Co File 378334 0.09 - 30.06.2012 n/aOBERWEIS ASSET MANAG Multiple Portfolios MF-AGG 316200 0.07 316200 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateArgonaut Securities Pty Ltd PATRICK CHANG buy 5 M 1 Not Provided 16.05.2013RBC Capital Markets STEUART MCINTYRE sector perform 3 M 1 12 month 08.05.2013Ord Minnett DAVID BRENNAN buy 5 M 1 Not Provided 01.05.2013Hartleys MIKE MILLIKAN buy 5 M 1 12 month 29.04.2013Paterson Securities TIM MCCORMACK buy 5 M 1 12 month 29.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 28.02.2013Holdings By:Northern Star Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Tanzanian Royalty Exploration Corporation acquires, explores, and developsmineral properties. The Company explores for gold.Latest Fiscal Year: 08/2012LTM as of: 02/yy52-Week High (21.09.2012) 5.3452-Week Low (18.04.2013) 2.42Daily Volume2.6352-Week High % Change -50.75% Dividend Yield -52-Week Low % Change 8.68% Beta 1.25% 52 Week Price Range High/Low 7.19% Equity Float 92.75Shares Out 30.04.2013 100.7 Short Int 8.19264.79 1 Yr Total Return -26.54%Total Debt 2.07 YTD Return -40.36%Preferred Stock 0.0 Adjusted BETA 1.246Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 20.06 Consensus Rating -Enterprise Value 256.10Average Volume 5 Day 277054TRX US EQUITY YTD Change - Average Volume 30 Day 472773TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 474072LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q40.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(2.9) (3.4) (3.0) (4.3) (5.1) (4.6) (5.0) - - - -- - - - - 0.00x 0.00x - - - -(3.7) (4.7) (3.4) (11.1) (8.9) (14.6) (2.2) - - - -- - - - - 0.00x 0.00x - - - -EBITDA -5.06 Long-Term Rating Date -EBIT -5.44 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -3.52% Short-Term Rating -Return on Common Equity -4.13%Return on Capital - EBITDA/Interest Exp. -49.26Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -133.96Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -0.21EBITDA Margin -EBIT Margin - Total Debt/Equity 4.1%Net Income Margin - Total Debt/Capital 3.9%Asset Turnover 0.00Current Ratio 8.84 Net Fixed Asset Turnover 0.00Quick Ratio 8.68 Accounts receivable turnover-days -Debt to Assets 3.28% Inventory Days -Tot Debt to Common Equity 4.09% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedTanzanian Royalty Exploration CorpPrice/VolumeValuation Analysis323081.00Current Price (5/dd/yy) Market Data0123456m-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 M3.5 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 14700030 14.6 1177305 15.05.2013 Investment AdvisorGEIER GROUP LLC n/a 13G 4879743 4.85 (4801048) 10.11.2011 OtherBPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 3669696 3.64 (116921) 28.02.2013 Investment AdvisorSINCLAIR JAMES E n/a SEDI 1885543 1.87 (1000) 08.02.2013 n/aBPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 673902 0.67 (37877) 28.09.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 516924 0.51 - 14.05.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 498912 0.5 131800 31.03.2013 Pension Fund (ERISA)VANGUARD GROUP INC Multiple Portfolios MF-AGG 474292 0.47 60200 31.03.2013 Investment AdvisorMORROW ROSALIND n/a SEDI 429429 0.43 5382 11.03.2013 n/aHARVEY WILLIAM M n/a SEDI 340090 0.34 7732 12.04.2013 n/aBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 334811 0.33 4654 31.03.2013 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 309070 0.31 - 15.05.2013 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 287556 0.29 102344 31.03.2013 Investment AdvisorPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212810 0.21 250 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 190479 0.19 22792 31.03.2013 Investment AdvisorLUIS VICTORIA n/a 20F 144045 0.14 - 31.10.2012 n/aDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 141479 0.14 (4090) 31.03.2013 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 124831 0.12 27380 31.03.2013 Investment AdvisorVAN TONGEREN STEVEN n/a SEDI 124663 0.12 544 09.05.2013 n/aALTUS CAPITAL INC ALTUS CAPITAL INC 13F 104500 0.1 56500 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/AHoldings By:Tanzanian Royalty Exploration CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Real Gold Mining Limited mines gold and processes ore into concentratescontaining gold and other minerals for subsequent sale.Latest Fiscal Year: 12/2010LTM as of: 06/yy52-Week High (16.05.2012) 8.8152-Week Low (16.05.2012) 8.81Daily Volume8.8152-Week High % Change 0.00% Dividend Yield 0.6052-Week Low % Change 0.00% Beta 0.33% 52 Week Price Range High/Low 0.00% Equity Float 429.41Shares Out 21.09.2011 908.8 Short Int -8006.41 1 Yr Total Return 0.00%Total Debt 0.00 YTD Return 0.00%Preferred Stock 0.0 Adjusted BETA 0.329Minority Interest 135.1 Analyst Recs 1Cash and Equivalents 2965.19 Consensus Rating 5.000Enterprise Value 3835.93Average Volume 5 Day 0246 HK EQUITY YTD Change - Average Volume 30 Day 0246 HK EQUITY YTD % CHANGE - Average Volume 3 Month 0LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 06/yy 06/yy 12/11 Y 12/12 Y 09/11 Q3 12/11 Q4- 8.0 312.3 1011.2 1368.2 1185.7 1523.7 - - - -- - - 5.88x 5.55x 0.00x 0.00x - - - -(0.1) (1.1) 190.4 768.9 1187.9 0.0 0.0 - - - -- - - 7.73x 6.39x 0.00x 0.00x - - - -(0.1) (2.2) 103.9 526.7 798.0 650.8 831.3 - - - -- - - 13.02x 12.06x 0.00x 0.00x - - - -EBITDA 1187.92 Long-Term Rating Date -EBIT 1149.66 Long-Term Rating -Operating Margin 84.03% Long-Term Outlook -Pretax Margin 80.97% Short-Term Rating Date -Return on Assets 19.98% Short-Term Rating -Return on Common Equity 22.56%Return on Capital 22.32% EBITDA/Interest Exp. -Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -2.50Gross Margin 77.3% Total Debt/EBITDA 0.00EBITDA Margin 86.8%EBIT Margin 84.0% Total Debt/Equity 0.0%Net Income Margin 58.3% Total Debt/Capital 0.0%Asset Turnover 0.34Current Ratio 18.07 Net Fixed Asset Turnover 3.23Quick Ratio 17.99 Accounts receivable turnover-days 8.79Debt to Assets 0.00% Inventory Days 8.12Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 0.25Accounts Receivable Turnover 41.52 Cash Conversion Cycle 16.66Inventory Turnover 44.95Fiscal Year EndedReal Gold Mining LtdPrice/VolumeValuation Analysis0.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure012345678910m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M.0 M.0 M.0 M.0 M.0 M.0 M.0 M.0 M.0 M.0 M0.0200.0400.0600.0800.01000.01200.01400.01600.01999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100.002.004.006.008.0010.0012.0014.0016.0018.0004.01.200804.07.200804.01.200904.07.200904.01.201004.07.201004.01.201104.07.201104.01.201204.07.201204.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCITIGROUP INCORPORAT n/a EXCH 245182757 26.98 - 12.06.2012 Investment AdvisorLV DEZHI n/a EXCH 226250667 24.9 - 27.09.2012 n/aLEAD HONEST MANAGEME n/a Research 140000000 15.41 (234376000) 26.09.2012 OtherLEAD HONEST MANAGEME n/a Short (126967191) -13.97 - 31.12.2011 OtherSHI GUANGWEI n/a EXCH 113125333 12.45 - 27.09.2012 n/aVALUE PARTNERS GROUP n/a ULT-AGG 77678000 8.55 - 26.09.2012 CorporationVAN ECK ASSOCIATES C n/a ULT-AGG 19288900 2.12 - 15.05.2013 Investment AdvisorGCIC LTD/CANADA Multiple Portfolios MF-AGG 17816505 1.96 - 31.12.2012 Investment AdvisorMANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 16916500 1.86 - 30.06.2012 UnclassifiedOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 10673000 1.17 - 31.03.2013 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 9609000 1.06 - 28.02.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 7861000 0.86 - 31.12.2012 BankJP MORGAN n/a ULT-AGG 6089500 0.67 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 4499000 0.5 - 31.01.2013 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 4353500 0.48 - 30.06.2011 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4103427 0.45 - 28.12.2012 Investment AdvisorFIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2762500 0.3 - 02.05.2013 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 2500500 0.28 - 31.03.2013 Investment AdvisorCITIGROUP INCORPORAT n/a Short (2409129) -0.27 - 12.06.2012 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1788000 0.2 - 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 14.07.2012BOCOM International Holdings RONGJIN LUO neutral 3 D 9 12 month 03.06.2011Kingsway SW Securities ZIBO CHEN buy 5 M 19 Not Provided 14.03.2011Holdings By:Real Gold Mining LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Golden Star Resources Ltd. is a mid-tier gold mining company. The Companysoperating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.Latest Fiscal Year: 12/1997LTM as of: 03/yy52-Week High (16.10.2012) 2.1152-Week Low (15.05.2013) 0.66Daily Volume0.752-Week High % Change -66.82% Dividend Yield 0.0052-Week Low % Change 6.06% Beta 1.06% 52 Week Price Range High/Low 2.76% Equity Float 257.69Shares Out 08.05.2013 259.1 Short Int 12.89181.37 1 Yr Total Return -44.88%Total Debt 117.48 YTD Return -61.96%Preferred Stock 0.0 Adjusted BETA 1.057Minority Interest (2.0) Analyst Recs 10Cash and Equivalents 78.88 Consensus Rating 2.200Enterprise Value 228.15Average Volume 5 Day 3531699GSS US EQUITY YTD Change - Average Volume 30 Day 2504985GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 2193966LTM-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 Q3257.4 - 432.7 471.0 550.5 485.5 552.4 481.9 487.2 123.0 123.71.43x - 2.72x 0.98x 0.95x 4.31x 3.44x 0.60x 0.58x 1.96x 2.05x1.8 - 107.6 91.8 124.7 94.4 117.0 77.4 117.8 26.0 27.8200.09x - 10.93x 5.00x 4.18x 5.74x 3.95x 2.95x 1.94x 2.24x 2.36x(119.3) - (11.2) (2.1) (9.5) 1.1 (25.2) (9.0) 26.7 0.4 2.2- - - - - 0.00x 0.00x - 8.24x - 21.88xEBITDA 124.67 Long-Term Rating Date -EBIT 25.74 Long-Term Rating -Operating Margin 4.68% Long-Term Outlook -Pretax Margin 1.20% Short-Term Rating Date -Return on Assets -3.45% Short-Term Rating -Return on Common Equity -5.78%Return on Capital - EBITDA/Interest Exp. 12.27Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 3.56Net Debt/EBITDA 0.43Gross Margin 9.6% Total Debt/EBITDA 0.95EBITDA Margin 21.2%EBIT Margin 2.9% Total Debt/Equity 27.1%Net Income Margin -1.7% Total Debt/Capital 21.4%Asset Turnover 0.76Current Ratio 1.58 Net Fixed Asset Turnover 1.06Quick Ratio 0.69 Accounts receivable turnover-days 7.91Debt to Assets 16.18% Inventory Days 61.01Tot Debt to Common Equity 27.10% Accounts Payable Turnover Day 51.20Accounts Receivable Turnover 46.13 Cash Conversion Cycle -1.28Inventory Turnover 5.98Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedGolden Star Resources LtdPrice/VolumeValuation Analysis3521219.00Current Price (5/dd/yy) Market Data011223m-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 M0.0100.0200.0300.0400.0500.0600.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 39316268 15.17 3237877 15.05.2013 Investment AdvisorSENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 28879600 11.15 (1359000) 31.03.2013 Investment AdvisorHEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 26830259 10.35 844389 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 10793356 4.17 723887 14.05.2013 Investment AdvisorHILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 7898726 3.05 1617352 31.03.2013 Hedge Fund ManagerCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 5237500 2.02 5237500 31.03.2013 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4819436 1.86 (1475687) 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 4558095 1.76 12016 31.03.2013 Investment AdvisorGEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 4350000 1.68 4350000 31.03.2013 Hedge Fund ManagerWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3221423 1.24 (492267) 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 3178325 1.23 (308600) 31.03.2013 Pension Fund (ERISA)NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2972612 1.15 (92341) 31.03.2013 Investment AdvisorBATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2625741 1.01 - 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 1934059 0.75 - 31.12.2012 GovernmentCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1870572 0.72 1267792 31.03.2013 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 1795127 0.69 (50700) 31.03.2013 Investment AdvisorLEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1467781 0.57 - 31.03.2013 Investment AdvisorPRINCIPAL FINANCIAL n/a ULT-AGG 1271090 0.49 (619837) 31.03.2013 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1235376 0.48 (1024176) 31.03.2013 Investment AdvisorTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 1175635 0.45 455015 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW BREICHMANAS underperform 1 D 1 Not Provided 14.05.2013Canaccord Genuity Corp RAHUL PAUL hold 3 M 1 12 month 13.05.2013Macquarie PIERRE VAILLANCOURT neutral 3 M 1 12 month 11.05.2013Raymond James BRAD HUMPHREY market perform 3 M 1 12 month 10.05.2013National Bank Financial PAOLO LOSTRITTO sector perform 3 M 2 12 month 10.05.2013EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 10.05.2013Credit Suisse ANITA SONI underperform 1 M 1 Not Provided 09.05.2013CIBC World Markets COSMOS CHIU sector underperform 1 D 1 Not Provided 09.05.2013Scotia Capital TREVOR TURNBULL sector underperform 1 D 0 12 month 23.04.2013Holdings By:Golden Star Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Romarco Minerals, Inc. is an emerging gold producer. The Companys flagshipproject is the Haile Gold Mine in South Carolina.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (17.09.2012) 1.4052-Week Low (15.05.2013) 0.37Daily Volume0.3752-Week High % Change -73.57% Dividend Yield 0.0052-Week Low % Change 0.00% Beta 1.16% 52 Week Price Range High/Low 0.00% Equity Float 581.16Shares Out 30.04.2013 585.4 Short Int 0.44216.59 1 Yr Total Return -52.56%Total Debt 0.00 YTD Return -51.95%Preferred Stock 0.0 Adjusted BETA 1.165Minority Interest 0.0 Analyst Recs 6Cash and Equivalents 64.78 Consensus Rating 4.167Enterprise Value 163.39Average Volume 5 Day 1072823R CN EQUITY YTD Change - Average Volume 30 Day 1675935R CN EQUITY YTD % CHANGE - Average Volume 3 Month 1412582LTM-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 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(3.6) (7.3) (65.4) (15.3) (11.8) (15.9) (11.6) (8.0) (8.0) - -- - - - - 0.00x 0.00x - - - -(4.5) (7.2) (66.2) (15.7) (11.9) (14.5) (12.0) (7.8) (12.0) - -- - - - - 0.00x 0.00x - - - -EBITDA -11.81 Long-Term Rating Date -EBIT -12.13 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -4.72% Short-Term Rating -Return on Common Equity -4.88%Return on Capital - EBITDA/Interest Exp. -58.20Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -263.13Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 5.88 Net Fixed Asset Turnover 0.00Quick Ratio 5.81 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedRomarco Minerals IncPrice/VolumeValuation Analysis1066854.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0001111m-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 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 148952579 25.45 28585573 14.05.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 46391088 7.92 - 15.05.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 45178500 7.72 (1398000) 28.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 30127000 5.15 - 31.03.2013 Investment AdvisorNORGES BANK Multiple Portfolios MF-AGG 24008527 4.1 - 31.12.2012 GovernmentTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 21188200 3.62 53500 31.03.2013 Hedge Fund ManagerFMR LLC n/a ULT-AGG 19245100 3.29 85000 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 15429733 2.64 - 31.03.2013 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 11682793 2 (147237) 31.01.2013 BankTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 11093500 1.9 (147500) 31.12.2012 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 8551000 1.46 - 27.12.2012 Hedge Fund ManagerGAMCO n/a ULT-AGG 5550000 0.95 - 31.12.2012 UnclassifiedQUANTEX AG Multiple Portfolios MF-AGG 3750000 0.64 (100000) 29.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 3000000 0.51 - 31.12.2012 BankGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 2975080 0.51 - 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2931235 0.5 253000 31.03.2013 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 2828384 0.48 (520200) 31.12.2012 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 2266700 0.39 - 31.12.2012 Hedge Fund ManagerCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 1959403 0.33 - 19.10.2012 Investment AdvisorGARRETT DIANE RENEE n/a SEDI 1568000 0.27 31500 19.04.2013 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateNational Bank Financial PAOLO LOSTRITTO outperform 5 M 2 12 month 10.05.2013BMO Capital Markets ANDREW KAIP market perform 3 M 1 Not Provided 02.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 1 12 month 22.04.2013RBC Capital Markets SAM CRITTENDEN sector perform 3 M 1 12 month 02.04.2013Paradigm Capital Inc DON BLYTH speculative buy 4 M 2 12 month 11.03.2013Euro Pacific Capital Inc HEIKO IHLE buy 5 N 2 12 month 28.09.2012Holdings By:Romarco Minerals IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Banro Corporation, through its subsidiary, explores and develops goldproperties. The Company currently holds mining permits and mining concessionsin the Democratic Republic of Congo in Africa.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (07.09.2012) 5.0352-Week Low (07.05.2013) 0.95Daily Volume1.0952-Week High % Change -78.33% Dividend Yield 0.0052-Week Low % Change 14.74% Beta 1.93% 52 Week Price Range High/Low 3.43% Equity Float 249.62Shares Out 30.04.2013 252.1 Short Int 6.26274.79 1 Yr Total Return -68.86%Total Debt 154.69 YTD Return -60.79%Preferred Stock 0.0 Adjusted BETA 1.928Minority Interest 0.0 Analyst Recs 6Cash and Equivalents 27.05 Consensus Rating 2.833Enterprise Value 397.49Average Volume 5 Day 1884234BAA CN EQUITY YTD Change - Average Volume 30 Day 2152675BAA CN EQUITY YTD % CHANGE - Average Volume 3 Month 2262718LTM-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 Q30.0 0.0 0.0 0.0 42.6 0.0 75.8 146.0 353.0 32.2 26.9- - - - 16.23x #DIV/0! 32.93x - - - -(6.2) (7.6) (10.3) (10.2) 6.0 (11.0) 9.4 46.1 164.0 - -- - - - 114.64x 0.00x 0.00x 8.63x 2.42x - -(8.5) (4.8) (3.0) (9.3) (4.6) (11.3) 5.2 15.4 79.3 - -9.34x - - - - 0.00x 57.06x 18.45x 3.39x 14.27x 6.49xEBITDA 6.03 Long-Term Rating Date -EBIT -2.06 Long-Term Rating -Operating Margin -4.84% Long-Term Outlook -Pretax Margin -10.70% Short-Term Rating Date -Return on Assets -0.86% Short-Term Rating -Return on Common Equity -1.12%Return on Capital - EBITDA/Interest Exp. 2.62Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -57.93Net Debt/EBITDA 21.15Gross Margin 29.2% Total Debt/EBITDA 25.64EBITDA Margin 14.2%EBIT Margin -4.8% Total Debt/Equity 36.5%Net Income Margin -10.7% Total Debt/Capital 26.8%Asset Turnover 0.08Current Ratio 1.06 Net Fixed Asset Turnover 0.11Quick Ratio 0.47 Accounts receivable turnover-days -Debt to Assets 24.33% Inventory Days -Tot Debt to Common Equity 36.54% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedBanro CorpPrice/VolumeValuation Analysis1836889.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0123456m-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 M0.05.010.015.020.025.030.035.040.045.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00100.00200.00300.00400.00500.00600.00700.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 29151624 11.56 - 14.05.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 24223469 9.61 72185 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 22439310 8.9 - 30.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 16010002 6.35 - 15.05.2013 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 14067000 5.58 4088200 31.12.2012 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 11716838 4.65 7631297 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 10721545 4.25 41100 31.03.2013 Hedge Fund ManagerACUITY INVESTMENT MA ACUITY INVESTMENT MA 13F 8156000 3.24 3531100 31.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6252125 2.48 1416340 31.03.2013 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3887474 1.54 (135897) 28.02.2013 Investment AdvisorFIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 2886582 1.15 (948300) 28.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 2466182 0.98 (6554178) 31.03.2013 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2152177 0.85 (4660861) 31.03.2013 Investment AdvisorBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 2026058 0.8 (41296) 31.03.2013 Hedge Fund ManagerNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 1985433 0.79 1699554 31.03.2013 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1944700 0.77 65300 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1827360 0.72 1827360 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1438715 0.57 (865900) 31.03.2013 Pension Fund (ERISA)RUFFER LLP Multiple Portfolios MF-AGG 1400000 0.56 - 27.12.2012 Hedge Fund ManagerDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1347995 0.53 (703421) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCormark Securities Inc. MIKE KOZAK speculative buy 4 M 3 12 month 10.05.2013CIBC World Markets COSMOS CHIU sector perform 3 M 2 Not Provided 09.05.2013BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 08.05.2013GMP BROCK SALIER buy 5 M 2 12 month 08.05.2013Goldman Sachs EUGENE KING Sell/Neutral 1 D 1 12 month 03.05.2013EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 10.04.2013Holdings By:Banro CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Colossus Minerals Inc. is a mineral exploration and production company. TheCompany explores for and develops gold-platinum-palladium properties in Brazil.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (20.09.2012) 6.0352-Week Low (18.04.2013) 1.73Daily Volume1.8352-Week High % Change -69.65% Dividend Yield 0.0052-Week Low % Change 5.78% Beta 1.56% 52 Week Price Range High/Low 2.33% Equity Float 90.39Shares Out 30.04.2013 107.0 Short Int 3.06195.72 1 Yr Total Return -50.54%Total Debt 72.14 YTD Return -60.30%Preferred Stock 0.0 Adjusted BETA 1.564Minority Interest 2.7 Analyst Recs 5Cash and Equivalents 63.59 Consensus Rating 4.600Enterprise Value 203.45Average Volume 5 Day 738507CSI CN EQUITY YTD Change - Average Volume 30 Day 1324510CSI CN EQUITY YTD % CHANGE - Average Volume 3 Month 1460940LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.07.2008 31.07.2009 31.07.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 42.1 287.7 - -- - - - - #DIV/0! #DIV/0! 3.86x -0.06x - -(2.5) (2.7) (9.5) (29.3) (32.9) (29.3) (32.9) 12.1 208.0 (7.0) (7.0)- - - - - 0.00x 0.00x 16.81x 0.98x 16.58x 3.40x(2.3) (4.6) (9.7) (32.1) (30.1) (32.1) (30.1) (6.6) 136.7 (8.7) (8.7)- - - - - 0.00x 0.00x - 2.13x - 5.13xEBITDA -32.86 Long-Term Rating Date -EBIT -33.29 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -11.68% Short-Term Rating -Return on Common Equity -23.01%Return on Capital - EBITDA/Interest Exp. -7.02Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -26.45Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -2.20EBITDA Margin -EBIT Margin - Total Debt/Equity 62.4%Net Income Margin - Total Debt/Capital 37.9%Asset Turnover 0.00Current Ratio 4.66 Net Fixed Asset Turnover 0.00Quick Ratio 4.55 Accounts receivable turnover-days -Debt to Assets 25.80% Inventory Days -Tot Debt to Common Equity 62.37% Accounts Payable Turnover Day 3704.00Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover 0.00Fiscal Year EndedColossus Minerals IncPrice/VolumeValuation Analysis1091766.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure01234567m-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 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeARIAS RESOURCE CAPIT n/a Co File 13223900 12.36 - 22.04.2013 Private EquityACUITY INVESTMENT MA n/a Co File 10530371 9.85 - 31.10.2012 Investment AdvisorSPROTT ASSET MANAGEM n/a Co File 9947500 9.3 (1572900) 28.02.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 9179634 8.58 (4522) 15.05.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 4883500 4.57 29000 28.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 3860635 3.61 397528 31.03.2013 Investment AdvisorSUSSMAN ARI B n/a SEDI 1761401 1.65 50000 27.06.2012 n/aMCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 1457780 1.36 (41820) 28.03.2013 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1093732 1.02 (58132) 28.02.2013 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 1060133 0.99 4 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 1049000 0.98 - 31.12.2012 Investment AdvisorKISHIDA AUGUSTO n/a SEDI 958000 0.9 - 09.08.2012 n/aBLACKROCK n/a ULT-AGG 698287 0.65 - 14.05.2013 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 525000 0.49 - 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 495323 0.46 (31792) 29.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 486563 0.45 - 31.03.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 321612 0.3 - 28.09.2012 Investment AdvisorFROSTIAK JOHN n/a SEDI 229800 0.21 50000 16.02.2013 n/aFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 207600 0.19 - 30.11.2012 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 180500 0.17 - 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 8 12 month 07.05.2013Stifel CRAIG P STANLEY buy 5 M 4 12 month 03.05.2013Clarus Securities JAMIE SPRATT speculative buy 4 M 8 12 month 03.05.2013Macquarie MICHAEL GRAY outperform 5 M 3 12 month 25.04.2013GMP GEORGE V ALBINO buy 5 M 12 Not Provided 01.04.2013Holdings By:Colossus Minerals IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Rainy River Resources Ltd. is a gold exploration and production company.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (10.10.2012) 6.1752-Week Low (17.04.2013) 1.97Daily Volume2.1152-Week High % Change -65.80% Dividend Yield 0.0052-Week Low % Change 7.11% Beta 1.16% 52 Week Price Range High/Low 3.33% Equity Float 97.77Shares Out 30.04.2013 100.0 Short Int 0.57210.94 1 Yr Total Return -38.48%Total Debt 0.13 YTD Return -57.55%Preferred Stock 0.0 Adjusted BETA 1.162Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 102.12 Consensus Rating 4.000Enterprise Value 108.96Average Volume 5 Day 511350RR CN EQUITY YTD Change - Average Volume 30 Day 563783RR CN EQUITY YTD % CHANGE - Average Volume 3 Month 626941LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.09.2008 30.09.2009 30.09.2010 30.09.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 1.0 - -- - - - - #DIV/0! #DIV/0! 113.34x -67.06x - -(2.6) (4.2) (9.1) (16.1) (64.6) (31.6) (45.2) (15.2) (14.5) - -- - - - - 0.00x 0.00x - - - -(1.0) (3.6) (6.8) (13.5) (65.9) (29.6) (57.5) (23.3) (22.9) - -- - - - - 0.00x 0.00x - - - -EBITDA -64.60 Long-Term Rating Date -EBIT -64.98 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -33.90% Short-Term Rating -Return on Common Equity -35.35%Return on Capital - EBITDA/Interest Exp. -10003.84Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -12740.42Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.1%Net Income Margin - Total Debt/Capital 0.1%Asset Turnover 0.00Current Ratio 15.73 Net Fixed Asset Turnover 0.00Quick Ratio 15.71 Accounts receivable turnover-days -Debt to Assets 0.08% Inventory Days -Tot Debt to Common Equity 0.09% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedRainy River Resources LtdPrice/VolumeValuation Analysis351927.00Current Price (5/dd/yy) Market Data01234567m-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 M0.00.51.01.52.02.53.03.54.04.52000 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 9944915 9.95 (140306) 15.05.2013 Investment AdvisorSALIDA CAPITAL LP n/a Co File 8043070 8.05 (655430) 30.11.2011 Investment AdvisorFMR LLC n/a ULT-AGG 3380400 3.38 359000 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 3170900 3.17 313000 31.03.2013 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1756100 1.76 - 31.01.2013 Investment AdvisorBEREZAN LEO n/a SEDI 1334048 1.33 17000 22.05.2012 n/aQUANTEX AG Multiple Portfolios MF-AGG 830000 0.83 118000 29.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 800000 0.8 800000 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 623686 0.62 - 14.05.2013 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 539677 0.54 - 14.05.2013 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 538228 0.54 (409100) 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 461000 0.46 61400 31.03.2013 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 453100 0.45 (2600) 31.12.2012 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 401000 0.4 - 31.03.2013 Investment AdvisorAVERILL STUART ALLAN n/a SEDI 360000 0.36 5000 06.02.2013 n/aLAZARIDIS MICHAEL n/a SEDI 355000 0.36 - 14.03.2012 n/aGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 343467 0.34 - 28.09.2012 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 306835 0.31 - 15.05.2013 Investment AdvisorUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 300000 0.3 - 30.06.2012 Investment AdvisorSOCIETE GENERALE Multiple Portfolios MF-AGG 255600 0.26 (25700) 31.12.2012 BankFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 14.05.2013Desjardins Securities ADAM MELNYK buy 5 M 6 Not Provided 14.05.2013National Bank Financial PAOLO LOSTRITTO outperform 5 M 8 12 month 14.05.2013Stifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 03.05.2013Casimir Capital ERIC WINMILL speculative buy 4 M 7 12 month 01.05.2013Scotia Capital LEILY OMOUMI sector outperform 5 M 6 12 month 23.04.2013CIBC World Markets JEFF KILLEEN sector perform 3 M 7 Not Provided 12.04.2013RBC Capital Markets SAM CRITTENDEN sector perform 3 M 5 12 month 11.04.2013Paradigm Capital Inc DON BLYTH speculative buy 4 M 9 12 month 17.09.2012Holdings By:Rainy River Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Sulliden Gold Corp Ltd. is a mineral exploration company. The Company isfocused on the development of its Shahuindo Gold Project located in northernPeru.Latest Fiscal Year: 04/2012LTM as of: 01/yy52-Week High (23.08.2012) 1.4452-Week Low (15.04.2013) 0.66Daily Volume0.8252-Week High % Change -43.13% Dividend Yield 0.0052-Week Low % Change 24.24% Beta 1.44% 52 Week Price Range High/Low 20.46% Equity Float 236.50Shares Out 30.04.2013 270.7 Short Int 0.18222.01 1 Yr Total Return -10.87%Total Debt 0.00 YTD Return -11.83%Preferred Stock 0.0 Adjusted BETA 1.444Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 47.34 Consensus Rating 4.778Enterprise Value 202.18Average Volume 5 Day 1230300SUE CN EQUITY YTD Change - Average Volume 30 Day 964664SUE CN EQUITY YTD % CHANGE - Average Volume 3 Month 768794LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(2.5) - (6.2) (8.8) (11.9) (11.8) (4.3) (5.2) (7.4) - -- - - - - 0.00x 0.00x - - - -(4.2) (2.6) (4.4) (10.3) (13.3) (13.6) (4.9) (3.6) (11.3) - -- - - - - 0.00x 0.00x - - - -EBITDA -11.95 Long-Term Rating Date -EBIT -11.95 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -2.59% Short-Term Rating -Return on Common Equity -2.69%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -0.05EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 23.62 Net Fixed Asset Turnover 0.00Quick Ratio 23.62 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedSulliden Gold Corp LtdPrice/VolumeValuation Analysis2032264.00Current Price (5/dd/yy) Market Data000111112m-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 M0.00.10.10.20.20.30.32001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAGNICO-EAGLE MINES L n/a SEDI 26966292 9.96 - 09.04.2013 CorporationVAN ECK ASSOCIATES C n/a ULT-AGG 18957246 7 - 15.05.2013 Investment AdvisorABERDEEN INTERNATION n/a Co File 15904572 5.87 - 31.07.2012 UnclassifiedROYAL BANK OF CANADA n/a ULT-AGG 9517800 3.52 - 31.12.2012 BankPOWER CORP OF CANADA n/a ULT-AGG 5573512 2.06 12 31.01.2013 Holding CompanyFMR LLC n/a ULT-AGG 5403200 2 2332800 31.03.2013 Investment AdvisorBEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5166300 1.91 - 31.03.2013 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2907900 1.07 - 31.01.2013 Investment AdvisorACUITY INVESTMENT MA Multiple Portfolios MF-AGG 2341926 0.87 (730700) 28.09.2012 Investment AdvisorBHARTI STAN n/a SEDI 1563955 0.58 (325000) 08.02.2013 n/aFERNANDEZ-CONCHA STU n/a SEDI 1435000 0.53 250000 20.10.2011 n/aCOLEMAN JAMES H n/a SEDI 1108614 0.41 - 21.10.2011 n/aFIRST TRUST ADVISORS Multiple Portfolios MF-AGG 920363 0.34 46526 28.03.2013 Investment AdvisorHUMPHREY RAYMOND BRU n/a PROXY 862978 0.32 - 05.09.2012 n/aMOORE GEOFFREY S n/a SEDI 829423 0.31 100000 04.10.2012 n/aUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 800000 0.3 - 30.06.2012 Investment AdvisorFRONT BARNETT ASSOCI FRONT BARNETT ASSOCI 13F 609700 0.23 - 31.03.2013 Investment AdvisorAMIREAULT STEPHANE n/a SEDI 516500 0.19 200000 30.03.2013 n/aSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 510000 0.19 - 28.02.2013 Investment AdvisorNCF SOC ADMIN DE FON Multiple Portfolios MF-AGG 375000 0.14 - 03.08.2011 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateNational Bank Financial STEPHEN PARSONS outperform 5 M 2 12 month 10.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 2 12 month 22.04.2013Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013BMO Capital Markets ANDREW KAIP speculative outperform 4 M 1 Not Provided 16.04.2013Desjardins Securities ADAM MELNYK buy 5 M 2 Not Provided 16.04.2013Haywood Securities Inc. KERRY SMITH buy 5 M 2 Not Provided 16.04.2013GMP GEORGE V ALBINO buy 5 M 2 12 month 16.04.2013Kallpa Securities SAB HUMBERTO LEON overweight 5 M 2 12 month 12.04.2013Mine2Capital Inc ALKA SINGH buy 5 N 2 Not Provided 24.12.2012Holdings By:Sulliden Gold Corp LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Asanko Gold Inc. is a gold development company focussing on near term goldproduction at its Esaase gold project in Ghana, West Africa.Latest Fiscal Year: 03/2012LTM as of: 12/yy52-Week High (09.11.2012) 4.3952-Week Low (14.05.2013) 2.25Daily Volume2.3552-Week High % Change -46.47% Dividend Yield 0.0052-Week Low % Change 4.44% Beta 1.42% 52 Week Price Range High/Low 4.67% Equity Float 75.26Shares Out 30.04.2013 85.0 Short Int 0.19199.83 1 Yr Total Return -11.65%Total Debt 0.00 YTD Return -40.51%Preferred Stock 0.0 Adjusted BETA 1.419Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 197.61 Consensus Rating 3.750Enterprise Value 10.42Average Volume 5 Day 292320AKG CN EQUITY YTD Change - Average Volume 30 Day 216864AKG CN EQUITY YTD % CHANGE - Average Volume 3 Month 261308LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - -- - - - - #DIV/0! #DIV/0! - - - -(4.0) (3.2) (6.3) (38.4) (35.6) (49.2) (31.2) (10.6) (12.9) - -- - - - - 0.00x 0.00x - - - -(4.2) (3.7) (6.4) (34.9) (38.2) (41.4) (21.6) (11.7) (20.1) - -- - - - - 0.00x 0.00x - - - -EBITDA -35.61 Long-Term Rating Date -EBIT -36.23 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -8.07% Short-Term Rating -Return on Common Equity -8.49%Return on Capital - EBITDA/Interest Exp. -628.60Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -658.98Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 41.24 Net Fixed Asset Turnover 0.00Quick Ratio 41.05 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedAsanko Gold IncPrice/VolumeValuation Analysis296687.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure01122334455m-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 M0.00.00.00.00.00.00.00.00.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 8900057 10.47 840782 15.05.2013 Investment AdvisorHIGHLAND PARK SA n/a SEDI 8191174 9.63 - 13.11.2012 OtherBLACKROCK n/a ULT-AGG 5720748 6.73 - 14.05.2013 Investment AdvisorBEUTEL GOODMAN & COM n/a 13G 5457500 6.42 477500 31.12.2012 Investment AdvisorSPROTT INC n/a 13G 3702527 4.35 (546938) 31.12.2012 Hedge Fund ManagerPOWER CORP OF CANADA n/a ULT-AGG 3640600 4.28 1480300 31.03.2013 Holding CompanyJP MORGAN n/a ULT-AGG 3234225 3.8 - 31.03.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 3195867 3.76 (506660) 31.03.2013 Hedge Fund ManagerIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1248900 1.47 382700 31.12.2012 Investment AdvisorSALI ROBERT J n/a SEDI 830000 0.98 150000 16.05.2012 n/aROYAL BANK OF CANADA n/a ULT-AGG 690256 0.81 21712 31.03.2013 BankGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 606745 0.71 606745 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 566900 0.67 476900 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 501083 0.59 356659 31.03.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 451000 0.53 - 31.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 436649 0.51 69400 31.03.2013 Investment AdvisorTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 371976 0.44 131309 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 350000 0.41 - 27.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 267599 0.31 (12274) 31.03.2013 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 261112 0.31 - 15.05.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCIBC World Markets JEFF KILLEEN sector perform 3 M 4 12 month 15.05.2013Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 4 12 month 15.05.2013Clarus Securities NANA SANGMUAH buy 5 M 6 12 month 15.05.2013BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 3 Not Provided 14.05.2013RBC Capital Markets JONATHAN GUY sector perform 3 M 3 12 month 14.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 5 Not Provided 14.05.2013Jennings Capital DAN HRUSHEWSKY buy 5 M 5 12 month 14.05.2013Scotia Capital LEILY OMOUMI sector perform 3 M 5 12 month 23.04.2013Holdings By:Asanko Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Bear Creek Mining Corporation acquires and explores mineral properties. TheCompany is currently conducting silver and gold exploration activities on itsprospects located in Peru.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (01.10.2012) 3.8152-Week Low (15.05.2013) 1.81Daily Volume1.8552-Week High % Change -51.44% Dividend Yield 0.0052-Week Low % Change 2.21% Beta 1.08% 52 Week Price Range High/Low 2.00% Equity Float 75.40Shares Out 30.04.2013 92.2 Short Int 0.06170.61 1 Yr Total Return -23.24%Total Debt 0.00 YTD Return -45.10%Preferred Stock 0.0 Adjusted BETA 1.082Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 68.45 Consensus Rating 4.000Enterprise Value 99.08Average Volume 5 Day 104810BCM CN EQUITY YTD Change - Average Volume 30 Day 147478BCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 144536LTM-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 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(16.5) (8.7) (16.8) (29.5) (31.2) (29.5) (31.2) (19.4) (21.7) - -- - - - - 0.00x 0.00x - - - -(18.1) (8.7) (16.3) (29.7) (31.0) (29.7) (31.0) (19.1) (18.1) - -- - - - - 0.00x 0.00x - - - -EBITDA -31.20 Long-Term Rating Date -EBIT -31.32 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -19.68% Short-Term Rating -Return on Common Equity -20.20%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 32.85 Net Fixed Asset Turnover 0.00Quick Ratio 32.66 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedBear Creek Mining CorpPrice/VolumeValuation Analysis123278.00Current Price (5/dd/yy) Market Data011223344m-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.2 M.4 M.6 M.8 M1.0 M1.2 M1.4 M1.6 M1.8 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSILVER WHEATON CORP n/a PROXY 13264305 14.38 - 17.04.2012 CorporationTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 9422575 10.22 20000 31.03.2013 Hedge Fund ManagerSPROTT INC #N/A N/A Co File 9042064 9.8 (729993) 30.04.2013 Hedge Fund ManagerATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 8584360 9.31 216810 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 6067572 6.58 - 15.05.2013 Investment AdvisorROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1542800 1.67 - 31.03.2013 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1267900 1.37 23200 14.05.2013 Investment AdvisorKEM CAPITAL LLC n/a SEDI 1081262 1.17 - 21.03.2012 Investment AdvisorMCLEOD-SELTZER CATHE n/a PROXY 966562 1.05 - 17.04.2012 n/aSWARTHOUT ANDREW n/a SEDI 879592 0.95 5000 06.12.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 750000 0.81 - 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 660000 0.72 - 31.12.2012 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 559000 0.61 - 28.02.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 457000 0.5 - 31.03.2013 Investment AdvisorDE WITT DAVID E n/a PROXY 375650 0.41 - 17.04.2012 n/aGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 240867 0.26 - 28.09.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 204600 0.22 - 28.09.2012 Investment AdvisorDEAN COREY M n/a SEDI 185000 0.2 35000 11.11.2010 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 146500 0.16 20100 28.02.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 132000 0.14 - 28.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW KAIP speculative outperform 4 M 3 Not Provided 13.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 5 12 month 07.05.2013Raymond James BRAD HUMPHREY outperform 5 M 4 12 month 24.04.2013Scotia Capital TREVOR TURNBULL sector perform 3 M 4 12 month 04.04.2013Paradigm Capital Inc DON BLYTH speculative buy 4 M 6 12 month 16.11.2011Holdings By:Bear Creek Mining CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Paramount Gold and Silver Corporation explores for precious metals in Mexico.Latest Fiscal Year: 06/2012LTM as of: 03/yy52-Week High (07.09.2012) 2.8252-Week Low (10.05.2013) 1.34Daily Volume1.3852-Week High % Change -51.06% Dividend Yield -52-Week Low % Change 2.99% Beta 1.15% 52 Week Price Range High/Low 2.70% Equity Float 123.65Shares Out 03.05.2013 155.5 Short Int 15.71214.63 1 Yr Total Return -31.34%Total Debt 0.00 YTD Return -40.52%Preferred Stock 0.0 Adjusted BETA 1.153Minority Interest 0.0 Analyst Recs 1Cash and Equivalents 20.00 Consensus Rating 5.000Enterprise Value 200.34Average Volume 5 Day 534754PZG US EQUITY YTD Change - Average Volume 30 Day 847838PZG US EQUITY YTD % CHANGE - Average Volume 3 Month 849763LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q10.0 0.0 0.0 0.2 0.1 0.1 0.1 - - - -- - - 2370.69x 4555.15x 14099.12x 17031.05x - - - -(18.8) (7.3) (8.6) (11.6) (17.9) (15.9) (13.1) (8.0) (8.0) - -- - - - - 0.00x 0.00x - - - -(18.4) (7.2) (5.4) (28.5) (12.1) (3.7) (8.1) - - - -- - - - - 0.00x 0.00x - - - -EBITDA -17.95 Long-Term Rating Date -EBIT -18.02 Long-Term Rating -Operating Margin -24647.56% Long-Term Outlook -Pretax Margin -16534.40% Short-Term Rating Date -Return on Assets -16.27% Short-Term Rating -Return on Common Equity -19.70%Return on Capital - EBITDA/Interest Exp. -1685.54Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -1699.47Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -29165.2%EBIT Margin -29280.4% Total Debt/Equity 0.0%Net Income Margin -16534.4% Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 1.82 Net Fixed Asset Turnover 0.00Quick Ratio 1.77 Accounts receivable turnover-days 7443.11Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.05 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedParamount Gold and Silver CorpPrice/VolumeValuation Analysis571396.00Current Price (5/dd/yy) Market Data0112233m-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 M3.5 M0.00.00.00.10.10.10.10.10.20.20.22001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFCMI FINANCIAL CORP n/a 13D 24444234 15.72 1170732 12.03.2013 CorporationVAN ECK ASSOCIATES C n/a ULT-AGG 9548229 6.14 1257651 15.05.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 6329298 4.07 (110324) 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 5522962 3.55 451575 14.05.2013 Investment AdvisorCRUPI CHRISTOPHER n/a Form 4 3992766 2.57 29500 17.04.2013 n/aSTATE STREET n/a ULT-AGG 2108527 1.36 (484) 31.03.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1491776 0.96 (100804) 31.03.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1042771 0.67 325683 31.03.2013 Investment AdvisorFRONK RUDI P n/a SEDI 1025000 0.66 800000 10.01.2011 n/aROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 1000000 0.64 - 31.01.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 602058 0.39 310380 31.03.2013 Investment AdvisorMACKELLER IAN n/a 424B 577500 0.37 - 19.04.2012 n/aPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 577010 0.37 (43050) 31.03.2013 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 575246 0.37 9087 31.03.2013 Investment AdvisorAMERICAN INTERNATION n/a ULT-AGG 551119 0.35 88565 31.03.2013 GovernmentPORTER PARTNERS LP n/a 424B 446250 0.29 - 19.04.2012 OtherBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 444859 0.29 (4130) 31.03.2013 Investment AdvisorBARD ASSOCIATES INC BARD ASSOCIATES INC 13F 417050 0.27 (3400) 31.03.2013 Investment AdvisorTALKOT CAPITAL LLC TALKOT CAPITAL LLC 13F 400000 0.26 - 31.03.2013 Hedge Fund ManagerKENNEDY SHAWN M n/a Form 4 364735 0.23 (59011) 04.03.2013 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF buy 5 M 4 Not Provided 13.05.2013Stonecap Securities Inc CHRISTOS DOULIS not rated #N/A N/A M #N/A N/A Not Provided 24.04.2013Holdings By:Paramount Gold and Silver CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Kirkland Lake Gold, Inc. is an operating gold mining company located inOntario, Canada. The Company owns the Macassa Mine and mill and severalcontiguous gold producing properties. Kirkland Lake is developing a lode golddeposit.Latest Fiscal Year: 04/2012LTM as of: 01/yy52-Week High (23.08.2012) 14.5752-Week Low (17.04.2013) 2.64Daily Volume3.552-Week High % Change -75.98% Dividend Yield 0.0052-Week Low % Change 32.58% Beta 1.56% 52 Week Price Range High/Low 7.21% Equity Float 60.80Shares Out 30.04.2013 70.2 Short Int 9.16245.53 1 Yr Total Return -65.92%Total Debt 8.83 YTD Return -40.17%Preferred Stock 0.0 Adjusted BETA 1.561Minority Interest 0.0 Analyst Recs 10Cash and Equivalents 30.17 Consensus Rating 4.100Enterprise Value 306.11Average Volume 5 Day 732457KGI CN EQUITY YTD Change - Average Volume 30 Day 857968KGI CN EQUITY YTD % CHANGE - Average Volume 3 Month 778693LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q141.4 43.5 51.2 103.3 159.8 149.6 139.2 156.7 262.9 49.7 45.59.87x 10.98x 9.15x 9.01x 5.53x 22.77x 20.90x 2.24x 1.28x 6.98x 7.38x(1.0) (6.8) (7.6) 26.4 55.7 49.3 24.5 31.6 104.3 22.8 10.0- - - 35.24x 15.86x 24.58x 19.82x 9.68x 2.94x 4.89x 5.40x(3.3) (10.5) (12.3) 19.9 41.3 45.1 (9.8) 2.8 43.1 18.0 4.9- - - 48.55x 22.63x 38.76x 0.00x 437.50x 6.48x 7.20x 6.86xEBITDA 55.73 Long-Term Rating Date -EBIT 41.94 Long-Term Rating -Operating Margin 26.24% Long-Term Outlook -Pretax Margin 26.48% Short-Term Rating Date -Return on Assets -2.83% Short-Term Rating -Return on Common Equity -4.15%Return on Capital -11.87% EBITDA/Interest Exp. 224.70Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -62.85Net Debt/EBITDA 2.48Gross Margin 38.5% Total Debt/EBITDA 6.07EBITDA Margin 17.6%EBIT Margin 5.4% Total Debt/Equity 3.8%Net Income Margin 25.8% Total Debt/Capital 3.7%Asset Turnover 0.40Current Ratio 2.09 Net Fixed Asset Turnover 0.56Quick Ratio 1.48 Accounts receivable turnover-days 13.94Debt to Assets 3.27% Inventory Days 53.02Tot Debt to Common Equity 3.79% Accounts Payable Turnover Day 82.70Accounts Receivable Turnover 26.25 Cash Conversion Cycle -22.72Inventory Turnover 6.90Fiscal Year EndedKirkland Lake Gold IncPrice/VolumeValuation Analysis687448.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0246810121416m-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 M0.020.040.060.080.0100.0120.0140.0160.0180.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00100.00200.00300.00400.00500.00600.00700.00800.0001.05.2009 01.11.2009 01.05.2010 01.11.2010 01.05.2011 01.11.2011 01.05.2012 01.11.2012 01.05.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRESOLUTE FUNDS LTD n/a RNS-MAJ 4950000 7.06 557500 19.02.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 4643659 6.62 - 15.05.2013 Investment AdvisorOPPENHEIMERFUNDS INC n/a Research 4160300 5.93 - 01.01.2013 Investment AdvisorDOBSON DAVID HARRY n/a Research 3765000 5.37 - 01.01.2013 n/aINVESTEC ASSET MANAG n/a Research 3469303 4.95 - 01.01.2013 Investment AdvisorHORIZON INVESTMENTS n/a Research 3153493 4.5 - 01.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 2804148 4 (551900) 01.01.2013 Investment AdvisorMILTON GEORGE A n/a SEDI 2723036 3.88 40000 13.01.2012 n/aCOLUMBIA WANGER ASSE n/a Research 2525000 3.6 - 01.01.2013 Investment AdvisorIA MICHAEL INVESTMEN Multiple Portfolios MF-AGG 2300000 3.28 2300000 31.12.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 1700000 2.42 1475000 28.02.2013 Investment AdvisorNORGES BANK Multiple Portfolios MF-AGG 1647411 2.35 - 31.12.2012 GovernmentROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1611100 2.3 (38500) 31.03.2013 Investment AdvisorSPROTT INC n/a Research 1577666 2.25 - 31.12.2012 Hedge Fund ManagerHINCHCLIFFE BRIAN A n/a PROXY 1113000 1.59 - 05.09.2012 n/aGAMCO n/a ULT-AGG 905000 1.29 396600 31.12.2012 UnclassifiedMONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 708690 1.01 - 28.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 706000 1.01 (85000) 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 578251 0.82 788 14.05.2013 Investment AdvisorEMPIRE LIFE INSURANC Multiple Portfolios MF-AGG 544236 0.78 76236 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie MICHAEL SIPERCO outperform 5 U 5 12 month 15.05.2013Mirabaud Securities RICHARD MORGAN speculative buy 4 M 10 12 month 15.05.2013BMO Capital Markets BRIAN QUAST market perform 3 M 7 Not Provided 14.05.2013CIBC World Markets COSMOS CHIU sector perform 3 M 6 12 month 14.05.2013Desjardins Securities ADAM MELNYK buy 5 M 9 Not Provided 14.05.2013Dundee Securities Corp JOE FAZZINI buy 5 M 8 Not Provided 14.05.2013National Bank Financial PAOLO LOSTRITTO outperform 5 M 18 12 month 14.05.2013Panmure Gordon & Co Limited ALISON TURNER buy 5 M 8 Not Provided 14.05.2013Investec HUNTER HILLCOAT buy 5 M 11 12 month 18.04.2013Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013Holdings By:Kirkland Lake Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Guyana Goldfields Inc. is a metals exploration company. The Company isprimarily exploring for gold in Guyana.Latest Fiscal Year: 10/2012LTM as of: 01/yy52-Week High (14.01.2013) 4.4052-Week Low (15.05.2013) 1.50Daily Volume1.5252-Week High % Change -65.45% Dividend Yield 0.0052-Week Low % Change 1.33% Beta 1.58% 52 Week Price Range High/Low 0.69% Equity Float 118.37Shares Out 30.04.2013 126.1 Short Int 2.49191.71 1 Yr Total Return -14.12%Total Debt 0.00 YTD Return -51.59%Preferred Stock 0.0 Adjusted BETA 1.579Minority Interest 0.0 Analyst Recs 10Cash and Equivalents 37.62 Consensus Rating 4.400Enterprise Value 161.24Average Volume 5 Day 243939GUY CN EQUITY YTD Change - Average Volume 30 Day 521969GUY CN EQUITY YTD % CHANGE - Average Volume 3 Month 594551LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - 414.0 - -- - - - - #DIV/0! #DIV/0! - - - -(3.4) (4.9) (7.7) (9.8) (8.0) (7.8) (8.3) (10.5) (10.5) - -- - - - - 0.00x 0.00x - - - -(12.5) (6.7) (6.3) (5.1) (9.8) (10.1) (9.5) (9.8) (10.5) - -- - - - - 0.00x 0.00x - - - -EBITDA -8.04 Long-Term Rating Date -EBIT -8.07 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -4.88% Short-Term Rating -Return on Common Equity -4.94%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 16.74 Net Fixed Asset Turnover 0.00Quick Ratio 16.74 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedGuyana Goldfields IncPrice/VolumeValuation Analysis340152.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0112233445m-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 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBAUPOST GROUP LLC n/a SEDI 24878669 19.73 - 28.02.2013 Hedge Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 23104950 18.32 (529600) 28.03.2013 Investment AdvisorACUITY INVESTMENT MA n/a Co File 8051804 6.38 (3647450) 30.11.2010 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 7878198 6.25 - 15.05.2013 Investment AdvisorSHERIDAN JR JOHN PAT n/a SEDI 6600103 5.23 345000 22.02.2013 n/aFMR LLC n/a ULT-AGG 5032198 3.99 299858 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 2300000 1.82 500000 31.12.2012 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1831603 1.45 995700 30.09.2012 Hedge Fund ManagerNORGES BANK Multiple Portfolios MF-AGG 1513804 1.2 - 31.12.2012 GovernmentSPROTT INC Multiple Portfolios MF-AGG 1237322 0.98 (310000) 31.12.2012 Hedge Fund ManagerCARMIGNAC GESTION Multiple Portfolios MF-AGG 1166650 0.92 1166650 29.03.2013 Investment AdvisorRAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 981800 0.78 981800 31.01.2013 Investment AdvisorQUANTEX AG Multiple Portfolios MF-AGG 950000 0.75 - 29.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 597180 0.47 149549 31.03.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 590000 0.47 - 31.03.2013 Investment AdvisorMMA INVESTMENT MANAG Multiple Portfolios MF-AGG 550000 0.44 - 31.12.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 550000 0.44 (2988804) 31.12.2012 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 330000 0.26 - 28.09.2012 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 300000 0.24 16000 31.12.2012 Investment AdvisorFERRY ALAN L H n/a SEDI 228000 0.18 - 23.04.2012 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF buy 5 M 7 Not Provided 13.05.2013Raymond James BRAD HUMPHREY outperform 5 M 5 12 month 24.04.2013TD Securities DANIEL EARLE speculative buy 4 M 4 12 month 23.04.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 5 12 month 22.04.2013BMO Capital Markets ANDREW KAIP speculative outperform 4 M 5 Not Provided 15.04.2013Casimir Capital STUART MCDOUGALL speculative buy 4 M 8 12 month 09.04.2013Scotia Capital TREVOR TURNBULL sector perform 3 D 4 12 month 06.03.2013RBC Capital Markets SAM CRITTENDEN outperform 5 U 6 12 month 15.01.2013Paradigm Capital Inc DON BLYTH speculative buy 4 M 9 12 month 15.01.2013Salman Partners DAVID WEST buy 5 M 6 12 month 14.01.2013Holdings By:Guyana Goldfields IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Highland Gold Mining Limited is a holding company for a group of companies whichown operating and development assets in the Russian gold mining industry. TheGroups gold mining assets are located in the Far East of the RussianFederation.Latest Fiscal Year: 12/2012LTM as of: 01/yy52-Week High (21.09.2012) 128.9152-Week Low (17.04.2013) 75.50Daily Volume80.7552-Week High % Change -37.36% Dividend Yield 7.8852-Week Low % Change 6.95% Beta 0.93% 52 Week Price Range High/Low 12.17% Equity Float 63.68Shares Out 31.12.2012 325.2 Short Int -262.62 1 Yr Total Return -21.39%Total Debt 8.75 YTD Return -13.26%Preferred Stock 0.0 Adjusted BETA 0.934Minority Interest 2.2 Analyst Recs 12Cash and Equivalents 61.35 Consensus Rating 4.167Enterprise Value 349.03Average Volume 5 Day 676787HGM LN EQUITY YTD Change - Average Volume 30 Day 649738HGM LN EQUITY YTD % CHANGE - Average Volume 3 Month 892906LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -149.1 164.7 243.6 300.2 351.8 - - 386.0 452.9 - -1.02x 2.05x 3.16x 2.75x 1.31x - - 1.36x 1.25x - -38.7 56.5 120.3 156.5 162.2 - - 162.4 194.4 - -3.92x 5.97x 6.40x 5.27x 2.83x - - 2.15x 1.80x - -(232.4) 78.8 122.3 103.8 122.9 - - 88.3 104.7 - -- 5.92x 7.81x 9.14x 4.15x - - 4.42x 3.85x - -EBITDA 162.15 Long-Term Rating Date -EBIT 125.34 Long-Term Rating -Operating Margin 35.63% Long-Term Outlook -Pretax Margin 43.67% Short-Term Rating Date -Return on Assets 14.63% Short-Term Rating -Return on Common Equity 16.59%Return on Capital 16.59% EBITDA/Interest Exp. 123.31Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. 28.23Net Debt/EBITDA -0.32Gross Margin 41.6% Total Debt/EBITDA 0.05EBITDA Margin 46.1%EBIT Margin 35.6% Total Debt/Equity 1.1%Net Income Margin 34.9% Total Debt/Capital 1.1%Asset Turnover 0.42Current Ratio 5.40 Net Fixed Asset Turnover 0.77Quick Ratio 2.12 Accounts receivable turnover-days 8.43Debt to Assets 0.96% Inventory Days 112.73Tot Debt to Common Equity 1.11% Accounts Payable Turnover Day 13.09Accounts Receivable Turnover 43.40 Cash Conversion Cycle 108.07Inventory Turnover 3.25Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedHighland Gold Mining LtdPrice/VolumeValuation Analysis45292.00Current Price (5/dd/yy) Market Data020406080100120140m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M7.0 M8.0 M9.0 M10.0 M0.050.0100.0150.0200.0250.0300.0350.0400.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.002.004.006.008.0010.0012.0014.0016.0018.0020.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMILLHOUSE LLC n/a Co File 105910000 32.57 - 18.04.2011 Holding CompanyBARRICK GOLD CORP n/a Co File 66235264 20.37 - 18.04.2011 CorporationSHVIDLER EVGENY MARK n/a RNS-DIR 28057794 8.63 2037794 13.07.2012 n/aPROTSVETANIYE HOLDIN n/a RNS-MAJ 22879845 7.04 3371722 24.04.2013 Holding CompanyJP MORGAN n/a ULT-AGG 20996780 6.46 (254398) 31.03.2013 Investment AdvisorKOULAKOV IVAN EUGENE n/a Co File 17552500 5.4 - 26.04.2011 n/aHAKANSSON PETER ELAM n/a RNS-MAJ 11101386 3.41 - 30.04.2012 n/aVAN ECK ASSOCIATES C n/a ULT-AGG 10838123 3.33 - 15.05.2013 Investment AdvisorLANCRENAN INVESTMENT n/a RNS-MAJ 9786032 3.01 - 12.04.2013 UnclassifiedNORGES BANK Multiple Portfolios MF-AGG 9094169 2.8 - 31.12.2012 GovernmentEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 8062000 2.48 (27000) 31.03.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 5496428 1.69 - 28.02.2013 Investment AdvisorFLEMING FAMILY & PAR n/a RNS-MAJ 4211883 1.3 (10700000) 29.09.2010 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 1977736 0.61 - 31.01.2013 UnclassifiedBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 1850620 0.57 1850620 31.01.2013 Investment AdvisorURALSIB JSC Multiple Portfolios MF-AGG 1580000 0.49 1580000 31.05.2012 Investment AdvisorDWS FINANZ SERVICE G Multiple Portfolios MF-AGG 1384600 0.43 - 20.08.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1244701 0.38 (55688) 14.05.2013 Investment AdvisorPARVEST INVESTMENT M Multiple Portfolios MF-AGG 900000 0.28 - 30.11.2012 Investment AdvisorCARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 830000 0.26 - 30.09.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets JONATHAN GUY sector perform 3 M 120 12 month 24.04.2013Otkritie Capital ANDY JONES buy 5 M 122 Not Provided 24.04.2013Numis Securities Ltd CAILEY BARKER buy 5 M 170 Not Provided 23.04.2013Westhouse Securities NICK HATCH buy 5 M 135 12 month 23.04.2013VSA Capital Ltd CHARLIE LONG buy 5 M 175 12 month 16.04.2013Uralsib VALENTINA BOGOMOLOVA hold 3 M 131 Not Provided 09.04.2013VTB Capital NIKOLAY SOSNOVSKIY sell 1 D 82 12 month 04.04.2013Alfa-Bank BARRY EHRLICH equalweight 3 M 126 Not Provided 26.02.2013Sberbank CIB MIKHAIL STISKIN buy 5 M 183 Not Provided 25.02.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Aton LLC ILYA MAKAROV buy 5 M 136 12 month 28.06.2012Holdings By:Highland Gold Mining LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Indophil Resources NL is a mineral exploration company that acquires, exploresand develops gold and copper-gold resources in the Asia-Pacific region.Latest Fiscal Year: 12/2012LTM as of: 01/yy52-Week High (28.05.2012) 0.4052-Week Low (22.11.2012) 0.22Daily Volume0.2552-Week High % Change -37.50% Dividend Yield 0.0052-Week Low % Change 16.28% Beta 1.05% 52 Week Price Range High/Low 40.54% Equity Float 668.60Shares Out 31.12.2012 1203.1 Short Int 0.70300.79 1 Yr Total Return -32.43%Total Debt 0.00 YTD Return 4.17%Preferred Stock 0.0 Adjusted BETA 1.053Minority Interest 0.0 Analyst Recs 1Cash and Equivalents 235.04 Consensus Rating 5.000Enterprise Value 65.75Average Volume 5 Day 254973IRN AU EQUITY YTD Change - Average Volume 30 Day 464589IRN AU EQUITY YTD % CHANGE - Average Volume 3 Month 956380LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -0.0 0.0 0.0 0.0 0.0 - - - - - -- - - - - - - - - - -(20.8) (17.1) (7.7) (7.9) (17.7) - - - - - -- - - - - - - - - - -(14.8) (10.6) 2.3 1.0 5.5 - - - - - -- - 196.30x 319.23x 52.17x - - - - - -EBITDA -17.66 Long-Term Rating Date -EBIT -17.70 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets 1.16% Short-Term Rating -Return on Common Equity 1.17%Return on Capital 1.17% EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 104.48 Net Fixed Asset Turnover 0.00Quick Ratio 103.72 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedIndophil Resources NLPrice/VolumeValuation Analysis848744.00Current Price (5/dd/yy) Market Data0000000000m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALSONS DEVELOPMENT & n/a EXCH 240508334 19.99 141041667 06.02.2012 CorporationGLENCORE XSTRATA PLC n/a ULT-AGG 157189422 13.06 - 06.02.2012 CorporationL1 CAPITAL PTY LTD n/a EXCH 77094557 6.41 (12125963) 10.04.2013 Investment AdvisorBANK OF AMERICA CORP n/a EXCH 59777753 4.97 (11905784) 28.08.2012 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 53395800 4.44 - 15.05.2013 Investment AdvisorUBS n/a ULT-AGG 52235438 4.34 - 17.06.2011 UnclassifiedSAN MIGUEL CORP n/a EXCH 48016960 3.99 - 17.06.2011 CorporationMORGAN STANLEY n/a EXCH 26097859 2.17 (27664747) 10.10.2011 Investment AdvisorACORN CAPITAL LTD n/a EXCH 20419416 1.7 - 09.02.2012 Investment AdvisorUNISUPER n/a EXCH 19610481 1.63 - 09.02.2012 OtherWESTOZ FUNDS MANAGEM Multiple Portfolios MF-AGG 16200000 1.35 - 30.06.2011 Investment AdvisorSUNSUPER FUND n/a EXCH 13290433 1.1 - 09.02.2012 OtherHEALTH SUPER n/a EXCH 9408868 0.78 - 09.02.2012 OtherMICROCAP INVESTMENT n/a EXCH 9086904 0.76 - 09.02.2012 OtherCBA OFFICERS SUPER F n/a EXCH 8280549 0.69 - 09.02.2012 OtherFMR LLC n/a ULT-AGG 7192750 0.6 - 31.10.2012 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 5608073 0.47 - 31.01.2013 Investment AdvisorQLD LOCAL GOVT SUPER n/a EXCH 5326550 0.44 - 09.02.2012 OtherNORGES BANK Multiple Portfolios MF-AGG 5286123 0.44 - 31.12.2012 GovernmentAUSCOAL SUPER FUND n/a EXCH 4856892 0.4 - 09.02.2012 OtherFirm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 02.04.2013Holdings By:Indophil Resources NLAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Lydian International, Ltd. is a gold focused mineral exploration anddevelopment company.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (05.09.2012) 2.5652-Week Low (17.04.2013) 1.43Daily Volume1.4852-Week High % Change -42.19% Dividend Yield 0.0052-Week Low % Change 3.50% Beta 1.33% 52 Week Price Range High/Low 4.42% Equity Float 102.55Shares Out 30.04.2013 130.2 Short Int 0.56192.66 1 Yr Total Return -26.73%Total Debt 0.00 YTD Return -29.19%Preferred Stock 0.0 Adjusted BETA 1.332Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 20.11 Consensus Rating 4.778Enterprise Value 104.28Average Volume 5 Day 244825LYD CN EQUITY YTD Change - Average Volume 30 Day 257206LYD CN EQUITY YTD % CHANGE - Average Volume 3 Month 360491LTM-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 Q2- - - 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -- - (3.4) - - (3.6) (2.9) (8.9) (5.0) - -- - - - - 0.00x 0.00x - - - -- (1.9) (5.9) (5.9) (6.4) (5.9) (6.4) (13.2) (5.4) - -- - - - - 0.00x 0.00x - - - -EBITDA - Long-Term Rating Date -EBIT -5.92 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -14.30% Short-Term Rating -Return on Common Equity -16.44%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 5.62 Net Fixed Asset Turnover 0.00Quick Ratio 5.51 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedLydian International LtdPrice/VolumeValuation Analysis433244.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0112233m-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 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 13148278 10.1 - 15.05.2013 Investment AdvisorINTERNATIONAL FINANC n/a SEDI 10309771 7.92 - 28.03.2013 GovernmentEUROPEAN BANK FOR RE n/a Research 9038780 6.94 1419732 29.03.2012 BankNEWMONT MINING CORP n/a SEDI 8650000 6.65 500000 24.09.2010 CorporationFRANKLIN RESOURCES n/a ULT-AGG 5775000 4.44 - 28.03.2013 Investment AdvisorGCIC LTD/CANADA Multiple Portfolios MF-AGG 3790000 2.91 1890000 31.12.2012 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 2351900 1.81 - 31.12.2012 BankINVESCO LTD n/a ULT-AGG 2000000 1.54 - 31.12.2012 Investment AdvisorHAYK ALOYAN n/a SEDI 1791500 1.38 2000 22.02.2013 n/aFMR LLC n/a ULT-AGG 1625300 1.25 100000 31.03.2013 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 1567700 1.2 392600 31.01.2013 Holding CompanyHENDERSON MARC C n/a SEDI 1502500 1.15 (100000) 12.03.2013 n/aMULLENS PETER n/a SEDI 1430000 1.1 (90500) 07.02.2013 n/aANDROSS LIMITED n/a SEDI 1340450 1.03 200000 12.10.2012 OtherGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1248559 0.96 - 14.05.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1179400 0.91 - 31.03.2013 Investment AdvisorTARGET GENERATION SO n/a SEDI 1007500 0.77 - 21.09.2010 OtherQUANTEX AG Multiple Portfolios MF-AGG 950000 0.73 - 29.03.2013 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 941400 0.72 500000 31.12.2012 Hedge Fund ManagerGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 903610 0.69 (344000) 28.09.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateNational Bank Financial SHANE NAGLE outperform 5 M 4 12 month 10.05.2013Stifel CRAIG P STANLEY buy 5 M 3 12 month 03.05.2013Scotia Capital LEILY OMOUMI sector outperform 5 M 4 12 month 23.04.2013TD Securities DANIEL EARLE speculative buy 4 M 4 12 month 23.04.2013Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 22.04.2013RBC Capital Markets JONATHAN GUY outperform 5 M 3 12 month 19.04.2013Haywood Securities Inc. TARA HASSAN buy 5 M 4 Not Provided 16.04.2013BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 14.04.2013GMP ANDREW MIKITCHOOK buy 5 M 5 12 month 05.03.2013Holdings By:Lydian International LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Sabina Gold & Silver Corporation explores and develops mineral properties. TheCompany is a precious metals exploration Company with a portfolio of differentproperties in Canada at different stages of development. Sabina explores forminerals that include copper, gold and silver.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (07.09.2012) 3.5552-Week Low (07.05.2013) 1.07Daily Volume1.1352-Week High % Change -68.17% Dividend Yield 0.0052-Week Low % Change 5.61% Beta 1.56% 52 Week Price Range High/Low 2.42% Equity Float 110.19Shares Out 30.04.2013 173.6 Short Int 0.56196.14 1 Yr Total Return -37.22%Total Debt 0.00 YTD Return -57.36%Preferred Stock 0.0 Adjusted BETA 1.561Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 116.39 Consensus Rating 4.143Enterprise Value 79.75Average Volume 5 Day 584491SBB CN EQUITY YTD Change - Average Volume 30 Day 536138SBB CN EQUITY YTD % CHANGE - Average Volume 3 Month 455689LTM-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 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(3.6) (4.5) (5.4) (10.0) (11.9) (8.7) (7.7) (5.8) (6.0) - -- - - - - 0.00x 0.00x - - - -(3.1) (1.1) (8.8) (12.7) (14.1) (11.1) (13.6) (6.0) (7.0) - -- - - - - 0.00x 0.00x - - - -EBITDA -11.86 Long-Term Rating Date -EBIT -11.90 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -4.29% Short-Term Rating -Return on Common Equity -4.80%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 42.88 Net Fixed Asset Turnover 0.00Quick Ratio 41.36 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 350.34Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover 0.00Fiscal Year EndedSabina Gold & Silver CorpPrice/VolumeValuation Analysis928403.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure011223344m-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 M3.5 M0.00.00.00.00.00.00.00.00.00.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGCIC LTD/CANADA n/a SEDI 20350304 11.72 1491804 06.03.2013 Investment AdvisorGOODMAN INVESTMENT C n/a SEDI 19728304 11.37 (368000) 26.04.2013 Investment AdvisorDUNDEE PRECIOUS META n/a PROXY 18539713 10.68 - 08.05.2012 CorporationVAN ECK ASSOCIATES C n/a ULT-AGG 10428291 6.01 - 15.05.2013 Investment AdvisorDUNDEE CORP n/a SEDI 2828700 1.63 2151700 29.06.2012 Holding CompanyFMR LLC n/a ULT-AGG 2780000 1.6 50000 31.03.2013 Investment AdvisorQUANTEX AG Multiple Portfolios MF-AGG 1140000 0.66 - 29.03.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1122000 0.65 - 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1034100 0.6 1034100 31.03.2013 Hedge Fund ManagerSHARE SICAV Multiple Portfolios MF-AGG 945100 0.54 45000 31.12.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 936866 0.54 - 14.05.2013 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 899400 0.52 - 31.12.2012 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 838000 0.48 - 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 742157 0.43 98500 31.03.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 725400 0.42 - 28.09.2012 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 642400 0.37 - 31.03.2013 Investment AdvisorWHITTON JOHN F n/a SEDI 628042 0.36 75000 01.11.2011 n/aSPROTT INC Multiple Portfolios MF-AGG 560700 0.32 - 31.12.2012 Hedge Fund ManagerWILKES LEROY E n/a SEDI 343373 0.2 5000 02.01.2013 n/aPACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 300000 0.17 - 28.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateSalman Partners DAVID WEST speculative buy 4 M 5 12 month 10.05.2013National Bank Financial PAOLO LOSTRITTO sector perform 3 M 4 12 month 10.05.2013BMO Capital Markets ANDREW KAIP speculative outperform 4 M 3 Not Provided 09.05.2013Desjardins Securities ADAM MELNYK speculative buy 4 M 7 12 month 09.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 3 12 month 22.04.2013RBC Capital Markets STEPHEN D WALKER outperform 5 M 3 12 month 14.04.2013Paradigm Capital Inc DON MACLEAN speculative buy 4 M 6 12 month 12.11.2012Holdings By:Sabina Gold & Silver CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Lake Shore Gold Corp. acquires and explores mineral properties. The Company iscurrently exploring for gold in the gold mining district of northern Ontarioand Quebec.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (13.06.2012) 1.1752-Week Low (15.05.2013) 0.28Daily Volume0.2952-Week High % Change -75.21% Dividend Yield 0.0052-Week Low % Change 5.45% Beta 1.33% 52 Week Price Range High/Low 1.68% Equity Float 415.25Shares Out 30.04.2013 416.6 Short Int 2.00120.82 1 Yr Total Return -64.63%Total Debt 142.44 YTD Return -61.33%Preferred Stock 0.0 Adjusted BETA 1.325Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 48.72 Consensus Rating 3.667Enterprise Value 214.55Average Volume 5 Day 2775840LSG CN EQUITY YTD Change - Average Volume 30 Day 3251675LSG CN EQUITY YTD % CHANGE - Average Volume 3 Month 2588974LTM-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 Q30.0 0.0 0.0 66.2 133.0 70.9 151.3 199.8 270.0 - -- - - 7.86x 3.05x 36.63x 8.29x 0.96x 0.53x - -(9.6) (9.6) (19.4) 7.3 37.9 8.0 32.8 77.2 123.9 - -- - - 70.97x 10.70x 52.14x 0.00x 2.78x 1.73x - -(5.5) 2.1 (6.5) (10.9) (317.9) (16.1) (315.6) (0.5) 32.3 - -- 413.00x - - - 0.00x 0.00x - 5.80x - -EBITDA 37.91 Long-Term Rating Date -EBIT -4.90 Long-Term Rating -Operating Margin -3.69% Long-Term Outlook -Pretax Margin -187.52% Short-Term Rating Date -Return on Assets -34.24% Short-Term Rating -Return on Common Equity -40.51%Return on Capital - EBITDA/Interest Exp. 11.55Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -37.76Net Debt/EBITDA 2.47Gross Margin 7.8% Total Debt/EBITDA 3.76EBITDA Margin 28.5%EBIT Margin -3.7% Total Debt/Equity 22.2%Net Income Margin -239.0% Total Debt/Capital 18.2%Asset Turnover 0.14Current Ratio 1.49 Net Fixed Asset Turnover 0.16Quick Ratio 0.83 Accounts receivable turnover-days -Debt to Assets 17.31% Inventory Days 48.46Tot Debt to Common Equity 22.22% Accounts Payable Turnover Day 20.00Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 7.55Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedLake Shore Gold CorpPrice/VolumeValuation Analysis5463818.00Current Price (5/dd/yy) Market Data00011111m-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 M30.0 M0.020.040.060.080.0100.0120.0140.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0010.0020.0030.0040.0050.0060.0070.0080.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 31367128 7.53 - 15.05.2013 Investment AdvisorGEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 27505500 6.6 4117500 31.03.2013 Hedge Fund ManagerTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14840645 3.56 (30000) 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12114420 2.91 (1574400) 31.03.2013 Hedge Fund ManagerRUFFER LLP Multiple Portfolios MF-AGG 10803000 2.59 - 27.12.2012 Hedge Fund ManagerSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 4600000 1.1 - 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 4299914 1.03 (896343) 14.05.2013 Investment AdvisorFMR LLC n/a ULT-AGG 3656600 0.88 (1504300) 31.03.2013 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 3475500 0.83 412000 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3060065 0.73 29385 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 2956500 0.71 1300000 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 2746733 0.66 - 31.12.2012 GovernmentDIMENSIONAL FUND ADV n/a ULT-AGG 2114330 0.51 (50500) 31.01.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1614955 0.39 (117621) 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 1461593 0.35 (1973829) 31.03.2013 BankCANADA PENSION PLAN CANADA PENSION PLAN 13F 1403624 0.34 (1900000) 31.03.2013 Pension Fund (ERISA)JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1278902 0.31 - 15.05.2013 Investment AdvisorHAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 1100000 0.26 - 28.03.2013 Investment AdvisorPOLYGON MANAGEMENT L POLYGON MANAGEMENT L 13F 1006500 0.24 1006500 31.03.2013 Investment AdvisorGBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 963900 0.23 - 31.12.2011 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets STEPHEN D WALKER sector perform 3 M 1 12 month 15.05.2013National Bank Financial PAOLO LOSTRITTO outperform 5 M 2 12 month 15.05.2013M Partners Inc INGRID RICO buy 5 M 2 12 month 10.05.2013TD Securities DANIEL EARLE buy 5 M 1 12 month 23.04.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 2 12 month 23.04.2013Haywood Securities Inc. KERRY SMITH buy 5 M 2 Not Provided 16.04.2013BMO Capital Markets BRIAN QUAST underperform 1 M 1 Not Provided 14.04.2013CIBC World Markets COSMOS CHIU sector perform 3 M 1 Not Provided 11.04.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013Holdings By:Lake Shore Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Brigus Gold Corp. is an emerging mid-tier gold producer . The Companys currentprojects are in Ontario, Saskatchewan, Mexico and the Dominican Republic.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 1.0952-Week Low (17.04.2013) 0.53Daily Volume0.601152-Week High % Change -44.85% Dividend Yield -52-Week Low % Change 14.47% Beta 1.17% 52 Week Price Range High/Low 13.45% Equity Float 225.88Shares Out 30.04.2013 231.5 Short Int 1.44139.13 1 Yr Total Return -19.85%Total Debt 93.20 YTD Return -36.05%Preferred Stock 0.0 Adjusted BETA 1.170Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 29.81 Consensus Rating 4.750Enterprise Value 202.52Average Volume 5 Day 789608BRD US EQUITY YTD Change - Average Volume 30 Day 1020473BRD US EQUITY YTD % CHANGE - Average Volume 3 Month 944025LTM-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 Q30.0 47.0 85.9 71.9 117.7 84.1 135.7 151.8 158.8 31.2 31.2- - 4.84x 3.27x 2.36x 12.74x 5.70x - - - -(9.1) 13.8 32.7 14.3 48.5 24.0 39.3 77.7 87.3 - -- - 12.72x 16.46x 5.72x 8.39x 0.00x 2.61x 2.32x - -1.2 (61.7) (55.5) 15.8 18.9 17.0 27.1 31.7 31.6 1.5 1.5- - - - - 0.00x 0.00x 4.06x 4.52x 5.84x 5.84xEBITDA 48.49 Long-Term Rating Date -EBIT 23.35 Long-Term Rating -Operating Margin 19.84% Long-Term Outlook -Pretax Margin 15.79% Short-Term Rating Date -Return on Assets 4.77% Short-Term Rating -Return on Common Equity 9.12%Return on Capital - EBITDA/Interest Exp. 5.34Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -0.55Net Debt/EBITDA 1.31Gross Margin 30.9% Total Debt/EBITDA 1.92EBITDA Margin 41.2%EBIT Margin 19.8% Total Debt/Equity 40.1%Net Income Margin 16.1% Total Debt/Capital 28.6%Asset Turnover 0.30Current Ratio 1.15 Net Fixed Asset Turnover 0.37Quick Ratio 0.76 Accounts receivable turnover-days 11.83Debt to Assets 22.12% Inventory Days 38.15Tot Debt to Common Equity 40.06% Accounts Payable Turnover Day 98.53Accounts Receivable Turnover 30.94 Cash Conversion Cycle -48.56Inventory Turnover 9.59Fiscal Year EndedBrigus Gold CorpPrice/VolumeValuation Analysis1186293.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0001111m-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 M3.5 M4.0 M4.5 M5.0 M0.020.040.060.080.0100.0120.0140.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 18568232 8.02 2818808 15.05.2013 Investment AdvisorSPROTT INC n/a 13G 9336421 4.03 (1057930) 30.04.2013 Hedge Fund ManagerRUFFER LLP Multiple Portfolios MF-AGG 7027000 3.04 - 27.12.2012 Hedge Fund ManagerINTACT INVESTMENT MA INTACT INVESTEMENT M 13F 4428400 1.91 1084200 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 3552474 1.53 10360 31.03.2013 BankWEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 3203084 1.38 (5011416) 31.03.2013 Hedge Fund ManagerCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2896000 1.25 564200 31.03.2013 Investment AdvisorDAWE WADE K n/a SEDI 2438422 1.05 16025 03.04.2013 n/aQUAKER CAPITAL MANAG QUAKER CAPITAL MANAG 13F 1678100 0.73 1678100 31.03.2013 Hedge Fund ManagerGROSS MICHAEL n/a PROXY 1578085 0.68 - 13.04.2012 n/aLIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 1430200 0.62 - 31.03.2013 Hedge Fund ManagerBLACKROCK n/a ULT-AGG 1128900 0.49 (71100) 31.12.2012 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 1095790 0.47 595790 31.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1000000 0.43 (10948) 31.03.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 967386 0.42 - 31.01.2013 Investment AdvisorCITY OF LONDON INVES CITY OF LONDON INVES 13F 885000 0.38 (27000) 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 826510 0.36 (363190) 31.03.2013 Pension Fund (ERISA)FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 819000 0.35 600700 31.03.2013 Investment AdvisorKELLIGREW INC n/a SEDI 655289 0.28 30000 29.09.2011 CorporationCOE CAPITAL MANAGEME COE CAPITAL MANAGEME 13F 499380 0.22 (215250) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCormark Securities Inc. RICHARD GRAY buy 5 M 1 12 month 15.05.2013Haywood Securities Inc. KERRY SMITH buy 5 M 2 12 month 15.05.2013BMO Capital Markets BRIAN QUAST market perform 3 M 1 Not Provided 14.05.2013Casimir Capital ERIC WINMILL buy 5 M 2 12 month 14.05.2013Global Hunter Securities JEFF WRIGHT buy 5 M 1 12 month 14.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 1 Not Provided 13.05.2013Paradigm Capital Inc DON BLYTH buy 5 M 2 12 month 03.04.2013EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 29.06.2012Holdings By:Brigus Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Great Panther Silver Ltd. explores for and produces silver. The Company isfocused on acquiring, developing and mining precious metals in Mexico. GreatPanthers projects include The Guanajuato Mines property, located in the Stateof Guanajuato, Mexico, and The Topia Silver-Lead-Zinc property, located in theTopia Mining District in west-central Durango State, Mexico.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (14.09.2012) 2.4852-Week Low (15.05.2013) 0.76Daily Volume0.79552-Week High % Change -67.94% Dividend Yield -52-Week Low % Change 4.40% Beta 1.14% 52 Week Price Range High/Low 1.95% Equity Float 134.84Shares Out 30.04.2013 137.9 Short Int 0.52109.61 1 Yr Total Return -48.38%Total Debt 0.00 YTD Return -48.04%Preferred Stock 0.0 Adjusted BETA 1.141Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 25.90 Consensus Rating 3.500Enterprise Value 85.72Average Volume 5 Day 635846GPL US EQUITY YTD Change - Average Volume 30 Day 549802GPL US EQUITY YTD % CHANGE - Average Volume 3 Month 613256LTM-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 Q322.4 31.7 42.2 57.8 61.1 56.0 60.2 56.8 68.0 - -1.28x 2.85x 7.67x 4.05x 3.05x 21.76x 11.31x - - - -(9.9) 4.9 14.2 22.0 15.6 18.3 11.4 8.0 18.4 - -- 18.35x 22.73x 10.65x 11.93x 14.61x 0.00x 10.69x 4.66x - -(13.8) (0.9) 10.7 11.5 5.5 9.2 2.1 0.3 2.7 - -- - - - - 0.00x 0.00x 23.13x 16.19x - -EBITDA 15.63 Long-Term Rating Date -EBIT 6.74 Long-Term Rating -Operating Margin 11.02% Long-Term Outlook -Pretax Margin 15.88% Short-Term Rating Date -Return on Assets 5.02% Short-Term Rating -Return on Common Equity 5.72%Return on Capital 5.74% EBITDA/Interest Exp. 459.68Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -325.97Net Debt/EBITDA -1.66Gross Margin 32.0% Total Debt/EBITDA 0.00EBITDA Margin 25.6%EBIT Margin 11.0% Total Debt/Equity 0.0%Net Income Margin 9.0% Total Debt/Capital 0.0%Asset Turnover 0.56Current Ratio 6.23 Net Fixed Asset Turnover 1.17Quick Ratio 5.17 Accounts receivable turnover-days 96.31Debt to Assets 0.00% Inventory Days 50.73Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 60.30Accounts Receivable Turnover 3.80 Cash Conversion Cycle 86.73Inventory Turnover 7.21Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedGreat Panther Silver LtdPrice/VolumeValuation Analysis951650.00Current Price (5/dd/yy) Market Data0112233m-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 M0.010.020.030.040.050.060.070.02000 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 10968414 7.96 1435555 15.05.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1765875 1.28 1765875 31.03.2013 Investment AdvisorTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 1415289 1.03 519096 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 1387500 1.01 587500 31.12.2012 Investment AdvisorARCHER ROBERT A n/a SEDI 1191300 0.86 (61200) 14.09.2011 n/aSANCHEZ FRANCISCO RA n/a 20F 1075000 0.78 - 29.02.2012 n/aBROWN CHARLES P n/a SEDI 448000 0.32 36000 18.11.2011 n/aPUPLAVA FINANCIAL SE PUPLAVA FINANCIAL SE 13F 410201 0.3 (19100) 31.03.2013 Hedge Fund ManagerKOPCHEFF JOHN THOMAS n/a SEDI 280000 0.2 200000 25.08.2011 n/aCANADA PENSION PLAN CANADA PENSION PLAN 13F 260501 0.19 (32600) 31.03.2013 Pension Fund (ERISA)OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 200000 0.15 - 31.01.2013 Investment AdvisorWAY FUND MANAGERS Multiple Portfolios MF-AGG 200000 0.15 - 28.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 190484 0.14 - 14.05.2013 Investment AdvisorNATIXIS ASSET MANAGE NATIXIS ASSET MANAGE 13F 153000 0.11 (35000) 31.03.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 153000 0.11 - 28.03.2013 Investment AdvisorJANE STREET HOLDING JANE STREET HOLDING 13F 145556 0.11 (46366) 31.03.2013 Investment AdvisorSCHOELLERBANK INVEST Multiple Portfolios MF-AGG 130000 0.09 4000 28.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 101500 0.07 101500 31.03.2013 Hedge Fund ManagerIFOS INTERNATIONALE Multiple Portfolios MF-AGG 100000 0.07 - 27.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 87802 0.06 45062 31.03.2013 BankFirm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 14.05.2013Salman Partners ASH GUGLANI buy 5 M 1 12 month 09.05.2013Euro Pacific Capital Inc HEIKO IHLE buy 5 M 1 12 month 09.05.2013Stonecap Securities Inc CHRISTOS DOULIS underperform 1 D 1 12 month 09.05.2013Holdings By:Great Panther Silver LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Intrepid Mines Limited is an international precious metals development andexploration company with primary operations in Indonesia. The Companys currentproject is located in the province of East Java, where it explores for gold,silver, and copper-gold.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (16.05.2012) 0.6752-Week Low (23.07.2012) 0.19Daily Volume0.2852-Week High % Change -57.89% Dividend Yield 0.0052-Week Low % Change 47.37% Beta 1.64% 52 Week Price Range High/Low 18.95% Equity Float 486.83Shares Out 16.05.2013 555.9 Short Int 18.19155.65 1 Yr Total Return -53.33%Total Debt 0.00 YTD Return 33.33%Preferred Stock 0.0 Adjusted BETA 1.645Minority Interest 0.0 Analyst Recs 5Cash and Equivalents 9.65 Consensus Rating 2.400Enterprise Value 145.26Average Volume 5 Day 5132540IAU AU EQUITY YTD Change - Average Volume 30 Day 2458447IAU AU EQUITY YTD % CHANGE - Average Volume 3 Month 3015753LTM-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 Q354.4 0.0 0.0 0.0 0.0 0.0 0.0 - - - -1.06x - - - - #DIV/0! #DIV/0! - - - -2.2 1.9 (24.2) (39.2) (47.7) (30.7) (17.3) (9.9) (9.3) - -26.51x 39.18x - - - 0.00x 0.00x - - - -(42.7) (9.9) (5.0) (30.0) (71.8) (29.4) (63.9) (7.1) (8.8) - -- - - - - 0.00x 0.00x - - - -EBITDA -47.73 Long-Term Rating Date -EBIT -47.76 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -50.47% Short-Term Rating -Return on Common Equity -51.74%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 57.06 Net Fixed Asset Turnover 0.00Quick Ratio 5.01 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedIntrepid Mines LtdPrice/VolumeValuation Analysis5786721.00Current Price (5/dd/yy) Market Data00000111m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M10.0 M20.0 M30.0 M40.0 M50.0 M60.0 M70.0 M80.0 M90.0 M0.010.020.030.040.050.060.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.002.004.006.008.0010.0012.0014.0016.0018.0020.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTAURUS SM HOLDINGS P n/a Co File 48192131 8.67 - 16.03.2012 Holding CompanyVAN ECK ASSOCIATES C n/a ULT-AGG 41772440 7.51 7384262 15.05.2013 Investment AdvisorQUANTUM PACIFIC INVE n/a EXCH 29982667 5.39 - 23.04.2013 UnclassifiedCOMMONWEALTH BANK OF n/a EXCH 25513559 4.59 (1063213) 21.09.2011 BankFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 19156073 3.45 (2399347) 30.09.2012 Hedge Fund ManagerBANK OF AMERICA CORP n/a EXCH 17837142 3.21 (12563151) 26.09.2011 Investment AdvisorFMR LLC n/a ULT-AGG 9529798 1.71 - 31.03.2013 Investment AdvisorUNISUPER n/a EXCH 8304156 1.49 1263247 06.06.2012 OtherACORN CAPITAL LTD n/a EXCH 7545656 1.36 700425 06.06.2012 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 6348158 1.14 (179360) 31.08.2011 Investment AdvisorSUNSUPER FUND n/a EXCH 5436384 0.98 878800 06.06.2012 OtherNORGES BANK Multiple Portfolios MF-AGG 4420172 0.8 - 31.12.2012 GovernmentMICROCAP INVESTMENT n/a EXCH 3995655 0.72 478000 06.06.2012 OtherHEALTH SUPER n/a EXCH 3920180 0.71 602600 06.06.2012 OtherCBA OFFICERS SUPER F n/a EXCH 3537176 0.64 530300 06.06.2012 OtherVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2706075 0.49 (16476) 30.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2551202 0.46 - 31.03.2013 Investment AdvisorQLD LOCAL GOVT SUPER n/a EXCH 2225422 0.4 340300 06.06.2012 OtherAUSCOAL SUPER FUND n/a EXCH 2091335 0.38 327800 06.06.2012 OtherGORDON BRADLEY AUSTI n/a EXCH 1970295 0.35 235000 01.03.2013 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateCormark Securities Inc. MIKE KOZAK Under Review #N/A N/A M #N/A N/A Not Provided 07.05.2013National Bank Financial STEPHEN PARSONS Under Review #N/A N/A M #N/A N/A Not Provided 27.03.2013Wilson HTM Investment Group CAMERON JUDD sell 1 D 0 Not Provided 21.03.2013Hartleys PETER GRAY speculative buy 4 M 0 12 month 19.03.2013RBC Capital Markets GEOFF BREEN underperform 1 D 0 12 month 27.02.2013Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013RBS Morgans CHRIS BROWN outperform 5 N 1 12 month 27.11.2012Canaccord Genuity Corp JEAN-FRANCOIS BERTINCOURT buy 5 N 2 12 month 17.04.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 31.01.2012Holdings By:Intrepid Mines LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Vista Gold Corp. is an international gold mining company. The Company isfocused on its core projects, the Concordia gold project located in BajaCalifornia Sur, Mexico and the Mt. Todd gold project in Northern Territory,Australia.Latest Fiscal Year: 12/2007LTM as of: 03/yy52-Week High (21.09.2012) 4.0952-Week Low (15.05.2013) 1.30Daily Volume1.3252-Week High % Change -67.73% Dividend Yield 0.0052-Week Low % Change 1.54% Beta 1.17% 52 Week Price Range High/Low 0.72% Equity Float 68.27Shares Out 30.04.2013 81.7 Short Int 1.54107.87 1 Yr Total Return -46.12%Total Debt 0.00 YTD Return -51.11%Preferred Stock 0.0 Adjusted BETA 1.168Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 88.40 Consensus Rating 5.000Enterprise Value 19.48Average Volume 5 Day 306286VGZ US EQUITY YTD Change - Average Volume 30 Day 414468VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 483989LTM-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 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - -- - - - - #DIV/0! #DIV/0! - - - -(6.5) (6.1) (17.7) (28.1) (35.6) (31.9) (26.7) (18.8) (14.6) - -- - - - - 0.00x 0.00x - - - -(10.0) (1.9) (20.0) 51.5 (70.7) 44.2 (85.7) (26.5) (6.4) (4.4) (5.9)- - - - - 0.00x 0.00x - - - -EBITDA -35.63 Long-Term Rating Date -EBIT -36.22 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -44.30% Short-Term Rating -Return on Common Equity -57.29%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 2.94 Net Fixed Asset Turnover 0.00Quick Ratio 2.84 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedVista Gold CorpPrice/VolumeValuation Analysis484396.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0112233445m-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 M0.00.20.40.60.81.01.21.41.62001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSUN VALLEY GOLD LLC n/a Research 12084310 14.79 - 31.12.2012 Hedge Fund ManagerSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 12084310 14.79 - 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 11374527 13.92 1172092 15.05.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 6145260 7.52 (430462) 31.03.2013 Hedge Fund ManagerBLACKROCK n/a ULT-AGG 2577504 3.15 268822 14.05.2013 Investment AdvisorLOEWS CORPORATION LOEWS CORPORATION 13F 1758748 2.15 - 31.03.2013 CorporationANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1386026 1.7 (200000) 31.03.2013 Hedge Fund ManagerSTATE STREET n/a ULT-AGG 881631 1.08 (20701) 31.03.2013 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 871929 1.07 343929 31.03.2013 Investment AdvisorPERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 822000 1.01 - 31.03.2013 Investment AdvisorTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 755864 0.92 627319 31.03.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 713381 0.87 4326 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 632415 0.77 (100000) 31.03.2013 Pension Fund (ERISA)PARKER FREDERICK H E n/a Form 4 556325 0.68 - 05.09.2012 n/aCREDIT SUISSE AG CREDIT SUISSE AG 13F 412356 0.5 327220 31.03.2013 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 327993 0.4 44000 31.03.2013 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 248473 0.3 88467 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 201025 0.25 11051 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 199168 0.24 (72615) 31.03.2013 Investment AdvisorRICHINGS MICHAEL B n/a Form 4 188121 0.23 - 08.01.2013 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateRoth Capital Partners BRIAN W POST buy 5 M 7 12 month 13.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 12 Not Provided 13.05.2013Global Hunter Securities JEFF WRIGHT buy 5 M 5 12 month 13.05.2013National Bank Financial PAOLO LOSTRITTO outperform 5 M 4 12 month 10.05.2013Holdings By:Vista Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Alexco Resource Corporation is a mineral exploration and production company.The Company mines for minerals that include gold and silver.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (06.06.2012) 5.5852-Week Low (15.05.2013) 1.57Daily Volume1.5952-Week High % Change -71.50% Dividend Yield -52-Week Low % Change 1.27% Beta 1.04% 52 Week Price Range High/Low 0.50% Equity Float 52.25Shares Out 30.04.2013 62.6 Short Int 0.8499.49 1 Yr Total Return -63.19%Total Debt 0.00 YTD Return -55.46%Preferred Stock 0.0 Adjusted BETA 1.037Minority Interest 0.0 Analyst Recs 5Cash and Equivalents 23.09 Consensus Rating 3.400Enterprise Value 78.23Average Volume 5 Day 254923AXU US EQUITY YTD Change - Average Volume 30 Day 456356AXU US EQUITY YTD % CHANGE - Average Volume 3 Month 406194LTM-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 Q35.7 5.8 4.6 45.1 84.7 68.2 76.7 78.0 94.6 20.5 23.718.66x 14.71x 32.68x 8.09x 2.27x 24.16x 8.66x - - - -(4.8) (6.1) (6.0) 9.8 25.4 18.8 17.7 (4.0) 2.0 - -- - - 37.41x 7.55x 20.36x 0.00x - 39.11x - -(4.0) (9.6) (5.2) 3.5 3.4 5.2 (0.3) (2.2) 17.0 (0.5) 0.2- - - - - 0.00x 0.00x - - - -EBITDA 25.44 Long-Term Rating Date -EBIT 1.26 Long-Term Rating -Operating Margin 1.49% Long-Term Outlook -Pretax Margin 9.42% Short-Term Rating Date -Return on Assets 1.62% Short-Term Rating -Return on Common Equity 2.42%Return on Capital 2.44% EBITDA/Interest Exp. 553.04Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -174.91Net Debt/EBITDA -0.91Gross Margin 21.2% Total Debt/EBITDA 0.00EBITDA Margin 30.0%EBIT Margin 1.5% Total Debt/Equity 0.0%Net Income Margin 4.0% Total Debt/Capital 0.0%Asset Turnover 0.40Current Ratio 2.57 Net Fixed Asset Turnover 0.57Quick Ratio 2.01 Accounts receivable turnover-days 52.22Debt to Assets 0.00% Inventory Days 75.58Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 110.73Accounts Receivable Turnover 10.53 Cash Conversion Cycle 17.06Inventory Turnover 7.28Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedAlexco Resource CorpPrice/VolumeValuation Analysis437268.00Current Price (5/dd/yy) Market Data0123456m-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.2 M.4 M.6 M.8 M1.0 M1.2 M1.4 M1.6 M0.010.020.030.040.050.060.070.080.090.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT INC SPROTT INC 13F 6235350 9.96 (624500) 31.03.2013 Hedge Fund ManagerSPROTT INC #N/A N/A Co File 6004850 9.6 (230500) 30.04.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 4009408 6.41 527964 15.05.2013 Investment AdvisorCOLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2629000 4.2 (54000) 31.03.2013 Investment AdvisorWEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 2100000 3.36 2100000 31.03.2013 Hedge Fund ManagerASSET LIABILITY MANA #N/A N/A PROXY 1940299 3.1 - 01.05.2013 OtherNAUMAN CLYNTON R n/a PROXY 1725001 2.76 - 01.05.2013 n/aRAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 1203671 1.92 - 31.03.2013 Hedge Fund ManagerPATHSTONE FAMILY OFF PATHSTONE FAMILY OFF 13F 814919 1.3 - 31.03.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 638317 1.02 (10515) 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 586930 0.94 (425145) 14.05.2013 Investment AdvisorTHRALL BRADLEY A n/a SEDI 523200 0.84 3200 20.02.2013 n/aLB SWISS INVESTMENT Multiple Portfolios MF-AGG 500000 0.8 - 27.03.2013 Investment AdvisorTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 484850 0.77 175434 31.03.2013 Investment AdvisorSEMAPHORE MANAGEMENT SEMAPHORE MANAGEMENT 13F 409942 0.66 14810 31.12.2012 Hedge Fund ManagerFORUM INVESTMENT ADV Multiple Portfolios MF-AGG 381904 0.61 35740 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 251242 0.4 - 31.03.2013 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 200000 0.32 (325000) 31.12.2012 Investment AdvisorUNIVERSAL INS HOLDIN n/a ULT-AGG 137613 0.22 - 31.12.2012 Insurance CompanyNOMURA n/a ULT-AGG 91006 0.15 (24760) 31.03.2013 UnclassifiedFirm Name Analyst Recommendation Weighting Change Target Price Date DateGlobal Hunter Securities JEFF WRIGHT neutral 3 M 4 12 month 13.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL hold 3 M 3 Not Provided 10.05.2013Cormark Securities Inc. GRAEME JENNINGS market perform 3 M 4 12 month 10.05.2013Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 D 3 12 month 10.05.2013EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 15.04.2013Holdings By:Alexco Resource CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013ATAC Resources Ltd. explores for gold in Canada.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (05.06.2012) 3.5052-Week Low (04.03.2013) 0.91Daily Volume0.9852-Week High % Change -72.00% Dividend Yield 0.0052-Week Low % Change 7.69% Beta 1.64% 52 Week Price Range High/Low 2.70% Equity Float 90.26Shares Out 30.04.2013 113.2 Short Int 0.14110.89 1 Yr Total Return -50.25%Total Debt 0.00 YTD Return -43.68%Preferred Stock 0.0 Adjusted BETA 1.643Minority Interest 0.0 Analyst Recs 2Cash and Equivalents 15.04 Consensus Rating 5.000Enterprise Value 95.85Average Volume 5 Day 178839ATC CN EQUITY YTD Change - Average Volume 30 Day 205989ATC CN EQUITY YTD % CHANGE - Average Volume 3 Month 320445LTM-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 Q2- 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -- (1.1) (3.1) - - 0.0 0.0 (5.4) (5.4) (1.0) (1.0)- - - - - 0.00x 0.00x - - - -- (1.1) (2.2) (24.8) (7.5) (24.8) (7.5) (3.5) (3.5) (0.9) (1.0)- - - - - 0.00x 0.00x - - - -EBITDA - Long-Term Rating Date -EBIT -6.54 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -8.85% Short-Term Rating -Return on Common Equity -10.04%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 18.93 Net Fixed Asset Turnover 0.00Quick Ratio 18.66 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedAtac Resources LtdPrice/VolumeValuation Analysis324926.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure011223344m-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 M0.00.10.20.30.40.50.60.70.80.91.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0050.00100.00150.00200.00250.00300.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 14971600 13.23 30100 31.03.2013 Hedge Fund ManagerAGNICO-EAGLE MINES L n/a SEDI 9600000 8.48 - 20.03.2013 CorporationSTRATEGIC METALS LTD n/a SEDI 9556286 8.45 (250000) 05.04.2011 CorporationVAN ECK ASSOCIATES C n/a ULT-AGG 6470185 5.72 - 15.05.2013 Investment AdvisorCARNE ROBERT C n/a SEDI 1987126 1.76 20000 22.02.2013 n/aGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1531428 1.35 - 14.05.2013 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 1124700 0.99 - 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 558195 0.49 (1400) 31.12.2012 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 523000 0.46 (463800) 31.12.2012 Hedge Fund ManagerGOSS DOUGLAS O n/a SEDI 482588 0.43 28300 25.02.2013 n/aYEADON GLENN ROBERT n/a PROXY 424667 0.38 - 17.04.2013 n/aKENWAY BRUCE J n/a PROXY 400000 0.35 - 17.04.2013 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 370900 0.33 - 28.02.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 300000 0.27 - 27.03.2013 Investment AdvisorGESIURIS SA SGIIC Multiple Portfolios MF-AGG 300000 0.27 - 30.04.2013 Investment AdvisorDOWNS GRAHAM NOLAN n/a SEDI 255000 0.23 135000 17.02.2012 n/aNEXGEN FINANCIAL LP Multiple Portfolios MF-AGG 225000 0.2 75000 30.06.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 193000 0.17 - 28.03.2013 Investment AdvisorTALBOT IAN J n/a SEDI 111400 0.1 (5000) 07.06.2012 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 97200 0.09 13300 28.02.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie MICHAEL GRAY outperform 5 M 2 12 month 25.04.2013Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013GMP ANDREW MIKITCHOOK buy 5 M 5 12 month 19.03.2013Paradigm Capital Inc DON MACLEAN hold 3 M 4 12 month 06.03.2012Holdings By:Atac Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Scorpio Mining Corporation explores for silver in Canada and Mexico.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (04.10.2012) 1.2852-Week Low (01.05.2013) 0.45Daily Volume0.4652-Week High % Change -64.06% Dividend Yield 0.0052-Week Low % Change 3.37% Beta 1.46% 52 Week Price Range High/Low 1.80% Equity Float 196.42Shares Out 30.04.2013 198.4 Short Int 0.1191.26 1 Yr Total Return -47.73%Total Debt 0.00 YTD Return -55.34%Preferred Stock 0.0 Adjusted BETA 1.460Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 31.05 Consensus Rating 5.000Enterprise Value 60.22Average Volume 5 Day 269606SPM CN EQUITY YTD Change - Average Volume 30 Day 660774SPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 513762LTM-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 Q30.0 19.4 34.2 61.1 45.8 56.1 41.6 51.1 104.0 - -- 4.59x 5.75x 5.89x 3.78x 19.77x 11.09x - - - -(4.6) 6.6 11.9 29.4 14.2 21.8 9.3 10.6 18.6 - -- 13.58x 16.54x 12.25x 12.23x 9.87x 0.00x 5.68x 3.24x - -(90.7) 13.5 30.7 12.6 7.1 10.0 4.3 - - - -- 6.00x 9.00x 32.50x 25.75x 25.80x 23.33x 13.53x 3.46x - -EBITDA 14.18 Long-Term Rating Date -EBIT 10.32 Long-Term Rating -Operating Margin 22.52% Long-Term Outlook -Pretax Margin 24.11% Short-Term Rating Date -Return on Assets 4.85% Short-Term Rating -Return on Common Equity 4.98%Return on Capital 5.00% EBITDA/Interest Exp. -Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -2.19Gross Margin 41.6% Total Debt/EBITDA 0.00EBITDA Margin 30.9%EBIT Margin 22.5% Total Debt/Equity 0.0%Net Income Margin 15.5% Total Debt/Capital 0.0%Asset Turnover 0.31Current Ratio 21.39 Net Fixed Asset Turnover 0.54Quick Ratio 18.19 Accounts receivable turnover-days 51.87Debt to Assets 0.00% Inventory Days 82.23Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 27.78Accounts Receivable Turnover 7.06 Cash Conversion Cycle 106.31Inventory Turnover 4.45Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedScorpio Mining CorpPrice/VolumeValuation Analysis386125.00Current Price (5/dd/yy) Market Data00011111m-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 M3.5 M0.010.020.030.040.050.060.070.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0010.0020.0030.0040.0050.0060.0070.0080.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 34089105 17.18 (203900) 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 15758728 7.94 - 15.05.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 9523000 4.8 - 31.12.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3867521 1.95 - 14.05.2013 Investment AdvisorROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 3800000 1.92 - 31.03.2013 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 1941000 0.98 (2341300) 31.12.2012 Hedge Fund ManagerHAWLEY PETER J n/a Co File 1843436 0.93 - 31.12.2012 n/aGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1639600 0.83 - 28.09.2012 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1400000 0.71 - 28.02.2013 Investment AdvisorOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 1322400 0.67 - 31.01.2013 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 424600 0.21 - 28.02.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 215588 0.11 - 31.01.2013 Investment AdvisorFACTOR ADVISORS LLC Multiple Portfolios MF-AGG 131178 0.07 - 29.11.2012 UnclassifiedSADEK JOHN n/a Co File 79150 0.04 - 31.12.2012 n/aBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 75011 0.04 - 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 65721 0.03 - 14.05.2013 Investment AdvisorIFOS INTERNATIONALE Multiple Portfolios MF-AGG 45000 0.02 - 27.03.2013 Investment AdvisorSCHOELLERBANK INVEST Multiple Portfolios MF-AGG 40000 0.02 20000 28.03.2013 Investment AdvisorMASON EWAN n/a Co File 20000 0.01 - 31.12.2012 n/aSAWH HEMDAT n/a Co File 10500 0.01 - 31.12.2012 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateMackie Research Capital Corp. BARRY D ALLAN buy 5 M 2 12 month 13.05.2013Clarus Securities MIKE BANDROWSKI buy 5 M 2 12 month 13.05.2013Casimir Capital ERIC WINMILL buy 5 M 1 12 month 13.05.2013MLV & Co RICHARD TROTMAN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 12.06.2012Holdings By:Scorpio Mining CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Midway Gold Corp. explores and develops mineral resource properties. TheCompany is currently exploring for gold on its Midway Prospect property locatedin Nevada in the United States.Latest Fiscal Year: 12/2010LTM as of: 03/yy52-Week High (18.10.2012) 1.8052-Week Low (15.05.2013) 0.86Daily Volume0.88352-Week High % Change -50.94% Dividend Yield 0.0052-Week Low % Change 2.36% Beta 1.04% 52 Week Price Range High/Low 2.18% Equity Float 98.45Shares Out 01.05.2013 128.5 Short Int 3.91113.42 1 Yr Total Return -26.42%Total Debt 0.00 YTD Return -36.47%Preferred Stock 44.3 Adjusted BETA 1.041Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 75.05 Consensus Rating 4.429Enterprise Value 84.71Average Volume 5 Day 305086MDW US EQUITY YTD Change - Average Volume 30 Day 330129MDW US EQUITY YTD % CHANGE - Average Volume 3 Month 345929LTM-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 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(11.6) (3.8) (6.3) (18.2) (14.3) (18.6) (11.4) (6.5) (7.5) - -- - - - - 0.00x 0.00x - - - -(16.2) (2.6) (5.8) (15.5) (15.3) (15.9) (6.3) (10.0) (15.1) (5.0) (5.0)- - - - - 0.00x 0.00x - - - -EBITDA -14.33 Long-Term Rating Date -EBIT -14.73 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -15.54% Short-Term Rating -Return on Common Equity -26.88%Return on Capital - EBITDA/Interest Exp. -5311.80Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -8155.64Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 43.98 Net Fixed Asset Turnover 0.00Quick Ratio 43.90 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedMidway Gold CorpPrice/VolumeValuation Analysis393364.00Current Price (5/dd/yy) Market Data00011111222m-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 M3.5 M4.0 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 10847196 8.44 915894 15.05.2013 Investment AdvisorSHEERIN MATT n/a PROXY 7929506 6.17 (271400) 18.04.2013 n/aHAWES GEORGE T n/a PROXY 7112952 5.54 - 18.04.2013 n/aFRANKLIN RESOURCES n/a ULT-AGG 6557700 5.11 60000 31.03.2013 Investment AdvisorHALE CAPITAL PARTNER n/a PROXY 6127310 4.77 - 18.04.2013 OtherBLACKROCK n/a ULT-AGG 5299564 4.13 467767 14.05.2013 Investment AdvisorDISBROW ROBERT n/a 13G 5072200 3.95 (75800) 31.12.2011 n/aVANGUARD GROUP INC VANGUARD GROUP INC 13F 2914011 2.27 (1449218) 31.03.2013 Investment AdvisorYU FRANK S n/a PROXY 1709646 1.33 - 18.04.2013 n/aSTATE STREET n/a ULT-AGG 1634300 1.27 (26204) 31.03.2013 Investment AdvisorWOLFUS DANIEL EDWARD n/a PROXY 1570117 1.22 - 18.04.2013 n/aNANTAHALA CAPITAL MA NANTAHALA CAPITAL MA 13F 1526751 1.19 1526751 31.03.2013 Hedge Fund ManagerDAVENPORT & COMPANY DAVENPORT & COMPANY 13F 1470179 1.14 14700 31.03.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1416296 1.1 (65462) 31.03.2013 Investment AdvisorDEANS KNIGHT CAPITAL n/a 13G 1144360 0.89 - 31.12.2012 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 571863 0.45 - 31.03.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 558000 0.43 - 31.03.2013 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 445429 0.35 - 31.03.2013 Hedge Fund ManagerTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 435535 0.34 - 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 376690 0.29 (4310) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.05.2013Canaccord Genuity Corp JOE MAZUMDAR speculative buy 4 M 2 12 month 08.05.2013Stifel MICHAEL A SCOON buy 5 M 2 12 month 03.05.2013Jacob Securities Inc MATTHEW SHEPPARD buy 5 M 2 12 month 23.04.2013Cormark Securities Inc. KYLE MCPHEE speculative buy 4 M 2 12 month 22.04.2013RBC Capital Markets SAM CRITTENDEN outperform 5 M 2 12 month 05.02.2013Stonecap Securities Inc BRIAN SZETO outperform 5 M 2 12 month 08.01.2013MLV & Co RICHARD TROTMAN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2012Holdings By:Midway Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Patagonia Gold PLC holds investments in mineral exploration companies involvedin identifying, acquiring, and developing mineral projects, either alone or withjoint-venture partners. The Company explores for gold in locations throughoutArgentina.Latest Fiscal Year: 12/2012LTM as of: 01/yy52-Week High (28.05.2012) 33.5052-Week Low (26.04.2013) 9.75Daily Volume10.7552-Week High % Change -67.91% Dividend Yield 0.0052-Week Low % Change 10.26% Beta 0.91% 52 Week Price Range High/Low 11.58% Equity Float 540.59Shares Out 30.04.2013 855.5 Short Int -91.96 1 Yr Total Return -51.14%Total Debt 0.00 YTD Return -52.22%Preferred Stock 0.0 Adjusted BETA 0.908Minority Interest 2.5 Analyst Recs 1Cash and Equivalents 2.87 Consensus Rating 4.000Enterprise Value 91.55Average Volume 5 Day 664383PGD LN EQUITY YTD Change - Average Volume 30 Day 1413518PGD LN EQUITY YTD % CHANGE - Average Volume 3 Month 1463209LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -0.0 0.0 0.0 0.0 0.0 - - - - - -- - - - - - - - - - -(5.8) (7.3) (11.3) (32.6) (15.8) - - - - - -- - - - - - - - - - -(5.8) (7.3) (11.3) (33.2) (13.1) - - - - - -- - - - - - - - - - -EBITDA -15.81 Long-Term Rating Date -EBIT -16.48 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -39.10% Short-Term Rating -Return on Common Equity -54.75%Return on Capital - EBITDA/Interest Exp. -368.56Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -457.66Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 1.80 Net Fixed Asset Turnover 0.00Quick Ratio 0.78 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 441.36Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 0.00Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedPatagonia Gold PLCPrice/VolumeValuation Analysis442856.00Current Price (5/dd/yy) Market Data05101520253035m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M7.0 M8.0 M9.0 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDIRECTOR & RELATED H Multiple Portfolios REG 149037867 17.42 2753684 02.01.2013 OtherBLACKROCK n/a ULT-AGG 140259219 16.4 (116604) 14.05.2013 Investment AdvisorMIGUENS CARLOS JOSE n/a RNS-DIR 125072109 14.62 - 03.05.2013 n/aUBS n/a ULT-AGG 96575359 11.29 590460 02.01.2013 UnclassifiedCINCO VIENTOS URUGUA Multiple Portfolios REG 50361585 5.89 9636316 02.01.2013 OtherVAN ECK ASSOCIATES C n/a ULT-AGG 41728143 4.88 - 15.05.2013 Investment AdvisorVAN ECK GLOBAL Multiple Portfolios REG 36986715 4.32 (1116233) 02.01.2013 UnclassifiedMIGUENS DIEGO n/a Co File 29562152 3.46 - 24.04.2012 n/aTAHEH INTERNATIONAL Multiple Portfolios REG 28353264 3.31 - 02.01.2013 OtherBARRICK GOLD CORP Multiple Portfolios REG 28323264 3.31 - 02.01.2013 CorporationMIGUENS CRISTINA n/a Co File 24485645 2.86 - 24.04.2012 n/aHUMPHRIES WILLIAM HE n/a RNS-DIR 23296857 2.72 4403000 27.06.2012 n/aHARGREAVE n/a ULT-AGG 16987188 1.99 4345000 02.01.2013 UnclassifiedPRIVATE INDIVIDUALS Multiple Portfolios REG 13399969 1.57 (908112) 02.01.2013 OtherCOUTTS PRIVATE BANKI Multiple Portfolios REG 12894789 1.51 - 02.01.2013 UnclassifiedF&C FUND MANAGEMENT Multiple Portfolios MF-AGG 9941137 1.16 - 28.02.2013 Investment AdvisorF&C ASSET MANAGEMENT Multiple Portfolios REG 9722734 1.14 (2554143) 02.01.2013 Investment AdvisorCRAVEN JOHN ANTHONY n/a Co File 9455190 1.11 - 24.04.2012 n/aWALKER CRIPS STOCKBR Multiple Portfolios REG 9385378 1.1 (231500) 02.01.2013 OtherINVESTEC WEALTH & IN Multiple Portfolios REG 7247490 0.85 (38500) 02.01.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateMirabaud Securities NICHOLAS CHALMERS speculative buy 4 M 35 12 month 04.12.2012Holdings By:Patagonia Gold PLCAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Gryphon Minerals Ltd. explores for gold. The Company operates on the BanforaGold Project in Burkina Faso, Africa, and properties in Mauritania.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (24.09.2012) 0.9952-Week Low (02.05.2013) 0.19Daily Volume0.2352-Week High % Change -76.77% Dividend Yield 0.0052-Week Low % Change 24.32% Beta 1.47% 52 Week Price Range High/Low 5.59% Equity Float 390.07Shares Out 31.12.2012 400.5 Short Int 13.7192.11 1 Yr Total Return -64.06%Total Debt 0.00 YTD Return -55.34%Preferred Stock 0.0 Adjusted BETA 1.465Minority Interest 0.0 Analyst Recs 13Cash and Equivalents 46.22 Consensus Rating 4.000Enterprise Value 41.45Average Volume 5 Day 4069073GRY AU EQUITY YTD Change - Average Volume 30 Day 3923475GRY AU EQUITY YTD % CHANGE - Average Volume 3 Month 3666811LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -0.0 0.0 0.0 0.0 0.0 - - 0.8 1.4 - -- - - - - - - 62.07x 86.73x - -(3.3) (2.7) (3.9) (15.9) (8.0) - - (10.2) (8.8) - -- - - - - - - - - - -(3.1) (2.3) (3.2) (8.9) (5.9) - - (8.6) (6.7) - -- - - - - - - - - - -EBITDA -8.04 Long-Term Rating Date -EBIT -8.20 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -1.76% Short-Term Rating -Return on Common Equity -1.82%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 3.81 Net Fixed Asset Turnover 0.00Quick Ratio 3.75 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedGryphon Minerals LtdPrice/VolumeValuation Analysis5524442.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0001111m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M30.0 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 47385165 11.83 681722 15.05.2013 Investment AdvisorGENESIS ASSET MANAGE n/a EXCH 28079256 7.01 7396732 07.05.2013 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 19591128 4.89 - 20.11.2012 BankAMP LTD n/a EXCH 16488127 4.12 (985067) 22.10.2012 Insurance CompanyROYAL BANK OF CANADA n/a ULT-AGG 14803493 3.7 (160194) 05.04.2011 BankNORGES BANK Multiple Portfolios MF-AGG 13598508 3.4 - 31.12.2012 GovernmentJP MORGAN n/a ULT-AGG 10018063 2.5 2579872 31.03.2013 Investment AdvisorPARSONS STEPHEN n/a EXCH 6990601 1.75 - 18.12.2012 n/aGCIC LTD/CANADA Multiple Portfolios MF-AGG 6850000 1.71 1850000 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 5590010 1.4 - 31.03.2013 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 5507628 1.38 1032776 31.08.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 4493276 1.12 - 14.05.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 3934525 0.98 - 31.03.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 3498398 0.87 - 31.03.2013 Investment AdvisorQUANTEX AG Multiple Portfolios MF-AGG 2360000 0.59 - 29.03.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 2139152 0.53 - 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1939645 0.48 350148 31.03.2013 Investment AdvisorNETHERWAY DAVID GEOR n/a Co File 1847374 0.46 - 30.06.2012 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1820050 0.45 (10410) 30.09.2012 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 1634666 0.41 (530000) 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp REG SPENCER buy 5 M 1 Not Provided 13.05.2013Clarus Securities NANA SANGMUAH buy 5 M 1 12 month 03.05.2013Macquarie MITCH RYAN neutral 3 M 1 12 month 26.04.2013RBC Capital Markets GEOFF BREEN sector perform 3 M 0 12 month 25.04.2013GMP LEVI SPRY buy 5 M 0 Not Provided 24.04.2013Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 0 12 month 22.04.2013Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 1 Not Provided 19.04.2013BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 1 Not Provided 15.04.2013Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 1 Not Provided 03.04.2013RBS Morgans JAMES WILSON outperform 5 M 1 12 month 06.03.2013EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 01.03.2013Paradigm Capital Inc DON MACLEAN speculative buy 4 M 1 12 month 01.02.2013Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012DJ Carmichael Pty Ltd PAUL ADAMS speculative buy 4 M #N/A N/A Not Provided 24.08.2011Holdings By:Gryphon Minerals LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013DRDGOLD Limited is a mid-tier, unhedged gold producer with a mix of assets. TheCompanys assets include underground mines and surface re-treatment operationand exploration activities in South Africa.Latest Fiscal Year: 06/2012LTM as of: 03/yy52-Week High (19.02.2013) 8.5952-Week Low (31.08.2012) 5.35Daily Volume6.0952-Week High % Change -29.10% Dividend Yield -52-Week Low % Change 13.83% Beta 0.79% 52 Week Price Range High/Low 22.84% Equity Float -Shares Out 31.03.2013 38.5 Short Int 0.06234.70 1 Yr Total Return 10.41%Total Debt 30.69 YTD Return -22.84%Preferred Stock 0.0 Adjusted BETA 0.792Minority Interest 136.7 Analyst Recs 2Cash and Equivalents 298.51 Consensus Rating 4.000Enterprise Value -Average Volume 5 Day 93907DRD US EQUITY YTD Change - Average Volume 30 Day 95857DRD US EQUITY YTD % CHANGE - Average Volume 3 Month 138084LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q11843.9 1910.7 1990.5 1379.5 1764.2 2000.9 2031.9 2129.1 2545.8 - -0.86x 1.10x 0.64x 0.79x 1.09x 2.92x 4.62x - - - -162.1 6.9 212.5 225.7 370.8 408.0 411.6 526.4 795.5 - -9.75x 301.94x 6.03x 4.83x 5.21x 4.50x 6.72x - - - -996.0 129.1 207.8 (287.9) 308.7 (117.3) 291.8 307.1 462.1 - -- - - - - 0.00x 0.00x 7.11x 4.71x - -EBITDA 370.76 Long-Term Rating Date -EBIT 249.91 Long-Term Rating -Operating Margin 14.17% Long-Term Outlook -Pretax Margin 14.79% Short-Term Rating Date -Return on Assets 10.71% Short-Term Rating -Return on Common Equity 19.27%Return on Capital - EBITDA/Interest Exp. 23.65Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 2.40Net Debt/EBITDA -0.58Gross Margin 20.6% Total Debt/EBITDA 0.42EBITDA Margin 20.4%EBIT Margin 13.8% Total Debt/Equity 2.0%Net Income Margin 17.5% Total Debt/Capital 1.8%Asset Turnover 0.75Current Ratio 1.80 Net Fixed Asset Turnover 1.17Quick Ratio 1.15 Accounts receivable turnover-days -Debt to Assets 1.23% Inventory Days -Tot Debt to Common Equity 2.05% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedDRDGOLD LtdPrice/VolumeValuation Analysis70829.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0123456789m-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.2 M.4 M.6 M.8 M1.0 M1.2 M0.0500.01000.01500.02000.02500.03000.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSKAGEN AS Multiple Portfolios MF-AGG 3724701 9.66 - 27.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 1073033 2.78 141063 15.05.2013 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 536792 1.39 (58369) 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 442970 1.15 52500 31.03.2013 Hedge Fund ManagerUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 125000 0.32 15000 31.03.2013 Investment AdvisorOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 115000 0.3 - 31.01.2013 Investment AdvisorBRANCH BANKING & TRU BRANCH BANKING AND T 13F 110000 0.29 - 31.03.2013 BankROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 100000 0.26 - 31.01.2013 Investment AdvisorOXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 61336 0.16 43360 31.03.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 49176 0.13 17676 31.03.2013 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 36297 0.09 - 31.03.2013 Investment AdvisorRUFFER LLP RUFFER LLP 13F 34015 0.09 - 31.03.2013 Hedge Fund ManagerAPERIO GROUP LLC APERIO GROUP LLC 13F 33383 0.09 3750 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 28300 0.07 - 31.03.2013 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 28300 0.07 - 31.03.2013 Investment AdvisorCOMMONWEALTH OF PENN COMMONWEALTH OF PENN 13F 26529 0.07 - 31.03.2013 Pension Fund (ERISA)BLACKROCK n/a ULT-AGG 20181 0.05 20133 31.03.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 19729 0.05 3502 31.03.2013 Investment AdvisorOSHAUGHNESSY ASSET OSHAUGHNESSY ASSET 13F 11452 0.03 5671 31.03.2013 Investment AdvisorPHILADELPHIA INTERNA PHILADELPHIA INTERNA 13F 9000 0.02 9000 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 07.05.2013Holdings By:DRDGOLD LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Red 5 Limited is a minieral exploration and development company. The Companysprincipal asset is the Siana Gold Project in the Philippines held under aMineral Production Sharing Agreement by a Red5 Philippine compliant company.Red 5s second asset is the Mapawa MPSA, located north of Siana.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (05.10.2012) 1.7552-Week Low (18.04.2013) 0.56Daily Volume0.6252-Week High % Change -64.57% Dividend Yield 0.0052-Week Low % Change 11.71% Beta 1.52% 52 Week Price Range High/Low 5.44% Equity Float 134.28Shares Out 31.12.2012 135.5 Short Int 0.7984.00 1 Yr Total Return -53.03%Total Debt 0.00 YTD Return -50.40%Preferred Stock 0.0 Adjusted BETA 1.516Minority Interest (0.4) Analyst Recs 2Cash and Equivalents 13.46 Consensus Rating 2.000Enterprise Value 92.27Average Volume 5 Day 0RED AU EQUITY YTD Change - Average Volume 30 Day 124305RED AU EQUITY YTD % CHANGE - Average Volume 3 Month 213705LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -- - - 0.0 4.3 - - 43.8 125.0 - -- - - - 42.84x - - 2.16x 0.42x - -(1.4) (1.5) (2.2) (5.2) (2.9) - - 8.0 72.4 - -- - - - - - - 11.47x 1.27x - -(0.6) (0.9) (0.4) (8.1) (1.7) - - (7.3) 33.5 - -- - - - - - - - 2.45x - -EBITDA -2.93 Long-Term Rating Date -EBIT -3.46 Long-Term Rating -Operating Margin -80.96% Long-Term Outlook -Pretax Margin -39.34% Short-Term Rating Date -Return on Assets -5.70% Short-Term Rating -Return on Common Equity -6.67%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin 38.2% Total Debt/EBITDA -4.91EBITDA Margin -29.5%EBIT Margin -32.7% Total Debt/Equity 0.0%Net Income Margin -40.8% Total Debt/Capital 0.0%Asset Turnover 0.10Current Ratio 2.36 Net Fixed Asset Turnover 0.28Quick Ratio 1.34 Accounts receivable turnover-days 75.80Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.83 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedRed 5 LtdPrice/VolumeValuation Analysis68467.00Current Price (5/dd/yy) Market Data0001111122m-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 M3.5 M4.0 M4.5 M5.0 M0.00.51.01.52.02.53.03.54.04.52001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0050.00100.00150.00200.00250.00300.00350.00400.00450.00500.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRANKLIN RESOURCES n/a ULT-AGG 17841590 13.17 40000 28.03.2013 Investment AdvisorBAKER STEEL GOLD FUN n/a Co File 11095633 8.19 - 24.09.2012 n/aJP MORGAN n/a ULT-AGG 9638245 7.11 (1034479) 31.12.2012 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 9206232 6.79 - 15.05.2013 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 6663000 4.92 - 27.12.2012 Hedge Fund ManagerDEUTSCHE BANK AG n/a EXCH 3958183 2.92 (3160399) 24.06.2011 Investment AdvisorGAMCO n/a ULT-AGG 2208823 1.63 - 31.12.2012 UnclassifiedFMR LLC n/a ULT-AGG 1326000 0.98 - 31.03.2013 Investment AdvisorEDWARDS GREGORY CHAR n/a Co File 1065111 0.79 - 15.11.2012 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 679951 0.5 - 30.09.2012 Investment AdvisorEIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 301926 0.22 (100000) 30.11.2012 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 260849 0.19 (2137799) 31.12.2012 Hedge Fund ManagerDIMENSIONAL FUND ADV n/a ULT-AGG 66444 0.05 - 31.01.2013 Investment AdvisorSCANLAN GARY FRANCIS n/a EXCH 50000 0.04 - 31.12.2012 n/aMOBILIA JOE n/a Co File 44958 0.03 - 30.06.2012 n/aBLACKROCK n/a ULT-AGG 41803 0.03 - 14.05.2013 Investment AdvisorMILAZZO MARK FRANCIS n/a Co File 25000 0.02 - 26.09.2012 n/aJACKSON COLIN GEORGE n/a Co File 22500 0.02 - 26.09.2012 n/aBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 17274 0.01 - 31.01.2013 Investment AdvisorAUSTRALIAN INDEX INV Multiple Portfolios MF-AGG 1081 0 - 30.04.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp REG SPENCER Under Review #N/A N/A M #N/A N/A Not Provided 14.05.2013Wilson HTM Investment Group CAMERON JUDD sell 1 M 1 Not Provided 17.04.2013Evans & Partners Pty Ltd CATHY MOISES neutral 3 D #N/A N/A Not Provided 03.01.2013Bell Potter CHRIS WHITEHEAD buy 5 M 3 12 month 01.03.2012Holdings By:Red 5 LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Lingbao Gold Company Ltd. mines and smelts gold. The Company produces goldbullion, silver, copper products, and sulphuric acid.Latest Fiscal Year: 12/2012LTM as of: 06/yy52-Week High (21.05.2012) 3.9652-Week Low (16.05.2013) 2.05Daily Volume2.1752-Week High % Change -45.20% Dividend Yield 4.0752-Week Low % Change 5.85% Beta 0.80% 52 Week Price Range High/Low 2.31% Equity Float 297.27Shares Out 31.12.2012 297.3 Short Int -1679.09 1 Yr Total Return -32.29%Total Debt 4216.29 YTD Return -31.33%Preferred Stock 0.0 Adjusted BETA 0.800Minority Interest 46.7 Analyst Recs 4Cash and Equivalents 267.94 Consensus Rating 3.500Enterprise Value 5324.93Average Volume 5 Day 3502403330 HK EQUITY YTD Change - Average Volume 30 Day 4863443330 HK EQUITY YTD % CHANGE - Average Volume 3 Month 515323LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q43559.1 3961.7 4834.6 5720.8 6393.3 0.0 0.0 6921.5 6595.0 - -0.72x 0.99x 1.40x 0.83x 0.93x #DIV/0! #DIV/0! 0.70x 0.72x - -354.4 738.8 777.4 824.5 739.3 0.0 0.0 754.0 811.0 - -7.26x 5.29x 8.71x 5.75x 8.05x 0.00x 0.00x 7.06x 6.57x - -115.6 118.0 266.5 310.6 165.3 0.0 0.0 140.0 141.0 - -11.63x 17.38x 16.59x 5.74x 12.10x 0.00x 0.00x 9.55x 9.29x - -EBITDA 739.33 Long-Term Rating Date -EBIT 469.78 Long-Term Rating -Operating Margin 7.35% Long-Term Outlook -Pretax Margin 3.51% Short-Term Rating Date -Return on Assets 2.28% Short-Term Rating -Return on Common Equity 7.05%Return on Capital 5.53% EBITDA/Interest Exp. 3.06Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 1.51Net Debt/EBITDA 5.34Gross Margin 12.6% Total Debt/EBITDA 5.70EBITDA Margin 11.6%EBIT Margin 7.3% Total Debt/Equity 176.6%Net Income Margin 2.6% Total Debt/Capital 63.4%Asset Turnover 0.88Current Ratio 1.10 Net Fixed Asset Turnover 2.55Quick Ratio 0.20 Accounts receivable turnover-days 27.06Debt to Assets 53.24% Inventory Days 173.83Tot Debt to Common Equity 176.56% Accounts Payable Turnover Day 26.52Accounts Receivable Turnover 13.52 Cash Conversion Cycle 174.37Inventory Turnover 2.11Fiscal Year EndedLingbao Gold Co LtdPrice/VolumeValuation Analysis1498000.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure011223344m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M7.0 M0.01000.02000.03000.04000.05000.06000.07000.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBANK OF NEW YORK MEL n/a EXCH 27842000 9.37 - 20.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 23758000 7.99 - 15.05.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 7502000 2.52 - 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 2308000 0.78 - 14.05.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1608558 0.54 (136000) 31.03.2013 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 1310000 0.44 (580000) 30.06.2011 Investment AdvisorSCHOELLERBANK INVEST Multiple Portfolios MF-AGG 230000 0.08 30000 28.03.2013 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 190000 0.06 - 31.01.2013 Investment AdvisorOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 160000 0.05 - 31.01.2013 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 122000 0.04 - 31.03.2013 Investment AdvisorNOMURA INTERNATIONAL Multiple Portfolios MF-AGG 68000 0.02 - 31.03.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 07.05.2013Guotai Junan KEVIN GUO neutral 3 M 2 Not Provided 22.04.2013Credit Suisse OWEN LIANG underperform 1 D 2 Not Provided 09.04.2013BOCOM International Holdings RONGJIN LUO long-term buy 5 M 7 12 month 13.07.2012First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 6 12 month 28.03.2012Holdings By:Lingbao Gold Co LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013International Tower Hill Mines Ltd. acquires, explores, and evaluates mineralproperties. The Company currently possesses an expanding portfolio of Alaskanand Nevada based gold and base metal exploration projects.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (01.06.2012) 3.7552-Week Low (15.05.2013) 0.83Daily Volume0.836252-Week High % Change -77.70% Dividend Yield -52-Week Low % Change 0.75% Beta 1.07% 52 Week Price Range High/Low 0.21% Equity Float 85.66Shares Out 06.05.2013 98.1 Short Int 0.3782.00 1 Yr Total Return -68.21%Total Debt 0.00 YTD Return -61.47%Preferred Stock 0.0 Adjusted BETA 1.071Minority Interest 0.0 Analyst Recs 3Cash and Equivalents 30.35 Consensus Rating 2.667Enterprise Value 58.71Average Volume 5 Day 149346THM US EQUITY YTD Change - Average Volume 30 Day 201525THM US EQUITY YTD % CHANGE - Average Volume 3 Month 259741LTM-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 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - -- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! - -(3.2) (7.3) (12.1) (9.9) (55.5) (15.2) (57.4) (17.2) (19.3) - -- - - - - 0.00x 0.00x - - - -(2.4) (9.8) (17.9) (10.2) (56.6) (16.6) (54.4) (13.2) (14.6) - -- - - - - 0.00x 0.00x - - - -EBITDA -55.52 Long-Term Rating Date -EBIT -55.55 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -38.25% Short-Term Rating -Return on Common Equity -46.46%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 8.39 Net Fixed Asset Turnover 0.00Quick Ratio 8.17 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedInternational Tower Hill Mines LtdPrice/VolumeValuation Analysis242460.00Current Price (5/dd/yy) Market Data011223344m-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 M0.00.00.00.00.00.00.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 17207269 17.55 37800 31.03.2013 Hedge Fund ManagerANGLOGOLD ASHANTI LT n/a SEDI 11073323 11.29 - 07.08.2012 Holding CompanyPAULSON & CO PAULSON & CO 13F 8908000 9.08 (41654) 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 6906702 7.04 493586 15.05.2013 Investment AdvisorTEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 2099836 2.14 - 31.03.2013 Pension Fund (ERISA)WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 1407011 1.43 (519400) 31.03.2013 Hedge Fund ManagerROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1014000 1.03 - 31.03.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 999932 1.02 999932 31.03.2013 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 607000 0.62 - 28.02.2013 Investment AdvisorINVESCO LTD n/a ULT-AGG 561498 0.57 (338927) 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 546700 0.56 - 31.03.2013 Investment AdvisorDRESCHER ANTON J n/a SEDI 489218 0.5 (50000) 21.12.2012 n/aAEGIS FINANCIAL CORP AEGIS FINANCIAL CORP 13F 403449 0.41 403449 31.03.2013 Investment AdvisorPONTIUS JEFFREY A n/a SEDI 383566 0.39 (195600) 07.01.2013 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 361867 0.37 16250 31.03.2013 Investment AdvisorUNIVERSAL INS HOLDIN n/a ULT-AGG 345555 0.35 114825 31.12.2012 Insurance CompanyCARRIERE DANIEL A n/a SEDI 294735 0.3 - 22.11.2011 n/aTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 253453 0.26 (12997) 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 220000 0.22 - 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 159600 0.16 (74000) 31.03.2013 Hedge Fund ManagerFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF buy 5 M 7 Not Provided 13.05.2013Credit Suisse ANITA SONI underperform 1 M 1 Not Provided 22.04.2013BMO Capital Markets JOHN P HAYES Speculative Underperform 2 D #N/A N/A Not Provided 14.04.2013Salman Partners DAVID WEST Under Review #N/A N/A M #N/A N/A Not Provided 08.11.2012Holdings By:International Tower Hill Mines LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Saracen Mineral Holdings Ltd. explores for and produces gold. The Companyproduces gold from its Carosue Dam mine located notheast of Kalgoorlie, WesternAustralia.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (07.06.2012) 0.6252-Week Low (24.04.2013) 0.14Daily Volume0.15552-Week High % Change -74.80% Dividend Yield 0.0052-Week Low % Change 10.71% Beta 1.17% 52 Week Price Range High/Low 5.26% Equity Float 532.79Shares Out 06.02.2013 595.3 Short Int 17.6392.27 1 Yr Total Return -63.95%Total Debt 3.06 YTD Return -59.21%Preferred Stock 0.0 Adjusted BETA 1.173Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 20.31 Consensus Rating 3.857Enterprise Value 99.84Average Volume 5 Day 7181704SAR AU EQUITY YTD Change - Average Volume 30 Day 7507578SAR AU EQUITY YTD % CHANGE - Average Volume 3 Month 6155722LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -0.0 - 31.4 155.7 183.8 - - 211.2 230.8 - -- - 5.26x 1.58x 1.70x - - 0.53x 0.38x - -(1.9) (9.5) 14.7 59.5 63.1 - - 61.9 82.9 - -- - 11.26x 4.15x 4.96x - - 1.61x 1.21x - -(1.8) (10.0) (25.4) 47.7 18.7 - - 16.7 35.8 - -- - - 5.49x 16.82x - - 4.43x 2.25x - -EBITDA 63.08 Long-Term Rating Date -EBIT 36.49 Long-Term Rating -Operating Margin 19.86% Long-Term Outlook -Pretax Margin 14.53% Short-Term Rating Date -Return on Assets -5.47% Short-Term Rating -Return on Common Equity -7.16%Return on Capital - EBITDA/Interest Exp. 492.83Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. -271.65Net Debt/EBITDA 0.15Gross Margin - Total Debt/EBITDA 0.28EBITDA Margin 27.8%EBIT Margin 7.1% Total Debt/Equity 1.5%Net Income Margin 10.2% Total Debt/Capital 1.4%Asset Turnover 0.74Current Ratio 3.39 Net Fixed Asset Turnover 1.33Quick Ratio 0.96 Accounts receivable turnover-days 9.82Debt to Assets 1.21% Inventory Days -Tot Debt to Common Equity 1.47% Accounts Payable Turnover Day -Accounts Receivable Turnover 37.26 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedSaracen Mineral Holdings LtdPrice/VolumeValuation Analysis6924324.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure00000111m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M30.0 M35.0 M40.0 M0.020.040.060.080.0100.0120.0140.0160.0180.0200.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0010.0020.0030.0040.0050.0060.0070.0080.0090.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 42407248 7.12 6250328 15.05.2013 Investment AdvisorRENAISSANCE SMALL CO n/a EXCH 37893341 6.37 7527707 27.03.2013 OtherVINVA INVESTMENT MGM n/a EXCH 30177676 5.07 662238 18.03.2013 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 29318248 4.93 (1361474) 08.03.2012 BankSPROTT INC n/a EXCH 28800451 4.84 (841000) 27.01.2012 Hedge Fund ManagerARVE CHARLES n/a EXCH 28685450 4.82 (320000) 19.07.2011 n/aJCP INVESTMENT PARTN n/a EXCH 26084770 4.38 (5314150) 09.02.2012 Investment AdvisorBANK OF AMERICA CORP n/a EXCH 22796021 3.83 (2168808) 04.05.2011 Investment AdvisorSTALTARI GUIDO n/a Co File 14407252 2.42 - 31.08.2012 n/aCF RUFFER BAKER STEE n/a EXCH 14000000 2.35 (4949162) 26.05.2011 n/aJP MORGAN n/a ULT-AGG 12874879 2.16 (751999) 31.12.2012 Investment AdvisorGAMCO n/a ULT-AGG 6500000 1.09 4500000 31.12.2012 UnclassifiedUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 5000000 0.84 - 30.06.2012 Investment AdvisorFMR LLC n/a ULT-AGG 4816787 0.81 1824299 31.03.2013 Investment AdvisorGENUS DYNAMIC GOLD F n/a EXCH 4100000 0.69 (1739000) 26.05.2011 n/aNORGES BANK Multiple Portfolios MF-AGG 3699947 0.62 - 31.12.2012 GovernmentDIMENSIONAL FUND ADV n/a ULT-AGG 3550915 0.6 6847 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2896045 0.49 (43038) 31.03.2013 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2671902 0.45 (20201) 30.09.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1632614 0.27 - 14.05.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp REG SPENCER speculative buy 4 M 0 12 month 13.05.2013Ord Minnett DAVID BRENNAN buy 5 M 0 Not Provided 19.04.2013Argonaut Securities Pty Ltd TROY IRVIN buy 5 M 0 Not Provided 19.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013RBS Morgans JAMES WILSON outperform 5 N 1 12 month 27.11.2012Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 27.09.2012Holdings By:Saracen Mineral Holdings LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Exeter Resource Corporation explores for, evaluates, and develops mineraldeposits in South America. The Companys focus is on gold exploration inArgentina and Chile.Latest Fiscal Year: 12/2011LTM as of: 12/yy52-Week High (06.06.2012) 2.4152-Week Low (15.05.2013) 0.73Daily Volume0.73552-Week High % Change -69.49% Dividend Yield 0.0052-Week Low % Change 0.68% Beta 0.76% 52 Week Price Range High/Low 0.30% Equity Float 82.20Shares Out 30.04.2013 88.4 Short Int 0.5864.98 1 Yr Total Return -57.27%Total Debt 0.00 YTD Return -39.26%Preferred Stock 0.0 Adjusted BETA 0.764Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 55.52 Consensus Rating 2.750Enterprise Value 9.46Average Volume 5 Day 127680XRA US EQUITY YTD Change - Average Volume 30 Day 172186XRA US EQUITY YTD % CHANGE - Average Volume 3 Month 203101LTM-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 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(27.4) (27.6) (29.9) (31.8) (26.0) (31.8) (25.9) (11.7) (11.5) - -- - - - - 0.00x 0.00x - - - -(27.0) (27.3) 83.8 (30.9) (25.2) (31.0) (25.2) (11.7) (11.5) - -- - - - - 0.00x 0.00x - - - -EBITDA -25.97 Long-Term Rating Date -EBIT -26.09 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -39.05% Short-Term Rating -Return on Common Equity -39.92%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 60.65 Net Fixed Asset Turnover 0.00Quick Ratio 60.55 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedExeter Resource CorpPrice/VolumeValuation Analysis240337.00Current Price (5/dd/yy) Market Data011223m-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.2 M.4 M.6 M.8 M1.0 M1.2 M1.4 M1.6 M1.8 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 6743839 7.63 885959 15.05.2013 Investment AdvisorGEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3050700 3.45 - 31.03.2013 Hedge Fund ManagerTSP CAPITAL MANAGEME TSP CAPITAL MANAGEME 13F 2964000 3.35 551000 31.03.2013 Investment AdvisorROWEN COMPANY LTD n/a SEDI 2600000 2.94 100000 09.02.2012 CorporationSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 2445758 2.77 - 31.03.2013 Hedge Fund ManagerPOLYGON MANAGEMENT L POLYGON MANAGEMENT L 13F 2062713 2.33 - 31.03.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1712875 1.94 1712875 31.03.2013 Investment AdvisorSIMPSON YALE R n/a SEDI 1709350 1.93 13600 26.12.2012 n/aSPROTT INC SPROTT INC 13F 1643300 1.86 (1684900) 31.03.2013 Hedge Fund ManagerLIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 1412888 1.6 (134100) 31.03.2013 Hedge Fund ManagerROXBURGH BRYCE G n/a SEDI 1409450 1.59 - 02.05.2011 n/aRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 920100 1.04 112400 31.03.2013 Hedge Fund ManagerWELLS FARGO n/a ULT-AGG 785000 0.89 - 31.03.2013 Investment AdvisorLOEWS CORPORATION LOEWS CORPORATION 13F 642545 0.73 - 31.03.2013 CorporationTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 637517 0.72 242315 31.03.2013 Investment AdvisorUNIVERSAL INS HOLDIN n/a ULT-AGG 537725 0.61 329447 31.12.2012 Insurance CompanyROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 530200 0.6 530200 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 500000 0.57 - 31.12.2012 Investment AdvisorOPPENHEIMER & CO INC OPPENHEIMER & CO INC 13F 412450 0.47 9589 31.03.2013 Hedge Fund ManagerFMR LLC n/a ULT-AGG 272300 0.31 (100) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateTD Securities DANIEL EARLE speculative buy 4 M 1 12 month 23.04.2013Salman Partners DAVID WEST speculative buy 4 M 8 Not Provided 17.04.2013BMO Capital Markets JOHN P HAYES Speculative Underperform 2 D #N/A N/A Not Provided 14.04.2013Mine2Capital Inc ALKA SINGH sell 1 M 1 Not Provided 04.02.2013Holdings By:Exeter Resource CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Richmont Mines, Inc. is a Canadian gold mining company. The Company owns andoperates the Francoeur, Beaufor and East Amphi mines located in Quebec, theNugget Pond and Hammerdown mines in Newfoundland, and the Island Gold Mine inOntario.Latest Fiscal Year: 12/2008LTM as of: 03/yy52-Week High (06.06.2012) 6.7752-Week Low (15.05.2013) 1.75Daily Volume1.7852-Week High % Change -73.71% Dividend Yield 0.0052-Week Low % Change 1.71% Beta 1.19% 52 Week Price Range High/Low 0.60% Equity Float 33.24Shares Out 30.04.2013 39.6 Short Int 0.6470.48 1 Yr Total Return -65.64%Total Debt 1.63 YTD Return -40.86%Preferred Stock 0.0 Adjusted BETA 1.192Minority Interest 0.0 Analyst Recs 3Cash and Equivalents 59.84 Consensus Rating 4.333Enterprise Value 30.02Average Volume 5 Day 109629RIC US EQUITY YTD Change - Average Volume 30 Day 123693RIC US EQUITY YTD % CHANGE - Average Volume 3 Month 135462LTM-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 Q370.6 71.9 90.5 118.6 101.7 119.9 100.0 105.0 134.0 - -0.43x 1.15x 1.31x 2.51x 0.59x 8.05x 3.62x - - - -9.8 6.9 19.7 40.5 8.2 35.4 2.9 - - - -3.07x 11.99x 5.99x 7.36x 7.34x 5.64x 23.60x - - - -1.6 0.3 9.3 25.9 (45.0) 19.2 (49.3) 2.0 17.0 - -29.71x - 16.48x 14.78x - 13.36x 0.00x 40.28x 5.03x - -EBITDA 8.18 Long-Term Rating Date -EBIT -2.59 Long-Term Rating -Operating Margin -2.54% Long-Term Outlook -Pretax Margin -2.56% Short-Term Rating Date -Return on Assets -29.97% Short-Term Rating -Return on Common Equity -38.71%Return on Capital - EBITDA/Interest Exp. 12.48Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. -45.23Net Debt/EBITDA -14.42Gross Margin 27.5% Total Debt/EBITDA 0.69EBITDA Margin 2.9%EBIT Margin -7.9% Total Debt/Equity 1.4%Net Income Margin -44.2% Total Debt/Capital 1.4%Asset Turnover 0.61Current Ratio 3.63 Net Fixed Asset Turnover 1.23Quick Ratio 3.04 Accounts receivable turnover-days 12.33Debt to Assets 1.10% Inventory Days 37.17Tot Debt to Common Equity 1.38% Accounts Payable Turnover Day 70.32Accounts Receivable Turnover 29.61 Cash Conversion Cycle -23.79Inventory Turnover 9.82Fiscal Year EndedRichmont Mines IncPrice/VolumeValuation Analysis189349.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure01234567m-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.2 M.4 M.6 M.8 M1.0 M1.2 M1.4 M0.020.040.060.080.0100.0120.0140.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0035.0040.0045.0050.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeOXBRIDGE BANK & TRUS n/a PROXY 5016363 12.67 - 28.03.2013 Investment AdvisorRESOLUTE FUNDS LTD n/a 13G 3617600 9.14 487600 28.01.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 3048064 7.7 402996 15.05.2013 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 2730000 6.89 - 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1999000 5.05 (61300) 31.03.2013 Hedge Fund ManagerCHAMANDY H GREGORY n/a SEDI 995509 2.51 14 11.01.2012 n/aFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 710095 1.79 420295 31.03.2013 Investment AdvisorPARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 675305 1.71 2325 31.03.2013 Investment AdvisorSPROTT INC SPROTT INC 13F 549500 1.39 (96000) 31.03.2013 Hedge Fund ManagerTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 463880 1.17 145038 31.03.2013 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 416816 1.05 415383 31.03.2013 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 310000 0.78 50000 31.03.2013 Investment AdvisorWEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 302900 0.76 (1697100) 31.03.2013 Hedge Fund ManagerFMR LLC n/a ULT-AGG 230900 0.58 85600 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 188200 0.48 3000 31.03.2013 Pension Fund (ERISA)HOULE REJEAN n/a SEDI 76500 0.19 - 09.03.2012 n/aCARMEL PAUL R n/a SEDI 63000 0.16 10000 11.03.2013 n/aROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 60900 0.15 (862865) 31.03.2013 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 57200 0.14 (57200) 30.11.2012 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 55750 0.14 - 31.03.2013 Holding CompanyFirm Name Analyst Recommendation Weighting Change Target Price Date DateDesjardins Securities ADAM MELNYK buy 5 M 3 12 month 10.05.2013CIBC World Markets KEVIN CHIEW sector perform 3 M 4 Not Provided 09.05.2013Casimir Capital ERIC ALLISON overweight 5 M 5 12 month 04.12.2012Holdings By:Richmont Mines IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Ramelius Resources Limited is a gold exploration and production company withexploration activities focused in Western Australia. The Company also exploresfor base metals.Latest Fiscal Year: 06/2012LTM as of: 01/yy52-Week High (06.06.2012) 0.6652-Week Low (30.04.2013) 0.20Daily Volume0.20552-Week High % Change -68.70% Dividend Yield 0.0052-Week Low % Change 2.50% Beta 0.96% 52 Week Price Range High/Low 2.20% Equity Float 307.09Shares Out 08.05.2013 337.7 Short Int 5.6969.24 1 Yr Total Return -57.29%Total Debt 4.24 YTD Return -53.41%Preferred Stock 0.0 Adjusted BETA 0.959Minority Interest 0.0 Analyst Recs 3Cash and Equivalents 48.76 Consensus Rating 3.667Enterprise Value 29.93Average Volume 5 Day 1026590RMS AU EQUITY YTD Change - Average Volume 30 Day 1388081RMS AU EQUITY YTD % CHANGE - Average Volume 3 Month 1929367LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+230.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -14.9 19.9 61.3 148.1 84.3 - - 128.0 167.0 - -6.95x - 0.81x 1.95x 1.40x - - 0.36x 0.03x - -2.2 11.8 38.0 108.6 12.8 - - 25.2 54.4 - -46.27x - 1.30x 2.66x 9.27x - - 1.19x 0.55x - -0.6 5.0 20.2 62.4 2.3 - - 2.8 28.1 - -191.25x 19.23x 5.93x 5.98x 66.44x - - 25.63x 2.41x - -EBITDA 12.78 Long-Term Rating Date -EBIT 1.64 Long-Term Rating -Operating Margin 1.94% Long-Term Outlook -Pretax Margin 5.19% Short-Term Rating Date -Return on Assets -6.80% Short-Term Rating -Return on Common Equity -9.34%Return on Capital - EBITDA/Interest Exp. 6.84Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -31.59Net Debt/EBITDA -Gross Margin 32.6% Total Debt/EBITDA -0.36EBITDA Margin -9.1%EBIT Margin -19.7% Total Debt/Equity 2.1%Net Income Margin 2.8% Total Debt/Capital 2.0%Asset Turnover 0.40Current Ratio 3.17 Net Fixed Asset Turnover 0.71Quick Ratio 1.53 Accounts receivable turnover-days 20.11Debt to Assets 1.49% Inventory Days 61.01Tot Debt to Common Equity 2.09% Accounts Payable Turnover Day 65.93Accounts Receivable Turnover 18.20 Cash Conversion Cycle 130.79Inventory Turnover 6.00Fiscal Year EndedRamelius Resources LtdPrice/VolumeValuation Analysis1355166.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure00000111m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.020.040.060.080.0100.0120.0140.0160.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0010.0020.0030.0040.0050.0060.0003.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT INC n/a EXCH 23947605 7.09 (5818592) 06.02.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 23646913 7 - 15.05.2013 Investment AdvisorPARADICE INVESTMENT n/a EXCH 15269179 4.52 (3686804) 16.04.2013 Investment AdvisorBEACH ENERGY LTD n/a EXCH 14053269 4.16 (6046734) 21.06.2011 CorporationMANDURANG PTY LTD n/a EXCH 6442856 1.91 - 27.02.2013 OtherNELSON REGINALD GEOR n/a Co File 5331984 1.58 - 27.08.2012 n/aNORGES BANK Multiple Portfolios MF-AGG 3114406 0.92 - 31.12.2012 GovernmentDIMENSIONAL FUND ADV n/a ULT-AGG 2789435 0.83 - 31.01.2013 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 2510025 0.74 (197128) 31.08.2011 Investment AdvisorHOULDSWORTH JOSEPH F n/a EXCH 2374259 0.7 - 26.05.2011 n/aSCHRODER INVESTMENT Multiple Portfolios MF-AGG 2125196 0.63 256211 31.03.2013 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1787654 0.53 1526 30.09.2012 Investment AdvisorKENNEDY ROBERT MICHA n/a EXCH 1557144 0.46 90000 27.02.2013 n/aFMR LLC n/a ULT-AGG 980000 0.29 - 31.03.2013 Investment AdvisorGORDON IAN JAMES n/a EXCH 796021 0.24 (303000) 01.05.2013 n/aPRUDENTIAL FINANCIAL n/a ULT-AGG 608253 0.18 - 28.03.2013 Investment AdvisorMERRICKS CAPITAL SPE n/a EXCH 279000 0.08 - 28.07.2010 OtherVANGUARD GROUP INC Multiple Portfolios MF-AGG 180600 0.05 (1500049) 31.12.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 156786 0.05 - 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 121715 0.04 - 14.05.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateArgonaut Securities Pty Ltd PATRICK CHANG buy 5 M 0 12 month 22.04.2013Ord Minnett DAVID BRENNAN buy 5 M 0 Not Provided 17.04.2013EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012Casimir Capital ERIC ALLISON overweight 5 M 1 12 month 06.05.2012Holdings By:Ramelius Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Golden Minerals Company is a mining company with a focus on exploration,development, providing mining services, and growth through strategic businesstransactions. The Company manages the San Cristobal silver and zinc mine inBolivia.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (13.09.2012) 7.2252-Week Low (17.04.2013) 1.46Daily Volume1.552-Week High % Change -79.22% Dividend Yield 0.0052-Week Low % Change 2.74% Beta 1.65% 52 Week Price Range High/Low 0.69% Equity Float 33.77Shares Out 08.05.2013 43.3 Short Int 5.1464.90 1 Yr Total Return -62.96%Total Debt 0.00 YTD Return -67.32%Preferred Stock 0.0 Adjusted BETA 1.650Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 44.65 Consensus Rating 2.750Enterprise Value 28.69Average Volume 5 Day 273158AUMN US EQUITY YTD Change - Average Volume 30 Day 328438AUMN US EQUITY YTD % CHANGE - Average Volume 3 Month 349054LTM-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 Q3419.5 12.4 11.2 1.8 26.1 8.2 25.5 32.5 52.1 5.8 7.5- 1.87x 25.16x 86.44x 5.90x 98.33x 18.02x - - - -25.0 (14.2) (32.0) (63.8) (34.7) (58.8) (23.9) (21.5) (7.9) (6.2) (5.9)- - - - - 0.00x 0.00x - - - -(118.2) 211.3 (33.3) (62.7) (92.0) (56.9) (88.2) (22.7) (22.1) (6.2) (6.0)- 1.31x - - - 0.00x 0.00x - - - -EBITDA -34.71 Long-Term Rating Date -EBIT -44.73 Long-Term Rating -Operating Margin -171.46% Long-Term Outlook -Pretax Margin -383.50% Short-Term Rating Date -Return on Assets -24.18% Short-Term Rating -Return on Common Equity -29.54%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin -66.3% Total Debt/EBITDA 0.00EBITDA Margin -133.1%EBIT Margin -171.5% Total Debt/Equity 0.0%Net Income Margin -352.8% Total Debt/Capital 0.0%Asset Turnover 0.07Current Ratio 4.12 Net Fixed Asset Turnover 0.09Quick Ratio 3.45 Accounts receivable turnover-days 18.30Debt to Assets 0.00% Inventory Days 36.70Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 63.13Accounts Receivable Turnover 20.00 Cash Conversion Cycle -8.14Inventory Turnover 9.97Fiscal Year EndedGolden Minerals CoPrice/VolumeValuation Analysis262701.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure012345678m-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 M3.5 M4.0 M4.5 M5.0 M0.050.0100.0150.0200.0250.0300.0350.0400.0450.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTIENT GLB RES IV n/a Form 4 4483944 10.36 1365794 19.09.2012 OtherSENTIENT GLB FND III n/a 13D 3582746 8.28 - 19.09.2012 n/aVAN ECK ASSOCIATES C n/a ULT-AGG 2834620 6.55 442156 15.05.2013 Investment AdvisorGILDER GAGNON HOWE GILDER GAGNON HOWE 13F 1640517 3.79 (67203) 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 1477047 3.41 62733 14.05.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 1065344 2.46 (449632) 31.03.2013 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 706350 1.63 - 30.06.2012 Investment AdvisorCLEVENGER JEFFREY G n/a Form 4 540756 1.25 285700 14.12.2012 n/aSPROTT INC SPROTT INC 13F 513400 1.19 (48900) 31.03.2013 Hedge Fund ManagerSTATE STREET n/a ULT-AGG 494651 1.14 (200) 31.03.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 457054 1.06 (8854) 31.03.2013 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 441479 1.02 (7270) 31.03.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 357876 0.83 50235 31.03.2013 Investment AdvisorSGRF III PARALLEL I n/a 13D 357044 0.83 - 19.09.2012 OtherSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 254630 0.59 (156257) 31.03.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 223748 0.52 (127252) 28.09.2012 Investment AdvisorBPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 202002 0.47 (3325) 28.02.2013 Investment AdvisorGEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 179519 0.41 2169 31.03.2013 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 169397 0.39 10600 31.03.2013 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 162000 0.37 - 31.03.2013 Hedge Fund ManagerFirm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 7 Not Provided 13.05.2013Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 10.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL hold 3 M 4 12 month 07.05.2013TD Securities DANIEL EARLE reduce 2 M 1 12 month 23.04.2013Holdings By:Golden Minerals CoAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013San Gold Corporation explores and develops mineral properties. The Company isfocusing on the development of its gold mine located in Manitoba, Canada.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (06.06.2012) 1.6152-Week Low (15.05.2013) 0.13Daily Volume0.13552-Week High % Change -91.61% Dividend Yield 0.0052-Week Low % Change 3.85% Beta 1.38% 52 Week Price Range High/Low 0.34% Equity Float 323.26Shares Out 30.04.2013 335.2 Short Int 0.1145.26 1 Yr Total Return -88.46%Total Debt 3.12 YTD Return -82.47%Preferred Stock 0.0 Adjusted BETA 1.383Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 11.58 Consensus Rating 2.429Enterprise Value 36.80Average Volume 5 Day 3470421SGR CN EQUITY YTD Change - Average Volume 30 Day 1875312SGR CN EQUITY YTD % CHANGE - Average Volume 3 Month 2250330LTM-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 Q38.7 27.8 58.0 114.1 142.1 129.8 131.0 131.0 168.0 - -31.33x 34.61x 19.66x 5.05x 1.76x 20.38x 6.67x - - - -(44.1) (29.7) (18.9) 12.5 35.9 21.6 27.6 27.2 37.6 - -- - - 46.18x 6.96x 20.29x 0.00x 1.36x 0.98x - -(33.4) (29.5) (24.6) (5.1) (13.2) (0.4) (22.2) (12.3) 2.5 - -- - - - - 0.00x 0.00x - - - -EBITDA 35.89 Long-Term Rating Date -EBIT -12.41 Long-Term Rating -Operating Margin -8.73% Long-Term Outlook -Pretax Margin -12.29% Short-Term Rating Date -Return on Assets -5.23% Short-Term Rating -Return on Common Equity -5.91%Return on Capital - EBITDA/Interest Exp. 91.77Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -106.87Net Debt/EBITDA -0.24Gross Margin 14.5% Total Debt/EBITDA 0.09EBITDA Margin 25.2%EBIT Margin -16.2% Total Debt/Equity 1.3%Net Income Margin -9.3% Total Debt/Capital 1.3%Asset Turnover 0.56Current Ratio 1.46 Net Fixed Asset Turnover 0.72Quick Ratio 0.86 Accounts receivable turnover-days 32.64Debt to Assets 1.17% Inventory Days 43.94Tot Debt to Common Equity 1.34% Accounts Payable Turnover Day 34.65Accounts Receivable Turnover 11.21 Cash Conversion Cycle 41.93Inventory Turnover 8.33Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedSan Gold CorpPrice/VolumeValuation Analysis3774848.00Current Price (5/dd/yy) Market Data000111112m-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 M0.020.040.060.080.0100.0120.0140.0160.01999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00100.00200.00300.00400.00500.00600.0001.01.2010 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a ULT-AGG 26050272 7.77 - 15.05.2013 Investment AdvisorGCIC LTD/CANADA n/a Co File 24950000 7.44 (16675000) 30.04.2013 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 13600000 4.06 - 28.02.2013 Investment AdvisorJOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 13296317 3.97 1137742 31.03.2013 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 9190700 2.74 20500 31.12.2012 Hedge Fund ManagerIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 9041600 2.7 - 31.01.2013 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 8581053 2.56 2724250 28.02.2013 Investment AdvisorWYNNE HUGH n/a SEDI 8234002 2.46 74000 18.04.2013 n/aFRANKLIN RESOURCES n/a ULT-AGG 8001200 2.39 45000 28.03.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3188303 0.95 - 28.09.2012 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1875000 0.56 (193600) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 1866900 0.56 (140000) 31.03.2013 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 1600000 0.48 - 27.03.2013 Investment AdvisorSCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 1600000 0.48 (300000) 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1378186 0.41 - 31.03.2013 Investment AdvisorBHR FUND ADVISORS LP Multiple Portfolios MF-AGG 1375000 0.41 (25000) 28.02.2013 Investment AdvisorGINN DALE n/a SEDI 1356140 0.4 20000 16.04.2013 n/aSHARE SICAV Multiple Portfolios MF-AGG 1306600 0.39 176300 31.12.2012 Investment AdvisorFORUM INVESTMENT ADV Multiple Portfolios MF-AGG 1214755 0.36 796340 31.12.2012 Investment AdvisorHUBERT BENJAMIN ARTH n/a SEDI 1181200 0.35 (50000) 03.05.2011 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateCIBC World Markets COSMOS CHIU sector underperform 1 M 0 Not Provided 13.05.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 0 12 month 13.05.2013Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.05.2013Stonecap Securities Inc CHRISTOS DOULIS underperform 1 M 0 12 month 13.05.2013BMO Capital Markets BRIAN QUAST underperform 1 M 0 Not Provided 10.05.2013TD Securities DANIEL EARLE hold 3 M 0 12 month 23.04.2013National Bank Financial PAOLO LOSTRITTO Under Review #N/A N/A M #N/A N/A Not Provided 17.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 13.02.2013Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013Holdings By:San Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Orezone Gold Corporation is a gold exploration and development company. TheCompany is focused on the discovery and development of gold deposits in WestAfrica. Orezone Golds current focus is projects in Burkina Faso.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (20.09.2012) 2.4752-Week Low (15.05.2013) 0.63Daily Volume0.6752-Week High % Change -72.87% Dividend Yield 0.0052-Week Low % Change 6.35% Beta 1.16% 52 Week Price Range High/Low 2.17% Equity Float 80.61Shares Out 30.04.2013 85.7 Short Int 0.3557.41 1 Yr Total Return -56.21%Total Debt 0.00 YTD Return -60.59%Preferred Stock 0.0 Adjusted BETA 1.160Minority Interest 0.0 Analyst Recs 11Cash and Equivalents 16.83 Consensus Rating 4.273Enterprise Value 39.54Average Volume 5 Day 253343ORE CN EQUITY YTD Change - Average Volume 30 Day 470541ORE CN EQUITY YTD % CHANGE - Average Volume 3 Month 312001LTM-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 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -(3.2) (2.0) (8.4) (31.6) (28.5) (31.6) (28.5) (15.4) 7.2 - -- - - - - 0.00x 0.00x - 5.46x - -(12.8) (1.8) (8.9) (30.3) (4.8) (30.3) (4.8) (15.1) (10.2) - -- - - - - 0.00x 0.00x - - - -EBITDA -28.53 Long-Term Rating Date -EBIT -29.71 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -13.42% Short-Term Rating -Return on Common Equity -14.02%Return on Capital - EBITDA/Interest Exp. -1875.44Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -1968.91Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%Asset Turnover 0.00Current Ratio 9.69 Net Fixed Asset Turnover -Quick Ratio 8.98 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 4771.61Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 0.00Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedOrezone Gold CorpPrice/VolumeValuation Analysis323889.00Current Price (5/dd/yy) Market Data0112233m-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 M3.5 M4.0 M0.00.10.20.30.40.50.60.70.80.91.02001 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 |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSUN VALLEY GOLD LLC n/a SEDI 12024600 14.03 3654500 13.07.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 11225518 13.1 - 15.05.2013 Investment AdvisorPASSPORT CAPITAL LLC n/a Co File 7183500 8.38 (1894100) 31.12.2011 Hedge Fund ManagerJP MORGAN n/a ULT-AGG 6459738 7.54 - 31.12.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3425087 4 31400 31.03.2013 Hedge Fund ManagerFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 3307970 3.86 - 30.09.2012 Hedge Fund ManagerBEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 2117000 2.47 - 31.03.2013 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1926187 2.25 (18) 28.09.2012 Investment AdvisorLITTLE RONALD n/a PROXY 1840639 2.15 - 22.04.2013 n/aHALVORSON MICHAEL n/a SEDI 1431798 1.67 50000 10.05.2012 n/aFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1121600 1.31 - 30.11.2012 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 993762 1.16 - 31.03.2013 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 987425 1.15 (12600) 28.09.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 899800 1.05 - 31.01.2013 Investment AdvisorQUANTEX AG Multiple Portfolios MF-AGG 890000 1.04 (20000) 29.03.2013 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 739625 0.86 - 28.02.2013 Investment AdvisorMARQUIS PASCAL n/a SEDI 658519 0.77 27270 17.02.2012 n/aFMR LLC n/a ULT-AGG 372100 0.43 - 31.03.2013 Investment AdvisorSMITH & WILLIAMSON H n/a ULT-AGG 360319 0.42 - 28.03.2013 Investment AdvisorGCIC LTD/CANADA Multiple Portfolios MF-AGG 302000 0.35 302000 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateNational Bank Financial PAOLO LOSTRITTO outperform 5 M 3 12 month 10.05.2013SBG Securities MICHAEL STARKE speculative buy 4 N 1 12 month 10.05.2013Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 2 12 month 07.05.2013Jennings Capital DAN HRUSHEWSKY speculative buy 4 N 3 12 month 06.05.2013Casimir Capital STUART MCDOUGALL speculative buy 4 M 3 12 month 01.05.2013CIBC World Markets JEFF KILLEEN sector outperform 5 M 3 Not Provided 30.04.2013BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 29.04.2013Raymond James BRAD HUMPHREY outperform 5 M 2 12 month 24.04.2013RBC Capital Markets JONATHAN GUY sector perform 3 M 2 12 month 19.04.2013Desjardins Securities ADAM MELNYK buy 5 M 4 12 month 28.03.2013GMP ANDREW MIKITCHOOK buy 5 M 3 12 month 28.03.2013Holdings By:Orezone Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Gran Colombia Gold Corp. is a mineral exploration and production company. TheCompany is focused on gold and silver exploration and development inColombia. Gran Colombia has underground gold and silver mining operations inColombia.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 0.4352-Week Low (15.04.2013) 0.15Daily Volume0.1752-Week High % Change -60.47% Dividend Yield 0.0052-Week Low % Change 13.33% Beta 1.47% 52 Week Price Range High/Low 7.14% Equity Float 310.99Shares Out 30.04.2013 382.0 Short Int 0.0864.94 1 Yr Total Return -56.41%Total Debt 188.45 YTD Return -52.78%Preferred Stock 0.0 Adjusted BETA 1.475Minority Interest 1.0 Analyst Recs 2Cash and Equivalents 1.30 Consensus Rating 4.000Enterprise Value 251.92Average Volume 5 Day 471676GCM CN EQUITY YTD Change - Average Volume 30 Day 945424GCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 828226LTM-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 Q30.0 0.0 0.0 137.7 168.2 159.6 163.2 174.0 211.0 - -- - - 1.81x 1.94x 6.59x 4.63x 2.02x 2.44x - -(0.2) (0.2) (0.2) 1.5 14.8 9.6 7.2 10.0 48.0 - -- - - 164.64x 22.07x 23.36x 0.00x 25.19x 5.25x - -(0.3) (0.3) (0.1) (37.0) (36.2) (21.8) (23.9) (22.0) 11.0 - -- - - - - 0.00x 0.00x - 5.56x - -EBITDA 14.79 Long-Term Rating Date -EBIT -2.07 Long-Term Rating -Operating Margin -1.23% Long-Term Outlook -Pretax Margin -23.28% Short-Term Rating Date -Return on Assets -5.19% Short-Term Rating -Return on Common Equity -8.38%Return on Capital - EBITDA/Interest Exp. 1.68Asset Turnover 0.24% (EBITDA-Capex)/Interest Exp. -4.04Net Debt/EBITDA 12.67Gross Margin 10.8% Total Debt/EBITDA 12.75EBITDA Margin 8.8%EBIT Margin -1.2% Total Debt/Equity 44.3%Net Income Margin -21.5% Total Debt/Capital 30.7%Asset Turnover 0.24Current Ratio 1.39 Net Fixed Asset Turnover 0.30Quick Ratio 0.28 Accounts receivable turnover-days 40.95Debt to Assets 24.61% Inventory Days 47.00Tot Debt to Common Equity 44.33% Accounts Payable Turnover Day 121.85Accounts Receivable Turnover 8.94 Cash Conversion Cycle -33.90Inventory Turnover 7.79Fiscal Year EndedGran Colombia Gold CorpPrice/VolumeValuation Analysis536494.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0000000000m-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 M0.020.040.060.080.0100.0120.0140.0160.0180.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0035.0040.0001.05.2009 01.11.2009 01.05.2010 01.11.2010 01.05.2011 01.11.2011 01.05.2012 01.11.2012 01.05.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeUS GLOBAL INVESTORS n/a PROXY 47135169 12.34 - 17.04.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 30175000 7.9 - 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 24200701 6.34 - 15.05.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 12500000 3.27 (826700) 28.03.2013 Investment AdvisorICE ROSE HOLDINGS n/a SEDI 8150000 2.13 99000 25.09.2012 Holding CompanyIACONO SERAFINO n/a SEDI 4700416 1.23 165000 27.09.2012 n/aLA CAMPA MIGUEL DE n/a SEDI 3803773 1 133000 20.02.2013 n/aFMR LLC n/a ULT-AGG 1765000 0.46 - 31.03.2013 Investment AdvisorTARIBO HOLDINGS n/a SEDI 1284500 0.34 23500 28.01.2013 Holding CompanyLOPEZ AUGUSTO n/a SEDI 1090250 0.29 586500 12.09.2012 n/aTOSCA ASSETS CORP n/a SEDI 1000000 0.26 - 30.08.2012 OtherORINOQUIA BELT CA n/a SEDI 665621 0.17 130000 23.08.2012 OtherDAVIES MICHAEL MONIE n/a SEDI 591873 0.15 20000 21.08.2012 n/aHOLLENCREST SECURITI HOLLENCREST SECURITI 13F 466500 0.12 - 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 439086 0.11 - 31.12.2012 Investment AdvisorTORINO CONSULTANTS n/a SEDI 400000 0.1 - 15.11.2010 OtherMARTINEZ TO HERNAN J n/a Co File 360000 0.09 - 26.03.2013 n/aVOLK PETER n/a SEDI 334500 0.09 - 30.08.2012 n/aPACHECO MARIO n/a Co File 325000 0.09 - 26.03.2013 n/aEAST DONALD n/a SEDI 258000 0.07 60000 06.02.2012 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateGMP GEORGE V ALBINO speculative buy 4 M 1 12 month 15.05.2013Interbolsa SA GABRIEL BAYONA speculative buy 4 M 2 Not Provided 23.10.2012Holdings By:Gran Colombia Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |