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
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
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
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
Food safety program is a written document indicating how a food business will control the food safety hazards or to ensure that the food is safe or not.
Commonly known as food poisoning, food borne illness is caused by eating food that is contaminated by bacteria or other harmful substances. Food becomes hazardous by contamination. Contamination is the unintended presence of harmful substances or microorganisms in food. Food can become contaminated from:
Chemical hazards
Biological hazards
Physical hazards
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TURKISH CITRUS PROMOTION GROUP MONTHLY CITRUS EXPORT REPORT
CITRUS EXPORT STATISTICS
TOP 20 BUYER COUNTRIES OF TURKISH CITRUS
TOP 5 BUYER COUNTRIES OF TURKISH CITRUS (LEMON, MANDARIN, ORANGE, GRAPEFRUIT)
CITRUS STATISTICS ACCORDING EXPORTERS ASSOCIATIONS / UNIONS
CITRUS STATISTICS ACCORDING ACOUNTRY BLOCS
Visit for more statistics of Turkish Citrus
www.turkishcitrus.com
Epic Research is a leading financial services provider with presence in Indian and other global capital markets. Provides Stock Tips, Forex Tips, Commodity Tips, MCX Tips, Equity Tips, Tips, Intraday Tips, NSE Tips, BSE Tips, COMEX Tips, PCG Pack and NCDEX Tips. We provide services in equity, commodity and Forex market.
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
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Improving profitability for small businessBen Wann
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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Business Valuation Principles for EntrepreneursBen Wann
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Discover the innovative and creative projects that highlight my journey throu...
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index
1. Fundamental Analysis &
Analyst Recommendations
QMS Global Agriculture FlexIndex -
The QMS Advisors' Global Agriculture Flexible Index.
August 2013
Q.M.S Advisors
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
4. 31.07.2013
Syngenta AG produces crop protection products and seeds. The Company produces
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (01.02.2013) 87.73
52-Week Low (02.08.2012) 67.01
Daily Volume
79.54
52-Week High % Change -9.34% Dividend Yield -
52-Week Low % Change 18.70% Beta 1.05
% 52 Week Price Range High/Low 60.47% Equity Float -
Shares Out 30.06.2013 465.6 Short Int 0.49
37'036.27 1 Yr Total Return 19.77%
Total Debt 3'348.00 YTD Return 0.86%
Preferred Stock - Adjusted BETA 1.047
Minority Interest 11.0 Analyst Recs 7
Cash and Equivalents 1'599.00 Consensus Rating 3.571
Enterprise Value -
Average Volume 5 Day 358'410
SYT US EQUITY YTD Change - Average Volume 30 Day 208'304
SYT US EQUITY YTD % CHANGE - Average Volume 3 Month 188'060
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 8'265 14'327 15'043 15'731 - -
1.68x 2.56x 2.45x 2.11x 2.72x 0.00x 0.00x 2.61x 2.48x - -
2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'325.0 3'576.0 - -
7.84x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x - - - -
1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'150.0 2'309.0 - -
- - - - - 0.00x 0.00x 16.85x 15.48x - -
EBITDA 3'148.00 Long-Term Rating Date 15.06.2007
EBIT 2'550.00 Long-Term Rating A
Operating Margin 17.96% Long-Term Outlook STABLE
Pretax Margin 15.15% Short-Term Rating Date 15.06.2007
Return on Assets 8.86% Short-Term Rating A-1
Return on Common Equity 20.64%
Return on Capital - EBITDA/Interest Exp. 22.17
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 18.59
Net Debt/EBITDA 1.03
Gross Margin 49.2% Total Debt/EBITDA 1.28
EBITDA Margin 21.3%
EBIT Margin 17.2% Total Debt/Equity 38.3%
Net Income Margin 13.2% Total Debt/Capital 27.7%
Asset Turnover 0.71
Current Ratio 1.71 Net Fixed Asset Turnover 4.65
Quick Ratio 0.75 Accounts receivable turnover-days 139.15
Debt to Assets 17.26% Inventory Days 205.65
Tot Debt to Common Equity 38.28% Accounts Payable Turnover Day 171.60
Accounts Receivable Turnover 2.62 Cash Conversion Cycle 154.33
Inventory Turnover 1.77
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Syngenta AG
Price/Volume
Valuation Analysis
332'222.00
Current Price (7/dd/yy) Market Data
0
10
20
30
40
50
60
70
80
90
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
.1 M
.2 M
.3 M
.4 M
.5 M
.6 M
.7 M
.8 M
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
5. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C n/a ULT-AGG 5'084'122 1.09 5'084'122 30.07.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 4'525'489 0.97 (681'375) 31.05.2013 Investment Advisor
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'546'491 0.33 4'359 31.03.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'530'995 0.33 - 31.05.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 1'103'763 0.24 5'186 31.03.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 1'006'378 0.22 264'763 31.03.2013 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 881'667 0.19 176'018 31.03.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 864'367 0.19 327'067 31.03.2013 Unclassified
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 767'559 0.16 (35'599) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 667'554 0.14 33'577 30.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 561'409 0.12 26'396 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 534'400 0.11 (86'900) 31.03.2013 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 463'211 0.1 27'686 31.03.2013 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 308'796 0.07 (6'050) 30.04.2013 Investment Advisor
CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 265'361 0.06 - 28.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 262'699 0.06 (4'176) 31.03.2013 Investment Advisor
PAX WORLD MANAGEMENT PAX WORLD MANAGEMENT 13F 243'219 0.05 928 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 232'731 0.05 56'587 31.03.2013 Investment Advisor
PENN DAVIS MCFARLAND PENN DAVIS MCFARLAND 13F 228'461 0.05 (45'874) 31.03.2013 Investment Advisor
PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 215'106 0.05 (2'734) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 30.07.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 80 12 month 25.07.2013
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 25.07.2013
Jefferies LAURENCE ALEXANDER hold 3 M 86 12 month 24.07.2013
Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 67 12 month 24.07.2013
Gilford Securities PAUL C CHRISTOPHERSON buy 5 M 88 12 month 07.11.2012
Holdings By:
Syngenta AG
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
6. 31.07.2013
Monsanto Company provides agricultural products for farmers. The Company's
business segments are seeds and genomics. Monsanto produces a wide range of
seeds and develops biotechnology traits that assist farmers in controlling
insects and weeds as well as provides other seed companies with genetic material
and biotechnology traits for their seed brands.
Latest Fiscal Year: 08/2012
LTM as of: 05/yy
52-Week High (15.05.2013) 109.33
52-Week Low (15.11.2012) 82.70
Daily Volume
100.43
52-Week High % Change -8.14% Dividend Yield 1.42
52-Week Low % Change 21.44% Beta 1.04
% 52 Week Price Range High/Low 66.58% Equity Float 531.37
Shares Out 25.06.2013 533.1 Short Int 4.72
53'540.17 1 Yr Total Return 19.13%
Total Debt 2'074.00 YTD Return 7.31%
Preferred Stock 0.0 Adjusted BETA 1.043
Minority Interest 203.0 Analyst Recs 26
Cash and Equivalents 3'585.00 Consensus Rating 4.346
Enterprise Value 52'860.17
Average Volume 5 Day 3'581'945
MON US EQUITY YTD Change - Average Volume 30 Day 2'874'696
MON US EQUITY YTD % CHANGE - Average Volume 3 Month 2'778'915
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1
11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 13'653.0 14'769.0 14'960.7 16'145.8 2'248.3 3'043.4
5.53x 3.89x 2.78x 3.08x 3.35x 11.45x 13.29x 3.46x 3.14x 23.05x 17.09x
3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'948.0 4'206.0 4'206.8 4'919.2 (118.6) 767.0
18.18x 10.92x 11.51x 11.69x 12.03x 10.50x 12.61x 12.57x 10.75x 10.84x 10.66x
2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 2'162.0 2'502.0 2'479.1 2'898.6 (235.4) 308.3
31.30x 18.65x 22.19x 23.28x 23.12x 19.08x 22.13x 21.93x 18.79x 19.52x 19.00x
EBITDA 3'760.00 Long-Term Rating Date 21.10.2008
EBIT 3'138.00 Long-Term Rating A+
Operating Margin 23.24% Long-Term Outlook STABLE
Pretax Margin 22.13% Short-Term Rating Date 24.10.2007
Return on Assets 12.01% Short-Term Rating A-1
Return on Common Equity 19.18%
Return on Capital 17.33% EBITDA/Interest Exp. 17.74
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 14.69
Net Debt/EBITDA -0.21
Gross Margin 52.2% Total Debt/EBITDA 0.52
EBITDA Margin 28.5%
EBIT Margin 24.3% Total Debt/Equity 17.5%
Net Income Margin 15.1% Total Debt/Capital 14.7%
Asset Turnover 0.71
Current Ratio 2.29 Net Fixed Asset Turnover 3.42
Quick Ratio 1.30 Accounts receivable turnover-days 90.66
Debt to Assets 10.26% Inventory Days 137.61
Tot Debt to Common Equity 17.53% Accounts Payable Turnover Day 32.21
Accounts Receivable Turnover 4.03 Cash Conversion Cycle 163.69
Inventory Turnover 2.65
Fiscal Year Ended
Monsanto Co
Price/Volume
Valuation Analysis
4'206'414.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
20
40
60
80
100
120
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
7.0 M
8.0 M
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
04.09.2009 04.03.2010 04.09.2010 04.03.2011 04.09.2011 04.03.2012 04.09.2012 04.03.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
7. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 34'024'416 6.38 2'974'499 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'472'919 5.9 2'128'133 29.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 28'477'720 5.34 655'081 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 23'415'012 4.39 312'878 30.07.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'555'953 2.54 1'437'264 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'010'767 2.25 (277'362) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'618'944 2.18 158'090 30.06.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 9'200'094 1.73 (1'287'528) 31.03.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'188'909 1.72 (1'006'807) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'976'193 1.68 662'862 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'759'245 1.46 (325'311) 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'534'852 1.41 161'546 30.06.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 7'303'681 1.37 (54'371) 31.05.2013 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 6'662'550 1.25 1'304'240 31.03.2013 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'378'309 1.2 (22'517) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'343'486 1.19 369'962 31.05.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'315'385 1.18 1'095'622 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'163'166 1.16 (132'927) 31.03.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'748'918 1.08 (647'027) 31.03.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'682'063 1.07 165'308 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 26.07.2013
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 121 12 month 25.07.2013
Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 25.07.2013
Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 121 12 month 25.07.2013
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 125 12 month 24.07.2013
Jefferies LAURENCE ALEXANDER hold 3 M 110 12 month 18.07.2013
BGC Partners MARK R GULLEY buy 5 M 123 12 month 18.07.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 128 12 month 16.07.2013
Piper Jaffray MICHAEL E COX overweight 5 M 135 12 month 16.07.2013
Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 02.07.2013
Macquarie COOLEY MAY outperform 5 M 117 12 month 29.06.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 120 Not Provided 27.06.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 111 15 month 27.06.2013
Deutsche Bank DAVID I BEGLEITER buy 5 M 116 12 month 26.06.2013
Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 121 Not Provided 26.06.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 104 12 month 26.06.2013
S&P Capital IQ KEVIN KIRKEBY hold 3 M 110 Not Provided 26.06.2013
Atlantic Equities LLP COLIN ISAAC underweight 1 M 90 12 month 26.06.2013
Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 119 12 month 29.05.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.04.2013
Goldman Sachs ROBERT KOORT buy/attractive 5 M 122 12 month 05.04.2013
UBS BILL CARROLL neutral 3 M 110 12 month 04.04.2013
Holdings By:
Monsanto Co
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
8. 31.07.2013
Archer-Daniels-Midland Company procures, transports, stores, processes, and
merchandises agricultural commodities and products. The Company processes
oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland
also processes produce products which have primarily two end uses including
food or feed ingredients.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (29.07.2013) 36.85
52-Week Low (15.11.2012) 24.38
Daily Volume
36.02
52-Week High % Change -2.25% Dividend Yield -
52-Week Low % Change 47.74% Beta 1.05
% 52 Week Price Range High/Low 93.34% Equity Float 643.95
Shares Out 30.04.2013 659.0 Short Int 10.40
23'738.25 1 Yr Total Return 41.58%
Total Debt 9'540.00 YTD Return 33.01%
Preferred Stock 0.0 Adjusted BETA 1.052
Minority Interest 211.0 Analyst Recs 13
Cash and Equivalents 3'007.00 Consensus Rating 3.154
Enterprise Value 30'310.25
Average Volume 5 Day 2'690'348
ADM US EQUITY YTD Change - Average Volume 30 Day 3'185'852
ADM US EQUITY YTD % CHANGE - Average Volume 3 Month 3'511'330
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
69'816.0 69'207.0 61'682.0 80'676.0 90'559.0 85'032.0 91'131.0 90'116.8 92'386.0 22'883.1 21'685.6
0.44x 0.33x 0.36x 0.36x 0.27x 1.45x 1.19x 0.30x 0.29x - -
3'176.0 3'457.0 3'357.0 3'566.0 2'827.0 3'707.0 2'554.0 3'138.9 3'868.1 647.0 772.8
9.74x 6.66x 6.54x 8.05x 8.77x 8.05x 11.28x 9.66x 7.84x 8.67x 7.99x
1'802.0 1'684.0 1'930.0 2'036.0 1'375.0 2'090.0 1'245.0 1'534.9 1'988.1 275.6 395.3
11.97x 9.39x 8.41x 7.37x 11.86x 7.48x 15.45x 15.30x 11.86x 13.50x 12.01x
EBITDA 2'827.00 Long-Term Rating Date 03.05.2013
EBIT 1'958.00 Long-Term Rating A
Operating Margin 2.16% Long-Term Outlook NEG
Pretax Margin 2.19% Short-Term Rating Date 03.05.2013
Return on Assets 2.93% Short-Term Rating A-1
Return on Common Equity 6.67%
Return on Capital - EBITDA/Interest Exp. 6.25
Asset Turnover 2.14% (EBITDA-Capex)/Interest Exp. 3.51
Net Debt/EBITDA 2.56
Gross Margin 4.0% Total Debt/EBITDA 3.47
EBITDA Margin 2.8%
EBIT Margin 1.8% Total Debt/Equity 50.4%
Net Income Margin 1.5% Total Debt/Capital 33.3%
Asset Turnover 2.14
Current Ratio 1.75 Net Fixed Asset Turnover 9.15
Quick Ratio 0.34 Accounts receivable turnover-days 13.28
Debt to Assets 21.14% Inventory Days 53.32
Tot Debt to Common Equity 50.42% Accounts Payable Turnover Day 13.85
Accounts Receivable Turnover 27.49 Cash Conversion Cycle 83.94
Inventory Turnover 6.85
Fiscal Year Ended
Archer-Daniels-Midland Co
Price/Volume
Valuation Analysis
3'311'798.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
5
10
15
20
25
30
35
40
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
14.0 M
16.0 M
18.0 M
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 03.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
9. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 56'294'742 8.54 - 31.03.2013 Insurance Company
STATE STREET n/a ULT-AGG 34'619'003 5.25 1'265'690 30.07.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 34'048'900 5.17 (1'793) 31.03.2013 Insurance Company
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'738'017 5.12 451'073 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 33'038'654 5.01 1'032'346 29.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'987'953 3.79 144'233 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 17'134'671 2.6 219'139 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 14'243'106 2.16 346'468 30.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'024'678 1.98 3'092'941 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 12'758'034 1.94 2'966'037 30.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'193'594 1.85 9'175 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'608'003 1.76 1'441'542 30.06.2013 Investment Advisor
CARTER MOLLIE HALE n/a Form 4 11'465'023 1.74 - 14.06.2013 n/a
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'609'601 1.61 963'522 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 8'959'993 1.36 77'814 31.03.2013 Unclassified
MACQUARIE GROUP n/a ULT-AGG 8'908'854 1.35 (194'664) 31.05.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 8'142'599 1.24 (300'015) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'900'419 1.05 62'694 31.03.2013 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'174'096 0.94 1'196'048 31.03.2013 Hedge Fund Manager
DIMENSIONAL FUND ADV n/a ULT-AGG 5'856'914 0.89 10'295 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM overweight 5 M 39 12 month 30.07.2013
Davenport & Co ANN H GURKIN buy 5 M 37 Not Provided 30.07.2013
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 36 Not Provided 22.07.2013
JPMorgan ANN DUIGNAN neutral 3 U 33 3 month 19.07.2013
Scotia Capital CHRISTINE HEALY sector perform 3 M 38 12 month 18.07.2013
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 39 12 month 11.07.2013
Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 13.05.2013
EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 13.05.2013
Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 02.05.2013
CL King & Associates ERIC J LARSON buy 5 M 37 12 month 02.05.2013
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 01.05.2013
S&P Capital IQ THOMAS GRAVES hold 3 U 29 12 month 26.09.2012
Holdings By:
Archer-Daniels-Midland Co
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
10. 31.07.2013
Deere & Company manufactures and distributes a range of agricultural,
construction and forestry, and commercial and consumer equipment. The Company
supplies replacement parts for its own products and for those of other
manufacturers. Deere also provides product and parts financing services. Deere
and Company extends its services and products worldwide.
Latest Fiscal Year: 10/2012
LTM as of: 04/yy
52-Week High (30.01.2013) 95.60
52-Week Low (29.08.2012) 73.14
Daily Volume
82.98
52-Week High % Change -13.20% Dividend Yield 2.28
52-Week Low % Change 13.45% Beta 1.14
% 52 Week Price Range High/Low 43.81% Equity Float 387.70
Shares Out 30.04.2013 388.0 Short Int 16.30
32'199.93 1 Yr Total Return 10.53%
Total Debt 5'869.70 YTD Return -2.82%
Preferred Stock 0.0 Adjusted BETA 1.138
Minority Interest 19.9 Analyst Recs 24
Cash and Equivalents 5'009.40 Consensus Rating 3.750
Enterprise Value 34'346.23
Average Volume 5 Day 3'119'378
DE US EQUITY YTD Change - Average Volume 30 Day 3'131'145
DE US EQUITY YTD % CHANGE - Average Volume 3 Month 3'227'702
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4
28'053.2 22'793.4 25'548.3 31'546.9 35'656.6 33'263.4 37'234.9 35'478.4 35'628.6 9'274.4 9'049.2
0.59x 0.84x 1.27x 0.98x 0.95x 4.05x 3.82x 1.32x 1.29x 6.62x 6.63x
3'698.6 2'011.7 3'625.0 4'810.5 5'424.5 5'142.7 6'115.9 5'826.6 5'824.0 1'377.5 1'246.7
4.50x 9.52x 8.97x 6.41x 6.27x 6.77x 6.02x 5.89x 5.90x 5.95x 5.72x
2'052.8 873.5 1'865.0 2'799.9 3'064.7 2'971.0 3'209.5 3'329.9 3'315.6 842.8 761.2
8.08x 13.13x 17.78x 11.41x 11.86x 12.54x 11.47x 9.75x 9.66x 9.98x 10.07x
EBITDA 5'424.50 Long-Term Rating Date 14.12.2006
EBIT 4'420.30 Long-Term Rating A
Operating Margin 12.40% Long-Term Outlook STABLE
Pretax Margin 13.27% Short-Term Rating Date 14.12.2006
Return on Assets 5.86% Short-Term Rating A-1
Return on Common Equity 41.03%
Return on Capital 8.48% EBITDA/Interest Exp. 29.10
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 17.72
Net Debt/EBITDA 0.35
Gross Margin 28.2% Total Debt/EBITDA 1.03
EBITDA Margin 16.4%
EBIT Margin 12.8% Total Debt/Equity 473.8%
Net Income Margin 8.6% Total Debt/Capital 82.5%
Asset Turnover 0.68
Current Ratio 0.89 Net Fixed Asset Turnover 5.23
Quick Ratio 0.52 Accounts receivable turnover-days 51.16
Debt to Assets 57.62% Inventory Days 84.21
Tot Debt to Common Equity 473.84% Accounts Payable Turnover Day 107.80
Accounts Receivable Turnover 7.13 Cash Conversion Cycle 73.75
Inventory Turnover 4.33
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Deere & Co
Price/Volume
Valuation Analysis
4'001'146.00
Current Price (7/dd/yy) Market Data
0
10
20
30
40
50
60
70
80
90
100
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
14.0 M
16.0 M
18.0 M
20.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
06.11.2009 06.05.2010 06.11.2010 06.05.2011 06.11.2011 06.05.2012 06.11.2012 06.05.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 36'739'200 9.47 1'135'348 30.06.2013 Investment Advisor
CASCADE INVESTMENT L n/a 13D 27'508'573 7.09 - 10.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 26'514'374 6.83 1'159'666 29.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 17'271'090 4.45 457'034 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'997'126 3.86 (145'784) 30.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 8'259'301 2.13 (1'671'216) 31.03.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 7'697'260 1.98 61'039 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'837'227 1.5 57'539 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'763'386 1.49 898'034 31.03.2013 Investment Advisor
EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'779'705 1.23 58'555 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'479'960 1.15 104'688 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 4'427'576 1.14 177'170 30.07.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 3'978'767 1.03 - 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'966'027 1.02 545'471 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 3'367'203 0.87 - 31.12.2012 Government
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3'166'517 0.82 (144'050) 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 3'090'502 0.8 (24'208) 31.03.2013 Unclassified
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 2'743'544 0.71 (74'873) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 2'702'775 0.7 (79'133) 31.03.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'619'236 0.67 1'020'948 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Longbow Research ELI S LUSTGARTEN neutral 3 D #N/A N/A Not Provided 30.07.2013
Wells Fargo Securities, LLC ANDREW M CASEY underperform 1 M #N/A N/A Not Provided 29.07.2013
Jefferies STEPHEN VOLKMANN hold 3 M 90 12 month 26.07.2013
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 22.07.2013
Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 88 12 month 19.07.2013
BMO Capital Markets JOEL G TISS outperform 5 M 110 Not Provided 15.07.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 90 12 month 12.07.2013
JPMorgan ANN DUIGNAN underweight 1 M 76 15 month 10.07.2013
Robert W. Baird & Co MIRCEA DOBRE neutral 3 M 87 12 month 10.07.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 109 Not Provided 09.07.2013
ISI Group DAVID RASO buy 5 M 97 Not Provided 08.07.2013
Piper Jaffray MICHAEL E COX neutral 3 D 89 12 month 08.07.2013
RBC Capital Markets SETH R WEBER sector perform 3 M 95 12 month 01.07.2013
Daiwa Securities Co. Ltd. TAKUO KATAYAMA buy 5 U 102 Not Provided 12.06.2013
Goldman Sachs JERRY REVICH Sell/Neutral 1 D 85 12 month 17.05.2013
Macquarie SAMEER RATHOD neutral 3 M 95 12 month 16.05.2013
Barclays ANDY KAPLOWITZ overweight 5 M 101 Not Provided 16.05.2013
Credit Suisse JAMIE L COOK outperform 5 M 102 Not Provided 15.05.2013
UBS STEVEN FISHER neutral 3 M 96 12 month 15.05.2013
S&P Capital IQ MICHAEL JAFFE buy 5 M 120 Not Provided 15.05.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 16.01.2013
Holdings By:
Deere & Co
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12. 31.07.2013
Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and
nitrogen to the agricultural and industrial industries worldwide. The Company
conducts operations in Canada, Chile, the United States, Brazil, and Trinidad.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (31.07.2012) 44.97
52-Week Low (30.07.2013) 29.00
Daily Volume
31.63
52-Week High % Change -29.66% Dividend Yield 3.32
52-Week Low % Change 9.07% Beta 1.19
% 52 Week Price Range High/Low 16.47% Equity Float 861.81
Shares Out 28.06.2013 866.2 Short Int 16.95
27'397.32 1 Yr Total Return -26.50%
Total Debt 4'081.00 YTD Return -20.62%
Preferred Stock 0.0 Adjusted BETA 1.194
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 562.00 Consensus Rating 3.774
Enterprise Value 30'230.32
Average Volume 5 Day 29'889'012
POT US EQUITY YTD Change - Average Volume 30 Day 9'981'252
POT US EQUITY YTD % CHANGE - Average Volume 3 Month 6'985'845
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
9'446.5 3'976.7 6'539.0 8'715.0 7'927.0 8'328.0 8'029.0 7'550.3 7'708.1 1'760.8 1'730.3
2.59x 8.98x 7.55x 4.55x 4.88x 19.90x 19.06x 4.00x 3.90x 17.34x 17.50x
4'503.1 1'114.1 2'709.0 4'398.0 3'589.0 4'082.0 3'545.0 3'791.4 3'860.7 863.7 884.9
5.44x 32.06x 18.21x 9.02x 10.79x 10.09x 10.12x 7.97x 7.83x 8.10x 7.92x
3'495.2 980.7 1'775.0 3'081.0 2'079.0 2'522.0 2'265.0 2'210.0 2'317.1 483.2 505.3
6.77x 36.97x 25.85x 11.80x 15.47x 13.96x 14.55x 12.67x 12.00x 13.07x 12.44x
EBITDA 3'589.00 Long-Term Rating Date 15.11.2010
EBIT 3'011.00 Long-Term Rating A-
Operating Margin 37.98% Long-Term Outlook STABLE
Pretax Margin 36.65% Short-Term Rating Date 15.11.2010
Return on Assets 13.00% Short-Term Rating A-2
Return on Common Equity 23.72%
Return on Capital - EBITDA/Interest Exp. 31.48
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 12.77
Net Debt/EBITDA 0.80
Gross Margin 43.0% Total Debt/EBITDA 0.98
EBITDA Margin 44.2%
EBIT Margin 36.3% Total Debt/Equity 41.2%
Net Income Margin 26.2% Total Debt/Capital 29.2%
Asset Turnover 0.46
Current Ratio 1.35 Net Fixed Asset Turnover 0.72
Quick Ratio 0.89 Accounts receivable turnover-days 50.07
Debt to Assets 22.42% Inventory Days 56.31
Tot Debt to Common Equity 41.17% Accounts Payable Turnover Day 79.78
Accounts Receivable Turnover 7.29 Cash Conversion Cycle 13.30
Inventory Turnover 6.48
Fiscal Year Ended
Potash Corp of Saskatchewan Inc
Price/Volume
Valuation Analysis
106'281'812.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
5
10
15
20
25
30
35
40
45
50
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
20.0 M
40.0 M
60.0 M
80.0 M
100.0 M
120.0 M
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
13. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 40'135'200 4.63 (12'034'722) 30.06.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 31'161'388 3.6 1'235'078 30.04.2013 Bank
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19'282'630 2.23 (1'689'608) 31.03.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 18'799'720 2.17 (394'334) 31.03.2013 Investment Advisor
JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 17'022'646 1.97 1'740'039 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 15'543'059 1.79 (1'271'000) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'083'717 1.63 (5'035'610) 31.03.2013 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 13'430'352 1.55 1'080'725 31.03.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 12'853'694 1.48 379'778 31.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 12'766'856 1.47 19'762 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 11'954'313 1.38 2'307'750 31.03.2013 Hedge Fund Manager
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 10'768'976 1.24 (124'384) 31.03.2013 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 10'726'888 1.24 (1'458'956) 31.03.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 10'716'000 1.24 10'716'000 31.12.2012 Investment Advisor
IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 10'581'716 1.22 1'284'275 31.03.2013 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 10'290'445 1.19 (2'430'183) 31.03.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 10'276'969 1.19 (876'809) 31.12.2012 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 10'100'008 1.17 1'381'000 31.03.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 9'969'957 1.15 (2'637'609) 31.03.2013 Investment Advisor
NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 9'809'617 1.13 24'707 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James STEVEN P HANSEN market perform 3 M 30 12 month 31.07.2013
Macquarie DAVID PUPO neutral 3 D 31 12 month 31.07.2013
Barclays MATTHEW J KORN equalweight 3 M 32 Not Provided 31.07.2013
BMO Capital Markets JOEL JACKSON market perform 3 D 30 12 month 30.07.2013
Goldman Sachs ADAM SAMUELSON neutral/cautious 3 D 24 12 month 30.07.2013
CIBC World Markets JACOB BOUT sector perform 3 M 33 18 month 30.07.2013
Cantor Fitzgerald PETER PRATTAS hold 3 D 36 12 month 30.07.2013
Cowen and Company CHARLES NEIVERT underperform 1 M 35 12 month 30.07.2013
National Bank Financial ROBERT B WINSLOW sector perform 3 M 34 12 month 30.07.2013
Atlantic Equities LLP COLIN ISAAC neutral 3 M 32 12 month 30.07.2013
Alta Corp Capital Inc. JOHN CHU underperform 1 D 30 12 month 30.07.2013
Susquehanna Financial Group DONALD D CARSON neutral 3 M 37 12 month 29.07.2013
Accountability Research Corp HARRIET LI buy 5 M 44 Not Provided 29.07.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 40 3 month 26.07.2013
Desjardins Securities JOHN F HUGHES buy 5 M 43 12 month 26.07.2013
Paradigm Capital Inc SPENCER CHURCHILL buy 5 M 48 12 month 26.07.2013
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 47 12 month 26.07.2013
BGC Partners MARK R GULLEY buy 5 M 43 12 month 26.07.2013
TD Securities PAUL D'AMICO buy 5 M 49 12 month 26.07.2013
Morgan Stanley VINCENT ANDREWS not rated #N/A N/A M #N/A N/A Not Provided 25.07.2013
Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 43 Not Provided 25.07.2013
UBS BRIAN T MACARTHUR buy 5 M 43 12 month 25.07.2013
Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 25.07.2013
Scotia Capital BEN ISAACSON sector perform 3 M 36 12 month 25.07.2013
Canaccord Genuity Corp KEITH CARPENTER hold 3 M 37 Not Provided 25.07.2013
HSBC YONAH WEISZ overweight 5 M 48 Not Provided 23.07.2013
Stifel PAUL A MASSOUD buy 5 M 49 12 month 08.07.2013
Salman Partners RAYMOND GOLDIE Under Review #N/A N/A M #N/A N/A Not Provided 24.06.2013
Dundee Securities Corp DAVID CHARLES Under Review #N/A N/A M #N/A N/A Not Provided 15.05.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 04.05.2013
S&P Capital IQ LEO LARKIN buy 5 M 52 12 month 31.01.2013
Oracle Investment Research LAURENCE BALTER buy 5 N 57 Not Provided 13.09.2012
Deutsche Bank DAVID I BEGLEITER hold 3 M 45 12 month 31.05.2012
Holdings By:
Potash Corp of Saskatchewan Inc
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
14. 31.07.2013
KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and
fluid piping systems. The Company's products include ductile iron pipes,
engines, tractors, combine harvesters, reaper binders, rice planters, and
excavators. Kubota also produces forged iron products, housing equipment, and
environmental control plants.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (22.05.2013) 88.38
52-Week Low (02.08.2012) 45.94
Daily Volume
73.55
52-Week High % Change -16.78% Dividend Yield -
52-Week Low % Change 60.10% Beta 1.11
% 52 Week Price Range High/Low 65.06% Equity Float -
Shares Out 30.06.2013 251.3 Short Int 0.27
18'481.93 1 Yr Total Return 58.60%
Total Debt 460'517.00 YTD Return 28.46%
Preferred Stock 0.0 Adjusted BETA 1.108
Minority Interest 52'093.0 Analyst Recs 2
Cash and Equivalents 110'535.00 Consensus Rating 3.000
Enterprise Value -
Average Volume 5 Day 44'498
KUBTY US EQUITY YTD Change - Average Volume 30 Day 78'373
KUBTY US EQUITY YTD % CHANGE - Average Volume 3 Month 88'476
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2
1'107'482.0 930'644.0 933'685.0 1'008'019.0 1'167'628.0 ######### ######### ######### ######### - -
0.76x 1.53x 1.38x 1.30x 1.78x 4.70x 5.38x - - - -
134'057.0 98'873.0 113'104.0 129'588.0 142'415.0 129'588.0 142'415.0 191'635.1 209'390.1 - -
6.28x 14.37x 11.42x 10.09x 14.62x 10.09x 14.62x - - - -
48'064.0 42'326.0 54'822.0 61'552.0 73'688.0 61'552.0 73'688.0 98'297.3 108'117.1 - -
- - - - - 0.00x 0.00x 18.39x 16.70x - -
EBITDA 142'415.00 Long-Term Rating Date 09.01.2007
EBIT 113'161.00 Long-Term Rating NR
Operating Margin 9.69% Long-Term Outlook -
Pretax Margin 10.44% Short-Term Rating Date -
Return on Assets 4.56% Short-Term Rating -
Return on Common Equity 10.44%
Return on Capital 7.03% EBITDA/Interest Exp. 111.26
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 74.82
Net Debt/EBITDA 2.46
Gross Margin 27.4% Total Debt/EBITDA 3.23
EBITDA Margin 12.2%
EBIT Margin 9.7% Total Debt/Equity 60.7%
Net Income Margin 6.3% Total Debt/Capital 36.2%
Asset Turnover 0.72
Current Ratio 1.71 Net Fixed Asset Turnover 4.86
Quick Ratio 1.20 Accounts receivable turnover-days 172.55
Debt to Assets 26.41% Inventory Days 93.23
Tot Debt to Common Equity 60.71% Accounts Payable Turnover Day 95.40
Accounts Receivable Turnover 2.12 Cash Conversion Cycle 170.39
Inventory Turnover 3.91
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kubota Corp
Price/Volume
Valuation Analysis
78'151.00
Current Price (7/dd/yy) Market Data
0
10
20
30
40
50
60
70
80
90
100
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
.2 M
.4 M
.6 M
.8 M
1.0 M
1.2 M
1.4 M
0.0
200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
15. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C n/a ULT-AGG 3'878'789 1.54 3'878'789 30.07.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 2'202'534 0.88 287'146 31.05.2013 Investment Advisor
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'953'468 0.78 5'940 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'041'403 0.41 (45'001) 31.03.2013 Investment Advisor
CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 330'594 0.13 - 28.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 313'455 0.12 (17'825) 31.03.2013 Investment Advisor
BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 263'899 0.11 (90) 31.03.2013 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 256'168 0.1 38'906 31.03.2013 Investment Advisor
TODD-VEREDUS ASSET M TODD-VEREDUS ASSET M 13F 142'957 0.06 87 31.03.2013 Investment Advisor
TEACHERS RETIREMENT TEACHERS RETIREMENT 13F 141'000 0.06 - 31.03.2013 Pension Fund (ERISA)
ROYAL BANK OF CANADA n/a ULT-AGG 120'215 0.05 65'037 31.03.2013 Bank
JP MORGAN n/a ULT-AGG 118'043 0.05 (32'821) 31.03.2013 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 103'364 0.04 (34'550) 31.03.2013 Investment Advisor
JANE STREET HOLDING JANE STREET HOLDING 13F 74'677 0.03 51'902 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 70'249 0.03 (900) 31.03.2013 Investment Advisor
APERIO GROUP LLC APERIO GROUP LLC 13F 56'080 0.02 6'107 31.03.2013 Investment Advisor
PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 55'160 0.02 3'238 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 52'276 0.02 3'796 31.03.2013 Investment Advisor
WRIGHT INVESTORS SER WRIGHT INVESTORS SER 13F 50'185 0.02 35'070 30.06.2013 Investment Advisor
SANTA BARBARA ASSET SANTA BARBARA ASSET 13F 37'524 0.01 (1'512) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 16.07.2013
Holdings By:
Kubota Corp
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
16. 31.07.2013
Agrium Inc. supplies nitrogen, potash and phosphate for agricultural,
industrial, and specialty use. The Company operates throughout the Americas
while it markets its products globally.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (28.01.2013) 115.31
52-Week Low (24.06.2013) 83.33
Daily Volume
86.5
52-Week High % Change -24.98% Dividend Yield 1.73
52-Week Low % Change 3.80% Beta 1.29
% 52 Week Price Range High/Low 9.91% Equity Float 148.90
Shares Out 28.06.2013 149.4 Short Int 2.38
12'923.94 1 Yr Total Return -7.45%
Total Debt 3'961.00 YTD Return -12.45%
Preferred Stock 0.0 Adjusted BETA 1.295
Minority Interest 4.0 Analyst Recs 28
Cash and Equivalents 726.00 Consensus Rating 4.107
Enterprise Value 16'267.94
Average Volume 5 Day 1'878'314
AGU US EQUITY YTD Change - Average Volume 30 Day 932'199
AGU US EQUITY YTD % CHANGE - Average Volume 3 Month 946'616
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
10'031.0 9'129.0 10'743.0 15'470.0 16'686.0 16'087.0 16'281.0 16'799.6 17'580.0 6'978.3 3'208.1
0.74x 1.15x 1.55x 0.75x 1.08x 3.35x 4.16x 0.93x 0.86x 2.31x 5.13x
2'380.0 941.0 1'470.0 2'706.0 2'715.0 2'706.0 2'668.0 2'526.5 2'574.9 1'194.1 460.2
3.13x 11.15x 11.34x 4.30x 6.66x 5.28x 6.70x 6.44x 6.32x 6.31x 6.14x
1'322.0 366.0 713.0 1'371.0 1'494.0 1'352.0 1'482.0 1'345.9 1'352.3 747.1 218.2
3.54x 23.92x 19.92x 6.96x 10.53x 8.89x 10.39x 9.33x 9.28x 9.49x 9.29x
EBITDA 2'715.00 Long-Term Rating Date 24.11.2005
EBIT 2'271.00 Long-Term Rating BBB
Operating Margin 13.61% Long-Term Outlook STABLE
Pretax Margin 12.54% Short-Term Rating Date 10.12.2004
Return on Assets 9.17% Short-Term Rating NR
Return on Common Equity 21.83%
Return on Capital 15.94% EBITDA/Interest Exp. 21.05
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 11.11
Net Debt/EBITDA 1.25
Gross Margin 26.9% Total Debt/EBITDA 1.47
EBITDA Margin 16.4%
EBIT Margin 13.5% Total Debt/Equity 57.3%
Net Income Margin 9.0% Total Debt/Capital 36.4%
Asset Turnover 1.01
Current Ratio 1.54 Net Fixed Asset Turnover 5.10
Quick Ratio 0.53 Accounts receivable turnover-days 55.49
Debt to Assets 24.79% Inventory Days 129.23
Tot Debt to Common Equity 57.27% Accounts Payable Turnover Day 139.01
Accounts Receivable Turnover 6.58 Cash Conversion Cycle 41.94
Inventory Turnover 2.82
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Agrium Inc
Price/Volume
Valuation Analysis
5'188'834.00
Current Price (7/dd/yy) Market Data
0
20
40
60
80
100
120
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
7.0 M
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
30.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
17. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 7'366'040 4.93 - 28.06.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 4'642'138 3.11 (406'439) 30.04.2013 Bank
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'296'877 2.88 87'300 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'144'101 2.77 3'006'091 30.04.2013 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'295'429 2.21 3'295'429 31.03.2013 Investment Advisor
CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'065'859 2.05 3'065'859 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 2'702'978 1.81 482'231 30.07.2013 Investment Advisor
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'405'524 1.61 2'405'524 31.03.2013 Investment Advisor
LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 2'291'182 1.53 2'291'182 31.03.2013 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 2'207'886 1.48 2'207'886 31.03.2013 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 2'178'388 1.46 2'178'388 31.03.2013 Investment Advisor
BANK OF NOVA SCOTIA n/a ULT-AGG 2'149'495 1.44 1'227'226 31.03.2013 Bank
INVESCO LTD n/a ULT-AGG 1'913'350 1.28 173'393 30.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'911'247 1.28 777'091 30.06.2013 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 1'887'452 1.26 (14'084) 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'855'820 1.24 1'855'820 31.03.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'832'868 1.23 (232'434) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 1'775'036 1.19 - 31.12.2012 Government
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 1'770'924 1.19 (252'504) 30.06.2013 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 1'560'048 1.04 1'560'048 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 31.07.2013
Barclays MATTHEW J KORN overweight 5 M 103 Not Provided 31.07.2013
Goldman Sachs ADAM SAMUELSON neutral/cautious 3 M 81 12 month 30.07.2013
CIBC World Markets JACOB BOUT sector outperform 5 M 113 18 month 30.07.2013
Salman Partners RAYMOND GOLDIE top pick 5 M 125 12 month 30.07.2013
Cowen and Company CHARLES NEIVERT underperform 1 M 88 12 month 30.07.2013
National Bank Financial ROBERT B WINSLOW underperform 1 M 83 12 month 30.07.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 127 12 month 29.07.2013
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 114 Not Provided 25.07.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 93 12 month 18.07.2013
Piper Jaffray MICHAEL E COX neutral 3 M 94 12 month 16.07.2013
TD Securities PAUL D'AMICO buy 5 M 115 12 month 12.07.2013
BMO Capital Markets JOEL JACKSON market perform 3 M 101 Not Provided 11.07.2013
BGC Partners MARK R GULLEY buy 5 M 122 12 month 11.07.2013
Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 09.07.2013
Stifel PAUL A MASSOUD buy 5 M 99 12 month 08.07.2013
Scotia Capital BEN ISAACSON sector outperform 5 M 110 12 month 08.07.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 08.07.2013
Desjardins Securities JOHN F HUGHES buy 5 M 119 12 month 04.07.2013
Alta Corp Capital Inc. JOHN CHU outperform 5 M 120 12 month 28.06.2013
JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 92 15 month 18.06.2013
Morgan Stanley VINCENT ANDREWS not rated #N/A N/A M #N/A N/A Not Provided 12.06.2013
Atlantic Equities LLP COLIN ISAAC neutral 3 M 101 12 month 30.05.2013
Macquarie DAVID PUPO neutral 3 M 102 12 month 17.05.2013
Dundee Securities Corp DAVID CHARLES Under Review #N/A N/A M #N/A N/A Not Provided 15.05.2013
Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 122 Not Provided 10.05.2013
UBS BRIAN T MACARTHUR buy 5 M 113 12 month 10.05.2013
HSBC YONAH WEISZ overweight 5 N 117 Not Provided 17.04.2013
Holdings By:
Agrium Inc
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
18. 31.07.2013
CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate
fertilizer products globally. The Company's principal products in the nitrogen
segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate,
diesel exhaust fluid and aqua ammonia. The principal products in the phosphate
segment are diammonium phosphate and monoammonium phosphate.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.01.2013) 233.43
52-Week Low (02.07.2013) 169.33
Daily Volume
197.24
52-Week High % Change -15.50% Dividend Yield 0.81
52-Week Low % Change 16.48% Beta 1.25
% 52 Week Price Range High/Low 43.54% Equity Float 59.00
Shares Out 30.04.2013 59.3 Short Int 1.67
11'693.97 1 Yr Total Return 1.56%
Total Debt 1'605.00 YTD Return -2.53%
Preferred Stock 0.0 Adjusted BETA 1.248
Minority Interest 380.0 Analyst Recs 21
Cash and Equivalents 2'274.90 Consensus Rating 3.333
Enterprise Value 11'473.87
Average Volume 5 Day 2'330'682
CF US EQUITY YTD Change - Average Volume 30 Day 1'204'313
CF US EQUITY YTD % CHANGE - Average Volume 3 Month 1'024'832
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
3'921.1 2'608.4 3'965.0 6'097.9 6'104.0 6'451.5 5'912.9 5'589.7 5'422.3 1'664.1 1'223.2
0.45x 1.30x 2.82x 1.83x 2.05x 6.80x 8.55x 2.17x 2.32x - -
1'251.0 780.8 1'301.5 3'160.9 3'332.2 3'276.2 3'296.7 2'775.7 2'522.9 827.4 582.6
1.42x 4.34x 8.58x 3.52x 3.75x 3.76x 3.43x 4.13x 4.55x 4.36x 4.58x
684.6 365.6 349.2 1'539.2 1'848.7 1'625.6 1'886.8 1'442.5 1'262.4 464.9 280.9
3.84x 11.05x 17.73x 6.38x 7.32x 7.23x 6.70x 8.24x 8.93x 8.76x 9.12x
EBITDA 3'332.20 Long-Term Rating Date -
EBIT 2'912.40 Long-Term Rating -
Operating Margin 47.71% Long-Term Outlook -
Pretax Margin 47.31% Short-Term Rating Date -
Return on Assets 18.91% Short-Term Rating -
Return on Common Equity 35.39%
Return on Capital 27.48% EBITDA/Interest Exp. 23.04
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 19.42
Net Debt/EBITDA -0.18
Gross Margin 51.0% Total Debt/EBITDA 0.49
EBITDA Margin 55.8%
EBIT Margin 48.6% Total Debt/Equity 27.2%
Net Income Margin 30.3% Total Debt/Capital 20.3%
Asset Turnover 0.59
Current Ratio 2.95 Net Fixed Asset Turnover 1.55
Quick Ratio 2.62 Accounts receivable turnover-days 21.84
Debt to Assets 15.79% Inventory Days 41.91
Tot Debt to Common Equity 27.19% Accounts Payable Turnover Day 47.39
Accounts Receivable Turnover 16.71 Cash Conversion Cycle 36.83
Inventory Turnover 8.71
Fiscal Year Ended
CF Industries Holdings Inc
Price/Volume
Valuation Analysis
4'104'945.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
50
100
150
200
250
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
19. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'237'326 7.15 207'447 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'174'930 7.04 (396'409) 29.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 2'945'820 4.97 (8'191) 30.07.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 1'603'582 2.7 1'347'210 31.03.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'467'471 2.48 334'471 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'361'605 2.3 (141'856) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 1'213'212 2.05 278'140 30.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'187'973 2 5'521 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'129'521 1.91 (813'693) 30.06.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'100'600 1.86 83'950 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'074'320 1.81 103'496 31.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'071'396 1.81 105'973 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'054'616 1.78 24'033 31.05.2013 Investment Advisor
DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 1'028'059 1.73 419'500 31.03.2013 Hedge Fund Manager
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'003'765 1.69 (7'726) 31.03.2013 Investment Advisor
AJO, LP AJO, LP 13F 985'290 1.66 (27'700) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 793'377 1.34 14'856 31.03.2013 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 774'990 1.31 (222'700) 31.03.2013 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 771'875 1.3 (431'410) 31.03.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 690'460 1.16 111'780 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JOEL JACKSON market perform 3 M 190 Not Provided 30.07.2013
Goldman Sachs ADAM SAMUELSON Sell/Cautious 1 M 179 12 month 30.07.2013
BGC Partners MARK R GULLEY sell 1 M 175 12 month 30.07.2013
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 30.07.2013
Feltl & Company BRENT R RYSTROM hold 3 M 207 12 month 30.07.2013
Piper Jaffray MICHAEL E COX neutral 3 M 204 12 month 30.07.2013
Scotia Capital BEN ISAACSON sector perform 3 M 210 12 month 29.07.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 275 12 month 29.07.2013
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 250 12 month 23.07.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 215 12 month 18.07.2013
Atlantic Equities LLP COLIN ISAAC neutral 3 M 184 12 month 12.07.2013
Barclays MATTHEW J KORN overweight 5 M 244 Not Provided 11.07.2013
Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013
Cowen and Company CHARLES NEIVERT underperform 1 M 170 12 month 14.06.2013
Credit Suisse CHRISTOPHER PARKINSON neutral 3 M 230 Not Provided 12.06.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 235 3 month 10.05.2013
S&P Capital IQ KEVIN KIRKEBY sell 1 M 175 Not Provided 09.05.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
CF Industries Holdings Inc
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
20. 31.07.2013
Bunge Limited is a global agribusiness and food company. The Company buys,
sells, stores, transports and processes oilseeds and grains to make protein meal
for animal feed and edible oil products for commercial customers and consumers.
Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and
sells fertilizer.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (05.02.2013) 80.99
52-Week Low (04.09.2012) 63.18
Daily Volume
76.43
52-Week High % Change -5.63% Dividend Yield 1.41
52-Week Low % Change 20.97% Beta 0.94
% 52 Week Price Range High/Low 74.40% Equity Float 137.13
Shares Out 31.03.2013 146.6 Short Int 3.39
11'201.27 1 Yr Total Return 18.02%
Total Debt 8'897.00 YTD Return 5.93%
Preferred Stock 690.0 Adjusted BETA 0.941
Minority Interest 431.0 Analyst Recs 15
Cash and Equivalents 569.00 Consensus Rating 4.200
Enterprise Value 22'312.27
Average Volume 5 Day 1'369'758
BG US EQUITY YTD Change - Average Volume 30 Day 832'770
BG US EQUITY YTD % CHANGE - Average Volume 3 Month 842'721
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
52'574.0 41'926.0 45'707.0 56'097.0 60'991.0 59'307.0 64'609.0 64'491.7 65'718.1 17'084.7 17'023.3
0.21x 0.34x 0.33x 0.26x 0.33x 1.02x 1.26x 0.27x 0.26x - -
2'862.0 305.0 1'396.0 1'717.0 1'580.0 1'590.0 1'705.0 2'199.6 2'361.8 639.6 697.4
3.89x 46.71x 10.70x 8.49x 12.71x 10.62x 12.60x 10.14x 9.45x 9.36x 9.26x
1'064.0 361.0 2'354.0 942.0 64.0 760.0 14.0 1'040.0 1'204.0 365.1 356.6
7.66x 11.11x 12.82x 10.19x 9.58x 8.86x 11.55x 11.34x 9.64x 9.73x 9.41x
EBITDA 1'580.00 Long-Term Rating Date 10.06.2010
EBIT 1'010.00 Long-Term Rating BBB-
Operating Margin 1.66% Long-Term Outlook POS
Pretax Margin 0.61% Short-Term Rating Date -
Return on Assets 0.05% Short-Term Rating -
Return on Common Equity -0.39%
Return on Capital 2.16% EBITDA/Interest Exp. 5.15
Asset Turnover 2.26% (EBITDA-Capex)/Interest Exp. 1.58
Net Debt/EBITDA 6.50
Gross Margin 4.2% Total Debt/EBITDA 6.92
EBITDA Margin 2.6%
EBIT Margin 1.7% Total Debt/Equity 87.5%
Net Income Margin 0.1% Total Debt/Capital 44.1%
Asset Turnover 2.26
Current Ratio 1.49 Net Fixed Asset Turnover 11.38
Quick Ratio 0.26 Accounts receivable turnover-days 16.43
Debt to Assets 32.61% Inventory Days 42.20
Tot Debt to Common Equity 87.47% Accounts Payable Turnover Day 19.73
Accounts Receivable Turnover 22.22 Cash Conversion Cycle 33.35
Inventory Turnover 8.65
Fiscal Year Ended
Bunge Ltd
Price/Volume
Valuation Analysis
1'312'951.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
10
20
30
40
50
60
70
80
90
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
7.0 M
8.0 M
9.0 M
10.0 M
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
21. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 10'326'901 7.05 752'559 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'945'545 5.42 1'231'351 31.03.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 7'328'780 5 27'132 28.03.2013 Government
BLACKROCK n/a ULT-AGG 6'029'750 4.11 224'748 29.07.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'551'638 3.79 (98'392) 31.03.2013 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 4'837'495 3.3 1'457'424 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'902'619 2.66 (364'415) 31.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'857'710 2.63 (105'383) 30.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'693'091 2.52 (33'680) 31.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 2'955'366 2.02 (87'520) 30.04.2013 Bank
STATE STREET n/a ULT-AGG 2'887'691 1.97 (179'766) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 2'653'720 1.81 479'688 30.07.2013 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 2'567'487 1.75 (768'005) 31.03.2013 Investment Advisor
COMGEST S A Multiple Portfolios MF-AGG 2'400'000 1.64 - 31.12.2012 Unclassified
LAZARD ASSET MANAGEM n/a ULT-AGG 2'029'600 1.38 (126'994) 31.03.2013 Unclassified
CARLSON CAPITAL LP CARLSON CAPITAL LP 13F 1'778'625 1.21 1'107'235 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'559'898 1.06 265'229 31.03.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'510'273 1.03 - 28.06.2013 Investment Advisor
GUGGENHEIM n/a ULT-AGG 1'383'148 0.94 747'025 30.06.2013 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 1'340'535 0.91 (16'592) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 83 Not Provided 26.07.2013
Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 26.07.2013
Barclays MATTHEW J KORN overweight 5 M 83 Not Provided 26.07.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.07.2013
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 25.07.2013
JPMorgan ANN DUIGNAN overweight 5 M 80 3 month 25.07.2013
Scotia Capital CHRISTINE HEALY sector outperform 5 M 86 12 month 25.07.2013
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 84 Not Provided 25.07.2013
Feltl & Company BRENT R RYSTROM hold 3 M 74 12 month 25.07.2013
Piper Jaffray MICHAEL E COX overweight 5 M 91 12 month 25.07.2013
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 80 12 month 11.07.2013
HSBC ALEXANDRE FALCAO neutral 3 M 74 Not Provided 05.06.2013
S&P Capital IQ THOMAS GRAVES buy 5 M 75 12 month 26.09.2012
Holdings By:
Bunge Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
22. 31.07.2013
The Mosaic Company produces and distributes crop nutrients to the agricultural
communities located in North America and other countries. The Company's
principal products include concentrated phosphates, and potash.
Latest Fiscal Year: 05/2013
LTM as of: 05/yy
52-Week High (08.05.2013) 64.65
52-Week Low (30.07.2013) 39.95
Daily Volume
43.81
52-Week High % Change -32.24% Dividend Yield 2.28
52-Week Low % Change 9.66% Beta 1.31
% 52 Week Price Range High/Low 15.63% Equity Float 277.13
Shares Out 12.07.2013 297.1 Short Int 4.68
18'655.22 1 Yr Total Return -23.19%
Total Debt 1'079.20 YTD Return -21.56%
Preferred Stock 0.0 Adjusted BETA 1.313
Minority Interest 17.5 Analyst Recs 23
Cash and Equivalents 3'697.10 Consensus Rating 3.783
Enterprise Value 16'054.82
Average Volume 5 Day 16'677'860
MOS US EQUITY YTD Change - Average Volume 30 Day 6'012'718
MOS US EQUITY YTD % CHANGE - Average Volume 3 Month 4'174'639
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
10'298.0 6'759.1 9'937.8 11'107.8 9'974.1 11'107.8 9'974.1 8'957.6 10'051.3 2'503.3 2'646.8
2.24x 2.87x 2.88x 1.58x 2.34x 8.01x 8.90x 1.92x 1.69x - -
3'167.1 1'715.8 3'111.6 3'119.2 2'814.4 3'119.2 2'890.4 2'420.8 2'954.9 626.7 708.3
7.27x 11.31x 9.19x 5.62x 8.28x 5.62x 8.06x 6.63x 5.43x 5.86x 5.58x
2'350.2 827.1 2'514.6 1'930.2 1'888.7 1'930.2 1'888.7 1'682.2 1'774.7 379.0 407.5
12.55x 26.47x 15.94x 10.57x 14.91x 10.55x 15.26x 11.12x 9.99x 10.99x 10.29x
EBITDA 2'814.40 Long-Term Rating Date 28.04.2011
EBIT 2'209.60 Long-Term Rating BBB
Operating Margin 22.15% Long-Term Outlook STABLE
Pretax Margin 22.39% Short-Term Rating Date 29.08.2007
Return on Assets 10.86% Short-Term Rating NR
Return on Common Equity 14.87%
Return on Capital - EBITDA/Interest Exp. 54.12
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 23.58
Net Debt/EBITDA -0.91
Gross Margin 27.7% Total Debt/EBITDA 0.37
EBITDA Margin 29.0%
EBIT Margin 22.9% Total Debt/Equity 8.0%
Net Income Margin 18.9% Total Debt/Capital 7.4%
Asset Turnover 0.57
Current Ratio 3.90 Net Fixed Asset Turnover 1.24
Quick Ratio 2.67 Accounts receivable turnover-days 32.34
Debt to Assets 5.97% Inventory Days 70.94
Tot Debt to Common Equity 8.04% Accounts Payable Turnover Day 40.72
Accounts Receivable Turnover 11.29 Cash Conversion Cycle 62.45
Inventory Turnover 5.15
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mosaic Co/The
Price/Volume
Valuation Analysis
61'378'375.00
Current Price (7/dd/yy) Market Data
0
10
20
30
40
50
60
70
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
70.0 M
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
04.06.2010 04.12.2010 04.06.2011 04.12.2011 04.06.2012 04.12.2012 04.06.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
23. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a ULT-AGG 19'417'191 6.54 (1'076'130) 31.03.2013 Government
BLACKROCK n/a ULT-AGG 14'763'584 4.97 (118'422) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'886'085 4.34 119'147 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 12'255'639 4.13 137'823 30.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'825'512 3.64 1'506'016 30.06.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'075'180 3.39 (1'372'812) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'724'446 3.27 (681'915) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 6'455'793 2.17 894'611 30.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 6'342'537 2.14 (2'220'979) 31.05.2013 Investment Advisor
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 6'036'574 2.03 534'920 31.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 5'514'100 1.86 (15'923) 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'402'924 1.82 (486'974) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'724'427 1.59 331'845 31.03.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 3'821'456 1.29 3'687'562 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'058'740 1.03 115'744 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'977'994 1 (1'648'299) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'874'983 0.97 (1'790'829) 31.03.2013 Investment Advisor
GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 2'600'000 0.88 - 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 2'531'671 0.85 - 31.12.2012 Government
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'369'345 0.8 (474'053) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 31.07.2013
Barclays MATTHEW J KORN overweight 5 M 49 Not Provided 31.07.2013
BMO Capital Markets JOEL JACKSON market perform 3 D 43 12 month 30.07.2013
Goldman Sachs ADAM SAMUELSON neutral/cautious 3 D 35 12 month 30.07.2013
CIBC World Markets JACOB BOUT sector perform 3 M 50 18 month 30.07.2013
Cowen and Company CHARLES NEIVERT market perform 3 M 52 12 month 30.07.2013
Atlantic Equities LLP COLIN ISAAC neutral 3 D 50 12 month 30.07.2013
Piper Jaffray MICHAEL E COX neutral 3 M 57 12 month 30.07.2013
Susquehanna Financial Group DONALD D CARSON neutral 3 M 60 12 month 29.07.2013
Canaccord Genuity Corp KEITH CARPENTER hold 3 M 58 Not Provided 25.07.2013
Deutsche Bank DAVID I BEGLEITER hold 3 M 58 12 month 17.07.2013
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 70 12 month 17.07.2013
Credit Suisse CHRISTOPHER PARKINSON neutral 3 M 65 Not Provided 17.07.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 60 Not Provided 17.07.2013
BGC Partners MARK R GULLEY hold 3 M #N/A N/A Not Provided 17.07.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 17.07.2013
Scotia Capital BEN ISAACSON sector outperform 5 M 64 12 month 16.07.2013
Stifel PAUL A MASSOUD buy 5 M 70 12 month 08.07.2013
UBS BILL CARROLL buy 5 M 68 12 month 13.05.2013
HSBC YONAH WEISZ neutral 3 N 66 Not Provided 17.04.2013
Macquarie DAVID PUPO outperform 5 M 71 12 month 01.04.2013
Holdings By:
Mosaic Co/The
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
24. 31.07.2013
Wilmar International Ltd. is an agribusiness company. The Company is involved
in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack
edible oils processing and merchandising, specialty fats, oleochemicals and
biodiesel manufacturing, and grains processing and merchandising. Wilmar also
manufactures and distributes fertilizers and owns a fleet of vessels.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.01.2013) 3.92
52-Week Low (13.09.2012) 2.99
Daily Volume
3.15
52-Week High % Change -19.64% Dividend Yield -
52-Week Low % Change 5.35% Beta 1.03
% 52 Week Price Range High/Low 20.43% Equity Float 1'980.61
Shares Out 31.07.2013 6'396.8 Short Int -
20'149.86 1 Yr Total Return -1.29%
Total Debt 22'245.27 YTD Return -4.84%
Preferred Stock 0.0 Adjusted BETA 1.025
Minority Interest 849.3 Analyst Recs 25
Cash and Equivalents 2'319.11 Consensus Rating 3.680
Enterprise Value 35'968.71
Average Volume 5 Day 4'941'600
WIL SP EQUITY YTD Change - Average Volume 30 Day 8'532'033
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 7'841'485
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
29'145.2 23'885.1 30'377.5 44'710.0 45'463.4 45'645.3 45'193.0 47'602.5 53'295.6 12'476.0 12'981.0
0.52x 1.42x 1.48x 1.00x 0.84x 4.03x 3.31x 0.63x 0.57x - -
1'969.8 2'424.9 1'409.2 1'839.5 2'051.8 2'374.3 2'234.2 2'528.5 2'776.0 588.0 674.0
7.68x 13.97x 31.82x 24.28x 18.65x 18.46x 16.97x 14.23x 12.96x 14.33x 14.40x
1'531.0 1'882.0 1'324.0 1'600.8 1'255.5 1'470.0 1'315.0 1'359.4 1'503.0 298.0 385.0
8.10x 15.52x 21.19x 15.43x 13.95x 17.03x 13.57x 11.74x 10.54x 11.96x 12.32x
EBITDA 2'051.83 Long-Term Rating Date -
EBIT 1'508.62 Long-Term Rating -
Operating Margin 3.32% Long-Term Outlook -
Pretax Margin 3.64% Short-Term Rating Date -
Return on Assets 3.16% Short-Term Rating -
Return on Common Equity 9.31%
Return on Capital 4.91% EBITDA/Interest Exp. 3.17
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 0.56
Net Debt/EBITDA 8.62
Gross Margin 8.6% Total Debt/EBITDA 10.60
EBITDA Margin 4.9%
EBIT Margin 3.7% Total Debt/Equity 155.1%
Net Income Margin 2.8% Total Debt/Capital 59.4%
Asset Turnover 1.09
Current Ratio 1.11 Net Fixed Asset Turnover 5.34
Quick Ratio 0.29 Accounts receivable turnover-days 28.68
Debt to Assets 53.07% Inventory Days 63.36
Tot Debt to Common Equity 155.06% Accounts Payable Turnover Day 11.66
Accounts Receivable Turnover 12.73 Cash Conversion Cycle 78.89
Inventory Turnover 5.76
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Wilmar International Ltd
Price/Volume
Valuation Analysis
6'355'000.00
Current Price (7/dd/yy) Market Data
0
1
1
2
2
3
3
4
4
5
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
70.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
25. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KUOK BROTHERS SDN BH n/a ULT-AGG 1'172'844'755 18.33 - 21.03.2013 Holding Company
ARCHER-DANIELS-MIDLA n/a ULT-AGG 1'046'986'850 16.37 - 21.03.2013 Corporation
WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.55 - 06.03.2012 Other
LONGHLIN ASIA LIMITE n/a Co File 336'009'921 5.25 - 21.03.2013 Other
FIREFLY LTD n/a Co File 294'801'479 4.61 - 21.03.2013 Other
BOLNEY ENTERPRISES L n/a Co File 294'801'372 4.61 - 21.03.2013 Other
KERRY GROUP LTD n/a ULT-AGG 283'352'941 4.43 - 19.07.2013 Other
HARPOLE RESOURCES LT n/a EXCH 256'211'778 4.01 - 19.07.2013 Other
HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 21.03.2013 Corporation
HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 21.03.2013 Other
VAN ECK ASSOCIATES C n/a ULT-AGG 72'144'416 1.13 - 30.07.2013 Investment Advisor
BONOTO INVESTMENTS L n/a Co File 51'267'514 0.8 - 21.03.2013 Other
BLACKROCK n/a ULT-AGG 39'853'084 0.62 961'000 29.07.2013 Investment Advisor
KIM YONG TEO n/a Co File 33'852'274 0.53 - 21.03.2013 n/a
NATALON CO LTD n/a EXCH 33'760'355 0.53 - 19.07.2013 Holding Company
DALEX INVESTMENTS LT n/a EXCH 30'705'900 0.48 - 19.07.2013 Corporation
BRIGHT MAGIC INV LIM n/a EXCH 25'855'040 0.4 5'203'325 19.07.2013 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'205'991 0.32 1'166'000 30.06.2013 Investment Advisor
HPRY HOLDINGS LTD n/a Co File 13'630'073 0.21 - 21.03.2013 Other
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 10'718'220 0.17 (100'410) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TAN TING MIN neutral 3 M 4 Not Provided 29.07.2013
CIMB IVY NG outperform 5 M 4 12 month 24.07.2013
Maybank Kim Eng JAMES KOH buy 5 M 5 12 month 23.07.2013
DBS Vickers BEN SANTOSO buy 5 M 3 12 month 11.07.2013
OCBC Investment Research CAREY WONG hold 3 M 3 12 month 11.07.2013
TA Securities Holdings Berhad JAMES RATNAM buy 5 M 4 Not Provided 11.07.2013
Nomura TANUJ SHORI neutral 3 M 4 Not Provided 03.07.2013
UOB Kay Hian TEAM COVERAGE buy 5 M 4 Not Provided 01.07.2013
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 28.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
Jefferies ABHIJIT ATTAVAR buy 5 M 4 12 month 24.05.2013
Deutsche Bank MICHELLE FOONG hold 3 M 4 12 month 09.05.2013
Macquarie CONRAD WERNER neutral 3 M 4 12 month 09.05.2013
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 4 Not Provided 09.05.2013
Standard Chartered ADRIAN FOULGER outperform 5 M 4 12 month 08.05.2013
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 08.05.2013
JPMorgan YING-JIAN CHAN overweight 5 M 4 9 month 08.05.2013
HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 08.05.2013
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 5 12 month 08.05.2013
AmResearch Sdn Bhd GAN HUEY LING buy 5 U 4 12 month 08.05.2013
Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 08.05.2013
UBS ANUBHAV GUPTA neutral 3 M 4 12 month 22.02.2013
IIFL ZUO LI sell 1 M 4 12 month 23.02.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
Holdings By:
Wilmar International Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
26. 31.07.2013
Fiat Industrial SpA manufactures a wide range of branded trucks and tractors.
The Company also manufactures powertrains for industrial, and marine
applications as well as manufactures and supplies truck, bus, and diesel
engines, and engineers, manufactures, markets, and distributes agricultural and
construction equipment.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (29.01.2013) 9.80
52-Week Low (01.10.2012) 7.57
Daily Volume
9.285
52-Week High % Change -6.53% Dividend Yield -
52-Week Low % Change 22.66% Beta 0.88
% 52 Week Price Range High/Low 64.13% Equity Float 792.73
Shares Out 31.03.2013 1'222.6 Short Int -
11'351.55 1 Yr Total Return 19.13%
Total Debt 20'730.00 YTD Return 15.45%
Preferred Stock 0.0 Adjusted BETA 0.885
Minority Interest 787.0 Analyst Recs 22
Cash and Equivalents 4'615.00 Consensus Rating 3.909
Enterprise Value 29'934.55
Average Volume 5 Day 3'351'062
FI IM EQUITY YTD Change - Average Volume 30 Day 3'180'576
FI IM EQUITY YTD % CHANGE - Average Volume 3 Month 3'510'573
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
- 17'968.0 21'342.0 24'231.0 25'785.0 25'129.0 25'954.0 26'511.6 27'820.3 6'702.3 7'535.3
- - - 0.95x 1.05x 3.88x 3.22x 0.69x 0.64x 2.20x 1.83x
- 959.0 1'757.0 2'352.0 2'798.0 2'627.0 1'973.0 2'893.6 3'198.4 735.0 687.0
- - - 9.83x 9.65x 10.28x 0.00x 10.35x 9.36x 10.14x 9.98x
- (464.0) 341.0 624.0 810.0 707.0 818.0 1'049.3 1'269.5 276.3 277.0
- - - 13.54x 12.45x 13.80x 12.88x 11.20x 9.50x 9.96x 9.62x
EBITDA 2'798.00 Long-Term Rating Date 04.11.2010
EBIT 2'079.00 Long-Term Rating BB+
Operating Margin 8.06% Long-Term Outlook STABLE
Pretax Margin 5.76% Short-Term Rating Date 24.02.2011
Return on Assets 1.98% Short-Term Rating B
Return on Common Equity 15.99%
Return on Capital - EBITDA/Interest Exp. 8.94
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 4.63
Net Debt/EBITDA 6.37
Gross Margin 18.8% Total Debt/EBITDA 7.62
EBITDA Margin 10.8%
EBIT Margin 8.0% Total Debt/Equity 420.1%
Net Income Margin 3.1% Total Debt/Capital 78.4%
Asset Turnover 0.67
Current Ratio 1.67 Net Fixed Asset Turnover 5.85
Quick Ratio 0.36 Accounts receivable turnover-days 21.01
Debt to Assets 53.24% Inventory Days 97.18
Tot Debt to Common Equity 420.06% Accounts Payable Turnover Day 85.48
Accounts Receivable Turnover 17.38 Cash Conversion Cycle 19.55
Inventory Turnover 3.76
Fiscal Year Ended
Fiat Industrial SpA
Price/Volume
Valuation Analysis
2'736'031.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
1
2
3
4
5
6
7
8
9
10
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
5.0 M
10.0 M
15.0 M
20.0 M
25.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27. 31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EXOR SPA n/a Research 366'929'588 30.01 - 12.07.2013 Corporation
HARRIS ASSOCIATES LP n/a Research 61'458'536 5.03 - 12.07.2013 Investment Advisor
FIAT SPA n/a Research 34'219'702 2.8 - 12.07.2013 Corporation
GIC PRIVATE LIMITED n/a ULT-AGG 28'449'177 2.33 - 12.07.2013 Government
BLACKROCK n/a ULT-AGG 25'496'853 2.09 2'030'474 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'754'015 1.78 4'227'994 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 20'224'050 1.65 - 31.12.2012 Government
VAN ECK ASSOCIATES C n/a ULT-AGG 13'102'778 1.07 - 30.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'700'000 0.55 (1'337'500) 30.06.2013 Investment Advisor
CITADEL ADVISORS LLC n/a Short (6'112'844) -0.5 - 04.12.2012 Hedge Fund Manager
AXA FUNDS MANAGEMENT AXA WORLD FUNDS-FRAM MF-PART 4'502'702 0.37 - 28.06.2013 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 3'889'467 0.32 78 30.06.2012 Pension Fund (ERISA)
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'781'590 0.31 16'109 30.06.2013 Investment Advisor
UBS n/a ULT-AGG 3'724'812 0.3 (96'640) 28.03.2013 Unclassified
SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 3'523'660 0.29 3'523'660 31.12.2012 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 3'400'546 0.28 (242'980) 28.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'253'172 0.27 (6'964) 28.03.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'024'525 0.25 (5'879) 28.06.2013 Investment Advisor
AXA FUNDS MANAGEMENT AXA WORLD FUNDS-ITAL MF-PART 2'566'501 0.21 2'566'501 18.06.2013 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 2'218'614 0.18 130'000 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HANS-PETER WODNIOK add 4 M 10 6 month 25.07.2013
Deutsche Bank PETER REILLY buy 5 M 12 12 month 23.07.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 11 Not Provided 23.07.2013
Barclays MICHAEL TYNDALL overweight 5 M 12 Not Provided 23.07.2013
Banca Akros(ESN) GABRIELE GAMBAROVA accumulate 4 M 10 12 month 22.07.2013
William Blair & Co LAWRENCE T DE MARIA outperform 5 M 10 12 month 11.07.2013
Mediobanca SpA MASSIMO VECCHIO outperform 5 M 10 12 month 10.07.2013
Natixis KATHLEEN GAILLIOT buy 5 M 11 Not Provided 10.07.2013
Banca IMI MONICA BOSIO hold 3 D 5 12 month 01.07.2013
Kepler Cheuvreux GIORGIO IANNELLA hold 3 M 9 Not Provided 26.06.2013
Equita SIM SpA MARTINO DEAMBROGGI buy 5 U 10 12 month 19.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 23.05.2013
Societe Generale STEPHEN REITMAN hold 3 M 10 12 month 02.05.2013
Bank am Bellevue MICHAEL STUDER buy 5 M 13 Not Provided 02.05.2013
Macquarie JENS SCHATTNER underperform 1 M 8 12 month 01.05.2013
Berenberg Bank ALEXANDER VIRGO sell 1 M 7 Not Provided 01.05.2013
Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 10 12 month 30.04.2013
Centrobanca MARCO CRISTOFORI buy 5 M 10 Not Provided 05.11.2012
UBS FREDRIC STAHL neutral 3 D 9 12 month 02.11.2012
Goldman Sachs STEFAN BURGSTALLER not rated #N/A N/A M #N/A N/A Not Provided 30.05.2012
Holdings By:
Fiat Industrial SpA
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |