This document provides an overview of analyst recommendations and fundamental analysis for various companies and market indices. It includes metrics such as market capitalization, revenue, earnings per share, price-to-earnings ratios, credit ratings, and revenue/earnings growth estimates for the past year and next few years. The metrics are presented in table format with estimates from analysts to aid in evaluating investment opportunities.
Promo Paket Kredit Toyota Mobil Dengan Cicilan Murah Dan Dp Ringan Sangat Cocok Untuk Anda Dan Keluarga Dan Banyak Sekali Promo Menarik Yang Kami Tawarkan Untuk Anda Dan Keluaga Bisa Langsung Cek Ke Situs Resmi Kami https://toyotajakarta.web.id
this report was made by 3rd stage students of University of Duhok/ College of Engineering - Architecture Department in Duhok city of Northern Iraq. as part of the academic studies of the first semester year of 2016/2017.
Fundamental Analysis and Analyst Recommendations - China RailwayBCV
Fundamental Analysis & Analyst Recommendations - China Railway
Thematic Investments: China Railway
Rapid & Efficient Transportation Supports China's Ascent
INVESTMENT RATIONALE
* The length of China’s rail network is planned to reach a total track length of 120'000 km under the current five-year plan, from 20'000 km in 1949.
o The People’s Republic of China boasts the world’s third-longest railway network behind the USA and Russia.
o China is the only country in the world that has significantly expanded its railway infrastructure in recent years and is poised to build it out further in the future.
* Rapid & efficient transportation systems underpin China’s social and economic development.
o By the end of 2011, the People's Republic of China had a total urban population of 700 million or 53% of total population, rising from 26% in 1990.
+ The train is China's main means of transportation. With a population of just under 1.34 billion and a population density of 140/km², China is facing ever-growing transportation needs.
+ The massive ongoing rural exodus is a major challenge for China’s intercity transportation system.
o Rapid economic growth requires efficient transportation systems.
+ The expansion and rationalization of railways (dedicated freight lines) will boost China’s productivity by enabling raw materials and manufactured goods to reach their destination faster and more economically.
* Expanding and upgrading its railway system allows China to address many of its transportation problems, as the rail offers speed, reliability, and cost efficiency (low per-unit transportation costs) on the largest scale possible.
o Despite a temporary halt caused by the 2011 train wreck, the great railroad expansion will resume chugging forward as the social and economic significance of an efficient railway system is key for China's future
o The government's goal is to dramatically increase the speed and efficiency of intercity links, while expanding the current railway network inland to Western countries, therefore creating new efficient trade routes.
o The expansion and building of railroad infrastructure is likely to give companies operating in the railway industry full order books in the years ahead.
o Alongside rail construction companies, rolling stock manufacturers and maintenance, transport and technology firms can also partake in the government’s expansion plans.
Promo Paket Kredit Toyota Mobil Dengan Cicilan Murah Dan Dp Ringan Sangat Cocok Untuk Anda Dan Keluarga Dan Banyak Sekali Promo Menarik Yang Kami Tawarkan Untuk Anda Dan Keluaga Bisa Langsung Cek Ke Situs Resmi Kami https://toyotajakarta.web.id
this report was made by 3rd stage students of University of Duhok/ College of Engineering - Architecture Department in Duhok city of Northern Iraq. as part of the academic studies of the first semester year of 2016/2017.
Fundamental Analysis and Analyst Recommendations - China RailwayBCV
Fundamental Analysis & Analyst Recommendations - China Railway
Thematic Investments: China Railway
Rapid & Efficient Transportation Supports China's Ascent
INVESTMENT RATIONALE
* The length of China’s rail network is planned to reach a total track length of 120'000 km under the current five-year plan, from 20'000 km in 1949.
o The People’s Republic of China boasts the world’s third-longest railway network behind the USA and Russia.
o China is the only country in the world that has significantly expanded its railway infrastructure in recent years and is poised to build it out further in the future.
* Rapid & efficient transportation systems underpin China’s social and economic development.
o By the end of 2011, the People's Republic of China had a total urban population of 700 million or 53% of total population, rising from 26% in 1990.
+ The train is China's main means of transportation. With a population of just under 1.34 billion and a population density of 140/km², China is facing ever-growing transportation needs.
+ The massive ongoing rural exodus is a major challenge for China’s intercity transportation system.
o Rapid economic growth requires efficient transportation systems.
+ The expansion and rationalization of railways (dedicated freight lines) will boost China’s productivity by enabling raw materials and manufactured goods to reach their destination faster and more economically.
* Expanding and upgrading its railway system allows China to address many of its transportation problems, as the rail offers speed, reliability, and cost efficiency (low per-unit transportation costs) on the largest scale possible.
o Despite a temporary halt caused by the 2011 train wreck, the great railroad expansion will resume chugging forward as the social and economic significance of an efficient railway system is key for China's future
o The government's goal is to dramatically increase the speed and efficiency of intercity links, while expanding the current railway network inland to Western countries, therefore creating new efficient trade routes.
o The expansion and building of railroad infrastructure is likely to give companies operating in the railway industry full order books in the years ahead.
o Alongside rail construction companies, rolling stock manufacturers and maintenance, transport and technology firms can also partake in the government’s expansion plans.
Barrier Reverse Convertibles - Swiss Equity Leader Index
Product description
Barrier Reverse Convertible (1230)
Description
The Barrier Reverse Convertible offers a conditional capital protection. This is achieved by establishing a kick-in level which at issue date is fixed at a specific percentage below the share price. As long as the share price never touches the kick-in level during the investment period, you will be paid back 100% of your invested capital. If the kick-in level is touched once prior to maturity, the Barrier Reverse Convertible is converted to a Standard Reverse Convertible. The coupon is always paid out.
Market Expectation
Flat, slightly rising or slightly falling market trend.
Profit
Maximum return (coupon amount) if underlying does not touch or fall below kick-in level at any time prior to expiry or if underlying closes above strike on expiry.
Risk
Delivery of underlying or cash settlement on expiry (underlying may be worth less than invested capital); loss of capital protection if kick-in level touched.
Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 10...BCV
Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which options are listed.
Miroslav iz NPS je imao vrlo dinamično i živahno predavanje na temu “Microsoft Dynamics & Business intelligence rešenje”. Ukratko, kako Microsoft BI (Business intelligence) alati mogu da pomognu controllerima?
Sample Calculations for solar rooftop project in Indiadisruptiveenergy
If you want to setup a solar rooftop power plant on your roof, you must get the feasibility report first to confirm the profitability of the proposed project. Things such as Payback Period, Return On Investment(ROI), Internal Rate of Return and 100 more factors affecting the solar power output from your installed capacity. This is how a sample case calculation looks like.
La crise financière de 2008 l’a montré: toutes les classes d’actifs subissent violemment la réalisation des risques systémiques. Deux grands types de protection émergent.
Mit der Zinswende steigt überall die Volatilität, und daraus lässt sich Kapital schlagen.
Am meisten Gewinnpotenzial bieten im heutigen Umfeld Arbitragestrategien.
Des performances stables avec les certificats de primes de risqueBCV
L'environnement fait craindre une réévaluation massive et simultanée de l'ensemble des classes d'actifs. Concevoir des solutions aux performances stables reste pourtant possible.
Erfolg ohne Absturzrisiko - Derivate machen es möglichBCV
Investition in Risikoprämien
Selektion von für Investitionen zugänglichen Risikofaktoren mit attraktivem risikoadjustiertem Performanceprofil.
Die Finanzkrisen von 2001 und 2008 haben das Bewusstsein für die latente Instabilität der Kapitalmärkte und das Ausmass der damit verbundenen Risiken geschärft. Diese Risiken sind zwar sehr unterschiedlicher Natur, aufgrund ihrer starken Vernetzung neigen sie jedoch dazu, gleichzeitig aufzutreten, was die Schockwellen verstärkt. Als Folge kommt es in allen Anlagekategorien gleichzeitig zu heftigen Kursausschlägen, sodass die grosse Mehrheit der Anleger massive Verluste erleidet.
La crise financière de 2008 l’a montré: toutes les classes d’actifs subissent violemment la réalisation des risques systémiques. Deux grands types de protection émergent.
qCIO Global Macro Hedge Fund Strategy - November 2014BCV
qCIO seeks to exploit evolving economic conditions and the temporary mispricings that result among individual geographies and asset classes, opportunistically adjusting our investment views in response to the changing patterns of risk and reward in the markets.
Le Temps - 20 Octobre 2014 - Eclairage psychologique d'un choix rationnelBCV
Eclairage psychologique d'un choix rationnel
> Comportement Les investisseurs s'intéressent toujours autant aux produits structurés dits d'optimisation de la performance, au premier
rang desquels figurent les Barrier Reverse Convertible (BRC). Une analyse rationnelle ne suffit cependant pas à expliquer cette préférence.
2014-10 Eclairage Psychologique d'Un Choix Rationnel - Sacha Duparc
Dans un contexte de taux
d'intérêt très bas et de risques de
crédit peu rémunérateurs, la
recherche de rendements attrayants
alliés à une protection
partielle du capital incite gérants
et investisseurs à s'intéresser aux
produits structurés dits d'optimisation
de la performance, au
premier rang desquels figurent
les Barrier Reverse Convertible
(BRC). Hors produits à effet de
levier, ces structurés représentent
à ce jour plus des deux tiers des
produits cotés à la SIX.
Au-delà du manque d'alternatives
d'investissement attractives,
la popularité de ces instruments
s'explique par des facteurs rationnels,
et d'autres qui le sont moins.
Au chapitre rationnel, les structurés
d'optimisation de la performance
sont recherchés par nombre
d'investisseurs afin
d'exploiter une des anomalies de
marché les plus persistantes, à
savoir la surévaluation historique
de la volatilité implicite par rapport
à la volatilité subséquemment
réalisée. Cette anomalie leur permet d'offrir une espérance
de rendement comparé au
risque encouru potentiellement
supérieure à un investissement
direct sur une stratégie ou un
sous-jacent donné. La préférence
pour ces structures s'inscrit donc
pleinement dans la théorie classique
de l'utilité espérée, qui est
généralement appliquée comme
modèle descriptif du comportement
économique et reconnue
comme modèle normatif du
choix rationnel.
Une analyse purement rationnelle
ne suffit cependant pas à
expliquer à elle seule cette préférence
marquée pour cette classe
de produits par rapport à l'ensemble
des solutions d'investissement
envisageables. Tenir compte
des biais psychologiques des
individus permet de compléter la
compréhension des décisions
prises dans un environnement à
la fois risqué et incertain. A ce
titre, les théories d'économie
comportementale décrivent la
façon dont les agents choisissent
entre les alternatives impliquant
des risques dont les probabilités
de résultats sont connues. En particulier, la théorie des perspectives,
issue des travaux de
recherche de Daniel Kahneman et
Amos Tvers4 à la fin des années
1970, travaux qui ont été récompensés
par un Prix Nobel d'économie,
décrit de multiples situations
de choix dans des contextes
risqués, où les préférences des
agents transgressent invariablement
les principes de la théorie
de l'utilité espérée. C'est donc à la
lumière de ces principes que nous
tentons d'expliquer les comportements
des investisseurs face aux
produits d'opt
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' G...BCV
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Fundamental Equity Analysis - QMS Advisors HDAX FlexIndex 110
1. Fundamental Analysis &
Analyst Recommendations
QMS Advisors HDAX FlexIndex
October 2013
Q.M.S Advisors
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
10. Currency
Price to
Book
Ratio
Positive
Net
Income
Positive
Operati
ng Cash
Flow
Increasi
ng ROA
Quality
of
Earning
s
Long
Term
Debt
vs.
Assets
Current
ratio
Shares
Out -
Same
or Dec.
Inc.
Gross
Margin
Inc.
Asset
Turnov
er
Pitroski
F Score
Tangiable
Assets
Working
Captial
Retained
Earnings
Trailing
12M
Operating
Inc (Loss)
Market Cap
Total
Liabilities
Net Sales
(T12M)
Total
Shareholder
s Equity
Altman Z
Score
Altman Z
Score
Bankruptcy
flag
PE PE < 40
Price to
Sales
Price To
Sales <
10
Price to
Book
Price to
Book <
10
Price to
Cash
Flow
Price to
Cash
Flow <
10
Dividen
d Yield
Div
Yield >
7%
Final
Score
PEG <
0.75
PE < 20
EPS
Growth >
15%
Relative
Strength
> 0
ROCE >
12%
Market
Cap >
20m
Market <
1000m
FINAL
SCORE
TAG IMMOBILIEN AG EUR 1.1 1 1 1 0 1 - 0 - 1 5 3798 - 265 188 1241 2644 396 1156 - - 5.1 1 2 1 1 1 52 0 2.633 0 3 - 1 1 1 - 1 1 5
THYSSENKRUPP AG EUR 2.4 0 0 0 1 1 0 1 0 1 4 33993 5266 -2442 1115 8571 33758 40124 4526 1.36 1.00 - - 0 1 2 1 - - 0 0 2 - - - 1 0 1 1 3
TALANX AG EUR 0.6 1 1 1 1 1 - 1 - 1 7 127461 - 5787 1760 4468 118611 26438 11643 - - 7.5 1 0 1 1 1 1 1 4.8883 0 4 - 1 0 1 - 1 1 4
TUI AG EUR 0.8 0 1 0 1 1 0 0 1 1 5 9275 -2937 480 560 1700 11146 18330 2067 1.77 1.00 - - 0 1 1 1 3 1 0 0 3 - - 0 1 - 1 1 3
UNITED INTERNET AG-REG SHARE EUR 16.8 1 1 0 1 1 0 0 0 1 5 600 -379 -52 251 3170 910 2397 198 7.80 1.00 29.1 1 1 1 17 0 12 0 1.8394 0 2 0 0 0 1 - 1 1 3
VOLKSWAGEN AG-PREF EUR 1.0 1 1 1 0 0 1 1 1 0 6 250486 3310 64815 11310 77316 227819 192676 81825 1.45 1.00 3.5 1 0 1 1 1 11 0 - - 3 1 1 1 1 1 1 1 7
WACKER CHEMIE AG EUR 0.9 1 1 0 1 0 0 1 0 0 4 6304 764 2181 335 2466 3712 4635 2618 1.76 1.00 21.9 1 1 1 1 1 7 1 1.2086 0 4 0 0 0 1 0 1 1 3
WIRECARD AG EUR 3.9 1 1 0 1 1 0 0 - 0 4 780 187 289 94 2087 586 395 542 4.01 1.00 27.8 1 5 1 4 1 22 0 0.5914 0 3 0 0 0 1 1 1 1 4
WINCOR NIXDORF AG EUR 2.8 1 1 0 1 0 1 1 0 0 5 1056 19 291 100 910 1074 2343 329 3.84 1.00 14.5 1 0 1 3 1 10 0 3.437 0 3 1 1 0 1 1 1 1 6
ELRINGKLINGER AG EUR 2.7 1 1 0 1 1 0 1 0 0 5 1133 190 428 136 1616 628 1127 640 3.46 1.00 18.8 1 1 1 3 1 14 0 1.7647 0 3 0 1 0 1 1 1 1 5
Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis
FUNDAMENTAL SCORING
Pitroski F Score
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11. 27.09.2013
Adidas AG manufactures sports shoes and sports equipment. The Company produces
products that include footwear, sports apparel, and golf clubs and balls. Adidas
sells its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 88.50
52-Week Low (16.11.2012) 62.60
Daily Volume
79.51
52-Week High % Change -10.16% Dividend Yield -
52-Week Low % Change 27.01% Beta 0.84
% 52 Week Price Range High/Low 64.13% Equity Float 209.22
Shares Out 30.06.2013 209.2 Short Int -
16'634.78 1 Yr Total Return 22.72%
Total Debt 1'487.00 YTD Return 20.00%
Preferred Stock 0.0 Adjusted BETA 0.837
Minority Interest (13.0) Analyst Recs 44
Cash and Equivalents 1'935.00 Consensus Rating 4.114
Enterprise Value 16'716.78
Average Volume 5 Day 1'630'456
ADS GY EQUITY YTD Change - Average Volume 30 Day 888'534
ADS GY EQUITY YTD % CHANGE - Average Volume 3 Month 829'117
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
10'799.0 10'381.0 11'990.0 13'322.0 14'883.0 14'326 14'676 14'698 15'794 4'000 3'480
0.69x 0.85x 0.87x 0.78x 0.92x 3.20x 4.23x 1.09x 0.99x - -
1'310.0 823.0 1'174.0 1'206.0 1'456.0 1'350.0 1'493.0 1'574.2 1'875.2 534.5 296.0
5.69x 10.72x 8.91x 8.64x 9.36x 9.02x 11.74x 10.63x 8.92x 9.36x 8.91x
642.0 245.0 567.0 613.0 526.0 718.0 552.0 871.1 1'074.4 340.8 50.9
8.35x 30.22x 18.04x 17.15x 26.72x 16.54x 31.71x 19.10x 15.66x 17.26x 16.22x
EBITDA 1'456.00 Long-Term Rating Date -
EBIT 1'185.00 Long-Term Rating -
Operating Margin 7.96% Long-Term Outlook -
Pretax Margin 5.72% Short-Term Rating Date -
Return on Assets 4.67% Short-Term Rating -
Return on Common Equity 10.06%
Return on Capital - EBITDA/Interest Exp. 15.01
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 11.13
Net Debt/EBITDA 0.06
Gross Margin 49.5% Total Debt/EBITDA 0.88
EBITDA Margin 10.2%
EBIT Margin 6.5% Total Debt/Equity 28.0%
Net Income Margin 3.5% Total Debt/Capital 21.9%
Asset Turnover 1.24
Current Ratio 1.57 Net Fixed Asset Turnover 13.81
Quick Ratio 0.83 Accounts receivable turnover-days 51.57
Debt to Assets 12.76% Inventory Days 129.40
Tot Debt to Common Equity 28.04% Accounts Payable Turnover Day 89.16
Accounts Receivable Turnover 7.08 Cash Conversion Cycle 72.10
Inventory Turnover 2.82
Fiscal Year Ended
Adidas AG
Price/Volume
Valuation Analysis
669'047.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
10
20
30
40
50
60
70
80
90
100
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
.0 M
.5 M
1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
3.5 M
4.0 M
4.5 M
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 14'632'128 6.99 - 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'411'293 6.89 52'988 23.09.2013 Investment Advisor
THORNBURG INVESTMENT n/a Research 10'057'706 4.81 - 10.05.2013 Investment Advisor
ROYAL BANK OF SCOTLA n/a Research 9'347'766 4.47 - 23.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 4'886'922 2.34 - 31.12.2012 Government
DEUTSCHE BANK AG n/a ULT-AGG 3'827'742 1.83 9'596 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'592'510 1.72 (359'040) 30.06.2013 Unclassified
FMR LLC n/a ULT-AGG 3'542'843 1.69 144'194 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 3'121'077 1.49 11'113 28.06.2013 Unclassified
INVESCO LTD n/a ULT-AGG 2'725'139 1.3 30'371 24.09.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'769'586 0.85 24'436 28.03.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'667'034 0.8 75'000 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'453'723 0.69 18'626 31.07.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'271'690 0.61 11'310 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'175'770 0.56 (69'440) 30.04.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'154'890 0.55 1'154'890 30.06.2013 Investment Advisor
LANSDOWNE PARTNERS n/a Short (1'025'159) -0.49 41'844 02.09.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 840'376 0.4 (140'000) 30.04.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 758'189 0.36 658'995 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 636'863 0.3 - 24.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equinet Institutional Services(ESN) INGBERT FAUST accumulate 4 M 85 12 month 25.09.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 92 Not Provided 24.09.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 77 Not Provided 23.09.2013
Susquehanna Financial Group CHRISTOPHER SVEZIA Positive 4 M 100 12 month 23.09.2013
Redburn Partners ANDREW MOBBS sell 1 M #N/A N/A Not Provided 23.09.2013
AlphaValue HANS-PETER WODNIOK reduce 2 M 83 6 month 23.09.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 96 6 month 20.09.2013
Deutsche Bank MICHAEL KUHN hold 3 M 82 12 month 20.09.2013
Nord/LB JULIA SIEKMANN buy 5 M 92 12 month 20.09.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 104 12 month 20.09.2013
Baader Bank VOLKER BOSSE buy 5 M 95 12 month 20.09.2013
UBS FRED SPEIRS buy 5 M 90 12 month 20.09.2013
JPMorgan CHIARA BATTISTINI overweight 5 M 90 15 month 20.09.2013
Raymond James CEDRIC LECASBLE outperform 5 M 87 12 month 20.09.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 85 12 month 20.09.2013
Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER buy 5 M 103 12 month 20.09.2013
National Bank AG MARKUS GLOCKENMEIER sell 1 M #N/A N/A Not Provided 20.09.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 85 12 month 20.09.2013
Kepler Cheuvreux JUERGEN KOLB buy 5 M 91 Not Provided 20.09.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 93 6 month 20.09.2013
Nomura CHRISTOPHER WALKER buy 5 M 95 12 month 20.09.2013
S&P Capital IQ WILLIAM MACK strong buy 5 M 98 12 month 20.09.2013
DZ Bank AG HERBERT STURM buy 5 M 87 Not Provided 20.09.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 105 12 month 20.09.2013
Exane BNP Paribas ANDREAS INDERST outperform 5 M 96 Not Provided 20.09.2013
Barclays JULIAN EASTHOPE overweight 5 M 95 Not Provided 20.09.2013
Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 90 Not Provided 20.09.2013
Robert W. Baird & Co MITCHEL J KUMMETZ outperform 5 M 90 12 month 19.09.2013
Berenberg Bank JOHN GUY buy 5 M 96 Not Provided 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Equita SIM SpA FABIO FAZZARI hold 3 M 80 Not Provided 13.09.2013
HSBC ERWAN RAMBOURG overweight 5 M 95 Not Provided 12.09.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 13.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 96 Not Provided 12.08.2013
ISI Group OMAR SAAD neutral 3 M 90 Not Provided 10.08.2013
Bankhaus Lampe MICHAEL GORNY hold 3 M 84 Not Provided 09.08.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 91 12 month 09.08.2013
SRH AlsterResearch NEIL SCHMODDE buy 5 M 108 12 month 09.08.2013
Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 73 12 month 08.08.2013
KochBank Research MARK JOSEFSON buy 5 N 94 Not Provided 25.06.2013
Hammer Partners SA STEPHAN SEIP buy 5 M 104 Not Provided 17.06.2013
Bank of Valletta TEAM COVERAGE overweight 5 N 97 Not Provided 16.04.2013
Holdings By:
Adidas AG
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
13. 27.09.2013
ADVA AG Optical Networking designs, develops, and manufactures optical
networking products. The Company's products include wave length division
multiplexing (WDM) communications systems, high-speed fiber optic converters,
EDFA modules, and all-optical switches. ADVA's products are used in high-speed
centralized data storage and disaster recovery.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (17.10.2012) 5.42
52-Week Low (29.04.2013) 3.45
Daily Volume
4.667
52-Week High % Change -13.85% Dividend Yield -
52-Week Low % Change 35.28% Beta 0.99
% 52 Week Price Range High/Low 61.57% Equity Float 38.68
Shares Out 02.09.2013 48.0 Short Int -
223.84 1 Yr Total Return -8.40%
Total Debt 29.03 YTD Return 17.26%
Preferred Stock 0.0 Adjusted BETA 0.994
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 70.27 Consensus Rating 3.000
Enterprise Value 183.53
Average Volume 5 Day 226'289
ADV GY EQUITY YTD Change - Average Volume 30 Day 154'744
ADV GY EQUITY YTD % CHANGE - Average Volume 3 Month 132'053
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
217.7 232.8 291.7 310.9 330.1 330.3 317.9 325.3 350.3 88.8 -
0.18x 0.40x 0.86x 0.46x 0.45x 1.96x 1.97x 0.57x 0.50x - -
12.3 20.3 30.0 37.6 45.1 45.6 37.3 38.7 44.6 12.8 -
3.17x 4.64x 8.40x 3.77x 3.30x 3.36x 3.88x 4.74x 4.11x - -
(8.9) 1.3 7.0 16.9 16.7 27.6 8.5 6.3 10.1 - -
- 84.33x 39.07x 10.07x 11.37x 6.90x 22.29x 31.97x 21.61x - -
EBITDA 45.12 Long-Term Rating Date -
EBIT 18.83 Long-Term Rating -
Operating Margin 5.71% Long-Term Outlook -
Pretax Margin 5.61% Short-Term Rating Date -
Return on Assets 2.98% Short-Term Rating -
Return on Common Equity 5.59%
Return on Capital 5.11% EBITDA/Interest Exp. 34.15
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 27.19
Net Debt/EBITDA -1.08
Gross Margin 39.9% Total Debt/EBITDA 1.07
EBITDA Margin 11.7%
EBIT Margin 3.4% Total Debt/Equity 18.9%
Net Income Margin 5.1% Total Debt/Capital 15.9%
Asset Turnover 1.12
Current Ratio 1.90 Net Fixed Asset Turnover 14.24
Quick Ratio 1.37 Accounts receivable turnover-days 61.93
Debt to Assets 10.22% Inventory Days 74.44
Tot Debt to Common Equity 18.86% Accounts Payable Turnover Day 60.71
Accounts Receivable Turnover 5.89 Cash Conversion Cycle 68.79
Inventory Turnover 4.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
ADVA Optical Networking SE
Price/Volume
Valuation Analysis
113'926.00
Current Price (9/dd/yy) Market Data
0
1
2
3
4
5
6
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
.0 M
.5 M
1.0 M
1.5 M
2.0 M
2.5 M
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
14. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EGORA GROUP n/a Co File 8'655'909 18.05 - 31.12.2012 Unclassified
DEUTSCHE BANK AG n/a ULT-AGG 3'775'000 7.87 (225'000) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'049'478 2.19 (33) 31.07.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 876'948 1.83 876'948 28.03.2013 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 761'697 1.59 34'662 31.05.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 482'788 1.01 (431) 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 450'000 0.94 - 28.03.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 395'500 0.82 (4'200) 28.06.2013 Investment Advisor
PROTIVA ERIC V n/a Co File 320'000 0.67 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 298'620 0.62 (5'063) 23.09.2013 Investment Advisor
PROTIVA BRIAN n/a Co File 294'030 0.61 - 31.12.2012 n/a
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 186'356 0.39 93 28.03.2013 Investment Advisor
DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 135'747 0.28 15'169 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 109'745 0.23 (50'000) 31.05.2013 Unclassified
SKANDIA FONDER AB Multiple Portfolios MF-AGG 106'169 0.22 12'553 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 82'567 0.17 - 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 80'037 0.17 (63'310) 30.04.2013 Investment Advisor
KEPLER-FONDS KAGMBH Multiple Portfolios MF-AGG 66'118 0.14 2'666 28.03.2013 Investment Advisor
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 62'600 0.13 10'500 30.04.2012 Investment Advisor
ACOMEA SGR Multiple Portfolios MF-AGG 50'500 0.11 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank ALI FARID KHWAJA hold 3 D 5 Not Provided 24.09.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 4 Not Provided 20.09.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH sell 1 M 3 12 month 20.09.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 01.08.2013
Deutsche Bank BENJAMIN KOHNKE hold 3 M 5 12 month 22.07.2013
Close Brothers Equity Markets VEYSEL TAZE buy 5 M 5 12 month 18.07.2013
WestLB Equity Markets THOMAS LANGER neutral 3 M #N/A N/A Not Provided 25.04.2012
Holdings By:
ADVA Optical Networking SE
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
15. 27.09.2013
Carl Zeiss Meditec AG provides complete system solutions in the field of
medical technology for ophthalmology. The Company's products include screening,
diagnostic, and therapeutic systems for the treatment of vision defects,
cataracts, glaucoma, and retinal disorders. Carl Zeiss Meditec operates
worldwide with subsidiaries in the USA and Japan.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (15.07.2013) 26.89
52-Week Low (26.09.2012) 18.84
Daily Volume
22.25
52-Week High % Change -17.24% Dividend Yield -
52-Week Low % Change 18.13% Beta 0.50
% 52 Week Price Range High/Low 42.05% Equity Float 28.46
Shares Out 14.08.2013 81.3 Short Int -
1'809.14 1 Yr Total Return 19.72%
Total Debt 30.91 YTD Return 4.03%
Preferred Stock 0.0 Adjusted BETA 0.502
Minority Interest 40.8 Analyst Recs 14
Cash and Equivalents 9.53 Consensus Rating 2.786
Enterprise Value 1'860.06
Average Volume 5 Day 56'087
AFX GY EQUITY YTD Change - Average Volume 30 Day 48'861
AFX GY EQUITY YTD % CHANGE - Average Volume 3 Month 41'660
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
600.2 640.1 676.7 758.8 861.9 834.1 880.1 892.7 954.7 234.5 -
1.13x 1.17x 1.00x 1.26x 1.94x 5.93x 8.72x 1.77x 1.61x - -
80.9 92.4 107.7 122.5 140.8 135.4 143.8 149.3 163.7 42.0 -
8.40x 8.13x 6.29x 7.81x 11.90x 10.50x 14.73x 12.46x 11.36x - -
54.0 50.5 54.9 66.9 71.9 70.8 85.2 89.2 93.8 23.3 -
15.30x 17.74x 16.88x 16.27x 22.55x 21.61x 24.46x 20.34x 19.25x - -
EBITDA 140.80 Long-Term Rating Date -
EBIT 122.90 Long-Term Rating -
Operating Margin 14.26% Long-Term Outlook -
Pretax Margin 13.48% Short-Term Rating Date -
Return on Assets 9.10% Short-Term Rating -
Return on Common Equity 12.95%
Return on Capital 13.07% EBITDA/Interest Exp. 23.15
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 20.76
Net Debt/EBITDA 0.10
Gross Margin 53.5% Total Debt/EBITDA 0.13
EBITDA Margin 16.3%
EBIT Margin 14.4% Total Debt/Equity 4.7%
Net Income Margin 8.3% Total Debt/Capital 4.3%
Asset Turnover 0.94
Current Ratio 3.32 Net Fixed Asset Turnover 17.95
Quick Ratio 0.68 Accounts receivable turnover-days 51.90
Debt to Assets 3.21% Inventory Days 138.52
Tot Debt to Common Equity 4.72% Accounts Payable Turnover Day 25.56
Accounts Receivable Turnover 7.03 Cash Conversion Cycle 154.50
Inventory Turnover 2.63
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Carl Zeiss Meditec AG
Price/Volume
Valuation Analysis
36'147.00
Current Price (9/dd/yy) Market Data
0
5
10
15
20
25
30
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
.0 M
.1 M
.1 M
.2 M
.2 M
.3 M
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
16. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CARL ZEISS AG n/a Co File 52'851'241 65 - 30.09.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 1'565'000 1.92 - 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'500'000 1.84 (600'000) 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 662'129 0.81 7'400 30.06.2013 Investment Advisor
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 576'659 0.71 - 30.09.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 471'552 0.58 - 31.12.2012 Government
SEB n/a ULT-AGG 461'827 0.57 5'829 28.03.2013 Unclassified
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 300'000 0.37 - 28.03.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 269'630 0.33 269'630 31.12.2012 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 235'266 0.29 35'435 30.08.2013 Investment Advisor
FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 207'008 0.25 (10'000) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 174'805 0.21 - 30.06.2013 Unclassified
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 163'830 0.2 - 28.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 163'107 0.2 (4'064) 23.09.2013 Investment Advisor
ECCLESIASTICAL INSUR Multiple Portfolios MF-AGG 150'000 0.18 - 31.07.2013 Insurance Company
GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 145'234 0.18 10'984 28.03.2013 Investment Advisor
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 130'150 0.16 (437'918) 30.06.2013 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 122'190 0.15 - 30.06.2013 Investment Advisor
BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 79'145 0.1 (35'070) 30.03.2012 Investment Advisor
SEBINVEST A/S Multiple Portfolios MF-AGG 78'959 0.1 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 30.08.2013
Nord/LB HOLGER FECHNER buy 5 M 28 12 month 27.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 26.08.2013
DZ Bank AG SVEN OLAF KUERTEN sell 1 M 19 Not Provided 20.08.2013
Jefferies INGEBORG OIE underperform 1 D 20 12 month 16.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 27 12 month 15.08.2013
Kepler Cheuvreux OLIVER REINBERG reduce 2 M 21 Not Provided 15.08.2013
Montega THOMAS RAU buy 5 M 29 12 month 15.08.2013
Deutsche Bank GUNNAR ROMER hold 3 M 23 12 month 14.08.2013
JPMorgan DAVID J ADLINGTON neutral 3 M 24 9 month 14.08.2013
HSBC HENDRIK LOFRUTHE underweight 1 M 22 Not Provided 14.08.2013
Berenberg Bank SCOTT BARDO buy 5 M 26 Not Provided 14.08.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 24 Not Provided 14.05.2013
Commerzbank Corporates & Markets VOLKER BRAUN hold 3 M 25 6 month 07.05.2013
Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 16 12 month 09.12.2011
GSC Research MATTHIAS WAHLER sell 1 M #N/A N/A Not Provided 22.04.2010
Holdings By:
Carl Zeiss Meditec AG
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
17. 27.09.2013
Aixtron SE engineers and manufactures metal organic chemical vapor deposition
(MOCVD) equipment for the semiconductor industry. The Company's customers use
its equipment to produce compound semiconductor layer structures for use in
LED, laser, solar cell, transistor, telecommunications, and other applications.
Aixtron markets its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (31.05.2013) 13.89
52-Week Low (12.12.2012) 8.38
Daily Volume
13.005
52-Week High % Change -6.37% Dividend Yield -
52-Week Low % Change 55.28% Beta 0.99
% 52 Week Price Range High/Low 81.96% Equity Float 93.81
Shares Out 25.09.2013 102.2 Short Int -
1'329.52 1 Yr Total Return 20.19%
Total Debt 0.00 YTD Return 46.47%
Preferred Stock 0.0 Adjusted BETA 0.994
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 209.49 Consensus Rating 2.733
Enterprise Value 1'113.66
Average Volume 5 Day 356'652
AIXA GY EQUITY YTD Change - Average Volume 30 Day 380'821
AIXA GY EQUITY YTD % CHANGE - Average Volume 3 Month 426'185
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
274.4 302.9 783.8 611.0 227.8 318.1 225.3 226.3 373.4 57.4 71.1
1.30x 6.73x 3.03x 1.14x 3.01x 10.73x 15.69x 5.09x 3.07x 19.43x 15.61x
43.2 75.3 288.9 127.3 (108.6) (36.4) (166.2) (69.0) 50.3 (2.2) 2.4
8.24x 27.09x 8.23x 5.47x - 0.00x 0.00x - 22.04x 78.55x 36.01x
23.0 44.8 192.5 79.5 (145.4) (34.8) (209.3) (83.7) 27.5 (5.6) (0.6)
18.31x 47.96x 14.30x 12.47x - 0.00x 0.00x - 45.79x 684.47x 120.42x
EBITDA -108.64 Long-Term Rating Date -
EBIT -125.28 Long-Term Rating -
Operating Margin -54.99% Long-Term Outlook -
Pretax Margin -57.03% Short-Term Rating Date -
Return on Assets -34.88% Short-Term Rating -
Return on Common Equity -43.16%
Return on Capital - EBITDA/Interest Exp. -3746.07
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -4289.79
Net Debt/EBITDA -
Gross Margin 0.2% Total Debt/EBITDA 0.00
EBITDA Margin -73.8%
EBIT Margin -81.5% Total Debt/Equity 0.0%
Net Income Margin -63.8% Total Debt/Capital 0.0%
Asset Turnover 0.38
Current Ratio 4.38 Net Fixed Asset Turnover 2.32
Quick Ratio 2.79 Accounts receivable turnover-days 46.14
Debt to Assets 0.00% Inventory Days 176.18
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 39.96
Accounts Receivable Turnover 7.91 Cash Conversion Cycle 310.27
Inventory Turnover 2.07
Fiscal Year Ended
Aixtron SE
Price/Volume
Valuation Analysis
283'523.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
2
4
6
8
10
12
14
16
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
.0 M
.5 M
1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
3.5 M
4.0 M
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
18. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAMMA GMBH n/a 20F 7'650'000 7.48 - 28.02.2013 Corporation
ALLIANZ GLOBAL INVES n/a Research 5'102'037 4.99 - 17.07.2013 Investment Advisor
BAILLIE GIFFORD AND n/a Research 5'093'343 4.98 - 29.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'990'841 3.9 46'327 23.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'970'269 3.88 (486) 30.06.2013 Unclassified
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'460'000 3.38 (10'000) 31.05.2013 Investment Advisor
GENERATION INVESTMEN n/a 20F 3'089'151 3.02 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'818'556 2.76 - 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'379'360 2.33 - 31.12.2012 Government
UBS AG n/a ULT-AGG 2'157'086 2.11 - 16.08.2013 Unclassified
AQR CAPITAL MANAGEME n/a Short (1'921'736) -1.88 112'442 23.09.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'037'338 1.01 (142'747) 30.06.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'007'257 0.99 (116'049) 28.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 963'786 0.94 (76'512) 31.07.2013 Investment Advisor
OXFORD ASSET MANAGEM n/a Short (909'758) -0.89 91'998 16.09.2013 Hedge Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 895'479 0.88 (290'555) 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 873'820 0.85 (29'879) 31.08.2013 Investment Advisor
SCHINDELHAUER KIM n/a 20F 766'500 0.75 - 31.01.2013 n/a
SAEMOR CAPITAL BV n/a Short (643'986) -0.63 161'616 18.09.2013 Investment Advisor
BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 608'594 0.6 608'594 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe KARSTEN ILTGEN buy 5 M 16 12 month 23.09.2013
Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 17 12 month 11.09.2013
Exane BNP Paribas GERHARD ORGONAS outperform 5 M 15 Not Provided 10.09.2013
Natixis MAXIME MALLET buy 5 M 15 Not Provided 02.09.2013
Commerzbank Corporates & Markets THOMAS M BECKER hold 3 M 12 6 month 29.08.2013
Morgan Stanley ANDREW HUMPHREY Equalwt/Cautious 3 M 12 12 month 28.08.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 10 12 month 31.07.2013
Equinet Institutional Services(ESN) ADRIAN PEHL sell 1 M 7 12 month 30.07.2013
Deutsche Bank UWE SCHUPP buy 5 M 14 12 month 29.07.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 29.07.2013
Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 29.07.2013
Societe Generale PETER KNOX sell 1 M 9 12 month 26.07.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 13 12 month 26.07.2013
JPMorgan SANDEEP S DESHPANDE neutral 3 M 10 3 month 26.07.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 26.07.2013
Sterne, Agee & Leach ANDREW HUANG neutral 3 M #N/A N/A Not Provided 26.07.2013
Bankhaus Metzler STEPHAN BAUER sell 1 M 8 12 month 26.07.2013
Barclays ANDREW M GARDINER equalweight 3 M 12 Not Provided 26.07.2013
SRH AlsterResearch DANIEL PAWLOWSKI sell 1 M 10 12 month 26.07.2013
HSBC CHRISTIAN DOMINIK RATH neutral 3 M 13 Not Provided 25.07.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER sell 1 M 11 Not Provided 25.07.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 13 12 month 25.07.2013
M.M. Warburg Investment Research MALTE SCHAUMANN sell 1 M 9 12 month 25.07.2013
Berenberg Bank ALI FARID KHWAJA hold 3 M 9 Not Provided 25.07.2013
Kepler Cheuvreux BERND LAUX hold 3 U 12 Not Provided 25.07.2013
DZ Bank AG HARALD SCHNITZER sell 1 M 10 Not Provided 25.07.2013
UBS DAVID MULHOLLAND neutral 3 M 13 12 month 22.07.2013
Close Brothers Equity Markets VEYSEL TAZE sell 1 M 10 12 month 15.07.2013
Liberum Capital Ltd JANARDAN MENON buy 5 M 13 Not Provided 13.05.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
National Bank AG SVEN PAULSEN buy 5 M 35 Not Provided 28.07.2011
Holdings By:
Aixtron SE
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
19. 27.09.2013
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 122.10
52-Week Low (11.10.2012) 90.36
Daily Volume
118
52-Week High % Change -3.36% Dividend Yield -
52-Week Low % Change 30.59% Beta 1.23
% 52 Week Price Range High/Low 88.03% Equity Float 448.87
Shares Out 30.06.2013 456.0 Short Int -
53'802.10 1 Yr Total Return 28.40%
Total Debt 19'574.00 YTD Return 16.91%
Preferred Stock 0.0 Adjusted BETA 1.231
Minority Interest 2'665.0 Analyst Recs 39
Cash and Equivalents 12'437.00 Consensus Rating 4.256
Enterprise Value 61'786.10
Average Volume 5 Day 2'136'566
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'676'291
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'680'870
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 90'556.0 97'026.0 102'442.2 105'264.4 24'605.0 24'916.0
0.62x 0.64x 0.57x 0.50x 0.60x 2.07x 2.31x 0.67x 0.65x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 3'317.0 5'859.0 5'867.7 6'016.0 1'230.5 1'430.5
8.51x 8.37x 7.94x 13.13x 4.62x 10.58x 4.64x 9.02x 8.76x - -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 10.61% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 23.03.2009
Return on Assets 0.86% Short-Term Rating A-1+
Return on Common Equity 12.22%
Return on Capital 10.33% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 36.6%
Net Income Margin 5.4% Total Debt/Capital 25.8%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.82% Inventory Days -
Tot Debt to Common Equity 36.55% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Allianz SE
Price/Volume
Valuation Analysis
1'034'967.00
Current Price (9/dd/yy) Market Data
0
20
40
60
80
100
120
140
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
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1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
7.0 M
8.0 M
0.0
20'000.0
40'000.0
60'000.0
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100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
2.00
4.00
6.00
8.00
10.00
12.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |