Fundamental Analysis &
Analyst Recommendations
QMS Global Agriculture FlexIndex -
The QMS Advisors' Global Agriculture Fle...
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD...
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 20...
31.07.2013
Syngenta AG produces crop protection products and seeds. The Company produces
herbicides, insecticides and fung...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C n/a ULT-AGG ...
31.07.2013
Monsanto Company provides agricultural products for farmers. The Company's
business segments are seeds and geno...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 34'024'416 6....
31.07.2013
Archer-Daniels-Midland Company procures, transports, stores, processes, and
merchandises agricultural commoditi...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE FARM MUTUAL AU STATE FARM M...
31.07.2013
Deere & Company manufactures and distributes a range of agricultural,
construction and forestry, and commercial...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG ...
31.07.2013
Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and
nitrogen to the agricultural and indust...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG ...
31.07.2013
KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and
fluid piping systems. The Company's p...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C n/a ULT-AGG ...
31.07.2013
Agrium Inc. supplies nitrogen, potash and phosphate for agricultural,
industrial, and specialty use. The Compan...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 7'366'040 4...
31.07.2013
CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate
fertilizer products globally. ...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP...
31.07.2013
Bunge Limited is a global agribusiness and food company. The Company buys,
sells, stores, transports and proces...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 10'326'901 7....
31.07.2013
The Mosaic Company produces and distributes crop nutrients to the agricultural
communities located in North Ame...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a ULT-AGG ...
31.07.2013
Wilmar International Ltd. is an agribusiness company. The Company is involved
in oil palm cultivation, edible o...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KUOK BROTHERS SDN BH n/a ULT-AGG ...
31.07.2013
Fiat Industrial SpA manufactures a wide range of branded trucks and tractors.
The Company also manufactures pow...
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EXOR SPA n/a Research 366'929'588...
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
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Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index

  1. 1. Fundamental Analysis & Analyst Recommendations QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index. August 2013 Q.M.S Advisors Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com | This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
  2. 2. Currency Market Capitalization (in mio USD) Daily Volume (M) Total Common Shares (M) Total Debt (USD) Preferred Stock (USD) Minority Interest (USD) Cash and Equivalents (USD) Enterprise Value (USD) Tot. Rev. - LFY Est. Tot. Rev. - Tr. 12M Est. Tot. Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY Est. EBITDA - Tr. 12M Est. EBITDA - 2013 Est. EBITDA - 2014 EPS - LFY Est. EPS - Tr. 12M Est. EPS - 2013 Est. EPS - 2014 P/E Ratio - LFY Est. P/E Ratio - Tr. 12M Est. P/E Ratio - 2013 Est. P/E Ratio - 2014 Est. Revenue Growth - 1Y Est. Revenue Growth - 5Y Est. EBITDA Growth - 1Y Est. Est. EBITDA Growth - 5Y Est. EBITDA Margin - S&P LT Credit Rating - S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date S&P 500 INDEX USD 15506648 2068.725 1096 1096 203 220 220 104.09 110.31 110.31 16.20 16.20 15.28 15.28 18.58 Euro Stoxx 50 Pr EUR 2749994 5651.205 4694 4694 757 791 791 223.73 301.85 301.85 21.73 18.26 16.11 16.11 20.90 NIKKEI 225 JPY 2736710 192.8163 197 197 19 22 22 5.73 8.12 8.12 0.25 0.24 0.18 0.18 0.11 FTSE 100 INDEX GBP 2759715 11992.46 9815 9815 1443 1652 1652 593.10 805.86 805.86 25.70 22.35 18.92 18.92 21.68 SWISS MARKET INDEX CHF 1066765 10838.49 4153 4153 935 854 854 442.14 565.80 565.80 20.47 17.72 16.00 16.00 24.38 S&P/TSX COMPOSITE INDEX CAD 1656479 17399.98 8467 8467 1848 1991 1991 759.17 813.39 813.39 15.62 15.62 14.58 14.58 23.95 S&P/ASX 200 INDEX AUD 1255626 5951.052 2639 2639 548 676 676 221.54 314.90 314.90 18.63 15.09 13.11 13.11 20.13 HANG SENG INDEX HKD 1686961 3138.247 1669 1669 356 400 400 280.48 270.36 270.36 1.30 1.48 1.34 1.34 2.91 MSCI EM USD 7192424 1322.513 975 975 188 179 179 82.73 89.20 89.20 11.53 11.76 10.69 10.69 19.21 SYNGENTA AG-ADR USD 37036 332 3 0 2 14202 14327 15043 15731 3148 3058 - - - - 4.72 5.14 - - 16.85 15.48 7.04 3.12 8.97 10.25 21.34 A 15.06.2007 - - MONSANTO CO USD 53540 4206 534 2 0 0 4 52.86 13504 14769 14961 16146 3760 4206 -119 -119 3.77 4.55 4.58 5.35 22.08 22.08 21.93 18.79 14.23 4.50 20.67 14.20 28.48 A+ 21.10.2008 A1 21.02.2012 ARCHER-DANIELS-MIDLAND CO USD 23738 3312 659 10 0 0 3 30.31 90559 91131 90117 92386 2827 2554 647 647 2.31 2.18 2.36 3.04 16.49 16.49 15.30 11.86 12.25 15.34 -20.72 0.61 2.80 A 03.05.2013 A2 *- 30.04.2013 DEERE & CO USD 32200 4001 388 6 0 0 5 34.35 35657 37235 35478 35629 5425 6116 1378 1378 7.20 7.79 8.51 8.59 10.65 10.65 9.75 9.66 13.03 7.19 12.76 11.23 16.43 A 14.12.2006 A2 08.02.2007 POTASH CORP OF SASKATCHEWAN USD 27397 106282 865 4 0 0 1 30.23 7927 8029 7550 7708 3589 3545 864 864 2.63 2.62 2.50 2.64 12.07 12.07 12.67 12.00 -9.04 10.97 -18.39 14.49 44.15 A- 15.11.2010 A3 07.06.2013 KUBOTA CORP-SPONS ADR USD 18482 78 461 0 52 111 1167628 1167628 1357415 1425261 142415 142415 191635 191635 - - 390.81 430.49 - - 18.39 16.70 15.83 2.32 9.90 -3.19 12.20 NR 09.01.2007 WR 30.09.2005 AGRIUM INC USD 12924 5189 149 4 0 0 1 16.27 16686 16281 16800 17580 2715 2668 1194 1194 9.46 9.38 9.27 9.32 9.22 9.22 9.33 9.28 7.86 26.96 0.33 26.26 16.39 BBB 24.11.2005 Baa2 18.03.2010 CF INDUSTRIES HOLDINGS INC USD 11694 4105 63 2 0 0 2 11.47 6104 5913 5590 5422 3332 3297 827 827 27.77 28.40 23.94 22.09 6.95 6.95 8.24 8.93 0.10 25.42 5.42 37.17 55.75 - - - - BUNGE LTD USD 11201 1313 146 9 1 0 1 22.31 60991 64609 64492 65718 1580 1705 640 640 7.58 6.13 6.74 7.93 12.47 12.47 11.34 9.64 8.72 3.04 -7.98 0.50 2.64 BBB- 10.06.2010 - - MOSAIC CO/THE USD 18655 61378 426 1 0 0 4 16.05 9974 9974 8958 10051 2814 2890 627 627 4.08 3.99 3.94 4.39 10.99 10.99 11.12 9.99 -10.21 2.11 -9.77 -2.55 28.98 BBB 28.04.2011 Baa1 12.10.2011 WILMAR INTERNATIONAL LTD SGD 15842 6355 6396 17 0 1 2 28.28 35744 35532 37426 41902 1613 1757 462 462 0.15 0.16 0.17 0.18 9.50 9.50 9.23 8.29 1.32 8.50 9.07 15.52 3.89 - - - - FIAT INDUSTRIAL EUR 15077 2736 1223 28 0 1 6 39.76 34248 34472 35213 36951 3716 3699 976 976 1.02 0.88 1.10 1.30 18.54 17.44 14.88 12.62 8.52 - 25.19 - 14.37 BB+ 04.11.2010 - - TRACTOR SUPPLY COMPANY USD 8384 416 70 0 0 0 0 8.33 4664 4893 5158 5693 526 560 117 117 3.80 4.17 4.48 5.25 28.81 28.81 26.82 22.90 10.19 10.17 21.41 20.02 11.45 - - - - TYSON FOODS INC-CL A USD 9691 3389 359 2 0 0 1 11.38 33278 33502 34239 35034 1747 1655 505 505 1.93 2.16 2.12 2.60 12.62 12.62 12.89 10.49 3.14 6.01 -2.46 9.10 4.94 BBB 11.02.2013 Baa3 07.06.2012 YARA INTERNATIONAL ASA NOK 12552 623 284 2 0 0 2 13.02 14159 14393 14224 14569 2460 2246 533 533 - 5.35 5.07 4.91 1.39 - 1.47 1.52 1.36 0.29 -1.40 2.97 2.63 BBB 15.03.2010 Baa2 17.03.2010 URALKALI-SPON GDR-REG S USD 12 4 0 0 2 3950 3950 3839 4109 2311 2311 - - - - 2.32 2.58 - - 10.34 9.29 12.98 50.12 11.76 37.32 58.52 BBB- 18.06.2012 - - AGCO CORP USD 5341 1067 97 1 0 0 1 6.26 9962 10092 10524 10719 946 960 317 317 5.25 5.22 5.63 5.95 10.51 10.51 9.75 9.23 13.55 7.99 20.74 11.69 9.51 BBB- 05.03.2010 WR 23.06.2005 IOI CORPORATION BHD MYR 10751 6055 6398 3 0 0 1 12.26 4774 4288 4550 4822 728 816 - - 0.08 0.10 0.08 0.09 5.12 5.41 6.14 5.80 -1.02 -0.05 -0.76 1.43 5.87 BBB 15.05.2013 - - SMITHFIELD FOODS INC USD 4620 3103 139 3 0 0 0 6.83 13221 13221 13506 13828 744 744 181 181 1.80 1.79 2.69 3.12 18.62 18.62 12.35 10.66 0.97 3.00 -23.70 4.22 5.63 BB *- 29.05.2013 B1 *- 15.07.2013 K+S AG-REG EUR 5190 5823 191 2 0 0 1 5.50 5227 5017 5405 5306 1434 1418 303 303 3.98 3.77 3.63 3.11 9.55 9.17 9.93 11.58 -2.04 5.91 -5.04 27.73 37.54 BBB+ 08.09.2011 Baa2 10.10.2009 INCITEC PIVOT LTD AUD 3872 16737 1629 1 0 0 0 5.35 3164 3055 3084 3487 661 469 425 425 0.25 0.26 0.17 0.23 8.11 9.33 12.38 9.43 -1.13 21.04 -8.62 15.80 13.89 BBB 12.10.2009 Baa3 04.12.2009 NIPPON MEAT PACKERS INC JPY 3526 1169 199 2 0 0 1 4.38 10456 10688 10784 11027 489 489 - - 0.73 0.89 0.84 0.93 0.18 - 0.19 0.17 0.00 0.00 -0.14 0.03 0.05 NR 09.01.2007 WR 25.09.2008 ISRAEL CHEMICALS LTD ILs 10252 3837 1272 1 0 0 0 3.27 1871 1896 1888 1938 533 540 132 132 0.29 0.29 0.27 0.26 2.19 2.19 2.36 2.43 -1.57 1.72 -3.86 4.35 7.99 - - - - CHAROEN POKPHAND INDONESI PT IDR 6874 14975 16398 0 0 0 0 6.95 2078 2247 2454 2835 349 338 - - - 0.02 0.02 0.02 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - - NUTRECO NV EUR 3288 22 69 1 0 0 0 3.65 6945 7004 7233 7599 408 408 - - 3.35 2.86 3.41 3.80 21.72 18.55 18.21 16.36 14.29 1.17 17.26 12.12 7.80 - - - - TORO CO USD 2813 405 58 0 0 0 0 2.96 1959 1993 2008 2144 259 284 60 60 2.10 2.60 2.45 2.86 18.83 18.83 20.00 17.13 3.97 2.89 11.27 -0.49 14.23 BBB 30.04.2012 Baa3 22.01.1996 CHAROEN POKPHAND FOODS-NVDR THB 6920 8184 7743 5 0 1 0 12.08 11400 11845 12599 13951 493 390 101 101 - 0.03 0.04 0.07 0.85 - 0.77 0.42 2.34 0.72 -0.65 0.78 0.11 - - - - GOLDEN AGRI-RESOURCES LTD SGD 5299 244851 12838 1 0 0 1 5.19 4758 4688 4389 4975 597 539 - - 0.03 0.02 0.03 0.03 11.31 - 9.54 8.32 1.31 21.84 -13.24 6.17 9.03 - - - - KUALA LUMPUR KEPONG BHD MYR 6960 1079 1065 1 0 0 1 7.30 3239 2914 3067 3422 535 471 - - - 0.29 0.29 0.35 7.00 - 6.87 5.77 -0.53 1.68 -7.65 3.83 4.99 - - - - MARINE HARVEST NOK 3788 3409 3748 1 0 0 0 4.87 2607 2596 3004 3461 205 247 182 182 - 0.03 0.09 0.12 5.11 - 1.84 1.40 -0.70 0.71 -11.10 0.46 1.61 - - - - PPB GROUP BERHAD MYR 5445 561 1186 0 0 0 0 5.38 927 951 976 1019 94 84 121 121 - 0.23 0.24 0.26 6.05 - 5.97 5.44 3.65 0.48 7.35 -1.97 2.72 - - - - FELDA GLOBAL VENTURES MYR 4948 1139 3648 1 0 0 2 4.01 3972 4269 3731 4001 296 360 - - 0.09 0.07 0.06 0.07 6.19 5.08 6.96 5.90 22.47 - -15.27 - 2.60 - - - - TAIWAN FERTILIZER CO LTD TWD 2396 2528 980 0 0 0 0 2.35 593 593 589 706 46 46 - - 0.12 0.11 0.13 0.16 0.72 - 0.64 0.51 0.16 0.45 3.39 0.72 0.26 - - - - QUIMICA Y MINERA CHIL-SP ADR USD 8333 6177 2 0 0 1 2429 2523 2375 2620 1096 1100 245 245 - - 2.26 2.50 - - 13.62 12.30 13.23 14.20 15.49 25.09 43.59 BBB 27.04.2009 Baa1 23.10.2006 TONGAAT HULETT LTD ZAr 1397 103 107 1 0 0 0 2.08 1458 1458 1528 1658 263 263 293 293 0.96 0.97 1.13 1.35 1.34 1.36 1.15 0.97 1.92 - 1.58 - 1.83 - - - - ANDERSONS INC/THE USD 1117 116 19 0 0 0 0 1.82 5272 5407 5508 5672 160 156 63 63 4.23 3.93 4.13 5.18 15.20 15.20 14.46 11.54 15.20 13.09 -2.76 10.72 2.88 - - - - LINDSAY CORP USD 962 289 13 0 0 0 0 0.79 551 670 701 671 78 116 22 22 3.75 5.34 5.60 5.09 14.00 14.00 13.34 14.69 15.11 14.06 14.14 20.32 17.37 - - - - KERNEL HOLDING SA PLN 1284 10 79 0 0 0 0 0.70 675 831 846 819 100 99 32 32 0.81 0.55 0.62 0.88 2.85 2.86 2.54 1.79 4.26 7.73 1.16 14.79 3.71 - - - - NUFARM LTD AUD 1069 787 262 1 0 0 0 1.97 1972 2037 2008 2111 192 207 161 161 0.23 0.17 0.27 0.37 22.12 - 13.42 9.92 4.25 0.40 27.45 -1.18 9.20 BB 21.02.2011 - - FIRST RESOURCES LTD SGD 2092 926 1584 0 0 0 0 1.83 474 482 532 678 252 263 - - 0.12 0.13 0.10 0.12 6.51 6.51 7.93 6.88 17.30 25.16 7.31 - 42.93 - - - - CHIQUITA BRANDS INTL USD 552 520 46 1 0 0 0 1.11 3078 3060 3026 3077 59 81 54 54 -4.79 -4.54 0.55 1.11 - - 21.62 10.71 -1.94 -3.63 -57.51 -14.73 2.66 B 03.09.2009 Caa1 18.03.2010 CHAODA MODERN AGRICULTURE HKD 467 0 3188 0 0 0 0 0.04 898 975 545 557 - - 0.15 0.15 0.09 0.10 1.76 3.19 2.43 3.69 7.37 NR 10.02.2012 WR 10.08.2011 CHINA BLUECHEMICAL LTD - H HKD 2128 17012 4610 0 0 0 0 1.53 1385 1385 1539 1613 445 445 - - 0.05 0.05 0.05 0.06 0.92 0.90 0.86 0.84 1.30 3.21 -0.35 1.42 4.14 - - - - ASTRA AGRO LESTARI TBK PT IDR 2387 590 1575 0 0 0 0 2.60 1127 1113 1175 1344 383 344 97 97 0.15 0.13 0.13 0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - - TURK TRAKTOR VE ZIRAAT MAKIN TRY 1672 11 53 0 0 0 0 1.72 1022 982 1112 1212 162 154 - - - 2.32 2.69 2.91 7.00 - 6.05 5.57 4.99 14.05 -1.56 12.88 8.14 - - - - PP LONDON SUMATRA INDONES PT IDR 745 30598 6823 0 0 0 0 0.60 411 402 425 476 147 125 27 27 - 0.01 0.01 0.02 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - - INDOFOOD AGRI RESOURCES LTD SGD 998 1706 1434 5331 0 7101 3996 17120.44 10885204 10804410 10411263 11833522 2360097 2287499 2321007 2321007 576.85 426.13 480.03 641.52 10.35 9.32 9.19 6.89 7.73 3.23 -12.73 11.28 16.65 - - - - SINOFERT HOLDINGS LTD HKD 1096 58465 7024 1 0 0 0 1.36 5311 5311 5407 5666 179 179 - - 0.01 0.02 0.02 0.02 0.99 - 0.99 0.83 1.58 1.29 2.26 -0.98 0.43 - - - - CRESUD S.A.-SPONS ADR USD 377 56 4 0 2 1 3458 3585 2973 3138 893 493 - - - - 2.18 4.44 - - 18.98 9.30 36.12 96.83 -3.07 83.90 13.75 - - - - Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 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 Spot S&P 500 INDEX 2.35 2.35 2.17 1.99 2.35 1.54 1.54 1.45 1.39 1.54 10.71 10.71 10.02 10.41 10.71 9.42 9.42 8.68 8.11 9.42 15.28 15.28 13.78 12.46 15.28 2.09 2.09 2.25 2.41 2.09 1817.9 7.8% Euro Stoxx 50 Pr 1.20 1.20 1.14 1.08 1.20 0.78 0.78 0.76 0.74 0.78 6.12 6.12 5.60 5.07 6.12 7.15 7.15 6.76 6.41 7.15 12.13 12.13 10.80 9.73 12.13 4.16 4.16 4.41 4.75 4.16 2982.2 8.2% NIKKEI 225 1.48 1.48 1.38 1.29 1.48 0.71 0.71 0.69 0.67 0.71 8.67 8.67 8.02 7.41 8.67 8.67 8.67 7.96 7.53 8.67 17.22 17.22 15.31 13.84 17.22 1.69 1.69 1.85 1.99 1.69 15094.6 10.4% FTSE 100 INDEX 1.75 1.75 1.63 1.51 1.75 1.02 1.02 0.99 0.98 1.02 8.47 8.47 7.80 7.11 8.47 7.26 7.26 6.68 6.28 7.26 12.42 12.42 11.29 10.40 12.42 3.81 3.81 4.09 4.44 3.81 7018.4 6.9% SWISS MARKET INDEX 2.36 2.36 2.19 2.03 2.36 2.02 2.02 1.93 1.84 2.02 12.36 12.36 11.22 10.06 12.35 12.69 12.69 11.73 10.97 12.69 14.83 14.83 13.40 12.16 14.83 3.29 3.29 3.67 4.20 3.29 8688.5 11.7% S&P/TSX COMPOSITE INDEX 1.69 1.69 1.58 1.47 1.69 1.44 1.44 1.48 1.50 1.44 8.64 8.64 7.86 6.50 8.64 8.74 8.74 7.79 7.26 8.74 15.02 15.02 13.30 12.09 15.02 3.20 3.20 3.34 3.47 3.20 14096.1 12.0% S&P/ASX 200 INDEX 1.85 1.85 1.75 1.65 1.85 1.73 1.73 1.64 1.56 1.73 10.56 10.56 9.52 9.07 10.56 8.80 8.80 7.99 7.46 8.80 14.50 14.50 13.15 12.09 14.50 4.65 4.65 4.98 5.32 4.65 5217.1 3.3% HANG SENG INDEX 1.30 1.30 1.20 1.14 1.30 1.69 1.69 1.56 1.44 1.69 7.78 7.78 7.40 6.86 7.77 7.85 7.85 7.19 6.53 7.85 10.43 10.43 9.59 8.78 10.43 3.68 3.68 3.98 4.32 3.68 24746.4 13.2% MSCI EM 1.38 1.38 1.26 1.15 1.38 0.98 0.98 0.91 0.85 0.98 6.88 6.88 6.31 5.82 6.88 7.37 7.37 6.70 6.16 7.37 10.69 10.69 9.55 8.74 10.69 2.93 2.93 3.23 3.48 2.93 1126.3 18.1% SYNGENTA AG-ADR 2.59 2.46 2.35 2.20 2.14 13.76 14.36 12.95 17.11 16.85 15.48 13.91 13.62 6.97 2.77 3.02 79.24 -0.4% MONSANTO CO 4.49 4.07 3.58 3.11 3.91 3.58 3.32 3.08 3.10 20.36 18.66 15.69 13.59 14.10 12.57 10.75 9.66 9.93 27.02 21.93 18.79 16.62 15.53 1.14 1.50 1.58 1.61 117.62 17.1% ARCHER-DANIELS-MIDLAND CO 1.25 1.19 1.11 1.04 0.27 0.26 0.26 0.25 8.22 10.98 8.54 10.63 9.79 9.66 7.84 8.25 15.33 15.30 11.86 11.51 1.87 1.99 2.05 2.17 36.38 1.0% DEERE & CO 4.20 3.20 2.56 2.12 0.96 0.91 0.90 0.87 10.39 8.53 7.95 7.25 6.64 5.89 5.90 5.66 10.68 9.75 9.66 9.40 2.08 2.34 2.45 2.57 97.56 17.6% POTASH CORP OF SASKATCHEWAN 2.79 2.47 2.26 2.21 3.49 3.63 3.55 3.49 3.11 8.61 8.67 9.28 8.18 7.64 7.97 7.83 7.71 11.26 12.67 12.00 11.58 1.90 3.82 4.22 4.30 37.77 19.4% KUBOTA CORP-SPONS ADR 1.56 1.33 1.27 17.69 13.59 12.41 25.73 18.39 16.70 1.10 1.38 1.50 89.41 21.6% AGRIUM INC 1.89 1.57 1.34 1.21 0.78 0.77 0.74 0.69 0.68 7.68 7.84 6.97 6.47 6.14 6.44 6.32 5.86 5.56 8.79 9.33 9.28 8.60 8.16 0.82 2.08 2.16 2.24 105.78 22.3% CF INDUSTRIES HOLDINGS INC 2.11 1.80 1.54 1.40 1.88 2.09 2.16 2.11 1.94 5.73 7.55 8.76 12.60 7.15 3.38 4.13 4.55 4.57 3.90 7.10 8.24 8.93 8.74 7.50 0.81 0.81 0.81 0.81 211.47 7.2% BUNGE LTD 0.96 0.92 0.85 0.78 0.17 0.17 0.17 0.16 7.98 7.44 7.75 11.23 10.14 9.45 9.09 12.30 11.34 9.64 9.35 1.30 1.37 1.55 1.66 83.82 9.7% MOSAIC CO/THE 1.39 1.50 1.93 2.22 1.87 2.08 1.86 1.77 7.76 10.39 7.28 6.63 5.61 6.63 5.43 4.85 10.71 11.12 9.99 8.57 7.70 2.28 2.05 2.28 1.90 2.28 55.88 27.6% WILMAR INTERNATIONAL LTD 1.11 1.03 0.95 0.89 0.35 0.33 0.30 0.27 9.17 10.07 11.16 10.41 16.07 14.23 12.96 12.00 14.15 11.74 10.54 9.64 1.70 1.90 2.10 2.34 3.76 19.3% FIAT INDUSTRIAL 2.11 2.01 1.74 1.51 0.44 0.43 0.41 0.39 0.36 6.84 6.54 5.77 5.32 10.80 10.35 9.36 8.52 7.80 11.92 11.20 9.50 7.98 6.36 2.47 2.79 3.32 3.73 10.00 7.7% TRACTOR SUPPLY COMPANY 7.58 7.03 6.13 4.89 5.16 1.80 1.63 1.47 1.34 1.20 29.16 20.77 19.02 15.27 15.93 13.88 12.10 10.59 9.53 32.25 26.82 22.90 19.44 17.06 0.60 0.76 0.89 0.93 1.15 130.83 8.9% TYSON FOODS INC-CL A 1.69 1.52 1.35 1.22 0.29 0.28 0.28 0.26 10.64 8.93 7.31 7.40 6.68 6.16 5.43 5.12 15.17 12.89 10.49 9.88 0.59 0.79 0.73 0.73 29.90 9.5% YARA INTERNATIONAL ASA 1.46 1.36 1.25 1.16 1.21 0.89 0.88 0.86 0.85 1.02 5.54 7.17 6.96 6.95 4.84 5.50 5.71 5.72 6.47 7.19 8.71 9.00 8.76 13.34 3.81 4.47 4.38 4.56 3.44 293.10 11.9% URALKALI-SPON GDR-REG S 1.77 1.77 1.63 1.53 1.42 8.05 7.82 7.20 6.54 6.03 9.97 10.34 9.29 8.34 7.47 5.55 5.42 5.60 6.36 6.18 AGCO CORP 1.54 1.34 1.18 1.04 0.54 0.51 0.50 0.49 7.94 6.73 6.32 5.83 6.60 5.85 5.53 5.20 10.52 9.75 9.23 8.87 0.00 0.39 0.49 0.42 61.17 11.5% IOI CORPORATION BHD 2.74 2.60 2.44 2.29 2.18 2.03 2.36 2.23 2.12 2.30 20.00 18.96 19.64 17.44 17.61 13.47 15.26 14.44 13.38 14.46 17.67 19.93 18.83 17.06 18.83 3.00 2.77 2.82 2.99 2.93 5.47 0.2% SMITHFIELD FOODS INC 1.43 1.21 1.15 0.35 0.34 0.33 9.07 8.51 7.42 6.86 16.59 12.35 10.66 32.75 -1.5% K+S AG-REG 1.16 1.05 0.98 0.91 0.82 0.98 0.96 0.98 0.95 0.90 4.83 5.17 5.71 6.11 4.35 3.92 4.08 4.65 4.71 4.47 7.33 7.48 8.72 9.38 8.78 6.73 5.74 5.00 4.79 5.14 30.11 47.5% INCITEC PIVOT LTD 1.11 1.04 0.98 0.92 0.88 1.11 1.26 1.11 1.03 0.98 8.32 9.04 7.01 6.29 6.02 7.78 8.95 6.93 6.27 5.80 10.56 13.70 10.44 8.98 8.71 3.88 4.14 5.13 6.01 6.69 3.26 24.1% NIPPON MEAT PACKERS INC 1.05 1.01 0.97 0.92 0.87 0.34 0.33 0.32 0.31 0.31 8.70 8.20 7.57 7.26 8.70 7.98 7.37 7.00 6.64 22.88 18.41 16.59 14.81 12.88 1.36 1.64 1.76 1.97 2.58 1626.25 7.7% ISRAEL CHEMICALS LTD 3.04 2.78 2.56 2.36 1.90 1.51 1.52 1.48 1.42 1.31 6.22 7.02 7.28 6.64 5.07 5.93 6.32 6.28 5.72 4.83 7.83 8.41 8.66 7.89 5.84 9.15 8.02 7.24 7.80 11.92 4119.29 43.4% CHAROEN POKPHAND INDONESI PT 8.49 6.62 5.33 4.54 3.28 2.80 2.43 2.12 22.15 20.15 16.89 12.44 17.61 15.37 13.08 11.73 23.55 20.33 17.00 14.52 1.19 1.45 2.03 2.55 4858.57 13.0% NUTRECO NV 2.51 2.34 2.12 1.91 1.77 0.48 0.45 0.43 0.42 0.42 10.99 10.00 9.18 8.40 8.12 8.60 8.32 7.60 7.12 6.87 14.03 13.71 12.32 11.20 11.07 3.07 3.07 3.39 3.71 3.77 35.04 -0.6% TORO CO 9.92 8.69 7.27 1.43 1.40 1.31 1.26 1.20 11.50 11.20 9.89 9.15 22.79 20.00 17.13 15.59 13.74 1.80 1.80 1.80 51.00 4.3% CHAROEN POKPHAND FOODS-NVDR 2.12 1.85 1.70 1.52 0.62 0.55 0.50 0.45 0.35 16.25 11.48 11.21 12.76 18.20 15.85 11.98 10.40 10.14 26.74 24.26 13.24 10.69 GOLDEN AGRI-RESOURCES LTD 0.61 0.58 0.55 0.52 0.52 0.99 0.95 0.84 0.75 0.59 7.24 8.25 8.42 7.24 7.50 8.14 8.63 7.54 6.75 6.22 10.86 12.14 10.58 9.17 6.88 2.42 2.42 2.42 3.15 3.63 0.61 15.4% KUALA LUMPUR KEPONG BHD 3.01 3.00 2.80 2.58 2.37 2.14 2.27 2.03 1.86 1.65 17.14 16.69 16.50 14.85 14.42 12.37 13.81 11.91 10.47 8.65 19.00 22.29 18.71 16.51 13.09 3.29 2.75 3.06 3.30 4.65 20.74 -2.2% MARINE HARVEST 1.97 1.67 1.58 1.53 1.34 1.45 1.26 1.09 1.04 1.04 17.28 8.93 6.40 7.89 20.91 7.92 6.23 6.45 6.66 96.69 10.92 8.28 8.46 8.78 0.45 4.52 8.44 8.66 2.75 7.18 19.8% PPB GROUP BERHAD 1.22 1.18 1.13 1.07 6.24 5.58 5.34 5.03 87.65 70.95 87.65 93.13 49.07 44.44 40.21 32.80 25.91 19.35 17.63 15.60 1.53 1.54 1.64 1.85 13.97 -6.3% FELDA GLOBAL VENTURES 2.64 2.47 2.34 2.21 1.35 1.33 1.24 1.19 1.02 22.00 18.03 24.58 16.12 9.52 11.95 10.40 10.37 19.64 22.56 19.13 18.88 7.86 2.39 2.39 2.75 2.93 4.13 -6.1% TAIWAN FERTILIZER CO LTD 1.36 1.32 1.24 1.16 4.04 4.06 3.39 3.54 19.83 17.25 15.14 13.70 34.04 49.05 24.90 27.11 20.91 19.16 15.39 15.17 3.35 3.72 4.36 4.83 88.08 20.2% QUIMICA Y MINERA CHIL-SP ADR 3.61 3.18 2.75 2.60 3.39 3.51 3.18 2.91 2.82 10.07 8.11 7.98 12.11 13.62 12.30 11.33 10.39 3.45 3.94 3.84 4.35 51.86 68.6% TONGAAT HULETT LTD 1.80 1.47 1.33 1.20 0.99 0.91 0.84 0.79 11.12 8.75 7.27 6.75 7.43 7.10 6.56 6.13 11.72 11.35 9.53 8.43 2.96 3.11 3.78 4.15 13645.00 7.6% ANDERSONS INC/THE 1.84 1.66 1.47 0.22 0.20 0.20 7.87 6.66 10.14 9.90 8.56 13.80 14.46 11.54 1.00 1.04 1.04 57.20 -4.3% LINDSAY CORP 1.74 1.37 1.43 1.30 1.21 9.25 6.48 6.97 6.13 5.60 19.60 13.34 14.69 12.94 11.72 0.50 0.62 0.65 0.69 0.70 83.40 11.5% KERNEL HOLDING SA 1.09 0.93 0.81 0.71 0.71 0.59 0.47 0.49 0.44 0.40 8.10 6.58 4.75 4.36 3.04 6.70 6.93 5.93 5.39 4.90 6.05 8.10 5.73 5.01 4.68 0.00 0.00 1.73 5.91 15.89 64.43 25.1% NUFARM LTD 0.80 0.86 0.80 0.74 0.57 0.55 0.53 0.51 0.48 0.44 8.56 11.48 5.47 6.26 7.15 8.13 8.46 7.43 6.94 6.56 11.42 14.85 10.98 9.96 8.57 2.73 1.91 2.78 3.27 3.38 4.96 10.2% FIRST RESOURCES LTD 1.90 1.61 1.41 1.23 3.55 3.09 2.43 2.01 1.60 7.34 8.92 7.06 6.11 7.00 7.00 6.05 5.36 10.40 10.08 8.75 7.63 2.42 2.73 3.03 3.48 2.33 38.7% CHIQUITA BRANDS INTL 0.18 0.18 0.18 12.39 7.76 6.67 21.62 10.71 15.50 30.4% CHAODA MODERN AGRICULTURE 0.14 0.39 0.62 0.07 0.72 9.89 CHINA BLUECHEMICAL LTD - H 0.97 0.88 0.81 0.75 1.22 1.09 1.04 0.93 4.07 4.00 4.37 5.34 3.22 3.11 2.91 2.70 6.77 6.71 6.49 6.43 5.16 5.37 5.62 5.65 4.95 38.3% ASTRA AGRO LESTARI TBK PT 2.73 2.52 2.25 2.04 1.80 2.16 2.03 1.78 1.59 1.64 8.82 9.48 7.94 6.82 7.92 7.61 7.56 6.41 5.91 6.77 11.04 11.99 10.58 9.06 8.62 5.51 4.66 4.32 5.42 3.93 18542.79 19.2% TURK TRAKTOR VE ZIRAAT MAKIN 5.08 4.41 3.92 3.72 1.65 1.50 1.38 1.27 1.26 18.56 15.66 12.94 15.67 10.58 9.59 8.67 7.94 7.93 12.38 11.67 10.76 9.50 6.11 6.34 7.00 8.73 64.87 7.2% PP LONDON SUMATRA INDONES PT 1.16 1.12 1.01 0.94 0.95 1.67 1.75 1.57 1.45 1.28 4.95 6.82 5.98 5.54 6.29 3.54 4.57 3.91 3.68 4.28 5.86 8.09 6.63 6.23 4.64 7.62 4.94 4.70 5.34 4.66 1690.75 51.0% INDOFOOD AGRI RESOURCES LTD 0.75 0.70 0.65 0.60 0.59 0.75 0.77 0.68 0.62 0.50 4.19 7.61 5.01 3.62 2.82 6.22 7.38 6.03 5.78 4.45 8.70 11.71 8.76 7.52 3.91 1.11 0.81 0.96 1.11 1.10 24.3% SINOFERT HOLDINGS LTD 0.49 0.46 0.43 0.40 0.16 0.16 0.15 0.16 4.35 4.16 3.98 7.05 7.26 6.57 5.39 7.71 7.65 6.42 6.38 2.09 1.99 2.61 2.51 1.80 49.0% CRESUD S.A.-SPONS ADR 1.02 1.07 0.96 0.86 0.83 0.70 0.66 0.64 0.62 8.29 6.64 3.67 2.87 14.94 18.98 9.30 7.65 11.22 1.33 1.38 2.71 3.68 17.00 126.4% Price to Earnings Ratio Valuation Measures II/II Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 31.07.2013 Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (01.02.2013) 87.73 52-Week Low (02.08.2012) 67.01 Daily Volume 79.54 52-Week High % Change -9.34% Dividend Yield - 52-Week Low % Change 18.70% Beta 1.05 % 52 Week Price Range High/Low 60.47% Equity Float - Shares Out 30.06.2013 465.6 Short Int 0.49 37'036.27 1 Yr Total Return 19.77% Total Debt 3'348.00 YTD Return 0.86% Preferred Stock - Adjusted BETA 1.047 Minority Interest 11.0 Analyst Recs 7 Cash and Equivalents 1'599.00 Consensus Rating 3.571 Enterprise Value - Average Volume 5 Day 358'410 SYT US EQUITY YTD Change - Average Volume 30 Day 208'304 SYT US EQUITY YTD % CHANGE - Average Volume 3 Month 188'060 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 06/yy 06/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 8'265 14'327 15'043 15'731 - - 1.68x 2.56x 2.45x 2.11x 2.72x 0.00x 0.00x 2.61x 2.48x - - 2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'325.0 3'576.0 - - 7.84x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x - - - - 1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'150.0 2'309.0 - - - - - - - 0.00x 0.00x 16.85x 15.48x - - EBITDA 3'148.00 Long-Term Rating Date 15.06.2007 EBIT 2'550.00 Long-Term Rating A Operating Margin 17.96% Long-Term Outlook STABLE Pretax Margin 15.15% Short-Term Rating Date 15.06.2007 Return on Assets 8.86% Short-Term Rating A-1 Return on Common Equity 20.64% Return on Capital - EBITDA/Interest Exp. 22.17 Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 18.59 Net Debt/EBITDA 1.03 Gross Margin 49.2% Total Debt/EBITDA 1.28 EBITDA Margin 21.3% EBIT Margin 17.2% Total Debt/Equity 38.3% Net Income Margin 13.2% Total Debt/Capital 27.7% Asset Turnover 0.71 Current Ratio 1.71 Net Fixed Asset Turnover 4.65 Quick Ratio 0.75 Accounts receivable turnover-days 139.15 Debt to Assets 17.26% Inventory Days 205.65 Tot Debt to Common Equity 38.28% Accounts Payable Turnover Day 171.60 Accounts Receivable Turnover 2.62 Cash Conversion Cycle 154.33 Inventory Turnover 1.77 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Syngenta AG Price/Volume Valuation Analysis 332'222.00 Current Price (7/dd/yy) Market Data 0 10 20 30 40 50 60 70 80 90 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 .0 M .1 M .2 M .3 M .4 M .5 M .6 M .7 M .8 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00 0.20 0.40 0.60 0.80 1.00 1.20 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type VAN ECK ASSOCIATES C n/a ULT-AGG 5'084'122 1.09 5'084'122 30.07.2013 Investment Advisor MACQUARIE GROUP n/a ULT-AGG 4'525'489 0.97 (681'375) 31.05.2013 Investment Advisor SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'546'491 0.33 4'359 31.03.2013 Investment Advisor UMB BANK N A Multiple Portfolios MF-AGG 1'530'995 0.33 - 31.05.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 1'103'763 0.24 5'186 31.03.2013 Investment Advisor THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 1'006'378 0.22 264'763 31.03.2013 Investment Advisor FISHER INVESTMENTS I FISHER INVESTMENTS 13F 881'667 0.19 176'018 31.03.2013 Investment Advisor NIKKO ASSET MANAGEME n/a ULT-AGG 864'367 0.19 327'067 31.03.2013 Unclassified WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 767'559 0.16 (35'599) 31.03.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 667'554 0.14 33'577 30.07.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 561'409 0.12 26'396 31.03.2013 Investment Advisor VANGUARD GROUP INC Multiple Portfolios MF-AGG 534'400 0.11 (86'900) 31.03.2013 Investment Advisor MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 463'211 0.1 27'686 31.03.2013 Investment Advisor SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 308'796 0.07 (6'050) 30.04.2013 Investment Advisor CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 265'361 0.06 - 28.12.2012 Investment Advisor BLACKROCK n/a ULT-AGG 262'699 0.06 (4'176) 31.03.2013 Investment Advisor PAX WORLD MANAGEMENT PAX WORLD MANAGEMENT 13F 243'219 0.05 928 31.03.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 232'731 0.05 56'587 31.03.2013 Investment Advisor PENN DAVIS MCFARLAND PENN DAVIS MCFARLAND 13F 228'461 0.05 (45'874) 31.03.2013 Investment Advisor PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 215'106 0.05 (2'734) 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 30.07.2013 Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 80 12 month 25.07.2013 Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 25.07.2013 Jefferies LAURENCE ALEXANDER hold 3 M 86 12 month 24.07.2013 Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 67 12 month 24.07.2013 Gilford Securities PAUL C CHRISTOPHERSON buy 5 M 88 12 month 07.11.2012 Holdings By: Syngenta AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 31.07.2013 Monsanto Company provides agricultural products for farmers. The Company's business segments are seeds and genomics. Monsanto produces a wide range of seeds and develops biotechnology traits that assist farmers in controlling insects and weeds as well as provides other seed companies with genetic material and biotechnology traits for their seed brands. Latest Fiscal Year: 08/2012 LTM as of: 05/yy 52-Week High (15.05.2013) 109.33 52-Week Low (15.11.2012) 82.70 Daily Volume 100.43 52-Week High % Change -8.14% Dividend Yield 1.42 52-Week Low % Change 21.44% Beta 1.04 % 52 Week Price Range High/Low 66.58% Equity Float 531.37 Shares Out 25.06.2013 533.1 Short Int 4.72 53'540.17 1 Yr Total Return 19.13% Total Debt 2'074.00 YTD Return 7.31% Preferred Stock 0.0 Adjusted BETA 1.043 Minority Interest 203.0 Analyst Recs 26 Cash and Equivalents 3'585.00 Consensus Rating 4.346 Enterprise Value 52'860.17 Average Volume 5 Day 3'581'945 MON US EQUITY YTD Change - Average Volume 30 Day 2'874'696 MON US EQUITY YTD % CHANGE - Average Volume 3 Month 2'778'915 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 13'653.0 14'769.0 14'960.7 16'145.8 2'248.3 3'043.4 5.53x 3.89x 2.78x 3.08x 3.35x 11.45x 13.29x 3.46x 3.14x 23.05x 17.09x 3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'948.0 4'206.0 4'206.8 4'919.2 (118.6) 767.0 18.18x 10.92x 11.51x 11.69x 12.03x 10.50x 12.61x 12.57x 10.75x 10.84x 10.66x 2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 2'162.0 2'502.0 2'479.1 2'898.6 (235.4) 308.3 31.30x 18.65x 22.19x 23.28x 23.12x 19.08x 22.13x 21.93x 18.79x 19.52x 19.00x EBITDA 3'760.00 Long-Term Rating Date 21.10.2008 EBIT 3'138.00 Long-Term Rating A+ Operating Margin 23.24% Long-Term Outlook STABLE Pretax Margin 22.13% Short-Term Rating Date 24.10.2007 Return on Assets 12.01% Short-Term Rating A-1 Return on Common Equity 19.18% Return on Capital 17.33% EBITDA/Interest Exp. 17.74 Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 14.69 Net Debt/EBITDA -0.21 Gross Margin 52.2% Total Debt/EBITDA 0.52 EBITDA Margin 28.5% EBIT Margin 24.3% Total Debt/Equity 17.5% Net Income Margin 15.1% Total Debt/Capital 14.7% Asset Turnover 0.71 Current Ratio 2.29 Net Fixed Asset Turnover 3.42 Quick Ratio 1.30 Accounts receivable turnover-days 90.66 Debt to Assets 10.26% Inventory Days 137.61 Tot Debt to Common Equity 17.53% Accounts Payable Turnover Day 32.21 Accounts Receivable Turnover 4.03 Cash Conversion Cycle 163.69 Inventory Turnover 2.65 Fiscal Year Ended Monsanto Co Price/Volume Valuation Analysis 4'206'414.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 8.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 04.09.2009 04.03.2010 04.09.2010 04.03.2011 04.09.2011 04.03.2012 04.09.2012 04.03.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type FMR LLC n/a ULT-AGG 34'024'416 6.38 2'974'499 31.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 31'472'919 5.9 2'128'133 29.07.2013 Investment Advisor VANGUARD GROUP INC VANGUARD GROUP INC 13F 28'477'720 5.34 655'081 31.03.2013 Investment Advisor STATE STREET n/a ULT-AGG 23'415'012 4.39 312'878 30.07.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'555'953 2.54 1'437'264 31.03.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'010'767 2.25 (277'362) 31.03.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 11'618'944 2.18 158'090 30.06.2013 Investment Advisor DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 9'200'094 1.73 (1'287'528) 31.03.2013 Investment Advisor WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'188'909 1.72 (1'006'807) 31.03.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'976'193 1.68 662'862 31.03.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'759'245 1.46 (325'311) 31.03.2013 Investment Advisor AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'534'852 1.41 161'546 30.06.2013 Investment Advisor MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 7'303'681 1.37 (54'371) 31.05.2013 Investment Advisor LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 6'662'550 1.25 1'304'240 31.03.2013 Hedge Fund Manager TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'378'309 1.2 (22'517) 31.03.2013 Investment Advisor WELLS FARGO n/a ULT-AGG 6'343'486 1.19 369'962 31.05.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'315'385 1.18 1'095'622 31.03.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'163'166 1.16 (132'927) 31.03.2013 Investment Advisor MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'748'918 1.08 (647'027) 31.03.2013 Investment Advisor WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'682'063 1.07 165'308 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 26.07.2013 Canaccord Genuity Corp KEITH CARPENTER buy 5 M 121 12 month 25.07.2013 Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 25.07.2013 Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 121 12 month 25.07.2013 Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 125 12 month 24.07.2013 Jefferies LAURENCE ALEXANDER hold 3 M 110 12 month 18.07.2013 BGC Partners MARK R GULLEY buy 5 M 123 12 month 18.07.2013 Susquehanna Financial Group DONALD D CARSON Positive 4 M 128 12 month 16.07.2013 Piper Jaffray MICHAEL E COX overweight 5 M 135 12 month 16.07.2013 Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013 Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 02.07.2013 Macquarie COOLEY MAY outperform 5 M 117 12 month 29.06.2013 Argus Research Corp WILLIAM V SELESKY buy 5 M 120 Not Provided 27.06.2013 JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 111 15 month 27.06.2013 Deutsche Bank DAVID I BEGLEITER buy 5 M 116 12 month 26.06.2013 Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 121 Not Provided 26.06.2013 Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 104 12 month 26.06.2013 S&P Capital IQ KEVIN KIRKEBY hold 3 M 110 Not Provided 26.06.2013 Atlantic Equities LLP COLIN ISAAC underweight 1 M 90 12 month 26.06.2013 Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 119 12 month 29.05.2013 EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.04.2013 Goldman Sachs ROBERT KOORT buy/attractive 5 M 122 12 month 05.04.2013 UBS BILL CARROLL neutral 3 M 110 12 month 04.04.2013 Holdings By: Monsanto Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 31.07.2013 Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities and products. The Company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland also processes produce products which have primarily two end uses including food or feed ingredients. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (29.07.2013) 36.85 52-Week Low (15.11.2012) 24.38 Daily Volume 36.02 52-Week High % Change -2.25% Dividend Yield - 52-Week Low % Change 47.74% Beta 1.05 % 52 Week Price Range High/Low 93.34% Equity Float 643.95 Shares Out 30.04.2013 659.0 Short Int 10.40 23'738.25 1 Yr Total Return 41.58% Total Debt 9'540.00 YTD Return 33.01% Preferred Stock 0.0 Adjusted BETA 1.052 Minority Interest 211.0 Analyst Recs 13 Cash and Equivalents 3'007.00 Consensus Rating 3.154 Enterprise Value 30'310.25 Average Volume 5 Day 2'690'348 ADM US EQUITY YTD Change - Average Volume 30 Day 3'185'852 ADM US EQUITY YTD % CHANGE - Average Volume 3 Month 3'511'330 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 69'816.0 69'207.0 61'682.0 80'676.0 90'559.0 85'032.0 91'131.0 90'116.8 92'386.0 22'883.1 21'685.6 0.44x 0.33x 0.36x 0.36x 0.27x 1.45x 1.19x 0.30x 0.29x - - 3'176.0 3'457.0 3'357.0 3'566.0 2'827.0 3'707.0 2'554.0 3'138.9 3'868.1 647.0 772.8 9.74x 6.66x 6.54x 8.05x 8.77x 8.05x 11.28x 9.66x 7.84x 8.67x 7.99x 1'802.0 1'684.0 1'930.0 2'036.0 1'375.0 2'090.0 1'245.0 1'534.9 1'988.1 275.6 395.3 11.97x 9.39x 8.41x 7.37x 11.86x 7.48x 15.45x 15.30x 11.86x 13.50x 12.01x EBITDA 2'827.00 Long-Term Rating Date 03.05.2013 EBIT 1'958.00 Long-Term Rating A Operating Margin 2.16% Long-Term Outlook NEG Pretax Margin 2.19% Short-Term Rating Date 03.05.2013 Return on Assets 2.93% Short-Term Rating A-1 Return on Common Equity 6.67% Return on Capital - EBITDA/Interest Exp. 6.25 Asset Turnover 2.14% (EBITDA-Capex)/Interest Exp. 3.51 Net Debt/EBITDA 2.56 Gross Margin 4.0% Total Debt/EBITDA 3.47 EBITDA Margin 2.8% EBIT Margin 1.8% Total Debt/Equity 50.4% Net Income Margin 1.5% Total Debt/Capital 33.3% Asset Turnover 2.14 Current Ratio 1.75 Net Fixed Asset Turnover 9.15 Quick Ratio 0.34 Accounts receivable turnover-days 13.28 Debt to Assets 21.14% Inventory Days 53.32 Tot Debt to Common Equity 50.42% Accounts Payable Turnover Day 13.85 Accounts Receivable Turnover 27.49 Cash Conversion Cycle 83.94 Inventory Turnover 6.85 Fiscal Year Ended Archer-Daniels-Midland Co Price/Volume Valuation Analysis 3'311'798.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 35 40 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 80'000.0 90'000.0 100'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 03.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 56'294'742 8.54 - 31.03.2013 Insurance Company STATE STREET n/a ULT-AGG 34'619'003 5.25 1'265'690 30.07.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 34'048'900 5.17 (1'793) 31.03.2013 Insurance Company VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'738'017 5.12 451'073 31.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 33'038'654 5.01 1'032'346 29.07.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'987'953 3.79 144'233 31.03.2013 Investment Advisor FMR LLC n/a ULT-AGG 17'134'671 2.6 219'139 31.03.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 14'243'106 2.16 346'468 30.07.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'024'678 1.98 3'092'941 31.03.2013 Investment Advisor VAN ECK ASSOCIATES C n/a ULT-AGG 12'758'034 1.94 2'966'037 30.07.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 12'193'594 1.85 9'175 31.03.2013 Investment Advisor JP MORGAN n/a ULT-AGG 11'608'003 1.76 1'441'542 30.06.2013 Investment Advisor CARTER MOLLIE HALE n/a Form 4 11'465'023 1.74 - 14.06.2013 n/a NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'609'601 1.61 963'522 31.03.2013 Investment Advisor UBS n/a ULT-AGG 8'959'993 1.36 77'814 31.03.2013 Unclassified MACQUARIE GROUP n/a ULT-AGG 8'908'854 1.35 (194'664) 31.05.2013 Investment Advisor LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 8'142'599 1.24 (300'015) 31.03.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'900'419 1.05 62'694 31.03.2013 Investment Advisor CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'174'096 0.94 1'196'048 31.03.2013 Hedge Fund Manager DIMENSIONAL FUND ADV n/a ULT-AGG 5'856'914 0.89 10'295 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Stephens Inc FARHA ASLAM overweight 5 M 39 12 month 30.07.2013 Davenport & Co ANN H GURKIN buy 5 M 37 Not Provided 30.07.2013 BMO Capital Markets KENNETH B ZASLOW market perform 3 M 36 Not Provided 22.07.2013 JPMorgan ANN DUIGNAN neutral 3 U 33 3 month 19.07.2013 Scotia Capital CHRISTINE HEALY sector perform 3 M 38 12 month 18.07.2013 Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 39 12 month 11.07.2013 Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 13.05.2013 EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 13.05.2013 Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 02.05.2013 CL King & Associates ERIC J LARSON buy 5 M 37 12 month 02.05.2013 Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 01.05.2013 S&P Capital IQ THOMAS GRAVES hold 3 U 29 12 month 26.09.2012 Holdings By: Archer-Daniels-Midland Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 31.07.2013 Deere & Company manufactures and distributes a range of agricultural, construction and forestry, and commercial and consumer equipment. The Company supplies replacement parts for its own products and for those of other manufacturers. Deere also provides product and parts financing services. Deere and Company extends its services and products worldwide. Latest Fiscal Year: 10/2012 LTM as of: 04/yy 52-Week High (30.01.2013) 95.60 52-Week Low (29.08.2012) 73.14 Daily Volume 82.98 52-Week High % Change -13.20% Dividend Yield 2.28 52-Week Low % Change 13.45% Beta 1.14 % 52 Week Price Range High/Low 43.81% Equity Float 387.70 Shares Out 30.04.2013 388.0 Short Int 16.30 32'199.93 1 Yr Total Return 10.53% Total Debt 5'869.70 YTD Return -2.82% Preferred Stock 0.0 Adjusted BETA 1.138 Minority Interest 19.9 Analyst Recs 24 Cash and Equivalents 5'009.40 Consensus Rating 3.750 Enterprise Value 34'346.23 Average Volume 5 Day 3'119'378 DE US EQUITY YTD Change - Average Volume 30 Day 3'131'145 DE US EQUITY YTD % CHANGE - Average Volume 3 Month 3'227'702 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 28'053.2 22'793.4 25'548.3 31'546.9 35'656.6 33'263.4 37'234.9 35'478.4 35'628.6 9'274.4 9'049.2 0.59x 0.84x 1.27x 0.98x 0.95x 4.05x 3.82x 1.32x 1.29x 6.62x 6.63x 3'698.6 2'011.7 3'625.0 4'810.5 5'424.5 5'142.7 6'115.9 5'826.6 5'824.0 1'377.5 1'246.7 4.50x 9.52x 8.97x 6.41x 6.27x 6.77x 6.02x 5.89x 5.90x 5.95x 5.72x 2'052.8 873.5 1'865.0 2'799.9 3'064.7 2'971.0 3'209.5 3'329.9 3'315.6 842.8 761.2 8.08x 13.13x 17.78x 11.41x 11.86x 12.54x 11.47x 9.75x 9.66x 9.98x 10.07x EBITDA 5'424.50 Long-Term Rating Date 14.12.2006 EBIT 4'420.30 Long-Term Rating A Operating Margin 12.40% Long-Term Outlook STABLE Pretax Margin 13.27% Short-Term Rating Date 14.12.2006 Return on Assets 5.86% Short-Term Rating A-1 Return on Common Equity 41.03% Return on Capital 8.48% EBITDA/Interest Exp. 29.10 Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 17.72 Net Debt/EBITDA 0.35 Gross Margin 28.2% Total Debt/EBITDA 1.03 EBITDA Margin 16.4% EBIT Margin 12.8% Total Debt/Equity 473.8% Net Income Margin 8.6% Total Debt/Capital 82.5% Asset Turnover 0.68 Current Ratio 0.89 Net Fixed Asset Turnover 5.23 Quick Ratio 0.52 Accounts receivable turnover-days 51.16 Debt to Assets 57.62% Inventory Days 84.21 Tot Debt to Common Equity 473.84% Accounts Payable Turnover Day 107.80 Accounts Receivable Turnover 7.13 Cash Conversion Cycle 73.75 Inventory Turnover 4.33 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Deere & Co Price/Volume Valuation Analysis 4'001'146.00 Current Price (7/dd/yy) Market Data 0 10 20 30 40 50 60 70 80 90 100 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 20.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 06.11.2009 06.05.2010 06.11.2010 06.05.2011 06.11.2011 06.05.2012 06.11.2012 06.05.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  11. 11. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 36'739'200 9.47 1'135'348 30.06.2013 Investment Advisor CASCADE INVESTMENT L n/a 13D 27'508'573 7.09 - 10.12.2012 Investment Advisor BLACKROCK n/a ULT-AGG 26'514'374 6.83 1'159'666 29.07.2013 Investment Advisor VANGUARD GROUP INC VANGUARD GROUP INC 13F 17'271'090 4.45 457'034 31.03.2013 Investment Advisor STATE STREET n/a ULT-AGG 14'997'126 3.86 (145'784) 30.07.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 8'259'301 2.13 (1'671'216) 31.03.2013 Investment Advisor BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 7'697'260 1.98 61'039 31.03.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'837'227 1.5 57'539 31.03.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 5'763'386 1.49 898'034 31.03.2013 Investment Advisor EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'779'705 1.23 58'555 31.03.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'479'960 1.15 104'688 31.03.2013 Investment Advisor VAN ECK ASSOCIATES C n/a ULT-AGG 4'427'576 1.14 177'170 30.07.2013 Investment Advisor BERKSHIRE HATHAWAY I n/a ULT-AGG 3'978'767 1.03 - 31.03.2013 Investment Advisor WELLS FARGO n/a ULT-AGG 3'966'027 1.02 545'471 31.05.2013 Investment Advisor NORGES BANK NORGES BANK 13F 3'367'203 0.87 - 31.12.2012 Government LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3'166'517 0.82 (144'050) 31.03.2013 Investment Advisor GAMCO n/a ULT-AGG 3'090'502 0.8 (24'208) 31.03.2013 Unclassified CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 2'743'544 0.71 (74'873) 31.03.2013 Investment Advisor UBS n/a ULT-AGG 2'702'775 0.7 (79'133) 31.03.2013 Unclassified ALLIANZ ASSET MANAGE n/a ULT-AGG 2'619'236 0.67 1'020'948 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Longbow Research ELI S LUSTGARTEN neutral 3 D #N/A N/A Not Provided 30.07.2013 Wells Fargo Securities, LLC ANDREW M CASEY underperform 1 M #N/A N/A Not Provided 29.07.2013 Jefferies STEPHEN VOLKMANN hold 3 M 90 12 month 26.07.2013 Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 22.07.2013 Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 88 12 month 19.07.2013 BMO Capital Markets JOEL G TISS outperform 5 M 110 Not Provided 15.07.2013 William Blair & Co LAWRENCE T DE MARIA market perform 3 M 90 12 month 12.07.2013 JPMorgan ANN DUIGNAN underweight 1 M 76 15 month 10.07.2013 Robert W. Baird & Co MIRCEA DOBRE neutral 3 M 87 12 month 10.07.2013 Argus Research Corp WILLIAM V SELESKY buy 5 M 109 Not Provided 09.07.2013 ISI Group DAVID RASO buy 5 M 97 Not Provided 08.07.2013 Piper Jaffray MICHAEL E COX neutral 3 D 89 12 month 08.07.2013 RBC Capital Markets SETH R WEBER sector perform 3 M 95 12 month 01.07.2013 Daiwa Securities Co. Ltd. TAKUO KATAYAMA buy 5 U 102 Not Provided 12.06.2013 Goldman Sachs JERRY REVICH Sell/Neutral 1 D 85 12 month 17.05.2013 Macquarie SAMEER RATHOD neutral 3 M 95 12 month 16.05.2013 Barclays ANDY KAPLOWITZ overweight 5 M 101 Not Provided 16.05.2013 Credit Suisse JAMIE L COOK outperform 5 M 102 Not Provided 15.05.2013 UBS STEVEN FISHER neutral 3 M 96 12 month 15.05.2013 S&P Capital IQ MICHAEL JAFFE buy 5 M 120 Not Provided 15.05.2013 EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 16.01.2013 Holdings By: Deere & Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  12. 12. 31.07.2013 Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and nitrogen to the agricultural and industrial industries worldwide. The Company conducts operations in Canada, Chile, the United States, Brazil, and Trinidad. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (31.07.2012) 44.97 52-Week Low (30.07.2013) 29.00 Daily Volume 31.63 52-Week High % Change -29.66% Dividend Yield 3.32 52-Week Low % Change 9.07% Beta 1.19 % 52 Week Price Range High/Low 16.47% Equity Float 861.81 Shares Out 28.06.2013 866.2 Short Int 16.95 27'397.32 1 Yr Total Return -26.50% Total Debt 4'081.00 YTD Return -20.62% Preferred Stock 0.0 Adjusted BETA 1.194 Minority Interest 0.0 Analyst Recs 31 Cash and Equivalents 562.00 Consensus Rating 3.774 Enterprise Value 30'230.32 Average Volume 5 Day 29'889'012 POT US EQUITY YTD Change - Average Volume 30 Day 9'981'252 POT US EQUITY YTD % CHANGE - Average Volume 3 Month 6'985'845 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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'446.5 3'976.7 6'539.0 8'715.0 7'927.0 8'328.0 8'029.0 7'550.3 7'708.1 1'760.8 1'730.3 2.59x 8.98x 7.55x 4.55x 4.88x 19.90x 19.06x 4.00x 3.90x 17.34x 17.50x 4'503.1 1'114.1 2'709.0 4'398.0 3'589.0 4'082.0 3'545.0 3'791.4 3'860.7 863.7 884.9 5.44x 32.06x 18.21x 9.02x 10.79x 10.09x 10.12x 7.97x 7.83x 8.10x 7.92x 3'495.2 980.7 1'775.0 3'081.0 2'079.0 2'522.0 2'265.0 2'210.0 2'317.1 483.2 505.3 6.77x 36.97x 25.85x 11.80x 15.47x 13.96x 14.55x 12.67x 12.00x 13.07x 12.44x EBITDA 3'589.00 Long-Term Rating Date 15.11.2010 EBIT 3'011.00 Long-Term Rating A- Operating Margin 37.98% Long-Term Outlook STABLE Pretax Margin 36.65% Short-Term Rating Date 15.11.2010 Return on Assets 13.00% Short-Term Rating A-2 Return on Common Equity 23.72% Return on Capital - EBITDA/Interest Exp. 31.48 Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 12.77 Net Debt/EBITDA 0.80 Gross Margin 43.0% Total Debt/EBITDA 0.98 EBITDA Margin 44.2% EBIT Margin 36.3% Total Debt/Equity 41.2% Net Income Margin 26.2% Total Debt/Capital 29.2% Asset Turnover 0.46 Current Ratio 1.35 Net Fixed Asset Turnover 0.72 Quick Ratio 0.89 Accounts receivable turnover-days 50.07 Debt to Assets 22.42% Inventory Days 56.31 Tot Debt to Common Equity 41.17% Accounts Payable Turnover Day 79.78 Accounts Receivable Turnover 7.29 Cash Conversion Cycle 13.30 Inventory Turnover 6.48 Fiscal Year Ended Potash Corp of Saskatchewan Inc Price/Volume Valuation Analysis 106'281'812.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 35 40 45 50 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 20.0 M 40.0 M 60.0 M 80.0 M 100.0 M 120.0 M 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 7'000.0 8'000.0 9'000.0 10'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  13. 13. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 40'135'200 4.63 (12'034'722) 30.06.2013 Investment Advisor ROYAL BANK OF CANADA n/a ULT-AGG 31'161'388 3.6 1'235'078 30.04.2013 Bank BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19'282'630 2.23 (1'689'608) 31.03.2013 Investment Advisor THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 18'799'720 2.17 (394'334) 31.03.2013 Investment Advisor JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 17'022'646 1.97 1'740'039 31.03.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 15'543'059 1.79 (1'271'000) 31.03.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'083'717 1.63 (5'035'610) 31.03.2013 Investment Advisor CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 13'430'352 1.55 1'080'725 31.03.2013 Investment Advisor GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 12'853'694 1.48 379'778 31.03.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 12'766'856 1.47 19'762 31.03.2013 Investment Advisor FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 11'954'313 1.38 2'307'750 31.03.2013 Hedge Fund Manager TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 10'768'976 1.24 (124'384) 31.03.2013 Investment Advisor WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 10'726'888 1.24 (1'458'956) 31.03.2013 Investment Advisor CARMIGNAC GESTION CARMIGNAC GESTION 13F 10'716'000 1.24 10'716'000 31.12.2012 Investment Advisor IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 10'581'716 1.22 1'284'275 31.03.2013 Investment Advisor CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 10'290'445 1.19 (2'430'183) 31.03.2013 Investment Advisor CI INVESTMENTS INC Multiple Portfolios MF-AGG 10'276'969 1.19 (876'809) 31.12.2012 Investment Advisor ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 10'100'008 1.17 1'381'000 31.03.2013 Hedge Fund Manager FMR LLC n/a ULT-AGG 9'969'957 1.15 (2'637'609) 31.03.2013 Investment Advisor NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 9'809'617 1.13 24'707 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Raymond James STEVEN P HANSEN market perform 3 M 30 12 month 31.07.2013 Macquarie DAVID PUPO neutral 3 D 31 12 month 31.07.2013 Barclays MATTHEW J KORN equalweight 3 M 32 Not Provided 31.07.2013 BMO Capital Markets JOEL JACKSON market perform 3 D 30 12 month 30.07.2013 Goldman Sachs ADAM SAMUELSON neutral/cautious 3 D 24 12 month 30.07.2013 CIBC World Markets JACOB BOUT sector perform 3 M 33 18 month 30.07.2013 Cantor Fitzgerald PETER PRATTAS hold 3 D 36 12 month 30.07.2013 Cowen and Company CHARLES NEIVERT underperform 1 M 35 12 month 30.07.2013 National Bank Financial ROBERT B WINSLOW sector perform 3 M 34 12 month 30.07.2013 Atlantic Equities LLP COLIN ISAAC neutral 3 M 32 12 month 30.07.2013 Alta Corp Capital Inc. JOHN CHU underperform 1 D 30 12 month 30.07.2013 Susquehanna Financial Group DONALD D CARSON neutral 3 M 37 12 month 29.07.2013 Accountability Research Corp HARRIET LI buy 5 M 44 Not Provided 29.07.2013 JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 40 3 month 26.07.2013 Desjardins Securities JOHN F HUGHES buy 5 M 43 12 month 26.07.2013 Paradigm Capital Inc SPENCER CHURCHILL buy 5 M 48 12 month 26.07.2013 Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 47 12 month 26.07.2013 BGC Partners MARK R GULLEY buy 5 M 43 12 month 26.07.2013 TD Securities PAUL D'AMICO buy 5 M 49 12 month 26.07.2013 Morgan Stanley VINCENT ANDREWS not rated #N/A N/A M #N/A N/A Not Provided 25.07.2013 Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 43 Not Provided 25.07.2013 UBS BRIAN T MACARTHUR buy 5 M 43 12 month 25.07.2013 Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 25.07.2013 Scotia Capital BEN ISAACSON sector perform 3 M 36 12 month 25.07.2013 Canaccord Genuity Corp KEITH CARPENTER hold 3 M 37 Not Provided 25.07.2013 HSBC YONAH WEISZ overweight 5 M 48 Not Provided 23.07.2013 Stifel PAUL A MASSOUD buy 5 M 49 12 month 08.07.2013 Salman Partners RAYMOND GOLDIE Under Review #N/A N/A M #N/A N/A Not Provided 24.06.2013 Dundee Securities Corp DAVID CHARLES Under Review #N/A N/A M #N/A N/A Not Provided 15.05.2013 EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 04.05.2013 S&P Capital IQ LEO LARKIN buy 5 M 52 12 month 31.01.2013 Oracle Investment Research LAURENCE BALTER buy 5 N 57 Not Provided 13.09.2012 Deutsche Bank DAVID I BEGLEITER hold 3 M 45 12 month 31.05.2012 Holdings By: Potash Corp of Saskatchewan Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  14. 14. 31.07.2013 KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and fluid piping systems. The Company's products include ductile iron pipes, engines, tractors, combine harvesters, reaper binders, rice planters, and excavators. Kubota also produces forged iron products, housing equipment, and environmental control plants. Latest Fiscal Year: 03/2013 LTM as of: 03/yy 52-Week High (22.05.2013) 88.38 52-Week Low (02.08.2012) 45.94 Daily Volume 73.55 52-Week High % Change -16.78% Dividend Yield - 52-Week Low % Change 60.10% Beta 1.11 % 52 Week Price Range High/Low 65.06% Equity Float - Shares Out 30.06.2013 251.3 Short Int 0.27 18'481.93 1 Yr Total Return 58.60% Total Debt 460'517.00 YTD Return 28.46% Preferred Stock 0.0 Adjusted BETA 1.108 Minority Interest 52'093.0 Analyst Recs 2 Cash and Equivalents 110'535.00 Consensus Rating 3.000 Enterprise Value - Average Volume 5 Day 44'498 KUBTY US EQUITY YTD Change - Average Volume 30 Day 78'373 KUBTY US EQUITY YTD % CHANGE - Average Volume 3 Month 88'476 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 1'107'482.0 930'644.0 933'685.0 1'008'019.0 1'167'628.0 ######### ######### ######### ######### - - 0.76x 1.53x 1.38x 1.30x 1.78x 4.70x 5.38x - - - - 134'057.0 98'873.0 113'104.0 129'588.0 142'415.0 129'588.0 142'415.0 191'635.1 209'390.1 - - 6.28x 14.37x 11.42x 10.09x 14.62x 10.09x 14.62x - - - - 48'064.0 42'326.0 54'822.0 61'552.0 73'688.0 61'552.0 73'688.0 98'297.3 108'117.1 - - - - - - - 0.00x 0.00x 18.39x 16.70x - - EBITDA 142'415.00 Long-Term Rating Date 09.01.2007 EBIT 113'161.00 Long-Term Rating NR Operating Margin 9.69% Long-Term Outlook - Pretax Margin 10.44% Short-Term Rating Date - Return on Assets 4.56% Short-Term Rating - Return on Common Equity 10.44% Return on Capital 7.03% EBITDA/Interest Exp. 111.26 Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 74.82 Net Debt/EBITDA 2.46 Gross Margin 27.4% Total Debt/EBITDA 3.23 EBITDA Margin 12.2% EBIT Margin 9.7% Total Debt/Equity 60.7% Net Income Margin 6.3% Total Debt/Capital 36.2% Asset Turnover 0.72 Current Ratio 1.71 Net Fixed Asset Turnover 4.86 Quick Ratio 1.20 Accounts receivable turnover-days 172.55 Debt to Assets 26.41% Inventory Days 93.23 Tot Debt to Common Equity 60.71% Accounts Payable Turnover Day 95.40 Accounts Receivable Turnover 2.12 Cash Conversion Cycle 170.39 Inventory Turnover 3.91 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Kubota Corp Price/Volume Valuation Analysis 78'151.00 Current Price (7/dd/yy) Market Data 0 10 20 30 40 50 60 70 80 90 100 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 .0 M .2 M .4 M .6 M .8 M 1.0 M 1.2 M 1.4 M 0.0 200'000.0 400'000.0 600'000.0 800'000.0 1'000'000.0 1'200'000.0 1'400'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130.00 0.20 0.40 0.60 0.80 1.00 1.20 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  15. 15. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type VAN ECK ASSOCIATES C n/a ULT-AGG 3'878'789 1.54 3'878'789 30.07.2013 Investment Advisor UMB BANK N A Multiple Portfolios MF-AGG 2'202'534 0.88 287'146 31.05.2013 Investment Advisor SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'953'468 0.78 5'940 31.03.2013 Investment Advisor NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'041'403 0.41 (45'001) 31.03.2013 Investment Advisor CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 330'594 0.13 - 28.12.2012 Investment Advisor BLACKROCK n/a ULT-AGG 313'455 0.12 (17'825) 31.03.2013 Investment Advisor BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 263'899 0.11 (90) 31.03.2013 Investment Advisor BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 256'168 0.1 38'906 31.03.2013 Investment Advisor TODD-VEREDUS ASSET M TODD-VEREDUS ASSET M 13F 142'957 0.06 87 31.03.2013 Investment Advisor TEACHERS RETIREMENT TEACHERS RETIREMENT 13F 141'000 0.06 - 31.03.2013 Pension Fund (ERISA) ROYAL BANK OF CANADA n/a ULT-AGG 120'215 0.05 65'037 31.03.2013 Bank JP MORGAN n/a ULT-AGG 118'043 0.05 (32'821) 31.03.2013 Investment Advisor MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 103'364 0.04 (34'550) 31.03.2013 Investment Advisor JANE STREET HOLDING JANE STREET HOLDING 13F 74'677 0.03 51'902 31.03.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 70'249 0.03 (900) 31.03.2013 Investment Advisor APERIO GROUP LLC APERIO GROUP LLC 13F 56'080 0.02 6'107 31.03.2013 Investment Advisor PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 55'160 0.02 3'238 31.03.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 52'276 0.02 3'796 31.03.2013 Investment Advisor WRIGHT INVESTORS SER WRIGHT INVESTORS SER 13F 50'185 0.02 35'070 30.06.2013 Investment Advisor SANTA BARBARA ASSET SANTA BARBARA ASSET 13F 37'524 0.01 (1'512) 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 16.07.2013 Holdings By: Kubota Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  16. 16. 31.07.2013 Agrium Inc. supplies nitrogen, potash and phosphate for agricultural, industrial, and specialty use. The Company operates throughout the Americas while it markets its products globally. Latest Fiscal Year: 12/2011 LTM as of: 03/yy 52-Week High (28.01.2013) 115.31 52-Week Low (24.06.2013) 83.33 Daily Volume 86.5 52-Week High % Change -24.98% Dividend Yield 1.73 52-Week Low % Change 3.80% Beta 1.29 % 52 Week Price Range High/Low 9.91% Equity Float 148.90 Shares Out 28.06.2013 149.4 Short Int 2.38 12'923.94 1 Yr Total Return -7.45% Total Debt 3'961.00 YTD Return -12.45% Preferred Stock 0.0 Adjusted BETA 1.295 Minority Interest 4.0 Analyst Recs 28 Cash and Equivalents 726.00 Consensus Rating 4.107 Enterprise Value 16'267.94 Average Volume 5 Day 1'878'314 AGU US EQUITY YTD Change - Average Volume 30 Day 932'199 AGU US EQUITY YTD % CHANGE - Average Volume 3 Month 946'616 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 06/13 Q2 09/13 Q3 10'031.0 9'129.0 10'743.0 15'470.0 16'686.0 16'087.0 16'281.0 16'799.6 17'580.0 6'978.3 3'208.1 0.74x 1.15x 1.55x 0.75x 1.08x 3.35x 4.16x 0.93x 0.86x 2.31x 5.13x 2'380.0 941.0 1'470.0 2'706.0 2'715.0 2'706.0 2'668.0 2'526.5 2'574.9 1'194.1 460.2 3.13x 11.15x 11.34x 4.30x 6.66x 5.28x 6.70x 6.44x 6.32x 6.31x 6.14x 1'322.0 366.0 713.0 1'371.0 1'494.0 1'352.0 1'482.0 1'345.9 1'352.3 747.1 218.2 3.54x 23.92x 19.92x 6.96x 10.53x 8.89x 10.39x 9.33x 9.28x 9.49x 9.29x EBITDA 2'715.00 Long-Term Rating Date 24.11.2005 EBIT 2'271.00 Long-Term Rating BBB Operating Margin 13.61% Long-Term Outlook STABLE Pretax Margin 12.54% Short-Term Rating Date 10.12.2004 Return on Assets 9.17% Short-Term Rating NR Return on Common Equity 21.83% Return on Capital 15.94% EBITDA/Interest Exp. 21.05 Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 11.11 Net Debt/EBITDA 1.25 Gross Margin 26.9% Total Debt/EBITDA 1.47 EBITDA Margin 16.4% EBIT Margin 13.5% Total Debt/Equity 57.3% Net Income Margin 9.0% Total Debt/Capital 36.4% Asset Turnover 1.01 Current Ratio 1.54 Net Fixed Asset Turnover 5.10 Quick Ratio 0.53 Accounts receivable turnover-days 55.49 Debt to Assets 24.79% Inventory Days 129.23 Tot Debt to Common Equity 57.27% Accounts Payable Turnover Day 139.01 Accounts Receivable Turnover 6.58 Cash Conversion Cycle 41.94 Inventory Turnover 2.82 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Agrium Inc Price/Volume Valuation Analysis 5'188'834.00 Current Price (7/dd/yy) Market Data 0 20 40 60 80 100 120 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 18'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  17. 17. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 7'366'040 4.93 - 28.06.2013 Investment Advisor ROYAL BANK OF CANADA n/a ULT-AGG 4'642'138 3.11 (406'439) 30.04.2013 Bank ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'296'877 2.88 87'300 31.03.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 4'144'101 2.77 3'006'091 30.04.2013 Investment Advisor BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'295'429 2.21 3'295'429 31.03.2013 Investment Advisor CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'065'859 2.05 3'065'859 31.03.2013 Investment Advisor VAN ECK ASSOCIATES C n/a ULT-AGG 2'702'978 1.81 482'231 30.07.2013 Investment Advisor CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'405'524 1.61 2'405'524 31.03.2013 Investment Advisor LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 2'291'182 1.53 2'291'182 31.03.2013 Investment Advisor WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 2'207'886 1.48 2'207'886 31.03.2013 Investment Advisor CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 2'178'388 1.46 2'178'388 31.03.2013 Investment Advisor BANK OF NOVA SCOTIA n/a ULT-AGG 2'149'495 1.44 1'227'226 31.03.2013 Bank INVESCO LTD n/a ULT-AGG 1'913'350 1.28 173'393 30.07.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 1'911'247 1.28 777'091 30.06.2013 Investment Advisor TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 1'887'452 1.26 (14'084) 31.03.2013 Investment Advisor NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'855'820 1.24 1'855'820 31.03.2013 Investment Advisor CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'832'868 1.23 (232'434) 31.12.2012 Investment Advisor NORGES BANK NORGES BANK 13F 1'775'036 1.19 - 31.12.2012 Government GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 1'770'924 1.19 (252'504) 30.06.2013 Investment Advisor FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 1'560'048 1.04 1'560'048 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 31.07.2013 Barclays MATTHEW J KORN overweight 5 M 103 Not Provided 31.07.2013 Goldman Sachs ADAM SAMUELSON neutral/cautious 3 M 81 12 month 30.07.2013 CIBC World Markets JACOB BOUT sector outperform 5 M 113 18 month 30.07.2013 Salman Partners RAYMOND GOLDIE top pick 5 M 125 12 month 30.07.2013 Cowen and Company CHARLES NEIVERT underperform 1 M 88 12 month 30.07.2013 National Bank Financial ROBERT B WINSLOW underperform 1 M 83 12 month 30.07.2013 Susquehanna Financial Group DONALD D CARSON Positive 4 M 127 12 month 29.07.2013 Canaccord Genuity Corp KEITH CARPENTER buy 5 M 114 Not Provided 25.07.2013 Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 93 12 month 18.07.2013 Piper Jaffray MICHAEL E COX neutral 3 M 94 12 month 16.07.2013 TD Securities PAUL D'AMICO buy 5 M 115 12 month 12.07.2013 BMO Capital Markets JOEL JACKSON market perform 3 M 101 Not Provided 11.07.2013 BGC Partners MARK R GULLEY buy 5 M 122 12 month 11.07.2013 Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 09.07.2013 Stifel PAUL A MASSOUD buy 5 M 99 12 month 08.07.2013 Scotia Capital BEN ISAACSON sector outperform 5 M 110 12 month 08.07.2013 EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 08.07.2013 Desjardins Securities JOHN F HUGHES buy 5 M 119 12 month 04.07.2013 Alta Corp Capital Inc. JOHN CHU outperform 5 M 120 12 month 28.06.2013 JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 92 15 month 18.06.2013 Morgan Stanley VINCENT ANDREWS not rated #N/A N/A M #N/A N/A Not Provided 12.06.2013 Atlantic Equities LLP COLIN ISAAC neutral 3 M 101 12 month 30.05.2013 Macquarie DAVID PUPO neutral 3 M 102 12 month 17.05.2013 Dundee Securities Corp DAVID CHARLES Under Review #N/A N/A M #N/A N/A Not Provided 15.05.2013 Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 122 Not Provided 10.05.2013 UBS BRIAN T MACARTHUR buy 5 M 113 12 month 10.05.2013 HSBC YONAH WEISZ overweight 5 N 117 Not Provided 17.04.2013 Holdings By: Agrium Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  18. 18. 31.07.2013 CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate fertilizer products globally. The Company's principal products in the nitrogen segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate, diesel exhaust fluid and aqua ammonia. The principal products in the phosphate segment are diammonium phosphate and monoammonium phosphate. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (30.01.2013) 233.43 52-Week Low (02.07.2013) 169.33 Daily Volume 197.24 52-Week High % Change -15.50% Dividend Yield 0.81 52-Week Low % Change 16.48% Beta 1.25 % 52 Week Price Range High/Low 43.54% Equity Float 59.00 Shares Out 30.04.2013 59.3 Short Int 1.67 11'693.97 1 Yr Total Return 1.56% Total Debt 1'605.00 YTD Return -2.53% Preferred Stock 0.0 Adjusted BETA 1.248 Minority Interest 380.0 Analyst Recs 21 Cash and Equivalents 2'274.90 Consensus Rating 3.333 Enterprise Value 11'473.87 Average Volume 5 Day 2'330'682 CF US EQUITY YTD Change - Average Volume 30 Day 1'204'313 CF US EQUITY YTD % CHANGE - Average Volume 3 Month 1'024'832 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 06/13 Q2 09/13 Q3 3'921.1 2'608.4 3'965.0 6'097.9 6'104.0 6'451.5 5'912.9 5'589.7 5'422.3 1'664.1 1'223.2 0.45x 1.30x 2.82x 1.83x 2.05x 6.80x 8.55x 2.17x 2.32x - - 1'251.0 780.8 1'301.5 3'160.9 3'332.2 3'276.2 3'296.7 2'775.7 2'522.9 827.4 582.6 1.42x 4.34x 8.58x 3.52x 3.75x 3.76x 3.43x 4.13x 4.55x 4.36x 4.58x 684.6 365.6 349.2 1'539.2 1'848.7 1'625.6 1'886.8 1'442.5 1'262.4 464.9 280.9 3.84x 11.05x 17.73x 6.38x 7.32x 7.23x 6.70x 8.24x 8.93x 8.76x 9.12x EBITDA 3'332.20 Long-Term Rating Date - EBIT 2'912.40 Long-Term Rating - Operating Margin 47.71% Long-Term Outlook - Pretax Margin 47.31% Short-Term Rating Date - Return on Assets 18.91% Short-Term Rating - Return on Common Equity 35.39% Return on Capital 27.48% EBITDA/Interest Exp. 23.04 Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 19.42 Net Debt/EBITDA -0.18 Gross Margin 51.0% Total Debt/EBITDA 0.49 EBITDA Margin 55.8% EBIT Margin 48.6% Total Debt/Equity 27.2% Net Income Margin 30.3% Total Debt/Capital 20.3% Asset Turnover 0.59 Current Ratio 2.95 Net Fixed Asset Turnover 1.55 Quick Ratio 2.62 Accounts receivable turnover-days 21.84 Debt to Assets 15.79% Inventory Days 41.91 Tot Debt to Common Equity 27.19% Accounts Payable Turnover Day 47.39 Accounts Receivable Turnover 16.71 Cash Conversion Cycle 36.83 Inventory Turnover 8.71 Fiscal Year Ended CF Industries Holdings Inc Price/Volume Valuation Analysis 4'104'945.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 50 100 150 200 250 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 7'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  19. 19. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'237'326 7.15 207'447 31.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 4'174'930 7.04 (396'409) 29.07.2013 Investment Advisor STATE STREET n/a ULT-AGG 2'945'820 4.97 (8'191) 30.07.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 1'603'582 2.7 1'347'210 31.03.2013 Investment Advisor GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'467'471 2.48 334'471 31.03.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'361'605 2.3 (141'856) 31.03.2013 Investment Advisor VAN ECK ASSOCIATES C n/a ULT-AGG 1'213'212 2.05 278'140 30.07.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'187'973 2 5'521 31.03.2013 Investment Advisor JP MORGAN n/a ULT-AGG 1'129'521 1.91 (813'693) 30.06.2013 Investment Advisor RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'100'600 1.86 83'950 31.03.2013 Hedge Fund Manager NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'074'320 1.81 103'496 31.03.2013 Investment Advisor DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'071'396 1.81 105'973 30.04.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 1'054'616 1.78 24'033 31.05.2013 Investment Advisor DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 1'028'059 1.73 419'500 31.03.2013 Hedge Fund Manager BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'003'765 1.69 (7'726) 31.03.2013 Investment Advisor AJO, LP AJO, LP 13F 985'290 1.66 (27'700) 31.03.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 793'377 1.34 14'856 31.03.2013 Investment Advisor ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 774'990 1.31 (222'700) 31.03.2013 Hedge Fund Manager TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 771'875 1.3 (431'410) 31.03.2013 Investment Advisor LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 690'460 1.16 111'780 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date BMO Capital Markets JOEL JACKSON market perform 3 M 190 Not Provided 30.07.2013 Goldman Sachs ADAM SAMUELSON Sell/Cautious 1 M 179 12 month 30.07.2013 BGC Partners MARK R GULLEY sell 1 M 175 12 month 30.07.2013 Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 30.07.2013 Feltl & Company BRENT R RYSTROM hold 3 M 207 12 month 30.07.2013 Piper Jaffray MICHAEL E COX neutral 3 M 204 12 month 30.07.2013 Scotia Capital BEN ISAACSON sector perform 3 M 210 12 month 29.07.2013 Susquehanna Financial Group DONALD D CARSON Positive 4 M 275 12 month 29.07.2013 Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 250 12 month 23.07.2013 Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 215 12 month 18.07.2013 Atlantic Equities LLP COLIN ISAAC neutral 3 M 184 12 month 12.07.2013 Barclays MATTHEW J KORN overweight 5 M 244 Not Provided 11.07.2013 Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013 Cowen and Company CHARLES NEIVERT underperform 1 M 170 12 month 14.06.2013 Credit Suisse CHRISTOPHER PARKINSON neutral 3 M 230 Not Provided 12.06.2013 JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 235 3 month 10.05.2013 S&P Capital IQ KEVIN KIRKEBY sell 1 M 175 Not Provided 09.05.2013 EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013 Holdings By: CF Industries Holdings Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  20. 20. 31.07.2013 Bunge Limited is a global agribusiness and food company. The Company buys, sells, stores, transports and processes oilseeds and grains to make protein meal for animal feed and edible oil products for commercial customers and consumers. Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and sells fertilizer. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (05.02.2013) 80.99 52-Week Low (04.09.2012) 63.18 Daily Volume 76.43 52-Week High % Change -5.63% Dividend Yield 1.41 52-Week Low % Change 20.97% Beta 0.94 % 52 Week Price Range High/Low 74.40% Equity Float 137.13 Shares Out 31.03.2013 146.6 Short Int 3.39 11'201.27 1 Yr Total Return 18.02% Total Debt 8'897.00 YTD Return 5.93% Preferred Stock 690.0 Adjusted BETA 0.941 Minority Interest 431.0 Analyst Recs 15 Cash and Equivalents 569.00 Consensus Rating 4.200 Enterprise Value 22'312.27 Average Volume 5 Day 1'369'758 BG US EQUITY YTD Change - Average Volume 30 Day 832'770 BG US EQUITY YTD % CHANGE - Average Volume 3 Month 842'721 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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 52'574.0 41'926.0 45'707.0 56'097.0 60'991.0 59'307.0 64'609.0 64'491.7 65'718.1 17'084.7 17'023.3 0.21x 0.34x 0.33x 0.26x 0.33x 1.02x 1.26x 0.27x 0.26x - - 2'862.0 305.0 1'396.0 1'717.0 1'580.0 1'590.0 1'705.0 2'199.6 2'361.8 639.6 697.4 3.89x 46.71x 10.70x 8.49x 12.71x 10.62x 12.60x 10.14x 9.45x 9.36x 9.26x 1'064.0 361.0 2'354.0 942.0 64.0 760.0 14.0 1'040.0 1'204.0 365.1 356.6 7.66x 11.11x 12.82x 10.19x 9.58x 8.86x 11.55x 11.34x 9.64x 9.73x 9.41x EBITDA 1'580.00 Long-Term Rating Date 10.06.2010 EBIT 1'010.00 Long-Term Rating BBB- Operating Margin 1.66% Long-Term Outlook POS Pretax Margin 0.61% Short-Term Rating Date - Return on Assets 0.05% Short-Term Rating - Return on Common Equity -0.39% Return on Capital 2.16% EBITDA/Interest Exp. 5.15 Asset Turnover 2.26% (EBITDA-Capex)/Interest Exp. 1.58 Net Debt/EBITDA 6.50 Gross Margin 4.2% Total Debt/EBITDA 6.92 EBITDA Margin 2.6% EBIT Margin 1.7% Total Debt/Equity 87.5% Net Income Margin 0.1% Total Debt/Capital 44.1% Asset Turnover 2.26 Current Ratio 1.49 Net Fixed Asset Turnover 11.38 Quick Ratio 0.26 Accounts receivable turnover-days 16.43 Debt to Assets 32.61% Inventory Days 42.20 Tot Debt to Common Equity 87.47% Accounts Payable Turnover Day 19.73 Accounts Receivable Turnover 22.22 Cash Conversion Cycle 33.35 Inventory Turnover 8.65 Fiscal Year Ended Bunge Ltd Price/Volume Valuation Analysis 1'312'951.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 90 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 8.0 M 9.0 M 10.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  21. 21. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type FMR LLC n/a ULT-AGG 10'326'901 7.05 752'559 31.03.2013 Investment Advisor VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'945'545 5.42 1'231'351 31.03.2013 Investment Advisor GIC PRIVATE LIMITED n/a ULT-AGG 7'328'780 5 27'132 28.03.2013 Government BLACKROCK n/a ULT-AGG 6'029'750 4.11 224'748 29.07.2013 Investment Advisor GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'551'638 3.79 (98'392) 31.03.2013 Investment Advisor HARDING LOEVNER LP HARDING LOEVNER LP 13F 4'837'495 3.3 1'457'424 31.03.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'902'619 2.66 (364'415) 31.03.2013 Investment Advisor DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'857'710 2.63 (105'383) 30.04.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'693'091 2.52 (33'680) 31.03.2013 Investment Advisor ROYAL BANK OF CANADA n/a ULT-AGG 2'955'366 2.02 (87'520) 30.04.2013 Bank STATE STREET n/a ULT-AGG 2'887'691 1.97 (179'766) 31.03.2013 Investment Advisor VAN ECK ASSOCIATES C n/a ULT-AGG 2'653'720 1.81 479'688 30.07.2013 Investment Advisor LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 2'567'487 1.75 (768'005) 31.03.2013 Investment Advisor COMGEST S A Multiple Portfolios MF-AGG 2'400'000 1.64 - 31.12.2012 Unclassified LAZARD ASSET MANAGEM n/a ULT-AGG 2'029'600 1.38 (126'994) 31.03.2013 Unclassified CARLSON CAPITAL LP CARLSON CAPITAL LP 13F 1'778'625 1.21 1'107'235 31.03.2013 Hedge Fund Manager NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'559'898 1.06 265'229 31.03.2013 Investment Advisor SKAGEN AS Multiple Portfolios MF-AGG 1'510'273 1.03 - 28.06.2013 Investment Advisor GUGGENHEIM n/a ULT-AGG 1'383'148 0.94 747'025 30.06.2013 Unclassified ALLIANCE BERNSTEIN n/a ULT-AGG 1'340'535 0.91 (16'592) 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date BMO Capital Markets KENNETH B ZASLOW outperform 5 M 83 Not Provided 26.07.2013 Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 26.07.2013 Barclays MATTHEW J KORN overweight 5 M 83 Not Provided 26.07.2013 EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.07.2013 Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 25.07.2013 JPMorgan ANN DUIGNAN overweight 5 M 80 3 month 25.07.2013 Scotia Capital CHRISTINE HEALY sector outperform 5 M 86 12 month 25.07.2013 Itau BBA Securities GIOVANA ARAUJO market perform 3 M 84 Not Provided 25.07.2013 Feltl & Company BRENT R RYSTROM hold 3 M 74 12 month 25.07.2013 Piper Jaffray MICHAEL E COX overweight 5 M 91 12 month 25.07.2013 Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 80 12 month 11.07.2013 HSBC ALEXANDRE FALCAO neutral 3 M 74 Not Provided 05.06.2013 S&P Capital IQ THOMAS GRAVES buy 5 M 75 12 month 26.09.2012 Holdings By: Bunge Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  22. 22. 31.07.2013 The Mosaic Company produces and distributes crop nutrients to the agricultural communities located in North America and other countries. The Company's principal products include concentrated phosphates, and potash. Latest Fiscal Year: 05/2013 LTM as of: 05/yy 52-Week High (08.05.2013) 64.65 52-Week Low (30.07.2013) 39.95 Daily Volume 43.81 52-Week High % Change -32.24% Dividend Yield 2.28 52-Week Low % Change 9.66% Beta 1.31 % 52 Week Price Range High/Low 15.63% Equity Float 277.13 Shares Out 12.07.2013 297.1 Short Int 4.68 18'655.22 1 Yr Total Return -23.19% Total Debt 1'079.20 YTD Return -21.56% Preferred Stock 0.0 Adjusted BETA 1.313 Minority Interest 17.5 Analyst Recs 23 Cash and Equivalents 3'697.10 Consensus Rating 3.783 Enterprise Value 16'054.82 Average Volume 5 Day 16'677'860 MOS US EQUITY YTD Change - Average Volume 30 Day 6'012'718 MOS US EQUITY YTD % CHANGE - Average Volume 3 Month 4'174'639 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'298.0 6'759.1 9'937.8 11'107.8 9'974.1 11'107.8 9'974.1 8'957.6 10'051.3 2'503.3 2'646.8 2.24x 2.87x 2.88x 1.58x 2.34x 8.01x 8.90x 1.92x 1.69x - - 3'167.1 1'715.8 3'111.6 3'119.2 2'814.4 3'119.2 2'890.4 2'420.8 2'954.9 626.7 708.3 7.27x 11.31x 9.19x 5.62x 8.28x 5.62x 8.06x 6.63x 5.43x 5.86x 5.58x 2'350.2 827.1 2'514.6 1'930.2 1'888.7 1'930.2 1'888.7 1'682.2 1'774.7 379.0 407.5 12.55x 26.47x 15.94x 10.57x 14.91x 10.55x 15.26x 11.12x 9.99x 10.99x 10.29x EBITDA 2'814.40 Long-Term Rating Date 28.04.2011 EBIT 2'209.60 Long-Term Rating BBB Operating Margin 22.15% Long-Term Outlook STABLE Pretax Margin 22.39% Short-Term Rating Date 29.08.2007 Return on Assets 10.86% Short-Term Rating NR Return on Common Equity 14.87% Return on Capital - EBITDA/Interest Exp. 54.12 Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 23.58 Net Debt/EBITDA -0.91 Gross Margin 27.7% Total Debt/EBITDA 0.37 EBITDA Margin 29.0% EBIT Margin 22.9% Total Debt/Equity 8.0% Net Income Margin 18.9% Total Debt/Capital 7.4% Asset Turnover 0.57 Current Ratio 3.90 Net Fixed Asset Turnover 1.24 Quick Ratio 2.67 Accounts receivable turnover-days 32.34 Debt to Assets 5.97% Inventory Days 70.94 Tot Debt to Common Equity 8.04% Accounts Payable Turnover Day 40.72 Accounts Receivable Turnover 11.29 Cash Conversion Cycle 62.45 Inventory Turnover 5.15 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Mosaic Co/The Price/Volume Valuation Analysis 61'378'375.00 Current Price (7/dd/yy) Market Data 0 10 20 30 40 50 60 70 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 10.0 M 20.0 M 30.0 M 40.0 M 50.0 M 60.0 M 70.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 04.06.2010 04.12.2010 04.06.2011 04.12.2011 04.06.2012 04.12.2012 04.06.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  23. 23. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type TEMASEK HOLDINGS PRI n/a ULT-AGG 19'417'191 6.54 (1'076'130) 31.03.2013 Government BLACKROCK n/a ULT-AGG 14'763'584 4.97 (118'422) 31.03.2013 Investment Advisor VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'886'085 4.34 119'147 31.03.2013 Investment Advisor STATE STREET n/a ULT-AGG 12'255'639 4.13 137'823 30.07.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 10'825'512 3.64 1'506'016 30.06.2013 Investment Advisor GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'075'180 3.39 (1'372'812) 31.03.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'724'446 3.27 (681'915) 31.03.2013 Investment Advisor VAN ECK ASSOCIATES C n/a ULT-AGG 6'455'793 2.17 894'611 30.07.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 6'342'537 2.14 (2'220'979) 31.05.2013 Investment Advisor RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 6'036'574 2.03 534'920 31.03.2013 Investment Advisor DWS INVESTMENT S A Multiple Portfolios MF-AGG 5'514'100 1.86 (15'923) 30.04.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'402'924 1.82 (486'974) 31.03.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'724'427 1.59 331'845 31.03.2013 Investment Advisor INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 3'821'456 1.29 3'687'562 31.03.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 3'058'740 1.03 115'744 31.03.2013 Investment Advisor OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'977'994 1 (1'648'299) 31.03.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'874'983 0.97 (1'790'829) 31.03.2013 Investment Advisor GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 2'600'000 0.88 - 31.03.2013 Investment Advisor NORGES BANK NORGES BANK 13F 2'531'671 0.85 - 31.12.2012 Government ALLIANZ ASSET MANAGE n/a ULT-AGG 2'369'345 0.8 (474'053) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 31.07.2013 Barclays MATTHEW J KORN overweight 5 M 49 Not Provided 31.07.2013 BMO Capital Markets JOEL JACKSON market perform 3 D 43 12 month 30.07.2013 Goldman Sachs ADAM SAMUELSON neutral/cautious 3 D 35 12 month 30.07.2013 CIBC World Markets JACOB BOUT sector perform 3 M 50 18 month 30.07.2013 Cowen and Company CHARLES NEIVERT market perform 3 M 52 12 month 30.07.2013 Atlantic Equities LLP COLIN ISAAC neutral 3 D 50 12 month 30.07.2013 Piper Jaffray MICHAEL E COX neutral 3 M 57 12 month 30.07.2013 Susquehanna Financial Group DONALD D CARSON neutral 3 M 60 12 month 29.07.2013 Canaccord Genuity Corp KEITH CARPENTER hold 3 M 58 Not Provided 25.07.2013 Deutsche Bank DAVID I BEGLEITER hold 3 M 58 12 month 17.07.2013 Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 70 12 month 17.07.2013 Credit Suisse CHRISTOPHER PARKINSON neutral 3 M 65 Not Provided 17.07.2013 JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 60 Not Provided 17.07.2013 BGC Partners MARK R GULLEY hold 3 M #N/A N/A Not Provided 17.07.2013 EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 17.07.2013 Scotia Capital BEN ISAACSON sector outperform 5 M 64 12 month 16.07.2013 Stifel PAUL A MASSOUD buy 5 M 70 12 month 08.07.2013 UBS BILL CARROLL buy 5 M 68 12 month 13.05.2013 HSBC YONAH WEISZ neutral 3 N 66 Not Provided 17.04.2013 Macquarie DAVID PUPO outperform 5 M 71 12 month 01.04.2013 Holdings By: Mosaic Co/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  24. 24. 31.07.2013 Wilmar International Ltd. is an agribusiness company. The Company is involved in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing and merchandising. Wilmar also manufactures and distributes fertilizers and owns a fleet of vessels. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (28.01.2013) 3.92 52-Week Low (13.09.2012) 2.99 Daily Volume 3.15 52-Week High % Change -19.64% Dividend Yield - 52-Week Low % Change 5.35% Beta 1.03 % 52 Week Price Range High/Low 20.43% Equity Float 1'980.61 Shares Out 31.07.2013 6'396.8 Short Int - 20'149.86 1 Yr Total Return -1.29% Total Debt 22'245.27 YTD Return -4.84% Preferred Stock 0.0 Adjusted BETA 1.025 Minority Interest 849.3 Analyst Recs 25 Cash and Equivalents 2'319.11 Consensus Rating 3.680 Enterprise Value 35'968.71 Average Volume 5 Day 4'941'600 WIL SP EQUITY YTD Change - Average Volume 30 Day 8'532'033 WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 7'841'485 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 06/13 Q2 09/13 Q3 29'145.2 23'885.1 30'377.5 44'710.0 45'463.4 45'645.3 45'193.0 47'602.5 53'295.6 12'476.0 12'981.0 0.52x 1.42x 1.48x 1.00x 0.84x 4.03x 3.31x 0.63x 0.57x - - 1'969.8 2'424.9 1'409.2 1'839.5 2'051.8 2'374.3 2'234.2 2'528.5 2'776.0 588.0 674.0 7.68x 13.97x 31.82x 24.28x 18.65x 18.46x 16.97x 14.23x 12.96x 14.33x 14.40x 1'531.0 1'882.0 1'324.0 1'600.8 1'255.5 1'470.0 1'315.0 1'359.4 1'503.0 298.0 385.0 8.10x 15.52x 21.19x 15.43x 13.95x 17.03x 13.57x 11.74x 10.54x 11.96x 12.32x EBITDA 2'051.83 Long-Term Rating Date - EBIT 1'508.62 Long-Term Rating - Operating Margin 3.32% Long-Term Outlook - Pretax Margin 3.64% Short-Term Rating Date - Return on Assets 3.16% Short-Term Rating - Return on Common Equity 9.31% Return on Capital 4.91% EBITDA/Interest Exp. 3.17 Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 0.56 Net Debt/EBITDA 8.62 Gross Margin 8.6% Total Debt/EBITDA 10.60 EBITDA Margin 4.9% EBIT Margin 3.7% Total Debt/Equity 155.1% Net Income Margin 2.8% Total Debt/Capital 59.4% Asset Turnover 1.09 Current Ratio 1.11 Net Fixed Asset Turnover 5.34 Quick Ratio 0.29 Accounts receivable turnover-days 28.68 Debt to Assets 53.07% Inventory Days 63.36 Tot Debt to Common Equity 155.06% Accounts Payable Turnover Day 11.66 Accounts Receivable Turnover 12.73 Cash Conversion Cycle 78.89 Inventory Turnover 5.76 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Wilmar International Ltd Price/Volume Valuation Analysis 6'355'000.00 Current Price (7/dd/yy) Market Data 0 1 1 2 2 3 3 4 4 5 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 10.0 M 20.0 M 30.0 M 40.0 M 50.0 M 60.0 M 70.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 45'000.0 50'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  25. 25. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type KUOK BROTHERS SDN BH n/a ULT-AGG 1'172'844'755 18.33 - 21.03.2013 Holding Company ARCHER-DANIELS-MIDLA n/a ULT-AGG 1'046'986'850 16.37 - 21.03.2013 Corporation WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.55 - 06.03.2012 Other LONGHLIN ASIA LIMITE n/a Co File 336'009'921 5.25 - 21.03.2013 Other FIREFLY LTD n/a Co File 294'801'479 4.61 - 21.03.2013 Other BOLNEY ENTERPRISES L n/a Co File 294'801'372 4.61 - 21.03.2013 Other KERRY GROUP LTD n/a ULT-AGG 283'352'941 4.43 - 19.07.2013 Other HARPOLE RESOURCES LT n/a EXCH 256'211'778 4.01 - 19.07.2013 Other HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 21.03.2013 Corporation HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 21.03.2013 Other VAN ECK ASSOCIATES C n/a ULT-AGG 72'144'416 1.13 - 30.07.2013 Investment Advisor BONOTO INVESTMENTS L n/a Co File 51'267'514 0.8 - 21.03.2013 Other BLACKROCK n/a ULT-AGG 39'853'084 0.62 961'000 29.07.2013 Investment Advisor KIM YONG TEO n/a Co File 33'852'274 0.53 - 21.03.2013 n/a NATALON CO LTD n/a EXCH 33'760'355 0.53 - 19.07.2013 Holding Company DALEX INVESTMENTS LT n/a EXCH 30'705'900 0.48 - 19.07.2013 Corporation BRIGHT MAGIC INV LIM n/a EXCH 25'855'040 0.4 5'203'325 19.07.2013 Other VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'205'991 0.32 1'166'000 30.06.2013 Investment Advisor HPRY HOLDINGS LTD n/a Co File 13'630'073 0.21 - 21.03.2013 Other ING INVESTMENT MANAG Multiple Portfolios MF-AGG 10'718'220 0.17 (100'410) 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Credit Suisse TAN TING MIN neutral 3 M 4 Not Provided 29.07.2013 CIMB IVY NG outperform 5 M 4 12 month 24.07.2013 Maybank Kim Eng JAMES KOH buy 5 M 5 12 month 23.07.2013 DBS Vickers BEN SANTOSO buy 5 M 3 12 month 11.07.2013 OCBC Investment Research CAREY WONG hold 3 M 3 12 month 11.07.2013 TA Securities Holdings Berhad JAMES RATNAM buy 5 M 4 Not Provided 11.07.2013 Nomura TANUJ SHORI neutral 3 M 4 Not Provided 03.07.2013 UOB Kay Hian TEAM COVERAGE buy 5 M 4 Not Provided 01.07.2013 Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 28.06.2013 EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013 Jefferies ABHIJIT ATTAVAR buy 5 M 4 12 month 24.05.2013 Deutsche Bank MICHELLE FOONG hold 3 M 4 12 month 09.05.2013 Macquarie CONRAD WERNER neutral 3 M 4 12 month 09.05.2013 Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 4 Not Provided 09.05.2013 Standard Chartered ADRIAN FOULGER outperform 5 M 4 12 month 08.05.2013 Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 08.05.2013 JPMorgan YING-JIAN CHAN overweight 5 M 4 9 month 08.05.2013 HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 08.05.2013 BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 5 12 month 08.05.2013 AmResearch Sdn Bhd GAN HUEY LING buy 5 U 4 12 month 08.05.2013 Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 08.05.2013 UBS ANUBHAV GUPTA neutral 3 M 4 12 month 22.02.2013 IIFL ZUO LI sell 1 M 4 12 month 23.02.2012 Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012 Holdings By: Wilmar International Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  26. 26. 31.07.2013 Fiat Industrial SpA manufactures a wide range of branded trucks and tractors. The Company also manufactures powertrains for industrial, and marine applications as well as manufactures and supplies truck, bus, and diesel engines, and engineers, manufactures, markets, and distributes agricultural and construction equipment. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (29.01.2013) 9.80 52-Week Low (01.10.2012) 7.57 Daily Volume 9.285 52-Week High % Change -6.53% Dividend Yield - 52-Week Low % Change 22.66% Beta 0.88 % 52 Week Price Range High/Low 64.13% Equity Float 792.73 Shares Out 31.03.2013 1'222.6 Short Int - 11'351.55 1 Yr Total Return 19.13% Total Debt 20'730.00 YTD Return 15.45% Preferred Stock 0.0 Adjusted BETA 0.885 Minority Interest 787.0 Analyst Recs 22 Cash and Equivalents 4'615.00 Consensus Rating 3.909 Enterprise Value 29'934.55 Average Volume 5 Day 3'351'062 FI IM EQUITY YTD Change - Average Volume 30 Day 3'180'576 FI IM EQUITY YTD % CHANGE - Average Volume 3 Month 3'510'573 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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 - 17'968.0 21'342.0 24'231.0 25'785.0 25'129.0 25'954.0 26'511.6 27'820.3 6'702.3 7'535.3 - - - 0.95x 1.05x 3.88x 3.22x 0.69x 0.64x 2.20x 1.83x - 959.0 1'757.0 2'352.0 2'798.0 2'627.0 1'973.0 2'893.6 3'198.4 735.0 687.0 - - - 9.83x 9.65x 10.28x 0.00x 10.35x 9.36x 10.14x 9.98x - (464.0) 341.0 624.0 810.0 707.0 818.0 1'049.3 1'269.5 276.3 277.0 - - - 13.54x 12.45x 13.80x 12.88x 11.20x 9.50x 9.96x 9.62x EBITDA 2'798.00 Long-Term Rating Date 04.11.2010 EBIT 2'079.00 Long-Term Rating BB+ Operating Margin 8.06% Long-Term Outlook STABLE Pretax Margin 5.76% Short-Term Rating Date 24.02.2011 Return on Assets 1.98% Short-Term Rating B Return on Common Equity 15.99% Return on Capital - EBITDA/Interest Exp. 8.94 Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 4.63 Net Debt/EBITDA 6.37 Gross Margin 18.8% Total Debt/EBITDA 7.62 EBITDA Margin 10.8% EBIT Margin 8.0% Total Debt/Equity 420.1% Net Income Margin 3.1% Total Debt/Capital 78.4% Asset Turnover 0.67 Current Ratio 1.67 Net Fixed Asset Turnover 5.85 Quick Ratio 0.36 Accounts receivable turnover-days 21.01 Debt to Assets 53.24% Inventory Days 97.18 Tot Debt to Common Equity 420.06% Accounts Payable Turnover Day 85.48 Accounts Receivable Turnover 17.38 Cash Conversion Cycle 19.55 Inventory Turnover 3.76 Fiscal Year Ended Fiat Industrial SpA Price/Volume Valuation Analysis 2'736'031.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 1 2 3 4 5 6 7 8 9 10 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 5.0 M 10.0 M 15.0 M 20.0 M 25.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  27. 27. 31.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type EXOR SPA n/a Research 366'929'588 30.01 - 12.07.2013 Corporation HARRIS ASSOCIATES LP n/a Research 61'458'536 5.03 - 12.07.2013 Investment Advisor FIAT SPA n/a Research 34'219'702 2.8 - 12.07.2013 Corporation GIC PRIVATE LIMITED n/a ULT-AGG 28'449'177 2.33 - 12.07.2013 Government BLACKROCK n/a ULT-AGG 25'496'853 2.09 2'030'474 29.07.2013 Investment Advisor VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'754'015 1.78 4'227'994 30.06.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 20'224'050 1.65 - 31.12.2012 Government VAN ECK ASSOCIATES C n/a ULT-AGG 13'102'778 1.07 - 30.07.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 6'700'000 0.55 (1'337'500) 30.06.2013 Investment Advisor CITADEL ADVISORS LLC n/a Short (6'112'844) -0.5 - 04.12.2012 Hedge Fund Manager AXA FUNDS MANAGEMENT AXA WORLD FUNDS-FRAM MF-PART 4'502'702 0.37 - 28.06.2013 Investment Advisor NEW JERSEY DIVISION Multiple Portfolios MF-AGG 3'889'467 0.32 78 30.06.2012 Pension Fund (ERISA) ALLIANZ ASSET MANAGE n/a ULT-AGG 3'781'590 0.31 16'109 30.06.2013 Investment Advisor UBS n/a ULT-AGG 3'724'812 0.3 (96'640) 28.03.2013 Unclassified SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 3'523'660 0.29 3'523'660 31.12.2012 Investment Advisor GENERALI ASSET MANAG Multiple Portfolios MF-AGG 3'400'546 0.28 (242'980) 28.06.2013 Investment Advisor NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'253'172 0.27 (6'964) 28.03.2013 Investment Advisor CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'024'525 0.25 (5'879) 28.06.2013 Investment Advisor AXA FUNDS MANAGEMENT AXA WORLD FUNDS-ITAL MF-PART 2'566'501 0.21 2'566'501 18.06.2013 Investment Advisor ARCA SGR SPA Multiple Portfolios MF-AGG 2'218'614 0.18 130'000 28.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue HANS-PETER WODNIOK add 4 M 10 6 month 25.07.2013 Deutsche Bank PETER REILLY buy 5 M 12 12 month 23.07.2013 Main First Bank AG CHRISTOPHER YOUL outperform 5 M 11 Not Provided 23.07.2013 Barclays MICHAEL TYNDALL overweight 5 M 12 Not Provided 23.07.2013 Banca Akros(ESN) GABRIELE GAMBAROVA accumulate 4 M 10 12 month 22.07.2013 William Blair & Co LAWRENCE T DE MARIA outperform 5 M 10 12 month 11.07.2013 Mediobanca SpA MASSIMO VECCHIO outperform 5 M 10 12 month 10.07.2013 Natixis KATHLEEN GAILLIOT buy 5 M 11 Not Provided 10.07.2013 Banca IMI MONICA BOSIO hold 3 D 5 12 month 01.07.2013 Kepler Cheuvreux GIORGIO IANNELLA hold 3 M 9 Not Provided 26.06.2013 Equita SIM SpA MARTINO DEAMBROGGI buy 5 U 10 12 month 19.06.2013 EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013 ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 23.05.2013 Societe Generale STEPHEN REITMAN hold 3 M 10 12 month 02.05.2013 Bank am Bellevue MICHAEL STUDER buy 5 M 13 Not Provided 02.05.2013 Macquarie JENS SCHATTNER underperform 1 M 8 12 month 01.05.2013 Berenberg Bank ALEXANDER VIRGO sell 1 M 7 Not Provided 01.05.2013 Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 10 12 month 30.04.2013 Centrobanca MARCO CRISTOFORI buy 5 M 10 Not Provided 05.11.2012 UBS FREDRIC STAHL neutral 3 D 9 12 month 02.11.2012 Goldman Sachs STEFAN BURGSTALLER not rated #N/A N/A M #N/A N/A Not Provided 30.05.2012 Holdings By: Fiat Industrial SpA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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