This document provides financial data and analysis for 19 publicly traded agricultural companies. Key metrics included are market capitalization, revenue, earnings before interest, taxes, depreciation and amortization (EBITDA), earnings per share, price-earnings ratio, revenue and EBITDA growth rates, EBITDA margin, and credit ratings. The companies represent a variety of global agricultural sectors and geographies.
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
This presentation was used for the introductory workshop for podcasting in General Paper.
Podcasting serves as a strategy to encourage students in essay planning /self-assessment as well as student engagement; as used in Innova Junior College, Singapore.
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
This presentation was used for the introductory workshop for podcasting in General Paper.
Podcasting serves as a strategy to encourage students in essay planning /self-assessment as well as student engagement; as used in Innova Junior College, Singapore.
Social Bookmarking as a Metacognitive and Research toolBilly Tan
This presentation presents strategies for using delicious.com as a tool for identifying disparate issues in articles and as a method for sharing resources.
It was presented at the International Conference on Teaching and Learning with Technology 2008, as part of action research conducted in Innova Junior College 2008.
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.
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...
Q.M.S Advisors Proprietary Farming Index
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
Q.M.S Advisors Farming Index
November 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. 13.11.2012
Wilmar International Ltd
Wilmar International Ltd. is an agribusiness company. The Company is involved Price/Volume
in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack
7 90.0 M
edible oils processing and merchandising, specialty fats, oleochemicals and 80.0 M
6
biodiesel manufacturing, and grains processing and merchandising. Wilmar also 70.0 M
manufactures and distributes fertilizers and owns a fleet of vessels. 5
60.0 M
4 50.0 M
Valuation Analysis 3 40.0 M
Latest Fiscal Year: 12/2011 30.0 M
2
20.0 M
LTM as of: 09/yy 1 10.0 M
52-Week High (15.02.2012) 6.05
0 .0 M
52-Week Low (13.09.2012) 2.99 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12
Daily Volume 12'737'000.00
Current Price (11/dd/yy) 3.17 Market Data
52-Week High % Change -47.60% Dividend Yield -
52-Week Low % Change 6.02% Beta 1.00
% 52 Week Price Range High/Low 5.88% Equity Float 2'315.63
Shares Out 12.11.2012 6'396.0 Short Int -
Market Capitalization 20'275.44 1 Yr Total Return -37.67%
Total Debt 20'888.94 YTD Return -35.80%
Preferred Stock 0.0 Adjusted BETA 1.004
Minority Interest 878.2 Analyst Recs 28
Cash and Equivalents 8'232.07 Consensus Rating 2.821
Enterprise Value 31'245.64 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 17'289'400
WIL SP EQUITY YTD Change - Average Volume 30 Day 11'784'070
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12'820'270
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 16'466.2 29'145.2 23'885.1 30'377.5 44'710.0 42'280.1 45'358.6 46'834.0 53'306.6 12'211.3 11'852.5
TEV/Revenue 1.72x 0.52x 1.42x 1.29x 0.86x 3.72x 3.29x 0.67x 0.61x - -
EBITDA 833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'910.6 2'173.5 2'211.3 2'562.6 659.0 555.0
TEV/EBITDA 33.92x 7.68x 13.97x 27.77x 19.77x 20.26x 14.55x 14.13x 12.20x 12.52x 12.17x
Net Income 580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'419.4 1'278.8 1'098.0 1'346.4 378.0 245.0
P/E 29.28x 8.10x 15.52x 21.19x 15.43x 18.39x 13.32x 15.07x 12.28x 12.28x 12.40x
Profitability S&P Issuer Ratings
EBITDA 1'933.39 Long-Term Rating Date -
EBIT 1'454.82 Long-Term Rating -
Operating Margin 3.25% Long-Term Outlook -
Pretax Margin 4.65% Short-Term Rating Date -
Return on Assets 3.17% Short-Term Rating -
Return on Common Equity 9.62% Credit Ratios
Return on Capital 5.23% EBITDA/Interest Exp. 3.74
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 0.73
Margin Analysis Net Debt/EBITDA 6.37
Gross Margin 8.7% Total Debt/EBITDA 9.67
EBITDA Margin 4.8% Reference
EBIT Margin 3.6% Total Debt/Equity 156.2%
Net Income Margin 3.6% Total Debt/Capital 59.4%
Structure Asset Turnover 1.12
Current Ratio 1.07 Net Fixed Asset Turnover 5.95
Quick Ratio 0.53 Accounts receivable turnover-days 33.52
Debt to Assets 52.70% Inventory Days 64.27
Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 15.88
Accounts Receivable Turnover 10.92 Cash Conversion Cycle 75.67
Inventory Turnover 5.69
Price/ Cash Flow Sales/Revenue/Turnover
100.00 50'000.0
90.00 45'000.0
80.00 40'000.0
70.00 35'000.0
60.00 30'000.0
50.00 25'000.0
40.00 20'000.0
30.00 15'000.0
20.00 10'000.0
10.00 5'000.0
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 02.07.2012 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. 13.11.2012
Wilmar International Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PPB GROUP BHD n/a Co File 1'172'614'755 18.33 - 06.03.2012 Corporation
GLOBAL COCOA HOLDING n/a Co File 356'399'775 5.57 - 06.03.2012 Other
WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.55 - 06.03.2012 n/a
LONGHLIN ASIA LTD n/a Co File 336'009'921 5.25 - 06.03.2012 n/a
ARCHER-DANIELS-MIDLA n/a Co File 335'625'280 5.25 - 06.03.2012 Corporation
CAPITAL GROUP COMPAN n/a EXCH 317'267'061 4.96 (7'808'000) 23.02.2011 Investment Advisor
FIREFLY LTD n/a EXCH 294'801'479 4.61 - 05.10.2012 n/a
BOLNEY ENTERPRISES L n/a EXCH 294'801'372 4.61 - 05.10.2012 n/a
HARPOLE RESOURCES LT n/a Co File 256'211'778 4.01 - 06.03.2012 n/a
NOBLESPIRIT CORP n/a Co File 242'600'000 3.79 - 06.03.2012 n/a
HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 06.03.2012 n/a
HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 06.03.2012 n/a
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 96'457'516 1.51 (88'000) 12.11.2012 Investment Advisor
BONOTO INVESTMENTS L n/a EXCH 51'267'514 0.8 - 05.10.2012 n/a
BLACKROCK n/a ULT-AGG 40'255'717 0.63 (1'110'000) 09.11.2012 Investment Advisor
KIM YONG TEO n/a Co File 33'852'274 0.53 - 21.01.2012 n/a
NATALON CO LTD n/a Co File 33'760'355 0.53 - 06.03.2012 n/a
DALEX INVESTMENTS LT n/a Co File 30'405'900 0.48 - 06.03.2012 Corporation
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29'655'000 0.46 (41'727'000) 30.09.2012 Investment Advisor
MACROMIND INVESTMENT n/a Co File 26'836'649 0.42 - 06.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TAN TING MIN neutral 3 M 3 Not Provided 12.11.2012
DBS Vickers BEN SANTOSO buy 5 U 4 12 month 12.11.2012
Kim Eng Securities JAMES KOH sell 1 M 3 12 month 12.11.2012
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 U 3 Not Provided 12.11.2012
UOB Kay Hian TEAM COVERAGE sell 1 M 3 Not Provided 12.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 11.11.2012
CIMB IVY NG neutral 3 M 4 12 month 11.11.2012
Nomura TANUJ SHORI neutral 3 M 4 Not Provided 11.11.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 09.11.2012
JPMorgan YING-JIAN CHAN neutral 3 M 3 6 month 09.11.2012
HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 09.11.2012
OCBC Investment Research CAREY WONG buy 5 U 4 12 month 09.11.2012
AmResearch Sdn Bhd GAN HUEY LING hold 3 M 4 12 month 09.11.2012
TA Securities Holdings Berhad JAMES RATNAM hold 3 D 4 12 month 09.11.2012
Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 09.11.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 3 12 month 09.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 4 12 month 07.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 4 12 month 01.11.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 3 12 month 25.09.2012
Macquarie CONRAD WERNER neutral 3 M 3 12 month 21.08.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 5 12 month 18.07.2012
Jefferies ARYA SEN underperform 1 M 4 12 month 10.05.2012
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
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
6. 13.11.2012
BRF - Brasil Foods SA
BRF-Brasil Foods SA is a food processor in Latin America. The Company raises Price/Volume
chickens to produce poultry products. Brasil Foods also processes frozen
45 7.0 M
pastas, soybeans and their derivatives, and distributes frozen vegetables. The 40 6.0 M
Company's core business is chilled and frozen food. The Company has offices 35
in the Middle East, Asia, and Europe. 5.0 M
30
25 4.0 M
Valuation Analysis 20 3.0 M
Latest Fiscal Year: 12/2011 15
2.0 M
10
LTM as of: 09/yy 1.0 M
5
52-Week High (16.03.2012) 38.67
0 .0 M
52-Week Low (26.07.2012) 27.53 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12
Daily Volume 2'333'300.00
Current Price (11/dd/yy) 37.9 Market Data
52-Week High % Change -1.97% Dividend Yield -
52-Week Low % Change 37.67% Beta 0.74
% 52 Week Price Range High/Low 79.62% Equity Float 723.24
Shares Out 29.10.2012 872.5 Short Int -
Market Capitalization 32'665.40 1 Yr Total Return 10.56%
Total Debt 8'053.53 YTD Return 4.46%
Preferred Stock - Adjusted BETA 0.737
Minority Interest 39.6 Analyst Recs 18
Cash and Equivalents 2'892.90 Consensus Rating 3.500
Enterprise Value 39'398.53 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'316'080
BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 1'855'793
BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'256'930
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 6'633.4 11'393.0 15'905.8 22'681.3 25'706.2 25'007.5 27'470.8 27'873.4 30'581.4 7'549.5 6'931.0
TEV/Revenue 1.31x 0.84x 2.74x 1.21x 1.43x 4.69x 3.90x 1.43x 1.31x 5.35x 5.85x
EBITDA 775.5 1'079.8 619.4 2'320.6 2'878.5 2'926.8 1'743.2 2'652.8 3'795.3 849.3 614.0
TEV/EBITDA 11.22x 8.83x 70.41x 11.85x 12.81x 11.09x 0.00x 15.00x 10.49x 12.47x 11.15x
Net Income 321.3 54.4 123.0 804.1 1'367.4 1'606.6 371.5 862.7 1'783.0 373.3 189.5
P/E 25.56x 112.96x 222.84x 29.61x 23.19x 17.45x 81.77x 38.83x 18.86x 23.51x 20.96x
Profitability S&P Issuer Ratings
EBITDA 2'878.49 Long-Term Rating Date 04.04.2012
EBIT 1'992.15 Long-Term Rating BBB-
Operating Margin 7.75% Long-Term Outlook STABLE
Pretax Margin 5.92% Short-Term Rating Date -
Return on Assets 2.14% Short-Term Rating -
Return on Common Equity 4.57% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 6.06
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 3.69
Margin Analysis Net Debt/EBITDA 2.77
Gross Margin 25.9% Total Debt/EBITDA 3.99
EBITDA Margin 9.1% Reference
EBIT Margin 5.6% Total Debt/Equity 57.2%
Net Income Margin 5.3% Total Debt/Capital 36.3%
Structure Asset Turnover 0.88
Current Ratio 1.39 Net Fixed Asset Turnover 2.80
Quick Ratio 0.35 Accounts receivable turnover-days 35.57
Debt to Assets 26.86% Inventory Days 49.02
Tot Debt to Common Equity 57.24% Accounts Payable Turnover Day 42.75
Accounts Receivable Turnover 10.29 Cash Conversion Cycle 20.59
Inventory Turnover 7.47
Price/ Cash Flow Sales/Revenue/Turnover
40.00 30'000.0
35.00
25'000.0
30.00
20'000.0
25.00
20.00 15'000.0
15.00 10'000.0
10.00
5'000.0
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 02.07.2012 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 |
7. 13.11.2012
BRF - Brasil Foods SA
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXA DE PREVIDENCIA n/a EXCH 107'837'688 12.36 - 25.09.2012 Government
FUNDACAO PETROBRAS D n/a EXCH 88'294'288 10.12 - 25.09.2012 Other
BLACKROCK n/a ULT-AGG 71'011'166 8.14 494'876 09.11.2012 Investment Advisor
TARPON INVESTIMENTOS n/a EXCH 69'972'351 8.02 - 25.09.2012 Mutual Fund Manager
GOVERNANCA & GESTAO Multiple Portfolios MF-AGG 26'845'634 3.08 (3'186'100) 30.09.2012 Mutual Fund Manager
WEG PARTICIPACOES E n/a 20F 26'346'620 3.02 - 31.12.2011 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'146'567 2.31 298'420 30.09.2012 Investment Advisor
FUND VALE DO RIO DOC n/a EXCH 14'744'797 1.69 - 25.09.2012 Other
ONTARIO TEACHERS PEN n/a Research 13'400'000 1.54 - 31.12.2011 Pension Fund (ERISA)
FUND SISTEL DE SEGUR n/a EXCH 11'691'141 1.34 - 25.09.2012 Pension Fund (ERISA)
FUNDACAO VALE DO RIO Multiple Portfolios MF-AGG 9'988'421 1.14 6'700 31.10.2012 Mutual Fund Manager
GUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 6'171'180 0.71 565'200 30.09.2012 Mutual Fund Manager
FURLAN LUIZ FERNANDO n/a 20F 5'944'216 0.68 - 31.12.2011 n/a
BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 5'785'661 0.66 310'626 31.10.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'938'108 0.57 226'940 30.09.2012 Investment Advisor
HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4'687'462 0.54 (101'262) 31.10.2012 Investment Advisor
INVESTIDOR PROFISSIO Multiple Portfolios MF-AGG 3'848'019 0.44 (30'361) 30.09.2012 Other
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 3'581'938 0.41 26'433 31.10.2012 Investment Advisor
FONTANA FILHO WALTER n/a 20F 2'990'290 0.34 (28'138) 31.12.2011 n/a
BRF BRASIL FOODS SA n/a EXCH 2'966'409 0.34 - 25.09.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 37 12 month 13.11.2012
Bradesco Corretora RICARDO BOIATI outperform 5 M 45 12 month 13.11.2012
Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 45 Not Provided 13.11.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 40 12 month 13.11.2012
Agora CTVM SA JOSE FERREIRA buy 5 M 45 Not Provided 09.11.2012
SLW Corretora de Valores e Cambio LTD
CAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 07.11.2012
Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 39 Not Provided 22.10.2012
HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 05.10.2012
Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 01.10.2012
JPMorgan ALAN ALANIS underweight 1 D 33 12 month 28.09.2012
Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 27.09.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 11.09.2012
Banco Safra de Investimento FERNANDO LABES underperform 1 M 36 12 month 14.08.2012
Planner Corretora de Valores RICARDO TADEU MARTINS Under Review #N/A N/A M #N/A N/A Not Provided 27.07.2012
Barclays GABRIEL VAZ DE LIMA overweight 5 M 42 Not Provided 10.05.2012
Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
Grupo Santander LUIS MIRANDA buy 5 M 43 Not Provided 13.12.2011
Magliano SA CCVM HENRIQUE KLEINE buy 5 M 38 12 month 08.11.2011
Sociedade Corretora Paulista MARCELO VAREJAO Under Review #N/A N/A M #N/A N/A Not Provided 08.08.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |