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...
16.05.2013Goldcorp, Inc. is engaged in the acquisition, exploration, development andoperation of precious metal properties...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 95391332 11.7...
16.05.2013Barrick Gold Corporation is an international gold company with operating minesand development projects in the Un...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 87777710 8.77...
16.05.2013Newmont Mining Corporation acquires, explores, and develops mineral properties.The Company produces gold from op...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 61681268 12.5...
16.05.2013Randgold Resources Ltd. provides mining services. The Company offersacquisition, development, and exploration of...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8511020 9.24 ...
16.05.2013Yamana Gold Inc. is an intermediate gold producer with production, developmentstage, and exploration properties ...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBANK OF NEW YORK MEL BANK OF NEW YO...
16.05.2013Gold Fields Limited produces precious metals. The Company has mines in SouthAfrica, Ghana, and Australia, as wel...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIRST EAGLE INVESTME FIRST EAGLE IN...
16.05.2013Silver Wheaton Corporation purchases and sells by-product silver from operatingmines. The Company has long term ...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 26099114 7.36...
16.05.2013AngloGold Ashanti Limited is a holding company for a group of companies whichexplore for and mine gold internati...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePAULSON & CO PAULSON & CO 13F 28254...
16.05.2013Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,zinc, and other metals. The Compa...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 25536584 9.29...
16.05.2013New Gold Inc. is a natural resource company. The Company acquires, explores,and develops gold properties.Latest ...
16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 62551684 13.1...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
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Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

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

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

  1. 1. Fundamental Analysis &Analyst RecommendationsQMS Gold Miners FlexIndex -The QMS Advisors Gold Miners Flexible Index trackscompanies involved in the Gold Mining Industry.May 2013Q.M.S AdvisorsQ.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy.
  2. 2. CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInterest(USD)Cash andEquivalents(USD)EnterpriseValue(USD)Tot. Rev. -LFYEst. Tot.Rev. - Tr.12MEst. Tot.Rev. - 2013Est. Tot.Rev. - 2014 EBITDA - LFYEst. EBITDA -Tr. 12MEst. EBITDA -2013Est. EBITDA -2014 EPS - LFYEst. EPS -Tr. 12MEst. EPS -2013Est. EPS -2014P/E Ratio -LFYEst. P/ERatio - Tr.12MEst. P/ERatio - 2013Est. P/ERatio - 2014Est.RevenueGrowth - 1YEst.RevenueGrowth - 5YEst. EBITDAGrowth - 1YEst. Est.EBITDAGrowth - 5YEst. EBITDAMargin -S&P LTCreditRating -S&P LT CreditRating DateMoodys LTCreditRatingMoodys LT CreditRating DateS&P 500 INDEX USD 15271312 2038.193 1112 1112 204 219 219 102.23 110.27 110.27 16.23 16.23 15.04 15.04 18.84Euro Stoxx 50 Pr EUR 2713836 5590.895 4551 4551 731 763 763 202.40 299.27 299.27 22.86 18.53 15.46 15.46 19.77NIKKEI 225 JPY 2852100 197.0179 188 188 18 21 21 5.31 6.87 6.87 0.27 0.26 0.21 0.21 0.11FTSE 100 INDEX GBP 2809303 12390.57 10063 10063 1461 1738 1738 596.00 825.06 825.06 25.99 24.24 18.77 18.77 21.64SWISS MARKET INDEX CHF 1085883 11249.94 4065 4065 856 827 827 415.65 550.90 550.90 21.22 17.66 16.01 16.01 21.76S&P/TSX COMPOSITE INDEX CAD 1651404 17113.04 7809 7809 1834 2018 2018 762.43 858.26 858.26 15.77 15.77 14.01 14.01 23.87S&P/ASX 200 INDEX AUD 1389289 6566.53 2688 2688 606 669 669 240.56 321.94 321.94 20.69 16.62 15.46 15.46 22.18HANG SENG INDEX HKD 1749899 3449.621 1687 1687 371 408 408 283.55 271.07 271.07 1.35 1.53 1.41 1.41 3.00MSCI EM USD 7868207 1854.702 1023 1023 212 285 285 83.89 94.75 94.75 12.47 12.76 11.04 11.04 18.21GOLDCORP INC USD 22265 8975 812 1 0 0 1 22.74 5435 5101 4905 6245 2798 2532 570 570 1.99 1.70 1.40 2.10 16.02 16.02 19.46 13.01 1.36 13.48 19.78 21.03 49.64 BBB+ 01.06.2009 Baa2 13.03.2013BARRICK GOLD CORP USD 19462 23817 1001 14 0 3 2 34.61 14547 14340 13583 14589 7358 7071 1583 1583 3.74 3.30 3.16 3.33 5.89 5.89 6.16 5.84 2.18 13.61 -11.64 24.49 49.31 BBB 26.04.2013 Baa2 24.04.2013NEWMONT MINING CORP USD 15751 9296 497 6 0 3 2 23.92 9868 9362 9216 10761 4169 3731 808 808 3.78 3.34 2.71 3.41 9.45 9.45 11.67 9.27 -4.73 4.99 -19.24 19.37 39.85 BBB+ 11.08.2008 Baa1 26.07.2010RANDGOLD RESOURCES LTD-ADR USD 6633 765 92 0 0 0 0 6.54 1318 1331 1383 1791 699 689 - - 4.65 4.48 4.33 6.73 16.08 16.08 16.64 10.70 16.92 27.97 20.16 53.34 51.75 - - - -YAMANA GOLD INC USD 8344 9956 1 0 0 0 8.91 2337 2312 2481 2998 1269 1164 263 263 - - 0.78 1.06 - - 14.18 10.44 7.52 14.54 0.53 26.81 50.35 - - - -GOLD FIELDS LTD-SPONS ADR USD 4461 5794 16 0 2 5 28916 38146 29086 30284 14243 18261 12706 12706 - - 6.00 7.52 - - 9.41 7.50 14.46 8.58 5.29 13.85 47.87 BB+ 15.11.2012 - -SILVER WHEATON CORP USD 7865 6872 0 0 0 1 8.88 850 856 965 1085 701 700 181 181 - - 1.59 1.76 - - 13.98 12.57 16.38 43.77 13.36 43.74 81.79 - - - -ANGLOGOLD ASHANTI-SPON ADR USD 6820 4166 30 0 0 8 52160 51968 57034 62449 19105 17635 20359 20359 - - 14.62 23.71 - - 11.27 6.95 -4.14 11.91 -17.82 86.63 33.93 BBB- 10.12.2012 - -CIA DE MINAS BUENAVENTUR-ADR USD 4994 1441 253 0 0 0 5.22 1564 1492 1642 1761 569 - 174 174 2.69 2.27 2.21 2.35 7.97 7.95 8.21 7.71 0.44 14.04 -30.59 7.40 - - - - -NEW GOLD INC USD 3095 5423 1 0 0 1 3.28 791 824 933 987 390 388 115 115 - - 0.41 0.54 - - 16.02 12.04 13.70 39.01 13.39 63.80 47.02 BB- 27.03.2012 B2 27.03.2012AGNICO EAGLE MINES LTD USD 4928 2008 1 0 0 0 5.44 1918 1865 1705 2061 787 735 179 179 - - 1.03 1.78 - - 27.67 16.04 5.26 38.09 4.59 31.64 39.41 NR 12.03.2003 WR 05.03.2002ELDORADO GOLD CORP USD 4923 4371 1 0 0 1 5.13 1148 1214 1264 1402 584 631 136 136 - - 0.43 0.53 - - 15.91 13.12 3.97 58.56 -9.24 53.95 51.94 BB 13.11.2012 Ba3 12.11.2012KINROSS GOLD CORP USD 6028 21000 1140 3 0 0 2 6.84 4311 4333 4041 4209 1962 1981 347 347 0.77 0.74 0.45 0.56 7.14 7.14 11.63 9.50 12.20 27.96 1.87 40.67 45.72 BBB- 15.08.2011 Baa3 15.08.2011ROYAL GOLD INC USD 3253 915 59 0 0 0 0 2.89 263 292 303 379 233 260 65 65 1.63 1.40 1.52 2.10 36.01 36.01 33.31 24.02 21.52 33.98 25.17 44.69 88.90 - - - -HARMONY GOLD MNG-SPON ADR USD 1789 3257 2 0 0 2 15169 16353 16517 21953 4222 3140 4735 4735 - - 3.91 7.72 - - 9.80 4.96 30.81 9.67 79.35 16.71 19.20 - - - -IAMGOLD CORP USD 1898 6874 1 0 0 1 1.98 1670 1571 1479 1681 710 642 148 148 - - 0.52 0.68 - - 9.73 7.43 -0.19 12.44 -9.54 30.21 40.84 BB- 10.09.2012 - -PAN AMERICAN SILVER CORP USD 1810 2604 0 0 0 1 1.37 929 943 1004 1077 362 345 91 91 - - 0.93 1.13 - - 12.90 10.59 8.57 24.85 -18.81 25.23 36.62 - - - -FIRST MAJESTIC SILVER CORP USD 1198 1994 0 0 0 0 1.12 247 256 373 543 135 132 - - - - 0.84 1.29 - - 12.19 7.94 0.68 59.29 -13.49 101.01 51.60 - - - -COEUR DALENE MINES CORP USD 1376 1922 90 0 0 0 0 1.40 895 863 901 1066 378 343 89 89 0.59 0.68 0.59 1.32 19.94 19.94 22.87 10.24 -12.31 37.42 -28.81 43.35 39.75 B+ 25.06.2012 B3 24.01.2013AURICO GOLD INC USD 1150 2104 0 0 0 1 1.05 164 293 398 52 53 21 21 - - 0.26 0.39 - - 18.27 11.92 94.95 15.72 2151.89 - - - - - -ALLIED NEVADA GOLD CORP USD 703 3842 90 1 0 0 0 0.88 215 225 368 560 95 95 25 25 0.52 0.49 0.84 1.51 15.96 15.96 9.35 5.19 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012HECLA MINING CO USD 884 6775 285 0 0 0 0 0.75 321 306 484 642 93 74 50 50 0.07 0.12 0.19 0.38 25.83 25.83 16.76 8.24 -32.76 22.69 -63.53 10.36 24.02 B 04.04.2013 B2 02.04.2013NEVSUN RESOURCES LTD USD 931 0 0 0 0 566 488 320 672 426 347 21 21 - - 0.33 0.94 - - 10.54 3.73 3.34 - -0.64 - 71.21 - - - -AURIZON MINES LTD USD 627 208 0 0 0 0 0.45 224 210 209 266 92 78 - - - - 0.13 0.26 - - 29.85 14.92 -14.02 5.97 -26.18 14.15 37.08 - - - -SILVER STANDARD RESOURCES USD 524 1879 0 0 0 0 0.29 241 252 216 243 55 55 12 12 - - -0.10 -0.02 - - 63.09 - 38.56 - 22.64 - - - -SEABRIDGE GOLD INC USD 464 467 0 0 0 0 0.42 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -TANZANIAN ROYALTY EXPLORATIO USD 265 323 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -GOLDEN STAR RESOURCES LTD USD 181 3521 259 0 0 0 0 0.23 551 552 482 487 125 117 26 26 -0.05 -0.16 -0.05 0.09 - - 8.24 16.89 21.87 35.80 - 21.18 - - - -VISTA GOLD CORP USD 108 484 82 0 0 0 0 0.02 0 0 0 -36 -34 - - -0.54 -0.51 -0.29 -0.18 - - - - -26.58 - - - - - -GREAT BASIN GOLD LTD USD 3 3263 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -ARGONAUT GOLD INC CAD 913 1219 149 0 0 0 0 0.71 184 202 201 258 105 105 16 16 0.67 0.62 0.38 0.57 9.55 9.55 15.47 10.36 77.52 - 90.14 - 56.30 - - - -TOREX GOLD RESOURCES INC CAD 852 10756 604 0 0 0 0 0.48 0 0 0 0 -59 -63 -15 -15 -0.14 -0.15 -0.10 -0.09 - - - - -75.80 - - - - - -LIONGOLD CORP LTD SGD 838 8437 731 0 0 0 0 0.81 78 91 89 114 -4 1 - - -0.02 -0.03 0.00 0.01 - - 151.58 69.96 13.33 7.04 - - 1.18 - - - -CHINA GOLD INTERNATIONAL RES CAD 1063 368 396 0 0 0 0 1.08 326 326 348 625 136 136 151 151 0.18 0.18 0.16 0.18 14.12 14.12 16.45 14.38 6.65 - -1.28 - 40.96 - - - -PERSEUS MINING LTD CAD 535 1705 0 0 0 0 0.50 142 307 391 54 125 - - - - 0.12 0.19 - - 9.20 6.03 - - - - - - - - -SANDSTORM GOLD LTD CAD 620 300 86 0 0 0 0 0.56 55 57 70 94 36 35 - - 0.25 0.17 0.18 0.38 39.70 39.70 37.08 17.67 85.12 - 89.97 - 59.93 - - - -OCEANAGOLD CORP CAD 522 861 294 0 0 0 0 0.73 378 385 576 625 142 166 50 50 0.08 0.11 0.22 0.30 15.87 15.87 7.93 5.63 -2.52 13.67 -11.83 65.88 42.36 - - - -MEDUSA MINING LTD AUD 438 2077 189 0 0 0 0 0.42 79 91 111 262 57 63 - - 0.26 0.28 0.40 0.92 7.95 - 5.57 2.44 -44.82 92.52 -51.12 - 68.11 - - - -DUNDEE PRECIOUS METALS INC CAD 538 1462 126 0 0 0 0 0.50 378 368 426 502 - - - - 0.38 0.34 0.54 0.76 12.52 12.52 7.74 5.55 13.40 42.70 - - - - - - -RIO ALTO MINING LTD CAD 556 1644 176 0 0 0 0 0.52 311 276 313 314 170 170 - - 0.56 0.40 0.45 0.53 7.68 7.68 6.89 5.88 - - - - 53.73 - - - -AURIZON MINES LTD USD 627 208 0 0 0 0 0.45 224 210 209 266 92 78 - - - - 0.13 0.26 - - 29.85 14.92 -14.02 5.97 -26.18 14.15 37.08 - - - -ENDEAVOUR SILVER CORP USD 407 1439 0 0 0 0 0.41 208 229 238 280 90 88 24 24 - - 0.41 0.60 - - 9.93 6.86 62.57 53.81 38.56 - 38.27 - - - -CONTINENTAL GOLD LTD CAD 449 480 108 0 0 0 0 0.34 0 0 14 14 -12 -10 - - -0.07 -0.11 -0.06 -0.07 - - - - - - - - - - -RUBICON MINERALS CORP CAD 442 880 288 0 0 0 0 0.30 0 0 -11 -12 - - -0.04 -0.04 -0.05 0.20 - - 7.66 - - 45.71 - - - - - -SILVERCORP METALS INC USD 444 1312 0 0 0 0 0.39 238 193 202 256 155 102 - - - - 0.21 0.29 - - 12.21 8.87 42.21 27.32 40.76 43.24 53.14 - - - -EVOLUTION MINING LTD AUD 577 4029 707 0 0 0 0 0.61 461 625 602 689 187 210 136 136 0.06 0.18 0.08 0.11 4.44 - 9.70 7.08 279.97 - 531.12 - 33.00 - - - -CHINA PRECIOUS METAL RESOURC HKD 762 42412 4351 0 0 0.99 209 209 246 309 143 143 164 164 - 0.02 0.02 0.02 1.44 - 1.21 1.07 5.83 26.53 4.47 - 8.80 - - - -SEABRIDGE GOLD INC USD 464 467 0 0 0 0 0.42 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -BEADELL RESOURCES LTD AUD 482 6881 742 0 0 0 0 0.61 1 1 307 327 -14 - 158 158 -0.05 -0.06 0.14 0.17 - - 4.32 3.61 - - 59.26 - - - - - -RESOLUTE MINING LTD AUD 464 11228 636 0 0 0 0 0.40 566 606 645 574 250 255 - - 0.16 0.25 0.22 0.16 2.83 - 3.15 4.51 29.04 28.70 128.76 102.83 41.34 - - - -Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA GrowthQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  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 15271312 2038.193 1112 1112 204 219 219 102.23 110.27 110.27 16.23 16.23 15.04 15.04 18.84Euro Stoxx 50 Pr EUR 2713836 5590.895 4551 4551 731 763 763 202.40 299.27 299.27 22.86 18.53 15.46 15.46 19.77NIKKEI 225 JPY 2852100 197.0179 188 188 18 21 21 5.31 6.87 6.87 0.27 0.26 0.21 0.21 0.11FTSE 100 INDEX GBP 2809303 12390.57 10063 10063 1461 1738 1738 596.00 825.06 825.06 25.99 24.24 18.77 18.77 21.64SWISS MARKET INDEX CHF 1085883 11249.94 4065 4065 856 827 827 415.65 550.90 550.90 21.22 17.66 16.01 16.01 21.76S&P/TSX COMPOSITE INDEX CAD 1651404 17113.04 7809 7809 1834 2018 2018 762.43 858.26 858.26 15.77 15.77 14.01 14.01 23.87S&P/ASX 200 INDEX AUD 1389289 6566.53 2688 2688 606 669 669 240.56 321.94 321.94 20.69 16.62 15.46 15.46 22.18HANG SENG INDEX HKD 1749899 3449.621 1687 1687 371 408 408 283.55 271.07 271.07 1.35 1.53 1.41 1.41 3.00MSCI EM USD 7868207 1854.702 1023 1023 212 285 285 83.89 94.75 94.75 12.47 12.76 11.04 11.04 18.21ENDEAVOUR MINING CORP CAD 356 2009 391 0 0 0 0 0.52 340 378 482 623 134 134 - - -0.04 0.10 0.14 0.17 8.54 8.54 6.13 4.99 135.13 - 210.84 - 38.66 - - - -FORTUNA SILVER MINES INC CAD 345 739 0.28 158 158 167 201 69 69 20 20 0.27 0.23 0.24 0.32 11.74 11.74 11.20 8.33 45.54 46.57 43.98 66.13 43.12 - - - -MCEWEN MINING INC USD 609 3088 296 0 0 0 0 0.56 6 39 150 217 -92 -67 - - -0.19 -0.17 -0.01 0.08 - - 25.63 - - -54.81 - -171.96 - - - -MAG SILVER CORP CAD 384 146 60 0 0 0 0 0.34 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.13 -0.14 - - - - -40.23 - - - - - -PRIMERO MINING CORP CAD 495 342 97 0 0 0 0 0.38 180 182 198 246 76 71 33 33 0.53 0.50 0.42 0.59 9.78 9.78 11.54 8.36 16.56 - 6.22 - 38.11 - - - -KINGSGATE CONSOLIDATED LTD AUD 246 3329 151 0 0 0 0 0.37 351 365 335 382 162 - - - 0.51 0.34 0.24 0.25 4.67 - 6.67 6.33 105.36 82.66 144.00 - - - - - -TIMMINS GOLD CORP CAD 314 879 144 0 0 0 0 0.30 153 163 193 211 67 75 17 17 0.25 0.31 0.34 0.33 6.81 6.81 6.37 6.55 86.56 - 58.99 - 44.93 - - - -ST BARBARA LTD AUD 297 4439 325 0 0 0 0 0.44 531 512 520 609 220 197 - - 0.40 0.27 0.08 0.15 2.23 - 7.51 3.93 49.58 27.31 103.02 82.99 37.82 B 15.03.2013 - -PREMIER GOLD MINES LTD CAD 252 1366 149 0 0 0 0 0.23 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.07 - - - - -5.24 - -1301.56 - - - -NORTHERN STAR RESOURCES LTD AUD 302 4498 402 0 0 0 0 0.26 98 112 131 161 47 57 74 74 0.05 0.08 0.07 0.09 9.24 9.60 9.62 7.65 -13.15 - 5.14 - 49.75 - - - -TANZANIAN ROYALTY EXPLORATIO USD 265 323 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -REAL GOLD MINING LTD HKD 1031 0 907 0 0 0 0 0.49 176 176 153 153 - - 0.12 0.12 0.94 0.95 4.55 - 7.02 - 11.18 - - - -GOLDEN STAR RESOURCES LTD USD 181 3521 259 0 0 0 0 0.23 551 552 482 487 125 117 26 26 -0.05 -0.16 -0.05 0.09 - - 8.24 16.89 21.87 35.80 - 21.18 - - - -ROMARCO MINERALS INC CAD 213 1067 585 0 0 0 0 0.16 0 0 -12 -11 -8 -8 -0.02 -0.02 -0.01 -0.01 - - - - 22.12 - - - - - -BANRO CORPORATION CAD 270 1837 202 0 0 0 0 0.39 42 74 143 347 6 6 - - -0.02 0.03 0.06 0.31 35.04 35.04 18.12 3.33 - - - - 13.90 - - - -COLOSSUS MINERALS INC CAD 192 1092 106 0 0 0 0 0.20 0 0 41 282 -32 -32 -7 -7 -0.27 -0.27 -0.12 0.83 - - 2.09 - - -12.01 - - - - - -RAINY RIVER RESOURCES LTD CAD 207 352 100 0 0 0 0 0.11 0 0 1 1 -63 -63 -15 -15 -0.72 -0.61 -0.19 -0.14 - - - - -296.17 - - - - - -SULLIDEN GOLD CORP LTD CAD 218 2032 243 0 0 0 0 0.20 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -35.85 - - - - - -ASANKO GOLD INC CAD 196 297 76 0 0 0 0 0.01 0 0 0 -35 -34 - - -0.48 -0.26 -0.15 -0.16 - - - - 7.21 - - - - - -BEAR CREEK MINING CORP CAD 168 123 92 0 0 0 0 0.10 0 0 -31 -31 - - -0.33 -0.32 -0.21 -0.07 - - - - -5.79 - - - - - -PARAMOUNT GOLD AND SILVER USD 215 571 0 0 0 0 0.20 0 0 -18 -18 -8 -8 - - -0.04 -0.04 - - -59.56 - -54.62 - -29165.25 - - - -KIRKLAND LAKE GOLD INC CAD 241 687 70 0 0 0 0 0.30 157 137 154 258 55 24 22 22 0.56 -0.01 0.01 0.53 - - 429.60 6.36 53.70 61.42 108.90 - 17.26 - - - -GUYANA GOLDFIELDS INC CAD 188 340 95 0 0 0 0 0.16 0 0 407 -8 -8 - - -0.09 -0.10 -0.08 -0.09 - - - - 19.26 - - - - - -HIGHLAND GOLD MINING LTD GBp 399 45 325 0 0 0 0 0.53 535 535 587 689 247 247 247 247 0.58 0.57 0.42 0.49 4.94 4.93 6.72 5.85 26.16 37.65 5.46 62.66 70.09 - - - -INDOPHIL RESOURCES NL AUD 295 849 1203 0 0 0 0 0.06 0 0 -17 -17 - - 0.00 0.00 52.10 - - - -121.60 - - - - - -LYDIAN INTERNATIONAL LTD CAD 189 433 127 0 0 0 0 0.10 0 0 - - - - -0.05 -0.05 -0.04 -0.02 - - - - - - - - - - -SABINA GOLD & SILVER CORP CAD 193 928 174 0 0 0 0 0.08 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.03 - - - - -18.38 - - - - - -LAKE SHORE GOLD CORP CAD 119 5464 416 0 0 0 0 0.21 131 149 196 265 37 37 - - -0.22 -0.22 -0.01 0.05 - - 5.70 99.00 - 409.44 - 27.99 - - - -BRIGUS GOLD CORP USD 139 1186 0 0 0 0 0.20 118 136 152 159 48 48 - - - - 0.15 0.13 - - 4.06 4.52 63.78 - 239.92 60.49 41.21 - - - -GREAT PANTHER SILVER LTD USD 110 952 0 0 0 0 0.09 61 60 57 68 16 16 - - - - 0.04 0.05 - - 23.13 16.19 5.74 21.76 -28.90 - 25.56 - - - -INTREPID MINES LTD AUD 153 5787 555 0 0 0 0 0.14 0 0 -47 -47 - - -0.11 -0.13 -0.01 -0.01 - - - - -21.31 - - - - - -VISTA GOLD CORP USD 108 484 82 0 0 0 0 0.02 0 0 0 -36 -34 - - -0.54 -0.51 -0.29 -0.18 - - - - -26.58 - - - - - -ALEXCO RESOURCE CORP USD 99 437 0 0 0 0 0.08 85 77 78 95 25 25 - - - - -0.14 -0.04 - - 87.81 276.59 160.76 - 30.03 - - - -ATAC RESOURCES LTD CAD 109 325 104 0 0 0 0 0.09 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -SCORPIO MINING CORP CAD 90 386 198 0 0 0 0 0.06 45 41 50 102 14 14 - - 0.04 0.03 0.03 0.13 15.06 15.06 13.28 3.40 -24.54 - -50.82 - 30.39 - - - -MIDWAY GOLD CORP USD 113 393 128 0 0 0 0 0.08 0 0 -14 -14 - - -0.12 -0.12 -0.11 -0.12 - - - - 21.14 - - - - - -PATAGONIA GOLD PLC GBp 140 443 813 0 0 0 0 0.14 0 0 -24 -24 - - -0.03 -0.03 - - - - 79.06 - - - - - -GRYPHON MINERALS LTD AUD 90 5524 348 0 0 0 0 0.04 0 0 1 1 -8 -7 - - - -0.01 -0.02 -0.01 - - - - 48.45 - - - - - -DRDGOLD LTD-SPONSORED ADR USD 235 71 0 0 0 0 1764 1959 2129 2546 371 400 526 526 - - 7.97 12.05 - - 7.11 4.71 27.89 7.86 64.25 12.94 20.40 - - - -RED 5 LTD AUD 82 68 135 0 0 0 0 0.09 4 16 43 123 -3 -5 9 9 -0.01 -0.07 -0.06 0.25 - - 2.41 - - 42.56 - -28.99 - - - -LINGBAO GOLD CO LTD-H HKD 216 1498 770 1 0 0 0 0.69 824 824 892 850 95 95 97 97 0.03 0.03 0.02 0.02 1.05 1.02 1.23 1.20 1.51 2.37 -1.33 0.92 1.49 - - - -INTL TOWER HILL MINES LTD USD 82 242 0 0 0 0 0.06 0 0 0 0 -56 -57 - - - - -0.10 -0.07 - - - - -463.04 - - - - - -SARACEN MINERAL HOLDINGS LTD AUD 91 6924 595 0 0 0 0 0.10 180 184 207 227 62 51 61 61 0.04 -0.02 0.03 0.07 - - 4.35 2.20 17.71 - 5.99 - 27.27 - - - -EXETER RESOURCE CORP USD 65 240 88 0 0 0 0 0.01 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -RICHMONT MINES INC USD 70 189 40 0 0 0 0 0.03 102 100 105 134 8 3 - - -0.08 -0.21 0.05 0.36 - - 40.28 5.04 -14.20 10.98 -79.79 8.26 2.89 - - - -RAMELIUS RESOURCES LTD AUD 68 1355 336 0 0 0 0 0.03 83 114 126 164 13 -10 25 25 0.01 -0.06 0.01 0.08 - - 25.15 2.37 -42.27 171.79 -86.60 8.55 -8.92 - - - -GOLDEN MINERALS CO USD 65 263 43 0 0 0 0 0.03 26 26 33 52 -35 -35 -6 -6 -1.44 -1.37 -0.68 -0.29 - - 1320.81 - 45.58 - -133.08 - - - -SAN GOLD CORP CAD 44 3775 335 0 0 0 0 0.04 140 129 129 165 35 35 - - -0.04 -0.06 -0.05 -0.02 - - 24.11 136.57 184.46 - 24.79 - - - -OREZONE GOLD CORP CAD 56 324 86 0 0 0 0 0.04 0 0 -28 -28 - - -0.06 -0.08 -0.17 -0.08 - - - - 9.57 - - - - - -GRAN COLOMBIA GOLD CORP CAD 64 536 382 0 0 0 0 0.25 165 160 171 207 15 15 10 10 -0.08 -0.06 -0.06 0.03 - - 5.46 21.77 - 860.78 - 8.63 - - - -Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA GrowthQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  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 2.33 2.33 2.14 1.96 2.33 1.49 1.49 1.43 1.37 1.49 10.49 10.49 9.79 10.09 10.49 9.32 9.32 8.61 8.06 9.32 15.04 15.04 13.53 12.29 15.04 2.09 2.09 2.25 2.43 2.09 1741.9 5.0%Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.79 0.79 0.77 0.75 0.79 6.03 6.03 5.58 5.01 6.03 7.32 7.32 6.91 6.55 7.32 12.03 12.03 10.73 9.73 12.03 4.09 4.09 4.38 4.71 4.09 2934.4 4.8%NIKKEI 225 1.69 1.69 1.58 1.46 1.69 0.78 0.78 0.76 0.75 0.78 9.86 9.86 9.20 8.58 9.86 9.47 9.47 8.81 8.36 9.47 21.35 21.35 19.52 15.65 21.35 1.47 1.47 1.50 1.74 1.47 13690.9 -9.0%FTSE 100 INDEX 1.76 1.76 1.64 1.56 1.76 1.01 1.01 0.99 1.00 1.01 8.65 8.65 7.86 6.85 8.65 7.13 7.13 6.73 6.32 7.13 12.35 12.35 11.28 10.42 12.34 3.75 3.75 4.03 4.39 3.75 6965.9 4.0%SWISS MARKET INDEX 2.47 2.47 2.32 2.12 2.47 2.10 2.10 2.00 1.91 2.10 12.78 12.78 11.55 10.40 12.78 13.60 13.60 12.56 11.77 13.60 15.52 15.52 13.95 12.71 15.52 3.13 3.13 3.48 4.00 3.13 8389.6 1.2%S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.45 1.67 1.57 1.57 1.48 1.39 1.57 8.34 8.34 7.50 6.93 8.34 8.48 8.48 7.50 7.06 8.48 14.27 14.27 12.59 11.64 14.27 3.20 3.20 3.35 3.54 3.20 14270.4 14.4%S&P/ASX 200 INDEX 1.95 1.95 1.85 1.75 1.95 1.89 1.89 1.78 1.68 1.89 11.58 11.58 10.31 9.44 11.58 9.81 9.81 8.72 8.06 9.81 15.75 15.75 14.13 12.95 15.75 4.35 4.35 4.64 4.98 4.35 5247.6 1.6%HANG SENG INDEX 1.36 1.36 1.26 1.15 1.36 1.76 1.76 1.63 1.50 1.76 8.18 8.18 7.73 7.34 8.18 8.45 8.45 7.69 7.09 8.45 10.97 10.97 10.08 9.17 10.97 3.53 3.53 3.81 4.22 3.53 24962.1 8.1%MSCI EM 1.47 1.47 1.16 1.23 1.47 1.02 1.02 0.95 0.90 1.02 7.16 7.16 6.60 6.20 7.16 6.52 6.52 5.97 5.61 6.52 11.04 11.04 9.88 9.20 11.04 2.80 2.80 3.09 3.38 2.80 1184.0 13.2%GOLDCORP INC 0.99 0.95 0.91 0.86 4.04 4.54 3.57 3.25 3.05 9.59 11.38 7.97 6.72 5.77 7.70 9.51 6.56 5.73 5.02 13.77 19.46 13.01 11.43 9.13 1.97 2.18 2.18 2.20 2.20 38.45 40.8%BARRICK GOLD CORP 0.75 0.81 0.77 0.70 1.37 1.43 1.33 1.35 1.25 3.54 4.09 3.78 3.57 3.47 4.63 5.22 4.77 4.62 4.07 5.11 6.16 5.84 6.08 5.25 3.87 4.13 4.16 4.05 5.66 28.94 48.9%NEWMONT MINING CORP 1.15 1.05 1.02 0.97 1.57 1.71 1.46 1.47 5.23 5.87 4.89 5.10 8.94 5.54 6.85 5.44 5.66 8.55 8.88 11.67 9.27 10.26 14.93 4.54 4.64 4.53 3.90 3.80 41.22 30.6%RANDGOLD RESOURCES LTD-ADR 2.55 2.22 1.91 1.65 4.84 4.80 3.70 3.86 4.24 11.34 10.94 7.39 6.66 10.96 9.00 9.39 6.61 6.46 7.60 15.25 16.64 10.70 10.53 11.50 0.66 0.71 0.88 0.89 109.13 51.6%YAMANA GOLD INC 1.06 1.03 0.96 0.91 3.51 3.36 2.78 2.87 2.43 7.79 7.84 6.12 5.85 5.44 6.78 7.01 5.33 5.45 4.08 12.15 14.18 10.44 10.16 9.32 2.16 2.24 2.21 2.13 2.34 16.94 52.8%GOLD FIELDS LTD-SPONS ADR 0.70 0.81 0.75 0.68 0.84 1.43 1.37 1.31 2.57 3.95 3.99 3.66 4.97 9.41 7.50 6.59 6.30 3.32 3.63 4.36 8.53 40.8%SILVER WHEATON CORP 2.52 2.26 2.01 1.80 1.46 9.61 8.15 7.25 6.98 5.14 11.63 10.72 9.61 8.98 7.87 13.01 11.53 10.01 9.91 7.07 13.40 13.98 12.57 12.47 10.32 1.69 1.66 1.68 1.56 -0.41 39.55 78.3%ANGLOGOLD ASHANTI-SPON ADR 1.19 1.09 0.95 0.85 1.05 1.11 1.02 1.04 3.75 3.41 3.20 3.65 6.12 11.27 6.95 7.47 2.30 1.47 1.43 1.47 28.72 62.3%CIA DE MINAS BUENAVENTUR-ADR 1.28 1.12 1.00 0.91 3.25 3.04 2.84 2.94 11.19 13.37 10.41 6.09 8.08 6.79 7.23 6.38 8.21 7.71 8.14 3.38 2.69 3.48 3.06 26.80 47.9%NEW GOLD INC 1.20 1.08 1.01 0.93 0.89 4.03 3.32 3.14 3.09 3.32 10.48 7.96 6.53 6.00 6.69 8.27 6.80 5.66 5.26 5.27 15.99 16.02 12.04 11.17 14.92 0.00 0.00 12.28 89.2%AGNICO EAGLE MINES LTD 1.42 1.41 1.36 1.30 2.57 2.89 2.39 2.41 2.27 6.98 9.59 7.08 6.52 6.07 6.58 8.83 6.29 6.10 4.25 13.53 27.67 16.04 14.98 13.41 2.69 2.97 2.94 2.88 2.80 42.65 49.5%ELDORADO GOLD CORP 0.82 0.81 0.79 0.74 4.26 3.90 3.51 2.53 1.75 10.58 9.93 8.30 5.63 3.46 8.46 8.11 7.09 4.76 2.97 15.01 15.91 13.12 8.70 5.25 2.10 1.89 2.06 2.51 3.05 12.49 81.3%KINROSS GOLD CORP 0.46 0.59 0.57 0.56 0.56 1.39 1.49 1.43 1.55 1.42 4.20 4.58 4.05 4.57 4.33 3.45 4.13 3.62 4.05 3.54 7.15 11.63 9.50 11.14 9.53 3.03 2.94 2.92 3.03 3.03 8.15 54.3%ROYAL GOLD INC 1.64 1.35 1.31 1.22 11.87 10.73 8.58 6.30 16.28 17.32 13.24 9.46 11.95 10.66 8.60 6.43 28.86 33.31 24.02 15.78 1.09 1.43 1.56 1.68 77.03 52.4%HARMONY GOLD MNG-SPON ADR 0.44 0.43 0.42 0.41 0.99 1.01 0.76 0.70 3.97 3.88 2.89 3.49 5.60 9.80 4.96 12.15 3.12 1.49 3.28 1.65 7.85 91.0%IAMGOLD CORP 0.50 0.50 0.48 0.47 1.16 1.28 1.13 1.11 1.03 3.54 4.52 3.66 3.82 3.44 2.68 3.43 2.77 2.95 2.30 5.85 9.73 7.43 8.62 7.71 5.04 4.88 4.64 4.54 4.96 9.51 88.6%PAN AMERICAN SILVER CORP 0.63 0.66 0.62 0.58 0.53 1.89 1.80 1.68 1.68 1.32 6.69 7.25 6.45 7.26 4.66 3.46 3.97 3.31 3.62 1.79 9.52 12.90 10.59 13.00 8.17 1.48 3.68 3.44 3.11 4.18 17.76 48.6%FIRST MAJESTIC SILVER CORP 1.94 4.55 3.21 2.21 1.93 1.70 8.28 7.89 5.36 4.44 3.61 6.66 5.38 3.73 3.34 2.81 10.67 12.19 7.94 6.67 5.95 19.16 87.1%COEUR DALENE MINES CORP 0.57 0.55 0.51 0.46 1.52 1.53 1.29 1.28 1.13 4.58 5.59 4.58 3.74 3.76 3.62 2.70 2.53 12.44 22.87 10.24 8.06 21.46 58.3%AURICO GOLD INC 0.61 0.58 0.57 0.56 0.48 3.68 3.93 2.89 2.45 2.07 11.51 9.61 5.93 5.48 4.48 7.30 7.85 5.28 4.29 3.33 11.65 18.27 11.92 11.51 9.43 0.00 3.86 3.07 3.37 4.29 7.25 55.6%ALLIED NEVADA GOLD CORP 1.11 0.91 0.69 0.59 0.52 3.24 1.91 1.26 0.91 0.66 8.65 6.46 3.72 2.70 2.44 9.29 5.54 3.00 2.59 1.89 14.48 9.35 5.19 3.59 3.06 19.90 154.5%HECLA MINING CO 0.78 0.74 0.70 0.61 0.54 2.71 1.83 1.38 1.38 1.36 9.94 6.30 4.98 4.22 4.49 6.74 3.63 2.19 1.90 2.02 28.70 16.76 8.24 7.28 8.09 1.29 1.19 1.94 2.58 1.29 4.84 56.1%NEVSUN RESOURCES LTD 1.13 1.04 0.92 0.85 2.64 5.48 2.50 2.90 5.02 5.00 10.54 3.73 4.49 7.84 2.84 2.87 2.84 2.87 5.16 47.9%AURIZON MINES LTD 1.65 1.64 2.82 3.05 2.40 2.61 2.50 9.02 9.95 6.99 7.23 6.02 4.62 4.79 3.23 18.84 29.85 14.92 14.21 13.52 0.00 4.70 23.3%SILVER STANDARD RESOURCES 0.50 0.46 0.45 0.44 0.34 2.11 2.43 2.15 1.89 1.11 12.83 11.74 10.76 6.88 5.45 4.11 5.04 3.68 2.75 1.19 42.98 45.38 0.00 0.00 0.00 15.05 131.9%SEABRIDGE GOLD INC 42.93 321.3%TANZANIAN ROYALTY EXPLORATIOGOLDEN STAR RESOURCES LTD 0.42 0.43 0.42 0.38 0.33 0.38 0.37 0.37 0.36 1.56 3.11 2.04 1.96 1.43 2.04 2.95 1.94 1.83 3.59 14.58 8.24 6.60 2.03 0.00 0.95 36.0%VISTA GOLD CORP 0.77 0.41 0.42 1.46 0.28 0.50 0.49 0.58 6.75 411.7%GREAT BASIN GOLD LTD 0.01 0.02 0.14 10.20ARGONAUT GOLD INC 1.53 1.03 0.93 0.82 4.91 4.46 3.48 2.80 2.24 8.87 11.10 7.35 6.46 5.47 6.80 7.42 5.15 4.13 3.09 11.06 15.75 10.55 8.89 8.63 10.91 74.9%TOREX GOLD RESOURCES INC 1.61 1.55 1.56 1.39 1980.13 6.99 37.63 26.30 89.38 0.00 2.56 78.8%LIONGOLD CORP LTD 16.29 10.90 9.47 7.35 5.36 190.00 87.69 43.85CHINA GOLD INTERNATIONAL RES 0.77 0.72 0.67 0.61 3.16 3.00 1.67 1.10 6.70 0.77 1.68 0.34 7.37 7.18 4.51 2.93 13.08 16.75 14.65 12.18 0.48 0.48 0.63 12.12 3.61 32.4%PERSEUS MINING LTD 1.54 1.35 1.14 0.85 0.72 3.39 1.74 1.37 0.95 0.94 8.88 7.04 3.92 2.38 2.83 8.55 4.09 3.04 1.71 2.02 9.52 9.37 6.14 3.51 4.49 0.00 0.00 0.25 2.86 2.52 2.36 97.9%SANDSTORM GOLD LTD 10.50 8.72 6.50 4.86 12.54 14.14 9.40 7.57 10.91 13.28 12.68 7.65 6.05 22.76 37.76 17.99 12.32 31.25 12.25 75.0%OCEANAGOLD CORP 0.86 0.80 0.76 0.72 0.82 1.34 0.89 0.82 0.89 1.07 4.31 2.59 2.35 2.54 4.56 5.17 3.27 3.41 3.84 7.30 27.77 8.08 5.73 7.53 2.98 64.7%MEDUSA MINING LTD 1.38 1.14 0.81 0.63 0.58 4.83 3.88 1.64 1.50 1.10 8.02 4.70 2.46 2.18 2.41 6.56 5.57 2.16 1.99 1.84 7.45 5.68 2.48 2.33 2.51 4.36 1.42 4.92 7.47 9.93 5.06 114.3%DUNDEE PRECIOUS METALS INC 0.72 0.65 0.51 0.47 1.55 1.26 1.07 1.08 4.44 4.29 3.35 3.02 2.74 3.75 3.22 2.24 1.76 1.48 7.23 7.88 5.65 5.32 4.32 0.00 0.00 0.00 10.79 147.4%RIO ALTO MINING LTD 2.48 1.87 1.86 1.77 1.77 1.79 1.47 5.14 5.38 5.11 4.60 3.70 2.78 3.88 3.81 3.36 2.19 6.11 7.02 5.99 6.04 5.55 0.00 0.00 0.00 5.97 85.5%AURIZON MINES LTD 1.65 1.64 2.82 3.05 2.40 2.61 2.50 9.02 9.95 6.99 7.23 6.02 4.62 4.79 3.23 18.84 29.85 14.92 14.21 13.52 0.00 4.70 23.3%ENDEAVOUR SILVER CORP 1.97 1.71 1.45 1.45 4.90 5.21 3.89 4.25 4.57 4.70 3.10 3.26 9.32 9.93 6.86 8.11 8.20 101.0%CONTINENTAL GOLD LTD 32.11 32.11 29.96 1.94 4.23 5.36 6.55 11.81 226.3%RUBICON MINERALS CORP 0.96 4.88 4.22 7.80 7.09 4.83 209.8%SILVERCORP METALS INC 1.02 1.82 2.20 1.73 1.32 1.23 3.77 5.74 5.13 2.61 2.59 4.18 2.76 2.23 5.58 12.21 8.87 4.56 5.31 3.42 3.85 6.20 138.5%EVOLUTION MINING LTD 0.54 0.52 0.47 0.43 0.45 1.25 0.96 0.84 0.85 0.90 2.99 3.02 2.60 2.68 2.74 3.49 2.66 2.15 2.21 2.49 8.06 9.88 7.22 6.06 8.65 0.00 1.20 2.41 2.65 2.53 1.16 39.6%CHINA PRECIOUS METAL RESOURC 1.51 1.09 0.95 0.80 3.96 3.10 2.47 2.59 12.36 15.11 7.84 6.00 4.81 5.31 13.60 9.38 8.34 8.50 0.74 1.70 25.0%SEABRIDGE GOLD INC 42.93 321.3%BEADELL RESOURCES LTD 5.30 2.77 1.40 1.12 89.15 1.57 1.48 1.71 1.96 3.98 3.09 4.31 3.84 3.39 4.61 7.10 4.40 3.68 5.12 5.08 0.00 0.32 1.44 1.76 4.80 1.00 60.5%RESOLUTE MINING LTD 0.82 0.74 0.62 0.52 0.38 0.77 0.72 0.81 0.76 0.76 2.34 2.13 2.77 2.30 2.63 1.54 1.50 1.84 1.55 1.43 3.39 3.21 4.59 4.40 4.48 0.00 6.53 3.40 4.49 6.80 1.38 87.6%Price to Earnings RatioValuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio TargetQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  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 2.33 2.33 2.14 1.96 2.33 1.49 1.49 1.43 1.37 1.49 10.49 10.49 9.79 10.09 10.49 9.32 9.32 8.61 8.06 9.32 15.04 15.04 13.53 12.29 15.04 2.09 2.09 2.25 2.43 2.09 1741.9 5.0%Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.79 0.79 0.77 0.75 0.79 6.03 6.03 5.58 5.01 6.03 7.32 7.32 6.91 6.55 7.32 12.03 12.03 10.73 9.73 12.03 4.09 4.09 4.38 4.71 4.09 2934.4 4.8%NIKKEI 225 1.69 1.69 1.58 1.46 1.69 0.78 0.78 0.76 0.75 0.78 9.86 9.86 9.20 8.58 9.86 9.47 9.47 8.81 8.36 9.47 21.35 21.35 19.52 15.65 21.35 1.47 1.47 1.50 1.74 1.47 13690.9 -9.0%FTSE 100 INDEX 1.76 1.76 1.64 1.56 1.76 1.01 1.01 0.99 1.00 1.01 8.65 8.65 7.86 6.85 8.65 7.13 7.13 6.73 6.32 7.13 12.35 12.35 11.28 10.42 12.34 3.75 3.75 4.03 4.39 3.75 6965.9 4.0%SWISS MARKET INDEX 2.47 2.47 2.32 2.12 2.47 2.10 2.10 2.00 1.91 2.10 12.78 12.78 11.55 10.40 12.78 13.60 13.60 12.56 11.77 13.60 15.52 15.52 13.95 12.71 15.52 3.13 3.13 3.48 4.00 3.13 8389.6 1.2%S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.45 1.67 1.57 1.57 1.48 1.39 1.57 8.34 8.34 7.50 6.93 8.34 8.48 8.48 7.50 7.06 8.48 14.27 14.27 12.59 11.64 14.27 3.20 3.20 3.35 3.54 3.20 14270.4 14.4%S&P/ASX 200 INDEX 1.95 1.95 1.85 1.75 1.95 1.89 1.89 1.78 1.68 1.89 11.58 11.58 10.31 9.44 11.58 9.81 9.81 8.72 8.06 9.81 15.75 15.75 14.13 12.95 15.75 4.35 4.35 4.64 4.98 4.35 5247.6 1.6%HANG SENG INDEX 1.36 1.36 1.26 1.15 1.36 1.76 1.76 1.63 1.50 1.76 8.18 8.18 7.73 7.34 8.18 8.45 8.45 7.69 7.09 8.45 10.97 10.97 10.08 9.17 10.97 3.53 3.53 3.81 4.22 3.53 24962.1 8.1%MSCI EM 1.47 1.47 1.16 1.23 1.47 1.02 1.02 0.95 0.90 1.02 7.16 7.16 6.60 6.20 7.16 6.52 6.52 5.97 5.61 6.52 11.04 11.04 9.88 9.20 11.04 2.80 2.80 3.09 3.38 2.80 1184.0 13.2%ENDEAVOUR MINING CORP 1.02 0.74 0.57 0.57 0.35 2.08 2.18 1.80 1.61 0.80 3.62 2.73 2.24 2.10 1.66 5.68 6.24 5.09 4.76 1.52 2.61 196.6%FORTUNA SILVER MINES INC 1.42 1.15 0.98 0.84 0.75 2.03 2.02 1.68 1.64 5.12 5.57 4.71 4.53 4.43 3.99 3.85 2.74 2.64 3.02 9.96 11.41 8.49 8.21 8.33 4.94 76.4%MCEWEN MINING INC 0.64 0.58 0.53 4.06 2.81 1.96 14.64 58.57 10.25 10.25 13.43 4.95 2.71 22.78 25.63 10.79 41.00 5.13 150.0%MAG SILVER CORP 2.76 2.97 3.26 3.44 14.25 118.9%PRIMERO MINING CORP 0.86 0.84 0.87 0.74 2.67 2.45 1.97 1.45 1.12 5.47 6.08 4.91 4.64 2.78 4.47 4.33 2.83 1.88 1.25 10.26 11.75 8.52 7.29 4.18 0.00 0.00 8.60 66.4%KINGSGATE CONSOLIDATED LTD 0.33 0.30 0.28 0.26 0.22 0.68 0.73 0.64 0.52 0.38 2.05 1.99 1.47 1.32 1.11 2.25 3.33 2.65 2.42 1.78 2.75 6.80 6.45 6.09 3.26 13.07 6.63 11.19 14.65 25.78 3.15 91.2%TIMMINS GOLD CORP 1.99 1.51 1.20 1.20 2.00 1.63 1.49 1.42 1.37 5.62 4.55 4.72 4.77 4.35 4.14 3.51 3.43 3.70 3.43 7.99 6.49 6.67 6.38 6.08 0.00 0.00 0.00 3.43 54.4%ST BARBARA LTD 0.38 0.30 0.28 0.26 0.33 0.56 0.57 0.49 0.45 0.54 0.94 2.67 1.61 1.41 2.05 2.08 2.87 1.91 1.89 2.37 1.71 7.65 4.00 4.25 8.73 0.00 0.00 1.94 2.90 2.58 1.27 105.3%PREMIER GOLD MINES LTD 0.61 135.21 0.00 5.57 223.8%NORTHERN STAR RESOURCES LTD 3.30 2.50 2.03 1.74 1.65 2.80 2.30 1.87 1.82 1.11 7.18 4.93 5.49 6.42 3.63 5.22 3.55 2.91 3.26 2.14 12.95 9.80 7.80 7.80 5.75 0.00 3.59 4.14 3.45 4.83 1.01 39.6%TANZANIAN ROYALTY EXPLORATIOREAL GOLD MINING LTD 1.43 4.51 6.03 3.35 7.56 0.00GOLDEN STAR RESOURCES LTD 0.42 0.43 0.42 0.38 0.33 0.38 0.37 0.37 0.36 1.56 3.11 2.04 1.96 1.43 2.04 2.95 1.94 1.83 3.59 14.58 8.24 6.60 2.03 0.00 0.95 36.0%ROMARCO MINERALS INC 0.22 0.91 2.24 1.04 8.07 2.42 12.11 1.48 300.0%BANRO CORPORATION 0.64 6.12 1.85 0.76 0.71 0.65 97.30 4.98 1.63 1.31 1.41 222.05 8.63 2.42 2.32 1.91 18.45 3.39 3.21 2.61 0.93 0.00 0.00 5.61 6.54 1.94 78.0%COLOSSUS MINERALS INC 1.68 1.74 0.68 0.48 4.56 0.67 0.66 0.69 1.77 1.49 1.87 16.81 0.98 0.90 2.13 1.80 2.35 0.00 0.00 6.76 269.4%RAINY RIVER RESOURCES LTD 0.94 210.94 210.94 2.54 191.82 4.14 0.00 6.61 213.2%SULLIDEN GOLD CORP LTD 0.81 18.05 1.59 4.82 5.13 1.95 4.32 4.56 1.72 110.0%ASANKO GOLD INC 0.86 0.92 2.26 0.72 2.85 1.08 384.59 4.27 0.00 0.00 0.00 0.00 4.34 84.8%BEAR CREEK MINING CORP 1.23 2.33 4.01 116.9%PARAMOUNT GOLD AND SILVER 0.80 0.56 1.00 3.67 165.9%KIRKLAND LAKE GOLD INC 1.04 0.98 0.87 0.73 1.48 1.57 0.93 0.69 0.53 4.58 9.21 3.76 1.94 1.29 4.72 9.68 2.94 1.91 1.48 4.81 437.50 6.48 2.84 2.11 9.01 157.5%GUYANA GOLDFIELDS INC 0.77 0.63 0.39 0.33 0.28 0.46 0.92 0.76 2.30 1.38 1.35 1.07 3.82 1.95 0.00 5.26 246.2%HIGHLAND GOLD MINING LTD 0.51 0.46 0.42 0.39 0.35 1.16 1.03 0.88 0.90 0.90 2.97 3.51 2.87 2.92 2.41 2.24 2.15 1.80 1.84 1.96 3.92 4.42 3.85 4.28 5.58 6.03 5.78 6.19 5.86 6.51 140.04 73.4%INDOPHIL RESOURCES NLLYDIAN INTERNATIONAL LTD 2.51 1.69 1.88 1.22 7.03 3.36 19.50 15.93 3.56 140.7%SABINA GOLD & SILVER CORP 0.65 0.38 0.65 0.67 0.00 4.28 278.3%LAKE SHORE GOLD CORP 0.13 0.18 0.17 0.86 0.60 0.45 0.45 0.37 2.76 1.88 1.30 1.21 0.78 6.73 2.78 1.73 2.03 1.23 5.80 3.49 3.22 1.23 324.6%BRIGUS GOLD CORP 0.50 1.15 0.92 0.88 0.71 0.51 2.60 1.96 2.04 1.86 1.50 3.79 2.61 2.32 1.93 1.84 6.13 4.06 4.52 3.25 2.86 1.41 134.9%GREAT PANTHER SILVER LTD 1.80 1.97 1.64 6.09 11.56 6.75 4.26 4.26 4.74 10.69 4.66 12.46 23.13 16.19 16.19 26.98 1.23 54.8%INTREPID MINES LTD 0.92 1.09 1.13 0.96 0.64 4629.42 4.76 0.65 0.00 0.00 0.00 0.00 0.24 -14.3%VISTA GOLD CORP 0.77 0.41 0.42 1.46 0.28 0.50 0.49 0.58 6.75 411.7%ALEXCO RESOURCE CORP 1.13 1.30 1.07 0.94 0.70 4.46 6.40 3.25 2.36 1.78 7.24 39.11 39.12 28.92 13.49 3.86 3.20 101.1%ATAC RESOURCES LTD 1.23 1.09 1.00 0.93 3.53 259.7%SCORPIO MINING CORP 1.94 1.79 0.88 6.87 5.54 1.63 1.00 5.06 5.68 3.24 11.50 13.53 3.46 2.19 1.78 287.7%MIDWAY GOLD CORP 1.17 2.00 1.36 1.34 1.76 0.98 35.97 29.97 26.07 1.85 29.97 1.77 101.0%PATAGONIA GOLD PLCGRYPHON MINERALS LTD 0.42 0.44 0.41 0.36 0.20 37.38 121.19 67.33 1.57 0.55 8.85 1.68 1.53 2.52 0.59 4.42 1.97 0.00 0.00 0.00 0.00 0.00 0.60 162.8%DRDGOLD LTD-SPONSORED ADR 1.03 0.86 5.35 3.62 7.11 4.71 5.27 7.03 8.40 37.9%RED 5 LTD 0.62 0.58 0.47 0.37 6.09 1.92 0.67 0.64 0.42 10.88 1.20 1.01 20.24 11.47 1.27 1.13 0.69 22.96 2.45 1.86 1.44 0.00 0.00 0.00 0.00 0.97 56.5%LINGBAO GOLD CO LTD-H 0.53 0.53 0.51 0.50 0.19 0.19 0.20 0.23 6.65 7.06 6.57 6.91 6.37 9.55 9.29 12.73 4.31 3.49 3.20 2.33 2.14 -1.4%INTL TOWER HILL MINES LTD 0.36 0.52 0.31 0.00 4.06 385.4%SARACEN MINERAL HOLDINGS LTD 0.52 0.34 0.30 0.26 0.21 0.50 0.44 0.40 0.32 0.33 1.61 1.65 1.40 1.08 1.29 1.65 1.61 1.21 0.88 1.12 3.52 4.43 2.25 1.91 1.63 0.00 0.00 0.00 7.10 6.45 0.30 91.9%EXETER RESOURCE CORP 1.19 4.55 519.3%RICHMONT MINES INC 0.68 0.68 0.54 6.47 5.94 2.54 17.26 40.28 5.03 3.60 102.3%RAMELIUS RESOURCES LTD 0.43 0.25 0.25 0.22 0.74 0.54 0.41 0.45 0.34 9.32 6.41 1.88 1.86 1.67 1.19 0.55 0.59 0.53 5.54 25.63 2.41 2.81 3.42 0.00 0.00 1.95 2.93 9.76 0.34 63.4%GOLDEN MINERALS CO 2.60 2.00 1.25 0.84 25.00 1.55 0.53 2.94 4.03 168.5%SAN GOLD CORP 0.19 0.21 0.32 0.35 0.27 1.16 1.63 0.95 1.04 1.04 1.19 1.36 0.98 1.84 0.23 70.4%OREZONE GOLD CORP 0.26 6.58 0.67 5.06 5.46 8.22 2.50 273.8%GRAN COLOMBIA GOLD CORP 0.31 0.37 0.30 0.19 2.38 1.85 0.83 6.63 25.19 5.25 2.49 5.56 5.56 1.67 0.70 311.8%Price to Earnings RatioValuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio TargetQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 16.05.2013Goldcorp, Inc. is engaged in the acquisition, exploration, development andoperation of precious metal properties in Canada, the Unites States, Mexico andCentral and South America.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 47.4252-Week Low (17.04.2013) 27.11Daily Volume27.352-Week High % Change -42.43% Dividend Yield 2.0352-Week Low % Change 0.70% Beta 0.73% 52 Week Price Range High/Low 0.94% Equity Float 809.15Shares Out 30.04.2013 812.0 Short Int 7.2922264.98 1 Yr Total Return -15.34%Total Debt 783.00 YTD Return -25.03%Preferred Stock 0.0 Adjusted BETA 0.730Minority Interest 213.0 Analyst Recs 27Cash and Equivalents 918.00 Consensus Rating 4.333Enterprise Value 22738.98Average Volume 5 Day 7053540GG US EQUITY YTD Change - Average Volume 30 Day 8147308GG US EQUITY YTD % CHANGE - Average Volume 3 Month 7330675LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q32419.6 2723.6 3738.0 5362.0 5435.0 5357 5101 4905 6245 1171 12899.42x 10.50x 9.95x 6.61x 5.50x 27.45x 24.55x 4.83x 3.77x 19.67x 18.04x1052.2 1366.2 2026.0 2336.0 2798.0 2966.0 2532.0 2391.9 3464.5 569.6 660.721.66x 20.94x 18.36x 15.18x 10.69x 12.15x 10.97x 9.51x 6.56x 8.86x 8.74x1475.6 240.2 2051.0 1187.0 1749.0 1709.0 1579.0 1192.9 1767.9 220.9 294.657.34x 50.85x 30.36x 22.24x 18.47x 23.69x 19.73x 19.46x 13.01x 18.27x 16.28xEBITDA 2798.00 Long-Term Rating Date 01.06.2009EBIT 2123.00 Long-Term Rating BBB+Operating Margin 39.06% Long-Term Outlook STABLEPretax Margin 41.44% Short-Term Rating Date -Return on Assets 5.06% Short-Term Rating -Return on Common Equity 7.08%Return on Capital 6.69% EBITDA/Interest Exp. 93.27Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 6.33Net Debt/EBITDA 0.10Gross Margin 44.6% Total Debt/EBITDA 0.90EBITDA Margin 49.6%EBIT Margin 36.6% Total Debt/Equity 3.4%Net Income Margin 32.2% Total Debt/Capital 3.3%Asset Turnover 0.16Current Ratio 2.15 Net Fixed Asset Turnover 0.20Quick Ratio 1.39 Accounts receivable turnover-days 42.40Debt to Assets 2.51% Inventory Days 85.97Tot Debt to Common Equity 3.45% Accounts Payable Turnover Day 88.00Accounts Receivable Turnover 8.61 Cash Conversion Cycle 33.03Inventory Turnover 4.25Fiscal Year EndedGoldcorp IncPrice/VolumeValuation Analysis8974858.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure05101520253035404550m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.01000.02000.03000.04000.05000.06000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 95391332 11.75 - 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 30706526 3.78 (2230630) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 28365944 3.49 (3227565) 15.05.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 23371159 2.88 379529 31.03.2013 BankBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19122015 2.35 (574672) 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 18417273 2.27 7264832 31.03.2013 Hedge Fund ManagerCARMIGNAC GESTION CARMIGNAC GESTION 13F 17580357 2.17 17580357 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 15798349 1.95 5678487 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 15368322 1.89 (264603) 31.03.2013 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 12996285 1.6 (440597) 31.12.2012 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11582812 1.43 (224052) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 11409803 1.41 1401951 31.12.2012 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 11159562 1.37 3920300 31.03.2013 Investment AdvisorRS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 8785563 1.08 4171254 31.03.2013 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 8426680 1.04 (27800) 31.12.2012 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 7186295 0.89 (176695) 31.03.2013 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6835256 0.84 1053271 31.03.2013 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 6076235 0.75 (1030733) 31.03.2013 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 5947164 0.73 1660114 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 5776522 0.71 1267153 31.12.2012 GovernmentFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.05.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 42 Not Provided 09.05.2013Credit Suisse ANITA SONI neutral 3 M 35 Not Provided 09.05.2013JPMorgan JOHN BRIDGES overweight 5 M 47 12 month 09.05.2013Macquarie TONY LESIAK outperform 5 M 40 12 month 09.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 41 12 month 09.05.2013GMP GEORGE V ALBINO buy 5 M 61 Not Provided 09.05.2013TD Securities GREG BARNES buy 5 M 37 12 month 09.05.2013RBC Capital Markets STEPHEN D WALKER outperform 5 M 36 12 month 08.05.2013CIBC World Markets ALEC KODATSKY sector outperform 5 M 45 Not Provided 08.05.2013Davenport & Co LLOYD T OCARROLL buy 5 M 35 Not Provided 08.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 43 12 month 07.05.2013Stifel GEORGE J TOPPING buy 5 M 36 12 month 03.05.2013Salman Partners DAVID WEST top pick 5 M 46 12 month 03.05.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 44 12 month 03.05.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 28 Not Provided 03.05.2013Barclays FAROOQ HAMED overweight 5 M 38 Not Provided 03.05.2013Deutsche Bank JORGE M BERISTAIN hold 3 M 28 12 month 02.05.2013Jefferies PETER D WARD hold 3 M 27 12 month 02.05.2013HSBC PATRICK CHIDLEY overweight 5 M 35 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 39 12 month 23.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 15.03.2013Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 08.01.2013Raymond James BRAD HUMPHREY Under Review #N/A N/A N #N/A N/A Not Provided 19.11.2008Holdings By:Goldcorp IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 16.05.2013Barrick Gold Corporation is an international gold company with operating minesand development projects in the United States, Canada, South America, Australia,and Africa.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (06.06.2012) 43.3052-Week Low (17.04.2013) 17.51Daily Volume19.4452-Week High % Change -55.10% Dividend Yield 4.1252-Week Low % Change 11.02% Beta 0.79% 52 Week Price Range High/Low 7.48% Equity Float 998.50Shares Out 30.04.2013 1001.2 Short Int 13.8219462.40 1 Yr Total Return -43.57%Total Debt 13943.00 YTD Return -44.12%Preferred Stock 0.0 Adjusted BETA 0.792Minority Interest 2663.0 Analyst Recs 32Cash and Equivalents 2093.00 Consensus Rating 3.938Enterprise Value 34609.40Average Volume 5 Day 16409598ABX US EQUITY YTD Change - Average Volume 30 Day 25081874ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 17541120LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q37613.0 8136.0 11001.0 14236.0 14547.0 14793.0 14340.0 13583.2 14589.4 3306.0 3425.34.64x 5.27x 5.25x 4.08x 3.41x 15.70x 14.05x 2.60x 2.43x 10.56x 10.31x3010.0 3589.0 6211.0 8327.0 7358.0 8579.0 7071.0 6625.6 7258.9 1583.0 1700.611.75x 11.95x 9.30x 6.98x 6.73x 6.58x 6.30x 5.22x 4.77x 5.24x 5.32x785.0 (4274.0) 3582.0 4484.0 (665.0) 4522.0 (847.0) 3096.5 3322.4 660.6 736.020.18x 16.56x 15.62x 9.79x 9.36x 9.18x 8.90x 6.16x 5.84x 6.60x 6.43xEBITDA 7358.00 Long-Term Rating Date 26.04.2013EBIT 5636.00 Long-Term Rating BBBOperating Margin 38.74% Long-Term Outlook NEGPretax Margin -6.28% Short-Term Rating Date 19.05.2011Return on Assets -1.71% Short-Term Rating A-2Return on Common Equity -3.63%Return on Capital - EBITDA/Interest Exp. 9.89Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 1.33Net Debt/EBITDA 1.76Gross Margin 47.4% Total Debt/EBITDA 2.09EBITDA Margin 49.3%EBIT Margin 37.2% Total Debt/Equity 63.8%Net Income Margin -4.6% Total Debt/Capital 36.3%Asset Turnover 0.29Current Ratio 1.33 Net Fixed Asset Turnover 0.48Quick Ratio 0.58 Accounts receivable turnover-days 10.51Debt to Assets 29.49% Inventory Days 125.35Tot Debt to Common Equity 63.83% Accounts Payable Turnover Day 94.50Accounts Receivable Turnover 34.72 Cash Conversion Cycle 33.82Inventory Turnover 2.91Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedBarrick Gold CorpPrice/VolumeValuation Analysis23816719.00Current Price (5/dd/yy) Market Data051015202530354045m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M10.0 M20.0 M30.0 M40.0 M50.0 M60.0 M70.0 M0.02000.04000.06000.08000.010000.012000.014000.016000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.002.004.006.008.0010.0012.0014.0016.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 87777710 8.77 - 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 29144249 2.91 (4654979) 15.05.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 27711488 2.77 (2358585) 31.03.2013 BankCAPITAL GROUP COMPAN n/a ULT-AGG 27616252 2.76 (47634385) 31.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 26847836 2.68 16089445 31.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 23305185 2.33 11852598 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 19232728 1.92 (765564) 31.03.2013 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 17663919 1.76 771337 31.12.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 17095925 1.71 (4625429) 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 14741836 1.47 (68927) 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 14548226 1.45 3777420 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14348784 1.43 925862 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13797555 1.38 (4803846) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 13586744 1.36 1359379 31.12.2012 Investment AdvisorINSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12481312 1.25 (248326) 31.03.2013 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 10376354 1.04 (576200) 31.12.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 9682770 0.97 128664 31.03.2013 Investment AdvisorOLDFIELD PARTNERS LL OLDFIELD PARTNERS LL 13F 8964554 0.9 1678488 31.03.2013 Investment AdvisorNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 8491106 0.85 2265919 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 8451322 0.84 2825528 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank JORGE M BERISTAIN hold 3 M 23 12 month 13.05.2013Salman Partners DAVID WEST buy 5 M 30 Not Provided 13.05.2013Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.05.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 30 Not Provided 09.05.2013Credit Suisse ANITA SONI outperform 5 M 36 Not Provided 09.05.2013JPMorgan JOHN BRIDGES neutral 3 M 31 6 month 09.05.2013HSBC PATRICK CHIDLEY overweight 5 M 28 Not Provided 09.05.2013Canaccord Genuity Corp STEVEN BUTLER hold 3 M 23 12 month 09.05.2013Haywood Securities Inc. KERRY SMITH buy 5 M 34 Not Provided 09.05.2013GMP GEORGE V ALBINO buy 5 M 50 Not Provided 09.05.2013TD Securities GREG BARNES hold 3 M 24 12 month 09.05.2013RBC Capital Markets STEPHEN D WALKER sector perform 3 M 24 12 month 08.05.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 33 Not Provided 08.05.2013Davenport & Co LLOYD T OCARROLL buy 5 M 27 Not Provided 08.05.2013Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 03.05.2013Macquarie TONY LESIAK neutral 3 M 21 12 month 03.05.2013Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 03.05.2013Stifel GEORGE J TOPPING buy 5 M 34 12 month 03.05.2013Jefferies PETER D WARD buy 5 M 30 12 month 30.04.2013Cormark Securities Inc. RICHARD GRAY market perform 3 M 26 12 month 30.04.2013Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 25.04.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 33 12 month 25.04.2013Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 28 Not Provided 25.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 24 12 month 24.04.2013Barclays FAROOQ HAMED equalweight 3 M 24 Not Provided 24.04.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013S&P Capital IQ LEO LARKIN buy 5 M 38 12 month 15.02.2013Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 20.11.2012Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011Holdings By:Barrick Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 16.05.2013Newmont Mining Corporation acquires, explores, and develops mineral properties.The Company produces gold from operations in the United States, Australia, Peru,Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines andprocesses copper in Indonesia.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 57.9352-Week Low (30.04.2013) 31.33Daily Volume31.5752-Week High % Change -45.50% Dividend Yield 4.6752-Week Low % Change 0.77% Beta 0.67% 52 Week Price Range High/Low 0.90% Equity Float 491.01Shares Out 22.04.2013 492.3 Short Int 16.8415750.92 1 Yr Total Return -25.04%Total Debt 6298.00 YTD Return -31.28%Preferred Stock 0.0 Adjusted BETA 0.673Minority Interest 3175.0 Analyst Recs 24Cash and Equivalents 1647.00 Consensus Rating 3.833Enterprise Value 23917.92Average Volume 5 Day 6667299NEM US EQUITY YTD Change - Average Volume 30 Day 9507130NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 8849534LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q36124.0 7705.0 9540.0 10358.0 9868.0 10576.0 9362.0 9215.8 10761.2 2208.0 2318.63.70x 3.46x 3.45x 3.38x 3.13x 12.61x 13.44x 2.63x 2.25x 10.95x 10.49x2139.0 3799.0 5118.0 5162.0 4169.0 5185.0 3731.0 3491.3 4396.1 808.0 875.510.60x 7.02x 6.43x 6.78x 7.41x 6.08x 7.72x 6.85x 5.44x 6.46x 6.07x831.0 1297.0 2277.0 366.0 1809.0 342.0 1634.0 1382.9 1977.4 281.4 326.020.98x 16.99x 13.50x 13.92x 12.29x 11.70x 12.55x 11.67x 9.27x 10.75x 9.80xEBITDA 4169.00 Long-Term Rating Date 11.08.2008EBIT 3137.00 Long-Term Rating BBB+Operating Margin 31.79% Long-Term Outlook NEGPretax Margin 31.04% Short-Term Rating Date -Return on Assets 5.59% Short-Term Rating -Return on Common Equity 12.12%Return on Capital 9.02% EBITDA/Interest Exp. 11.71Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 2.69Net Debt/EBITDA 1.32Gross Margin 46.6% Total Debt/EBITDA 1.71EBITDA Margin 39.9%EBIT Margin 28.4% Total Debt/Equity 45.7%Net Income Margin 18.3% Total Debt/Capital 27.1%Asset Turnover 0.32Current Ratio 1.89 Net Fixed Asset Turnover 0.54Quick Ratio 0.80 Accounts receivable turnover-days 28.77Debt to Assets 21.24% Inventory Days 111.05Tot Debt to Common Equity 45.73% Accounts Payable Turnover Day 34.85Accounts Receivable Turnover 12.69 Cash Conversion Cycle 89.70Inventory Turnover 3.29Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedNewmont Mining CorpPrice/VolumeValuation Analysis9295938.00Current Price (5/dd/yy) Market Data0102030405060m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.02000.04000.06000.08000.010000.012000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.002.004.006.008.0010.0012.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  11. 11. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 61681268 12.53 - 31.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 23252143 4.72 1215913 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 21606678 4.39 108377 15.05.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 19347700 3.93 (32540600) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 18679612 3.79 (1772862) 15.05.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 12509376 2.54 8462980 31.03.2013 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 11032090 2.24 (1096373) 31.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10350619 2.1 2264400 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7585611 1.54 (37784) 31.03.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7349484 1.49 470862 31.03.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 7008200 1.42 7008200 31.12.2012 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6023181 1.22 (290400) 31.03.2013 Hedge Fund ManagerFMR LLC n/a ULT-AGG 5834755 1.19 (4006058) 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 5497991 1.12 453905 31.03.2013 UnclassifiedUBS n/a ULT-AGG 5431744 1.1 655171 31.03.2013 UnclassifiedLAZARD ASSET MANAGEM n/a ULT-AGG 4937393 1 (276645) 31.03.2013 UnclassifiedJP MORGAN n/a ULT-AGG 4884655 0.99 (1656954) 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 4796938 0.97 (408945) 31.12.2012 GovernmentBANK OF AMERICA CORP BANK OF AMERICA 13F 4420359 0.9 747540 31.03.2013 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3840057 0.78 261014 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateArgus Research Corp WILLIAM V SELESKY buy 5 M 42 Not Provided 13.05.2013Cowen Securities LLC ADAM P GRAF buy 5 M 34 Not Provided 13.05.2013Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 03.05.2013JPMorgan JOHN BRIDGES overweight 5 M 51 6 month 01.05.2013Jefferies PETER D WARD hold 3 M 30 12 month 01.05.2013Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 48 12 month 01.05.2013TD Securities GREG BARNES hold 3 M 37 12 month 01.05.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 U 42 12 month 01.05.2013Credit Suisse ANITA SONI neutral 3 M 45 Not Provided 30.04.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 45 Not Provided 30.04.2013BB&T Capital Markets GARRETT S. NELSON buy 5 M 42 12 month 30.04.2013Barclays FAROOQ HAMED overweight 5 M 45 Not Provided 30.04.2013EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 30.04.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 56 Not Provided 29.04.2013Deutsche Bank JORGE M BERISTAIN sell 1 M 24 12 month 29.04.2013RBC Capital Markets STEPHEN D WALKER sector perform 3 M 41 12 month 29.04.2013HSBC PATRICK CHIDLEY overweight 5 M 39 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 41 12 month 23.04.2013GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 44 Not Provided 07.11.2012S&P Capital IQ LEO LARKIN hold 3 D 53 12 month 07.09.2012Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 27.04.2012Holdings By:Newmont Mining CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  12. 12. 16.05.2013Randgold Resources Ltd. provides mining services. The Company offersacquisition, development, and exploration of gold and other precious metal inAfrica.Latest Fiscal Year: 12/2011LTM as of: 03/yy52-Week High (05.10.2012) 127.2752-Week Low (17.04.2013) 66.51Daily Volume7252-Week High % Change -43.43% Dividend Yield 0.6952-Week Low % Change 8.25% Beta 0.64% 52 Week Price Range High/Low 9.04% Equity Float -Shares Out 30.04.2013 92.1 Short Int 1.366633.50 1 Yr Total Return -2.14%Total Debt 18.02 YTD Return -26.98%Preferred Stock 0.0 Adjusted BETA 0.644Minority Interest 166.1 Analyst Recs 10Cash and Equivalents 390.76 Consensus Rating 4.400Enterprise Value 6541.92Average Volume 5 Day 743752GOLD US EQUITY YTD Change - Average Volume 30 Day 980909GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 781136LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3338.6 432.8 484.6 1127.1 1317.8 1175.7 1331.2 1383.4 1791.2 339.0 361.09.01x 15.50x 14.79x 7.97x 6.59x 27.71x 26.69x 4.76x 3.39x - -97.3 142.3 164.3 581.9 699.2 622.0 688.9 697.0 989.4 - -31.34x 47.15x 43.62x 15.44x 12.43x 12.18x 11.41x 9.39x 6.61x - -41.6 69.4 103.5 383.9 431.8 431.7 412.0 424.2 657.8 85.0 94.578.87x 94.26x 72.03x 24.30x 20.57x 18.19x 19.26x 16.64x 10.70x 15.17x 13.33xEBITDA 699.18 Long-Term Rating Date -EBIT 567.44 Long-Term Rating -Operating Margin 43.06% Long-Term Outlook -Pretax Margin 43.12% Short-Term Rating Date -Return on Assets 14.57% Short-Term Rating -Return on Common Equity 16.52%Return on Capital 18.72% EBITDA/Interest Exp. 582.65Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 114.09Net Debt/EBITDA -0.36Gross Margin 51.1% Total Debt/EBITDA 0.00EBITDA Margin 51.7%EBIT Margin 39.9% Total Debt/Equity 0.7%Net Income Margin 32.8% Total Debt/Capital 0.6%Asset Turnover 0.47Current Ratio 4.07 Net Fixed Asset Turnover 1.07Quick Ratio 1.92 Accounts receivable turnover-days -Debt to Assets 0.58% Inventory Days -Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 136.09Inventory Turnover -Fiscal Year EndedRandgold Resources LtdPrice/VolumeValuation Analysis765378.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure020406080100120140m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M.5 M1.0 M1.5 M2.0 M2.5 M3.0 M0.0200.0400.0600.0800.01000.01200.01400.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0020.0040.0060.0080.00100.00120.00140.00160.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  13. 13. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8511020 9.24 (58542) 14.05.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 6269467 6.8 255676 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 6186287 6.71 (441271) 15.05.2013 Investment AdvisorFMR LLC n/a ULT-AGG 4337790 4.71 288408 31.03.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 3917000 4.25 3917000 31.12.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1639811 1.78 442950 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 1530963 1.66 (121450) 31.03.2013 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 1487200 1.61 954000 31.03.2013 Holding CompanyFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1264736 1.37 - 31.03.2013 Hedge Fund ManagerJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1081729 1.17 67989 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 1032315 1.12 213780 31.03.2013 UnclassifiedOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 956494 1.04 300000 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 947594 1.03 (20901) 31.03.2013 Investment AdvisorPAULSON & CO PAULSON & CO 13F 926192 1.01 (4310) 31.03.2013 Hedge Fund ManagerTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 891270 0.97 (60950) 31.03.2013 Hedge Fund ManagerIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 775000 0.84 550000 31.03.2013 Investment AdvisorINVESCO LTD n/a ULT-AGG 676284 0.73 (145226) 15.05.2013 Investment AdvisorASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444700 0.48 - 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 425216 0.46 128654 31.03.2013 BankUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 416777 0.45 156408 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC PATRICK CHIDLEY overweight 5 M 91 Not Provided 07.05.2013Clarus Securities NANA SANGMUAH buy 5 M 120 18 month 07.05.2013Dundee Securities Corp JOSH WOLFSON buy 5 M 100 12 month 03.05.2013BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 100 Not Provided 02.05.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 94 12 month 23.04.2013Canaccord Genuity Corp TIM DUDLEY buy 5 M 133 12 month 11.04.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 28.03.2013S&P Capital IQ LEO LARKIN buy 5 M 125 Not Provided 16.11.2012GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 10.08.2012Holdings By:Randgold Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  14. 14. 16.05.2013Yamana Gold Inc. is an intermediate gold producer with production, developmentstage, and exploration properties throughout Brazil. The Company also holdsgold exploration properties in Argentina.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (09.11.2012) 20.5952-Week Low (17.04.2013) 11.02Daily Volume11.0952-Week High % Change -46.14% Dividend Yield -52-Week Low % Change 0.64% Beta 0.75% 52 Week Price Range High/Low 0.73% Equity Float 749.87Shares Out 30.04.2013 752.4 Short Int 5.368344.19 1 Yr Total Return -13.45%Total Debt 765.91 YTD Return -35.28%Preferred Stock 0.0 Adjusted BETA 0.747Minority Interest 46.8 Analyst Recs 23Cash and Equivalents 349.59 Consensus Rating 4.304Enterprise Value 8908.90Average Volume 5 Day 6461217AUY US EQUITY YTD Change - Average Volume 30 Day 8449024AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7855324LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3949.4 1183.3 1686.8 2173.3 2336.8 2257.0 2311.9 2481.1 2997.5 551.3 652.86.36x 7.39x 5.76x 5.04x 5.73x 18.35x 22.46x 3.61x 2.86x 16.16x 13.70x438.9 575.5 884.1 1262.7 1269.4 1302.7 1164.1 1271.0 1672.3 262.7 337.713.76x 15.19x 11.00x 8.67x 10.56x 8.88x 10.44x 7.01x 5.33x 6.78x 6.46x434.8 192.6 466.5 548.3 442.1 570.1 374.1 533.8 750.8 113.0 153.0- - - - - 0.00x 0.00x 14.18x 10.44x 13.79x 12.34xEBITDA 1269.45 Long-Term Rating Date -EBIT 885.71 Long-Term Rating -Operating Margin 37.90% Long-Term Outlook -Pretax Margin 34.88% Short-Term Rating Date -Return on Assets 3.25% Short-Term Rating -Return on Common Equity 4.84%Return on Capital - EBITDA/Interest Exp. 22.03Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -4.66Net Debt/EBITDA 0.44Gross Margin 64.4% Total Debt/EBITDA 0.74EBITDA Margin 50.4%EBIT Margin 33.4% Total Debt/Equity 9.8%Net Income Margin 18.9% Total Debt/Capital 8.9%Asset Turnover 0.20Current Ratio 1.38 Net Fixed Asset Turnover 0.24Quick Ratio 0.78 Accounts receivable turnover-days 19.25Debt to Assets 6.49% Inventory Days 70.76Tot Debt to Common Equity 9.80% Accounts Payable Turnover Day 130.52Accounts Receivable Turnover 18.96 Cash Conversion Cycle -62.98Inventory Turnover 5.16Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedYamana Gold IncPrice/VolumeValuation Analysis9955697.00Current Price (5/dd/yy) Market Data0510152025m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M18.0 M20.0 M0.0500.01000.01500.02000.02500.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  15. 15. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 32345793 4.3 1752155 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 28005526 3.72 (2389675) 15.05.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 21120135 2.81 186776 31.03.2013 BankALLIANZ ASSET MANAGE n/a ULT-AGG 18951251 2.52 8923202 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 18879315 2.51 (21825881) 31.03.2013 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 12696118 1.69 12696118 31.03.2013 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 11430227 1.52 11430227 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 10433341 1.39 10433341 31.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 10227965 1.36 10227965 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9535253 1.27 307566 31.12.2012 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 9490738 1.26 3729389 31.03.2013 Investment AdvisorDONALD SMITH & CO IN DONALD SMITH & CO IN 13F 8469389 1.13 3072073 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 7226163 0.96 (304473) 31.03.2013 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 6942805 0.92 6942805 31.03.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 6398774 0.85 6398774 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6069801 0.81 6069801 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 6019943 0.8 783343 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5913740 0.79 (332388) 31.03.2013 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 5822420 0.77 352746 31.03.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5339800 0.71 (619328) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateCowen Securities LLC ADAM P GRAF buy 5 M 13 Not Provided 13.05.2013National Bank Financial STEPHEN PARSONS outperform 5 M 19 12 month 10.05.2013Davenport & Co LLOYD T OCARROLL buy 5 M 14 Not Provided 08.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 20 12 month 07.05.2013HSBC PATRICK CHIDLEY neutral 3 M 12 Not Provided 06.05.2013Raymond James BRAD HUMPHREY outperform 5 M 19 12 month 02.05.2013TD Securities STEVEN J GREEN buy 5 M 18 12 month 02.05.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 12 Not Provided 02.05.2013RBC Capital Markets DAN ROLLINS outperform 5 M 14 12 month 01.05.2013Credit Suisse ANITA SONI outperform 5 M 19 Not Provided 01.05.2013CIBC World Markets ALEC KODATSKY sector outperform 5 M 19 Not Provided 01.05.2013Dundee Securities Corp JOSH WOLFSON neutral 3 M 17 12 month 01.05.2013GMP GEORGE V ALBINO buy 5 M 22 Not Provided 01.05.2013Barclays FAROOQ HAMED overweight 5 M 16 Not Provided 01.05.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 22 Not Provided 30.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 20 Not Provided 30.04.2013Macquarie TONY LESIAK neutral 3 M 12 12 month 25.04.2013Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 16 12 month 23.04.2013Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 17 12 month 23.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013Davy BART JAWORSKI underperform 1 D #N/A N/A Not Provided 15.04.2013VSA Capital Ltd CHARLIE LONG not rated #N/A N/A M #N/A N/A Not Provided 10.01.2013Paradigm Capital Inc DON MACLEAN buy 5 M 21 12 month 19.06.2012Holdings By:Yamana Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  16. 16. 16.05.2013Gold Fields Limited produces precious metals. The Company has mines in SouthAfrica, Ghana, and Australia, as well as a partnership in Finland. Gold Fieldshas a precious metals programs in Africa, Australasia, Europe, North America,and South America.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (04.06.2012) 12.0952-Week Low (15.05.2013) 6.06Daily Volume6.0652-Week High % Change -49.86% Dividend Yield -52-Week Low % Change 0.00% Beta 0.74% 52 Week Price Range High/Low 0.00% Equity Float -Shares Out 07.03.2013 736.1 Short Int 6.164461.06 1 Yr Total Return -38.74%Total Debt 16015.70 YTD Return -43.07%Preferred Stock 0.0 Adjusted BETA 0.744Minority Interest 1803.9 Analyst Recs 3Cash and Equivalents 5195.60 Consensus Rating 3.000Enterprise Value -Average Volume 5 Day 4105706GFI US EQUITY YTD Change - Average Volume 30 Day 6143583GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5974145LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q323009.5 29086.9 31565.3 25263.7 28915.8 27566.3 38145.8 29086.1 30284.2 - -3.10x 2.56x 2.56x 3.99x 3.05x 13.68x 8.85x 1.85x 1.71x - -8713.0 10955.0 11960.3 13527.5 14243.0 13712.4 18260.7 12705.8 14066.7 - -8.19x 6.80x 6.75x 7.45x 6.20x 0.00x 3.66x - - - -4457.5 1535.6 3631.4 7026.7 5658.1 8055.0 6365.9 4713.9 5404.3 - -- - - - - 0.00x 0.00x 9.41x 7.50x - -EBITDA 14243.00 Long-Term Rating Date 15.11.2012EBIT 10149.20 Long-Term Rating BB+Operating Margin 35.10% Long-Term Outlook STABLEPretax Margin 22.47% Short-Term Rating Date 15.11.2012Return on Assets 7.83% Short-Term Rating BReturn on Common Equity 13.81%Return on Capital 10.97% EBITDA/Interest Exp. 24.36Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.99Net Debt/EBITDA 0.72Gross Margin 38.7% Total Debt/EBITDA 1.01EBITDA Margin 47.9%EBIT Margin 33.2% Total Debt/Equity 31.2%Net Income Margin 19.6% Total Debt/Capital 23.2%Asset Turnover 0.47Current Ratio 1.76 Net Fixed Asset Turnover 0.64Quick Ratio 0.39 Accounts receivable turnover-days -Debt to Assets 16.85% Inventory Days -Tot Debt to Common Equity 31.19% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 69.00Inventory Turnover -Fiscal Year EndedGold Fields LtdPrice/VolumeValuation Analysis5793853.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure02468101214m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.05000.010000.015000.020000.025000.030000.035000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  17. 17. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 47177664 6.41 (20500) 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 40934319 5.56 5017592 15.05.2013 Investment AdvisorDIMENSIONAL FUND ADV n/a ULT-AGG 24337148 3.31 1371059 31.03.2013 Investment AdvisorTHORNBURG INVESTMENT THORNBURG INVESTMENT 13F 12217700 1.66 5072700 31.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 9090390 1.23 2820234 30.04.2013 Investment AdvisorFMR LLC n/a ULT-AGG 8464843 1.15 (1275318) 31.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7254900 0.99 4486300 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 6795326 0.92 (1745314) 14.05.2013 Investment AdvisorPAULSON & CO PAULSON & CO 13F 6529748 0.89 (11852) 31.03.2013 Hedge Fund ManagerNORGES BANK Multiple Portfolios MF-AGG 6177141 0.84 - 31.12.2012 GovernmentRUFFER LLP RUFFER LLP 13F 5396309 0.73 (21230) 31.03.2013 Hedge Fund ManagerWELLS FARGO n/a ULT-AGG 4906608 0.67 (128413) 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 4690600 0.64 (472200) 31.03.2013 Hedge Fund ManagerUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4338700 0.59 - 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 4244739 0.58 (225930) 31.03.2013 UnclassifiedINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3930403 0.53 (7900) 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3907319 0.53 1826 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3806476 0.52 - 28.02.2013 Investment AdvisorPROSPECTOR PARTNERS PROSPECTOR PARTNERS 13F 3424400 0.47 (349900) 31.03.2013 Hedge Fund ManagerCREDIT SUISSE AG CREDIT SUISSE AG 13F 3168803 0.43 2839790 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC PATRICK CHIDLEY neutral 3 D 8 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 8 12 month 23.04.2013EVA Dimensions TEAM COVERAGE dropped coverage #N/A N/A M #N/A N/A Not Provided 18.01.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 13 12 month 04.03.2010Holdings By:Gold Fields LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  18. 18. 16.05.2013Silver Wheaton Corporation purchases and sells by-product silver from operatingmines. The Company has long term contracts to purchase all or a portion of thesilver production from mines in Mexico, Sweden, Peru, Greece and the UnitedStates.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (01.11.2012) 41.3052-Week Low (18.04.2013) 21.79Daily Volume22.1852-Week High % Change -46.30% Dividend Yield -52-Week Low % Change 1.79% Beta 1.08% 52 Week Price Range High/Low 2.00% Equity Float 354.14Shares Out 30.04.2013 354.6 Short Int 3.757865.27 1 Yr Total Return -4.40%Total Debt 50.06 YTD Return -38.25%Preferred Stock 0.0 Adjusted BETA 1.079Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 778.22 Consensus Rating 4.600Enterprise Value 8879.73Average Volume 5 Day 5562602SLW US EQUITY YTD Change - Average Volume 30 Day 6530004SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 5481579LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3166.7 239.3 423.4 730.0 849.6 771.5 855.7 964.8 1085.3 229.2 243.212.14x 21.12x 31.91x 13.01x 14.18x 53.44x 53.99x 8.54x 7.62x 37.72x 35.72x105.5 158.5 316.2 618.8 701.5 654.1 699.9 769.9 886.8 180.5 198.519.18x 31.87x 42.72x 15.35x 17.17x 16.49x 17.30x 11.53x 10.01x 11.54x 11.75x17.3 117.9 153.4 550.0 586.0 575.0 572.3 573.7 650.5 124.5 136.8- - - - - 0.00x 0.00x 13.98x 12.57x 14.37x 13.72xEBITDA 701.46 Long-Term Rating Date -EBIT 600.00 Long-Term Rating -Operating Margin 70.63% Long-Term Outlook -Pretax Margin 70.72% Short-Term Rating Date -Return on Assets 15.45% Short-Term Rating -Return on Common Equity 19.11%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA 1.45Gross Margin 74.3% Total Debt/EBITDA 1.56EBITDA Margin 81.8%EBIT Margin 69.1% Total Debt/Equity 1.6%Net Income Margin 69.0% Total Debt/Capital 1.6%Asset Turnover 0.23Current Ratio 15.88 Net Fixed Asset Turnover 0.28Quick Ratio 15.86 Accounts receivable turnover-days 2.45Debt to Assets 1.57% Inventory Days -Tot Debt to Common Equity 1.61% Accounts Payable Turnover Day 21.26Accounts Receivable Turnover 148.71 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedSilver Wheaton CorpPrice/VolumeValuation Analysis6872492.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure051015202530354045m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M0.0100.0200.0300.0400.0500.0600.0700.0800.0900.02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  19. 19. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 26099114 7.36 - 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 14997993 4.23 66224 15.05.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 13917000 3.92 13917000 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 6521841 1.84 (925966) 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 6284267 1.77 (378634) 31.03.2013 BankBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 5382984 1.52 180499 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 4958532 1.4 (2425) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4748500 1.34 20000 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 4623285 1.3 (1872251) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4349599 1.23 90737 31.12.2012 Investment AdvisorTCW GROUP INC TCW GROUP INCORPORAT 13F 3770833 1.06 (18415) 31.03.2013 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3473930 0.98 (35700) 31.03.2013 Hedge Fund ManagerCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3333501 0.94 420000 31.03.2013 Investment AdvisorGREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 3099463 0.87 (230385) 31.03.2013 Insurance CompanyUBS n/a ULT-AGG 2862094 0.81 89806 31.03.2013 UnclassifiedJP MORGAN n/a ULT-AGG 2750546 0.78 (488041) 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2623306 0.74 26794 31.03.2013 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2612842 0.74 283586 31.03.2013 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 2456700 0.69 (5718600) 31.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2171641 0.61 153760 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James BRAD HUMPHREY outperform 5 M 41 12 month 14.05.2013Salman Partners DAVID WEST top pick 5 M 38 Not Provided 14.05.2013BMO Capital Markets ANDREW KAIP outperform 5 M 40 Not Provided 13.05.2013Credit Suisse RALPH M PROFITI outperform 5 M 38 Not Provided 13.05.2013CIBC World Markets COSMOS CHIU sector outperform 5 M 45 Not Provided 13.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 42 12 month 13.05.2013GMP CHELSEA HAMILTON buy 5 M 47 12 month 13.05.2013TD Securities DANIEL EARLE buy 5 M 35 12 month 13.05.2013RBC Capital Markets DAN ROLLINS outperform 5 M 33 12 month 12.05.2013Macquarie TONY LESIAK neutral 3 M 27 12 month 26.04.2013Scotia Capital TREVOR TURNBULL focus stock 5 M 50 12 month 23.04.2013JPMorgan JOHN BRIDGES overweight 5 M 40 6 month 19.04.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Holdings By:Silver Wheaton CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  20. 20. 16.05.2013AngloGold Ashanti Limited is a holding company for a group of companies whichexplore for and mine gold internationally. The Group has operations in the VaalRiver and West Witwatersrand areas of South Africa as well as Namibia, Mali,Brazil, Argentina, Australia, Tanzania and the United States.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (06.06.2012) 38.3152-Week Low (17.04.2013) 17.45Daily Volume17.752-Week High % Change -53.80% Dividend Yield -52-Week Low % Change 1.43% Beta 0.77% 52 Week Price Range High/Low 1.20% Equity Float -Shares Out 09.05.2013 383.7 Short Int 3.766820.34 1 Yr Total Return -43.46%Total Debt 30375.96 YTD Return -43.45%Preferred Stock 0.0 Adjusted BETA 0.775Minority Interest 186.5 Analyst Recs 6Cash and Equivalents 7562.20 Consensus Rating 4.000Enterprise Value -Average Volume 5 Day 2821677AU US EQUITY YTD Change - Average Volume 30 Day 3191695AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2570135LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q329774.0 30745.0 38833.0 47849.0 52160.3 51123.2 51861.6 57033.6 62449.0 - -3.48x 3.88x 3.60x 3.00x 2.30x 10.50x 9.48x 1.56x 1.33x - -3278.0 (2435.0) 9720.0 20443.0 19105.5 22721.7 17555.7 20358.6 24979.0 - -31.64x - 14.37x 7.03x 6.27x 5.50x 6.01x - - - -(16138.0) (2762.0) 637.0 11282.0 6814.6 14088.2 4225.8 6005.9 8569.5 - -- - - - - 0.00x 0.00x 11.27x 6.95x - -EBITDA 19105.47 Long-Term Rating Date 10.12.2012EBIT 12553.61 Long-Term Rating BBB-Operating Margin 24.07% Long-Term Outlook NEGPretax Margin 18.43% Short-Term Rating Date -Return on Assets 4.24% Short-Term Rating -Return on Common Equity 9.11%Return on Capital 7.82% EBITDA/Interest Exp. 10.07Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 2.46Net Debt/EBITDA 1.67Gross Margin 36.1% Total Debt/EBITDA 1.69EBITDA Margin 33.9%EBIT Margin 20.5% Total Debt/Equity 65.8%Net Income Margin 13.1% Total Debt/Capital 39.6%Asset Turnover 0.51Current Ratio 1.37 Net Fixed Asset Turnover 0.84Quick Ratio 0.53 Accounts receivable turnover-days -Debt to Assets 28.22% Inventory Days 98.24Tot Debt to Common Equity 65.78% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 63.01Inventory Turnover 3.72Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedAngloGold Ashanti LtdPrice/VolumeValuation Analysis4165573.00Current Price (5/dd/yy) Market Data0510152025303540m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M7.0 M8.0 M9.0 M10.0 M0.010000.020000.030000.040000.050000.060000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  21. 21. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePAULSON & CO PAULSON & CO 13F 28254950 7.36 50951 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 14810494 3.86 (814185) 15.05.2013 Investment AdvisorNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11336430 2.95 (431746) 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 8747623 2.28 (128150) 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 5693290 1.48 164885 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 5518760 1.44 (1096046) 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 5230372 1.36 (1261046) 14.05.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4945084 1.29 (259531) 31.03.2013 Hedge Fund ManagerDUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 3731629 0.97 3731629 31.03.2013 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 3728373 0.97 (458492) 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3398300 0.89 157600 31.03.2013 Hedge Fund ManagerNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2663932 0.69 6463 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 2612472 0.68 (22697) 31.03.2013 Investment AdvisorPLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2204815 0.57 147000 31.12.2012 Investment AdvisorPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 2137844 0.56 733688 31.03.2013 Hedge Fund ManagerDIMENSIONAL FUND ADV n/a ULT-AGG 1932470 0.5 352945 31.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1741097 0.45 (357793) 31.03.2013 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1622856 0.42 (95200) 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 1611720 0.42 (310) 31.03.2013 UnclassifiedINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1608497 0.42 (700) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale BRUCE ALWAY hold 3 M 20 12 month 14.05.2013HSBC PATRICK CHIDLEY overweight 5 M 31 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 05.04.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 0 Not Provided 24.02.2010Holdings By:AngloGold Ashanti LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  22. 22. 16.05.2013Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,zinc, and other metals. The Company operates mines in Peru, a lime plant, anelectric power transmission company, and an engineering services company.Buenaventura also markets metal concentrates to smelters internationally.Latest Fiscal Year: 12/2011LTM as of: 03/yy52-Week High (06.06.2012) 42.7352-Week Low (15.05.2013) 18.00Daily Volume18.1252-Week High % Change -57.59% Dividend Yield -52-Week Low % Change 0.67% Beta 0.56% 52 Week Price Range High/Low 0.49% Equity Float -Shares Out 04.02.2013 274.9 Short Int 1.404994.50 1 Yr Total Return -48.20%Total Debt 179.30 YTD Return -48.97%Preferred Stock - Adjusted BETA 0.561Minority Interest 262.3 Analyst Recs 13Cash and Equivalents 241.22 Consensus Rating 3.308Enterprise Value 5221.44Average Volume 5 Day 1212045BVN US EQUITY YTD Change - Average Volume 30 Day 1588915BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1472551LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3766.6 881.5 1103.8 1556.6 1563.5 1570.2 1492.0 1641.5 1761.1 373.3 413.36.61x 9.30x 10.85x 6.05x 5.98x 24.14x 23.70x 3.17x 2.92x - -(54.4) 351.5 475.4 820.2 569.3 429.4 260.9 645.8 769.2 174.0 208.0- 23.33x 25.19x 11.49x 16.42x 0.00x 0.00x 8.08x 6.79x - -153.3 593.6 660.8 858.9 684.7 848.7 579.9 544.0 608.6 125.0 147.033.61x 14.29x 18.66x 11.16x 13.41x 11.93x 11.38x 8.21x 7.71x 8.76x 8.22xEBITDA 569.30 Long-Term Rating Date -EBIT 421.85 Long-Term Rating -Operating Margin 26.98% Long-Term Outlook -Pretax Margin 56.63% Short-Term Rating Date -Return on Assets 13.23% Short-Term Rating -Return on Common Equity 16.53%Return on Capital 16.37% EBITDA/Interest Exp. 68.67Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 15.24Net Debt/EBITDA -Gross Margin 47.5% Total Debt/EBITDA -EBITDA Margin -EBIT Margin 23.2% Total Debt/Equity 4.8%Net Income Margin 43.8% Total Debt/Capital 4.3%Asset Turnover 0.34Current Ratio 2.30 Net Fixed Asset Turnover 1.44Quick Ratio 1.42 Accounts receivable turnover-days 39.45Debt to Assets 3.91% Inventory Days 65.36Tot Debt to Common Equity 4.84% Accounts Payable Turnover Day 59.17Accounts Receivable Turnover 9.25 Cash Conversion Cycle 44.85Inventory Turnover 5.58Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedCia de Minas Buenaventura SAPrice/VolumeValuation Analysis1441073.00Current Price (5/dd/yy) Market Data051015202530354045m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M0.0200.0400.0600.0800.01000.01200.01400.01600.01800.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  23. 23. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 25536584 9.29 (4985793) 14.05.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 13179122 4.79 1099130 15.05.2013 Investment AdvisorVONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 12497006 4.55 4814696 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 8641735 3.14 2695645 31.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 5406540 1.97 355351 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 4674992 1.7 371700 15.05.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 4619673 1.68 46724 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 4200079 1.53 (1591439) 31.03.2013 Investment AdvisorGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 4187270 1.52 3390686 31.03.2013 Investment AdvisorHARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 3497516 1.27 1025840 28.03.2013 UnclassifiedCREDIT SUISSE AG CREDIT SUISSE AG 13F 2490156 0.91 1647792 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 2298752 0.84 1801505 31.12.2012 GovernmentUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1858000 0.68 51500 31.03.2013 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1679805 0.61 28779 31.01.2013 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1677132 0.61 216700 31.03.2013 Investment AdvisorPARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1434207 0.52 33736 31.03.2013 Investment AdvisorING GROEP NV ING GROEP NV 13F 1100345 0.4 1054067 31.03.2013 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 1097662 0.4 (1561) 28.02.2013 Investment AdvisorGAMCO n/a ULT-AGG 1087600 0.4 (25200) 31.03.2013 UnclassifiedING INV MANAGEMENT E ING INVESTMENT MANAG 13F 1038976 0.38 (71704) 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateBanco de Credito del Peru HECTOR JOSUE COLLANTES hold 3 M 21 Not Provided 06.05.2013Inteligo SAB LALI MERINO buy 5 M 29 Not Provided 03.05.2013JPMorgan JOHN BRIDGES neutral 3 M 34 6 month 01.05.2013Grupo Santander WALTER CHIARVESIO buy 5 M 33 Not Provided 30.04.2013Morgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 M 24 12 month 30.04.2013Credit Suisse SANTIAGO PEREZ TEUFFER neutral 3 D 28 Not Provided 30.04.2013Banco BTG Pactual SA CESAR PEREZ-NOVOA buy 5 M 30 12 month 30.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 27.03.2013Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 27 12 month 11.03.2013Kallpa Securities SAB EDDER CASTRO overweight 5 M 33 Not Provided 07.03.2013Holdings By:Cia de Minas Buenaventura SAAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  24. 24. 16.05.2013New Gold Inc. is a natural resource company. The Company acquires, explores,and develops gold properties.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 12.8452-Week Low (15.04.2013) 6.25Daily Volume6.4952-Week High % Change -49.45% Dividend Yield -52-Week Low % Change 3.84% Beta 0.97% 52 Week Price Range High/Low 3.64% Equity Float 461.89Shares Out 30.04.2013 476.9 Short Int 3.053094.87 1 Yr Total Return -10.73%Total Debt 847.80 YTD Return -41.16%Preferred Stock 0.0 Adjusted BETA 0.966Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 687.80 Consensus Rating 4.600Enterprise Value 3276.77Average Volume 5 Day 3238248NGD US EQUITY YTD Change - Average Volume 30 Day 4016974NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 3414111LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3143.1 323.8 530.5 695.9 791.3 693.5 824.3 933.0 986.6 254.0 286.52.55x 4.31x 6.83x 6.62x 6.86x 26.07x 24.77x 3.43x 3.17x - -13.8 110.4 239.2 344.0 390.1 339.3 387.6 482.0 579.1 115.0 149.026.46x 12.64x 15.15x 13.39x 13.91x 13.50x 11.65x 6.80x 5.66x - -(102.7) (194.3) 47.5 179.0 199.0 187.8 201.7 170.9 227.4 30.7 62.6- - - - - 0.00x 0.00x 16.02x 12.04x 14.49x 13.11xEBITDA 390.10 Long-Term Rating Date 27.03.2012EBIT 273.90 Long-Term Rating BB-Operating Margin 34.61% Long-Term Outlook STABLEPretax Margin 35.23% Short-Term Rating Date -Return on Assets 5.31% Short-Term Rating -Return on Common Equity 7.96%Return on Capital - EBITDA/Interest Exp. 9.70Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -3.13Net Debt/EBITDA 0.47Gross Margin 85.3% Total Debt/EBITDA 2.20EBITDA Margin 47.0%EBIT Margin 30.6% Total Debt/Equity 31.7%Net Income Margin 25.1% Total Debt/Capital 24.1%Asset Turnover 0.22Current Ratio 5.18 Net Fixed Asset Turnover 0.27Quick Ratio 4.15 Accounts receivable turnover-days 11.11Debt to Assets 19.79% Inventory Days 164.46Tot Debt to Common Equity 31.68% Accounts Payable Turnover Day 32.87Accounts Receivable Turnover 32.86 Cash Conversion Cycle 378.94Inventory Turnover 2.22Fiscal Year EndedNew Gold IncPrice/VolumeValuation Analysis5423404.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure02468101214m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M0.0100.0200.0300.0400.0500.0600.0700.0800.0900.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  25. 25. 16.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 62551684 13.12 - 14.05.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 51601629 10.82 (19073) 15.05.2013 Investment AdvisorFMR LLC n/a ULT-AGG 35344411 7.41 (401290) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 15167798 3.18 15004748 31.12.2012 Investment AdvisorPOWER CORP OF CANADA n/a ULT-AGG 12987264 2.72 1051834 31.03.2013 Holding CompanyOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12693570 2.66 - 31.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12469841 2.61 (1200483) 31.03.2013 Investment AdvisorRS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 11134273 2.33 1234109 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 11078536 2.32 1017815 31.03.2013 BankTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 8366671 1.75 (127400) 31.03.2013 Hedge Fund ManagerGCIC LTD/CANADA GCIC LTD 13F 6966945 1.46 1127145 31.03.2013 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6040968 1.27 3201270 31.03.2013 Investment AdvisorLASSONDE PIERRE n/a SEDI 5645000 1.18 - 22.03.2012 n/aFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5379731 1.13 (238800) 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 5091201 1.07 (179446) 28.02.2013 Investment AdvisorINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5091201 1.07 (326365) 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 4883382 1.02 (27471) 31.03.2013 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 4785859 1 703973 31.03.2013 Pension Fund (ERISA)PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4584060 0.96 190800 31.03.2013 Investment AdvisorOLIPHANT RANDALL n/a SEDI 4570855 0.96 320855 23.11.2012 n/aFirm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets ANDREW KAIP outperform 5 M 12 12 month 15.05.2013RBC Capital Markets DAN ROLLINS outperform 5 M 10 12 month 15.05.2013National Bank Financial STEPHEN PARSONS outperform 5 M 11 12 month 10.05.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 14 12 month 07.05.2013TD Securities STEVEN J GREEN buy 5 M 11 12 month 03.05.2013Casimir Capital STUART MCDOUGALL buy 5 M 16 12 month 03.05.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 12 Not Provided 02.05.2013GMP GEORGE V ALBINO buy 5 M 16 Not Provided 02.05.2013Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 8 12 month 02.05.2013Credit Suisse ANITA SONI outperform 5 M 12 Not Provided 01.05.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 11 Not Provided 01.05.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013Paradigm Capital Inc DON MACLEAN buy 5 M 16 12 month 08.04.2013Scotia Capital TREVOR TURNBULL sector outperform 5 M 13 12 month 05.04.2013Holdings By:New Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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