Fundamental Equity Analysis - Top 100 Gold Mining Companies WorldwideBCV
Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide
Over the past two days the gold market has witnessed one of the largest
corrections in modern history, falling roughly USD200/oz (c.13%) from Friday's
opening of over USD1,560/oz. A surge in speculative selling, stop-loss and
long-liquidation has coincided with a number of technical breaks in gold's price
trend. The key break was the USD1,525/oz level which has been regarded as a
major support level. Once broken selling escalated, and pushed through
USD1,400/oz and USD1,375/oz, a price region which was last observed in late
2010. We expect selling pressure could continue but at this stage it is very
difficult to determine how an instrument will bottom in such a volatile
environment. Fundamentally we believe that this move in gold is likely
associated with the capitulation in inflationary bias associated with ultraaccommodative
monetary policy. Disappointing growth data in China, despite
high levels of Social Financing, coincides with low CPI. In the US, economic
indicators are disappointing and the Fed is cooling on its QE stance; inflation
remains very low. The ECB is actually witnessing a contraction in its balance
sheet. The contraction in the Western World central bank balance sheet
combined with a further decline in the velocity of money, represents a key
challenge for gold. This is particularly true in US dollar terms as capital flows
continue to move towards the US as a place of apparent lower risk yield -
particularly US equities. Marginal industry costs for the gold mining industry
reside around the USD1,300/oz; while the gold market should not be expected
to behave similarly to the base metals in relation to industry production costs,
we expect that as the gold mining industry is threatened with contraction, the
market could see some support around that level if this situation worsens.
Fundamental Equity Analysis - Top 100 Gold Mining Companies WorldwideBCV
Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide
Over the past two days the gold market has witnessed one of the largest
corrections in modern history, falling roughly USD200/oz (c.13%) from Friday's
opening of over USD1,560/oz. A surge in speculative selling, stop-loss and
long-liquidation has coincided with a number of technical breaks in gold's price
trend. The key break was the USD1,525/oz level which has been regarded as a
major support level. Once broken selling escalated, and pushed through
USD1,400/oz and USD1,375/oz, a price region which was last observed in late
2010. We expect selling pressure could continue but at this stage it is very
difficult to determine how an instrument will bottom in such a volatile
environment. Fundamentally we believe that this move in gold is likely
associated with the capitulation in inflationary bias associated with ultraaccommodative
monetary policy. Disappointing growth data in China, despite
high levels of Social Financing, coincides with low CPI. In the US, economic
indicators are disappointing and the Fed is cooling on its QE stance; inflation
remains very low. The ECB is actually witnessing a contraction in its balance
sheet. The contraction in the Western World central bank balance sheet
combined with a further decline in the velocity of money, represents a key
challenge for gold. This is particularly true in US dollar terms as capital flows
continue to move towards the US as a place of apparent lower risk yield -
particularly US equities. Marginal industry costs for the gold mining industry
reside around the USD1,300/oz; while the gold market should not be expected
to behave similarly to the base metals in relation to industry production costs,
we expect that as the gold mining industry is threatened with contraction, the
market could see some support around that level if this situation worsens.
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar BasketBCV
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Thematic Investments: Emerging Markets
Burma and the New Crossroads of Asia
Rationale
* After suffering decades under military regime, with her citizens having to cope with catastrophic, painful and whimsical change, Myanmar is now back on the world map and is finally embarking on the road to democracy. Former military junta leader General Than Shwe’s retirement plan has shifted senior military leaders into politics and replaced them in the army with their subordinates, transferring power from the military to the President, his ministers and Parliament. This transfer of power leads many old school Myanmar watcheers to believe that the least likely future outcome is a return to a military junta. The appointment of the reformist, clean President Thein Sein has been a perfect catalyst for change. President Thein Sein has succeeded in winning over political opponents and political leader and Nobel Laureate, Aung San Suu Kyi has embraced the reforms under way, stating her trust in him while her political party, the National League for Democracy (NLD), has now registered for her to run for Parliament in April as a MP.
* The holding of acceptable by-elections, the further release of political prisoners and progress towards ending the war with ethnic rebels means a potential end to sanctions is on the horizon. After Aung San Suu Kyi was released from house arrest in late 2010, last year Myanmar held its first national election in more than two decades. In November 2011, Hillary Clinton became the first US Secretary of state to visit Myanmar in more than 50 years and last month, Norway became the first European country to lift trade, investment and tourism sanctions on Myanmar when US senators McCain, Lieberman and McConnell were visiting as well. With high profile visits from US and European senior statesmen, the end of global sanctions may quickly follow and the task of transitioning Myanmar into a market based economy may soon begin in earnest.
* Simple geography anchors Myanmar’s importance as it sits between China and India which creates a massive crossroads between the two powerful emerging nations where 60% of global growth exists this year. Myanmar’s land mass of 676,578 sq km is about the size of France, which is twice the size of Vietnam and 30% larger than Thailand. She also has a coastline of 1,900 km which provides the country access to both the Bay of Bengal and the Adaman Sea. While the country has diverse and massive natural resources, Myanmar’s other important strength is her people; a population of around 60 million people who have an adult literacy rate at about 90% with the median age below 30 years. If you draw a 700-mile radius around Mandalay, Myanmar’s second largest city, you encompass a population of 700 million people which is about 10% of the world’s population. With her common borders among five countries
The biggest online and social media in the CEE region, between 14th-15th October, with famous international speakers like:
Barabási-Albert László (USA – University Harvard)
Horváth László (USA)
Aigerim Shorman (USA)
Dan Gabriel (USA)
Jonathan Hubbard(USA)
Hannes Wirnsberger(DDB)
Johannes Wesemann(UBER)
Thomas Jul (Denmark – Ericsson, evangelist of "The Networked Society")
Chris Sherwood (Allegro)
Tomasz Musial(SmartAdserver)
Torben Heimann(IMorproveDigital)
Rob Webster(MediaCom)
Maciej Wyszy((SocioMantic)
Juraj Sasko (Szlovákia)
Chris Sherwood (Allegro),
Okányi Attila (Romania),
Jo Coombs (TURN)
John Purkiss(UK)
Lori Beattie(UK)
Kristin Billowitch(Rubicon)
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar BasketBCV
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Thematic Investments: Emerging Markets
Burma and the New Crossroads of Asia
Rationale
* After suffering decades under military regime, with her citizens having to cope with catastrophic, painful and whimsical change, Myanmar is now back on the world map and is finally embarking on the road to democracy. Former military junta leader General Than Shwe’s retirement plan has shifted senior military leaders into politics and replaced them in the army with their subordinates, transferring power from the military to the President, his ministers and Parliament. This transfer of power leads many old school Myanmar watcheers to believe that the least likely future outcome is a return to a military junta. The appointment of the reformist, clean President Thein Sein has been a perfect catalyst for change. President Thein Sein has succeeded in winning over political opponents and political leader and Nobel Laureate, Aung San Suu Kyi has embraced the reforms under way, stating her trust in him while her political party, the National League for Democracy (NLD), has now registered for her to run for Parliament in April as a MP.
* The holding of acceptable by-elections, the further release of political prisoners and progress towards ending the war with ethnic rebels means a potential end to sanctions is on the horizon. After Aung San Suu Kyi was released from house arrest in late 2010, last year Myanmar held its first national election in more than two decades. In November 2011, Hillary Clinton became the first US Secretary of state to visit Myanmar in more than 50 years and last month, Norway became the first European country to lift trade, investment and tourism sanctions on Myanmar when US senators McCain, Lieberman and McConnell were visiting as well. With high profile visits from US and European senior statesmen, the end of global sanctions may quickly follow and the task of transitioning Myanmar into a market based economy may soon begin in earnest.
* Simple geography anchors Myanmar’s importance as it sits between China and India which creates a massive crossroads between the two powerful emerging nations where 60% of global growth exists this year. Myanmar’s land mass of 676,578 sq km is about the size of France, which is twice the size of Vietnam and 30% larger than Thailand. She also has a coastline of 1,900 km which provides the country access to both the Bay of Bengal and the Adaman Sea. While the country has diverse and massive natural resources, Myanmar’s other important strength is her people; a population of around 60 million people who have an adult literacy rate at about 90% with the median age below 30 years. If you draw a 700-mile radius around Mandalay, Myanmar’s second largest city, you encompass a population of 700 million people which is about 10% of the world’s population. With her common borders among five countries
The biggest online and social media in the CEE region, between 14th-15th October, with famous international speakers like:
Barabási-Albert László (USA – University Harvard)
Horváth László (USA)
Aigerim Shorman (USA)
Dan Gabriel (USA)
Jonathan Hubbard(USA)
Hannes Wirnsberger(DDB)
Johannes Wesemann(UBER)
Thomas Jul (Denmark – Ericsson, evangelist of "The Networked Society")
Chris Sherwood (Allegro)
Tomasz Musial(SmartAdserver)
Torben Heimann(IMorproveDigital)
Rob Webster(MediaCom)
Maciej Wyszy((SocioMantic)
Juraj Sasko (Szlovákia)
Chris Sherwood (Allegro),
Okányi Attila (Romania),
Jo Coombs (TURN)
John Purkiss(UK)
Lori Beattie(UK)
Kristin Billowitch(Rubicon)
Encyclopedie van fraude, bedrog en zwendelThierry Debels
Er zijn honderden manieren om opgelicht te worden. Auteur Thierry Debels geef in dit boek een overzicht van enkele technieken. Een gewaarschuwd man is er twee waard.
Frontiers in Neuroscience Brochure 2015FrontiersIn
In the JCR category of Neurosciences, Frontiers has 10 journals indexed, representing 58% of the article volume of gold open-access journals and increases the median Neuroscience open-access impact factor by 18%. More information is found in this brochure.
DAILY FOREX REPORT BY EPIC RESEARCH- 21 NOVEMBER 2012Epic Research
Epic Research is a leading financial services provider with presence in Indian and other global capital markets. Provides Stock Tips, Forex Tips, Currency Tips, Commodity Tips, MCX Tips, Equity Tips, Tips, Intraday Tips, NSE Tips, BSE Tips, COMEX Tips, PCG Pack NCDEX Tips and Free Stock Tips. We provide services in equity, commodity and Forex market.
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
Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 10...BCV
Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which options are listed.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
Fundamental Analysis & Analyst Recommendations - Uranium Exploration and Extraction Universe
1. 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.
Fundamental Analysis &
Analyst Recommendations
Uranium Exploration & Extraction Universe
June 2012
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 |
4. 05.06.2012
Cameco Corp
Cameco Corporation explores for, develops, mines, refines, converts, and Price/Volume
fabricates uranium for sale as fuel for generating electricity in nuclear power
30 9.0 M
reactors in Canada and other countries. The Company also operates the Bruce B 8.0 M
nuclear reactors in Ontario, as well as through a subsidiary, explores for, 25
7.0 M
develops, mines, and sells gold. 20 6.0 M
5.0 M
15
Valuation Analysis 4.0 M
Latest Fiscal Year: 12/2011 10 3.0 M
2.0 M
LTM as of: 03/yy 5
1.0 M
52-Week High (06.06.2011) 27.68 0 .0 M
52-Week Low (25.11.2011) 17.25 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 1'215'560.00
Current Price (6/dd/yy) 19.21 Market Data
52-Week High % Change -30.60% Dividend Yield 2.08
52-Week Low % Change 11.36% Beta 1.41
% 52 Week Price Range High/Low 18.79% Equity Float 391.44
Shares Out 31.05.2012 395.3 Short Int 10.09
Market Capitalization 7'592.86 1 Yr Total Return -28.93%
Total Debt 1'038.81 YTD Return 4.83%
Preferred Stock 0.0 Adjusted BETA 1.407
Minority Interest 185.9 Analyst Recs 16
Cash and Equivalents 1'203.42 Consensus Rating 4.375
Enterprise Value 7'420.19 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'824'310
CCO CN EQUITY YTD Change - Average Volume 30 Day 1'783'323
CCO CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'168'944
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 2'309.7 2'182.6 2'315.0 2'123.7 2'384.4 2'100.0 2'493.4 2'337.6 2'592.7 521.2 568.4
TEV/Revenue 6.35x 4.16x 5.72x 7.46x 3.06x 22.34x 13.33x 3.24x 2.92x 14.33x 13.29x
EBITDA 900.4 891.5 805.5 754.4 793.0 698.4 830.2 752.9 963.3 157.8 175.3
TEV/EBITDA 16.28x 10.19x 16.43x 21.01x 9.19x 16.05x 9.99x 9.86x 7.70x 9.45x 9.10x
Net Income 416.1 450.1 1'099.4 516.4 450.4 464.7 490.7 471.8 611.9 86.5 98.3
P/E 23.55x 18.96x 18.14x 30.07x 15.87x 24.30x 17.27x 15.98x 11.99x 14.83x 13.30x
Profitability S&P Issuer Ratings
EBITDA 793.04 Long-Term Rating Date 19.12.2003
EBIT 518.21 Long-Term Rating BBB+
Operating Margin 21.73% Long-Term Outlook STABLE
Pretax Margin 18.89% Short-Term Rating Date 19.12.2003
Return on Assets 6.00% Short-Term Rating A-2
Return on Common Equity 9.37% Credit Ratios
Return on Capital 8.47% EBITDA/Interest Exp. 10.77
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 1.98
Margin Analysis Net Debt/EBITDA -0.21
Gross Margin 32.5% Total Debt/EBITDA 1.31
EBITDA Margin 33.3% Reference
EBIT Margin 21.7% Total Debt/Equity 21.1%
Net Income Margin 18.9% Total Debt/Capital 16.9%
Structure Asset Turnover 0.32
Current Ratio 3.65 Net Fixed Asset Turnover 0.56
Quick Ratio 2.56 Accounts receivable turnover-days 81.18
Debt to Assets 13.31% Inventory Days 116.53
Tot Debt to Common Equity 21.12% Accounts Payable Turnover Day 98.55
Accounts Receivable Turnover 4.50 Cash Conversion Cycle 99.17
Inventory Turnover 3.13
Price/ Cash Flow Sales/Revenue/Turnover
35.00 3'000.0
30.00 2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
5. 05.06.2012
Cameco Corp
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TRADEWINDS GLOBAL IN n/a Co File 32'393'599 8.2 (8'497'795) 30.04.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 17'825'756 4.51 462'915 30.12.2011 Hedge Fund Manager
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 12'826'189 3.25 2'850'369 31.03.2012 Investment Advisor
JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 10'504'868 2.66 (466'478) 31.03.2012 Investment Advisor
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 9'348'430 2.37 (3'881'039) 30.04.2012 Investment Advisor
BEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 8'355'220 2.11 160'068 31.03.2012 Investment Advisor
BLACKROCK INC BLACKROCK INC 13F 6'513'835 1.65 586'001 31.03.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 6'503'245 1.65 609'800 31.03.2012 Investment Advisor
CAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 5'972'987 1.51 (441'400) 31.03.2012 Investment Advisor
IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 5'701'402 1.44 168'030 31.03.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 5'528'748 1.4 2'022'957 31.03.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'333'861 1.35 1'043'430 31.03.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 5'145'316 1.3 535'097 31.03.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'977'840 1.26 191'034 31.03.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'731'482 1.2 84'902 31.03.2012 Investment Advisor
IA CLARINGTON INVEST Multiple Portfolios MF-AGG 4'691'520 1.19 122'000 31.12.2011 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'569'895 1.16 (132'708) 31.03.2012 Investment Advisor
GUARDIAN CAPITAL LP GUARDIAN CAPITAL LP 13F 3'902'709 0.99 (72'686) 31.03.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3'781'413 0.96 (273'028) 31.03.2012 Investment Advisor
AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 3'771'493 0.95 1'614'700 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp OREST WOWKODAW buy 5 M 31 12 month 01.06.2012
Salman Partners RAYMOND GOLDIE buy 5 M 43 12 month 30.05.2012
Desjardins Securities JOHN F HUGHES buy 5 M 38 12 month 29.05.2012
BMO Capital Markets EDWARD STERCK outperform 5 M 29 Not Provided 23.05.2012
TD Newcrest GREG BARNES buy 5 M 30 12 month 22.05.2012
Dahlman Rose & Co ANTHONY YOUNG buy 5 M 31 Not Provided 21.05.2012
RBC Capital Markets FRASER PHILLIPS outperform 5 M 32 12 month 14.05.2012
Cormark Securities Inc. MIKE KOZAK buy 5 M 41 12 month 08.05.2012
CIBC World Markets IAN PARKINSON sector perform 3 M 37 Not Provided 02.05.2012
Gabelli & Co BRIAN CHIN buy 5 M #N/A N/A Not Provided 02.05.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.05.2012
Credit Suisse RALPH M PROFITI neutral 3 M 28 Not Provided 01.05.2012
JPMorgan TYLER LANGTON overweight 5 M 29 6 month 01.05.2012
Daiwa Securities Co. Ltd. HIDETOSHI NISHIWAKI neutral 3 M #N/A N/A Not Provided 22.11.2011
Paradigm Capital Inc DAVID DAVIDSON buy 5 M 30 12 month 14.02.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
6. 05.06.2012
Paladin Energy Ltd
Paladin Energy Limited primarily explores for uranium in Australia and Southern Price/Volume
Africa.
4 120.0 M
3 100.0 M
3
80.0 M
2
60.0 M
Valuation Analysis 2
Latest Fiscal Year: 06/2011 40.0 M
1
LTM as of: 03/yy 1 20.0 M
52-Week High (06.06.2011) 2.99 0 .0 M
52-Week Low (04.10.2011) 1.11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 5'277'339.00
Current Price (6/dd/yy) 1.235 Market Data
52-Week High % Change -58.70% Dividend Yield 0.00
52-Week Low % Change 11.26% Beta 1.62
% 52 Week Price Range High/Low 4.26% Equity Float 753.70
Shares Out 31.03.2012 835.6 Short Int 70.32
Market Capitalization 1'032.02 1 Yr Total Return -59.24%
Total Debt 719.70 YTD Return -9.85%
Preferred Stock 0.0 Adjusted BETA 1.617
Minority Interest 83.7 Analyst Recs 22
Cash and Equivalents 117.40 Consensus Rating 3.864
Enterprise Value 1'772.87 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 8'532'097
PDN AU EQUITY YTD Change - Average Volume 30 Day 9'794'344
PDN AU EQUITY YTD % CHANGE - Average Volume 3 Month 9'152'138
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 03/yy 03/yy 06/12 Y 06/13 Y 06/12 Q4 09/12 Q1
Total Revenue 3.3 93.8 111.8 202.0 266.8 256.3 299.5 374.1 510.4 116.0 123.0
TEV/Revenue 1365.40x 44.94x 27.48x 13.05x 10.44x 52.31x 29.04x 4.34x 3.07x - -
EBITDA (41.1) (5.2) (749.9) 21.1 (2.9) 12.1 (19.7) 38.5 166.4 - -
TEV/EBITDA - - - 124.89x - 0.00x 0.00x 46.11x 10.65x - -
Net Income (37.6) (36.0) (480.2) (45.6) (82.3) (54.2) (177.0) (51.3) 44.9 - -
P/E - - - - - 0.00x 0.00x - 24.04x 50.09x 34.35x
Profitability S&P Issuer Ratings
EBITDA -2.90 Long-Term Rating Date -
EBIT -40.00 Long-Term Rating -
Operating Margin -14.99% Long-Term Outlook -
Pretax Margin -39.39% Short-Term Rating Date -
Return on Assets -3.76% Short-Term Rating -
Return on Common Equity -7.59% Credit Ratios
Return on Capital - EBITDA/Interest Exp. -0.08
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -3.63
Margin Analysis Net Debt/EBITDA -
Gross Margin 16.7% Total Debt/EBITDA -248.17
EBITDA Margin -1.1% Reference
EBIT Margin -15.0% Total Debt/Equity 56.6%
Net Income Margin -30.8% Total Debt/Capital 34.7%
Structure Asset Turnover 0.12
Current Ratio 2.77 Net Fixed Asset Turnover 0.38
Quick Ratio 0.99 Accounts receivable turnover-days 9.71
Debt to Assets 29.94% Inventory Days 235.72
Tot Debt to Common Equity 56.60% Accounts Payable Turnover Day 83.59
Accounts Receivable Turnover 37.58 Cash Conversion Cycle 161.85
Inventory Turnover 1.55
Price/ Cash Flow Sales/Revenue/Turnover
1.20 300.0
1.00 250.0
0.80
200.0
150.0
0.60
100.0
0.40
50.0
0.20
0.0
0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
7. 05.06.2012
Paladin Energy Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NEWMONT MINING CORP n/a Co File 52'097'937 6.23 - 16.09.2011 Corporation
L1 CAPITAL PTY LTD n/a EXCH 44'135'468 5.28 - 17.02.2012 Mutual Fund Manager
NATIONAL AUSTRALIA B n/a EXCH 41'932'448 5.02 21'028 14.02.2012 Bank
UBS AG n/a EXCH 39'980'126 4.78 (2'257'895) 07.05.2012 Investment Advisor
GE ASSET MANAGEMENT n/a EXCH 37'554'068 4.49 - 06.01.2011 Investment Advisor
BORSHOFF JOHN n/a Co File 21'877'394 2.62 - 31.08.2011 n/a
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'715'383 2.48 120'688 30.04.2012 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 18'433'218 2.21 - 30.04.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'687'500 1.04 (400'000) 29.02.2012 Investment Advisor
CRABB RICK WAYNE n/a Co File 4'881'528 0.58 - 31.08.2011 n/a
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4'567'121 0.55 13'171 30.03.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'103'025 0.49 (11'051) 31.03.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 3'884'075 0.46 (8'198'642) 30.06.2011 Hedge Fund Manager
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'757'200 0.45 913'037 31.12.2011 Investment Advisor
KLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 3'750'000 0.45 750'000 31.03.2012 Hedge Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'493'389 0.3 - 01.06.2012 Investment Advisor
MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 2'125'000 0.25 (175'000) 30.03.2012 Mutual Fund Manager
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'120'710 0.25 - 30.04.2012 Investment Advisor
SWABY GILLIAN n/a SEDI 2'081'655 0.25 (755'000) 12.09.2011 n/a
FEDERATED INVESTORS Multiple Portfolios MF-AGG 2'000'000 0.24 2'000'000 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commonwealth Bank ANDREW KNUCKEY hold 3 M 2 12 month 04.06.2012
Canaccord Genuity Corp OREST WOWKODAW buy 5 M 3 12 month 01.06.2012
Haywood Securities Inc. GEORDIE MARK sector outperform 5 M 2 12 month 01.06.2012
Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012
Deutsche Bank PAUL-D YOUNG buy 5 U 2 12 month 25.05.2012
Cormark Securities Inc. MIKE KOZAK buy 5 M 4 12 month 23.05.2012
BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 18.05.2012
JPMorgan MARK BUSUTTIL overweight 5 M 3 6 month 17.05.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 2 12 month 16.05.2012
Macquarie MARTIN STULPNER neutral 3 U 1 12 month 16.05.2012
Dundee Securities Corp DAVID A TALBOT buy 5 M 3 12 month 16.05.2012
Credit Suisse RALPH M PROFITI outperform 5 M 3 Not Provided 15.05.2012
CIBC World Markets IAN PARKINSON sector outperform 5 M 4 Not Provided 15.05.2012
Paterson Securities SIMON TONKIN sell 1 M 1 12 month 15.05.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 15.05.2012
E.L. & C. Baillieu RAY CHANTRY hold 3 M 2 12 month 17.04.2012
Ambrian Partners Ltd ADAM KILEY hold 3 N 2 Not Provided 12.04.2012
Austock Securities ANDREW SHEARER buy 5 M 3 Not Provided 16.02.2012
Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 2 12 month 15.02.2012
Paradigm Capital Inc DAVID DAVIDSON hold 3 D 5 12 month 16.11.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
8. 05.06.2012
Uranium One Inc
Uranium One, Inc. explores for uranium. The Company operates in Kazakhstan, Price/Volume
the United States, and Australia.
4 35.0 M
4 30.0 M
3 25.0 M
3
20.0 M
2
Valuation Analysis 15.0 M
2
Latest Fiscal Year: 12/2011 10.0 M
1
LTM as of: 03/yy 1 5.0 M
52-Week High (26.07.2011) 3.82 0 .0 M
52-Week Low (04.10.2011) 1.85 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 1'832'025.00
Current Price (6/dd/yy) 2.3 Market Data
52-Week High % Change -39.79% Dividend Yield 0.00
52-Week Low % Change 24.32% Beta 1.53
% 52 Week Price Range High/Low 22.84% Equity Float 463.08
Shares Out 31.05.2012 957.2 Short Int 18.01
Market Capitalization 2'201.53 1 Yr Total Return -33.14%
Total Debt 214.40 YTD Return 6.48%
Preferred Stock 0.0 Adjusted BETA 1.531
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 619.00 Consensus Rating 4.529
Enterprise Value 1'833.32 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 3'004'650
UUU CN EQUITY YTD Change - Average Volume 30 Day 4'065'291
UUU CN EQUITY YTD % CHANGE - Average Volume 3 Month 5'275'555
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 134.0 149.8 152.0 326.9 530.4 393.3 524.4 629.3 817.1 128.0 184.0
TEV/Revenue 31.23x 4.94x 11.73x 14.27x 3.07x 31.92x 16.42x 3.79x 2.85x 18.27x 12.59x
EBITDA 31.3 53.8 38.9 126.6 331.7 181.9 325.5 367.1 508.8 71.2 120.3
TEV/EBITDA 133.72x 13.74x 45.87x 36.86x 4.91x 21.41x 7.27x 4.99x 3.60x 4.10x 3.91x
Net Income (17.6) (2'455.8) (36.1) (153.7) 88.4 (138.3) 78.9 144.6 240.4 25.1 51.4
P/E - - 47.66x - 19.32x 0.00x 27.73x 15.17x 9.31x 13.59x 11.84x
Profitability S&P Issuer Ratings
EBITDA 331.70 Long-Term Rating Date 11.11.2011
EBIT 206.50 Long-Term Rating BB-
Operating Margin 38.93% Long-Term Outlook STABLE
Pretax Margin 28.53% Short-Term Rating Date -
Return on Assets 2.83% Short-Term Rating -
Return on Common Equity 4.54% Credit Ratios
Return on Capital 5.24% EBITDA/Interest Exp. 6.73
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 3.65
Margin Analysis Net Debt/EBITDA -1.22
Gross Margin 49.5% Total Debt/EBITDA 0.65
EBITDA Margin 62.5% Reference
EBIT Margin 38.9% Total Debt/Equity 10.8%
Net Income Margin 16.7% Total Debt/Capital 9.7%
Structure Asset Turnover 0.17
Current Ratio 6.30 Net Fixed Asset Turnover 0.24
Quick Ratio 5.61 Accounts receivable turnover-days 83.10
Debt to Assets 6.49% Inventory Days 123.48
Tot Debt to Common Equity 10.75% Accounts Payable Turnover Day 81.82
Accounts Receivable Turnover 4.39 Cash Conversion Cycle 124.76
Inventory Turnover 2.96
Price/ Cash Flow Sales/Revenue/Turnover
250.00 600.0
500.0
200.00
400.0
150.00
300.0
100.00
200.0
50.00 100.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
9. 05.06.2012
Uranium One Inc
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EFFECTIVE ENERGY n/a SEDI 387'553'219 40.49 73'462'454 30.12.2010 Other
URANIUM MINING CO n/a SEDI 104'664'710 10.93 - 30.12.2010 n/a
CARMIGNAC GESTION Multiple Portfolios MF-AGG 57'154'900 5.97 1'482'600 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 25'530'243 2.67 (1'474'809) 30.04.2012 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 6'785'477 0.71 - 30.04.2012 Investment Advisor
PYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 5'248'005 0.55 923'489 31.03.2012 Investment Advisor
BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5'144'300 0.54 - 30.04.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'764'126 0.39 1'344'000 31.03.2012 Investment Advisor
ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 3'336'680 0.35 927'373 31.12.2011 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'325'900 0.35 - 29.02.2012 Investment Advisor
MD MANAGEMENT LTD Multiple Portfolios MF-AGG 3'231'577 0.34 710'000 30.04.2012 Investment Advisor
URALSIB JSC Multiple Portfolios MF-AGG 2'840'000 0.3 - 31.01.2012 Investment Advisor
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 2'383'500 0.25 - 29.02.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'194'430 0.23 - 30.03.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'919'300 0.2 (120'775) 30.04.2012 Investment Advisor
MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'725'000 0.18 (325'000) 30.03.2012 Mutual Fund Manager
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'458'795 0.15 250'934 31.12.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'442'896 0.15 (557'435) 31.08.2011 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'329'831 0.14 - 01.06.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'180'700 0.12 501'900 30.06.2011 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ADAM SCHATZKER outperform 5 M 4 12 month 04.06.2012
Canaccord Genuity Corp OREST WOWKODAW buy 5 M 4 12 month 01.06.2012
Desjardins Securities JOHN F HUGHES buy 5 M 5 12 month 29.05.2012
IFG Continent ERLAN ABDIKARIMOV buy 5 M 6 Not Provided 28.05.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 24.05.2012
Halyk Finance MARIYAM ZHUMADIL buy 5 M 3 12 month 11.05.2012
BMO Capital Markets EDWARD STERCK outperform 5 M 5 Not Provided 09.05.2012
Cormark Securities Inc. MIKE KOZAK market perform 3 M 6 12 month 09.05.2012
JPMorgan TYLER LANGTON overweight 5 M 5 6 month 08.05.2012
CIBC World Markets IAN PARKINSON sector outperform 5 M 6 Not Provided 08.05.2012
Dundee Securities Corp DAVID A TALBOT buy 5 M 5 12 month 08.05.2012
Credit Suisse RALPH M PROFITI outperform 5 M 5 Not Provided 07.05.2012
Troika Dialog MIKHAIL STISKIN hold 3 M 4 12 month 07.03.2012
Visor Capital LEILA KULBAYEVA buy 5 M 5 12 month 28.02.2012
Renaissance Capital MIKHAIL SAFIN Under Review #N/A N/A M #N/A N/A Not Provided 17.01.2012
Paradigm Capital Inc DAVID DAVIDSON buy 5 M 5 12 month 09.11.2011
Broker Credit Service OLEG PETROPAVLOVSKIY hold 3 M 7 2 month 14.03.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
10. 05.06.2012
Denison Mines Corp
Denison Mines Corporation explores and produces uranium concentrates. The Price/Volume
Company holds interest in properties in the United States, Canada, and Mongolia.
3 16.0 M
Denison also has a mining project in Zambia.
14.0 M
2
12.0 M
2 10.0 M
8.0 M
Valuation Analysis 1 6.0 M
Latest Fiscal Year: 12/2011
4.0 M
LTM as of: 03/yy 1
2.0 M
52-Week High (06.06.2011) 2.09 0 .0 M
52-Week Low (04.10.2011) 0.86 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 755'895.00
Current Price (6/dd/yy) 1.49 Market Data
52-Week High % Change -28.71% Dividend Yield 0.00
52-Week Low % Change 73.26% Beta 1.96
% 52 Week Price Range High/Low 51.22% Equity Float 323.89
Shares Out 31.05.2012 384.7 Short Int 0.81
Market Capitalization 573.14 1 Yr Total Return -27.32%
Total Debt 0.22 YTD Return 17.32%
Preferred Stock 0.0 Adjusted BETA 1.962
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 53.52 Consensus Rating 2.889
Enterprise Value 508.92 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'141'927
DML CN EQUITY YTD Change - Average Volume 30 Day 1'503'207
DML CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'394'590
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 76.8 123.2 79.2 128.3 96.8 133.1 96.4 76.6 75.1 17.7 7.6
TEV/Revenue 21.73x 2.71x 5.13x 9.03x 4.41x 21.21x 20.12x 6.81x 6.43x - -
EBITDA 6.4 0.7 (12.2) 43.8 0.7 43.5 3.1 (7.9) (17.2) - -
TEV/EBITDA 261.52x 509.07x - 26.46x 582.08x 17.41x 180.66x - - - -
Net Income 47.2 (80.6) (147.0) (5.3) (70.9) (5.2) (115.8) (40.6) (19.2) - -
P/E - - - - - 0.00x 0.00x - - - -
Profitability S&P Issuer Ratings
EBITDA 0.73 Long-Term Rating Date -
EBIT -39.25 Long-Term Rating -
Operating Margin -40.54% Long-Term Outlook -
Pretax Margin -74.29% Short-Term Rating Date -
Return on Assets -13.79% Short-Term Rating -
Return on Common Equity -15.34% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 19.32
Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -619.47
Margin Analysis Net Debt/EBITDA -72.61
Gross Margin -6.6% Total Debt/EBITDA 0.30
EBITDA Margin 0.8% Reference
EBIT Margin -40.5% Total Debt/Equity 0.0%
Net Income Margin -73.2% Total Debt/Capital 0.0%
Structure Asset Turnover 0.19
Current Ratio 9.28 Net Fixed Asset Turnover 0.27
Quick Ratio 5.86 Accounts receivable turnover-days 62.00
Debt to Assets 0.04% Inventory Days 115.41
Tot Debt to Common Equity 0.05% Accounts Payable Turnover Day 38.15
Accounts Receivable Turnover 5.89 Cash Conversion Cycle 139.26
Inventory Turnover 3.16
Price/ Cash Flow Sales/Revenue/Turnover
100.00 140.0
90.00
120.0
80.00
70.00 100.0
60.00 80.0
50.00
60.0
40.00
30.00 40.0
20.00
20.0
10.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11. 05.06.2012
Denison Mines Corp
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KEPCO CANADA URANIUM n/a PROXY 58'000'000 15.08 - 14.03.2011 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'281'048 2.15 2'326'275 31.07.2011 Investment Advisor
GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 5'616'143 1.46 (66'202) 31.03.2012 Investment Advisor
CANADA PENSION PLAN CANADA PENSION PLAN 13F 4'828'958 1.26 988'300 31.03.2012 Pension Fund (ERISA)
ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 3'681'653 0.96 (40'971) 31.03.2012 Hedge Fund Manager
PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'845'600 0.74 - 31.03.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'755'701 0.72 2'755'701 31.12.2011 Government
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'377'169 0.62 - 01.06.2012 Investment Advisor
CQS CAYMAN LP CQS CAYMAN LP 13F 2'360'000 0.61 - 31.03.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'308'400 0.6 378'900 31.03.2012 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'207'593 0.57 (74'035) 31.03.2012 Investment Advisor
BLACKROCK INC BLACKROCK INC 13F 1'895'772 0.49 182'652 31.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'895'164 0.49 175'300 31.03.2012 Investment Advisor
GOODMAN & CO INVESTM Multiple Portfolios MF-AGG 1'500'000 0.39 1'500'000 30.06.2011 Hedge Fund Manager
LUNDIN LUKAS HENRIK n/a SEDI 1'050'000 0.27 300'000 31.03.2011 n/a
INVESCO LTD INVESCO LTD 13F 1'043'608 0.27 (112'949) 31.03.2012 Investment Advisor
OMERS ADMINISTRATION OMERS ADMINISTRATION 13F 993'530 0.26 (590'400) 31.03.2012 Pension Fund (ERISA)
HOCHSTEIN RONALD F n/a SEDI 918'000 0.24 10'000 23.12.2010 n/a
ASTON HILL ASSET MAN Multiple Portfolios MF-AGG 827'454 0.22 33'000 31.12.2011 Investment Advisor
ROYAL BANK OF CANADA ROYAL BANK OF CANADA 13F 673'740 0.18 (637'211) 31.03.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Haywood Securities Inc. GEORDIE MARK restricted #N/A N/A M #N/A N/A Not Provided 01.06.2012
Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012
Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 29.05.2012
TD Newcrest CRAIG MILLER reduce 2 M 1 12 month 22.05.2012
Dahlman Rose & Co ANTHONY YOUNG hold 3 M #N/A N/A Not Provided 21.05.2012
BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 10.05.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 2 12 month 10.05.2012
CIBC World Markets IAN PARKINSON sector underperform 1 M 2 Not Provided 10.05.2012
Credit Suisse RALPH M PROFITI neutral 3 M 2 Not Provided 09.05.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 19.04.2012
Paradigm Capital Inc DAVID DAVIDSON buy 5 U 2 12 month 18.04.2012
Toll Cross Securities STEVE KING Under Review #N/A N/A M #N/A N/A Not Provided 08.11.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |