Fundamental Analysis &Analyst RecommendationsQMS Gold Miners FlexIndex -The QMS Advisors Gold Miners Flexible Index tracks...
CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInt...
CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInt...
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 20...
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 20...
30.04.2013Goldcorp, Inc. is engaged in the acquisition, exploration, development andoperation of precious metal properties...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 95391332 11.7...
30.04.2013Barrick Gold Corporation is an international gold company with operating minesand development projects in the Un...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 87777710 8.77...
30.04.2013Newmont Mining Corporation acquires, explores, and develops mineral properties.The Company produces gold from op...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 61681268 12.5...
30.04.2013Randgold Resources Ltd. provides mining services. The Company offersacquisition, development, and exploration of...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8508542 9.24 ...
30.04.2013Yamana Gold Inc. is an intermediate gold producer with production, developmentstage, and exploration properties ...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 78066044 10.3...
30.04.2013Gold Fields Limited produces precious metals. The Company has mines in SouthAfrica, Ghana, and Australia, as wel...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIRST EAGLE INVESTME FIRST EAGLE IN...
30.04.2013Silver Wheaton Corporation purchases and sells by-product silver from operatingmines. The Company has long term ...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 26099114 7.36...
30.04.2013AngloGold Ashanti Limited is a holding company for a group of companies whichexplore for and mine gold internati...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePAULSON & CO PAULSON & CO 13F 28203...
30.04.2013Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,zinc, and other metals. The Compa...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 25536584 9.29...
30.04.2013New Gold Inc. is a natural resource company. The Company acquires, explores,and develops gold properties.Latest ...
30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 62551684 13.1...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
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Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

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

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

  1. 1. Fundamental Analysis &Analyst RecommendationsQMS Gold Miners FlexIndex -The QMS Advisors Gold Miners Flexible Index trackscompanies involved in the Gold Mining Industry.May 2013Q.M.S AdvisorsQ.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy.
  2. 2. CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInterest(USD)Cash andEquivalents(USD)EnterpriseValue(USD)Tot. Rev. -LFYEst. Tot.Rev. - Tr.12MEst. Tot.Rev. - 2013Est. Tot.Rev. - 2014 EBITDA - LFYEst. EBITDA -Tr. 12MEst. EBITDA -2013Est. EBITDA -2014 EPS - LFYEst. EPS -Tr. 12MEst. EPS -2013Est. EPS -2014P/E Ratio -LFYEst. P/ERatio - Tr.12MEst. P/ERatio - 2013Est. P/ERatio - 2014Est.RevenueGrowth - 1YEst.RevenueGrowth - 5YEst. EBITDAGrowth - 1YEst. Est.EBITDAGrowth - 5YEst. EBITDAMargin -S&P LTCreditRating -S&P LT CreditRating DateMoodys LTCreditRatingMoodys LT CreditRating DateS&P 500 INDEX USD 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56GOLDCORP INC USD 23158 2732 812 1 0 0 1 23.24 5435 5435 5511 6878 2798 2798 719 719 1.99 1.89 1.54 2.20 14.88 14.88 18.27 12.82 1.36 19.30 19.78 21.03 51.48 BBB+ 01.06.2009 Baa2 13.03.2013BARRICK GOLD CORP USD 19241 5335 1001 14 0 3 2 34.39 14547 14340 13641 14699 7358 7071 1538 1538 3.74 3.30 3.20 3.47 5.82 5.82 6.01 5.53 2.18 13.61 -11.64 24.49 49.31 BBB 26.04.2013 Baa2 24.04.2013NEWMONT MINING CORP USD 15766 6491 497 6 0 3 2 23.93 9868 9362 9627 11209 4169 3731 882 882 3.78 3.34 2.99 3.79 9.46 9.46 10.58 8.33 -4.73 4.99 -19.24 19.37 39.85 BBB+ 11.08.2008 Baa1 26.07.2010RANDGOLD RESOURCES LTD-ADR USD 7259 380 92 0 0 0 0 7.05 1318 1318 1505 1959 699 699 - - 4.65 4.70 4.67 7.35 16.77 16.77 16.87 10.71 16.92 45.49 20.16 53.34 53.06 - - - -YAMANA GOLD INC USD 8832 1897 1 0 0 0 9.30 2337 2337 2666 3177 1269 1502 313 313 - - 0.85 1.13 - - 13.84 10.35 7.52 203.49 0.53 26.81 64.28 - - - -GOLD FIELDS LTD-SPONS ADR USD 5241 899 16 0 2 5 28916 42194 28557 30284 14243 20101 - - - - 5.89 7.52 - - 10.89 8.53 14.46 - 5.29 13.85 47.64 BB+ 15.11.2012 - -SILVER WHEATON CORP USD 8372 1107 0 0 0 1 7.64 850 850 1001 1128 701 701 197 197 - - 1.59 1.76 - - 14.89 13.40 16.38 63.12 13.36 43.74 82.57 - - - -ANGLOGOLD ASHANTI-SPON ADR USD 7159 384 30 0 0 8 52160 52152 59970 62195 19105 19105 - - - - 19.30 23.51 - - 8.68 7.12 -4.14 24.62 -17.82 86.63 36.63 BBB- 10.12.2012 - -CIA DE MINAS BUENAVENTUR-ADR USD 5452 544 254 0 0 0 0 5.65 1564 1509 1722 1854 572 572 290 290 2.69 2.69 2.71 2.76 7.35 7.35 7.31 7.17 0.44 17.76 -30.27 7.50 37.90 - - - -NEW GOLD INC USD 3644 831 1 0 0 1 3.80 791 791 988 1031 390 390 123 123 - - 0.44 0.53 - - 17.23 14.44 13.70 48.12 13.39 63.80 49.30 BB- 27.03.2012 B2 27.03.2012AGNICO EAGLE MINES LTD USD 5310 486 1 0 0 0 5.80 1918 1865 1731 2077 787 735 192 192 - - 1.07 1.78 - - 28.82 17.31 5.26 38.09 4.59 31.64 39.41 NR 12.03.2003 WR 05.03.2002ELDORADO GOLD CORP USD 5273 872 1 0 0 1 5.33 1148 1148 1309 1522 584 584 170 170 - - 0.46 0.59 - - 16.18 12.53 3.97 78.05 -9.24 53.95 50.93 BB 13.11.2012 Ba3 12.11.2012KINROSS GOLD CORP USD 6083 3036 1140 3 0 0 2 6.81 4311 4311 4045 4314 1962 1962 437 437 0.77 0.77 0.46 0.59 6.92 6.92 11.71 8.97 12.20 34.92 1.87 40.67 45.51 BBB- 15.08.2011 Baa3 15.08.2011ROYAL GOLD INC USD 3455 171 59 0 0 0 0 3.08 263 287 306 398 233 258 65 65 1.63 1.62 1.60 2.28 33.06 33.06 33.59 23.49 21.52 - 25.17 44.69 89.62 - - - -HARMONY GOLD MNG-SPON ADR USD 2107 433 2 0 0 2 15169 16047 16682 22264 4222 3562 4867 4867 - - 4.10 8.11 - - 10.64 5.38 30.81 19.23 79.35 16.71 22.20 - - - -IAMGOLD CORP USD 1914 1494 1 0 0 1 1.82 1670 1670 1631 1810 710 710 189 189 - - 0.51 0.68 - - 9.93 7.53 -0.19 21.94 -9.54 30.21 42.52 BB- 10.09.2012 - -PAN AMERICAN SILVER CORP USD 1910 356 0 0 0 1 1.45 929 929 1036 1110 362 362 95 95 - - 0.98 1.17 - - 12.81 10.73 8.57 47.85 -18.81 25.23 38.98 - - - -FIRST MAJESTIC SILVER CORP USD 1387 259 0 0 0 0 1.31 247 247 373 543 135 135 - - - - 0.85 1.31 - - 14.00 9.03 0.68 55.79 -13.49 101.01 54.66 - - - -COEUR DALENE MINES CORP USD 1497 306 90 0 0 0 0 1.47 895 895 940 1061 378 378 74 74 0.59 0.58 0.73 1.34 25.16 25.16 20.12 10.92 -12.31 64.18 -28.81 43.35 42.24 B+ 25.06.2012 B3 24.01.2013AURICO GOLD INC USD 1233 474 0 0 0 1 0.82 164 301 415 52 80 27 27 - - 0.27 0.41 - - 18.45 12.29 94.95 - 2151.89 - - - - - -ALLIED NEVADA GOLD CORP USD 962 834 90 1 0 0 0 1.14 215 225 394 586 95 95 25 25 0.52 0.49 0.90 1.73 21.84 21.84 11.90 6.19 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012HECLA MINING CO USD 924 1293 285 0 0 0 0 0.75 321 321 493 619 93 93 40 40 0.07 0.07 0.22 0.38 46.29 46.29 15.07 8.64 -32.76 35.19 -63.53 10.36 28.93 B 04.04.2013 B2 02.04.2013NEVSUN RESOURCES LTD USD 98 0 0 0 0 566 566 394 670 426 426 38 38 - - 0.43 0.95 - - 8.70 3.92 3.34 - -0.64 - 75.34 - - - -AURIZON MINES LTD USD 688 172 0 0 0 0 0.49 224 224 206 266 92 92 - - - - 0.17 0.26 - - 24.95 16.54 -14.02 16.43 -26.18 14.15 41.26 - - - -SILVER STANDARD RESOURCES USD 578 236 0 0 0 0 0.35 241 241 234 260 55 55 12 12 - - -0.08 -0.01 - - 63.09 - 38.56 - 22.64 - - - -SEABRIDGE GOLD INC USD 489 96 0 0 0 0 0.44 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -TANZANIAN ROYALTY EXPLORATIO USD 298 72 0 0 0 0 0.29 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -GOLDEN STAR RESOURCES LTD USD 272 285 259 0 0 0 0 0.31 551 551 540 585 125 126 26 26 -0.05 -0.14 0.00 0.16 - - 6.52 16.89 19.35 35.80 - 22.85 - - - -VISTA GOLD CORP USD 132 31 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -GREAT BASIN GOLD LTD USD 5 675 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -ARGONAUT GOLD INC CAD 934 87 149 0 0 0 0 0.74 185 185 219 292 106 106 19 19 0.67 0.61 0.40 0.55 10.03 10.03 15.51 11.21 78.12 - 90.83 - 56.74 - - - -TOREX GOLD RESOURCES INC CAD 792 302 604 0 0 0 0 0.37 0 0 0 0 -60 -60 -15 -15 -0.14 -0.15 -0.08 -0.08 - - - - -76.39 - - - - - -LIONGOLD CORP LTD SGD 857 15119 731 0 0 0 0 0.83 80 92 90 116 -4 1 - - -0.02 -0.03 0.00 0.01 - - 154.91 71.50 13.56 7.17 - - 1.20 - - - -CHINA GOLD INTERNATIONAL RES CAD 1082 24 396 0 0 0 0 1.11 329 329 351 630 137 137 152 152 0.18 0.18 0.16 0.19 15.12 15.12 16.92 14.48 6.70 - -1.29 - 41.28 - - - -PERSEUS MINING LTD CAD 643 183 0 0 0 0 0.58 143 312 399 55 126 - - - - 0.13 0.20 - - 10.12 6.66 - - - - - - - - -SANDSTORM GOLD LTD CAD 678 50 86 0 0 0 0 0.55 55 55 75 98 36 36 - - 0.25 0.25 0.28 0.43 30.29 30.29 27.05 17.49 85.77 - 90.67 - 64.78 - - - -OCEANAGOLD CORP CAD 622 103 294 0 0 0 0 0.78 381 388 587 647 143 143 50 50 0.08 0.11 0.24 0.34 19.08 19.08 8.60 6.17 -2.54 13.78 -11.92 66.39 37.10 - - - -MEDUSA MINING LTD AUD 639 1449 189 0 0 0 0 0.65 84 96 124 287 60 66 - - 0.27 0.30 0.44 1.01 12.24 - 8.14 3.59 -47.21 97.45 -53.84 - 71.75 - - - -DUNDEE PRECIOUS METALS INC CAD 773 76 126 0 0 0 0 0.74 381 381 472 547 - - - - 0.39 0.39 0.77 0.82 15.75 15.75 7.92 7.46 13.51 49.54 - - - - - - -RIO ALTO MINING LTD CAD 646 39 176 0 0 0 0 0.61 313 314 310 339 171 172 - - 0.56 0.55 0.52 0.54 6.66 6.66 6.97 6.70 - - - - 54.14 - - - -AURIZON MINES LTD USD 688 172 0 0 0 0 0.49 224 224 206 266 92 92 - - - - 0.17 0.26 - - 24.95 16.54 -14.02 16.43 -26.18 14.15 41.26 - - - -ENDEAVOUR SILVER CORP USD 506 276 0 0 0 0 0.49 208 208 249 291 90 90 25 25 - - 0.49 0.63 - - 10.43 8.06 62.57 87.74 38.56 - 43.16 - - - -CONTINENTAL GOLD LTD CAD 601 45 108 0 0 0 0 0.49 0 0 14 14 -12 -10 - - -0.07 -0.07 -0.08 -0.09 - - - - - - - - - - -RUBICON MINERALS CORP CAD 497 94 288 0 0 0 0 0.33 0 0 -11 -11 - - -0.04 -0.04 -0.05 0.21 - - 8.20 - - 46.06 - - - - - -SILVERCORP METALS INC USD 482 264 0 0 0 0 0.43 238 193 202 256 155 102 - - - - 0.27 0.40 - - 10.35 7.06 42.21 27.32 40.76 43.24 53.14 - - - -EVOLUTION MINING LTD AUD 714 3944 707 0 0 0 0 0.75 485 658 641 738 197 221 144 144 0.07 0.19 0.09 0.14 5.49 - 11.46 7.64 294.91 - 559.45 - 34.76 - - - -CHINA PRECIOUS METAL RESOURC HKD 746 1600 4351 0 0 0 0 0.97 210 210 268 319 144 144 186 186 0.02 0.02 0.02 0.02 1.42 - 1.11 0.94 5.83 26.53 4.61 - 8.87 - - - -SEABRIDGE GOLD INC USD 489 96 0 0 0 0 0.44 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -BEADELL RESOURCES LTD AUD 573 12022 742 0 0 0 0 0.71 1 1 326 347 -14 - 167 167 -0.05 -0.06 0.15 0.18 - - 4.99 4.24 - - 62.42 - - - - - -RESOLUTE MINING LTD AUD 635 1962 636 0 0 0 0 0.57 596 639 679 621 263 269 - - 0.17 0.26 0.24 0.18 3.88 - 4.31 5.71 30.58 30.23 135.62 108.31 43.54 - - - -Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA GrowthQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInterest(USD)Cash andEquivalents(USD)EnterpriseValue(USD)Tot. Rev. -LFYEst. Tot.Rev. - Tr.12MEst. Tot.Rev. - 2013Est. Tot.Rev. - 2014 EBITDA - LFYEst. EBITDA -Tr. 12MEst. EBITDA -2013Est. EBITDA -2014 EPS - LFYEst. EPS -Tr. 12MEst. EPS -2013Est. EPS -2014P/E Ratio -LFYEst. P/ERatio - Tr.12MEst. P/ERatio - 2013Est. P/ERatio - 2014Est.RevenueGrowth - 1YEst.RevenueGrowth - 5YEst. EBITDAGrowth - 1YEst. Est.EBITDAGrowth - 5YEst. EBITDAMargin -S&P LTCreditRating -S&P LT CreditRating DateMoodys LTCreditRatingMoodys LT CreditRating DateS&P 500 INDEX USD 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56ENDEAVOUR MINING CORP CAD 420 182 391 0 0 0 0 0.58 342 343 496 631 135 135 - - -0.04 0.00 0.15 0.20 981.35 981.35 6.53 4.97 136.18 - 212.47 - 38.96 - - - -FORTUNA SILVER MINES INC CAD 388 105 0.32 159 159 173 200 70 70 17 17 0.27 0.27 0.24 0.30 11.37 11.37 12.58 10.13 45.89 90.36 44.32 66.64 43.46 - - - -MCEWEN MINING INC USD 627 860 296 0 0 0 0 0.56 6 27 150 217 -92 -72 - - -0.19 -0.20 0.10 0.17 - - 22.74 12.71 - - -54.81 - -266.78 - - - -MAG SILVER CORP CAD 464 20 60 0 0 0 0 0.42 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.13 -0.14 - - - - -40.54 - - - - - -PRIMERO MINING CORP CAD 565 109 97 0 0 0 0 0.46 181 181 211 277 77 77 17 17 0.53 0.51 0.36 0.66 11.07 11.07 15.65 8.62 16.69 - 6.27 - 41.89 - - - -KINGSGATE CONSOLIDATED LTD AUD 340 1587 151 0 0 0 0 0.48 369 385 360 413 170 - - - 0.54 0.36 0.31 0.37 6.45 - 7.57 6.26 110.99 87.07 151.68 - - - - - -TIMMINS GOLD CORP CAD 348 53 144 0 0 0 0 0.34 154 154 210 230 68 68 19 19 0.25 0.25 0.32 0.32 9.68 9.68 7.57 7.43 87.22 - 59.45 - 43.43 - - - -ST BARBARA LTD AUD 303 3350 325 0 0 0 0 0.46 560 539 553 653 232 208 - - 0.42 0.28 0.09 0.17 2.27 - 7.13 3.67 52.22 28.77 108.51 87.42 39.84 B 15.03.2013 - -PREMIER GOLD MINES LTD CAD 293 325 149 0 0 0 0 0.27 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.07 - - - - -5.28 - -1311.61 - - - -NORTHERN STAR RESOURCES LTD AUD 296 6775 402 0 0 0 0 0.26 103 118 143 177 49 60 73 73 0.05 0.08 0.08 0.11 9.06 9.41 8.62 6.46 -13.85 - 5.41 - 52.41 - - - -TANZANIAN ROYALTY EXPLORATIO USD 298 72 0 0 0 0 0.29 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -REAL GOLD MINING LTD HKD 1032 0 907 0 0 0 0 0.50 176 176 153 153 - - 0.12 0.12 0.95 0.95 4.55 - 7.02 - 11.19 - - - -GOLDEN STAR RESOURCES LTD USD 272 285 259 0 0 0 0 0.31 551 551 540 585 125 126 26 26 -0.05 -0.14 0.00 0.16 - - 6.52 16.89 19.35 35.80 - 22.85 - - - -ROMARCO MINERALS INC CAD 258 282 585 0 0 0 0 0.19 0 0 -12 -12 -8 -8 -0.02 -0.02 -0.01 -0.01 - - - - 22.29 - - - - - -BANRO CORPORATION CAD 307 429 202 0 0 0 0 0.43 42 42 158 385 6 6 - - -0.02 -0.02 0.08 0.56 - - 15.88 2.12 - - - - 14.01 - - - -COLOSSUS MINERALS INC CAD 237 183 106 0 0 0 0 0.25 0 0 41 283 -33 -33 -7 -7 -0.28 -0.28 -0.12 0.82 - - 2.64 - - -12.10 - - - - - -RAINY RIVER RESOURCES LTD CAD 228 29 100 0 0 0 0 0.13 0 0 1 -64 -64 - - -0.72 -0.72 -0.19 - - - - -298.45 - - - - - -SULLIDEN GOLD CORP LTD CAD 244 124 243 0 0 0 0 0.22 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -36.12 - - - - - -ASANKO GOLD INC CAD 216 13 76 0 0 0 0 0.03 0 0 -35 -35 - - -0.48 -0.26 -0.19 -0.15 - - - - 7.26 - - - - - -BEAR CREEK MINING CORP CAD 237 25 92 0 0 0 0 0.17 0 0 -31 -31 - - -0.34 -0.33 -0.17 -0.07 - - - - -5.84 - - - - - -PARAMOUNT GOLD AND SILVER USD 232 128 0 0 0 0 0.22 0 0 -18 -18 -8 -8 - - -0.04 -0.04 - - -59.56 - -54.62 - -29165.25 - - - -KIRKLAND LAKE GOLD INC CAD 225 81 70 0 0 0 0 0.28 158 138 152 259 55 24 16 16 0.56 -0.01 -0.03 0.51 - - 6.25 54.12 61.89 109.74 - 17.39 - - - -GUYANA GOLDFIELDS INC CAD 222 91 95 0 0 0 0 0.19 0 0 410 -8 -8 - - -0.09 -0.10 -0.08 -0.09 - - - - 19.41 - - - - - -HIGHLAND GOLD MINING LTD GBp 413 285 325 0 0 0 0 0.56 545 545 594 712 251 251 248 248 0.59 0.59 0.42 0.51 5.22 5.22 7.20 5.99 26.65 38.35 5.22 63.72 71.23 - - - -INDOPHIL RESOURCES NL AUD 330 406 1203 0 0 0 0 0.09 0 0 -18 -18 - - 0.00 0.00 58.17 - - - -128.09 - - - - - -LYDIAN INTERNATIONAL LTD CAD 195 22 127 0 0 0 0 0.10 0 0 - - - - -0.05 -0.05 -0.04 -0.03 - - - - - - - - - - -SABINA GOLD & SILVER CORP CAD 206 20 174 0 0 0 0 0.09 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.02 - - - - -18.52 - - - - - -LAKE SHORE GOLD CORP CAD 163 237 416 0 0 0 0 0.26 132 132 198 267 38 38 - - -0.22 -0.23 -0.01 0.04 - - 9.53 99.77 - 412.60 - 28.20 - - - -BRIGUS GOLD CORP USD 153 210 0 0 0 0 0.22 118 118 157 168 48 48 - - - - 0.13 0.14 - - 5.10 4.94 63.78 - 239.92 60.49 41.21 - - - -GREAT PANTHER SILVER LTD USD 141 116 0 0 0 0 0.12 61 61 60 66 16 16 - - - - 0.06 0.08 - - 17.15 12.86 5.74 36.44 -28.90 - 25.56 - - - -INTREPID MINES LTD AUD 152 2760 555 0 0 0 0 0.15 0 0 -49 -49 - - -0.12 -0.14 -0.01 -0.02 - - - - -22.44 - - - - - -VISTA GOLD CORP USD 132 31 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -ALEXCO RESOURCE CORP USD 128 71 0 0 0 0 0.11 85 85 77 112 25 25 - - - - -0.08 0.08 - - 25.85 87.81 444.74 160.76 - 30.03 - - - -ATAC RESOURCES LTD CAD 129 40 104 0 0 0 0 0.11 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -SCORPIO MINING CORP CAD 94 86 198 0 0 0 0 0.06 45 45 80 112 14 14 - - 0.04 0.04 0.05 0.13 11.87 11.87 8.96 3.65 -24.73 - -51.22 - 30.62 - - - -MIDWAY GOLD CORP USD 125 31 128 0 0 0 0 0.09 0 0 -14 -14 - - -0.12 -0.13 -0.11 -0.12 - - - - 21.14 - - - - - -PATAGONIA GOLD PLC GBp 162 1459 736 0 0 0 0 0.16 0 0 -50 -41 - - -0.07 -0.05 - - - - - - - - - - -GRYPHON MINERALS LTD AUD 85 1851 348 0 0 0 0 0.03 0 0 1 1 -8 -8 - - - -0.01 -0.02 -0.02 - - - - 51.03 - - - - - -DRDGOLD LTD-SPONSORED ADR USD 254 11 0 0 0 0 1764 1959 2129 2546 371 400 526 526 - - 7.97 12.05 - - 7.46 4.94 27.89 7.86 64.25 12.94 20.40 - - - -RED 5 LTD AUD 87 68 135 0 0 0 0 0.10 4 17 52 131 -3 -5 9 9 -0.01 -0.07 -0.05 0.31 - - 2.14 - - 44.83 - -30.53 - - - -LINGBAO GOLD CO LTD-H HKD 228 397 770 1 0 0 0 0.70 824 824 892 850 95 95 97 97 0.03 0.03 0.02 0.02 1.12 1.07 1.30 1.27 1.51 2.37 -1.33 0.92 1.49 - - - -INTL TOWER HILL MINES LTD USD 99 31 0 0 0 0 0.07 0 0 0 0 -56 -56 - - - - -0.10 -0.07 - - - - -463.04 - - - - - -SARACEN MINERAL HOLDINGS LTD AUD 89 15969 595 0 0 0 0 0.10 190 193 218 247 65 54 64 64 0.04 -0.02 0.04 0.07 - - 4.41 2.20 18.66 - 6.31 - 28.72 - - - -EXETER RESOURCE CORP USD 80 16 88 0 0 0 0 0.02 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -RICHMONT MINES INC USD 82 20 40 0 0 0 0 0.02 102 104 111 135 8 8 - - -0.08 -0.09 0.29 0.43 - - 7.29 4.89 -14.20 30.03 -79.79 8.26 7.56 - - - -RAMELIUS RESOURCES LTD AUD 70 1496 336 0 0 0 0 0.03 87 120 132 173 13 -11 26 26 0.01 -0.06 0.01 0.09 - - 25.85 2.43 -44.52 180.96 -91.22 9.01 -9.39 - - - -GOLDEN MINERALS CO USD 78 48 43 0 0 0 0 0.03 26 26 36 56 -35 -35 -6 -6 -1.44 -1.51 -0.74 -0.29 - - 1320.81 - 45.58 - -133.08 - - - -SAN GOLD CORP CAD 63 158 335 0 0 0 0 0.05 141 141 129 168 36 36 - - -0.04 -0.03 -0.05 -0.02 - - 24.29 115.45 185.88 - 24.98 - - - -OREZONE GOLD CORP CAD 63 31 86 0 0 0 0 0.05 0 0 -28 -28 - - -0.06 -0.08 -0.15 -0.08 - - - - 9.64 - - - - - -GRAN COLOMBIA GOLD CORP CAD 64 303 382 0 0 0 0 0.25 166 166 172 209 15 15 10 10 -0.08 -0.09 -0.06 0.03 - - 5.56 21.94 - 867.42 - 8.69 - - - -Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA GrowthQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to SpotS&P 500 INDEX 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%GOLDCORP INC 1.02 0.98 0.94 0.89 4.20 4.21 3.37 3.12 3.18 9.90 10.61 7.85 6.51 5.17 7.87 8.34 5.99 5.25 5.00 14.21 18.26 12.82 11.01 8.72 1.91 2.12 2.11 2.13 2.13 39.80 41.2%BARRICK GOLD CORP 0.74 0.80 0.75 0.67 1.36 1.41 1.31 1.30 1.23 3.50 4.04 3.66 3.39 3.02 4.61 5.25 4.71 4.45 3.89 5.05 6.00 5.53 5.65 4.47 3.91 4.19 4.21 4.10 5.73 29.23 52.1%NEWMONT MINING CORP 1.15 1.08 1.00 0.94 1.59 1.66 1.42 1.45 5.24 5.80 4.74 4.78 5.58 6.25 4.93 5.21 6.73 8.89 10.57 8.33 8.98 9.42 4.54 4.80 4.89 4.39 4.44 44.40 40.5%RANDGOLD RESOURCES LTD-ADR 2.79 2.42 2.08 1.79 5.30 4.82 3.70 3.62 3.49 12.40 11.12 7.95 7.09 8.87 9.70 9.72 6.26 5.86 6.10 16.69 16.86 10.71 11.24 12.46 0.60 0.65 1.36 0.57 111.36 41.3%YAMANA GOLD INC 1.12 1.09 1.01 0.96 3.72 3.31 2.78 2.88 2.58 8.24 7.64 6.22 6.08 4.75 7.11 6.31 5.02 5.33 4.29 12.86 13.84 10.35 11.76 7.07 2.04 2.08 2.11 2.04 17.98 53.2%GOLD FIELDS LTD-SPONS ADR 0.80 0.92 0.85 0.78 0.96 1.65 1.56 1.49 2.92 4.57 4.54 4.17 5.65 10.89 8.53 7.49 5.54 2.89 3.20 3.84 8.53 19.9%SILVER WHEATON CORP 2.68 2.40 2.14 1.92 1.55 10.23 8.36 7.42 7.15 5.46 12.39 11.17 10.13 9.59 7.76 11.22 9.22 8.11 8.17 6.10 14.27 14.87 13.40 13.32 9.75 1.58 2.01 2.18 2.39 2.63 40.83 72.8%ANGLOGOLD ASHANTI-SPON ADR 1.21 1.11 0.97 0.87 1.07 1.08 1.04 1.07 3.81 3.50 3.30 3.72 6.22 8.67 7.12 7.59 2.26 1.44 1.40 1.44 29.82 60.5%CIA DE MINAS BUENAVENTUR-ADR 1.40 1.17 1.03 0.96 3.55 3.17 2.94 3.09 12.21 12.96 11.05 6.60 7.51 6.66 7.27 6.96 7.30 7.17 8.08 3.10 2.99 3.43 3.05 28.22 42.7%NEW GOLD INC 1.41 1.26 1.18 1.10 1.06 4.75 3.68 3.53 3.48 3.87 12.36 8.99 7.78 7.02 7.64 9.60 6.72 5.89 5.74 6.02 18.84 17.21 14.44 13.17 15.82 0.00 0.00 12.62 65.0%AGNICO EAGLE MINES LTD 1.53 1.52 1.47 1.40 2.77 3.07 2.56 2.57 2.44 7.53 10.37 7.62 7.06 6.53 7.04 9.23 6.51 6.54 4.55 14.60 28.79 17.31 16.05 14.42 2.49 2.75 2.73 2.68 2.60 43.05 39.9%ELDORADO GOLD CORP 0.88 0.86 0.83 0.78 4.56 4.02 3.46 2.54 1.87 11.34 10.41 8.22 5.81 3.23 8.79 7.72 6.36 4.56 3.08 16.08 16.16 12.53 9.05 5.58 1.96 1.82 2.25 3.12 2.85 13.06 77.0%KINROSS GOLD CORP 0.46 0.60 0.57 0.56 0.47 1.41 1.50 1.41 1.52 1.32 4.24 4.66 3.93 4.35 3.71 3.45 4.18 3.48 3.77 2.84 7.22 11.71 8.97 9.89 7.03 3.00 2.91 2.89 3.00 3.00 8.77 64.6%ROYAL GOLD INC 1.74 1.43 1.39 1.30 12.61 11.29 8.69 6.44 17.29 18.15 13.80 9.94 12.78 11.42 8.85 6.77 30.65 33.58 23.50 15.86 1.02 1.35 1.47 1.58 79.47 48.1%HARMONY GOLD MNG-SPON ADR 0.50 0.48 0.47 0.46 1.12 1.14 0.85 0.78 4.52 3.83 3.19 3.92 6.39 10.63 5.38 13.67 2.74 1.37 2.93 1.46 8.05 66.3%IAMGOLD CORP 0.51 0.50 0.48 0.48 1.17 1.17 1.06 1.08 1.02 3.57 4.51 3.63 3.75 3.13 2.47 2.79 2.36 2.55 2.14 5.90 9.93 7.53 8.43 6.75 5.00 4.84 4.57 4.51 4.92 9.84 93.6%PAN AMERICAN SILVER CORP 0.67 0.68 0.64 0.60 0.52 2.00 1.84 1.72 1.71 1.37 7.05 7.23 6.68 7.21 4.36 3.70 3.61 3.14 3.40 1.84 10.02 12.81 10.73 12.52 7.24 1.41 3.43 3.27 2.96 3.97 18.65 48.2%FIRST MAJESTIC SILVER CORP 2.24 5.27 3.72 2.56 2.23 1.97 9.60 8.20 6.15 5.09 3.97 7.76 6.11 4.24 3.84 3.10 12.35 14.00 9.03 7.54 6.38 19.36 63.3%COEUR DALENE MINES CORP 0.61 0.59 0.54 0.50 1.66 1.59 1.41 1.40 1.22 4.93 5.16 4.24 4.01 3.97 3.83 2.85 2.67 13.39 20.10 10.93 8.49 23.49 61.0%AURICO GOLD INC 0.66 0.62 0.61 0.60 0.50 3.94 4.10 2.97 2.57 2.19 12.35 9.17 6.40 6.01 4.84 5.76 5.76 3.82 3.23 2.53 12.50 18.47 12.29 11.76 9.41 0.00 3.66 2.82 3.26 3.94 7.46 49.2%ALLIED NEVADA GOLD CORP 1.52 1.41 1.01 0.81 0.63 4.43 2.44 1.64 1.19 0.56 11.84 8.24 4.49 2.49 1.67 12.02 6.10 3.29 2.31 1.32 19.81 11.90 6.19 3.11 2.02 23.97 124.0%HECLA MINING CO 0.82 0.77 0.73 0.64 0.56 2.83 1.87 1.49 1.64 1.48 10.38 6.78 5.18 4.79 4.66 6.79 3.39 2.30 2.26 2.35 30.00 15.07 8.64 8.10 8.24 1.23 1.14 1.85 2.47 1.23 5.09 57.1%NEVSUN RESOURCES LTD 1.21 1.08 0.96 0.85 2.83 4.89 2.70 3.15 4.16 5.36 8.70 3.92 4.62 8.04 2.65 2.65 2.65 2.65 5.19 38.9%AURIZON MINES LTD 1.79 1.78 3.07 3.37 2.61 2.83 2.71 9.81 10.54 7.63 7.91 6.54 5.03 5.21 3.52 20.47 24.95 16.54 15.45 14.69 0.00 4.69 12.1%SILVER STANDARD RESOURCES 0.55 0.51 0.50 0.48 2.33 2.47 2.22 1.97 1.13 14.11 12.02 10.83 7.48 7.18 4.85 5.34 3.76 2.98 36.43 36.62 0.00 0.00 0.00 16.04 124.7%SEABRIDGE GOLD INC 43.82 308.4%TANZANIAN ROYALTY EXPLORATIOGOLDEN STAR RESOURCES LTD 0.63 0.65 0.60 0.70 0.00 0.49 0.50 0.47 0.45 0.37 2.34 3.05 2.04 1.91 1.38 2.76 2.66 1.65 2.14 2.24 21.88 6.52 4.61 2.23 0.00 1.59 51.0%VISTA GOLD CORP 0.95 0.50 0.52 1.78 0.34 0.62 1.07 0.71 6.98 330.9%GREAT BASIN GOLD LTD 0.01 0.03 0.20 10.25ARGONAUT GOLD INC 1.57 1.07 0.96 0.93 5.04 4.24 3.17 2.88 2.31 9.10 11.38 7.95 6.58 6.37 7.02 6.76 4.93 4.97 3.19 11.34 15.72 11.32 8.94 8.70 11.52 81.7%TOREX GOLD RESOURCES INC 1.48 1.44 1.44 1.29 1827.72 6.50 20.72 2.56 93.7%LIONGOLD CORP LTD 16.36 10.94 9.51 7.38 5.39 190.83 88.08 44.04CHINA GOLD INTERNATIONAL RES 0.79 0.74 0.68 0.63 3.23 3.09 1.70 1.14 6.84 0.79 1.71 0.35 7.52 7.40 4.60 3.02 13.35 17.29 14.63 12.57 0.48 0.47 0.62 11.75 3.62 31.2%PERSEUS MINING LTD 1.76 1.55 1.29 0.99 0.83 3.87 1.99 1.54 1.08 1.06 10.15 7.78 4.40 2.69 3.26 9.86 4.60 3.40 1.96 2.22 10.88 10.30 6.73 3.89 4.81 0.00 0.00 0.22 3.21 2.19 2.36 66.2%SANDSTORM GOLD LTD 11.49 8.92 6.86 5.20 13.96 15.21 10.73 8.31 12.92 9.61 6.62 5.65 25.34 27.37 17.68 12.30 12.23 58.4%OCEANAGOLD CORP 1.03 0.95 0.91 0.86 0.98 1.60 1.05 0.95 1.00 1.22 5.15 3.09 2.78 2.52 4.16 5.51 3.19 3.07 3.31 5.59 33.15 8.69 6.24 7.99 3.17 48.0%MEDUSA MINING LTD 2.02 1.62 1.14 0.87 0.71 7.06 5.32 2.31 2.09 1.86 11.71 4.86 3.18 2.74 2.74 9.65 7.58 3.04 2.76 2.61 10.88 7.87 3.47 3.18 3.15 2.98 0.98 3.40 5.11 4.43 5.39 64.9%DUNDEE PRECIOUS METALS INC 1.02 0.92 0.73 0.67 2.21 1.65 1.41 1.50 6.33 5.43 4.70 4.00 5.45 3.55 2.59 2.30 10.32 8.08 7.54 6.98 5.98 0.00 0.00 0.00 11.36 82.6%RIO ALTO MINING LTD 2.86 2.10 2.03 9.53 2.09 1.90 1.75 1.61 20.84 5.86 5.89 5.45 5.37 22.86 3.32 3.79 3.10 2.00 30.92 7.06 6.77 6.02 6.89 0.00 0.00 0.00 6.09 64.1%AURIZON MINES LTD 1.79 1.78 3.07 3.37 2.61 2.83 2.71 9.81 10.54 7.63 7.91 6.54 5.03 5.21 3.52 20.47 24.95 16.54 15.45 14.69 0.00 4.69 12.1%ENDEAVOUR SILVER CORP 2.46 2.03 1.74 1.77 6.11 5.53 4.55 4.88 5.45 4.70 3.27 3.71 11.60 10.43 8.06 8.76 8.75 72.2%CONTINENTAL GOLD LTD 43.36 43.00 40.47 2.62 2.88 7.80 5.94 11.81 145.6%RUBICON MINERALS CORP 5.27 4.61 8.29 7.61 4.83 177.8%SILVERCORP METALS INC 1.10 1.98 2.39 1.88 1.44 1.34 4.09 5.23 4.24 2.84 3.21 2.83 4.58 3.02 2.44 2.16 6.06 10.35 7.06 4.96 5.77 3.15 3.47 6.18 118.9%EVOLUTION MINING LTD 0.63 0.61 0.55 0.50 0.49 1.46 1.11 0.97 0.97 0.99 3.51 3.39 2.99 2.94 2.84 4.06 3.05 2.41 2.43 2.53 9.47 11.08 7.39 7.22 7.17 0.00 0.92 1.95 2.36 2.26 1.21 24.6%CHINA PRECIOUS METAL RESOURC 1.48 1.21 1.02 3.88 2.79 2.34 12.09 14.78 7.70 5.22 4.11 13.30 8.58 7.27 0.75 2.26 3.76 1.70 27.8%SEABRIDGE GOLD INC 43.82 308.4%BEADELL RESOURCES LTD 5.97 3.26 1.57 1.24 100.56 1.76 1.65 1.87 2.12 4.43 3.33 4.70 4.23 3.69 4.83 7.59 4.83 4.10 5.38 5.30 0.00 0.00 0.14 1.84 4.26 1.02 44.0%RESOLUTE MINING LTD 1.07 0.97 0.83 0.70 0.50 1.01 0.93 1.02 0.97 0.99 3.04 2.73 3.35 2.84 3.41 2.07 2.00 2.31 2.01 1.92 4.40 4.17 5.52 5.43 5.82 0.00 5.03 2.62 3.25 5.24 1.32 38.7%Price to Earnings RatioValuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio TargetQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to SpotS&P 500 INDEX 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%ENDEAVOUR MINING CORP 1.20 0.86 0.67 0.63 0.41 2.43 2.54 2.06 1.87 0.92 4.05 2.87 2.39 2.00 1.94 6.65 6.67 5.02 4.46 1.73 2.76 168.0%FORTUNA SILVER MINES INC 1.60 1.31 1.12 0.96 0.85 2.29 2.22 1.92 1.81 5.78 6.20 5.39 4.78 5.00 4.61 4.05 3.20 2.97 3.48 11.24 12.70 10.24 8.53 9.39 4.80 53.4%MCEWEN MINING INC 0.67 0.61 0.55 4.18 2.89 2.02 15.43 48.00 18.00 8.00 10.17 6.70 4.06 2.67 24.00 22.74 12.71 8.64 5.45 152.3%MAG SILVER CORP 3.31 3.56 3.90 4.13 14.25 82.7%PRIMERO MINING CORP 0.98 1.06 1.02 0.87 3.05 2.65 2.02 1.56 1.28 6.27 7.64 5.30 4.41 3.08 5.40 4.39 2.77 2.14 1.51 11.76 15.84 8.71 6.24 5.00 0.00 0.00 8.59 46.3%KINGSGATE CONSOLIDATED LTD 0.43 0.39 0.36 0.34 0.29 0.90 0.94 0.82 0.66 0.50 2.69 2.44 1.73 1.48 1.41 2.71 3.67 2.86 2.02 1.54 3.61 7.32 6.05 6.35 3.33 9.95 6.06 9.81 11.81 21.20 3.38 56.4%TIMMINS GOLD CORP 2.18 1.65 1.27 1.41 2.20 1.65 1.51 1.49 1.46 6.18 5.36 5.26 5.24 4.58 4.60 3.48 3.30 3.72 3.58 8.78 7.62 7.51 7.06 6.15 0.00 0.00 0.00 3.46 41.9%ST BARBARA LTD 0.36 0.29 0.27 0.24 0.28 0.54 0.55 0.46 0.42 0.49 0.91 2.46 1.47 1.27 1.61 2.04 2.73 1.78 1.71 1.84 1.66 6.90 3.55 3.49 4.80 0.00 0.00 2.00 3.00 2.67 1.31 118.2%PREMIER GOLD MINES LTD 0.70 155.62 0.00 5.57 181.3%NORTHERN STAR RESOURCES LTD 3.07 2.35 1.86 1.56 1.53 2.60 2.08 1.67 1.63 1.02 6.68 4.50 3.61 3.43 3.38 4.81 3.52 2.59 2.50 2.45 12.05 8.33 6.25 5.67 9.51 0.00 3.85 4.44 4.30 1.48 1.01 49.3%TANZANIAN ROYALTY EXPLORATIOREAL GOLD MINING LTD 1.44 4.52 6.04 3.36 7.58 0.00GOLDEN STAR RESOURCES LTD 0.63 0.65 0.60 0.70 0.00 0.49 0.50 0.47 0.45 0.37 2.34 3.05 2.04 1.91 1.38 2.76 2.66 1.65 2.14 2.24 21.88 6.52 4.61 2.23 0.00 1.59 51.0%ROMARCO MINERALS INC 0.26 1.10 2.72 1.26 9.80 2.94 14.71 1.48 232.6%BANRO CORPORATION 0.73 6.97 1.93 0.79 0.75 0.74 110.84 4.90 1.35 1.53 1.75 243.03 6.85 2.23 2.00 2.09 16.11 2.14 2.25 3.14 0.82 0.00 0.00 4.90 5.72 2.60 111.4%COLOSSUS MINERALS INC 2.08 2.18 0.85 0.60 5.71 0.83 0.83 0.85 2.21 1.86 1.95 20.90 1.22 1.13 2.67 2.24 2.24 0.00 0.00 6.76 201.8%RAINY RIVER RESOURCES LTD 0.87 1.03 230.87 231.87 0.00 0.00 6.61 186.1%SULLIDEN GOLD CORP LTD 0.90 20.03 1.77 5.35 5.69 2.19 4.79 5.06 1.72 89.2%ASANKO GOLD INC 0.95 0.97 0.76 0.76 6.86 2.44 8.91 3.12 0.00 0.00 4.62 79.7%BEAR CREEK MINING CORP 1.74 3.30 4.01 54.3%PARAMOUNT GOLD AND SILVER 0.91 0.61 1.14 3.70 135.7%KIRKLAND LAKE GOLD INC 0.97 0.97 0.84 0.83 1.37 1.50 0.87 0.63 0.49 4.24 10.22 3.60 1.83 1.19 4.44 9.66 2.72 1.81 1.40 4.45 6.32 2.68 1.94 9.81 202.8%GUYANA GOLDFIELDS INC 0.90 0.74 0.46 0.39 0.33 0.54 1.08 0.90 2.71 1.62 1.62 1.29 4.43 2.29 0.00 5.33 199.4%HIGHLAND GOLD MINING LTD 0.53 0.48 0.43 0.39 0.34 1.21 1.08 0.90 0.90 0.90 3.08 3.62 2.93 2.76 2.27 2.34 2.27 1.84 1.81 1.91 4.07 4.65 3.87 4.02 4.32 5.81 4.95 5.18 5.65 6.28 139.58 70.2%INDOPHIL RESOURCES NLLYDIAN INTERNATIONAL LTD 2.60 1.76 1.91 1.24 7.32 1.96 20.32 12.45 3.71 139.6%SABINA GOLD & SILVER CORP 0.69 0.27 0.00 4.28 256.3%LAKE SHORE GOLD CORP 0.17 0.26 0.27 1.17 0.82 0.61 0.62 0.50 3.76 2.56 1.80 1.70 1.13 8.10 3.25 2.08 2.45 1.48 9.63 6.08 7.18 1.23 211.7%BRIGUS GOLD CORP 1.27 0.99 0.91 0.77 0.57 2.87 2.32 2.26 2.05 1.61 4.06 2.63 2.16 1.86 1.96 6.77 5.13 4.91 3.55 3.03 1.46 120.2%GREAT PANTHER SILVER LTD 2.29 2.36 2.15 7.74 8.57 6.86 5.14 5.42 6.41 15.83 17.15 12.86 20.58 34.30 1.50 47.3%INTREPID MINES LTD 0.91 1.08 1.13 0.96 0.64 4619.61 4.75 0.65 0.00 0.00 0.00 0.00 0.24 -9.4%VISTA GOLD CORP 0.95 0.50 0.52 1.78 0.34 0.62 1.07 0.71 6.98 330.9%ALEXCO RESOURCE CORP 1.45 1.68 1.15 0.94 0.80 5.70 5.08 3.48 2.79 2.05 9.84 8.71 6.18 36.93 25.85 12.92 4.92 3.52 71.5%ATAC RESOURCES LTD 1.44 1.28 1.17 1.10 3.53 206.5%SCORPIO MINING CORP 2.02 1.17 0.84 7.16 3.58 1.73 1.02 5.39 3.84 2.24 12.00 9.06 3.69 2.29 1.93 302.8%MIDWAY GOLD CORP 1.27 2.18 1.48 1.46 1.91 1.07 48.95 18.99 2.07 6.53 1.86 92.0%PATAGONIA GOLD PLCGRYPHON MINERALS LTD 0.38 0.39 0.36 0.32 0.18 33.32 108.02 60.01 1.40 0.49 7.88 1.51 1.37 1.91 0.44 4.02 1.75 0.00 0.00 0.00 0.00 0.00 0.65 217.1%DRDGOLD LTD-SPONSORED ADR 1.08 0.90 5.61 3.79 7.46 4.94 5.03 6.70 8.40 27.3%RED 5 LTD 0.62 0.58 0.47 0.37 6.09 1.68 0.66 0.63 0.40 9.25 1.20 1.01 20.24 6.25 1.18 1.03 0.55 22.96 2.07 1.62 1.00 0.00 0.00 0.00 0.00 1.14 83.9%LINGBAO GOLD CO LTD-H 0.57 0.56 0.54 0.53 0.20 0.20 0.21 0.24 6.75 7.17 6.66 7.01 6.74 10.11 9.83 13.48 4.07 3.30 3.02 2.20 2.14 -6.6%INTL TOWER HILL MINES LTD 0.44 0.62 0.37 0.00 4.72 367.7%SARACEN MINERAL HOLDINGS LTD 0.48 0.32 0.28 0.24 0.20 0.47 0.41 0.36 0.30 0.30 1.51 1.54 1.31 1.01 1.21 1.55 1.53 1.13 0.82 0.79 3.30 4.26 2.13 1.75 1.48 0.00 0.00 0.00 7.59 13.79 0.30 103.4%EXETER RESOURCE CORP 1.47 3.45 279.3%RICHMONT MINES INC 0.78 0.74 0.61 7.42 3.46 2.63 19.79 7.29 4.89 4.69 127.9%RAMELIUS RESOURCES LTD 0.42 0.25 0.24 0.22 0.72 0.53 0.40 0.44 0.34 9.09 6.25 1.83 1.82 1.57 1.12 0.52 0.56 0.50 5.41 25.00 2.35 2.74 3.33 0.00 0.00 2.00 3.00 10.00 0.34 67.5%GOLDEN MINERALS CO 3.13 2.18 1.40 1.02 28.69 1.89 0.61 3.44 4.85 168.5%SAN GOLD CORP 0.27 0.29 0.45 0.49 0.38 1.64 1.90 1.33 1.50 1.46 1.79 1.57 1.15 2.21 0.31 63.2%OREZONE GOLD CORP 0.15 0.75 5.64 3.62 9.17 2.57 247.6%GRAN COLOMBIA GOLD CORP 0.31 0.37 0.31 0.19 2.41 1.87 0.84 6.65 25.25 5.26 2.50 5.62 5.62 1.69 0.70 311.8%Price to Earnings RatioValuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio TargetQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 30.04.2013Goldcorp, Inc. is engaged in the acquisition, exploration, development andoperation of precious metal properties in Canada, the Unites States, Mexico andCentral and South America.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (21.09.2012) 47.4252-Week Low (17.04.2013) 27.11Daily Volume28.1852-Week High % Change -40.72% Dividend Yield 1.9252-Week Low % Change 3.95% Beta 0.73% 52 Week Price Range High/Low 8.47% Equity Float 808.91Shares Out 28.03.2013 811.7 Short Int 5.1923157.77 1 Yr Total Return -25.20%Total Debt 783.00 YTD Return -22.75%Preferred Stock 0.0 Adjusted BETA 0.727Minority Interest 213.0 Analyst Recs 27Cash and Equivalents 918.00 Consensus Rating 4.333Enterprise Value 23235.77Average Volume 5 Day 7859788GG US EQUITY YTD Change - Average Volume 30 Day 7606458GG US EQUITY YTD % CHANGE - Average Volume 3 Month 6880145LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q22419.6 2723.6 3738.0 5362.0 5435.0 5362 5435 5511 6878 1351 13059.42x 10.50x 9.95x 6.61x 5.50x 28.06x 24.57x 4.43x 3.49x 17.38x 18.22x1052.2 1366.2 2026.0 2336.0 2798.0 3030.0 2798.0 2789.2 3880.4 718.6 669.121.66x 20.94x 18.36x 15.18x 10.69x 11.71x 10.69x 8.34x 5.99x 8.00x 8.04x1475.6 240.2 2051.0 1187.0 1749.0 1881.0 1749.0 1320.8 1969.3 311.3 263.357.34x 50.85x 30.36x 22.24x 18.47x 22.92x 19.41x 18.26x 12.82x 17.15x 15.65xEBITDA 2798.00 Long-Term Rating Date 01.06.2009EBIT 2123.00 Long-Term Rating BBB+Operating Margin 39.06% Long-Term Outlook STABLEPretax Margin 41.44% Short-Term Rating Date -Return on Assets 5.77% Short-Term Rating -Return on Common Equity 7.95%Return on Capital 7.72% EBITDA/Interest Exp. 93.27Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 6.33Net Debt/EBITDA -0.05Gross Margin 44.6% Total Debt/EBITDA 0.28EBITDA Margin 51.5%EBIT Margin 39.1% Total Debt/Equity 3.4%Net Income Margin 32.2% Total Debt/Capital 3.3%Asset Turnover 0.18Current Ratio 2.15 Net Fixed Asset Turnover 0.21Quick Ratio 1.39 Accounts receivable turnover-days 41.45Debt to Assets 2.51% Inventory Days 78.74Tot Debt to Common Equity 3.45% Accounts Payable Turnover Day 87.16Accounts Receivable Turnover 8.83 Cash Conversion Cycle 33.03Inventory Turnover 4.65Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedGoldcorp IncPrice/VolumeValuation Analysis2731668.00Current Price (4/dd/yy) Market Data05101520253035404550a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.01000.02000.03000.04000.05000.06000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 95391332 11.75 - 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 32937156 4.06 (9098135) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 31593509 3.89 (836637) 29.04.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 22991630 2.83 1883662 31.12.2012 BankBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19122015 2.36 (574672) 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 18417273 2.27 7264832 31.03.2013 Hedge Fund ManagerCARMIGNAC GESTION CARMIGNAC GESTION 13F 17580357 2.17 17580357 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 15796349 1.95 5676487 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 15632925 1.93 5971920 31.12.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 12996285 1.6 (440597) 31.12.2012 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11582812 1.43 (224052) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 11409803 1.41 1401951 31.12.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 8426680 1.04 (27800) 31.12.2012 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 7362990 0.91 699268 31.12.2012 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 7239262 0.89 (4220800) 31.12.2012 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 7106968 0.88 (2294891) 31.12.2012 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6835256 0.84 1053271 31.03.2013 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 6162583 0.76 (935880) 28.02.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 5776522 0.71 1267153 31.12.2012 GovernmentWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5736927 0.71 (2008888) 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies PETER D WARD hold 3 M 27 12 month 30.04.2013HSBC PATRICK CHIDLEY overweight 5 M 35 Not Provided 28.04.2013Stifel GEORGE J TOPPING buy 5 M 36 Not Provided 26.04.2013Macquarie TONY LESIAK outperform 5 M 39 12 month 25.04.2013Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 41 12 month 23.04.2013TD Securities GREG BARNES buy 5 M 37 12 month 23.04.2013Barclays FAROOQ HAMED overweight 5 M 40 Not Provided 23.04.2013Deutsche Bank JORGE M BERISTAIN hold 3 M 28 12 month 22.04.2013Credit Suisse ANITA SONI neutral 3 M 37 Not Provided 22.04.2013Davenport & Co LLOYD T OCARROLL buy 5 M 35 Not Provided 22.04.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 42 12 month 22.04.2013RBC Capital Markets STEPHEN D WALKER outperform 5 M 36 12 month 19.04.2013JPMorgan JOHN BRIDGES overweight 5 M 50 6 month 19.04.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 49 Not Provided 15.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 46 12 month 15.04.2013CIBC World Markets ALEC KODATSKY sector outperform 5 M 46 Not Provided 11.04.2013Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 09.04.2013GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013Salman Partners DAVID WEST top pick 5 M 59 12 month 01.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 15.03.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 48 Not Provided 12.03.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 33 Not Provided 19.02.2013Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 08.01.2013Raymond James BRAD HUMPHREY Under Review #N/A N/A N #N/A N/A Not Provided 19.11.2008Holdings By:Goldcorp IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 30.04.2013Barrick Gold Corporation is an international gold company with operating minesand development projects in the United States, Canada, South America, Australia,and Africa.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (06.06.2012) 43.3052-Week Low (17.04.2013) 17.51Daily Volume19.21952-Week High % Change -56.03% Dividend Yield 4.1652-Week Low % Change 9.76% Beta 0.77% 52 Week Price Range High/Low 6.79% Equity Float 998.49Shares Out 31.03.2013 1001.1 Short Int 9.3019240.87 1 Yr Total Return -51.38%Total Debt 13943.00 YTD Return -44.75%Preferred Stock 0.0 Adjusted BETA 0.772Minority Interest 2663.0 Analyst Recs 32Cash and Equivalents 2093.00 Consensus Rating 3.938Enterprise Value 34387.87Average Volume 5 Day 24445460ABX US EQUITY YTD Change - Average Volume 30 Day 21168664ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 15802371LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q37613.0 8136.0 11001.0 14236.0 14547.0 14793.0 14340.0 13640.9 14699.3 3337.0 3484.34.64x 5.27x 5.25x 4.08x 3.41x 15.70x 14.05x 2.57x 2.36x 10.28x 9.98x3010.0 3589.0 6211.0 8327.0 7358.0 8579.0 7071.0 6557.0 7308.1 1538.4 1682.011.75x 11.95x 9.30x 6.98x 6.73x 6.58x 6.30x 5.25x 4.71x 5.16x 5.08x785.0 (4274.0) 3582.0 4484.0 (665.0) 4522.0 (847.0) 3100.7 3413.1 635.7 727.6- - - - - 0.00x 0.00x 6.00x 5.53x 6.45x 6.19xEBITDA 7358.00 Long-Term Rating Date 26.04.2013EBIT 5636.00 Long-Term Rating BBBOperating Margin 38.74% Long-Term Outlook NEGPretax Margin -6.28% Short-Term Rating Date 19.05.2011Return on Assets -1.71% Short-Term Rating A-2Return on Common Equity -3.63%Return on Capital - EBITDA/Interest Exp. 9.89Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 1.33Net Debt/EBITDA 1.76Gross Margin 47.4% Total Debt/EBITDA 2.09EBITDA Margin 49.3%EBIT Margin 37.2% Total Debt/Equity 63.8%Net Income Margin -4.6% Total Debt/Capital 36.3%Asset Turnover 0.29Current Ratio 1.33 Net Fixed Asset Turnover 0.48Quick Ratio 0.58 Accounts receivable turnover-days 10.51Debt to Assets 29.49% Inventory Days 125.35Tot Debt to Common Equity 63.83% Accounts Payable Turnover Day 94.50Accounts Receivable Turnover 34.72 Cash Conversion Cycle 33.82Inventory Turnover 2.91Fiscal Year EndedBarrick Gold CorpPrice/VolumeValuation Analysis5334847.00Current Price (4/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure051015202530354045a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M10.0 M20.0 M30.0 M40.0 M50.0 M60.0 M70.0 M0.02000.04000.06000.08000.010000.012000.014000.016000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 87777710 8.77 - 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 58280637 5.82 (23472640) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 33799228 3.38 (1012978) 29.04.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 30078073 3 3795193 31.12.2012 BankFMR LLC n/a ULT-AGG 20600402 2.06 (3418885) 31.03.2013 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 17663919 1.76 771337 31.12.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 17095925 1.71 (4625429) 31.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 16861844 1.68 3198995 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 14741836 1.47 (68927) 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 14548226 1.45 3777420 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13797555 1.38 (4803846) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 13586744 1.36 1359379 31.12.2012 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 13422922 1.34 866236 31.12.2012 Investment AdvisorINSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12729638 1.27 (401738) 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10758391 1.07 353171 31.12.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 10376354 1.04 (2442600) 31.12.2012 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 10027723 1 1562724 31.12.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 9682770 0.97 128664 31.03.2013 Investment AdvisorOLDFIELD PARTNERS LL OLDFIELD PARTNERS LL 13F 8964554 0.9 1678488 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 8501322 0.85 2875528 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies PETER D WARD buy 5 M 30 12 month 30.04.2013Deutsche Bank JORGE M BERISTAIN hold 3 M 23 12 month 29.04.2013Canaccord Genuity Corp STEVEN BUTLER hold 3 M 23 12 month 29.04.2013HSBC PATRICK CHIDLEY overweight 5 M 29 Not Provided 28.04.2013Stifel GEORGE J TOPPING buy 5 M 34 Not Provided 26.04.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 33 Not Provided 25.04.2013Macquarie TONY LESIAK neutral 3 M 21 12 month 25.04.2013Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 25.04.2013Salman Partners DAVID WEST buy 5 M 29 12 month 25.04.2013Cormark Securities Inc. RICHARD GRAY market perform 3 M 25 12 month 25.04.2013Haywood Securities Inc. KERRY SMITH buy 5 M 34 12 month 25.04.2013TD Securities GREG BARNES hold 3 M 22 12 month 25.04.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 33 12 month 25.04.2013Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 28 Not Provided 25.04.2013Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 25.04.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 30 Not Provided 24.04.2013RBC Capital Markets STEPHEN D WALKER sector perform 3 M 24 12 month 24.04.2013Credit Suisse ANITA SONI outperform 5 M 38 Not Provided 24.04.2013JPMorgan JOHN BRIDGES neutral 3 M 32 6 month 24.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 24 12 month 24.04.2013GMP GEORGE V ALBINO buy 5 M 49 12 month 24.04.2013Barclays FAROOQ HAMED equalweight 3 M 24 Not Provided 24.04.2013Davenport & Co LLOYD T OCARROLL buy 5 M 26 Not Provided 22.04.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 20.02.2013Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 15.02.2013S&P Capital IQ LEO LARKIN buy 5 M 38 12 month 15.02.2013Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 20.11.2012Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011Holdings By:Barrick Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 30.04.2013Newmont Mining Corporation acquires, explores, and develops mineral properties.The Company produces gold from operations in the United States, Australia, Peru,Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines andprocesses copper in Indonesia.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 57.9352-Week Low (30.04.2013) 31.56Daily Volume31.599952-Week High % Change -45.70% Dividend Yield 4.6752-Week Low % Change 0.13% Beta 0.67% 52 Week Price Range High/Low 8.41% Equity Float 491.01Shares Out 22.04.2013 492.3 Short Int 15.8515765.83 1 Yr Total Return -31.49%Total Debt 6298.00 YTD Return -31.21%Preferred Stock 0.0 Adjusted BETA 0.675Minority Interest 3175.0 Analyst Recs 24Cash and Equivalents 1647.00 Consensus Rating 3.750Enterprise Value 23932.83Average Volume 5 Day 9550125NEM US EQUITY YTD Change - Average Volume 30 Day 8914642NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 8472661LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q36124.0 7705.0 9540.0 10358.0 9868.0 10576.0 9362.0 9627.0 11208.8 2262.4 2361.13.70x 3.46x 3.45x 3.38x 3.13x 12.61x 13.44x 2.51x 2.15x 10.56x 10.14x2139.0 3799.0 5118.0 5162.0 4169.0 5185.0 3731.0 3859.1 4882.1 881.5 939.210.60x 7.02x 6.43x 6.78x 7.41x 6.08x 7.71x 6.25x 4.93x 5.80x 5.31x831.0 1297.0 2277.0 366.0 1809.0 342.0 1634.0 1559.9 2105.0 373.3 407.320.98x 17.02x 13.44x 13.92x 12.29x 11.55x 12.54x 10.57x 8.33x 8.89x 7.87xEBITDA 4169.00 Long-Term Rating Date 11.08.2008EBIT 3137.00 Long-Term Rating BBB+Operating Margin 31.79% Long-Term Outlook NEGPretax Margin 31.04% Short-Term Rating Date -Return on Assets 5.59% Short-Term Rating -Return on Common Equity 12.12%Return on Capital 9.02% EBITDA/Interest Exp. 11.71Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 2.69Net Debt/EBITDA 1.32Gross Margin 46.6% Total Debt/EBITDA 1.71EBITDA Margin 39.9%EBIT Margin 28.4% Total Debt/Equity 45.7%Net Income Margin 18.3% Total Debt/Capital 27.1%Asset Turnover 0.32Current Ratio 1.89 Net Fixed Asset Turnover 0.54Quick Ratio 0.80 Accounts receivable turnover-days 28.77Debt to Assets 21.24% Inventory Days 111.05Tot Debt to Common Equity 45.73% Accounts Payable Turnover Day 34.85Accounts Receivable Turnover 12.69 Cash Conversion Cycle 89.70Inventory Turnover 3.29Fiscal Year EndedNewmont Mining CorpPrice/VolumeValuation Analysis6490939.00Current Price (4/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0102030405060a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.02000.04000.06000.08000.010000.012000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.002.004.006.008.0010.0012.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  11. 11. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 61681268 12.53 - 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 39690300 8.06 (10014717) 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 29136091 5.92 91985 29.04.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 23252143 4.72 1215913 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 20452474 4.15 (543864) 29.04.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 12509376 2.54 8462980 31.03.2013 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 12128463 2.46 (5869326) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 9840813 2 (3033787) 31.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8086219 1.64 1819020 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7585611 1.54 (37784) 31.03.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 7008200 1.42 7008200 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6878622 1.4 410310 31.12.2012 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6023181 1.22 (290400) 31.03.2013 Hedge Fund ManagerUBS n/a ULT-AGG 5132224 1.04 322413 31.03.2013 UnclassifiedGAMCO n/a ULT-AGG 5044086 1.02 405185 31.12.2012 UnclassifiedLAZARD ASSET MANAGEM n/a ULT-AGG 4937393 1 (276645) 31.03.2013 UnclassifiedJP MORGAN n/a ULT-AGG 4884655 0.99 (1656954) 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 4796938 0.97 (408945) 31.12.2012 GovernmentSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 4397226 0.89 950823 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3840057 0.78 261014 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies PETER D WARD hold 3 M 32 12 month 30.04.2013Cowen Securities LLC ADAM P GRAF buy 5 M 33 12 month 30.04.2013EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 30.04.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 56 Not Provided 29.04.2013Deutsche Bank JORGE M BERISTAIN sell 1 M 24 12 month 29.04.2013RBC Capital Markets STEPHEN D WALKER sector perform 3 M 41 12 month 29.04.2013Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 65 12 month 29.04.2013HSBC PATRICK CHIDLEY overweight 5 M 39 Not Provided 28.04.2013Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 26.04.2013Argus Research Corp WILLIAM V SELESKY buy 5 M 60 Not Provided 24.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 41 12 month 23.04.2013TD Securities GREG BARNES hold 3 M 37 12 month 23.04.2013Barclays FAROOQ HAMED overweight 5 M 45 Not Provided 23.04.2013Credit Suisse ANITA SONI neutral 3 M 45 Not Provided 22.04.2013JPMorgan JOHN BRIDGES overweight 5 M 51 6 month 19.04.2013BB&T Capital Markets GARRETT S. NELSON buy 5 M 52 12 month 18.04.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 52 Not Provided 11.04.2013GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 43 Not Provided 12.03.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 44 Not Provided 07.11.2012S&P Capital IQ LEO LARKIN hold 3 D 53 12 month 07.09.2012Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 27.04.2012Holdings By:Newmont Mining CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  12. 12. 30.04.2013Randgold Resources Ltd. provides mining services. The Company offersacquisition, development, and exploration of gold and other precious metal inAfrica.Latest Fiscal Year: 12/2011LTM as of: 12/yy52-Week High (05.10.2012) 127.2752-Week Low (17.04.2013) 66.51Daily Volume78.78552-Week High % Change -38.34% Dividend Yield 0.6352-Week Low % Change 18.46% Beta 0.65% 52 Week Price Range High/Low 24.56% Equity Float -Shares Out 30.04.2013 92.1 Short Int 0.817258.61 1 Yr Total Return -11.17%Total Debt 18.02 YTD Return -20.59%Preferred Stock 0.0 Adjusted BETA 0.651Minority Interest 166.1 Analyst Recs 10Cash and Equivalents 390.76 Consensus Rating 4.400Enterprise Value 7051.98Average Volume 5 Day 1118052GOLD US EQUITY YTD Change - Average Volume 30 Day 831432GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 715132LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2338.6 432.8 484.6 1127.1 1317.8 1127.1 1317.8 1505.4 1959.4 321.0 339.09.01x 15.50x 14.79x 7.97x 6.59x 28.37x 26.72x 4.74x 3.40x - -97.3 142.3 164.3 581.9 699.2 581.9 699.2 726.0 1126.2 - -31.34x 47.15x 43.62x 15.44x 12.43x 15.44x 12.43x 9.72x 6.26x - -41.6 69.4 103.5 383.9 431.8 383.9 431.8 431.0 696.9 75.3 85.078.87x 94.26x 72.03x 24.30x 20.57x 24.30x 20.57x 16.86x 10.71x 19.13x 16.43xEBITDA 699.18 Long-Term Rating Date -EBIT 567.44 Long-Term Rating -Operating Margin 43.06% Long-Term Outlook -Pretax Margin 43.12% Short-Term Rating Date -Return on Assets 15.23% Short-Term Rating -Return on Common Equity 17.95%Return on Capital 20.07% EBITDA/Interest Exp. 582.65Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 114.09Net Debt/EBITDA -0.53Gross Margin 51.1% Total Debt/EBITDA 0.03EBITDA Margin 53.1%EBIT Margin 43.1% Total Debt/Equity 0.7%Net Income Margin 32.8% Total Debt/Capital 0.6%Asset Turnover 0.46Current Ratio 4.07 Net Fixed Asset Turnover 0.87Quick Ratio 1.92 Accounts receivable turnover-days 15.35Debt to Assets 0.58% Inventory Days -Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -Accounts Receivable Turnover 23.85 Cash Conversion Cycle 136.09Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedRandgold Resources LtdPrice/VolumeValuation Analysis379878.00Current Price (4/dd/yy) Market Data020406080100120140a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M.5 M1.0 M1.5 M2.0 M2.5 M3.0 M0.0200.0400.0600.0800.01000.01200.01400.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0020.0040.0060.0080.00100.00120.00140.00160.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  13. 13. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8508542 9.24 (57745) 26.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 6627558 7.19 365169 29.04.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 6279467 6.82 265676 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 4049382 4.4 (992666) 31.03.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 3917000 4.25 3917000 31.12.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1639811 1.78 442950 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 1530963 1.66 (121450) 31.03.2013 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1487200 1.61 954000 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1264736 1.37 - 31.03.2013 Hedge Fund ManagerJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1013740 1.1 (96778) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 947594 1.03 (20901) 31.03.2013 Investment AdvisorPAULSON & CO PAULSON & CO 13F 930502 1.01 - 31.12.2012 Hedge Fund ManagerTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 891270 0.97 (60950) 31.03.2013 Hedge Fund ManagerINVESCO LTD n/a ULT-AGG 821510 0.89 (72716) 31.12.2012 Investment AdvisorGAMCO n/a ULT-AGG 818535 0.89 1320 31.12.2012 UnclassifiedOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 656494 0.71 30000 31.12.2012 Investment AdvisorASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444700 0.48 - 31.12.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 399700 0.43 171000 31.12.2012 Hedge Fund ManagerNIKKO ASSET MANAGEME n/a ULT-AGG 386300 0.42 65300 31.03.2013 UnclassifiedAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385000 0.42 - 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDundee Securities Corp JOSH WOLFSON buy 5 M 105 Not Provided 30.04.2013HSBC PATRICK CHIDLEY overweight 5 M 91 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 94 12 month 23.04.2013BMO Capital Markets ANDREW BREICHMANAS outperform 5 U 100 Not Provided 14.04.2013Canaccord Genuity Corp TIM DUDLEY buy 5 M 133 12 month 11.04.2013Clarus Securities NANA SANGMUAH buy 5 M 120 12 month 01.04.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 28.03.2013S&P Capital IQ LEO LARKIN buy 5 M 125 Not Provided 16.11.2012GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 10.08.2012Holdings By:Randgold Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  14. 14. 30.04.2013Yamana Gold Inc. is an intermediate gold producer with production, developmentstage, and exploration properties throughout Brazil. The Company also holdsgold exploration properties in Argentina.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (09.11.2012) 20.5952-Week Low (17.04.2013) 11.02Daily Volume11.7452-Week High % Change -43.22% Dividend Yield -52-Week Low % Change 6.53% Beta 0.75% 52 Week Price Range High/Low 10.24% Equity Float 749.79Shares Out 28.03.2013 752.3 Short Int 7.188832.17 1 Yr Total Return -18.91%Total Debt 765.91 YTD Return -31.49%Preferred Stock 0.0 Adjusted BETA 0.750Minority Interest 46.8 Analyst Recs 23Cash and Equivalents 349.59 Consensus Rating 4.304Enterprise Value 9295.29Average Volume 5 Day 8396875AUY US EQUITY YTD Change - Average Volume 30 Day 8441024AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7530020LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2949.4 1183.3 1686.8 2173.3 2336.8 2173.3 2336.8 2665.6 3177.1 564.6 582.56.36x 7.39x 5.76x 5.04x 5.73x 18.01x 21.98x 3.52x 2.82x 16.75x 16.31x438.9 575.5 884.1 1262.7 1269.4 1271.5 1502.0 1479.5 1859.7 313.0 302.313.76x 15.19x 11.00x 8.67x 10.56x 8.61x 8.92x 6.31x 5.02x 6.79x 6.80x434.8 192.6 466.5 548.3 442.1 548.3 442.1 704.5 921.4 147.7 136.7- - - - - 0.00x 0.00x 13.84x 10.35x 13.13x 11.94xEBITDA 1269.45 Long-Term Rating Date -EBIT 885.71 Long-Term Rating -Operating Margin 37.90% Long-Term Outlook -Pretax Margin 34.88% Short-Term Rating Date -Return on Assets 3.92% Short-Term Rating -Return on Common Equity 5.79%Return on Capital - EBITDA/Interest Exp. 22.03Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -4.66Net Debt/EBITDA 0.28Gross Margin 64.4% Total Debt/EBITDA 0.51EBITDA Margin 64.3%EBIT Margin 35.7% Total Debt/Equity 9.8%Net Income Margin 18.9% Total Debt/Capital 8.9%Asset Turnover 0.21Current Ratio 1.38 Net Fixed Asset Turnover 0.24Quick Ratio 0.78 Accounts receivable turnover-days 29.87Debt to Assets 6.49% Inventory Days 69.74Tot Debt to Common Equity 9.80% Accounts Payable Turnover Day 146.62Accounts Receivable Turnover 12.25 Cash Conversion Cycle -62.98Inventory Turnover 5.25Fiscal Year EndedYamana Gold IncPrice/VolumeValuation Analysis1896532.00Current Price (4/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0510152025a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M18.0 M20.0 M0.0500.01000.01500.02000.02500.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  15. 15. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 78066044 10.38 - 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 39560804 5.26 6000156 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 32345793 4.3 1752155 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 30395201 4.04 33993 29.04.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 20933359 2.78 (281596) 31.12.2012 BankALLIANZ ASSET MANAGE n/a ULT-AGG 14372698 1.91 4180320 31.03.2013 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 13228300 1.76 (4648298) 31.12.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 11430227 1.52 11430227 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 10433341 1.39 10433341 31.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 10227965 1.36 10227965 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9535253 1.27 307566 31.12.2012 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 8387255 1.11 (3112528) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 7226163 0.96 (304473) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6409801 0.85 160000 28.02.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 6398774 0.85 6398774 31.12.2012 Investment AdvisorINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 6246128 0.83 6246128 31.12.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 6019943 0.8 783343 31.03.2013 Hedge Fund ManagerUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5959128 0.79 5959128 31.12.2012 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 5822420 0.77 352746 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 5761349 0.77 5761349 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets DAN ROLLINS outperform 5 M 15 12 month 29.04.2013Dundee Securities Corp JOSH WOLFSON neutral 3 D 17 12 month 29.04.2013HSBC PATRICK CHIDLEY neutral 3 M 13 Not Provided 28.04.2013Macquarie TONY LESIAK neutral 3 M 12 12 month 25.04.2013Raymond James BRAD HUMPHREY outperform 5 M 20 12 month 24.04.2013Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 16 12 month 23.04.2013Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 17 12 month 23.04.2013TD Securities STEVEN J GREEN buy 5 M 20 12 month 23.04.2013Barclays FAROOQ HAMED overweight 5 M 17 Not Provided 23.04.2013Credit Suisse ANITA SONI outperform 5 M 19 Not Provided 22.04.2013Davenport & Co LLOYD T OCARROLL buy 5 M 14 Not Provided 22.04.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 19 12 month 22.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 22 Not Provided 15.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 21 12 month 15.04.2013Davy BART JAWORSKI underperform 1 D #N/A N/A Not Provided 15.04.2013CIBC World Markets ALEC KODATSKY sector outperform 5 M 25 Not Provided 11.04.2013National Bank Financial STEPHEN PARSONS outperform 5 M 20 12 month 09.04.2013Cowen Securities LLC ADAM P GRAF buy 5 M 16 Not Provided 09.04.2013GMP GEORGE V ALBINO buy 5 M 22 Not Provided 02.04.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 15 Not Provided 22.02.2013VSA Capital Ltd CHARLIE LONG not rated #N/A N/A M #N/A N/A Not Provided 10.01.2013Paradigm Capital Inc DON MACLEAN buy 5 M 21 12 month 19.06.2012Holdings By:Yamana Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  16. 16. 30.04.2013Gold Fields Limited produces precious metals. The Company has mines in SouthAfrica, Ghana, and Australia, as well as a partnership in Finland. Gold Fieldshas a precious metals programs in Africa, Australasia, Europe, North America,and South America.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (04.06.2012) 12.0952-Week Low (17.04.2013) 6.23Daily Volume7.1252-Week High % Change -41.42% Dividend Yield -52-Week Low % Change 14.29% Beta 0.75% 52 Week Price Range High/Low 18.61% Equity Float -Shares Out 07.03.2013 736.1 Short Int 5.435241.38 1 Yr Total Return -34.07%Total Debt 16015.70 YTD Return -33.11%Preferred Stock 0.0 Adjusted BETA 0.751Minority Interest 1803.9 Analyst Recs 3Cash and Equivalents 5195.60 Consensus Rating 3.000Enterprise Value -Average Volume 5 Day 6587472GFI US EQUITY YTD Change - Average Volume 30 Day 6128878GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5750875LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q223009.5 29086.9 31565.3 25263.7 28915.8 29609.9 42193.5 28557.2 30284.2 - -3.10x 2.56x 2.56x 3.99x 3.05x 13.11x 8.38x 2.10x 1.91x - -8713.0 10955.0 11960.3 13527.5 14243.0 13851.2 20100.6 12491.6 14066.7 - -8.19x 6.80x 6.75x 7.45x 6.20x 0.00x 4.39x - - - -4457.5 1535.6 3631.4 7026.7 5658.1 7026.7 5658.1 4000.8 5404.3 - -- - - - - 0.00x 0.00x 10.89x 8.53x - -EBITDA 14243.00 Long-Term Rating Date 15.11.2012EBIT 10149.20 Long-Term Rating BB+Operating Margin 35.10% Long-Term Outlook STABLEPretax Margin 22.47% Short-Term Rating Date 15.11.2012Return on Assets 6.31% Short-Term Rating BReturn on Common Equity 11.52%Return on Capital 9.18% EBITDA/Interest Exp. 24.36Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.99Net Debt/EBITDA 0.54Gross Margin 38.7% Total Debt/EBITDA 0.80EBITDA Margin 47.6%EBIT Margin 33.6% Total Debt/Equity 31.2%Net Income Margin 19.6% Total Debt/Capital 23.2%Asset Turnover 0.47Current Ratio 1.76 Net Fixed Asset Turnover 0.72Quick Ratio 0.39 Accounts receivable turnover-days 15.92Debt to Assets 16.85% Inventory Days -Tot Debt to Common Equity 31.19% Accounts Payable Turnover Day -Accounts Receivable Turnover 22.99 Cash Conversion Cycle 69.00Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedGold Fields LtdPrice/VolumeValuation Analysis899045.00Current Price (4/dd/yy) Market Data02468101214a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.05000.010000.015000.020000.025000.030000.035000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  17. 17. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 47177664 6.41 (20500) 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 35916727 4.88 1204375 29.04.2013 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 22259805 3.02 1621222 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 9740161 1.32 (96300) 31.03.2013 Investment AdvisorTHORNBURG INVESTMENT THORNBURG INVESTMENT 13F 7145000 0.97 4291310 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6975326 0.95 (1745314) 26.04.2013 Investment AdvisorPAULSON & CO PAULSON & CO 13F 6541600 0.89 - 31.12.2012 Hedge Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 6270156 0.85 1864617 31.03.2013 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 5423998 0.74 (1957356) 31.12.2012 Investment AdvisorRUFFER LLP RUFFER LLP 13F 5396309 0.73 (21230) 31.03.2013 Hedge Fund ManagerRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 5162800 0.7 (1012600) 31.12.2012 Hedge Fund ManagerWELLS FARGO n/a ULT-AGG 4906608 0.67 (128413) 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 4470669 0.61 (469100) 31.12.2012 UnclassifiedUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4338700 0.59 (368600) 31.12.2012 Investment AdvisorINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3938303 0.53 (21100) 31.12.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3907319 0.53 1826 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3806476 0.52 - 28.02.2013 Investment AdvisorPROSPECTOR PARTNERS PROSPECTOR PARTNERS 13F 3774300 0.51 (145200) 31.12.2012 Hedge Fund ManagerPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 3394316 0.46 3394316 31.12.2012 Hedge Fund ManagerFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 2993616 0.41 382294 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC PATRICK CHIDLEY neutral 3 D 8 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 8 12 month 23.04.2013EVA Dimensions TEAM COVERAGE dropped coverage #N/A N/A M #N/A N/A Not Provided 18.01.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 13 12 month 04.03.2010Holdings By:Gold Fields LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  18. 18. 30.04.2013Silver Wheaton Corporation purchases and sells by-product silver from operatingmines. The Company has long term contracts to purchase all or a portion of thesilver production from mines in Mexico, Sweden, Peru, Greece and the UnitedStates.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (01.11.2012) 41.3052-Week Low (18.04.2013) 21.79Daily Volume23.6252-Week High % Change -43.00% Dividend Yield -52-Week Low % Change 8.40% Beta 1.08% 52 Week Price Range High/Low 11.53% Equity Float 353.96Shares Out 28.03.2013 354.4 Short Int 1.878371.72 1 Yr Total Return -21.63%Total Debt 50.06 YTD Return -34.24%Preferred Stock 0.0 Adjusted BETA 1.076Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 778.22 Consensus Rating 4.600Enterprise Value 7643.56Average Volume 5 Day 7005716SLW US EQUITY YTD Change - Average Volume 30 Day 6268902SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 5010694LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2166.7 239.3 423.4 730.0 849.6 730.0 849.6 1000.6 1128.0 242.6 228.812.14x 21.12x 31.91x 13.01x 14.18x 62.08x 52.82x 8.78x 7.82x 37.92x 40.32x105.5 158.5 316.2 618.8 701.5 618.8 701.5 831.0 945.1 197.3 181.319.18x 31.87x 42.72x 15.35x 17.17x 15.35x 17.17x 9.22x 8.11x 9.69x 9.88x17.3 117.9 153.4 550.0 586.0 550.0 586.0 600.1 686.8 144.5 124.0- - - - - 0.00x 0.00x 14.87x 13.40x 14.89x 14.31xEBITDA 701.46 Long-Term Rating Date -EBIT 600.00 Long-Term Rating -Operating Margin 70.63% Long-Term Outlook -Pretax Margin 70.72% Short-Term Rating Date -Return on Assets 19.34% Short-Term Rating -Return on Common Equity 20.34%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -1.04Gross Margin 74.3% Total Debt/EBITDA 0.07EBITDA Margin 82.6%EBIT Margin 70.6% Total Debt/Equity 1.6%Net Income Margin 69.0% Total Debt/Capital 1.6%Asset Turnover 0.28Current Ratio 15.88 Net Fixed Asset Turnover 0.41Quick Ratio 15.86 Accounts receivable turnover-days 2.17Debt to Assets 1.57% Inventory Days -Tot Debt to Common Equity 1.61% Accounts Payable Turnover Day 24.47Accounts Receivable Turnover 168.45 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedSilver Wheaton CorpPrice/VolumeValuation Analysis1106991.00Current Price (4/dd/yy) Market Data051015202530354045a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M0.0100.0200.0300.0400.0500.0600.0700.0800.0900.02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  19. 19. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 26099114 7.36 - 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 14931769 4.21 (446773) 29.04.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 13917000 3.93 13917000 31.12.2012 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 8175300 2.31 (31900) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7447807 2.1 (6668009) 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 6662901 1.88 830039 31.12.2012 BankTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 6495536 1.83 (1461400) 31.12.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 5382984 1.52 180499 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 4958532 1.4 (2425) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4728500 1.33 20000 31.12.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4349599 1.23 90737 31.12.2012 Investment AdvisorTCW GROUP INC TCW GROUP INCORPORAT 13F 3789248 1.07 (27067) 31.12.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3473930 0.98 (35700) 31.03.2013 Hedge Fund ManagerGREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 3099463 0.87 (230385) 31.03.2013 Insurance CompanyCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2913501 0.82 700890 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 2750546 0.78 (488041) 31.03.2013 Investment AdvisorUBS n/a ULT-AGG 2708496 0.76 (136469) 31.03.2013 UnclassifiedRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2633600 0.74 986200 31.12.2012 Hedge Fund ManagerFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2612842 0.74 283586 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2596512 0.73 665106 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie TONY LESIAK neutral 3 M 27 12 month 26.04.2013Credit Suisse RALPH M PROFITI outperform 5 M 37 Not Provided 24.04.2013Raymond James BRAD HUMPHREY outperform 5 M 42 12 month 24.04.2013Scotia Capital TREVOR TURNBULL focus stock 5 M 50 12 month 23.04.2013TD Securities DANIEL EARLE buy 5 M 37 12 month 23.04.2013RBC Capital Markets DAN ROLLINS outperform 5 M 33 12 month 19.04.2013JPMorgan JOHN BRIDGES overweight 5 M 40 6 month 19.04.2013BMO Capital Markets ANDREW KAIP outperform 5 M 40 Not Provided 15.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 45 Not Provided 15.04.2013CIBC World Markets COSMOS CHIU sector outperform 5 M 45 Not Provided 11.04.2013GMP CHELSEA HAMILTON buy 5 M 47 Not Provided 02.04.2013Salman Partners DAVID WEST top pick 5 M 48 12 month 01.04.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Holdings By:Silver Wheaton CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  20. 20. 30.04.2013AngloGold Ashanti Limited is a holding company for a group of companies whichexplore for and mine gold internationally. The Group has operations in the VaalRiver and West Witwatersrand areas of South Africa as well as Namibia, Mali,Brazil, Argentina, Australia, Tanzania and the United States.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (06.06.2012) 38.3152-Week Low (17.04.2013) 17.45Daily Volume18.5852-Week High % Change -51.63% Dividend Yield -52-Week Low % Change 6.48% Beta 0.77% 52 Week Price Range High/Low 7.14% Equity Float -Shares Out 25.04.2013 383.7 Short Int 3.227158.94 1 Yr Total Return -45.34%Total Debt 30375.96 YTD Return -40.64%Preferred Stock 0.0 Adjusted BETA 0.769Minority Interest 186.5 Analyst Recs 6Cash and Equivalents 7562.20 Consensus Rating 4.000Enterprise Value -Average Volume 5 Day 2094489AU US EQUITY YTD Change - Average Volume 30 Day 2658774AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2367474LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q229774.0 30745.0 38833.0 47849.0 52160.3 47846.3 51994.5 59969.9 62195.1 - -3.48x 3.88x 3.60x 3.00x 2.30x 11.44x 9.54x 1.51x 1.36x - -3278.0 (2435.0) 9720.0 20443.0 19105.5 20438.6 18922.1 22063.8 25016.6 - -31.64x - 14.37x 7.03x 6.28x 7.03x 6.28x - - - -(16138.0) (2762.0) 637.0 11282.0 6814.6 11269.3 6452.4 8402.6 8562.1 - -- - - - - 0.00x 0.00x 8.67x 7.12x - -EBITDA 19105.47 Long-Term Rating Date 10.12.2012EBIT 12553.61 Long-Term Rating BBB-Operating Margin 24.07% Long-Term Outlook NEGPretax Margin 18.43% Short-Term Rating Date -Return on Assets 7.08% Short-Term Rating -Return on Common Equity 15.88%Return on Capital 12.20% EBITDA/Interest Exp. 10.07Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 2.46Net Debt/EBITDA 1.16Gross Margin 36.1% Total Debt/EBITDA 1.54EBITDA Margin 36.6%EBIT Margin 24.1% Total Debt/Equity 65.8%Net Income Margin 13.1% Total Debt/Capital 39.6%Asset Turnover 0.54Current Ratio 1.37 Net Fixed Asset Turnover 0.90Quick Ratio 0.70 Accounts receivable turnover-days 23.61Debt to Assets 28.22% Inventory Days 105.75Tot Debt to Common Equity 65.78% Accounts Payable Turnover Day 73.67Accounts Receivable Turnover 15.50 Cash Conversion Cycle 55.66Inventory Turnover 3.46Fiscal Year EndedAngloGold Ashanti LtdPrice/VolumeValuation Analysis384138.00Current Price (4/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0510152025303540a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M7.0 M8.0 M9.0 M10.0 M0.010000.020000.030000.040000.050000.060000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  21. 21. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePAULSON & CO PAULSON & CO 13F 28203999 7.35 (199546) 31.12.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 15624679 4.07 1302862 29.04.2013 Investment AdvisorNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11768176 3.07 (511763) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 8747623 2.28 (128150) 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 6722122 1.75 (133085) 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 5693290 1.48 164885 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 5230372 1.36 (1261046) 26.04.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4945084 1.29 (259531) 31.03.2013 Hedge Fund ManagerTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 4186865 1.09 (559541) 31.12.2012 Investment AdvisorDUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 3731629 0.97 3731629 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3240700 0.84 (420800) 31.12.2012 Hedge Fund ManagerNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2740632 0.71 162163 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 2635169 0.69 (10100) 31.12.2012 Investment AdvisorPLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2204815 0.57 147000 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1741097 0.45 (461493) 31.12.2012 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1718056 0.45 (681300) 31.12.2012 Investment AdvisorGAMCO n/a ULT-AGG 1612030 0.42 88230 31.12.2012 UnclassifiedINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1609197 0.42 (8000) 31.12.2012 Investment AdvisorNIKKO ASSET MANAGEME n/a ULT-AGG 1607200 0.42 252500 31.03.2013 UnclassifiedINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1542152 0.4 - 28.02.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC PATRICK CHIDLEY overweight 5 M 31 Not Provided 28.04.2013Societe Generale BRUCE ALWAY hold 3 M 25 12 month 26.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 05.04.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 0 Not Provided 24.02.2010Holdings By:AngloGold Ashanti LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  22. 22. 30.04.2013Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,zinc, and other metals. The Company operates mines in Peru, a lime plant, anelectric power transmission company, and an engineering services company.Buenaventura also markets metal concentrates to smelters internationally.Latest Fiscal Year: 12/2011LTM as of: 12/yy52-Week High (06.06.2012) 42.7352-Week Low (30.04.2013) 19.42Daily Volume19.7852-Week High % Change -53.83% Dividend Yield -52-Week Low % Change 1.85% Beta 0.57% 52 Week Price Range High/Low 4.57% Equity Float -Shares Out 04.02.2013 274.9 Short Int 2.145452.05 1 Yr Total Return -51.18%Total Debt 179.30 YTD Return -44.29%Preferred Stock 0.0 Adjusted BETA 0.570Minority Interest 262.3 Analyst Recs 13Cash and Equivalents 241.22 Consensus Rating 3.308Enterprise Value 5652.47Average Volume 5 Day 1574176BVN US EQUITY YTD Change - Average Volume 30 Day 1384438BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1497047LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2766.6 881.5 1103.8 1556.6 1563.5 1556.6 1508.9 1722.0 1853.9 425.0 408.36.61x 9.30x 10.85x 6.05x 6.00x 24.64x 25.51x 2.95x 2.55x - -(54.4) 351.5 475.4 820.2 571.9 629.3 571.9 753.2 849.7 290.0 214.0- 23.33x 25.19x 11.49x 16.39x 14.97x 16.39x 7.51x 6.66x 5.32x -153.3 593.6 660.8 858.9 684.7 858.9 684.7 714.9 729.6 162.3 138.033.61x 14.29x 18.66x 11.16x 13.40x 11.16x 13.40x 7.30x 7.17x 7.87x 8.05xEBITDA 571.92 Long-Term Rating Date -EBIT 418.23 Long-Term Rating -Operating Margin 26.75% Long-Term Outlook -Pretax Margin 56.63% Short-Term Rating Date -Return on Assets 16.03% Short-Term Rating -Return on Common Equity 19.90%Return on Capital 19.50% EBITDA/Interest Exp. 68.99Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 15.56Net Debt/EBITDA -0.11Gross Margin 39.7% Total Debt/EBITDA 0.31EBITDA Margin 37.9%EBIT Margin 27.7% Total Debt/Equity 4.8%Net Income Margin 43.8% Total Debt/Capital 4.3%Asset Turnover 0.35Current Ratio 2.30 Net Fixed Asset Turnover 1.54Quick Ratio 1.42 Accounts receivable turnover-days 52.03Debt to Assets 3.91% Inventory Days 65.70Tot Debt to Common Equity 4.84% Accounts Payable Turnover Day 70.83Accounts Receivable Turnover 7.03 Cash Conversion Cycle 45.41Inventory Turnover 5.57Fiscal Year EndedCia de Minas Buenaventura SAPrice/VolumeValuation Analysis544174.00Current Price (4/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure051015202530354045a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M0.0200.0400.0600.0800.01000.01200.01400.01600.01800.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  23. 23. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 25536584 9.29 (4985793) 26.04.2013 Investment AdvisorVONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 12497006 4.55 4814696 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 12079992 4.39 349674 29.04.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 8641735 3.14 2695645 31.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 5406540 1.97 355351 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 4777677 1.74 371700 29.04.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 4709673 1.71 136724 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 4343301 1.58 (1580101) 31.03.2013 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 2559961 0.93 (1514324) 31.12.2012 Investment AdvisorHARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 2471676 0.9 558323 31.12.2012 UnclassifiedNORGES BANK NORGES BANK 13F 2298752 0.84 1801505 31.12.2012 GovernmentUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1806500 0.66 (22000) 31.12.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1778056 0.65 (70363) 31.12.2012 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1651026 0.6 224921 31.12.2012 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1460432 0.53 (302643) 31.12.2012 Investment AdvisorPARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1434207 0.52 33736 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 1112800 0.4 - 31.12.2012 UnclassifiedING INV MANAGEMENT E ING INVESTMENT MANAG 13F 1110680 0.4 (475416) 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 1097662 0.4 (1561) 28.02.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1002949 0.36 245358 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 M 24 12 month 30.04.2013Credit Suisse SANTIAGO PEREZ TEUFFER neutral 3 D 28 Not Provided 30.04.2013Banco BTG Pactual SA CESAR PEREZ-NOVOA buy 5 M 30 12 month 29.04.2013Grupo Santander WALTER CHIARVESIO buy 5 M 33 Not Provided 23.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013JPMorgan JOHN BRIDGES neutral 3 M 34 6 month 19.04.2013Inteligo SAB LALI MERINO buy 5 M 32 Not Provided 16.04.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 27.03.2013Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 27 12 month 11.03.2013Kallpa Securities SAB EDDER CASTRO overweight 5 M 33 Not Provided 07.03.2013Banco de Credito del Peru HECTOR JOSUE COLLANTES hold 3 M 33 Not Provided 01.03.2013Holdings By:Cia de Minas Buenaventura SAAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  24. 24. 30.04.2013New Gold Inc. is a natural resource company. The Company acquires, explores,and develops gold properties.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (21.09.2012) 12.8452-Week Low (15.04.2013) 6.25Daily Volume7.6552-Week High % Change -41.04% Dividend Yield -52-Week Low % Change 22.40% Beta 0.97% 52 Week Price Range High/Low 23.07% Equity Float 461.42Shares Out 28.03.2013 476.4 Short Int 3.143644.45 1 Yr Total Return -15.93%Total Debt 847.80 YTD Return -30.64%Preferred Stock 0.0 Adjusted BETA 0.972Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 687.80 Consensus Rating 4.600Enterprise Value 3804.45Average Volume 5 Day 4347746NGD US EQUITY YTD Change - Average Volume 30 Day 3464131NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 3137420LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2143.1 323.8 530.5 695.9 791.3 695.9 791.3 987.8 1031.1 228.0 271.52.55x 4.31x 6.83x 6.62x 6.86x 25.77x 25.89x 3.77x 3.54x - -13.8 110.4 239.2 344.0 390.1 344.0 390.1 565.3 644.8 123.0 142.026.46x 12.64x 15.15x 13.39x 13.91x 13.39x 13.91x 6.72x 5.89x 6.93x -(102.7) (194.3) 47.5 179.0 199.0 179.0 198.9 233.3 282.6 47.5 66.9- - - - - 0.00x 0.00x 17.21x 14.44x 16.29x 14.36xEBITDA 390.10 Long-Term Rating Date 27.03.2012EBIT 273.90 Long-Term Rating BB-Operating Margin 34.61% Long-Term Outlook STABLEPretax Margin 35.23% Short-Term Rating Date -Return on Assets 5.30% Short-Term Rating -Return on Common Equity 8.02%Return on Capital - EBITDA/Interest Exp. 23.79Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -7.68Net Debt/EBITDA 0.41Gross Margin 85.3% Total Debt/EBITDA 2.17EBITDA Margin 49.3%EBIT Margin 34.6% Total Debt/Equity 31.7%Net Income Margin 25.1% Total Debt/Capital 24.1%Asset Turnover 0.21Current Ratio 5.18 Net Fixed Asset Turnover 0.27Quick Ratio 4.15 Accounts receivable turnover-days 19.54Debt to Assets 19.79% Inventory Days 172.84Tot Debt to Common Equity 31.68% Accounts Payable Turnover Day 78.91Accounts Receivable Turnover 18.73 Cash Conversion Cycle 287.67Inventory Turnover 2.12Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedNew Gold IncPrice/VolumeValuation Analysis830932.00Current Price (4/dd/yy) Market Data02468101214a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M0.0100.0200.0300.0400.0500.0600.0700.0800.0900.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  25. 25. 30.04.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 62551684 13.13 - 26.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 51620702 10.84 - 29.04.2013 Investment AdvisorFMR LLC n/a ULT-AGG 35745701 7.5 (2416637) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 15167798 3.18 15004748 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13670324 2.87 4853453 31.12.2012 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 12987264 2.73 1051834 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12693570 2.66 - 28.02.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 10060721 2.11 148803 31.12.2012 BankRS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 9900164 2.08 258671 31.12.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 8366671 1.76 (127400) 31.03.2013 Hedge Fund ManagerCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 6168803 1.29 (1836450) 31.12.2012 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6040968 1.27 3201270 31.03.2013 Investment AdvisorGCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5839800 1.23 45000 31.12.2012 Investment AdvisorLASSONDE PIERRE n/a SEDI 5645000 1.18 - 22.03.2012 n/aINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5417566 1.14 434429 31.12.2012 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5379731 1.13 (238800) 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 5091201 1.07 (179446) 28.02.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 4883382 1.03 (27471) 31.03.2013 Investment AdvisorOLIPHANT RANDALL n/a SEDI 4570855 0.96 320855 23.11.2012 n/aPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4393260 0.92 49900 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets DAN ROLLINS outperform 5 M 9 12 month 29.04.2013TD Securities STEVEN J GREEN buy 5 M 11 12 month 23.04.2013Credit Suisse ANITA SONI outperform 5 M 13 Not Provided 22.04.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 14 12 month 22.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013BMO Capital Markets ANDREW KAIP outperform 5 M 12 Not Provided 15.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 13 12 month 15.04.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 12 Not Provided 11.04.2013National Bank Financial STEPHEN PARSONS outperform 5 M 12 12 month 09.04.2013Casimir Capital STUART MCDOUGALL strong buy 5 M 16 12 month 09.04.2013Paradigm Capital Inc DON MACLEAN buy 5 M 16 12 month 08.04.2013Scotia Capital TREVOR TURNBULL sector outperform 5 M 13 12 month 05.04.2013GMP GEORGE V ALBINO buy 5 M 15 Not Provided 05.04.2013Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 10 Not Provided 12.03.2013Holdings By:New Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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