Fundamental Equity Analysis - STOXX Europe Mid 200 Index Components

408 views

Published on

  • Be the first to comment

  • Be the first to like this

Fundamental Equity Analysis - STOXX Europe Mid 200 Index Components

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations STOXX Europe Mid 200 Index March 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. 27.02.20133i Group PLC3i Group plc is an international investor focused on private equity, Price/Volumeinfrastructure and debt management. The Companys investments are located across 350 12.0 Mmultiple continents through local investment teams in Europe, Asia and North 300 10.0 MAmerica. 250 8.0 M 200 6.0 M Valuation Analysis 150Latest Fiscal Year: 03/2012 4.0 M 100LTM as of: 01/yy 50 2.0 M52-Week High (27.02.2013) 318.50 0 .0 M52-Week Low (31.05.2012) 168.20 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 3588412.00 Current Price (2/dd/yy) 317.9 Market Data 52-Week High % Change -0.19% Dividend Yield 2.55 52-Week Low % Change 89.00% Beta 1.26 % 52 Week Price Range High/Low 92.52% Equity Float 938.04Shares Out 14.02.2013 971.4 Short Int - Market Capitalization 3088.03 1 Yr Total Return 71.08%Total Debt 1589.00 YTD Return 46.36%Preferred Stock 0.0 Adjusted BETA 1.262Minority Interest 0.0 Analyst Recs 11Cash and Equivalents 718.00 Consensus Rating 3.545Enterprise Value 3700.03 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2825703III LN EQUITY YTD Change - Average Volume 30 Day 3438012III LN EQUITY YTD % CHANGE - Average Volume 3 Month 2556031 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 06/11 Q1 09/11 Q2 Total Revenue 1250.0 (2097.0) 942.0 705.0 (243.0) - - 494.0 546.5 - - TEV/Revenue 3.73x - 3.92x 5.51x - - - 7.00x 5.77x - - EBITDA - - - - - - - 240.0 373.7 - - TEV/EBITDA - - - - - - - 15.42x 9.90x - - Net Income 828.0 (1948.0) 154.0 186.0 (783.0) - - 163.5 374.8 - - P/E 4.10x - 16.91x 15.28x - - - 21.48x 9.41x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 27.03.2012EBIT - Long-Term Rating BBBOperating Margin - Long-Term Outlook STABLEPretax Margin - Short-Term Rating Date 28.01.2009Return on Assets -10.02% Short-Term Rating A-2Return on Common Equity -16.69% Credit RatiosReturn on Capital -10.86% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 60.5%Net Income Margin - Total Debt/Capital 37.7%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 22.58Quick Ratio - Accounts receivable turnover-days -Debt to Assets 34.54% Inventory Days -Tot Debt to Common Equity 60.49% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 2000.0 1500.0 1.00 1000.0 0.80 500.0 0.0 0.60 -500.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.40 -1000.0 -1500.0 0.20 -2000.0 0.00 -2500.0 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 27.02.20133i Group PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 97623518 10.05 8182632 25.02.2013 Investment AdvisorUBS n/a ULT-AGG 44668625 4.6 (748890) 01.11.2012 UnclassifiedFMR LLC n/a ULT-AGG 40193438 4.14 (3142759) 31.12.2012 Investment AdvisorARTEMIS INVESTMENT M Multiple Portfolios REG 34501983 3.55 (104707) 01.11.2012 Investment Advisor3I GROUP PLC ESOP Multiple Portfolios REG 32778181 3.37 41202 01.11.2012 UnclassifiedMAJEDIE ASSET MANAGE Multiple Portfolios REG 30462192 3.14 (3300) 01.11.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 29204206 3.01 - 12.02.2013 UnclassifiedARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 27408645 2.82 - 31.12.2012 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 21798292 2.24 (61728) 01.11.2012 Investment AdvisorSTANDARD LIFE INVEST Multiple Portfolios REG 20303336 2.09 (1853591) 01.11.2012 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios REG 18484034 1.9 (6021169) 01.11.2012 Investment AdvisorJO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 18137300 1.87 677131 31.10.2012 Investment AdvisorTHREADNEEDLE INVESTM Multiple Portfolios MF-AGG 16170266 1.66 1895857 31.10.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 15902532 1.64 495731 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios REG 15257945 1.57 - 01.11.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 14964804 1.54 - 01.11.2012 GovernmentROYAL LONDON ASSET M Multiple Portfolios REG 14722305 1.52 1919107 01.11.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 14514496 1.49 (606607) 01.11.2012 UnclassifiedSARASIN n/a ULT-AGG 13127218 1.35 9270 28.12.2012 UnclassifiedKUWAIT INVESTMENT AU Multiple Portfolios REG 10354125 1.07 1070400 01.11.2012 Government Firm Name Analyst Recommendation Weighting Change Target Price Date DateOriel Securities Ltd IAIN SCOULLER sell 1 M 250 Not Provided 27.02.2013Macquarie NEIL WELCH neutral 3 U 293 12 month 21.02.2013Societe Generale BILL BARNARD hold 3 M 305 12 month 14.02.2013Barclays DANIEL R GARROD overweight 5 M 340 Not Provided 13.02.2013JPMorgan CHRISTOPHER BROWN neutral 3 M #N/A N/A Not Provided 12.02.2013Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 291 12 month 05.02.2013Investec HENRY FREEMAN hold 3 D 278 12 month 01.02.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013Keefe, Bruyette & Woods TOM MILLS outperform 5 M 230 12 month 15.11.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 27.02.2013Aberdeen Asset Management PLCAberdeen Asset Management PLC operates an investment management group, which Price/Volumemanages unit trusts, investment trusts, and institutional funds for retail and 500 120.0 Minstitutional clients. The Groups funds under management are mainly United 450Kingdom funds, but also include an assortment from the Far East, Japan, Europe, 400 100.0 Mand the United States. 350 80.0 M 300 250 60.0 M Valuation Analysis 200Latest Fiscal Year: 09/2012 150 40.0 MLTM as of: 01/yy 100 20.0 M 5052-Week High (20.02.2013) 442.30 0 .0 M52-Week Low (31.05.2012) 232.70 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 2028902.00 Current Price (2/dd/yy) 425.6 Market Data 52-Week High % Change -3.78% Dividend Yield 2.70 52-Week Low % Change 82.90% Beta 1.06 % 52 Week Price Range High/Low 91.60% Equity Float 918.68Shares Out 01.02.2013 1198.4 Short Int - Market Capitalization 5100.41 1 Yr Total Return 76.66%Total Debt 81.50 YTD Return 15.94%Preferred Stock 0.0 Adjusted BETA 1.057Minority Interest 212.1 Analyst Recs 23Cash and Equivalents 406.40 Consensus Rating 4.174Enterprise Value 4987.61 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3329283ADN LN EQUITY YTD Change - Average Volume 30 Day 4051840ADN LN EQUITY YTD % CHANGE - Average Volume 3 Month 3811913 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - - Total Revenue 430.1 421.9 638.2 784.0 869.2 - - 996.2 1119.2 - - TEV/Revenue 2.84x 4.39x 3.16x 2.56x 4.12x - - 4.93x 4.21x - - EBITDA 114.9 132.0 226.4 313.2 361.0 - - 414.4 476.4 - - TEV/EBITDA 10.64x 14.02x 8.90x 6.40x 9.91x - - 12.04x 10.47x - - Net Income 35.2 (8.1) 92.6 169.7 208.7 - - 324.1 370.3 - - P/E 27.55x - 18.72x 11.51x 16.46x - - 16.06x 13.82x - - Profitability S&P Issuer RatingsEBITDA 361.00 Long-Term Rating Date -EBIT 274.60 Long-Term Rating -Operating Margin 31.59% Long-Term Outlook -Pretax Margin 31.03% Short-Term Rating Date -Return on Assets 6.00% Short-Term Rating -Return on Common Equity 19.80% Credit RatiosReturn on Capital 17.03% EBITDA/Interest Exp. 48.78Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 47.76Margin Analysis Net Debt/EBITDA -0.90Gross Margin - Total Debt/EBITDA 0.23EBITDA Margin 41.5% ReferenceEBIT Margin 31.6% Total Debt/Equity 7.5%Net Income Margin 24.0% Total Debt/Capital 5.9%Structure Asset Turnover 0.25Current Ratio 1.10 Net Fixed Asset Turnover 44.35Quick Ratio 0.15 Accounts receivable turnover-days -Debt to Assets 2.00% Inventory Days -Tot Debt to Common Equity 7.49% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 100.00 1000.0 90.00 900.0 80.00 800.0 70.00 700.0 60.00 600.0 50.00 500.0 40.00 400.0 30.00 300.0 20.00 200.0 10.00 100.0 0.00 0.0 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 27.02.2013Aberdeen Asset Management PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMITSUBISHI UFJ FINAN n/a ULT-AGG 226032919 18.86 1646457 05.12.2012 Holding CompanyBLACKROCK n/a ULT-AGG 57119257 4.77 - 25.02.2013 Investment AdvisorAPPLEBY TRUST (JERSE n/a RNS-MAJ 47936218 4 - 21.12.2012 UnclassifiedMASSACHUSETTS FINANC Multiple Portfolios REG 43320397 3.61 (753989) 01.11.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios REG 42009653 3.51 - 01.11.2012 UnclassifiedLEGAL & GENERAL n/a ULT-AGG 41521633 3.46 1392097 31.01.2013 UnclassifiedNEWTON INV MGMT Multiple Portfolios REG 40703100 3.4 7067513 01.11.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 33107285 2.76 (2947145) 25.02.2013 Investment AdvisorUBS n/a ULT-AGG 32040599 2.67 639539 01.11.2012 UnclassifiedFMR LLC n/a ULT-AGG 28046325 2.34 1389402 31.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 25526935 2.13 - 01.11.2012 GovernmentOLD MUTUAL n/a ULT-AGG 18919308 1.58 2034629 31.12.2012 UnclassifiedROYAL BANK OF CANADA n/a ULT-AGG 18578175 1.55 6833979 01.11.2012 BankHANSBERGER GLOBAL IN Multiple Portfolios REG 18034335 1.5 (102894) 01.11.2012 Investment AdvisorSTANDARD LIFE INVEST Multiple Portfolios REG 17811055 1.49 571724 01.11.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 16153600 1.35 - 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 15735842 1.31 398285 31.12.2012 Investment AdvisorSKAGEN FUNDS Multiple Portfolios REG 14584554 1.22 (21994650) 01.11.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 12603020 1.05 (329609) 31.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 12154070 1.01 (6042690) 01.11.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateShore Capital Stockbrokers OWEN JONES buy 5 M #N/A N/A Not Provided 26.02.2013Macquarie NEIL WELCH neutral 3 M 455 12 month 21.02.2013Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 460 12 month 20.02.2013Societe Generale MICHAEL SANDERSON hold 3 M 420 12 month 19.02.2013Cantor Fitzgerald CATHERINE HEATH buy 5 N 489 Not Provided 19.02.2013Numis Securities Ltd DAVID MCCANN add 4 M 475 Not Provided 19.02.2013RBC Capital Markets PETER K LENARDOS outperform 5 M 465 12 month 15.02.2013Jefferies JASON STREETS hold 3 M 400 12 month 15.02.2013Canaccord Genuity Corp ARUN MELMANE buy 5 M 460 Not Provided 15.02.2013Exane BNP Paribas ABHISHEK PARTHASARATHY outperform 5 M 505 Not Provided 15.02.2013Barclays DANIEL R GARROD overweight 5 M 490 Not Provided 15.02.2013Credit Suisse GURJIT KAMBO outperform 5 M 470 Not Provided 14.02.2013JPMorgan RAE MAILE overweight 5 M 498 9 month 14.02.2013Oriel Securities Ltd SARAH ING buy 5 M 460 Not Provided 14.02.2013Goldman Sachs CHRIS M. TURNER Buy/Neutral 5 U 510 12 month 24.01.2013Espirito Santo Investment Bank Research PHILIP DOBBIN neutral 3 M 385 Not Provided 22.01.2013Peel Hunt STUART DUNCAN hold 3 M 365 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013HSBC NITIN ARORA neutral 3 D 390 Not Provided 14.01.2013Keefe, Bruyette & Woods TOM MILLS outperform 5 U 310 12 month 23.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 27.02.2013Abertis Infraestructuras SAAbertis Infraestructuras S.A. is an international group which manages mobility Price/Volumeand telecommunications infrastructures through three business areas: tollroads, 16 100.0 Mtelecommunications infrastructures and airports. The group is present in Europe 90.0 M 14and the Americas. 80.0 M 12 70.0 M 10 60.0 M 8 50.0 M Valuation Analysis 40.0 M 6Latest Fiscal Year: 12/2012 30.0 M 4LTM as of: 12/yy 20.0 M 2 10.0 M52-Week High (25.02.2013) 13.49 0 .0 M52-Week Low (24.07.2012) 9.33 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1041916.00 Current Price (2/dd/yy) 13.275 Market Data 52-Week High % Change -1.93% Dividend Yield - 52-Week Low % Change 42.36% Beta 0.88 % 52 Week Price Range High/Low 92.80% Equity Float 332.59Shares Out 31.12.2012 814.8 Short Int - Market Capitalization 10816.33 1 Yr Total Return 16.15%Total Debt 16512.00 YTD Return 6.88%Preferred Stock 0.0 Adjusted BETA 0.876Minority Interest 1351.4 Analyst Recs 31Cash and Equivalents 2636.00 Consensus Rating 3.871Enterprise Value 24692.33 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2182075ABE SQ EQUITY YTD Change - Average Volume 30 Day 3011680ABE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 2642806 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 3575.1 3836.7 3802.3 3810.7 4039.0 3772.7 4039.0 4845.6 5120.1 1272.0 1272.0 TEV/Revenue 6.72x 7.08x 6.86x 6.49x 5.94x 13.73x 22.82x 5.38x 4.97x - - EBITDA 2255.8 2435.1 2407.0 2453.7 2459.0 2453.9 3200.8 2984.3 3171.8 - - TEV/EBITDA 10.64x 11.15x 10.83x 10.07x 9.75x 10.07x 7.49x 8.27x 7.78x - - Net Income 618.4 653.1 661.6 720.1 1024.0 720.3 1024.0 704.6 807.5 202.0 201.0 P/E 14.16x 16.55x 17.13x 13.64x 9.87x 13.74x 9.81x 15.31x 13.67x 16.43x - Profitability S&P Issuer RatingsEBITDA 2459.00 Long-Term Rating Date 10.09.2012EBIT 1290.00 Long-Term Rating BBBOperating Margin 31.94% Long-Term Outlook NEGPretax Margin 29.12% Short-Term Rating Date -Return on Assets 3.95% Short-Term Rating -Return on Common Equity 20.43% Credit RatiosReturn on Capital 10.82% EBITDA/Interest Exp. 4.17Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 3.72Margin Analysis Net Debt/EBITDA 5.64Gross Margin - Total Debt/EBITDA 6.71EBITDA Margin 60.9% ReferenceEBIT Margin 31.9% Total Debt/Equity 237.2%Net Income Margin 25.4% Total Debt/Capital 70.3%Structure Asset Turnover 0.16Current Ratio 1.33 Net Fixed Asset Turnover 2.28Quick Ratio 1.33 Accounts receivable turnover-days 72.24Debt to Assets 56.77% Inventory Days -Tot Debt to Common Equity 237.21% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.05 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 4500.0 4000.0 10.00 3500.0 8.00 3000.0 2500.0 6.00 2000.0 4.00 1500.0 1000.0 2.00 500.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 27.02.2013Abertis Infraestructuras SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAJA AHORROS PENSION n/a Research 243621966 29.9 (8962929) 05.07.2012 UnclassifiedOBRASCON HUARTE LAIN n/a EXCH 124622434 15.3 442718 11.02.2013 CorporationINMOBILIARIA ESPACIO n/a EXCH 124279716 15.25 - 21.01.2013 Holding CompanyTREBOL HOLDINGS SARL n/a EXCH 120681879 14.81 - 25.04.2012 CorporationADMIRABLIA SL n/a Co File 79772767 9.79 - 31.12.2011 OtherINVERSIONES AUTOPIST n/a Co File 60161580 7.38 - 31.12.2011 OtherVILLA AUREA SL n/a EXCH 33071941 4.06 1571941 01.07.2010 Holding CompanyABERTIS INFRAESTRUCT n/a Co File 29885288 3.67 - 31.12.2011 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 6667909 0.82 35073 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 4902157 0.6 46850 25.02.2013 Investment AdvisorNATEXIS ASSET MANAGE Multiple Portfolios MF-AGG 3423421 0.42 3423421 31.12.2012 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 2899511 0.36 13000 31.12.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 2289276 0.28 - 30.06.2012 Investment AdvisorG3T SL n/a Co File 2236959 0.27 - 31.12.2011 UnclassifiedING INTERNATIONAL AD Multiple Portfolios MF-AGG 1712632 0.21 59695 31.08.2012 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1559394 0.19 (152866) 31.05.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1442455 0.18 (4255) 31.10.2012 BankMACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 1261593 0.15 160902 31.08.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 1232650 0.15 104650 28.09.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 905639 0.11 - 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura PETER LARKIN buy 5 M 15 Not Provided 26.02.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013BPI BRUNO ALMEIDA DA SILVA neutral 3 M 13 Not Provided 25.02.2013Equita SIM SpA STEFANO GAMBERINI hold 3 N 13 12 month 25.02.2013Societe Generale VICTOR ACITORES buy 5 M 14 12 month 20.02.2013Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 14 12 month 20.02.2013Espirito Santo Investment Bank Research JUAN CARLOS CALVO neutral 3 M 13 Not Provided 20.02.2013NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 14 12 month 20.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013Exane BNP Paribas NICOLAS MORA neutral 3 M 14 Not Provided 20.02.2013RBC Capital Markets ANDREW JONES outperform 5 M 14 12 month 19.02.2013Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 19.02.2013Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA buy 5 M 14 12 month 19.02.2013Banco Sabadell MARIA CEBOLLERO buy 5 M 14 12 month 19.02.2013Ahorro Corporacion Financiera SA RAFAEL CAVANILLAS buy 5 M 15 Not Provided 19.02.2013Banesto Bolsa SA Sociedad MARTA OLBA neutral 3 M 13 12 month 19.02.2013AlphaValue MYRIAM COHEN add 4 M 14 6 month 14.02.2013Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M 14 Not Provided 13.02.2013CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 15 Not Provided 06.02.2013Barclays SUSANNA INVERNIZZI underweight 1 M 13 Not Provided 23.01.2013Natixis GREGOIRE THIBAULT neutral 3 M 12 Not Provided 16.01.2013Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 14 12 month 14.12.2012Kepler Capital Markets EMILIO ROTONDO-INCLAN buy 5 M 14 Not Provided 20.11.2012La Caixa BORJA PAGOAGA buy 5 M 14 Not Provided 06.11.2012JPMorgan ELODIE RALL overweight 5 M 16 6 month 18.10.2012Macquarie ROBERT JOYNSON outperform 5 M 17 12 month 27.09.2012Grupo Santander JOAQUIN FERRER buy 5 M 13 Not Provided 25.06.2012Oddo & Cie OLIVIER BECKER neutral 3 M 13 Not Provided 05.06.2012Mirabaud Finanzas Sociedad de ValoresJAVIER MIELGO S underweight 1 M 12 12 month 21.05.2012BBVA ANTONIO RODRIGUEZ VICENS market perform 3 M 11 Not Provided 12.09.2011Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 15 Not Provided 18.05.2011Iberian Equities DAVID STIX buy 5 M 16 Not Provided 12.11.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 27.02.2013Accor SAAccor SA operates hotel chains and offers human resources, marketing, and Price/Volumeexpense management services. The Company operates hotels ranging from budget 35 5.0 Mto upscale worldwide. 4.5 M 30 4.0 M 25 3.5 M 20 3.0 M 2.5 M Valuation Analysis 15 2.0 MLatest Fiscal Year: 12/2012 10 1.5 MLTM as of: 03/yy 1.0 M 5 .5 M52-Week High (15.02.2013) 29.63 0 .0 M52-Week Low (14.06.2012) 21.98 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 494314.00 Current Price (2/dd/yy) 27.5 Market Data 52-Week High % Change -7.17% Dividend Yield - 52-Week Low % Change 25.14% Beta 1.18 % 52 Week Price Range High/Low 70.65% Equity Float 167.37Shares Out 31.12.2012 227.3 Short Int - Market Capitalization 6250.14 1 Yr Total Return 10.64%Total Debt 2381.00 YTD Return 3.02%Preferred Stock 0.0 Adjusted BETA 1.178Minority Interest 230.0 Analyst Recs 29Cash and Equivalents 1878.00 Consensus Rating 3.862Enterprise Value 6983.14 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1184694AC FP EQUITY YTD Change - Average Volume 30 Day 718414AC FP EQUITY YTD % CHANGE - Average Volume 3 Month 638630 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 Total Revenue 7610.0 5490.0 5948.0 6100.0 5649.0 5636.0 6116.0 5553.1 5451.8 1592.5 1469.8 TEV/Revenue 1.20x 1.92x 1.46x 0.82x 1.20x 0.00x 0.00x 1.22x 1.20x - - EBITDA 1376.0 808.0 1046.0 983.0 1046.0 0.0 0.0 859.1 889.2 - - TEV/EBITDA 6.61x 13.08x 8.31x 5.12x 6.50x 0.00x 0.00x 8.12x 7.84x - - Net Income 575.0 (282.0) 3600.0 27.0 (599.0) 0.0 0.0 317.7 360.0 - - P/E 13.50x - - 152.05x 76.78x 0.00x 0.00x 19.73x 17.26x - - Profitability S&P Issuer RatingsEBITDA 1046.00 Long-Term Rating Date 05.04.2011EBIT 526.00 Long-Term Rating BBB-Operating Margin 9.31% Long-Term Outlook STABLEPretax Margin 4.21% Short-Term Rating Date 05.04.2011Return on Assets -7.70% Short-Term Rating A-3Return on Common Equity -19.03% Credit RatiosReturn on Capital -10.14% EBITDA/Interest Exp. 12.45Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 0.85Margin Analysis Net Debt/EBITDA 0.48Gross Margin - Total Debt/EBITDA 2.28EBITDA Margin 18.5% ReferenceEBIT Margin 9.3% Total Debt/Equity 86.3%Net Income Margin -10.6% Total Debt/Capital 44.3%Structure Asset Turnover 0.73Current Ratio 1.07 Net Fixed Asset Turnover 1.93Quick Ratio 0.83 Accounts receivable turnover-days 24.81Debt to Assets 31.49% Inventory Days -Tot Debt to Common Equity 86.30% Accounts Payable Turnover Day -Accounts Receivable Turnover 14.75 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 60.00 9000.0 8000.0 50.00 7000.0 40.00 6000.0 5000.0 30.00 4000.0 20.00 3000.0 2000.0 10.00 1000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 27.02.2013Accor SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOLDAY SARL n/a Research 25506869 11.22 - 06.12.2012 UnclassifiedLEGENDRE HOLDING 19 n/a Research 23061291 10.15 - 06.12.2012 UnclassifiedMANNING & NAPIER ADV n/a Research 11374332 5 - 15.11.2012 Investment AdvisorCAISSE DES DEPOTS ET n/a Research 11333481 4.99 - 26.11.2012 UnclassifiedHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11028426 4.85 - 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 9119385 4.01 (269130) 31.12.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 6628710 2.92 1221050 31.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 4958051 2.18 - 29.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4373486 1.92 (228030) 31.12.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 2901677 1.28 55972 31.12.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 1501900 0.66 - 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 1356460 0.6 2852 25.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 1155241 0.51 97299 28.09.2012 Mutual Fund ManagerSOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 1040673 0.46 (75853) 30.09.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1003355 0.44 128661 26.02.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 771574 0.34 7982 31.07.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 705717 0.31 (21387) 30.11.2012 Mutual Fund ManagerACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 680153 0.3 - 31.12.2012 Mutual Fund ManagerHARTFORD INVESTMENT Multiple Portfolios MF-AGG 671616 0.3 35207 31.01.2013 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 656980 0.29 100649 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateOddo & Cie GUILLAUME RASCOUSSIER buy 5 M 32 Not Provided 27.02.2013Raymond James JULIEN RICHER outperform 5 M 33 Not Provided 26.02.2013Goldman Sachs OLIVER NEAL neutral/neutral 3 M 31 12 month 25.02.2013Societe Generale SABRINA BLANC buy 5 M 32 12 month 21.02.2013CA Cheuvreux MARCO BACCAGLIO outperform 5 M 31 Not Provided 21.02.2013Cantor Fitzgerald ROBIN BYDE buy 5 M 33 Not Provided 21.02.2013Kepler Capital Markets CATHERINE ROLLAND reduce 2 M 26 Not Provided 21.02.2013Natixis ANDRE JUILLARD buy 5 M 33 Not Provided 21.02.2013Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 33 Not Provided 21.02.2013Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 30 12 month 21.02.2013CM - CIC Securities(ESN) ANNICK THEVENON hold 3 M 31 12 month 20.02.2013Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD buy 5 M 32 6 month 20.02.2013Nomura TIM BARRETT reduce 2 M 20 12 month 20.02.2013S&P Capital IQ WILLIAM MACK strong buy 5 M 32 12 month 20.02.2013JPMorgan KOMAL DHILLON overweight 5 U 32 9 month 18.02.2013Deutsche Bank GEOF COLLYER sell 1 D 25 12 month 16.02.2013Day by Day VALERIE GASTALDY buy 5 M 34 3 month 14.02.2013AlphaValue BERENICE LACROIX add 4 M 31 6 month 14.02.2013Barclays VICTORIA LEE overweight 5 M 32 Not Provided 07.02.2013Morgan Stanley VAUGHAN LEWIS Equalwt/In-Line 3 M 28 12 month 04.02.2013Jefferies IAN RENNARDSON buy 5 M 31 Not Provided 01.02.2013HSBC LENA THAKKAR underweight 1 M 27 Not Provided 31.01.2013Main First Bank AG LOIC SABATIER outperform 5 M 35 12 month 24.01.2013Credit Suisse TIM RAMSKILL outperform 5 M 29 Not Provided 18.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Redburn Partners PASCAL HAUTCOEUR buy 5 M #N/A N/A Not Provided 18.09.2012Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 23.05.2012Aurel - BGC JEAN-MARIE LHOME suspended coverage #N/A N/A M #N/A N/A Not Provided 21.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 27.02.2013ACS Actividades de Construccion y Servicios SAACS, Actividades de Construccion y Servicios, S.A. is an engineering and Price/Volumecontracting company that develops civil and industrial infrastructures. The 25 25.0 MCompany provides Civil Works Construction, Greenfield Concession Development,Industrial Services (electricity, oil and gas) and Environmental Services 20 20.0 M(waste treatment and facility management). 15 15.0 M Valuation Analysis 10 10.0 MLatest Fiscal Year: 12/2011LTM as of: 09/yy 5 5.0 M52-Week High (28.02.2012) 23.13 0 .0 M52-Week Low (25.07.2012) 10.38 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 500106.00 Current Price (2/dd/yy) 18.42 Market Data 52-Week High % Change -20.35% Dividend Yield - 52-Week Low % Change 77.46% Beta 1.08 % 52 Week Price Range High/Low 61.51% Equity Float 205.72Shares Out 30.09.2012 314.7 Short Int - Market Capitalization 5796.12 1 Yr Total Return -12.85%Total Debt 16495.58 YTD Return -3.26%Preferred Stock 0.0 Adjusted BETA 1.085Minority Interest 2872.2 Analyst Recs 26Cash and Equivalents 7161.40 Consensus Rating 2.885Enterprise Value 18302.12 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1463646ACS SQ EQUITY YTD Change - Average Volume 30 Day 1877982ACS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1209114 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 15344.9 16010.0 15605.9 14328.5 28471.9 21306.5 38730.9 37397.9 38029.7 9048.5 9365.0 TEV/Revenue 2.36x 1.64x 1.29x 1.30x 0.66x 3.89x 1.88x 0.43x 0.41x - - EBITDA 1948.9 1587.7 1011.7 1411.4 2247.0 1817.4 3052.0 2857.6 3019.6 735.8 - TEV/EBITDA 18.58x 16.55x 19.95x 13.21x 8.40x 11.60x 5.75x 6.40x 6.06x - - Net Income 1551.1 1805.0 1951.5 1312.6 961.9 919.6 (876.1) (451.3) 759.7 (295.7) - P/E 40.06x 52.96x 16.08x 8.54x 7.42x 9.11x 0.00x - 7.41x 28.61x - Profitability S&P Issuer RatingsEBITDA 2246.97 Long-Term Rating Date -EBIT 1293.02 Long-Term Rating -Operating Margin 4.54% Long-Term Outlook -Pretax Margin 4.37% Short-Term Rating Date -Return on Assets -1.86% Short-Term Rating -Return on Common Equity -30.05% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 3.14Gross Margin - Total Debt/EBITDA 4.97EBITDA Margin 7.9% ReferenceEBIT Margin 3.9% Total Debt/Equity 497.0%Net Income Margin 3.4% Total Debt/Capital 72.7%Structure Asset Turnover 0.82Current Ratio 0.99 Net Fixed Asset Turnover 12.19Quick Ratio 0.59 Accounts receivable turnover-days 105.10Debt to Assets 34.37% Inventory Days -Tot Debt to Common Equity 496.99% Accounts Payable Turnover Day -Accounts Receivable Turnover 3.48 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 30000.0 12.00 25000.0 10.00 20000.0 8.00 15000.0 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

×