fundamental equity analysis - ftse eurotop 100 index members (e100 index)
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April 2013
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
NESTLE SA-REG CHF 229014 2740 3189 29 0 2 10 249.79 96847 96847 103068 109004 17714 17714 - - 3.49 3.49 3.82 4.14 21.33 21.32 19.50 18.01 10.71 -2.93 10.20 -1.53 19.19 AA 16.08.2007 - -
HSBC HOLDINGS PLC GBp 193779 9945 18476 430 4 12 387 #VALUE! 127870 121335 103439 109654 - - - - 0.74 1.17 1.47 1.65 20.46 - 16.22 14.51 -16.15 - - - - A+ 29.11.2011 Aa3 21.06.2012
NOVARTIS AG-REG CHF 189771 1999 2421 21 0 0 9 211.30 59449 59449 59823 62222 17533 17272 - - 4.20 4.11 5.44 6.01 18.76 18.90 14.18 12.83 -3.39 9.23 -6.50 11.07 30.48 AA- 07.04.2008 Aa3 08.02.2013
ROCHE HOLDING AG-GENUSSCHEIN CHF 197900 547 863 26 0 2 15 211.36 47728 47728 50014 51848 17357 17357 - - 11.71 11.80 15.63 16.75 20.39 20.56 15.40 14.37 7.32 0.11 4.80 -0.57 38.15 AA 17.09.2012 - -
VODAFONE GROUP PLC GBp 137178 53383 49646 52 0 2 13 170.49 70106 67478 66991 68359 27509 21004 - - 0.29 -0.05 0.23 0.25 - - 18.33 17.09 1.75 8.15 36.51 11.89 47.01 A- 30.05.2006 A3 03.08.2011
BP PLC GBp 133414 6511 19136 74 0 2 30 246.63 567256 560136 519122 532825 30874 33312 14010 14010 0.33 0.92 1.29 1.44 17.26 31.03 12.35 11.03 0.03 7.69 -83.62 -17.29 8.98 A 24.09.2010 - -
SANOFI EUR 132008 1829 1323 19 0 0 8 142.58 44621 44621 45780 48319 15812 16208 - - 5.57 4.80 7.68 8.57 26.47 22.82 16.56 14.84 5.96 6.12 -2.12 3.91 46.38 AA- 18.02.2011 A2 18.02.2011
ROYAL DUTCH SHELL PLC-A SHS GBp 208579 1009 6331 57 0 2 28 346.16 705563 705563 691755 703368 78710 78710 15643 15643 6.21 6.42 6.34 6.43 11.49 11.92 11.63 11.47 -0.97 5.17 -10.34 -1.03 16.85 AA 03.09.2009 Aa1 20.07.2005
GLAXOSMITHKLINE PLC GBp 112485 3295 4904 28 0 1 6 135.10 39920 39920 40677 42251 12803 12803 3385 3385 1.59 1.40 1.74 1.92 24.69 19.17 19.92 18.03 -5.27 4.88 -20.99 -0.84 48.44 A+ 18.02.2008 - -
TOTAL SA EUR 112784 3771 2258 43 0 2 22 135.18 232762 232762 231214 229795 41296 40784 11081 11081 6.03 6.04 6.72 6.78 10.08 10.10 9.06 8.98 12.07 5.75 -2.23 1.32 22.37 AA- 12.04.2011 Aa1 30.08.2005
BRITISH AMERICAN TOBACCO PLC GBp 101852 758 2026 16 0 0 3 115.32 22942 22942 24307 25379 9278 9278 10049 10049 3.09 2.99 3.48 3.81 26.68 25.81 22.91 20.95 -2.05 12.58 -4.14 19.71 61.08 A- 09.11.2012 - -
SIEMENS AG-REG EUR 95040 1373 856 26 0 1 15 109.80 99969 100447 99877 103691 12325 13216 2611 2611 7.15 7.25 7.78 9.62 18.99 19.22 17.71 14.32 8.75 0.14 -10.21 2.13 16.80 A+ 05.06.2009 - -
ROYAL DUTCH SHELL PLC-B SHS GBp 208579 2012 6331 57 0 2 28 346.16 706 K 706 K 692 K 703 K 78710 78710 15643 15643 6.21 6.42 6.34 6.43 11.83 12.28 11.98 11.81 -0.97 5.17 -10.34 -1.03 16.85 AA 03.09.2009 Aa1 20.07.2005
BAYER AG-REG EUR 83656 1360 827 12 0 0 3 92.70 50766 50766 53040 55707 11493 10987 3212 3212 7.13 3.78 7.52 8.31 34.18 19.80 17.17 15.54 11.30 5.53 0.54 7.91 27.63 A- 30.04.2008 A3 17.07.2006
BASF SE EUR 79863 2681 918 17 0 2 2 96.18 100522 100522 102988 102391 16066 16066 4478 4478 6.39 6.78 7.62 8.21 16.37 17.38 14.56 13.53 9.09 8.38 7.84 4.76 20.41 A+ 10.05.2011 A1 17.11.2010
ANHEUSER-BUSCH INBEV NV EUR 155540 1217 1602 57 0 5 18 243.01 50764 50764 57383 62292 19727 19727 - - 5.70 5.78 6.36 7.19 27.29 27.65 24.83 21.95 2.33 19.10 1.28 22.65 49.62 A 01.05.2012 A3 27.03.2012
DIAGEO PLC GBp 76655 1198 2531 13 0 2 2 90.03 16254 16680 17328 18529 5779 6082 2654 2654 1.24 1.53 1.56 1.73 30.10 35.11 29.66 26.61 12.56 10.95 27.76 14.74 55.07 A- 01.09.2005 A3 17.10.2005
SAP AG EUR 96938 1889 1192 7 0 0 3 100.29 20714 20714 22993 25341 6387 5841 1420 1420 3.04 3.03 4.42 5.02 33.29 33.37 22.77 20.09 17.85 12.38 9.28 14.11 36.01 - - - -
NOVO NORDISK A/S-B DKK 91104 417 543 0 0 0 3 88.43 13369 13369 14353 15641 5491 5491 1325 1325 - 6.70 7.90 8.76 4.16 - 3.53 3.18 3.02 2.41 4.95 3.74 7.04 A+ 24.06.2011 - -
BANCO SANTANDER SA EUR 69527 60243 10321 469 0 12 233 #VALUE! 55637 55637 56775 59544 - - - - 0.76 0.30 0.75 0.88 27.69 10.52 11.20 9.62 -56.36 12.18 - - - BBB 16.10.2012 (P)Baa2 24.10.2012
RIO TINTO PLC GBp 92521 2284 1847 41 0 17 12 185.58 76978 76978 88228 93800 24018 24018 15420 15420 7.06 -2.44 9.02 10.26 - 15.16 11.86 10.42 -23.88 16.85 -60.94 13.11 47.12 A- 18.04.2011 - -
LVMH MOET HENNESSY LOUIS VUI EUR 85724 1065 500 9 0 1 3 93.03 35882 35882 38632 41941 8861 9219 3606 3606 8.91 8.76 9.68 10.86 24.61 24.20 22.28 19.86 23.98 14.24 16.40 14.11 32.80 A 20.05.2011 - -
UNILEVER NV-CVA EUR 122220 2388 2832 13 0 1 4 132.32 65531 65531 68321 72206 10455 10455 - - 1.94 2.02 2.16 2.35 25.50 26.49 23.82 21.92 13.35 6.82 12.42 4.97 20.37 A+ 05.10.2000 A1 11.07.2000
BHP BILLITON PLC GBp 173058 2925 5298 43 0 2 8 308.87 109086 101118 102833 113273 51149 42726 24709 24709 5.50 2.76 3.86 4.59 24.24 17.00 17.29 14.57 1.03 10.20 -16.76 12.56 63.82 A+ 15.11.2010 (P)A1 15.11.2010
SABMILLER PLC GBp 82615 496 1664 29 0 1 1 153.26 25242 25857 37002 39254 7784 8197 - - 2.91 4.22 3.62 4.08 27.96 35.14 32.55 28.90 15.64 0.93 15.23 7.70 47.88 BBB+ 04.08.2003 Baa1 27.10.2005
ALLIANZ SE-REG EUR 61156 1705 453 37 0 3 16 85.26 122600 122598 132985 136660 - - - - 14.95 14.58 15.48 16.21 11.75 11.55 11.06 10.57 12.62 3.84 - - - AA 27.01.2012 Aa3 03.05.2004
ENI SPA EUR 81481 8111 3634 31 0 4 10 106.90 162501 162501 150431 154689 31364 31364 9022 9022 0.84 3.06 2.50 2.65 9.37 10.52 11.46 10.81 20.60 7.56 -5.80 -1.34 24.64 A 17.01.2012 A3 16.07.2012
ASTRAZENECA PLC GBp 60919 1083 1247 16 0 0 13 95.02 42249 42249 39798 38670 16097 17552 3583 3583 9.15 7.54 8.23 7.93 14.76 12.22 13.52 14.04 -25.26 -2.91 -29.78 -0.72 62.75 AA- 27.07.2007 A1 30.07.2007
STANDARD CHARTERED PLC GBp 61739 1192 2413 171 2 1 184 #VALUE! 40640 40640 31312 34405 - - - - 3.20 3.08 3.59 3.96 18.95 18.23 16.23 14.73 15.91 6.22 - - - A+ 01.12.2011 A2 26.11.2010
TELEFONICA SA EUR 60781 20155 4551 85 0 9 15 140.37 79617 79617 75980 76315 26602 26648 5844 5844 1.05 1.13 1.45 1.51 15.10 - 11.76 11.29 -0.98 2.51 9.50 -2.31 42.74 BBB 20.12.2012 Baa2 18.10.2012
DAIMLER AG-REGISTERED SHARES EUR 59121 2162 1068 108 0 2 19 150.05 145936 145936 149351 158434 15498 15568 - - 7.24 7.29 5.94 7.03 9.70 9.70 11.91 10.06 9.30 22.58 -0.82 -6.62 13.62 A- 23.02.2012 A3 01.10.2007
UBS AG-REG CHF 58636 6342 3747 281 0 5 70 274.07 39603 39608 27916 29031 16290 16291 - - 0.55 -0.70 0.92 1.25 - 29.92 17.47 12.83 -8.02 -10.57 -11.62 -32.87 43.15 A 29.11.2011 A2 21.06.2012
BG GROUP PLC GBp 57351 2733 3402 23 0 0 7 103.42 28595 32722 30416 34615 15403 15951 4161 4161 1.95 1.55 1.99 2.36 24.86 19.01 19.34 16.31 -15.34 10.37 2.59 9.25 73.62 - - - -
BNP PARIBAS EUR 62184 5738 1240 1293 9 11 178 #VALUE! 87671 124521 51201 52836 - - - - 6.99 6.81 6.40 7.32 9.39 8.93 10.00 8.75 -4.22 14.55 - - - A+ 25.10.2012 A2 21.06.2012
UNILEVER PLC GBp 122245 998 2832 15 0 1 4 156.52 77517 77517 80817 85413 12655 12655 - - 2.35 2.39 2.56 2.78 30.92 31.49 28.93 26.63 15.79 8.07 8.73 6.57 24.66 A+ 05.10.2000 A1 11.07.2000
BARCLAYS PLC GBp 55349 32713 12243 661 0 14 194 #VALUE! 58657 51741 44395 45545 - - - - 0.69 -0.13 0.56 0.67 - 9.48 11.69 9.75 1.61 -9.26 - - - A 29.11.2011 (P)A3 21.06.2012
ABB LTD-REG CHF 52205 2742 2296 11 0 1 9 56.98 41263 41263 43679 45976 5553 5686 1479 1479 1.26 1.23 1.60 1.81 20.21 19.25 15.55 13.72 3.72 5.43 -7.27 2.61 14.45 A 08.06.2010 - -
RECKITT BENCKISER GROUP PLC GBp 51516 556 734 5 0 0 1 55.12 14449 14449 15269 16004 4105 4105 - - 3.99 3.81 4.01 4.24 28.47 27.02 27.08 25.62 1.31 19.53 4.23 24.47 42.91 A+ 16.12.2003 - -
BANCO BILBAO VIZCAYA ARGENTA EUR 46495 37524 5433 289 0 3 82 #VALUE! 44972 29189 29794 31392 - - - - 0.63 0.33 0.99 1.12 33.37 33.75 10.97 9.73 8.40 12.39 - - - BBB- 16.10.2012 Baa3 24.10.2012
TESCO PLC GBp 45711 7554 8032 18 0 0 5 57.97 97476 98230 99944 104232 7713 7470 - - 0.57 0.53 0.48 0.50 16.25 16.29 18.01 17.04 10.20 11.24 6.22 12.48 11.49 A- 29.07.2008 Baa1 20.04.2012
L'OREAL EUR 92167 381 598 0 #VALUE! 0 2 90.16 28681 28681 29935 31689 5604 5604 - - 6.05 6.13 6.54 7.08 31.77 31.79 29.77 27.49 13.30 7.38 14.00 6.10 24.95 - - - -
DANONE EUR 43203 978 593 12 0 0 4 51.59 26646 26646 28210 29955 4625 4625 - - 3.56 3.56 4.03 4.45 24.40 24.45 21.57 19.54 10.25 13.89 4.98 14.49 22.16 A- 25.07.2007 A3 06.11.2007
NATIONAL GRID PLC GBp 41596 2242 3701 35 0 0 4 73.21 20891 20548 21787 22598 7215 7538 - - 0.77 0.96 0.81 0.83 17.84 20.87 21.27 20.69 -5.38 12.97 -2.12 11.35 55.41 A- 24.08.2007 Baa1 12.01.2007
ZURICH INSURANCE GROUP AG CHF 40851 242 147 13 0 2 10 48.91 73897 73897 64482 66754 - - - - 27.78 27.76 30.10 31.81 10.92 10.92 10.07 9.53 34.59 12.40 - - - - - - -
CIE FINANCIERE RICHEMON-BR A CHF 44633 717 522 1 0 0 4 33.45 9301 10237 10679 11585 2469 2812 - - 2.90 3.67 3.64 4.11 18.23 18.54 18.39 16.29 30.06 17.26 43.05 17.94 28.82 - - - -
PRUDENTIAL PLC GBp 40555 3035 2557 10 0 0 8 43.22 83788 83788 87446 89651 - - - - 1.19 1.31 1.21 1.34 18.34 20.18 19.85 17.92 78.48 - - - - A+ 17.08.2010 A2 20.12.2002
AXA SA EUR 41087 5052 2389 14 8 3 39 18.71 146436 146436 128390 130665 - - - - 2.33 2.26 2.52 2.69 9.70 9.41 8.72 8.18 21.24 75.98 - - - A- 18.12.2012 A2 19.03.2003
SCHNEIDER ELECTRIC SA EUR 39855 1225 547 10 0 0 5 45.69 30575 30575 31092 32698 4899 4899 - - 4.54 4.33 5.27 5.87 21.17 20.18 17.40 15.60 9.15 10.14 3.84 5.78 20.46 A- 26.11.2008 A3 12.01.2009
SYNGENTA AG-REG CHF 38626 181 92 4 #VALUE! 0 2 42.35 14898 14898 16074 17008 3302 3302 1099 1099 23.87 21.43 26.23 28.72 21.29 19.11 17.39 15.89 7.38 11.62 9.40 10.75 23.25 A 15.06.2007 - -
AIR LIQUIDE SA EUR 37345 605 311 9 0 0 1 45.46 19569 19569 20847 22349 4842 4842 - - 6.64 6.61 7.11 7.87 23.09 23.21 21.45 19.40 7.68 6.56 8.19 8.68 31.59 A 02.07.2007 - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
ERICSSON LM-B SHS SEK 41171 3661 3220 4 0 0 12 34.03 35026 35026 36245 37852 4880 4933 900 900 - 0.28 0.79 0.94 6.93 - 2.42 2.04 0.06 0.75 1.08 -0.02 2.17 BBB+ 15.06.2007 A3 10.06.2011
XSTRATA PLC GBp 48662 2061 3003 26 0 4 3 99.78 47754 47754 51372 54842 12267 12267 6878 6878 1.90 0.60 1.88 2.36 61.17 19.46 19.64 15.63 -10.07 5.24 -45.72 -8.64 38.80 BBB+ *- 29.11.2012 - -
DEUTSCHE BANK AG-REGISTERED EUR 36043 8534 929 363 0 2 227 #VALUE! 42878 60203 43189 44464 - - - - 4.06 0.87 4.93 6.39 57.02 10.18 10.04 7.75 -46.26 -7.43 - - - A+ *- 26.03.2013 A2 21.06.2012
ANGLO AMERICAN PLC GBp 36005 1303 1391 25 0 9 14 75.21 43439 43439 51703 54057 11602 11602 8034 8034 3.91 -1.70 3.50 4.25 - 15.42 16.84 13.85 -8.98 20.36 -49.07 -8.82 40.34 BBB+ 18.04.2011 Baa1 23.02.2009
DEUTSCHE TELEKOM AG-REG EUR 45122 12767 4319 57 0 6 8 100.27 74271 74271 73742 73470 22635 22610 5525 5525 1.28 -1.57 0.91 0.94 - 10.56 14.71 14.21 -1.05 -1.77 -15.64 1.90 38.87 BBB+ 19.05.2008 Baa1 22.12.2011
GDF SUEZ EUR 45980 3045 2357 73 0 15 15 119.56 123899 123899 103673 103865 23495 23495 - - 1.70 0.91 1.74 1.82 26.74 14.28 13.95 13.39 8.96 9.13 18.51 26.38 24.21 A *- 29.01.2013 A1 03.07.2012
IMPERIAL TOBACCO GROUP PLC GBp 33095 942 990 14 0 0 1 46.70 22160 22160 12241 12664 6810 6810 2282 2282 2.49 1.03 3.21 3.46 49.69 20.55 15.92 14.78 -5.11 90.21 57.87 35.89 46.42 BBB 20.05.2008 - -
NORDEA BANK AB SEK 45368 2522 4023 38 0 0 8 #VALUE! 2684 2684 1606 1673 - - - - 0.12 0.12 0.13 0.14 1.74 1.74 1.64 1.47 0.71 0.23 - - - AA- 29.11.2005 Aa3 24.05.2012
CREDIT SUISSE GROUP AG-REG CHF 34708 3185 1294 347 0 7 67 #VALUE! 40190 40190 27876 28844 - - - - 2.37 0.88 2.77 3.25 31.28 11.05 9.96 8.48 -10.76 31.68 - - - A 19.12.2008 (P)A2 21.06.2012
VOLKSWAGEN AG-PREF EUR 88396 632 465 150 0 6 33 211.04 246011 246011 260904 274584 31185 31185 5601 5601 59.09 59.46 27.69 31.99 4.23 4.24 9.07 7.86 26.72 15.52 18.28 12.83 16.19 A- 31.08.2009 A3 17.08.2009
MUENCHENER RUECKVER AG-REG EUR 33237 444 179 8 0 0 4 37.88 84137 84442 71290 73811 - - - - 22.96 22.96 20.92 21.42 10.31 10.31 11.31 11.05 10.46 9.19 - - - AA- 22.12.2006 - -
E.ON SE EUR 34389 7246 1907 33 0 5 8 64.66 168658 168658 142657 145127 10780 10780 12203 12203 2.31 1.46 1.67 1.78 15.08 9.50 13.14 12.34 21.63 20.90 124.84 -6.72 8.16 A- 27.07.2012 A3 05.10.2011
PERNOD-RICARD SA EUR 32720 208 263 13 0 0 1 44.69 10 K 11 K 11 K 12 K 2930 3127 - - 5.61 5.80 6.35 7.19 27.16 26.34 24.81 21.89 9.56 7.79 11.13 8.86 36.75 BBB- 03.10.2011 Baa3 08.09.2011
BT GROUP PLC GBp 32360 7145 8151 16 0 0 1 45.24 29160 27348 27396 26802 9349 8882 2469 2469 0.36 0.41 0.38 0.38 15.05 16.97 16.36 16.17 -5.79 -4.81 7.80 2.85 49.05 BBB 19.07.2011 - -
INDITEX EUR 79667 429 623 0 0 0 5 74.48 20360 20360 22619 25079 4995 4996 1058 1058 4.84 4.83 5.46 6.12 33.76 - 29.90 26.67 19.93 13.22 27.70 16.25 31.33 - - - -
ROLLS-ROYCE HOLDINGS PLC GBp 31209 863 1872 2 0 0 4 29.40 18367 18367 22921 24220 2548 2548 1800 1800 1.41 1.86 0.99 1.08 13.47 17.76 25.34 23.15 14.08 17.11 21.12 30.05 20.95 A 13.04.2012 - -
STATOIL ASA NOK 76950 2019 3180 20 0 0 14 83.79 120612 120618 109172 111813 45360 45503 10657 10657 - 3.70 2.85 2.94 1.11 - 1.45 1.40 1.59 -0.50 0.23 1.46 6.45 AA- 03.08.2007 Aa2 23.06.2005
LLOYDS BANKING GROUP PLC GBp 51378 130418 70424 287 0 1 168 #VALUE! 54989 54989 27562 27462 - - - - 0.03 -0.03 0.06 0.08 - 41.55 18.68 13.00 2.65 - - - - A- 29.11.2011 A3 21.06.2012
SWISS RE AG CHF 29846 452 343 21 0 0 11 40.83 34738 34738 33946 36553 - - - - 11.60 12.69 8.46 8.90 6.98 7.47 10.47 9.95 20.07 0.89 - - - - - - -
CENTRICA PLC GBp 28558 5725 5199 8 0 0 1 35.19 36161 36161 36902 38476 5585 5585 5958 5958 0.39 0.37 0.42 0.47 22.40 21.13 19.81 17.83 7.40 15.93 17.70 12.24 23.33 A- 29.05.2009 A3 21.06.2006
KONINKLIJKE PHILIPS ELECTRON EUR 28126 1953 915 6 0 0 5 29.06 31650 31650 31635 32711 3145 3145 752 752 0.36 0.35 2.09 2.42 107.40 77.15 17.94 15.52 12.49 1.93 137.70 -4.53 12.69 A- 11.05.2005 A3 20.04.2006
GLENCORE INTERNATIONAL PLC GBp 38301 7912 7099 54 0 5 4 111.82 323873 323873 329179 346254 6949 6949 - - 0.27 0.22 0.90 1.12 56.50 45.48 13.71 11.02 22.95 25.78 6.08 -5.44 3.24 BBB 29.11.2012 - -
ING GROEP NV-CVA EUR 27514 17221 3801 265 0 1 23 271.48 50184 53934 49386 54358 - - - - 0.87 0.96 1.28 1.42 9.58 8.94 7.18 6.48 -32.61 -11.84 - - - A 03.09.2009 A3 15.06.2012
BAYERISCHE MOTOREN WERKE AG EUR 56219 1031 656 89 0 0 17 128.53 98121 98121 101739 106644 15340 15340 - - 9.92 9.92 9.96 10.26 11.31 11.31 11.26 10.94 14.89 8.26 3.68 -0.80 19.96 A 16.04.2012 A2 22.07.2011
LINDE AG EUR 33937 228 185 13 0 1 3 45.08 19510 19510 21865 23306 4396 4396 1234 1234 8.84 8.98 10.91 12.35 26.06 26.45 21.44 18.95 13.83 6.89 14.08 10.24 28.77 A 25.05.2012 A3 28.04.2010
VIVENDI EUR 26811 2579 1323 23 0 4 5 48.30 37020 37020 36818 37223 5716 8339 - - 0.37 0.18 2.28 2.42 142.03 54.41 11.35 10.68 0.80 8.91 -63.07 -8.44 28.76 BBB 26.10.2012 Baa2 13.09.2005
VINCI SA EUR 25817 1351 536 26 0 1 8 44.22 50030 49328 49722 50734 7032 6963 - - 4.49 4.57 4.49 4.75 12.45 12.55 12.67 11.97 5.21 5.43 1.45 4.75 18.02 BBB+ 29.03.2007 Baa1 23.07.2002
ENEL SPA EUR 30256 29170 9403 85 0 21 13 123.51 105591 105591 102703 103573 20621 20621 - - 0.11 0.11 0.43 0.45 35.75 - 9.63 9.17 8.44 11.67 -7.78 13.72 24.93 BBB+ 08.03.2012 Baa2 05.11.2012
HEINEKEN NV EUR 43641 401 576 17 0 1 1 60.75 23472 23472 26187 27416 4432 4497 5843 5843 6.31 6.55 4.18 4.71 14.77 14.80 23.17 20.55 9.40 14.80 3.32 14.85 24.46 BBB+ 02.10.2012 Baa1 07.03.2012
RWE AG EUR 22458 1822 615 25 0 2 7 43.25 64825 #VALUE! 68265 69250 11562 - - - 2.49 - 4.99 4.54 - - 9.39 10.33 4.20 5.24 11.85 3.91 - BBB+ 27.07.2012 A3 19.07.2011
IBERDROLA SA EUR 29273 16726 6053 42 0 0 8 63.28 43669 44496 42630 44012 9165 9813 2923 2923 0.59 0.60 0.51 0.54 9.91 9.86 11.55 11.03 10.30 10.06 3.23 10.27 28.16 BBB 28.11.2012 (P)Baa1 05.11.2012
HENNES & MAURITZ AB-B SHS SEK 58841 1034 1655 0 0 0 3 55.93 18575 18661 19818 21931 3915 3872 1226 1226 - 1.54 1.65 1.85 3.55 - 3.31 2.95 1.51 1.20 1.18 0.73 3.19 - - - -
EADS NV EUR 41946 2481 822 6 0 0 14 33.93 72114 72114 74984 79977 5014 5091 1376 1376 1.85 1.91 3.43 4.60 33.84 33.82 18.83 14.04 19.11 14.71 30.39 29.50 9.01 A- 22.09.2010 (P)A2 06.12.2012
ASML HOLDING NV EUR 26706 818 407 1 0 0 3 24.23 6041 6041 6205 7753 1715 1715 178 178 3.42 3.45 2.92 4.52 24.10 24.19 28.44 18.38 -20.78 23.97 -32.73 9.11 36.25 - - Baa2 11.11.2010
VOLVO AB-B SHS SEK 30859 4467 2028 20 0 0 4 46.88 46692 46692 45484 48770 4981 4981 836 836 - 0.84 0.96 1.38 2.66 - 2.31 1.61 -0.33 -0.23 -3.68 -0.13 1.64 BBB 15.04.2011 - -
FRANCE TELECOM SA EUR 26665 8343 2627 50 0 3 11 68.58 55561 55561 53748 52963 15799 15799 3965 3965 0.94 0.40 1.40 1.37 32.47 13.67 9.18 9.41 -4.97 -4.56 -22.49 -10.80 36.31 A- *- 27.02.2013 A3 23.06.2005
COMPAGNIE DE SAINT-GOBAIN EUR 19470 1902 531 16 0 1 5 30.84 55156 55156 54911 56787 3367 3367 - - 1.27 1.86 3.12 3.76 25.15 36.85 15.00 12.43 3.28 0.25 -60.66 -18.44 7.79 BBB 24.07.2009 Baa2 31.07.2009
ATLAS COPCO AB-A SHS SEK 33319 2077 1213 3 0 0 2 34.65 13921 13921 13726 14320 3366 3366 775 775 - 1.76 1.74 1.87 2.45 - 2.48 2.31 1.77 0.98 1.40 1.45 3.72 A 24.02.2011 A2 15.11.2012
SWATCH GROUP AG/THE-BR CHF 29909 96 54 0 0 0 2 28.01 8178 8178 9333 10275 2355 2355 - - 31.07 31.09 34.63 38.69 19.22 19.23 17.25 15.44 16.00 6.94 22.88 9.79 30.21 - - - -
TELENOR ASA NOK 34046 1410 1560 9 0 1 2 41.63 17385 17385 17612 18137 6787 6787 1442 1442 0.76 1.04 1.72 1.94 3.59 - 2.17 1.92 0.56 0.56 2.67 1.11 6.67 A- 12.04.2010 A3 27.01.2009
INTESA SANPAOLO EUR 23079 169232 16434 361 0 1 51 #VALUE! 22744 22580 21457 21995 - - - - 0.12 0.16 0.14 0.19 10.97 15.68 12.62 9.30 -37.66 -15.07 - - - BBB+ 10.02.2012 Baa2 16.07.2012
HENKEL AG & CO KGAA VORZUG EUR 36989 321 434 5 0 0 2 40.56 21080 21080 21812 22880 3552 3394 - - 4.68 4.43 5.14 5.67 27.25 27.25 23.47 21.29 7.40 6.21 17.66 12.24 20.56 A 18.05.2011 A2 01.06.2011
TELIASONERA AB SEK 30735 4317 4330 14 0 1 5 40.84 16130 16130 15971 16127 5376 5376 1316 1316 - 0.70 0.64 0.67 1.55 - 1.70 1.63 0.08 0.28 -0.79 0.37 5.13 A- 28.10.2005 A3 30.10.2007
ARCELORMITTAL EUR 21657 7524 1549 33 0 4 6 59.36 107524 107524 110480 115362 8634 9129 1846 1846 0.01 -3.08 0.87 1.83 - 105.76 24.49 11.56 -13.26 -4.73 -40.45 -24.27 10.84 BB+ 02.08.2012 Ba1 06.11.2012
FRESENIUS MEDICAL CARE AG & EUR 20478 487 307 11 0 1 1 28.60 17620 17620 18778 19850 3602 3602 935 935 4.94 4.97 5.01 5.44 21.97 22.08 21.76 20.08 12.49 10.02 9.18 9.88 26.10 BB+ 19.09.2012 - -
AP MOELLER-MAERSK A/S-B DKK 33590 1 4 19 0 2 3 52.37 58608 58608 57584 62566 12490 12490 3037 3037 849.50 849.94 750.85 935.29 1.57 1.57 1.78 1.43 1.04 0.69 -1.22 0.40 3.65 - - - -
CHRISTIAN DIOR EUR 29712 68 179 11 0 20 3 58.29 37412 #VALUE! 38336 42022 8001 - - - 9.69 - 11.91 14.21 - - 17.52 14.69 24.23 - - 13.59 - - - - -
HENKEL AG & CO KGAA EUR 36989 56 434 5 0 0 2 40.56 21080 21080 21812 22880 3552 3394 - - 4.68 4.43 5.14 5.67 22.39 22.39 19.28 17.49 7.40 6.21 17.66 12.24 20.56 A 18.05.2011 A2 01.06.2011
ATLAS COPCO AB-B SHS SEK 33319 358 1213 3 0 0 2 34.65 13921 13921 13726 14320 3366 3366 775 775 - 1.76 1.74 1.87 2.18 - 2.21 2.06 1.77 0.98 1.40 1.45 3.72 A 24.02.2011 A2 15.11.2012
TENARIS SA EUR 23605 776 1181 2 0 0 2 30.71 13833 13833 14480 15275 3734 3770 912 912 1.84 1.84 2.13 2.14 17.72 17.74 15.34 15.25 11.03 8.28 24.77 -4.31 34.80 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
NESTLE SA-REG 3.56 3.34 3.16 2.89 2.77 2.37 2.22 2.10 1.98 1.89 16.28 15.12 14.04 12.49 12.01 13.64 12.71 11.85 11.07 10.30 19.87 18.59 17.17 15.94 14.87 3.06 3.27 3.48 3.71 4.04 67.89 0.3%
HSBC HOLDINGS PLC 1.14 1.07 1.02 0.96 0.88 2.83 2.83 2.67 2.54 11.46 10.33 8.92 8.32 11.86 10.74 9.61 8.53 7.28 4.11 4.69 5.19 6.01 5.44 776.75 11.9%
NOVARTIS AG-REG 2.41 2.33 2.21 2.09 1.86 3.36 3.33 3.20 3.07 2.98 11.76 11.63 10.83 9.41 9.26 11.81 11.95 11.15 10.23 9.89 13.38 13.52 12.23 11.12 10.64 3.48 3.56 3.79 4.04 4.37 67.13 0.4%
ROCHE HOLDING AG-GENUSSCHEIN 11.51 9.08 7.00 5.70 4.48 4.16 3.95 3.81 3.67 3.63 14.07 12.48 11.69 10.77 10.46 11.23 10.13 9.65 9.28 9.11 15.99 14.68 13.70 12.89 12.46 3.35 3.63 3.94 4.22 4.45 218.30 -0.2%
VODAFONE GROUP PLC 1.09 1.21 1.16 1.14 1.13 1.96 2.05 2.01 1.98 1.97 7.25 6.95 6.70 6.38 7.74 7.76 8.54 8.48 8.35 8.27 11.90 12.13 11.32 10.67 10.09 7.27 5.60 5.71 5.82 6.03 191.96 3.4%
BP PLC 1.12 1.08 1.01 0.95 0.85 0.37 0.39 0.38 0.38 0.46 5.18 4.64 4.22 4.05 3.90 4.36 4.24 3.93 4.00 3.86 7.65 8.18 7.30 6.85 6.47 4.87 5.11 5.47 5.89 6.36 481.53 4.5%
SANOFI 1.79 1.75 1.68 1.59 1.47 2.97 2.88 2.73 2.59 2.49 11.08 11.06 10.15 8.70 7.94 8.30 8.50 7.84 7.25 6.93 12.60 12.97 11.62 10.56 9.74 3.56 3.77 4.19 4.65 5.18 79.45 1.9%
ROYAL DUTCH SHELL PLC-A SHS 1.09 1.01 0.95 0.93 0.83 0.44 0.46 0.45 0.45 0.40 4.57 4.51 4.43 4.28 4.16 3.86 3.74 3.67 3.54 3.32 7.72 7.70 7.59 7.34 7.07 5.33 5.55 5.70 5.93 6.22 2516.79 17.6%
GLAXOSMITHKLINE PLC 10.49 12.25 10.90 8.89 6.87 2.81 2.77 2.66 2.55 2.45 12.69 10.85 9.95 9.07 8.08 9.15 9.32 8.86 8.50 8.03 13.68 13.19 11.94 10.96 10.17 4.89 5.14 5.43 5.85 6.15 1502.74 -0.9%
TOTAL SA 1.15 1.07 0.98 0.90 0.90 0.50 0.49 0.49 0.50 0.51 3.86 3.71 3.61 3.35 3.21 3.13 3.14 3.07 2.90 2.64 6.84 7.10 7.03 6.61 6.13 6.26 6.39 6.51 6.77 6.96 45.78 22.6%
BRITISH AMERICAN TOBACCO PLC 8.25 8.86 8.33 8.35 8.05 4.39 4.19 4.01 3.85 3.64 14.97 13.81 12.94 11.66 10.04 12.52 11.48 10.75 10.07 9.55 16.98 15.17 13.87 12.67 11.39 3.83 4.31 4.72 5.16 5.71 3705.01 5.9%
SIEMENS AG-REG 2.27 2.30 2.08 1.89 1.47 0.96 0.95 0.92 0.88 0.85 10.10 10.84 9.18 8.35 8.49 8.67 9.03 7.53 7.01 7.25 13.77 13.87 11.21 10.36 9.51 3.63 3.71 4.01 4.25 4.53 86.64 2.5%
ROYAL DUTCH SHELL PLC-B SHS 1.12 1.04 0.98 0.96 0.85 0.44 0.46 0.45 0.45 0.40 4.71 4.65 4.56 4.41 4.28 3.86 3.74 3.67 3.54 3.32 7.95 7.93 7.82 7.56 7.28 5.17 5.39 5.57 5.72 5.88 2463.93 11.8%
BAYER AG-REG 3.28 3.10 2.79 2.55 2.20 1.65 1.58 1.50 1.42 1.37 11.73 10.16 9.31 8.45 7.92 8.76 8.24 7.67 7.14 6.80 14.63 13.45 12.17 11.03 10.27 2.29 2.62 2.87 3.13 3.34 79.46 0.3%
BASF SE 2.41 2.34 2.18 2.03 1.74 0.80 0.78 0.78 0.74 0.74 7.77 7.50 6.92 6.71 5.69 6.09 5.91 5.60 5.29 5.16 12.55 11.41 10.59 9.84 9.23 3.79 4.01 4.20 4.42 4.48 77.17 13.3%
ANHEUSER-BUSCH INBEV NV 3.62 3.39 3.17 2.88 2.53 3.92 3.46 3.19 3.02 2.97 13.81 12.78 11.79 10.81 9.48 12.28 10.81 9.74 9.06 8.92 20.70 19.45 17.19 15.48 14.34 1.97 2.40 2.75 3.27 3.87 75.39 -0.6%
DIAGEO PLC 8.49 6.88 5.63 4.60 3.58 4.72 4.42 4.14 3.87 3.68 21.84 18.47 16.09 14.52 12.89 16.90 15.18 14.02 13.07 12.68 21.96 19.64 17.62 15.93 14.75 2.19 2.34 2.56 2.77 3.08 2064.79 2.1%
SAP AG 5.22 4.45 3.74 3.12 2.63 4.66 4.22 3.83 3.50 3.24 19.16 15.27 13.54 11.79 11.02 14.20 12.21 10.82 9.56 8.67 20.02 17.84 15.73 13.85 12.90 1.36 1.54 1.79 1.98 1.94 65.60 6.2%
NOVO NORDISK A/S-B 13.29 11.74 10.51 8.96 9.64 6.82 6.35 5.83 5.41 5.06 22.78 19.13 17.32 15.29 13.77 16.21 15.01 13.55 12.33 11.58 24.93 20.59 18.58 16.50 14.60 1.81 2.22 2.50 2.74 2.95 1019.38 7.4%
BANCO SANTANDER SA 0.68 0.70 0.68 0.70 0.80 1.23 1.22 1.17 1.13 1.12 1.97 1.95 1.84 2.20 9.26 8.77 7.53 7.32 7.60 11.40 11.71 11.24 10.55 11.61 6.15 19.1%
RIO TINTO PLC 1.66 1.48 1.29 1.15 0.96 1.82 1.58 1.49 1.45 1.40 7.56 5.29 4.99 4.46 4.46 6.78 5.59 5.09 4.88 4.62 9.45 7.85 6.90 6.89 6.62 3.34 3.80 4.20 4.50 4.26 4043.26 30.2%
LVMH MOET HENNESSY LOUIS VUI 2.66 2.45 2.22 2.02 1.63 2.40 2.22 2.04 1.89 1.76 13.96 12.91 11.71 10.90 11.24 10.36 9.48 8.58 7.81 7.51 18.35 17.45 15.55 13.92 12.42 2.26 2.49 2.80 3.11 3.28 152.67 15.4%
UNILEVER NV-CVA 5.72 5.15 4.60 4.15 3.62 1.87 1.79 1.69 1.60 1.52 15.90 14.57 13.50 12.37 11.57 12.57 11.78 11.01 10.21 9.75 19.96 18.65 17.17 15.78 14.67 3.01 3.21 3.43 3.64 3.95 31.70 0.4%
BHP BILLITON PLC 2.28 2.11 1.85 1.64 1.47 2.41 2.54 2.31 2.21 2.12 6.53 7.73 6.52 6.17 5.78 6.11 7.02 5.95 5.60 5.34 9.20 11.45 9.65 8.87 8.64 3.89 4.10 4.40 4.63 4.75 2279.16 17.5%
SABMILLER PLC 3.42 3.06 2.82 2.57 2.25 4.94 3.37 3.18 3.01 2.86 19.55 17.16 16.05 14.11 12.59 19.10 15.80 14.44 13.56 11.77 24.70 21.55 19.13 17.20 15.62 1.72 1.97 2.22 2.50 2.62 3283.07 -4.1%
ALLIANZ SE-REG 0.92 0.88 0.83 0.79 0.74 0.46 0.46 0.45 0.44 0.43 9.32 8.67 8.28 8.09 7.57 4.38 4.65 4.89 5.01 5.36 117.71 12.0%
ENI SPA 1.06 1.01 0.96 0.90 0.86 0.53 0.54 0.53 0.51 0.55 3.82 3.53 3.30 3.13 3.63 2.85 2.92 2.81 2.70 2.73 8.74 8.98 8.47 7.85 9.36 6.15 6.26 6.40 6.61 6.50 20.11 14.5%
ASTRAZENECA PLC 2.60 2.46 2.33 2.20 1.98 2.17 2.31 2.38 2.43 2.50 7.89 7.69 8.27 7.95 8.01 5.76 6.38 6.57 6.65 6.95 7.87 8.96 9.30 9.36 9.65 6.01 5.76 5.80 5.82 5.62 3046.57 -5.7%
STANDARD CHARTERED PLC 1.43 1.29 1.20 1.11 1.06 3.23 2.98 2.71 2.47 2.33 11.47 9.84 8.65 7.77 11.69 10.75 9.75 8.97 8.12 3.20 3.60 3.95 4.38 4.52 1900.72 12.2%
TELEFONICA SA 2.08 1.99 1.87 1.71 1.64 0.76 0.80 0.80 0.79 0.79 3.27 3.37 3.32 3.47 4.30 5.19 5.40 5.37 5.36 5.38 8.61 9.22 8.84 8.45 8.61 1.22 7.15 7.56 7.12 9.18 11.29 7.9%
DAIMLER AG-REGISTERED SHARES 1.08 1.03 0.96 0.87 0.80 0.41 0.40 0.37 0.35 0.36 5.26 4.99 4.39 3.63 3.04 9.19 9.29 8.16 7.27 6.18 9.38 9.33 7.88 6.81 6.73 4.94 4.70 5.17 5.84 47.46 9.4%
UBS AG-REG 1.15 1.14 1.08 1.04 1.18 2.23 2.10 2.02 1.91 1.95 94.00 12.04 9.65 7.34 14.33 16.65 12.23 8.92 7.58 0.90 1.74 3.81 7.97 9.32 17.37 19.2%
BG GROUP PLC 1.72 1.56 1.40 1.24 1.29 2.54 2.85 2.50 2.01 1.60 7.07 7.38 6.22 5.26 5.17 6.13 6.34 5.31 4.25 4.27 12.38 12.81 10.80 8.48 6.63 1.53 1.64 1.79 2.04 2.28 1390.14 24.6%
BNP PARIBAS 0.63 0.60 0.57 0.54 1.25 1.21 1.18 1.14 1.14 4.92 4.38 3.92 3.64 7.21 7.82 6.85 6.27 3.82 4.49 5.43 6.36 6.62 52.31 33.4%
UNILEVER PLC 5.87 5.29 4.72 4.26 3.72 1.87 1.79 1.69 1.60 1.52 16.33 14.97 13.87 12.70 11.89 12.57 11.78 11.01 10.21 9.75 20.50 19.16 17.64 16.21 15.07 3.00 3.14 3.40 3.73 4.12 2785.50 1.6%
BARCLAYS PLC 0.65 0.64 0.60 0.56 0.49 1.26 1.25 1.22 1.18 1.29 2.98 3.00 2.64 2.34 8.12 7.74 6.46 5.57 6.30 2.25 2.53 3.23 4.49 3.76 365.84 28.4%
ABB LTD-REG 3.11 2.81 2.52 2.27 1.33 1.25 1.19 1.13 1.03 13.79 11.51 10.47 9.50 9.51 10.10 8.59 7.76 7.23 7.31 17.25 14.82 13.08 12.00 10.74 3.15 3.38 3.61 3.85 4.17 23.30 8.4%
RECKITT BENCKISER GROUP PLC 5.50 5.20 4.57 4.14 3.30 3.57 3.37 3.22 3.02 2.90 17.62 16.37 15.44 14.72 13.03 13.73 13.16 12.49 11.63 10.54 19.23 17.94 16.96 15.78 14.38 2.71 2.88 3.05 3.25 3.58 4410.93 -7.3%
BANCO BILBAO VIZCAYA ARGENTA 0.88 0.82 0.78 0.73 1.60 1.56 1.48 1.43 2.90 2.84 2.75 2.86 18.83 8.59 7.62 6.74 6.28 6.33 6.36 6.96 7.87 17.8%
TESCO PLC 1.69 1.63 1.53 1.45 0.46 0.46 0.44 0.42 0.40 8.04 7.89 7.29 6.83 7.24 7.72 7.33 6.88 9.87 11.45 11.93 11.28 10.52 9.94 4.02 3.91 4.10 4.42 4.74 388.11 3.3%
L'OREAL 3.78 3.30 3.05 2.80 2.35 3.23 3.08 2.91 2.73 2.60 19.87 18.39 17.04 15.92 15.07 15.92 14.87 13.84 12.96 12.19 24.97 23.32 21.53 19.74 18.62 1.85 2.06 2.24 2.50 2.67 113.41 -5.1%
DANONE 2.56 2.42 2.29 2.12 1.84 1.63 1.53 1.44 1.36 1.29 12.59 12.34 10.85 9.75 8.89 11.18 10.67 9.93 9.20 8.44 17.68 16.89 15.29 14.09 12.70 2.74 2.85 3.11 3.41 3.94 54.56 2.3%
NATIONAL GRID PLC 2.72 2.67 2.57 2.42 2.30 1.91 1.91 1.84 1.78 1.70 8.07 7.77 7.58 7.30 7.13 10.04 9.53 8.96 8.55 8.40 14.95 14.07 13.70 13.14 13.19 5.23 5.44 5.56 5.74 5.80 723.88 -3.7%
ZURICH INSURANCE GROUP AG 1.21 1.15 1.09 1.01 0.97 0.66 0.66 0.64 0.65 0.59 12.35 9.60 9.08 8.54 8.12 6.72 6.67 6.83 7.00 7.26 269.00 2.4%
CIE FINANCIERE RICHEMON-BR A 4.12 3.31 2.82 2.45 2.04 4.04 3.42 3.16 2.90 4.75 21.25 16.65 13.99 12.78 13.25 14.45 11.38 10.36 9.46 8.64 25.29 17.53 15.53 14.04 12.63 0.78 1.02 1.19 1.36 1.50 86.12 16.2%
PRUDENTIAL PLC 2.73 2.38 2.12 2.10 1.58 0.54 0.46 0.45 15.13 13.14 11.86 10.89 2.53 2.88 3.08 3.35 3.52 1116.89 6.4%
AXA SA 0.67 0.63 0.60 0.55 0.53 0.32 0.32 0.31 0.29 7.38 6.83 6.40 6.11 5.63 5.41 5.82 6.15 6.49 16.38 21.6%
SCHNEIDER ELECTRIC SA 1.82 1.74 1.62 1.52 1.31 1.28 1.22 1.15 11.45 10.95 9.73 9.29 9.43 8.78 8.06 7.53 14.66 13.62 12.22 11.18 3.13 3.44 3.76 4.10 59.03 5.0%
SYNGENTA AG-REG 4.57 3.89 3.47 2.83 2.68 2.71 2.52 2.38 2.27 2.24 15.62 13.80 12.64 12.03 11.83 12.67 11.49 10.60 10.03 9.69 18.74 16.58 15.14 14.29 14.61 2.25 2.64 2.91 3.07 3.14 408.11 3.2%
AIR LIQUIDE SA 2.72 2.53 2.36 2.20 1.97 1.91 1.79 1.67 1.57 1.53 10.13 9.34 8.72 8.22 7.46 9.42 8.69 8.01 7.47 7.17 18.27 16.80 15.19 13.91 12.96 2.69 2.89 3.14 3.41 3.40 101.28 8.2%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
ERICSSON LM-B SHS 1.82 1.83 1.73 1.58 1.50 1.18 1.14 1.09 1.05 1.07 16.61 11.55 9.80 9.16 7.09 8.83 7.09 6.33 5.66 5.72 18.85 15.78 13.27 11.65 10.71 3.19 3.45 3.71 3.99 4.19 85.03 4.7%
XSTRATA PLC 1.02 0.97 0.91 0.94 1.59 1.43 1.34 1.19 7.07 6.93 6.00 5.06 8.62 6.82 5.98 4.81 13.92 13.00 10.35 7.35 2.47 2.73 3.05 3.72 1267.50 18.1%
DEUTSCHE BANK AG-REGISTERED 0.50 0.49 0.47 0.44 0.39 0.84 0.83 0.81 0.79 0.71 5.36 4.66 4.08 3.83 8.48 7.86 6.07 5.08 4.36 2.48 2.54 3.20 3.74 3.54 38.64 27.2%
ANGLO AMERICAN PLC 0.80 0.79 0.76 0.74 1.28 1.05 1.01 0.96 0.85 6.14 4.61 4.31 4.00 6.23 5.03 4.62 4.42 5.64 13.45 11.15 9.17 8.31 15.01 2.93 3.31 3.51 4.02 5.46 2026.32 18.5%
DEUTSCHE TELEKOM AG-REG 1.24 1.25 1.19 1.17 1.31 0.61 0.61 0.61 0.61 0.61 2.65 2.54 2.57 2.67 2.56 4.35 4.52 4.51 4.45 4.35 12.74 11.52 11.13 10.80 10.20 8.55 6.55 6.27 6.46 7.14 9.16 12.1%
GDF SUEZ 0.53 0.53 0.54 0.55 0.52 0.39 0.44 0.44 0.44 0.41 2.99 3.33 3.23 3.51 3.21 5.49 6.66 6.56 6.40 5.88 9.57 10.93 10.49 9.98 8.66 10.05 9.83 9.86 8.92 9.46 16.67 11.7%
IMPERIAL TOBACCO GROUP PLC 2.82 3.55 3.41 3.32 3.12 2.76 2.70 2.61 2.53 2.44 9.99 9.12 8.81 8.10 7.37 9.14 8.97 8.60 8.26 7.95 11.24 10.55 9.79 9.10 8.47 4.67 5.18 5.72 6.32 6.88 2637.15 17.7%
NORDEA BANK AB 1.27 1.19 1.12 1.06 3.50 3.40 3.27 3.13 11.03 11.47 8.95 6.83 11.71 10.67 9.57 8.63 3.39 4.38 5.08 5.78 79.33 8.9%
CREDIT SUISSE GROUP AG-REG 0.92 0.91 0.86 0.82 0.66 1.36 1.25 1.20 1.18 1.11 15.66 6.59 6.94 6.34 10.16 9.50 8.08 7.35 6.73 2.85 3.72 4.41 5.39 5.06 28.53 13.9%
VOLKSWAGEN AG-PREF 0.93 0.85 0.76 0.66 0.63 0.36 0.34 0.32 0.31 0.30 3.23 3.29 2.93 3.01 2.59 7.57 6.88 6.16 5.75 4.97 7.18 7.11 6.15 5.56 5.16 2.50 2.86 3.50 4.42 4.26 192.58 24.9%
MUENCHENER RUECKVER AG-REG 0.98 0.91 0.87 0.82 0.80 0.47 0.47 0.45 0.44 0.37 8.22 8.86 8.65 8.70 9.63 4.69 4.86 5.00 5.26 5.39 147.33 1.5%
E.ON SE 0.68 0.68 0.67 0.64 0.61 0.24 0.24 0.24 0.23 0.21 3.29 4.05 4.02 3.82 3.55 4.69 5.29 5.18 5.16 5.02 6.01 10.29 9.67 9.52 9.12 8.12 5.48 5.64 5.68 5.94 13.34 -0.9%
PERNOD-RICARD SA 2.59 2.22 2.04 1.85 1.72 3.12 2.91 2.74 2.56 2.41 19.20 18.09 15.83 14.18 13.11 15.29 13.97 12.93 11.95 10.91 21.01 19.43 17.14 15.05 13.30 1.64 1.76 1.98 2.23 2.72 101.00 4.6%
BT GROUP PLC 11.57 12.36 7.49 5.48 3.50 1.11 1.18 1.21 1.21 1.21 4.40 4.71 4.90 4.80 5.70 4.97 4.91 4.94 4.89 4.90 11.93 10.83 10.70 10.03 9.78 3.09 3.53 3.97 4.52 4.82 267.95 -1.5%
INDITEX 7.33 6.70 5.83 5.09 3.80 3.91 3.52 3.18 2.87 2.60 19.34 17.66 15.76 14.11 14.69 13.28 11.87 10.66 9.52 26.14 23.42 20.88 18.64 16.69 2.27 2.50 2.85 3.24 3.64 108.25 8.1%
ROLLS-ROYCE HOLDINGS PLC 3.62 2.95 2.55 2.27 1.96 1.68 1.36 1.29 1.19 1.11 17.87 14.54 11.69 9.71 10.69 8.77 8.16 7.52 6.44 19.15 16.78 15.33 14.14 13.07 1.79 2.00 2.26 2.59 2.76 1055.28 -4.0%
STATOIL ASA 1.41 1.28 1.17 1.09 1.02 0.63 0.70 0.69 0.69 0.71 3.69 3.76 3.61 3.61 3.49 1.88 2.01 1.97 1.95 2.05 8.55 8.48 8.21 8.31 8.55 4.73 4.88 5.01 5.17 5.33 159.51 13.0%
LLOYDS BANKING GROUP PLC 0.75 0.77 0.73 0.69 0.63 1.85 1.86 1.87 1.85 12.06 8.77 7.09 6.10 20.10 12.36 8.61 7.42 5.67 0.00 0.41 2.07 4.15 3.32 53.63 11.2%
SWISS RE AG 0.86 0.85 0.82 0.77 0.71 0.91 0.92 0.86 0.81 0.80 7.89 9.98 9.49 9.23 8.72 4.72 5.43 5.45 5.61 5.06 75.80 -1.2%
CENTRICA PLC 3.13 3.02 2.79 2.52 2.16 0.81 0.77 0.74 0.71 0.67 10.13 7.40 6.91 6.53 6.43 5.91 5.62 5.33 4.98 13.51 13.12 11.80 11.47 10.27 4.50 4.71 4.99 5.32 5.81 368.25 0.9%
KONINKLIJKE PHILIPS ELECTRON 1.84 1.84 1.73 1.59 1.42 0.89 0.89 0.86 0.82 0.82 11.22 9.16 7.76 7.33 6.73 8.24 6.65 6.06 5.49 5.44 19.26 14.05 12.15 10.89 9.49 3.30 3.40 3.68 3.93 4.02 24.23 5.3%
GLENCORE INTERNATIONAL PLC 1.19 1.07 0.95 0.87 0.19 0.18 0.17 0.16 0.20 10.27 8.18 6.70 5.96 13.08 10.20 8.13 7.59 11.64 9.08 7.29 6.23 11.23 2.75 3.14 3.84 4.25 434.00 21.5%
ING GROEP NV-CVA 0.43 0.39 0.37 0.36 0.50 0.56 0.51 0.50 7.27 5.62 5.07 4.86 5.86 0.00 0.30 3.36 4.94 7.98 41.9%
BAYERISCHE MOTOREN WERKE AG 1.45 1.33 1.21 1.09 1.03 0.57 0.55 0.53 0.50 0.50 5.33 5.16 4.92 4.74 3.31 7.67 7.91 7.63 7.88 6.64 8.86 8.82 8.57 8.20 8.10 3.80 4.00 4.29 4.46 3.92 79.43 15.4%
LINDE AG 1.92 1.92 1.78 1.65 1.49 1.74 1.55 1.46 1.38 1.32 9.55 8.73 8.05 7.44 6.80 10.09 8.90 8.23 7.56 7.12 18.39 16.79 14.84 13.37 12.31 1.85 2.05 2.26 2.49 2.82 152.10 6.0%
VIVENDI 1.01 1.05 1.00 0.99 1.01 0.74 0.73 0.72 0.71 0.70 3.47 3.74 3.62 3.41 3.50 4.75 4.86 4.73 4.65 4.51 7.90 8.89 8.37 7.97 7.95 6.31 6.21 6.43 6.82 8.17 17.84 12.5%
VINCI SA 1.44 1.35 1.28 1.17 1.02 0.53 0.52 0.51 0.50 0.46 5.10 4.95 4.81 4.53 4.26 6.33 6.25 6.07 5.85 5.44 10.11 9.92 9.38 8.93 7.91 5.12 5.18 5.39 5.78 6.02 43.76 25.4%
ENEL SPA 0.58 0.58 0.56 0.53 0.54 0.29 0.29 0.29 0.29 0.28 2.63 2.60 2.39 2.54 2.64 5.83 5.99 5.93 5.80 5.67 6.87 7.54 7.18 6.76 6.79 5.95 5.52 5.67 6.11 5.91 3.04 20.7%
HEINEKEN NV 3.19 2.84 2.54 2.18 2.07 1.87 1.67 1.59 1.51 1.43 11.88 10.02 9.23 8.31 7.83 12.28 10.40 9.68 9.02 8.75 20.94 18.14 16.09 14.45 13.04 1.48 1.66 1.87 2.07 2.25 55.12 -7.1%
RWE AG 1.10 1.12 1.07 1.02 0.91 0.34 0.33 0.32 0.32 0.30 2.95 3.07 3.12 3.36 2.84 3.87 3.84 3.93 3.99 4.01 7.07 7.36 8.08 8.38 8.11 7.03 6.88 6.59 6.31 6.38 30.15 4.9%
IBERDROLA SA 0.63 0.62 0.61 0.60 0.61 0.73 0.69 0.66 0.65 0.68 3.86 4.14 4.21 3.78 6.39 6.52 6.27 6.02 5.86 8.00 9.06 8.64 8.75 9.23 8.55 8.05 8.03 7.98 8.23 4.33 18.6%
HENNES & MAURITZ AB-B SHS 8.49 8.32 7.73 7.06 6.66 3.16 2.97 2.68 2.43 2.18 18.80 17.54 15.77 14.18 13.25 14.22 13.59 12.16 10.92 9.70 22.79 21.51 19.22 17.31 15.45 4.14 4.20 4.47 4.86 5.53 219.50 -5.1%
EADS NV 3.29 3.26 2.62 2.23 1.91 0.60 0.56 0.52 0.50 0.49 10.75 8.34 7.46 5.39 6.63 6.03 4.82 4.11 3.75 3.65 20.53 14.75 11.00 9.08 8.46 1.55 2.42 3.25 3.95 3.81 42.96 8.4%
ASML HOLDING NV 4.95 4.26 3.64 2.94 4.42 4.30 3.44 2.89 2.35 17.34 20.00 12.94 10.50 13.86 15.34 10.43 8.02 6.86 20.50 22.28 14.40 10.73 7.99 0.89 1.07 1.23 1.40 53.78 5.5%
VOLVO AB-B SHS 2.18 2.21 1.97 1.82 0.66 0.68 0.63 0.60 0.59 11.10 7.07 6.24 5.76 9.34 9.12 7.42 6.52 7.15 15.27 15.03 10.48 8.65 8.76 3.08 3.41 4.02 4.63 104.41 10.7%
FRANCE TELECOM SA 0.76 0.78 0.77 0.74 0.76 0.48 0.50 0.50 0.51 0.51 2.07 2.12 2.19 2.27 2.23 3.93 4.16 4.28 4.37 4.39 6.12 7.19 7.37 7.27 7.01 10.19 9.87 9.54 9.23 9.73 9.63 22.1%
COMPAGNIE DE SAINT-GOBAIN 0.84 0.84 0.81 0.76 0.35 0.35 0.34 0.33 0.32 5.41 5.40 4.93 4.31 5.52 5.46 5.02 4.52 4.12 12.22 11.76 9.74 7.85 6.63 4.06 4.61 4.63 4.86 33.03 15.0%
ATLAS COPCO AB-A SHS 6.30 5.47 4.69 4.04 2.40 2.43 2.33 2.20 2.14 15.03 13.86 13.51 13.10 10.30 10.43 9.87 9.24 9.44 15.95 16.10 15.02 13.82 3.16 3.23 3.45 3.66 190.61 4.4%
SWATCH GROUP AG/THE-BR 3.22 2.84 2.48 2.16 3.68 3.20 2.91 2.65 2.51 20.45 15.90 13.97 12.56 12.48 10.48 9.36 8.33 8.29 19.74 16.45 14.72 13.08 12.87 1.25 1.45 1.64 1.85 1.99 594.56 9.5%
TELENOR ASA 2.56 2.50 2.36 2.17 2.43 1.96 1.93 1.88 1.83 1.73 9.58 7.26 6.93 6.79 5.39 7.52 6.86 6.53 6.25 5.90 15.50 12.72 11.26 10.21 9.04 4.46 5.32 6.05 6.87 10.56 132.04 3.4%
INTESA SANPAOLO 0.37 0.36 0.35 0.34 1.04 1.08 1.05 1.03 2.31 2.33 2.21 2.11 11.30 9.89 7.28 5.96 6.92 4.61 4.69 6.23 7.22 8.13 1.41 27.5%
HENKEL AG & CO KGAA VORZUG 3.29 3.04 2.72 2.45 2.11 1.75 1.70 1.62 1.53 1.48 15.94 14.58 13.62 12.62 11.50 11.76 11.11 10.29 9.45 8.85 19.95 18.38 16.68 15.14 13.97 1.25 1.38 1.53 1.72 1.93 70.86 -4.3%
TELIASONERA AB 1.70 1.68 1.62 1.70 1.91 1.92 1.91 1.90 1.85 5.94 6.90 6.92 6.73 5.97 7.42 7.52 7.29 7.16 6.86 11.21 11.03 10.58 10.35 9.77 6.71 7.22 7.31 7.58 8.83 47.08 2.0%
ARCELORMITTAL 0.38 0.39 0.38 0.36 0.33 0.26 0.25 0.24 0.24 0.23 4.22 4.52 3.27 3.08 1.92 6.68 6.11 4.99 4.48 3.89 76.06 19.18 9.05 6.42 4.82 4.34 1.65 2.39 2.70 1.92 13.80 35.5%
FRESENIUS MEDICAL CARE AG & 2.33 2.10 1.89 1.69 1.52 1.49 1.39 1.32 1.23 1.14 11.74 11.00 10.05 9.29 9.06 9.93 9.31 8.80 8.21 7.40 18.02 17.05 15.72 13.99 12.16 1.34 1.43 1.53 1.65 2.18 56.70 8.2%
AP MOELLER-MAERSK A/S-B 0.93 0.89 0.82 0.75 0.57 0.58 0.54 0.51 0.44 4.41 4.06 3.52 3.19 4.07 4.05 3.62 3.37 10.83 10.37 8.32 6.68 5.33 2.33 2.63 2.81 2.95 50965.00 12.2%
CHRISTIAN DIOR 2.78 1.67 1.50 1.18 0.97 0.78 0.71 0.65 6.94 5.45 4.76 3.94 7.68 6.15 5.46 4.89 18.24 13.72 11.50 10.81 1.78 2.55 3.03 3.48 146.57 14.5%
HENKEL AG & CO KGAA 2.71 2.50 2.23 2.01 1.73 1.75 1.70 1.62 1.53 1.48 13.09 11.98 11.19 10.37 9.45 11.76 11.11 10.29 9.45 8.85 16.39 15.10 13.70 12.44 11.48 1.53 1.71 1.86 2.07 2.37 60.54 -0.5%
ATLAS COPCO AB-B SHS 5.61 4.88 4.18 3.61 2.40 2.43 2.33 2.20 2.14 13.40 12.36 12.04 11.68 10.30 10.43 9.87 9.24 9.44 14.22 14.36 13.39 12.32
TENARIS SA 1.99 1.86 1.68 1.51 2.18 2.08 1.97 1.89 9.83 8.50 9.14 9.98 8.36 7.84 7.38 7.03 13.54 12.01 11.94 11.23 2.46 2.58 2.70 2.66 15.66 0.0%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Nestle SA is a multinational packaged food company that manufactures and markets
a wide range of food products. The Company's product line includes milk,
chocolate, confectionery, bottled water, coffee, creamer, food seasoning and
pet foods.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 69.00
52-Week Low (05.06.2012) 53.80
Daily Volume
67.7
52-Week High % Change -1.88% Dividend Yield -
52-Week Low % Change 25.84% Beta 0.74
% 52 Week Price Range High/Low 91.45% Equity Float 3'219.39
Shares Out 31.12.2012 3'224.8 Short Int -
218'318.95 1 Yr Total Return 23.49%
Total Debt 27'577.00 YTD Return 13.59%
Preferred Stock 0.0 Adjusted BETA 0.742
Minority Interest 1'657.0 Analyst Recs 42
Cash and Equivalents 9'425.00 Consensus Rating 3.762
Enterprise Value 238'127.95
Average Volume 5 Day 4'421'169
NESN VX EQUITY YTD Change - Average Volume 30 Day 5'384'823
NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'693'481
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
103'086.0 100'579.0 88'015.0 83'770.0 92'324.0 83'642 92'186 98'254 103'914 22'959 24'414
1.64x 1.96x 2.08x 2.23x 2.27x 0.00x 0.00x 2.42x 2.26x - -
15'533.0 16'048.0 15'611.0 15'390.0 16'887.0 0.0 0.0 18'692.3 20'056.7 - -
10.89x 12.28x 11.72x 12.16x 12.43x 0.00x 0.00x 12.71x 11.85x - -
18'039.0 10'428.0 34'233.0 9'487.0 10'611.0 0.0 0.0 11'457.7 12'394.8 - -
20.80x 19.38x 21.06x 18.18x 17.90x 0.00x 0.00x 18.59x 17.17x - -
EBITDA 16'887.00 Long-Term Rating Date 16.08.2007
EBIT 13'903.00 Long-Term Rating AA
Operating Margin 15.06% Long-Term Outlook STABLE
Pretax Margin 15.72% Short-Term Rating Date 23.11.1981
Return on Assets 8.83% Short-Term Rating A-1+
Return on Common Equity 18.02%
Return on Capital 13.46% EBITDA/Interest Exp. 29.73
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 20.28
Net Debt/EBITDA 1.07
Gross Margin 47.6% Total Debt/EBITDA 1.63
EBITDA Margin 18.3%
EBIT Margin 15.1% Total Debt/Equity 45.2%
Net Income Margin 11.5% Total Debt/Capital 30.6%
Asset Turnover 0.77
Current Ratio 0.91 Net Fixed Asset Turnover 3.63
Quick Ratio 0.50 Accounts receivable turnover-days 38.56
Debt to Assets 21.85% Inventory Days 69.50
Tot Debt to Common Equity 45.25% Accounts Payable Turnover Day 106.31
Accounts Receivable Turnover 9.49 Cash Conversion Cycle 1.76
Inventory Turnover 5.27
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
Nestle SAPrice/Volume
Valuation Analysis
2'739'821.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 167'423'934 5.19 145'091 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 73'718'620 2.29 2'250'900 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 45'239'182 1.4 (902'542) 31.01.2013 Mutual Fund Manager
FMR LLC n/a ULT-AGG 37'264'088 1.16 2'976'375 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'232'885 1.09 (997'394) 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 28'857'544 0.89 (56'440) 30.11.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 23'431'160 0.73 524'947 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 18'332'115 0.57 319'679 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 17'812'640 0.55 88'163 31.01.2013 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 16'719'546 0.52 6'474'868 31.01.2013 Mutual Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'537'390 0.39 22'050 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'887'345 0.37 (187'731) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'560'011 0.33 (110'988) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'789'155 0.3 3'003'499 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'899'608 0.28 (63'233) 31.01.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'902'742 0.25 11'764 30.09.2012 Hedge Fund Manager
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'524'912 0.17 121'371 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'320'763 0.16 (722'976) 31.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 5'162'265 0.16 (118'700) 28.02.2013 Unclassified
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'693'232 0.15 (71'536) 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 66 12 month 26.03.2013
Kepler Capital Markets JON COX hold 3 M 60 Not Provided 22.03.2013
Grupo Santander PEDRO GIL buy 5 M 72 Not Provided 21.03.2013
Jefferies ALEX HOWSON buy 5 M 74 12 month 21.03.2013
AlphaValue SOPHIE CABO-BROSETA reduce 2 M 70 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 21.03.2013
Exane BNP Paribas JEFF STENT outperform 5 M 74 Not Provided 19.03.2013
Day by Day VALERIE GASTALDY buy 5 M 79 3 month 18.03.2013
JPMorgan CELINE PANNUTI overweight 5 M 72 9 month 14.03.2013
Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 68 12 month 13.03.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 73 12 month 11.03.2013
Credit Suisse ALEX MOLLOY outperform 5 U 76 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 69 12 month 05.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 63 12 month 26.02.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 22.02.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 22.02.2013
Societe Generale WARREN L ACKERMAN buy 5 M 71 12 month 19.02.2013
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 18.02.2013
Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 15.02.2013
Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 15.02.2013
Nomura DAVID HAYES reduce 2 M 66 Not Provided 15.02.2013
Helvea ANDREAS VON ARX neutral 3 M 65 12 month 15.02.2013
Barclays LIAM ROWLEY overweight 5 M 70 Not Provided 15.02.2013
Deutsche Bank JAMES ISENWATER hold 3 M 63 12 month 14.02.2013
Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 70 12 month 14.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 67 12 month 14.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 14.02.2013
SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 61 12 month 14.02.2013
S&P Capital IQ CARL SHORT hold 3 M 65 12 month 14.02.2013
Natixis PIERRE TEGNER buy 5 U 72 Not Provided 11.02.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 63 Not Provided 21.01.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 6 month 18.10.2012
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 58 Not Provided 14.09.2012
Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 13.09.2012
HSBC CEDRIC BESNARD neutral 3 D 67 Not Provided 12.09.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
DZ Bank AG ROBERT CZERWENSKY hold 3 D 63 12 month 16.08.2012
Holdings By:
Nestle SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
HSBC Holdings plc is the holding company for the HSBC Group. The Company
provides a variety of international banking and financial services, including
retail and corporate banking, trade, trusteeship, securities, custody, capital
markets, treasury, private and investment banking, and insurance. The Group
operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 741.20
52-Week Low (30.05.2012) 501.20
Daily Volume
694.1
52-Week High % Change -6.35% Dividend Yield 4.29
52-Week Low % Change 38.49% Beta 1.09
% 52 Week Price Range High/Low 82.21% Equity Float 18'474.42
Shares Out 28.02.2013 18'484.5 Short Int -
128'300.92 1 Yr Total Return 28.80%
Total Debt 284'987.00 YTD Return 9.09%
Preferred Stock 2'728.0 Adjusted BETA 1.090
Minority Interest 7'887.0 Analyst Recs 44
Cash and Equivalents 256'366.00 Consensus Rating 4.045
Enterprise Value -
Average Volume 5 Day 27'755'540
HSBA LN EQUITY YTD Change - Average Volume 30 Day 22'664'280
HSBA LN EQUITY YTD % CHANGE - Average Volume 3 Month 20'333'180
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
126'036.0 97'533.0 91'171.0 94'799.0 84'663.0 85'228.0 80'336.0 68'487.3 72'601.7 - -
- - - - - 0.00x 0.00x 0.93x 0.40x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
5'728.0 5'834.0 13'159.0 16'797.0 14'027.0 16'797.0 14'027.0 18'363.5 20'694.4 - -
19.90x 31.93x 13.43x 8.03x 13.58x 8.03x 13.58x 10.74x 9.61x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A+
Operating Margin 15.34% Long-Term Outlook NEG
Pretax Margin 31.46% Short-Term Rating Date 29.11.2011
Return on Assets 0.53% Short-Term Rating A-1
Return on Common Equity 8.37%
Return on Capital 3.38% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 165.2%
Net Income Margin 21.4% Total Debt/Capital 60.9%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 7.49
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 10.58% Inventory Days -
Tot Debt to Common Equity 165.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
HSBC Holdings PLCPrice/Volume
Valuation Analysis
9'945'450.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 1'324'583'860 7.17 (13'049'021) 12.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 1'110'172'768 6.01 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 681'507'879 3.69 2'537'898 01.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 476'556'585 2.58 - 01.02.2013 Government
SCOTTISH WIDOWS n/a ULT-AGG 440'954'225 2.39 79'539'775 01.02.2013 Unclassified
FMR LLC n/a ULT-AGG 332'844'458 1.8 40'654'991 01.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 324'698'913 1.76 50'440'600 01.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 224'222'452 1.21 (2'646'000) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 209'856'599 1.14 5'636'526 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 200'499'704 1.08 10'505'716 01.02.2013 Investment Advisor
DZ BANK AG Multiple Portfolios REG 199'869'719 1.08 - 01.02.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 198'426'753 1.07 5'126'341 01.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 193'573'011 1.05 27'428'625 28.02.2013 Unclassified
UBS n/a ULT-AGG 187'959'754 1.02 21'768'714 01.02.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 181'870'790 0.98 2'568'947 01.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 180'568'727 0.98 (14'593'182) 01.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 174'085'246 0.94 2'029'272 26.03.2013 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 141'993'045 0.77 (3'241'674) 01.02.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 127'868'417 0.69 19'292'369 01.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 125'817'709 0.68 (3'893'625) 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie THOMAS STOEGNER outperform 5 M 800 12 month 26.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 835 Not Provided 25.03.2013
Credit Suisse AMIT GOEL outperform 5 M 790 Not Provided 25.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013
AlphaValue DAVID GRINSZTAJN sell 1 M 610 6 month 21.03.2013
Investec IAN GORDON add 4 M 735 12 month 20.03.2013
Shore Capital Stockbrokers GARY GREENWOOD buy 5 U #N/A N/A Not Provided 19.03.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 860 12 month 18.03.2013
Nomura CHINTAN JOSHI buy 5 M 900 12 month 18.03.2013
Exane BNP Paribas TOM RAYNER outperform 5 M 825 Not Provided 18.03.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 856 12 month 14.03.2013
Oriel Securities Ltd VIVEK RAJA buy 5 U 860 Not Provided 14.03.2013
Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 940 12 month 12.03.2013
Numis Securities Ltd MICHAEL J TRIPPITT hold 3 M 652 Not Provided 12.03.2013
Societe Generale JAMES INVINE buy 5 M 790 12 month 05.03.2013
Deutsche Bank JASON NAPIER buy 5 M 760 12 month 05.03.2013
Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 777 12 month 05.03.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 700 12 month 05.03.2013
DBS Vickers ALEXANDER LEE buy 5 M 820 12 month 05.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 750 12 month 05.03.2013
Citic Securities Co., Ltd STEVEN CHAN buy 5 M 854 6 month 05.03.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 746 Not Provided 05.03.2013
Canaccord Genuity Corp GARETH HUNT buy 5 M 825 12 month 04.03.2013
S&P Capital IQ FRANK BRADEN buy 5 M 785 12 month 04.03.2013
CCB International Securities Ltd ADAM CHAN neutral 3 M 692 Not Provided 04.03.2013
JPMorgan RAUL SINHA overweight 5 M 755 9 month 26.02.2013
Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 800 12 month 08.02.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 720 Not Provided 04.02.2013
Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 31.01.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 800 Not Provided 29.01.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 680 Not Provided 28.01.2013
Barclays ROHITH CHANDRA-RAJAN overweight 5 M 730 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Daniel Stewart & Co SIMON WILLIS hold 3 M 650 12 month 09.01.2013
Liberum Capital Ltd CORMAC LEECH buy 5 M 665 Not Provided 07.12.2012
JF Apex Securities Bhd TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 06.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 676 Not Provided 06.12.2012
Mizuho Securities JIM ANTOS buy 5 U 709 12 month 19.11.2012
Grupo Santander ARTURO DE FRIAS hold 3 M 632 Not Provided 18.09.2012
China International Capital Corp SALLY NG accumulate 4 M 668 12 month 12.07.2012
Redburn Partners JON KIRK buy 5 N #N/A N/A Not Provided 27.01.2011
Holdings By:
HSBC Holdings PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Novartis AG manufactures pharmaceutical and consumer healthcare products. The
Company produces pharmaceuticals for cardiovascular, respiratory and infectious
diseases, oncology, neuroscience, transplantation, dermatology,
gastrointestinal and urinary conditions, and arthritis, vaccines and
diagnostics, vision, and animal health products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2013) 67.70
52-Week Low (18.05.2012) 48.29
Daily Volume
66.85
52-Week High % Change -1.18% Dividend Yield -
52-Week Low % Change 38.43% Beta 0.89
% 52 Week Price Range High/Low 98.45% Equity Float 2'423.83
Shares Out 31.12.2012 2'706.2 Short Int -
180'909.00 1 Yr Total Return 38.36%
Total Debt 19'726.00 YTD Return 20.66%
Preferred Stock 0.0 Adjusted BETA 0.889
Minority Interest 126.0 Analyst Recs 33
Cash and Equivalents 8'119.00 Consensus Rating 4.061
Enterprise Value 201'431.69
Average Volume 5 Day 3'613'293
NOVN VX EQUITY YTD Change - Average Volume 30 Day 4'881'864
NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'700'765
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 58'566.0 56'673.0 57'028.9 59'316.4 13'699.0 13'948.0
2.76x 2.72x 3.08x 2.61x 2.89x 10.66x 11.16x 3.46x 3.23x - -
11'978.0 12'318.0 15'866.0 17'818.0 16'714.0 17'818.0 16'465.0 16'838.1 18'056.5 - -
9.55x 9.79x 9.81x 8.58x 9.82x 8.58x 9.96x 11.95x 11.15x - -
8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 9'113.0 9'505.0 12'485.7 13'748.1 3'028.0 3'123.0
13.89x 14.73x 13.70x 14.94x 16.01x 14.94x 16.05x 13.52x 12.23x 13.68x 13.53x
EBITDA 16'714.00 Long-Term Rating Date 07.04.2008
EBIT 11'794.00 Long-Term Rating AA-
Operating Margin 20.81% Long-Term Outlook STABLE
Pretax Margin 19.84% Short-Term Rating Date 14.01.1997
Return on Assets 7.86% Short-Term Rating A-1+
Return on Common Equity 14.09%
Return on Capital 11.69% EBITDA/Interest Exp. 23.09
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 19.36
Net Debt/EBITDA 0.70
Gross Margin 66.9% Total Debt/EBITDA 1.20
EBITDA Margin 29.1%
EBIT Margin 20.3% Total Debt/Equity 28.5%
Net Income Margin 16.8% Total Debt/Capital 22.2%
Asset Turnover 0.47
Current Ratio 1.16 Net Fixed Asset Turnover 3.48
Quick Ratio 0.76 Accounts receivable turnover-days 65.79
Debt to Assets 15.88% Inventory Days 123.66
Tot Debt to Common Equity 28.55% Accounts Payable Turnover Day 98.95
Accounts Receivable Turnover 5.56 Cash Conversion Cycle 90.49
Inventory Turnover 2.96
Fiscal Year Ended
Novartis AGPrice/Volume
Valuation Analysis
1'999'225.00
Current Price (3/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
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 120'887'981 4.47 (515'205) 31.12.2012 Investment Advisor
NOVARTIS AG n/a EXCH 109'194'165 4.03 - 09.05.2012 Corporation
BLACKROCK n/a ULT-AGG 104'449'586 3.86 4'817'320 25.03.2013 Investment Advisor
EMASAN AG n/a Co File 87'859'938 3.25 - 31.12.2011 Hedge Fund Manager
NOVARTIS FOUNDATION n/a EXCH 78'926'882 2.92 - 25.02.2013 n/a
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 37'728'226 1.39 (769'427) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'677'414 1.13 1'041'632 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 23'848'647 0.88 (37'179) 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 14'689'249 0.54 167'961 31.01.2013 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 14'545'038 0.54 5'670'224 31.01.2013 Mutual Fund Manager
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'586 0.5 1'410'638 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'144'896 0.49 458'700 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'929'652 0.4 590'222 26.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'481'470 0.31 223'606 31.01.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 6'826'249 0.25 693'638 21.03.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'478'481 0.24 63'525 28.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 5'933'597 0.22 (9'500) 28.02.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 5'456'801 0.2 (621'833) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 5'092'802 0.19 (237'271) 31.05.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3'857'938 0.14 219'112 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 71 12 month 25.03.2013
Helvea ODILE RUNDQUIST buy 5 M 68 12 month 25.03.2013
Exane BNP Paribas FLORENT CESPEDES outperform 5 M 71 Not Provided 21.03.2013
AlphaValue ARMELLE MOULIN add 4 M 75 6 month 21.03.2013
JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 U 78 15 month 15.03.2013
Credit Suisse MATTHEW WESTON outperform 5 M 70 Not Provided 14.03.2013
Jefferies JEFFREY HOLFORD buy 5 M 78 12 month 14.03.2013
Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 13.03.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 72 Not Provided 28.02.2013
Day by Day VALERIE GASTALDY buy 5 M 69 3 month 28.02.2013
Societe Generale STEPHEN MCGARRY buy 5 M 72 12 month 25.02.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 70 6 month 25.02.2013
Kepler Capital Markets MARTIN VOEGTLI hold 3 M 59 Not Provided 14.02.2013
Barclays MARK PURCELL equalweight 3 M 65 Not Provided 04.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 60 12 month 28.01.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 70 Not Provided 25.01.2013
Bank Vontobel AG ANDREW C WEISS reduce 2 M 53 Not Provided 24.01.2013
Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 61 12 month 23.01.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 63 12 month 23.01.2013
S&P Capital IQ SHO MATSUBARA hold 3 M 63 12 month 23.01.2013
Natixis BEATRICE MUZARD neutral 3 M 62 Not Provided 18.01.2013
Nomura AMIT ROY buy 5 M 65 12 month 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank TIM RACE hold 3 D 63 12 month 12.12.2012
Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.12.2012
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 Not Provided 25.10.2012
Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 70 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012
DZ Bank AG ELMAR KRAUS buy 5 M 56 12 month 30.01.2012
CA Cheuvreux MARCEL BRAND underperform 1 M 48 Not Provided 17.07.2009
Holdings By:
Novartis AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Roche Holding AG develops and manufactures pharmaceutical and diagnostic
products. The Company produces prescription drugs in the areas of
cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,
metabolic disorders, oncology, transplantation, and the central nervous system.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (06.03.2013) 220.40
52-Week Low (04.06.2012) 148.40
Daily Volume
218.7
52-Week High % Change -0.77% Dividend Yield -
52-Week Low % Change 47.37% Beta 0.93
% 52 Week Price Range High/Low 99.17% Equity Float 701.88
Shares Out 31.12.2012 702.6 Short Int -
188'658.45 1 Yr Total Return 42.81%
Total Debt 24'590.00 YTD Return 22.94%
Preferred Stock 0.0 Adjusted BETA 0.930
Minority Interest 2'234.0 Analyst Recs 34
Cash and Equivalents 13'991.00 Consensus Rating 4.206
Enterprise Value 201'491.46
Average Volume 5 Day 1'099'551
ROG VX EQUITY YTD Change - Average Volume 30 Day 1'526'519
ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'411'135
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 42'531.0 45'499.0 47'678.3 49'426.5 11'542.0 11'641.0
2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.12x 3.86x - -
16'541.0 17'705.0 16'038.0 15'822.0 16'546.0 0.0 0.0 19'871.2 20'849.1 - -
8.09x 10.03x 8.76x 9.81x 10.37x 0.00x 0.00x 10.13x 9.65x - -
8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'622.3 13'615.4 - -
15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 14.68x 13.70x - -
EBITDA 16'546.00 Long-Term Rating Date 17.09.2012
EBIT 14'125.00 Long-Term Rating AA
Operating Margin 31.04% Long-Term Outlook STABLE
Pretax Margin 27.08% Short-Term Rating Date 01.02.2006
Return on Assets 15.10% Short-Term Rating A-1+
Return on Common Equity 71.75%
Return on Capital 26.33% EBITDA/Interest Exp. 11.85
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 10.30
Net Debt/EBITDA 0.64
Gross Margin 73.2% Total Debt/EBITDA 1.49
EBITDA Margin 36.4%
EBIT Margin 31.0% Total Debt/Equity 169.7%
Net Income Margin 21.0% Total Debt/Capital 59.5%
Asset Turnover 0.72
Current Ratio 1.55 Net Fixed Asset Turnover 2.88
Quick Ratio 1.16 Accounts receivable turnover-days 77.48
Debt to Assets 37.94% Inventory Days 159.36
Tot Debt to Common Equity 169.66% Accounts Payable Turnover Day 57.80
Accounts Receivable Turnover 4.72 Cash Conversion Cycle 179.03
Inventory Turnover 2.30
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
Roche Holding AGPrice/Volume
Valuation Analysis
547'262.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'795'162 2.82 336'935 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'953'300 1.7 - 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'676'417 1.52 102'700 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 10'199'888 1.45 (179'381) 31.01.2013 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 9'222'286 1.31 (1'803'044) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'033'131 1.14 731'500 25.03.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 7'596'200 1.08 - 29.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'169'150 1.02 (416'685) 31.01.2013 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 6'380'836 0.91 (11'698) 30.11.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'696'091 0.67 336'221 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'213'722 0.6 (246'469) 31.01.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 4'134'183 0.59 (5'494) 31.01.2013 Mutual Fund Manager
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 4'098'284 0.58 - 31.03.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 3'770'320 0.54 1'486'953 31.01.2013 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'587'836 0.51 117'690 26.03.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'812'095 0.4 24'010 31.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 2'637'300 0.38 (57'400) 28.02.2013 Unclassified
INVESCO LTD Multiple Portfolios MF-AGG 2'141'039 0.3 40'852 21.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'119'017 0.3 179'622 28.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'085'546 0.3 108'630 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Helvea ODILE RUNDQUIST accumulate 4 M 220 12 month 25.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013
Exane BNP Paribas VINCENT MEUNIER neutral 3 M 213 Not Provided 21.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.03.2013
JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 270 15 month 15.03.2013
Jefferies JEFFREY HOLFORD buy 5 M 230 12 month 14.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 208 6 month 08.03.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 222 12 month 05.03.2013
Societe Generale STEPHEN MCGARRY buy 5 M 246 12 month 25.02.2013
Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 25.02.2013
Natixis PHILIPPE LANONE buy 5 M 240 Not Provided 25.02.2013
Nomura AMIT ROY neutral 3 M 140 12 month 25.02.2013
Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 230 12 month 22.02.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 222 12 month 22.02.2013
Kepler Capital Markets MARTIN VOEGTLI buy 5 M 225 Not Provided 21.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.02.2013
Deutsche Bank TIM RACE buy 5 M 215 12 month 04.02.2013
Barclays MARK PURCELL overweight 5 M 230 Not Provided 04.02.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 210 Not Provided 01.02.2013
Credit Suisse LUISA HECTOR outperform 5 M 227 Not Provided 31.01.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 D 206 12 month 31.01.2013
Bank Vontobel AG ANDREW C WEISS buy 5 M 225 Not Provided 31.01.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 215 12 month 30.01.2013
Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 245 12 month 28.01.2013
CA Cheuvreux MARCEL BRAND outperform 5 M 220 Not Provided 28.01.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 220 Not Provided 11.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 190 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 178 Not Provided 02.04.2012
DZ Bank AG ELMAR KRAUS buy 5 M 220 12 month 03.02.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011
Holdings By:
Roche Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Vodafone Group PLC is a mobile telecommunications company providing a range of
services, including voice and data communications. The Company operates in
Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa
and the Middle East through its subsidiaries, associates, and investments.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (14.08.2012) 191.75
52-Week Low (31.12.2012) 154.20
Daily Volume
185.65
52-Week High % Change -3.10% Dividend Yield 5.25
52-Week Low % Change 20.40% Beta 0.68
% 52 Week Price Range High/Low 89.35% Equity Float 48'897.09
Shares Out 26.03.2013 48'922.9 Short Int -
90'825.36 1 Yr Total Return 13.03%
Total Debt 34'706.00 YTD Return 20.20%
Preferred Stock 0.0 Adjusted BETA 0.680
Minority Interest 1'267.0 Analyst Recs 33
Cash and Equivalents 8'461.00 Consensus Rating 3.939
Enterprise Value 112'879.36
Average Volume 5 Day 86'407'620
VOD LN EQUITY YTD Change - Average Volume 30 Day #########
VOD LN EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
35'478.0 41'017.0 44'472.0 45'884.0 46'417.0 46'525.0 44'447.0 44'355.0 45'260.8 - -
2.93x 2.36x 2.54x 2.67x 2.43x 0.00x 0.00x 2.66x 2.59x - -
13'123.0 14'520.0 14'820.0 14'668.0 18'214.0 0.0 0.0 13'211.3 13'305.3 - -
7.93x 6.67x 7.62x 8.35x 6.20x 0.00x 0.00x 8.54x 8.48x - -
6'660.0 3'078.0 8'645.0 7'968.0 6'957.0 0.0 0.0 7'536.1 7'856.3 - -
12.01x 21.03x 9.25x 11.61x 12.54x 0.00x 0.00x 12.13x 11.32x - -
EBITDA 18'214.00 Long-Term Rating Date 30.05.2006
EBIT 10'355.00 Long-Term Rating A-
Operating Margin 22.31% Long-Term Outlook STABLE
Pretax Margin 20.57% Short-Term Rating Date 30.05.2006
Return on Assets -1.22% Short-Term Rating A-2
Return on Common Equity -2.22%
Return on Capital -3.81% EBITDA/Interest Exp. 9.43
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 6.96
Net Debt/EBITDA 1.51
Gross Margin 32.0% Total Debt/EBITDA 2.06
EBITDA Margin 31.1%
EBIT Margin 14.3% Total Debt/Equity 45.1%
Net Income Margin 15.0% Total Debt/Capital 30.7%
Asset Turnover 0.32
Current Ratio 0.83 Net Fixed Asset Turnover 2.41
Quick Ratio 0.51 Accounts receivable turnover-days 97.36
Debt to Assets 24.87% Inventory Days 6.89
Tot Debt to Common Equity 45.11% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.76 Cash Conversion Cycle -14.42
Inventory Turnover 53.11
Fiscal Year Ended
Vodafone Group PLCPrice/Volume
Valuation Analysis
53'382'949.00
Current Price (3/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
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10'000.0
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 3'213'888'547 6.57 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 1'840'749'892 3.76 (25'141'828) 03.12.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 1'829'029'872 3.74 (28'812'480) 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 1'307'796'665 2.67 141'890'605 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 1'168'679'699 2.39 (11'916'154) 03.12.2012 Government
FMR LLC n/a ULT-AGG 1'115'035'830 2.28 (52'316'656) 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 905'655'588 1.85 105'084'426 31.01.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 890'918'812 1.82 (52'366'577) 31.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 835'280'974 1.71 19'552'525 28.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 785'130'474 1.6 100'485'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 628'261'806 1.28 72'066'899 31.12.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 619'899'347 1.27 99'016'155 03.12.2012 Government
STANDARD LIFE INVEST Multiple Portfolios REG 526'399'681 1.08 (24'829'446) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 517'367'935 1.06 44'104'574 03.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 514'956'230 1.05 (15'517'805) 26.03.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 508'998'599 1.04 (96'292'120) 03.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 463'624'918 0.95 (60'869'430) 31.01.2013 Unclassified
DODGE & COX Multiple Portfolios REG 413'470'000 0.85 15'508'600 03.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 409'583'000 0.84 2'613'000 29.01.2013 Investment Advisor
AXA n/a ULT-AGG 402'114'002 0.82 (2'762'350) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JUSTIN FUNNELL outperform 5 M 180 Not Provided 27.03.2013
Grupo Santander JOHN DAVIES hold 3 M 200 Not Provided 26.03.2013
Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 220 12 month 26.03.2013
Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 205 12 month 25.03.2013
Jefferies JEREMY A DELLIS hold 3 M 174 12 month 25.03.2013
Oriel Securities Ltd JOHN KARIDIS buy 5 M 225 Not Provided 25.03.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 U 172 Not Provided 22.03.2013
AlphaValue JEAN-MICHEL SALVADOR add 4 M 215 6 month 21.03.2013
Societe Generale OTTAVIO ADORISIO sell 1 M 100 12 month 15.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 135 12 month 15.03.2013
Espirito Santo Investment Bank ResearchNICK BROWN buy 5 M 200 Not Provided 13.03.2013
Barclays MAURICE PATRICK overweight 5 M 210 Not Provided 12.03.2013
Macquarie GUY R PEDDY outperform 5 M 205 12 month 11.03.2013
New Street Research JAMES RATZER buy 5 M 250 Not Provided 11.03.2013
Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 178 Not Provided 08.03.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 185 Not Provided 06.03.2013
Nomura JAMES BRITTON neutral 3 M 195 12 month 06.03.2013
JPMorgan AKHIL DATTANI overweight 5 M 220 12 month 26.02.2013
Oddo & Cie VINCENT MAULAY buy 5 M 200 Not Provided 14.02.2013
Banca Akros(ESN) ANDREA DEVITA hold 3 M 184 12 month 14.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 11.02.2013
Deutsche Bank DAVID A WRIGHT hold 3 M 173 12 month 08.02.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 150 12 month 07.02.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 190 12 month 07.02.2013
Day by Day VALERIE GASTALDY buy 5 M 188 3 month 28.01.2013
Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 210 Not Provided 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC STEPHEN HOWARD overweight 5 M 205 Not Provided 07.12.2012
Natixis BENOIT MAYNARD neutral 3 M 190 Not Provided 02.10.2012
DZ Bank AG JOERI SELS buy 5 M 190 12 month 08.11.2011
Northland Capital Partners Ltd DAVID JOHNSON not rated #N/A N/A M #N/A N/A Not Provided 13.04.2010
Holdings By:
Vodafone Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
BP plc is an oil and petrochemicals company. The Company explores for and
produces oil and natural gas, refines, markets, and supplies petroleum
products, generates solar energy, and manufactures and markets chemicals. BP's
chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and
polyethylene.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 484.45
52-Week Low (18.05.2012) 389.50
Daily Volume
461
52-Week High % Change -4.83% Dividend Yield 4.88
52-Week Low % Change 18.36% Beta 1.04
% 52 Week Price Range High/Low 77.36% Equity Float 19'158.33
Shares Out 26.03.2013 19'161.2 Short Int -
88'333.14 1 Yr Total Return 2.79%
Total Debt 48'797.00 YTD Return 9.96%
Preferred Stock 0.0 Adjusted BETA 1.044
Minority Interest 1'206.0 Analyst Recs 38
Cash and Equivalents 20'114.00 Consensus Rating 3.579
Enterprise Value 163'294.12
Average Volume 5 Day 29'512'860
BP/ LN EQUITY YTD Change - Average Volume 30 Day 25'806'140
BP/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 23'933'670
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
361'143.0 239'272.0 297'107.0 375'517.0 375'580.0 375'517.0 370'866.0 343'710.7 352'783.7 84'754.3 84'530.7
0.47x 0.87x 0.53x 0.44x 0.43x 1.71x 1.79x 0.46x 0.45x 1.83x 1.79x
41'761.0 33'392.0 38'497.0 45'796.0 20'442.0 45'796.0 22'056.0 38'524.8 41'496.8 9'276.0 9'646.5
4.05x 6.24x 4.06x 3.63x 7.92x 3.63x 7.34x 4.24x 3.93x 3.99x 3.74x
21'157.0 16'578.0 (3'719.0) 25'700.0 11'582.0 25'700.0 11'582.0 16'230.9 18'510.6 3'897.7 4'034.0
6.81x 10.95x - 5.25x 11.34x 5.25x 11.33x 8.18x 7.30x 8.41x 7.77x
EBITDA 20'442.00 Long-Term Rating Date 24.09.2010
EBIT 7'961.00 Long-Term Rating A
Operating Margin 2.12% Long-Term Outlook POS
Pretax Margin 5.01% Short-Term Rating Date 24.09.2010
Return on Assets 3.90% Short-Term Rating A-1
Return on Common Equity 10.08%
Return on Capital 7.70% EBITDA/Interest Exp. 13.60
Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. -1.75
Net Debt/EBITDA 1.30
Gross Margin 11.6% Total Debt/EBITDA 2.21
EBITDA Margin 5.9%
EBIT Margin 2.4% Total Debt/Equity 41.2%
Net Income Margin 3.1% Total Debt/Capital 29.0%
Asset Turnover 1.25
Current Ratio 1.37 Net Fixed Asset Turnover 3.09
Quick Ratio 0.59 Accounts receivable turnover-days 26.60
Debt to Assets 16.26% Inventory Days 30.00
Tot Debt to Common Equity 41.21% Accounts Payable Turnover Day 33.14
Accounts Receivable Turnover 13.76 Cash Conversion Cycle 23.17
Inventory Turnover 12.20
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
BP PLCPrice/Volume
Valuation Analysis
6'511'273.00
Current Price (3/dd/yy) Market Data
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100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 1'027'123'894 5.36 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 715'298'081 3.73 19'032'430 01.11.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 609'649'091 3.18 - 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 507'765'071 2.65 44'846'385 30.11.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 432'628'420 2.26 4'845'711 01.11.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 369'828'759 1.93 21'912'486 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 354'793'433 1.85 10'873'302 31.01.2013 Unclassified
KUWAIT INVESTMENT AU Multiple Portfolios REG 328'143'792 1.71 - 01.11.2012 Government
M&G INVESTMENT MANAG Multiple Portfolios REG 321'514'948 1.68 (277'008) 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 303'860'650 1.59 (1'973'558) 31.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 258'130'496 1.35 - 01.11.2012 Government
STANDARD LIFE INVEST Multiple Portfolios REG 241'527'129 1.26 (10'962'271) 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 204'110'697 1.07 5'646'262 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 195'306'957 1.02 7'261'934 01.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 193'700'712 1.01 (698'478) 26.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 178'132'910 0.93 12'878'131 31.01.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 166'069'621 0.87 (5'019'297) 01.11.2012 Investment Advisor
AXA n/a ULT-AGG 150'610'225 0.79 (592'855) 31.01.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 147'434'500 0.77 (6'919'062) 01.11.2012 Government
HSBC INVESTMENTS UK Multiple Portfolios REG 139'991'616 0.73 6'546'014 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander JASON KENNEY hold 3 M 530 12 month 25.03.2013
Independent Research GmbH SVEN DIERMEIER buy 5 M 540 12 month 25.03.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 22.03.2013
Canaccord Genuity Corp GORDON GRAY hold 3 M 500 12 month 22.03.2013
Oriel Securities Ltd RICHARD GRIFFITH hold 3 M #N/A N/A Not Provided 22.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 575 Not Provided 22.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 U 425 6 month 21.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 490 12 month 20.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 510 12 month 13.03.2013
Deutsche Bank LUCAS HERRMANN buy 5 M 520 12 month 11.03.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 520 Not Provided 11.03.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 445 Not Provided 11.03.2013
Societe Generale IRENE HIMONA hold 3 M 500 12 month 08.03.2013
VTB Capital COLIN SMITH hold 3 M 490 12 month 01.03.2013
Morgan Stanley MARTIJN P RATS Underwt/In-Line 1 M 442 12 month 27.02.2013
VSA Capital Ltd DOUGIE YOUNGSON sell 1 D 400 12 month 25.02.2013
Macquarie JASON D GAMMEL outperform 5 M 550 12 month 22.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 530 12 month 19.02.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013
HSBC PAUL SPEDDING overweight 5 M 550 Not Provided 08.02.2013
Credit Suisse KIM FUSTIER neutral 3 M 475 Not Provided 06.02.2013
Jefferies IAIN REID hold 3 M 450 12 month 06.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 6 12 month 06.02.2013
Natixis ANNE PUMIR neutral 3 M 490 Not Provided 06.02.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 455 12 month 06.02.2013
Barclays RAHIM KARIM underweight 1 M 480 Not Provided 06.02.2013
Investec STUART JOYNER buy 5 M 495 12 month 05.02.2013
S&P Capital IQ CHRISTINE TISCARENO hold 3 M 595 12 month 05.02.2013
JPMorgan FREDERICK G LUCAS overweight 5 M 525 3 month 19.12.2012
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 500 Not Provided 15.10.2012
Jyske Bank ROBERT JAKOBSEN buy 5 M 520 Not Provided 19.09.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 500 Not Provided 10.08.2012
Kepler Capital Markets TEAM COVERAGE buy 5 M 602 Not Provided 16.04.2012
Holdings By:
BP PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Sanofi is a global pharmaceutical company that researches, develops and
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 79.18
52-Week Low (04.06.2012) 53.20
Daily Volume
77.95
52-Week High % Change -1.52% Dividend Yield -
52-Week Low % Change 46.52% Beta 0.75
% 52 Week Price Range High/Low 97.00% Equity Float 1'187.62
Shares Out 15.01.2013 1'326.3 Short Int -
103'388.43 1 Yr Total Return 40.43%
Total Debt 14'531.00 YTD Return 9.19%
Preferred Stock 0.0 Adjusted BETA 0.751
Minority Interest 134.0 Analyst Recs 39
Cash and Equivalents 6'381.00 Consensus Rating 3.974
Enterprise Value 111'672.43
Average Volume 5 Day 3'251'278
SAN FP EQUITY YTD Change - Average Volume 30 Day 2'890'639
SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'595'836
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
27'568.0 29'306.0 32'367.0 33'389.0 34'947.0 33'389.0 34'947.0 35'854.9 37'843.3 8'383.8 8'735.3
2.22x 2.61x 1.99x 2.59x 2.94x 5.23x 5.54x 3.02x 2.77x - -
9'940.0 12'805.0 13'156.0 12'593.0 12'384.0 2'463.0 2'704.0 13'111.6 14'230.3 - -
6.16x 5.97x 4.90x 6.88x 8.30x 0.00x 0.00x 8.50x 7.84x - -
3'851.0 5'265.0 5'467.0 5'693.0 4'967.0 5'693.0 4'967.0 7'943.2 8'778.0 1'862.0 1'851.8
15.94x 14.13x 11.42x 13.17x 18.99x 13.17x 18.99x 12.97x 11.62x 13.14x 12.68x
EBITDA 12'384.00 Long-Term Rating Date 18.02.2011
EBIT 7'787.00 Long-Term Rating AA-
Operating Margin 22.28% Long-Term Outlook STABLE
Pretax Margin 17.94% Short-Term Rating Date 18.02.2011
Return on Assets 4.94% Short-Term Rating A-1+
Return on Common Equity 8.75%
Return on Capital 7.62% EBITDA/Interest Exp. 29.70
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 25.83
Net Debt/EBITDA 0.64
Gross Margin 68.2% Total Debt/EBITDA 1.14
EBITDA Margin 36.3%
EBIT Margin 22.3% Total Debt/Equity 25.3%
Net Income Margin 14.2% Total Debt/Capital 20.2%
Asset Turnover 0.35
Current Ratio 1.65 Net Fixed Asset Turnover 3.28
Quick Ratio 1.00 Accounts receivable turnover-days 81.42
Debt to Assets 14.47% Inventory Days 204.60
Tot Debt to Common Equity 25.34% Accounts Payable Turnover Day 101.89
Accounts Receivable Turnover 4.50 Cash Conversion Cycle 184.13
Inventory Turnover 1.79
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
SanofiPrice/Volume
Valuation Analysis
1'829'058.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
L'OREAL SA n/a 20F 118'227'307 8.91 - 31.01.2013 Corporation
FMR LLC n/a ULT-AGG 33'173'565 2.5 325'750 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 20'826'782 1.57 (6'850) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'032'467 1.36 1'487'319 31.12.2012 Investment Advisor
SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.3 - 31.01.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 16'748'982 1.26 - 29.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'821'204 1.04 1'647'107 31.01.2013 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 10'580'043 0.8 (1'806'061) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'697'049 0.5 490'404 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'413'305 0.48 (10'030) 28.02.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'954'817 0.45 - 30.09.2012 Hedge Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'830'361 0.44 249'926 28.02.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 5'643'800 0.43 597'970 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'093'172 0.38 630'744 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'869'438 0.37 (67'746) 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 4'547'746 0.34 (42'392) 31.12.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'234'244 0.32 (345'054) 31.05.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'068'709 0.31 8'077 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'037'006 0.3 (16'108) 31.10.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'880'397 0.29 347'156 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MARK CLARK buy 5 M 89 12 month 26.03.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 25.03.2013
Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 82 Not Provided 25.03.2013
Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013
Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013
Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 21.03.2013
AlphaValue ARMELLE MOULIN add 4 M 83 6 month 21.03.2013
JPMorgan RICHARD VOSSER overweight 5 M 99 15 month 15.03.2013
Jefferies JEFFREY HOLFORD buy 5 M 85 12 month 14.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 14.03.2013
Societe Generale STEPHEN MCGARRY buy 5 M 92 12 month 08.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 80 6 month 19.02.2013
Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 81 12 month 18.02.2013
Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 76 Not Provided 13.02.2013
Barclays MARK PURCELL equalweight 3 M 77 Not Provided 12.02.2013
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 11.02.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 66 12 month 11.02.2013
Credit Suisse LUISA HECTOR neutral 3 M 78 Not Provided 08.02.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 78 Not Provided 08.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 08.02.2013
Kepler Capital Markets FABIAN WENNER hold 3 D 73 Not Provided 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 81 Not Provided 07.02.2013
Nomura AMIT ROY neutral 3 M 65 12 month 07.02.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 81 12 month 07.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 73 12 month 28.01.2013
Natixis PHILIPPE LANONE buy 5 M 84 Not Provided 28.01.2013
Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012
Day by Day VALERIE GASTALDY buy 5 U 78 3 month 11.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 10.12.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012
CA Cheuvreux LAURENT FLAMME outperform 5 M 77 Not Provided 29.10.2012
Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 65 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012
Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012
DZ Bank AG ELMAR KRAUS buy 5 M 55 12 month 20.12.2011
Holdings By:
Sanofi ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.01.2013) 2'323.50
52-Week Low (18.05.2012) 1'956.50
Daily Volume
2141
52-Week High % Change -7.85% Dividend Yield 5.32
52-Week Low % Change 9.43% Beta 1.03
% 52 Week Price Range High/Low 54.63% Equity Float 3'770.78
Shares Out 26.03.2013 3'772.4 Short Int -
138'099.92 1 Yr Total Return 1.39%
Total Debt 37'754.00 YTD Return 2.25%
Preferred Stock 0.0 Adjusted BETA 1.030
Minority Interest 1'433.0 Analyst Recs 31
Cash and Equivalents 18'550.00 Consensus Rating 3.742
Enterprise Value 229'195.51
Average Volume 5 Day 2'639'057
RDSA LN EQUITY YTD Change - Average Volume 30 Day 3'382'676
RDSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'002'002
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 470'171.0 467'153.0 458'011.3 465'699.7 110'420.5 113'829.0
0.37x 0.76x 0.65x 0.55x 0.51x 2.10x 2.05x 0.51x 0.50x 2.04x 1.98x
57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 55'943.0 52'114.0 61'207.0 62'495.8 10'357.0 10'835.0
2.98x 7.28x 5.69x 4.60x 4.58x 4.60x 4.58x 3.74x 3.67x 5.14x 5.04x
26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 30'918.0 26'592.0 26'655.6 27'485.2 6'859.0 7'011.0
6.16x 14.87x 10.16x 7.39x 8.12x 7.38x 8.11x 7.70x 7.59x 7.62x 7.59x
EBITDA 52'114.00 Long-Term Rating Date 03.09.2009
EBIT 37'499.00 Long-Term Rating AA
Operating Margin 8.03% Long-Term Outlook STABLE
Pretax Margin 10.76% Short-Term Rating Date 06.03.1990
Return on Assets 7.54% Short-Term Rating A-1+
Return on Common Equity 14.86%
Return on Capital 12.75% EBITDA/Interest Exp. 22.42
Asset Turnover 1.32% (EBITDA-Capex)/Interest Exp. 8.41
Net Debt/EBITDA 0.37
Gross Margin 15.2% Total Debt/EBITDA 0.72
EBITDA Margin 11.2%
EBIT Margin 8.0% Total Debt/Equity 20.0%
Net Income Margin 5.7% Total Debt/Capital 16.6%
Asset Turnover 1.32
Current Ratio 1.18 Net Fixed Asset Turnover 2.88
Quick Ratio 0.61 Accounts receivable turnover-days 34.68
Debt to Assets 10.48% Inventory Days 27.61
Tot Debt to Common Equity 20.03% Accounts Payable Turnover Day 40.16
Accounts Receivable Turnover 10.56 Cash Conversion Cycle 22.13
Inventory Turnover 13.25
Fiscal Year Ended
Royal Dutch Shell PLCPrice/Volume
Valuation Analysis
1'009'475.00
Current Price (3/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
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100'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 190'130'247 5.04 13'987'593 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 148'916'543 3.95 2'525'344 01.01.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 77'887'769 2.06 16'866'612 01.01.2013 Unclassified
FMR LLC n/a ULT-AGG 52'066'121 1.38 9'274'558 31.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 50'156'944 1.33 3'594'333 01.01.2013 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 47'208'897 1.25 2'242'231 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'114'969 1.09 1'675'222 31.12.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 39'669'849 1.05 1'602'657 01.01.2013 Government
UBS n/a ULT-AGG 38'832'374 1.03 (1'443'858) 31.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 34'834'706 0.92 5'779'775 01.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 26'147'686 0.69 188'418 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 25'767'455 0.68 (1'313'970) 26.03.2013 Investment Advisor
BP INVESTMENT MANAGE Multiple Portfolios REG 22'400'138 0.59 288'938 01.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 19'530'183 0.52 161'883 28.02.2013 Unclassified
JP MORGAN n/a ULT-AGG 19'189'183 0.51 5'377'967 31.01.2013 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 16'493'284 0.44 (4'117'735) 31.01.2013 Investment Advisor
NORTHERN TRUST GLOBA Multiple Portfolios REG 16'292'959 0.43 35'052 01.01.2013 Investment Advisor
SOCIETE GENERALE PRO Multiple Portfolios REG 16'129'705 0.43 12'387'795 01.01.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 14'890'316 0.39 (803'892) 01.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'949'057 0.34 2'215'390 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse KIM FUSTIER outperform 5 M 2'525 Not Provided 26.03.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 26.03.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 25.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013
Jefferies IAIN REID buy 5 M 2'450 12 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 2'114 6 month 21.03.2013
JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013
ING Bank QUIRIJN MULDER buy 5 M 2'843 12 month 28.02.2013
Tudor Pickering & Co ROBERT KESSLER buy 5 M 2'800 Not Provided 27.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 2'650 12 month 21.02.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013
Macquarie JASON D GAMMEL outperform 5 M 2'500 12 month 13.02.2013
CA Cheuvreux DOMINIQUE PATRY outperform 5 D 2'431 Not Provided 05.02.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 04.02.2013
Investec STUART JOYNER hold 3 M 2'168 12 month 01.02.2013
HSBC PAUL SPEDDING neutral 3 M 2'520 Not Provided 01.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 2'433 12 month 01.02.2013
Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013
Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 31.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 2'567 Not Provided 29.01.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 24.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 2'580 Not Provided 09.01.2013
VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012
Deutsche Bank LUCAS HERRMANN hold 3 D 2'475 12 month 03.12.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 2'722 Not Provided 02.10.2012
VTB Capital COLIN SMITH hold 3 N 2'500 12 month 27.09.2012
Kepler Capital Markets TEAM COVERAGE hold 3 M 2'272 Not Provided 18.05.2012
Morgan Stanley MARTIJN P RATS not rated #N/A N/A M #N/A N/A Not Provided 03.05.2012
S&P Capital IQ CHRISTINE TISCARENO hold 3 D 2'315 12 month 03.10.2011
Holdings By:
Royal Dutch Shell PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company
develops, manufactures, and markets vaccines, prescription, and over-the-counter
medicines, as well as health-related consumer products. GlaxoSmithKline
provides products for infections, depression, skin conditions, asthma, heart &
circulatory disease, and cancer.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 1'539.50
52-Week Low (19.11.2012) 1'314.00
Daily Volume
1517
52-Week High % Change -1.46% Dividend Yield 4.88
52-Week Low % Change 15.45% Beta 0.66
% 52 Week Price Range High/Low 86.03% Equity Float 4'637.64
Shares Out 26.03.2013 4'909.5 Short Int -
74'476.63 1 Yr Total Return 12.27%
Total Debt 18'302.00 YTD Return 15.31%
Preferred Stock 0.0 Adjusted BETA 0.664
Minority Interest 937.0 Analyst Recs 36
Cash and Equivalents 4'265.00 Consensus Rating 3.361
Enterprise Value 89'450.62
Average Volume 5 Day 7'702'526
GSK LN EQUITY YTD Change - Average Volume 30 Day 6'841'365
GSK LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'725'407
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
24'352.0 28'368.0 28'392.0 27'387.0 26'431.0 27'387.0 26'431.0 26'931.9 27'974.3 6'353.6 6'529.0
3.17x 2.77x 2.61x 3.07x 3.04x 11.22x 12.29x 3.30x 3.15x - -
9'115.0 11'117.0 6'932.0 9'845.0 8'477.0 9'455.0 8'477.0 9'594.4 10'101.6 2'241.0 2'467.0
8.47x 7.08x 10.70x 8.54x 9.49x 8.89x 9.49x 9.32x 8.86x 9.15x -
4'602.0 5'531.0 1'634.0 5'261.0 4'565.0 5'261.0 4'565.0 5'555.5 5'997.1 1'263.3 1'367.5
14.50x 12.09x 38.59x 14.06x 14.36x 14.06x 14.38x 13.19x 11.94x 13.18x -
EBITDA 8'477.00 Long-Term Rating Date 18.02.2008
EBIT 7'392.00 Long-Term Rating A+
Operating Margin 27.97% Long-Term Outlook STABLE
Pretax Margin 25.32% Short-Term Rating Date 18.02.2008
Return on Assets 11.06% Short-Term Rating A-1
Return on Common Equity 65.96%
Return on Capital 21.91% EBITDA/Interest Exp. 10.49
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 9.19
Net Debt/EBITDA 1.66
Gross Margin 70.1% Total Debt/EBITDA 2.16
EBITDA Margin 32.1%
EBIT Margin 28.0% Total Debt/Equity 315.0%
Net Income Margin 17.3% Total Debt/Capital 73.1%
Asset Turnover 0.64
Current Ratio 0.99 Net Fixed Asset Turnover 3.02
Quick Ratio 0.31 Accounts receivable turnover-days -
Debt to Assets 44.13% Inventory Days 181.79
Tot Debt to Common Equity 315.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 137.13
Inventory Turnover 2.01
Fiscal Year Ended
GlaxoSmithKline PLCPrice/Volume
Valuation Analysis
3'294'624.00
Current Price (3/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
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 271'061'000 5.52 - 25.03.2013 Investment Advisor
INVESCO LTD Multiple Portfolios REG 188'613'112 3.84 9'906'677 01.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 153'140'293 3.12 - 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 143'097'310 2.91 24'341'047 01.01.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 137'148'963 2.79 30'057'500 01.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 134'440'074 2.74 13'668'350 31.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 115'229'583 2.35 21'497 01.01.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 88'648'845 1.81 (2'215'605) 28.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 85'255'473 1.74 (1'180'943) 01.01.2013 Investment Advisor
UBS n/a ULT-AGG 72'136'226 1.47 (1'728'888) 31.01.2013 Unclassified
NEWTON INV MGMT Multiple Portfolios REG 71'507'300 1.46 9'684'880 01.01.2013 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 60'081'894 1.22 385'845 26.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 55'750'486 1.14 (188'352) 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 53'010'281 1.08 (9'956'056) 01.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 52'720'290 1.07 (5'398'021) 01.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 51'503'238 1.05 - 01.01.2013 Government
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 51'301'508 1.04 73'324 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 49'644'084 1.01 1'468'137 01.01.2013 Investment Advisor
AXA n/a ULT-AGG 44'610'398 0.91 (43'379) 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 43'934'496 0.89 497'126 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 1'461 6 month 21.03.2013
JPMorgan JAMES D GORDON underweight 1 M 1'550 15 month 15.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 1'550 12 month 14.03.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 1'497 12 month 14.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.03.2013
Deutsche Bank MARK CLARK hold 3 M 1'530 12 month 11.03.2013
Credit Suisse KERRY HOLFORD neutral 3 M 1'450 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 1'530 Not Provided 07.03.2013
Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 1'525 Not Provided 06.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1'580 6 month 05.03.2013
Societe Generale STEPHEN MCGARRY buy 5 M 1'810 12 month 01.03.2013
Exane BNP Paribas FLORENT CESPEDES underperform 1 M 1'400 Not Provided 26.02.2013
Barclays MARK PURCELL overweight 5 M 1'610 Not Provided 26.02.2013
Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 20.02.2013
Kepler Capital Markets FABIAN WENNER buy 5 M 1'680 Not Provided 13.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 1'560 12 month 08.02.2013
Helvea ODILE RUNDQUIST neutral 3 M 1'520 Not Provided 07.02.2013
Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1'370 12 month 06.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 06.02.2013
S&P Capital IQ SHO MATSUBARA sell 1 M 1'200 12 month 06.02.2013
Nomura AMIT ROY neutral 3 M 1'340 12 month 04.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 1'415 12 month 28.01.2013
Cenkos Securities Ltd NAVID MALIK buy 5 N 1'603 12 month 30.11.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 1'380 Not Provided 05.10.2012
CA Cheuvreux MARCEL BRAND underperform 1 M 1'250 Not Provided 11.09.2012
Natixis PHILIPPE LANONE neutral 3 M 1'450 Not Provided 06.09.2012
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 1'450 Not Provided 03.08.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Cyrrus TOMAS MENCIK hold 3 M 1'420 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER buy 5 M 1'640 Not Provided 02.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M #N/A N/A Not Provided 13.01.2012
DZ Bank AG ELMAR KRAUS buy 5 U 1'500 12 month 28.10.2011
First Global Stockbroking KAVITA THOMAS market perform 3 R #N/A N/A Not Provided 23.08.2011
Holdings By:
GlaxoSmithKline PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Total SA explores for, produces, refines, transports, and markets oil and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.09.2012) 42.00
52-Week Low (01.06.2012) 33.42
Daily Volume
37.335
52-Week High % Change -11.08% Dividend Yield 6.27
52-Week Low % Change 11.71% Beta 0.88
% 52 Week Price Range High/Low 49.91% Equity Float 2'033.04
Shares Out 31.01.2013 2'365.9 Short Int -
88'332.13 1 Yr Total Return 2.84%
Total Debt 33'290.00 YTD Return -2.84%
Preferred Stock 0.0 Adjusted BETA 0.883
Minority Interest 1'281.0 Analyst Recs 36
Cash and Equivalents 17'031.00 Consensus Rating 4.111
Enterprise Value 105'872.13
Average Volume 5 Day 4'986'432
FP FP EQUITY YTD Change - Average Volume 30 Day 5'047'408
FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'418'447
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
160'331.0 112'153.0 140'476.0 166'550.0 182'299.0 166'550.0 182'299.0 181'086.9 179'975.2 45'543.3 46'396.7
0.62x 1.03x 0.74x 0.65x 0.58x 2.49x 2.27x 0.59x 0.60x 2.32x 2.27x
29'887.0 22'234.0 28'045.0 32'919.0 32'343.0 32'919.0 31'942.0 33'666.7 34'402.9 8'679.0 9'163.0
3.32x 5.22x 3.72x 3.28x 3.27x 3.28x 3.31x 3.14x 3.07x 2.92x 2.88x
10'590.0 8'447.0 10'571.0 12'276.0 10'694.0 12'276.0 10'694.0 12'042.0 12'327.5 2'587.0 2'917.0
8.21x 11.87x 8.38x 7.23x 8.23x 7.25x 8.25x 7.10x 7.03x 7.18x 7.20x
EBITDA 32'343.00 Long-Term Rating Date 12.04.2011
EBIT 21'862.00 Long-Term Rating AA-
Operating Margin 11.99% Long-Term Outlook STABLE
Pretax Margin 13.11% Short-Term Rating Date 13.09.1999
Return on Assets 6.37% Short-Term Rating A-1+
Return on Common Equity 15.17%
Return on Capital 10.66% EBITDA/Interest Exp. 48.20
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 18.54
Net Debt/EBITDA 0.51
Gross Margin - Total Debt/EBITDA 1.04
EBITDA Margin 17.5%
EBIT Margin 12.0% Total Debt/Equity 45.7%
Net Income Margin 5.9% Total Debt/Capital 31.0%
Asset Turnover 1.09
Current Ratio 1.38 Net Fixed Asset Turnover 2.73
Quick Ratio 0.74 Accounts receivable turnover-days 39.41
Debt to Assets 19.37% Inventory Days -
Tot Debt to Common Equity 45.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.29 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Total SAPrice/Volume
Valuation Analysis
3'771'023.00
Current Price (3/dd/yy) Market Data
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140'000.0
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200'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOTAL SA n/a Co File 108'732'635 4.6 - 31.12.2011 Corporation
GROUPE BRUXELLES LAM n/a Research 94'077'367 3.98 - 15.03.2012 Holding Company
AMUNDI n/a Research 78'390'326 3.31 - 06.01.2012 Investment Advisor
QATAR HOLDINGS LLC n/a Research 47'275'059 2 - 14.03.2012 Government
NORGES BANK n/a Research 47'038'683 1.99 - 31.12.2011 Government
CIE NATIONALE A PORT n/a Co File 35'456'294 1.5 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 27'588'144 1.17 (683'332) 25.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 23'623'504 1 (1'631'999) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'417'298 0.99 287'390 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'734'600 0.83 (2'024'000) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 13'367'024 0.56 (298'176) 28.02.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 11'200'000 0.47 - 31.12.2011 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'726'773 0.45 256'626 26.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 10'451'098 0.44 - 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 9'555'009 0.4 (23'778) 31.12.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'031'246 0.34 21'870 31.05.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 7'707'489 0.33 (194'720) 31.12.2012 Mutual Fund Manager
WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'573'598 0.32 (6'360) 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'054'684 0.3 - 30.09.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'889'834 0.29 (38'409) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 51 12 month 27.03.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 26.03.2013
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 47 Not Provided 25.03.2013
Barclays LYDIA RAINFORTH underweight 1 M 44 Not Provided 25.03.2013
Jefferies IAIN REID buy 5 M 48 12 month 21.03.2013
Day by Day VALERIE GASTALDY buy 5 M 40 3 month 21.03.2013
Grupo Santander JASON KENNEY buy 5 M 45 Not Provided 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 42 12 month 20.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 48 Not Provided 18.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 37 6 month 07.03.2013
VTB Capital COLIN SMITH buy 5 M 50 12 month 01.03.2013
HSBC PAUL SPEDDING overweight 5 M 46 Not Provided 27.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 U 45 12 month 21.02.2013
RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 19.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 47 12 month 15.02.2013
Societe Generale IRENE HIMONA buy 5 M 47 12 month 14.02.2013
Credit Suisse KIM FUSTIER neutral 3 M 44 Not Provided 14.02.2013
JPMorgan NITIN SHARMA overweight 5 M 49 3 month 14.02.2013
Macquarie JASON D GAMMEL neutral 3 M 42 12 month 14.02.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 14.02.2013
CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 14.02.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 40 12 month 14.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 42 12 month 13.02.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 48 12 month 13.02.2013
Natixis ANNE PUMIR buy 5 M 47 Not Provided 07.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 45 Not Provided 09.01.2013
Deutsche Bank LUCAS HERRMANN buy 5 U 44 12 month 03.12.2012
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 42 12 month 27.11.2012
Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 44 Not Provided 30.04.2012
Holdings By:
Total SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
British American Tobacco PLC is the holding company for a group of companies
that manufacture, market and sell cigarettes and other tobacco products,
including cigars and roll-your-own tobacco.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 3'631.00
52-Week Low (24.05.2012) 2'986.50
Daily Volume
3499.5
52-Week High % Change -3.61% Dividend Yield 3.85
52-Week Low % Change 17.18% Beta 0.72
% 52 Week Price Range High/Low 79.05% Equity Float 1'925.34
Shares Out 22.03.2013 1'927.0 Short Int -
67'436.33 1 Yr Total Return 13.66%
Total Debt 10'719.00 YTD Return 15.10%
Preferred Stock 0.0 Adjusted BETA 0.723
Minority Interest 307.0 Analyst Recs 28
Cash and Equivalents 2'107.00 Consensus Rating 3.964
Enterprise Value 76'355.33
Average Volume 5 Day 2'338'294
BATS LN EQUITY YTD Change - Average Volume 30 Day 2'547'987
BATS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'499'984
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
12'122.0 14'208.0 14'883.0 15'399.0 15'190.0 9'866.0 12'122.0 16'093.4 16'803.5 - -
3.84x 3.52x 3.90x 4.56x 4.73x 8.70x 7.34x 4.75x 4.53x - -
3'978.0 5'091.0 5'881.0 6'316.0 6'143.0 873.0 0.0 6'653.4 7'098.9 - -
11.69x 9.82x 9.88x 11.12x 11.71x 0.00x 0.00x 11.48x 10.75x - -
2'457.0 2'713.0 2'879.0 3'095.0 3'841.0 2'130.0 2'457.0 4'410.9 4'743.7 - -
14.60x 14.72x 16.97x 19.45x 15.69x 18.69x 14.60x 15.17x 13.87x - -
EBITDA 6'143.00 Long-Term Rating Date 09.11.2012
EBIT 5'668.00 Long-Term Rating A-
Operating Margin 37.31% Long-Term Outlook STABLE
Pretax Margin 37.18% Short-Term Rating Date 16.05.2003
Return on Assets 14.11% Short-Term Rating A-2
Return on Common Equity 49.12%
Return on Capital 24.11% EBITDA/Interest Exp. 12.16
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 10.85
Net Debt/EBITDA 1.40
Gross Margin - Total Debt/EBITDA 1.74
EBITDA Margin 40.4%
EBIT Margin 37.3% Total Debt/Equity 143.5%
Net Income Margin 25.3% Total Debt/Capital 57.9%
Asset Turnover 0.56
Current Ratio 1.13 Net Fixed Asset Turnover 4.86
Quick Ratio 0.52 Accounts receivable turnover-days 47.40
Debt to Assets 39.22% Inventory Days -
Tot Debt to Common Equity 143.46% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.70 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
British American Tobacco PLCPrice/Volume
Valuation Analysis
758'136.00
Current Price (3/dd/yy) Market Data
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 132'891'526 6.9 - 25.03.2013 Investment Advisor
REINET INVESTMENTS S Multiple Portfolios REG 81'313'066 4.22 (3'000'000) 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 70'617'321 3.66 (2'766'594) 03.12.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 67'664'399 3.51 - 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 62'241'180 3.23 1'948'246 03.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 51'036'377 2.65 3'856'239 03.12.2012 Unclassified
FMR LLC n/a ULT-AGG 44'677'384 2.32 (4'619'821) 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 44'654'616 2.32 (2'144'127) 31.12.2012 Investment Advisor
CREDIT SUISSE PRIVAT Multiple Portfolios REG 37'965'898 1.97 (376'548) 03.12.2012 Bank
ABERDEEN n/a ULT-AGG 35'672'165 1.85 1'305'019 28.02.2013 Unclassified
MORGAN STANLEY INVES Multiple Portfolios REG 26'280'778 1.36 5'499'279 03.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 24'636'075 1.28 (427'111) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'361'035 1.26 562'275 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 23'128'725 1.2 (1'102'251) 31.01.2013 Unclassified
MORGAN STANLEY n/a ULT-AGG 22'521'571 1.17 1'491'898 31.12.2012 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 22'218'678 1.15 245'915 03.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 21'639'256 1.12 1'824'714 03.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20'358'179 1.06 260'794 31.12.2012 Investment Advisor
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 17'404'651 0.9 892'088 31.12.2012 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 16'928'208 0.88 (202'468) 03.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ISABELLE COMBEMALE add 4 M 3'801 6 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.03.2013
Deutsche Bank JONATHAN FELL buy 5 M 3'700 12 month 13.03.2013
Investec THANE DUFF hold 3 M 3'577 Not Provided 13.03.2013
Nomura DAVID HAYES buy 5 M 4'087 Not Provided 13.03.2013
Oriel Securities Ltd CHRIS WICKHAM hold 3 M 3'700 Not Provided 13.03.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 4'000 12 month 08.03.2013
Goldman Sachs FULVIO CAZZOL buy/attractive 5 M 4'420 12 month 07.03.2013
Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 3'900 Not Provided 06.03.2013
Avior Research RICHARD TESSENDORF neutral 3 M 3'761 Not Provided 06.03.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 3'100 12 month 05.03.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 3'600 12 month 04.03.2013
Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 04.03.2013
Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 3'550 12 month 01.03.2013
Morgan Stanley MATTHEW GRAINGER Equalwt/Attractive 3 N 3'450 12 month 01.03.2013
Natixis NICOLAS LANGLET neutral 3 M 3'600 Not Provided 01.03.2013
Exane BNP Paribas JAMES BUSHNELL outperform 5 M 3'800 Not Provided 01.03.2013
Barclays SIMON HALES overweight 5 M 3'725 Not Provided 01.03.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 3'600 Not Provided 28.02.2013
JPMorgan RAE MAILE overweight 5 M 4'209 9 month 28.02.2013
Renaissance Capital REY WIUM hold 3 D 3'550 Not Provided 28.02.2013
Berenberg Bank ERIK BLOOMQUIST buy 5 M 3'500 Not Provided 28.02.2013
S&P Capital IQ CARL SHORT hold 3 M 3'540 12 month 28.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 18.04.2012
Imara RICHARD CLARKE sell 1 N #N/A N/A Not Provided 17.05.2011
Holdings By:
British American Tobacco PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Siemens AG is an engineering and manufacturing company. The Company focuses on
three major business sectors including industrial, energy, and healthcare.
Siemens AG provides engineering solutions in automation and control, power,
transportation, medical, information and communication, and lighting.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 88.25
52-Week Low (26.06.2012) 62.13
Daily Volume
84.49
52-Week High % Change -4.23% Dividend Yield -
52-Week Low % Change 35.99% Beta 0.96
% 52 Week Price Range High/Low 89.24% Equity Float 771.11
Shares Out 31.12.2012 881.0 Short Int -
74'435.69 1 Yr Total Return 13.97%
Total Debt 20'706.00 YTD Return 6.58%
Preferred Stock 0.0 Adjusted BETA 0.959
Minority Interest 569.0 Analyst Recs 43
Cash and Equivalents 11'415.00 Consensus Rating 3.465
Enterprise Value 85'996.69
Average Volume 5 Day 3'169'356
SIE GY EQUITY YTD Change - Average Volume 30 Day 2'601'423
SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'427'125
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 73'702.0 78'670.0 78'224.0 81'211.0 18'927.1 19'267.1
0.82x 0.81x 1.07x 0.89x 0.98x 4.28x 3.87x 1.08x 1.01x 4.65x 4.58x
8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'978.0 10'351.0 9'514.8 11'411.5 2'045.0 2'134.7
7.77x 6.77x 7.72x 6.19x 7.93x 7.27x 7.81x 9.03x 7.53x 9.07x 8.60x
5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 5'793.0 4'215.0 5'148.9 6'465.0 1'193.3 1'117.5
34.66x 24.49x 16.42x 8.24x 13.50x 9.79x 14.47x 13.87x 11.21x 13.25x 12.71x
EBITDA 9'653.00 Long-Term Rating Date 05.06.2009
EBIT 6'909.00 Long-Term Rating A+
Operating Margin 8.82% Long-Term Outlook STABLE
Pretax Margin 9.30% Short-Term Rating Date 18.04.2011
Return on Assets 4.00% Short-Term Rating A-1+
Return on Common Equity 13.31%
Return on Capital 9.71% EBITDA/Interest Exp. 21.45
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 16.55
Net Debt/EBITDA 1.07
Gross Margin 28.4% Total Debt/EBITDA 2.14
EBITDA Margin 13.2%
EBIT Margin 9.7% Total Debt/Equity 67.4%
Net Income Margin 5.7% Total Debt/Capital 39.8%
Asset Turnover 0.75
Current Ratio 1.22 Net Fixed Asset Turnover 7.41
Quick Ratio 0.62 Accounts receivable turnover-days 73.95
Debt to Assets 19.12% Inventory Days 104.73
Tot Debt to Common Equity 67.37% Accounts Payable Turnover Day 44.53
Accounts Receivable Turnover 4.95 Cash Conversion Cycle 120.05
Inventory Turnover 3.49
Fiscal Year Ended
Siemens AGPrice/Volume
Valuation Analysis
1'373'315.00
Current Price (3/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
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60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 57'388'502 6.51 (569'646) 25.03.2013 Investment Advisor
SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a
QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government
SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'302'553 1.4 (179'474) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'880'200 1.12 (890'272) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 6'246'478 0.71 (142'559) 31.01.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'386'486 0.61 (1'084'091) 28.09.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'203'888 0.59 (551'912) 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'877'843 0.55 (330'620) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'583'145 0.52 (417'782) 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'175'468 0.47 70'846 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'641'584 0.41 152'571 28.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'543'486 0.4 452'193 28.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'963'579 0.34 57'030 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'464'495 0.28 - 25.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'013'201 0.23 (38'813) 31.12.2012 Mutual Fund Manager
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'647'039 0.19 (87'700) 31.01.2013 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'634'951 0.19 (5'200) 30.11.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'570'015 0.18 - 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp JAMES STETTLER hold 3 M 80 12 month 25.03.2013
Societe Generale GAEL DE BRAY hold 3 M 88 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 73 12 month 22.03.2013
Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 99 12 month 21.03.2013
Day by Day VALERIE GASTALDY buy 5 U 92 3 month 21.03.2013
AlphaValue HEINZ STEFFEN reduce 2 D 84 6 month 21.03.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 96 Not Provided 19.03.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 19.03.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 88 12 month 15.03.2013
Exane BNP Paribas OLIVIER ESNOU underperform 1 M 88 Not Provided 14.03.2013
HSBC MICHAEL HAGMANN neutral 3 M 87 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 81 Not Provided 08.03.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 86 12 month 19.02.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 90 12 month 15.02.2013
DZ Bank AG JASKO TERZIC hold 3 M 77 12 month 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 85 12 month 04.02.2013
Kepler Capital Markets ULRICH SCHOLZ hold 3 M 85 Not Provided 25.01.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 24.01.2013
CA Cheuvreux ALFRED GLASER outperform 5 M 94 Not Provided 24.01.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 93 12 month 24.01.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 94 Not Provided 24.01.2013
Natixis LUDOVIC DEBAILLEUX reduce 2 M 75 Not Provided 24.01.2013
Main First Bank AG CHRISTOPHER YOUL underperform 1 M 86 12 month 24.01.2013
Barclays NICK WEBSTER equalweight 3 M 84 Not Provided 24.01.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 83 6 month 23.01.2013
Nord/LB WOLFGANG DONIE hold 3 M 76 12 month 23.01.2013
JPMorgan ANDREAS WILLI neutral 3 M 90 9 month 23.01.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 79 12 month 23.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 85 12 month 23.01.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 85 12 month 23.01.2013
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 23.01.2013
SRH AlsterResearch OLIVER DREBING buy 5 M 92 12 month 23.01.2013
Goldman Sachs DANIELA COSTA neutral/neutral 3 M 90 12 month 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank PETER REILLY sell 1 D 65 12 month 20.11.2012
Nomura DANIEL CUNLIFFE neutral 3 M 85 12 month 16.11.2012
Silvia Quandt Research EERIK KD BUDARZ avoid 1 M 58 12 month 08.11.2012
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 12.10.2012
Holdings By:
Siemens AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (30.01.2013) 2'374.50
52-Week Low (18.05.2012) 2'020.00
Daily Volume
2204.5
52-Week High % Change -7.16% Dividend Yield 5.17
52-Week Low % Change 9.13% Beta 1.01
% 52 Week Price Range High/Low 56.42% Equity Float 2'599.25
Shares Out 26.03.2013 2'600.7 Short Int -
138'099.92 1 Yr Total Return 3.48%
Total Debt 37'754.00 YTD Return 2.69%
Preferred Stock 0.0 Adjusted BETA 1.006
Minority Interest 1'433.0 Analyst Recs 19
Cash and Equivalents 18'550.00 Consensus Rating 3.105
Enterprise Value 229'195.51
Average Volume 5 Day 4'486'656
RDSB LN EQUITY YTD Change - Average Volume 30 Day 4'445'420
RDSB LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'719'687
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 470'171.0 467'153.0 458'011.3 465'699.7 110'420.5 113'829.0
0.37x 0.76x 0.65x 0.55x 0.51x 2.10x 2.05x 0.51x 0.50x 2.04x 1.98x
57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 55'943.0 52'114.0 61'207.0 62'495.8 10'357.0 10'835.0
2.98x 7.28x 5.69x 4.60x 4.58x 4.60x 4.58x 3.74x 3.67x 5.14x 5.04x
26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 30'918.0 26'592.0 26'655.6 27'485.2 6'859.0 7'011.0
6.16x 14.87x 10.16x 7.39x 8.12x 7.38x 8.11x 7.93x 7.82x 7.84x 7.82x
EBITDA 52'114.00 Long-Term Rating Date 03.09.2009
EBIT 37'499.00 Long-Term Rating AA
Operating Margin 8.03% Long-Term Outlook STABLE
Pretax Margin 10.76% Short-Term Rating Date 06.03.1990
Return on Assets 7.54% Short-Term Rating A-1+
Return on Common Equity 14.86%
Return on Capital 12.75% EBITDA/Interest Exp. 22.42
Asset Turnover 1.32% (EBITDA-Capex)/Interest Exp. 8.41
Net Debt/EBITDA 0.37
Gross Margin 15.2% Total Debt/EBITDA 0.72
EBITDA Margin 11.2%
EBIT Margin 8.0% Total Debt/Equity 20.0%
Net Income Margin 5.7% Total Debt/Capital 16.6%
Asset Turnover 1.32
Current Ratio 1.18 Net Fixed Asset Turnover 2.88
Quick Ratio 0.61 Accounts receivable turnover-days 34.68
Debt to Assets 10.48% Inventory Days 27.61
Tot Debt to Common Equity 20.03% Accounts Payable Turnover Day 40.16
Accounts Receivable Turnover 10.56 Cash Conversion Cycle 22.13
Inventory Turnover 13.25
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
Royal Dutch Shell PLCPrice/Volume
Valuation Analysis
2'011'897.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 176'509'095 6.79 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 92'965'731 3.57 (2'451'432) 01.01.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 91'962'723 3.54 - 08.03.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 84'449'282 3.25 10'540'709 01.01.2013 Unclassified
CREDIT SUISSE PRIVAT Multiple Portfolios REG 74'947'205 2.88 (526'247) 01.01.2013 Bank
M&G INVESTMENT MANAG Multiple Portfolios REG 49'588'750 1.91 (2'440'260) 01.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 48'224'986 1.85 1'120'225 31.12.2012 Investment Advisor
QATAR INVESTMENT AUT Multiple Portfolios REG 44'703'170 1.72 1'669'724 01.01.2013 Government
PEOPLES REPUBLIC OF Multiple Portfolios REG 39'898'819 1.53 3'975'234 01.01.2013 Government
UBS n/a ULT-AGG 37'871'476 1.46 932'195 31.01.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 35'090'143 1.35 (3'039'278) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 34'738'840 1.34 1'176'245 01.01.2013 Investment Advisor
AXA n/a ULT-AGG 33'594'566 1.29 (185'589) 01.01.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 33'060'303 1.27 (2'304'800) 01.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 31'402'252 1.21 (766'521) 28.02.2013 Unclassified
FMR LLC n/a ULT-AGG 28'774'373 1.11 (1'060'121) 31.01.2013 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 27'392'377 1.05 (626'439) 01.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 25'480'564 0.98 4'342'844 31.01.2013 Unclassified
STATE STREET n/a ULT-AGG 23'787'695 0.91 2'600'938 26.03.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 21'990'967 0.85 1'154'509 01.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013
Grupo Santander JASON KENNEY underweight 1 M 2'409 Not Provided 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 2'280 12 month 20.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 2'350 Not Provided 18.03.2013
JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 2'310 Not Provided 14.03.2013
VTB Capital COLIN SMITH hold 3 M 2'500 12 month 01.03.2013
Societe Generale IRENE HIMONA buy 5 M 2'700 12 month 27.02.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 2'500 12 month 27.02.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 2'500 12 month 27.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 2'650 12 month 21.02.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 19.02.2013
HSBC PAUL SPEDDING neutral 3 M 2'450 Not Provided 01.02.2013
Natixis ANNE PUMIR buy 5 M 2'600 Not Provided 01.02.2013
Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012
Deutsche Bank LUCAS HERRMANN hold 3 D 2'475 12 month 03.12.2012
Holdings By:
Royal Dutch Shell PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 80.71
52-Week Low (05.06.2012) 47.63
Daily Volume
79.23
52-Week High % Change -1.87% Dividend Yield -
52-Week Low % Change 66.36% Beta 0.96
% 52 Week Price Range High/Low 96.74% Equity Float 826.95
Shares Out 28.02.2013 826.9 Short Int -
65'519.08 1 Yr Total Return 51.98%
Total Debt 9'532.00 YTD Return 10.21%
Preferred Stock 0.0 Adjusted BETA 0.964
Minority Interest 100.0 Analyst Recs 38
Cash and Equivalents 2'551.00 Consensus Rating 3.816
Enterprise Value 72'600.08
Average Volume 5 Day 2'352'729
BAYN GY EQUITY YTD Change - Average Volume 30 Day 2'436'012
BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'190'764
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 36'528.0 39'760.0 41'540.8 43'629.9 10'500.3 10'590.3
1.40x 1.80x 1.53x 1.32x 1.67x 5.33x 5.89x 1.72x 1.58x - -
6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 8'963.0 8'605.0 8'798.2 9'453.7 2'515.5 2'276.0
6.86x 7.30x 6.04x 5.36x 7.39x 5.36x 7.73x 8.24x 7.67x 8.21x -
1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'470.0 2'446.0 4'673.7 5'191.6 1'466.5 1'294.0
18.72x 32.92x 35.22x 16.52x 24.29x 16.52x 24.29x 13.45x 12.17x 13.32x -
EBITDA 9'001.00 Long-Term Rating Date 30.04.2008
EBIT 6'041.00 Long-Term Rating A-
Operating Margin 15.19% Long-Term Outlook POS
Pretax Margin 8.17% Short-Term Rating Date 11.07.2006
Return on Assets 4.70% Short-Term Rating A-2
Return on Common Equity 12.98%
Return on Capital - EBITDA/Interest Exp. 12.11
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.52
Net Debt/EBITDA 0.81
Gross Margin 52.1% Total Debt/EBITDA 1.11
EBITDA Margin 21.6%
EBIT Margin 14.2% Total Debt/Equity 51.6%
Net Income Margin 6.2% Total Debt/Capital 33.9%
Asset Turnover 0.76
Current Ratio 1.45 Net Fixed Asset Turnover 4.04
Quick Ratio 0.76 Accounts receivable turnover-days 66.70
Debt to Assets 18.57% Inventory Days 128.16
Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 75.11
Accounts Receivable Turnover 5.49 Cash Conversion Cycle 119.75
Inventory Turnover 2.86
Fiscal Year Ended
Bayer AGPrice/Volume
Valuation Analysis
1'360'350.00
Current Price (3/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
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10'000.0
15'000.0
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30'000.0
35'000.0
40'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 99'286'793 12.01 (3'516'978) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 63'637'479 7.7 (349'638) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'106'150 1.83 12'931 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 11'899'870 1.44 - 29.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'028'402 1.33 (349'533) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'812'434 1.07 (518'224) 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'564'198 1.04 - 03.05.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'534'779 0.91 118'983 28.02.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'532'781 0.91 2'307'304 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'298'907 0.76 129'068 26.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'937'955 0.72 279'716 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'795'523 0.7 (211'094) 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'770'395 0.7 227'355 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'155'727 0.62 (1'063'440) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'647'992 0.44 356'211 31.12.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 3'035'802 0.37 (32'100) 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'035'138 0.37 45'000 30.11.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'450'000 0.3 - 25.03.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'406'227 0.29 (149'624) 31.01.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'182'662 0.26 (242'500) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 27.03.2013
Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013
DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 21.03.2013
Exane BNP Paribas FLORENT CESPEDES neutral 3 M 76 Not Provided 21.03.2013
AlphaValue MARTIN SCHNEE reduce 2 M 81 6 month 21.03.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 20.03.2013
Baader Bank NORBERT BARTH hold 3 M 66 12 month 20.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 20.03.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 85 Not Provided 20.03.2013
Natixis BEATRICE MUZARD buy 5 M 90 Not Provided 20.03.2013
Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 20.03.2013
S&P Capital IQ SHO MATSUBARA hold 3 M 79 12 month 19.03.2013
JPMorgan RICHARD VOSSER overweight 5 M 95 15 month 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 07.03.2013
CA Cheuvreux LAURENT FLAMME outperform 5 M 82 Not Provided 06.03.2013
Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 85 Not Provided 05.03.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.03.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 84 12 month 05.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2013
Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 01.03.2013
Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 01.03.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 01.03.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 01.03.2013
Barclays MARK PURCELL underweight 1 M 68 Not Provided 01.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 76 12 month 28.02.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 75 12 month 28.02.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 75 6 month 28.02.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 82 12 month 27.02.2013
Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 25.02.2013
Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012
Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012
Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012
Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 76 Not Provided 15.09.2010
Holdings By:
Bayer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 76.20
52-Week Low (28.06.2012) 51.13
Daily Volume
68.1
52-Week High % Change -10.62% Dividend Yield -
52-Week Low % Change 33.19% Beta 1.07
% 52 Week Price Range High/Low 73.75% Equity Float 854.55
Shares Out 31.12.2012 918.5 Short Int -
62'548.40 1 Yr Total Return 5.41%
Total Debt 13'355.00 YTD Return -4.29%
Preferred Stock 0.0 Adjusted BETA 1.067
Minority Interest 1'224.0 Analyst Recs 40
Cash and Equivalents 1'800.00 Consensus Rating 3.800
Enterprise Value 75'327.40
Average Volume 5 Day 3'756'319
BAS GY EQUITY YTD Change - Average Volume 30 Day 3'118'220
BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'658'043
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
62'304.0 50'693.0 63'873.0 73'497.0 78'729.0 73'497.0 78'729.0 80'660.5 80'192.8 21'598.8 20'076.0
0.62x 1.07x 1.09x 0.84x 0.99x 3.54x 3.62x 0.93x 0.91x 3.44x 3.75x
10'238.0 8'500.0 11'903.0 11'855.0 12'583.0 11'855.0 12'583.0 12'750.8 13'452.7 3'507.0 3'438.0
3.74x 6.36x 5.85x 5.20x 6.21x 5.20x 6.21x 5.91x 5.60x 5.92x -
2'912.0 1'410.0 4'557.0 6'188.0 4'879.0 6'188.0 4'879.0 5'369.0 5'824.2 1'618.0 1'469.0
8.86x 28.22x 12.04x 8.00x 13.40x 8.00x 13.40x 11.41x 10.59x 11.51x -
EBITDA 12'583.00 Long-Term Rating Date 10.05.2011
EBIT 9'022.00 Long-Term Rating A+
Operating Margin 11.46% Long-Term Outlook STABLE
Pretax Margin 10.72% Short-Term Rating Date 12.02.2009
Return on Assets 7.78% Short-Term Rating A-1
Return on Common Equity 20.03%
Return on Capital 14.67% EBITDA/Interest Exp. 16.73
Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 11.22
Net Debt/EBITDA 0.92
Gross Margin 26.3% Total Debt/EBITDA 1.06
EBITDA Margin 16.0%
EBIT Margin 11.5% Total Debt/Equity 54.3%
Net Income Margin 6.2% Total Debt/Capital 34.1%
Asset Turnover 1.25
Current Ratio 1.66 Net Fixed Asset Turnover 4.36
Quick Ratio 0.69 Accounts receivable turnover-days 48.87
Debt to Assets 20.76% Inventory Days 63.04
Tot Debt to Common Equity 54.33% Accounts Payable Turnover Day 31.03
Accounts Receivable Turnover 7.49 Cash Conversion Cycle 80.88
Inventory Turnover 5.81
Fiscal Year Ended
BASF SEPrice/Volume
Valuation Analysis
2'681'045.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 63'927'154 6.96 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'764'100 1.39 933'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'343'571 1.24 813'771 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'072'038 1.21 (195'542) 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 7'816'891 0.85 3'435 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'728'029 0.84 (1'894'889) 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'464'197 0.81 1'313'530 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'827'084 0.74 (273'418) 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'833'502 0.42 150'348 28.12.2012 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'562'928 0.39 4'200 30.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'382'359 0.37 (16'216) 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'723'078 0.3 - 25.03.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'394'986 0.26 (1'000) 31.01.2013 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'052'900 0.22 251'750 28.09.2012 Investment Advisor
SEB n/a ULT-AGG 2'000'933 0.22 85'942 31.01.2013 Unclassified
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'827'520 0.2 - 26.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'605'194 0.17 (18'792) 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'494'928 0.16 95'786 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'446'357 0.16 (1'093'863) 31.01.2013 Mutual Fund Manager
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'361'517 0.15 (143'697) 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 27.03.2013
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 27.03.2013
HSBC GEOFF HAIRE neutral 3 M 75 Not Provided 26.03.2013
Exane BNP Paribas JAMES KNIGHT outperform 5 M 74 Not Provided 26.03.2013
Nord/LB THORSTEN STRAUSS hold 3 M 73 12 month 25.03.2013
Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 25.03.2013
AlphaValue MARTIN SCHNEE add 4 M 79 6 month 21.03.2013
JPMorgan MARTIN EVANS neutral 3 M 75 12 month 20.03.2013
Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 20.03.2013
DZ Bank AG PETER SPENGLER buy 5 M 86 12 month 13.03.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 D 78 12 month 07.03.2013
Baader Bank NORBERT BARTH buy 5 M 85 12 month 05.03.2013
CA Cheuvreux MARTIN ROEDIGER outperform 5 M 80 Not Provided 01.03.2013
Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 28.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 28.02.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 80 Not Provided 28.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 D 78 12 month 28.02.2013
Societe Generale PETER CLARK hold 3 M 72 12 month 27.02.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 87 12 month 27.02.2013
Macquarie CHRISTIAN FAITZ neutral 3 M 66 12 month 27.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 81 Not Provided 27.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 27.02.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.02.2013
Bankhaus Metzler LARS HETTCHE sell 1 D 68 12 month 27.02.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 D 85 12 month 27.02.2013
Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 26.02.2013
Nomura JEAN DE WATTEVILLE buy 5 M 88 12 month 26.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013
Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012
Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012
Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 25.10.2012
Day by Day VALERIE GASTALDY buy 5 M 76 3 month 03.10.2012
Gilford Securities PAUL C CHRISTOPHERSON hold 3 D #N/A N/A Not Provided 26.09.2012
Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012
Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010
Holdings By:
BASF SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 77.13
52-Week Low (01.06.2012) 52.11
Daily Volume
75.81
52-Week High % Change -1.70% Dividend Yield -
52-Week Low % Change 45.48% Beta 0.76
% 52 Week Price Range High/Low 99.23% Equity Float -
Shares Out 08.03.2013 1'606.9 Short Int -
121'818.72 1 Yr Total Return 41.56%
Total Debt 44'341.00 YTD Return 15.32%
Preferred Stock 0.0 Adjusted BETA 0.758
Minority Interest 4'299.0 Analyst Recs 34
Cash and Equivalents 13'878.00 Consensus Rating 3.794
Enterprise Value 190'324.51
Average Volume 5 Day 2'037'504
ABI BB EQUITY YTD Change - Average Volume 30 Day 2'061'876
ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'952'703
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
23'507.0 36'758.0 36'297.0 39'046.0 39'758.0 39'046.0 39'758.0 44'942.6 48'787.4 9'508.0 10'382.0
4.07x 3.57x 3.70x 3.49x 4.37x 3.49x 4.14x 4.33x 3.89x - -
7'734.0 12'925.0 13'768.0 15'297.0 15'450.0 15'297.0 11'768.0 17'593.5 19'517.3 - -
12.37x 10.15x 9.76x 8.91x 11.25x 8.91x 0.00x 10.81x 9.74x - -
1'927.0 4'613.0 4'026.0 5'855.0 7'243.0 5'855.0 7'244.0 8'019.2 9'005.7 1'593.0 1'700.0
11.99x 17.92x 22.61x 16.71x 19.15x 16.71x 19.04x 19.45x 17.19x 20.21x -
EBITDA 15'450.00 Long-Term Rating Date 01.05.2012
EBIT 12'765.00 Long-Term Rating A
Operating Margin 32.11% Long-Term Outlook STABLE
Pretax Margin 28.05% Short-Term Rating Date 01.05.2012
Return on Assets 6.16% Short-Term Rating A-1
Return on Common Equity 18.42%
Return on Capital 13.08% EBITDA/Interest Exp. 7.48
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.90
Net Debt/EBITDA 1.97
Gross Margin 58.6% Total Debt/EBITDA 2.87
EBITDA Margin 38.9%
EBIT Margin 32.1% Total Debt/Equity 107.8%
Net Income Margin 18.2% Total Debt/Capital 49.4%
Asset Turnover 0.34
Current Ratio 1.01 Net Fixed Asset Turnover 2.45
Quick Ratio 0.88 Accounts receivable turnover-days 37.49
Debt to Assets 36.16% Inventory Days 55.25
Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 306.82
Accounts Receivable Turnover 9.76 Cash Conversion Cycle -214.08
Inventory Turnover 6.62
Fiscal Year Ended
Anheuser-Busch InBev NVPrice/Volume
Valuation Analysis
1'216'571.00
Current Price (3/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
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING INBEV n/a 20F 663'074'830 41.26 - 29.08.2011 n/a
EUGENIE PATRI SEBAST n/a 20F 133'267'604 8.29 - 29.08.2011 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 35'079'819 2.18 (3'462'946) 31.12.2012 Investment Advisor
BRC SARL n/a 20F 32'666'460 2.03 - 29.08.2011 Other
FMR LLC n/a ULT-AGG 16'638'410 1.04 (2'268'325) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'870'001 0.74 346'574 25.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'597'724 0.66 (128'959) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'426'752 0.65 (349'398) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'415'186 0.65 (2'422'646) 31.12.2012 Investment Advisor
ANHEUSER-BUSCH INBEV n/a 20F 7'601'955 0.47 - 29.08.2011 Corporation
VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 29.08.2011 Other
INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 29.08.2011 Other
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'279'114 0.27 410'748 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'160'120 0.26 89'672 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'438'936 0.21 1'647'249 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 2'771'955 0.17 343'435 21.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'203'582 0.14 - 25.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'153'869 0.13 166'567 31.05.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'031'936 0.13 39'854 31.12.2012 Investment Advisor
WELLCOME TRUST LIMIT n/a Research 1'850'000 0.12 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 82 12 month 22.03.2013
AlphaValue ISABELLE COMBEMALE sell 1 M 46 6 month 21.03.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 89 12 month 18.03.2013
Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 18.03.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 83 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 90 12 month 11.03.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 08.03.2013
Credit Suisse SANJEET AUJLA outperform 5 M 90 Not Provided 07.03.2013
ING Bank MARCO GULPERS hold 3 M 68 12 month 06.03.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 85 12 month 05.03.2013
KBC Securities WIM HOSTE hold 3 M 71 12 month 04.03.2013
JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 01.03.2013
Societe Generale ANDREW HOLLAND buy 5 M 74 12 month 28.02.2013
HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 28.02.2013
Nomura IAN SHACKLETON neutral 3 M 70 12 month 28.02.2013
Day by Day VALERIE GASTALDY buy 5 U 74 3 month 28.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 28.02.2013
Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 27.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 73 12 month 27.02.2013
Petercam KRIS KIPPERS buy 5 M 80 Not Provided 27.02.2013
S&P Capital IQ CARL SHORT hold 3 M 73 12 month 27.02.2013
ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 27.02.2013
Rabobank International KAREL ZOETE buy 5 U 76 12 month 25.02.2013
Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013
Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013
Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 75 6 month 01.02.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 72 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 65 Not Provided 14.09.2012
Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012
Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012
Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012
Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011
Holdings By:
Anheuser-Busch InBev NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Diageo plc produces, distills and markets alcoholic beverages. The Company
offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,
gins, and beer.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (20.03.2013) 2'054.00
52-Week Low (23.05.2012) 1'475.00
Daily Volume
2022.5
52-Week High % Change -1.56% Dividend Yield 2.22
52-Week Low % Change 37.12% Beta 0.71
% 52 Week Price Range High/Low 94.99% Equity Float 2'506.64
Shares Out 28.02.2013 2'509.4 Short Int -
50'753.25 1 Yr Total Return 35.38%
Total Debt 8'629.00 YTD Return 14.23%
Preferred Stock 0.0 Adjusted BETA 0.707
Minority Interest 1'223.0 Analyst Recs 35
Cash and Equivalents 1'076.00 Consensus Rating 4.286
Enterprise Value 59'608.25
Average Volume 5 Day 4'597'891
DGE LN EQUITY YTD Change - Average Volume 30 Day 3'961'409
DGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'834'203
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 01/yy 01/yy 06/13 Y 06/14 Y - -
8'090.0 9'311.0 9'780.0 9'936.0 10'762.0 - - 11'472.6 12'267.9 - -
3.78x 3.27x 3.57x 3.98x 4.68x - - 5.18x 4.76x - -
2'516.0 2'777.0 2'984.0 3'232.0 3'826.0 - - 3'926.4 4'252.3 - -
12.17x 10.96x 11.70x 12.24x 13.16x - - 15.18x 14.02x - -
1'521.0 1'605.0 1'629.0 1'900.0 1'942.0 - - 2'578.3 2'854.1 - -
15.85x 13.51x 15.99x 16.71x 21.00x - - 19.64x 17.62x - -
EBITDA 3'826.00 Long-Term Rating Date 01.09.2005
EBIT 3'415.00 Long-Term Rating A-
Operating Margin 31.73% Long-Term Outlook STABLE
Pretax Margin 29.00% Short-Term Rating Date 01.09.2005
Return on Assets 11.04% Short-Term Rating A-2
Return on Common Equity 44.10%
Return on Capital 19.93% EBITDA/Interest Exp. 5.94
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 5.19
Net Debt/EBITDA 1.92
Gross Margin 60.4% Total Debt/EBITDA 2.11
EBITDA Margin 36.5%
EBIT Margin 32.8% Total Debt/Equity 154.4%
Net Income Margin 18.0% Total Debt/Capital 55.9%
Asset Turnover 0.48
Current Ratio 1.52 Net Fixed Asset Turnover 3.74
Quick Ratio 0.59 Accounts receivable turnover-days 95.26
Debt to Assets 38.61% Inventory Days 334.29
Tot Debt to Common Equity 154.42% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.84 Cash Conversion Cycle 294.76
Inventory Turnover 1.09
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
Diageo PLCPrice/Volume
Valuation Analysis
1'198'087.00
Current Price (3/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 170'818'263 6.81 32'500 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 166'780'393 6.65 19'483'465 25.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 103'629'142 4.13 (2'633'373) 31.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 93'430'267 3.72 116'442 03.12.2012 Unclassified
FMR LLC n/a ULT-AGG 72'210'629 2.88 (3'259'491) 31.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 60'345'332 2.4 21'978'145 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 53'076'191 2.12 751'700 03.12.2012 Government
UBS n/a ULT-AGG 36'365'999 1.45 1'138'390 31.01.2013 Unclassified
Northern Cross Inter Multiple Portfolios REG 32'768'036 1.31 490'603 03.12.2012 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 31'592'406 1.26 162'750 31.12.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 31'254'191 1.25 7'155'385 03.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios REG 26'868'931 1.07 1'303'879 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 26'133'318 1.04 (6'773'960) 31.12.2012 Investment Advisor
Cascade Investment C Multiple Portfolios REG 25'516'958 1.02 - 03.12.2012 Unclassified
STATE STREET n/a ULT-AGG 23'796'416 0.95 1'347'040 26.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 20'723'095 0.83 (262'901) 31.12.2012 Investment Advisor
DIAGEO PLC ESOP Multiple Portfolios REG 20'432'541 0.81 443'832 03.12.2012 Unclassified
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 19'857'996 0.79 (847'762) 03.12.2012 Investment Advisor
AXA n/a ULT-AGG 19'645'452 0.78 2'364'575 03.12.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 19'387'391 0.77 (655'760) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 2'100 12 month 22.03.2013
Nomura IAN SHACKLETON buy 5 M 2'040 12 month 22.03.2013
Stifel MARK D SWARTZBERG buy 5 N 2'400 12 month 21.03.2013
AlphaValue ISABELLE COMBEMALE reduce 2 M 1'912 6 month 21.03.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 1'915 12 month 19.03.2013
Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 19.03.2013
Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'100 Not Provided 19.03.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 2'100 12 month 11.03.2013
JPMorgan MATTHEW WEBB neutral 3 M 1'915 9 month 11.03.2013
Barclays SIMON HALES overweight 5 M 2'150 Not Provided 11.03.2013
Credit Suisse CHARLES MILLS outperform 5 M 2'350 Not Provided 07.03.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 2'060 12 month 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 1'670 12 month 05.03.2013
Day by Day VALERIE GASTALDY buy 5 M 2'460 3 month 28.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 1'980 Not Provided 22.02.2013
Investec MARTIN DEBOO hold 3 M 1'970 12 month 15.02.2013
Societe Generale NICOLAS CERON hold 3 M 1'900 12 month 01.02.2013
Kepler Capital Markets LAETITIA DELAYE buy 5 M 2'100 Not Provided 01.02.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 2'100 Not Provided 01.02.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 1'900 12 month 31.01.2013
Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 1'900 6 month 31.01.2013
S&P Capital IQ CARL SHORT buy 5 M 2'100 12 month 31.01.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 2'300 Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 1'850 Not Provided 21.01.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 2'100 Not Provided 18.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 2'220 12 month 09.01.2013
Deutsche Bank JAMES ISENWATER buy 5 M 2'000 12 month 10.11.2012
Berenberg Bank PHILIP MORRISEY buy 5 M 1'760 Not Provided 29.10.2012
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 1'860 Not Provided 02.10.2012
HSBC ERWAN RAMBOURG neutral 3 M 1'800 Not Provided 08.08.2012
Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 25.08.2011
Holdings By:
Diageo PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 65.00
52-Week Low (04.06.2012) 43.62
Daily Volume
61.8
52-Week High % Change -4.92% Dividend Yield -
52-Week Low % Change 41.68% Beta 0.82
% 52 Week Price Range High/Low 85.78% Equity Float 912.18
Shares Out 04.03.2013 1'228.5 Short Int -
75'921.56 1 Yr Total Return 19.18%
Total Debt 5'248.00 YTD Return 1.83%
Preferred Stock 0.0 Adjusted BETA 0.815
Minority Interest 8.0 Analyst Recs 44
Cash and Equivalents 2'631.00 Consensus Rating 4.114
Enterprise Value 78'546.56
Average Volume 5 Day 2'963'242
SAP GY EQUITY YTD Change - Average Volume 30 Day 2'827'586
SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'922'148
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
11'575.0 10'672.0 12'464.0 14'233.0 16'223.0 14'233.0 16'223.0 18'008.1 19'847.1 3'814.2 4'343.7
2.71x 3.65x 3.71x 3.31x 4.62x 13.42x 15.96x 4.15x 3.62x 20.08x 17.68x
3'300.0 3'301.0 4'125.0 4'663.0 5'002.0 4'663.0 4'575.0 6'414.2 7'242.4 1'112.5 1'483.0
9.49x 11.81x 11.20x 10.10x 14.99x 10.10x 16.39x 12.21x 10.82x 12.07x 12.08x
1'847.0 1'748.0 1'811.0 3'438.0 2'823.0 3'438.0 2'827.0 3'999.0 4'574.2 672.2 919.8
16.28x 22.45x 25.07x 14.13x 25.61x 14.13x 25.61x 17.84x 15.73x 17.78x 17.48x
EBITDA 5'002.00 Long-Term Rating Date -
EBIT 4'139.00 Long-Term Rating -
Operating Margin 25.51% Long-Term Outlook -
Pretax Margin 23.57% Short-Term Rating Date -
Return on Assets 11.29% Short-Term Rating -
Return on Common Equity 21.05%
Return on Capital 16.33% EBITDA/Interest Exp. 28.58
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 25.49
Net Debt/EBITDA 0.57
Gross Margin 68.8% Total Debt/EBITDA 1.15
EBITDA Margin 28.2%
EBIT Margin 22.9% Total Debt/Equity 37.1%
Net Income Margin 17.4% Total Debt/Capital 27.0%
Asset Turnover 0.65
Current Ratio 1.00 Net Fixed Asset Turnover 9.96
Quick Ratio 0.94 Accounts receivable turnover-days 85.19
Debt to Assets 19.56% Inventory Days -
Tot Debt to Common Equity 37.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.30 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
SAP AGPrice/Volume
Valuation Analysis
1'889'120.00
Current Price (3/dd/yy) Market Data
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PLATTNER HASSO n/a 13G 121'324'707 9.88 - 31.12.2012 n/a
TSCHIRA KLAUS n/a Co File 93'079'595 7.58 - 08.03.2012 n/a
BLACKROCK n/a ULT-AGG 66'743'066 5.43 - 25.03.2013 Investment Advisor
HOPP DIETMAR n/a 13G 65'273'200 5.31 - 31.12.2012 n/a
SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation
FMR LLC n/a ULT-AGG 16'796'313 1.37 (2'035'409) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'671'329 0.95 35'104 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'142'018 0.91 (632'162) 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 11'106'305 0.9 (155'226) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'459'500 0.69 972'000 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 8'270'322 0.67 (346'827) 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'820'713 0.64 (171'398) 28.12.2012 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'081'368 0.58 (461'445) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'576'011 0.54 176'532 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'863'076 0.48 337'221 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'264'797 0.43 (406'504) 28.02.2013 Investment Advisor
CREDIT SUISSE AG n/a Research 4'582'686 0.37 - 06.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'476'891 0.36 (928'049) 31.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'685'764 0.3 75'391 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 73 12 month 27.03.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 26.03.2013
Jefferies ROSS MACMILLAN hold 3 M 62 12 month 25.03.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 69 12 month 22.03.2013
Baader Bank KNUT WOLLER hold 3 M 63 12 month 21.03.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 65 Not Provided 21.03.2013
AlphaValue HEINZ STEFFEN add 4 M 72 6 month 21.03.2013
Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 70 6 month 11.03.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 11.03.2013
Day by Day VALERIE GASTALDY buy 5 M 66 3 month 11.03.2013
Nomura RICHARD G SHERLUND buy 5 M 68 12 month 10.03.2013
Societe Generale RICHARD NGUYEN buy 5 M 71 12 month 07.03.2013
Deutsche Bank KAI KORSCHELT buy 5 M 70 12 month 07.03.2013
HSBC ANTONIN BAUDRY overweight 5 U 74 Not Provided 07.03.2013
William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 06.03.2013
Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 06.03.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 24.02.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 65 6 month 04.02.2013
Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Exane BNP Paribas JOSEP BORI neutral 3 M 63 Not Provided 28.01.2013
Nord/LB WOLFGANG DONIE buy 5 U 70 12 month 24.01.2013
JPMorgan STACY E POLLARD overweight 5 M 65 12 month 24.01.2013
Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 24.01.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 24.01.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 69 12 month 24.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 70 Not Provided 24.01.2013
Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 24.01.2013
Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 Not Provided 23.01.2013
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 86 12 month 23.01.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 23.01.2013
Kepler Capital Markets LAURENT DAURE buy 5 M 66 Not Provided 23.01.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 70 12 month 23.01.2013
DZ Bank AG OLIVER FINGER buy 5 M 66 12 month 23.01.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013
M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 67 12 month 17.01.2013
Natixis GWENAEL GIARD neutral 3 M 53 Not Provided 16.01.2013
Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 16.01.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 M 65 Not Provided 09.01.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012
CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012
FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012
Holdings By:
SAP AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The
Company focuses on diabetes care and offers insulin delivery systems and other
diabetes products. Novo Nordisk also works in areas such as haemostatis
management, growth disorders, and hormone replacement therapy. The Company
offers educational and training materials. Novo Nordisk markets worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (07.02.2013) 1'100.00
52-Week Low (30.03.2012) 763.50
Daily Volume
949.5
52-Week High % Change -13.68% Dividend Yield -
52-Week Low % Change 24.36% Beta 1.09
% 52 Week Price Range High/Low 55.13% Equity Float -
Shares Out 26.03.2013 452.5 Short Int -
531'720.00 1 Yr Total Return 25.27%
Total Debt 500.00 YTD Return 5.59%
Preferred Stock 0.0 Adjusted BETA 1.093
Minority Interest 0.0 Analyst Recs 37
Cash and Equivalents 16'105.00 Consensus Rating 3.568
Enterprise Value 516'114.99
Average Volume 5 Day 1'015'880
NOVOB DC EQUITY YTD Change - Average Volume 30 Day 786'775
NOVOB DC EQUITY YTD % CHANGE - Average Volume 3 Month 783'653
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
45'553.0 51'078.0 60'776.0 66'346.0 78'026.0 66'346.0 78'026.0 83'767.0 91'288.4 19'420.5 20'952.0
3.45x 3.47x 5.98x 5.52x 6.38x 19.15x 23.42x 6.16x 5.62x - -
14'815.0 17'484.0 21'358.0 24'864.0 32'047.0 24'864.0 32'047.0 34'393.3 38'100.4 7'730.3 8'612.3
10.60x 10.13x 17.02x 14.73x 15.53x 14.08x 15.03x 15.01x 13.55x 15.21x 14.93x
9'645.0 10'768.0 14'403.0 17'097.0 21'432.0 17'097.0 21'432.0 24'935.7 27'111.7 5'745.4 6'486.2
17.30x 18.47x 25.35x 21.83x 23.45x 21.82x 23.44x 20.59x 18.58x 20.64x 20.60x
EBITDA 32'047.00 Long-Term Rating Date 24.06.2011
EBIT 29'474.00 Long-Term Rating A+
Operating Margin 37.77% Long-Term Outlook STABLE
Pretax Margin 35.64% Short-Term Rating Date 13.06.2007
Return on Assets 32.88% Short-Term Rating A-1
Return on Common Equity 54.90%
Return on Capital - EBITDA/Interest Exp. 552.53
Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 494.40
Net Debt/EBITDA -0.49
Gross Margin 82.7% Total Debt/EBITDA 0.02
EBITDA Margin 41.1%
EBIT Margin 37.8% Total Debt/Equity 1.2%
Net Income Margin 27.5% Total Debt/Capital 1.2%
Asset Turnover 1.20
Current Ratio 1.86 Net Fixed Asset Turnover 3.67
Quick Ratio 1.19 Accounts receivable turnover-days 44.53
Debt to Assets 0.76% Inventory Days 257.90
Tot Debt to Common Equity 1.23% Accounts Payable Turnover Day 96.39
Accounts Receivable Turnover 8.22 Cash Conversion Cycle 206.05
Inventory Turnover 1.42
Fiscal Year Ended
Novo Nordisk A/SPrice/Volume
Valuation Analysis
416'675.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 79'419'633 17.55 (2'007'633) 31.12.2012 Investment Advisor
NOVO AS n/a 20F 35'312'800 7.8 (5'100'000) 31.01.2013 Holding Company
NOVO-NORDISK A/S n/a Research 18'962'215 4.19 - 08.03.2013 Corporation
FMR LLC n/a ULT-AGG 14'691'275 3.25 (358'846) 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 7'777'930 1.72 (74'744) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'639'111 1.25 618'921 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'109'427 1.13 207'091 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 5'094'371 1.13 6'991 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'367'549 0.97 (161'621) 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'512'028 0.56 758'793 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'806'460 0.4 43'470 31.12.2012 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 1'729'312 0.38 (102'150) 28.02.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'569'603 0.35 (127'123) 30.11.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'321'823 0.29 (1'321) 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'174'866 0.26 (54'015) 28.02.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'163'920 0.26 1'109'960 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 994'564 0.22 (121'792) 28.02.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 936'874 0.21 21'995 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 860'779 0.19 (2'666) 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 738'979 0.16 (13'497) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 27.03.2013
ABG Sundal Collier PETER HUGREFFE buy 5 M 1'200 6 month 25.03.2013
Jyske Bank FRANK HOERNING ANDERSEN buy 5 M 1'100 Not Provided 22.03.2013
Exane BNP Paribas VINCENT MEUNIER neutral 3 M 950 Not Provided 21.03.2013
AlphaValue KAMLA SINGH add 4 U 1'031 6 month 21.03.2013
Societe Generale STEPHEN MCGARRY sell 1 M 753 12 month 20.03.2013
SEB Enskilda LARS HEVRENG buy 5 M 1'180 Not Provided 19.03.2013
Carnegie CARSTEN LONBORG MADSEN buy 5 M #N/A N/A Not Provided 19.03.2013
Nordea Equity Research MICHAEL NOVOD strong buy 5 M 1'250 12 month 19.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 920 6 month 19.03.2013
Helvea OLAV ZILIAN accumulate 4 M 1'100 12 month 19.03.2013
Barclays BRIAN BOURDOT underweight 1 M 870 Not Provided 19.03.2013
Danske Markets MARTIN PARKHOI buy 5 M 1'100 12 month 19.03.2013
JPMorgan RICHARD VOSSER underweight 1 D 800 9 month 18.03.2013
Deutsche Bank TIM RACE sell 1 M 890 12 month 15.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 900 12 month 14.03.2013
DNB Markets RUNE MAJLUND DAHL buy 5 M 1'100 Not Provided 12.03.2013
CA Cheuvreux LAURENT FLAMME underperform 1 M 965 Not Provided 06.03.2013
Handelsbanken PETER SEHESTED buy 5 M 1'112 12 month 04.03.2013
Credit Suisse LUISA HECTOR neutral 3 M 1'040 Not Provided 28.02.2013
Nomura AMIT ROY buy 5 M 1'000 12 month 21.02.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 920 Not Provided 12.02.2013
Kepler Capital Markets MARTIN VOEGTLI hold 3 M 920 Not Provided 12.02.2013
S&P Capital IQ JACOB THRANE hold 3 M 985 12 month 12.02.2013
Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1'040 12 month 11.02.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 D 1'015 Not Provided 11.02.2013
Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 1'200 12 month 11.02.2013
Natixis PHILIPPE LANONE neutral 3 D 1'010 Not Provided 11.02.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 1'400 6 month 04.02.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Mirabaud Securities NICHOLAS TURNER reduce 2 D 819 Not Provided 23.11.2012
Swedbank JOHAN UNNERUS strong buy 5 U 1'150 12 month 09.11.2012
NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 23.07.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Cyrrus TOMAS MENCIK sell 1 M 627 Not Provided 05.04.2012
Sydbank SOEREN LONTOFT HANSEN overweight 5 U #N/A N/A Not Provided 02.02.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 648 Not Provided 15.04.2011
Holdings By:
Novo Nordisk A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Banco Santander SA attracts deposits and offers retail, commercial and private
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 6.68
52-Week Low (23.07.2012) 3.98
Daily Volume
5.167
52-Week High % Change -22.72% Dividend Yield -
52-Week Low % Change 29.95% Beta 1.17
% 52 Week Price Range High/Low 48.56% Equity Float 10'341.22
Shares Out 14.01.2013 10'538.7 Short Int -
54'453.38 1 Yr Total Return -0.86%
Total Debt 367'524.00 YTD Return -13.29%
Preferred Stock 0.0 Adjusted BETA 1.171
Minority Interest 9'672.0 Analyst Recs 42
Cash and Equivalents 182'116.00 Consensus Rating 2.857
Enterprise Value -
Average Volume 5 Day 85'873'060
SAN SQ EQUITY YTD Change - Average Volume 30 Day 75'163'500
SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 75'605'770
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
70'114.3 69'736.2 68'965.5 78'009.0 43'575.0 44'219.0 43'575.0 44'466.5 46'635.0 11'268.0 11'390.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
8'876.4 8'942.5 8'180.9 5'351.0 2'205.0 5'351.0 2'205.0 6'311.5 7'521.8 1'408.0 1'407.0
5.74x 11.09x 8.39x 9.74x 26.44x 9.70x 25.61x 8.77x 7.53x 8.01x -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB
Operating Margin 24.02% Long-Term Outlook NEG
Pretax Margin 12.39% Short-Term Rating Date 30.04.2012
Return on Assets 0.17% Short-Term Rating A-2
Return on Common Equity 2.92%
Return on Capital 0.65% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 492.3%
Net Income Margin 5.1% Total Debt/Capital 81.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 3.19
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 28.95% Inventory Days -
Tot Debt to Common Equity 492.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Banco Santander SAPrice/Volume
Valuation Analysis
60'242'578.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 866'053'147 8.22 28'365 26.03.2013 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 555'448'975 5.27 - 31.12.2011 Investment Advisor
BNP PARIBAS SA n/a EXCH 341'264'391 3.24 86'154'727 14.01.2013 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 243'314'406 2.31 - 31.12.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 227'263'557 2.16 (56'807'364) 03.05.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 151'622'409 1.44 2'825'886 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 138'161'167 1.31 10'545'834 31.12.2012 Investment Advisor
DE LOS RIOS EMILIO B n/a EXCH 79'215'379 0.75 30'908 11.03.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 53'673'238 0.51 447'012 29.01.2013 Investment Advisor
ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.48 - 01.10.2011 Insurance Company
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 43'495'798 0.41 586'726 31.12.2012 Investment Advisor
BANCO SANTANDER SA n/a Co File 42'192'066 0.4 - 31.12.2011 Bank
BNP PARIBAS INV PART n/a ULT-AGG 39'437'973 0.37 (3'428'192) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'143'000 0.37 - 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 30'578'576 0.29 - 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 27'695'932 0.26 (2'001'686) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 19'224'262 0.18 1'930'244 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 16'712'670 0.16 (436'850) 31.12.2012 Mutual Fund Manager
O'SHEA JAVIER BOTIN- n/a EXCH 16'280'026 0.15 937 31.01.2013 n/a
PUENTEPUMAR SL n/a EXCH 13'757'649 0.13 - 11.07.2011 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ANDREA FILTRI underperform 1 M 4 Not Provided 25.03.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 25.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 25.03.2013
Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 22.03.2013
La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 20.03.2013
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 19.03.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 14.03.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.03.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 11.03.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 11.03.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 10.03.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 08.03.2013
BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 07.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 07.03.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013
Banco Sabadell MARIO LODOS buy 5 M 7 12 month 15.02.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013
JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.02.2013
RBC Capital Markets PATRICK LEE underperform 1 M 6 12 month 01.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 01.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 01.02.2013
Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013
Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013
BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013
HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012
DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012
Holdings By:
Banco Santander SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Rio Tinto PLC is an international mining company. The Company has interests in
mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,
uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.
Dually-listed company with RIO AU.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.02.2013) 3'838.00
52-Week Low (05.09.2012) 2'649.50
Daily Volume
3106
52-Week High % Change -19.09% Dividend Yield 3.56
52-Week Low % Change 17.23% Beta 1.51
% 52 Week Price Range High/Low 36.68% Equity Float 1'227.54
Shares Out 01.03.2013 1'411.9 Short Int -
61'258.42 1 Yr Total Return -5.21%
Total Debt 26'819.00 YTD Return -9.96%
Preferred Stock 0.0 Adjusted BETA 1.511
Minority Interest 11'156.0 Analyst Recs 31
Cash and Equivalents 7'615.00 Consensus Rating 4.194
Enterprise Value 122'872.47
Average Volume 5 Day 4'419'226
RIO LN EQUITY YTD Change - Average Volume 30 Day 4'934'840
RIO LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'259'480
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 12/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
54'264.0 41'825.0 55'171.0 60'537.0 50'967.0 0.0 46'038.0 58'416.0 62'104.9 - -
1.53x 5.29x 2.71x 1.80x 2.67x #DIV/0! 8.17x 2.09x 1.94x - -
18'964.0 10'920.0 22'752.0 26'657.0 15'902.0 0.0 13'532.0 21'990.1 24'140.2 - -
4.38x 20.24x 6.57x 4.09x 8.55x 0.00x 0.00x 5.59x 5.09x - -
3'676.0 4'872.0 14'238.0 5'826.0 (2'990.0) 0.0 9'402.0 10'986.9 12'212.8 - -
6.19x 18.14x 9.63x 16.07x - 0.00x 0.00x 7.85x 6.90x - -
EBITDA 15'902.00 Long-Term Rating Date 18.04.2011
EBIT 11'461.00 Long-Term Rating A-
Operating Margin 22.49% Long-Term Outlook NEG
Pretax Margin -5.04% Short-Term Rating Date 08.07.2009
Return on Assets -2.52% Short-Term Rating A-2
Return on Common Equity -6.02%
Return on Capital 5.92% EBITDA/Interest Exp. 22.98
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -2.25
Net Debt/EBITDA 1.21
Gross Margin - Total Debt/EBITDA 1.69
EBITDA Margin 31.2%
EBIT Margin 22.5% Total Debt/Equity 57.2%
Net Income Margin -5.9% Total Debt/Capital 31.6%
Asset Turnover 0.43
Current Ratio 1.46 Net Fixed Asset Turnover 0.73
Quick Ratio 0.94 Accounts receivable turnover-days 32.07
Debt to Assets 22.81% Inventory Days -
Tot Debt to Common Equity 57.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.32 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Rio Tinto PLCPrice/Volume
Valuation Analysis
2'284'379.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHINING PROSPECT PTE Multiple Portfolios REG 182'550'329 12.93 - 03.12.2012 Holding Company
BLACKROCK n/a ULT-AGG 128'626'019 9.11 - 25.03.2013 Investment Advisor
AXA n/a ULT-AGG 59'271'193 4.2 605'414 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 53'306'336 3.78 (30'895) 28.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 41'031'494 2.91 - 19.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 32'751'832 2.32 10'311'357 03.12.2012 Unclassified
ABERDEEN n/a ULT-AGG 29'783'762 2.11 275'493 28.02.2013 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 28'183'471 2 5'058'654 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 27'888'087 1.98 (363'260) 31.01.2013 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 22'584'269 1.6 2'505'810 03.12.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 20'784'742 1.47 864'625 31.01.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 20'134'091 1.43 (1'535'852) 03.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 15'566'865 1.1 777'762 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'972'836 1.06 559'905 31.12.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 14'066'647 1 (18'708) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 13'772'088 0.98 509'965 03.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 13'345'435 0.95 812'987 31.01.2013 Unclassified
GOVT OF SINGAPORE IN n/a ULT-AGG 13'197'558 0.93 (667'279) 03.12.2012 Government
SCHRODER INVESTMENT Multiple Portfolios REG 13'004'093 0.92 3'648'560 03.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'894'531 0.77 49'517 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 3'870 12 month 27.03.2013
Credit Suisse PAUL MCTAGGART outperform 5 M 4'000 Not Provided 26.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 D 3'400 12 month 25.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 22.03.2013
Jefferies Christopher LaFemina buy 5 M 4'100 12 month 21.03.2013
AlphaValue SACHIN KUMAR add 4 M 3'796 6 month 21.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 4'575 12 month 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Neutral 1 D 2'800 12 month 19.03.2013
JPMorgan FRASER JAMIESON overweight 5 M 4'400 9 month 15.03.2013
SBG Securities PETER DAVEY buy 5 M 4'300 12 month 11.03.2013
Macquarie JEFFREY LARGEY neutral 3 M 4'050 12 month 08.03.2013
RBC Capital Markets DES KILALEA outperform 5 M 4'300 12 month 04.03.2013
Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 M 2'910 12 month 04.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 04.03.2013
Exane BNP Paribas LUC PEZ outperform 5 M 4'700 Not Provided 27.02.2013
BMO Capital Markets TONY ROBSON outperform 5 M 4'500 Not Provided 25.02.2013
Societe Generale ABHISHEK SHUKLA buy 5 M 3'900 12 month 15.02.2013
Deutsche Bank ROBERT CLIFFORD buy 5 M 4'720 12 month 15.02.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 3'500 Not Provided 15.02.2013
Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 4'200 12 month 14.02.2013
Nomura SAM CATALANO buy 5 M 3'700 12 month 14.02.2013
S&P Capital IQ JOHNSON IMODE strong buy 5 M 4'200 12 month 14.02.2013
HSBC ANDREW KEEN overweight 5 M 4'180 Not Provided 07.02.2013
Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 21.01.2013
Barclays DAVID BUTLER overweight 5 M 4'000 Not Provided 14.01.2013
Liberum Capital Ltd RICHARD KNIGHTS buy 5 U #N/A N/A Not Provided 30.11.2012
Standard Chartered SUBRAMANIAM VARADA outperform 5 M 3'430 12 month 22.11.2012
Axiom Capital GORDON L JOHNSON sell 1 N 2'059 12 month 30.07.2012
Holdings By:
Rio Tinto PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 143.40
52-Week Low (04.06.2012) 111.00
Daily Volume
132.25
52-Week High % Change -7.78% Dividend Yield 2.19
52-Week Low % Change 19.14% Beta 0.93
% 52 Week Price Range High/Low 62.65% Equity Float 254.93
Shares Out 11.02.2013 507.7 Short Int -
67'139.34 1 Yr Total Return 3.83%
Total Debt 6'812.00 YTD Return -4.72%
Preferred Stock 0.0 Adjusted BETA 0.927
Minority Interest 1'102.0 Analyst Recs 39
Cash and Equivalents 2'196.00 Consensus Rating 4.282
Enterprise Value 72'857.34
Average Volume 5 Day 877'732
MC FP EQUITY YTD Change - Average Volume 30 Day 801'760
MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 724'368
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
17'193.0 17'053.0 20'320.0 23'659.0 28'103.0 23'659.0 28'103.0 30'256.3 32'847.9 - -
1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.34x 2.10x - -
4'323.0 4'055.0 5'106.0 6'150.0 6'940.0 0.0 0.0 7'668.5 8'473.9 - -
6.34x 10.13x 12.27x 9.84x 10.82x 0.00x 0.00x 9.48x 8.58x - -
2'026.0 1'755.0 3'032.0 3'065.0 3'424.0 0.0 0.0 3'849.2 4'301.9 - -
11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 17.45x 15.55x - -
EBITDA 6'940.00 Long-Term Rating Date 20.05.2011
EBIT 5'921.00 Long-Term Rating A
Operating Margin 21.07% Long-Term Outlook POS
Pretax Margin 20.39% Short-Term Rating Date 20.05.2011
Return on Assets 7.06% Short-Term Rating A-1
Return on Common Equity 14.57%
Return on Capital 12.72% EBITDA/Interest Exp. 41.81
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 31.51
Net Debt/EBITDA 0.64
Gross Margin 64.7% Total Debt/EBITDA 0.94
EBITDA Margin 25.7%
EBIT Margin 21.1% Total Debt/Equity 27.7%
Net Income Margin 12.2% Total Debt/Capital 21.0%
Asset Turnover 0.58
Current Ratio 1.51 Net Fixed Asset Turnover 3.35
Quick Ratio 0.44 Accounts receivable turnover-days 25.15
Debt to Assets 13.64% Inventory Days 287.68
Tot Debt to Common Equity 27.73% Accounts Payable Turnover Day 106.20
Accounts Receivable Turnover 14.55 Cash Conversion Cycle 206.64
Inventory Turnover 1.27
Fiscal Year Ended
LVMH Moet Hennessy Louis Vuitton SAPrice/Volume
Valuation Analysis
1'065'020.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUPE ARNAULT SAS n/a Research 235'886'503 46.46 (147'143) 01.10.2012 Holding Company
LVMH MOET HENNESSY L n/a Co File 9'536'678 1.88 - 31.12.2011 Holding Company
QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 4'275'828 0.84 74'218 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'200'037 0.83 4'700 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'085'056 0.8 - 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'878'869 0.76 (478'859) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'387'828 0.67 (45'143) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'326'140 0.66 134'015 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'724'161 0.54 49'222 31.01.2013 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 1'969'710 0.39 (230'217) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'732'620 0.34 41'590 31.01.2013 Investment Advisor
TRAPANI FRANCESCO n/a Co File 1'561'592 0.31 - 31.12.2011 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 1'528'000 0.3 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'422'781 0.28 19'742 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'387'002 0.27 (18'102) 28.02.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'355'126 0.27 (2'100) 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'150'592 0.23 43'392 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'042'404 0.21 (14'807) 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 925'639 0.18 (20'403) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group OMAR SAAD buy 5 M 160 12 month 24.03.2013
Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 20.03.2013
Nomura CHRISTOPHER WALKER buy 5 M 155 12 month 20.03.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 135 Not Provided 20.03.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 160 Not Provided 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Societe Generale THIERRY COTA hold 3 M 145 12 month 18.03.2013
Renaissance Capital REY WIUM hold 3 M 152 12 month 14.03.2013
AlphaValue VIRGINIE BLIN buy 5 M 172 6 month 07.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 22.02.2013
Aurel - BGC DAVID DA MAIA hold 3 M 145 Not Provided 20.02.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 157 12 month 20.02.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013
Berenberg Bank JOHN GUY hold 3 D 140 Not Provided 15.02.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 Not Provided 10.02.2013
Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 152 12 month 08.02.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 198 12 month 08.02.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 08.02.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 148 Not Provided 05.02.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 165 12 month 04.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 160 12 month 04.02.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 142 9 month 01.02.2013
Raymond James MARC WILLAUME strong buy 5 M 163 Not Provided 01.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 01.02.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 01.02.2013
S&P Capital IQ MICHAEL SOUERS strong buy 5 M 160 12 month 01.02.2013
Barclays JULIAN EASTHOPE overweight 5 M 151 Not Provided 01.02.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 168 Not Provided 31.01.2013
HSBC ANTOINE BELGE neutral 3 M 150 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank WARWICK OKINES hold 3 D 145 12 month 14.01.2013
Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012
Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012
CA Cheuvreux THOMAS MESMIN outperform 5 M 140 Not Provided 17.10.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012
Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012
Holdings By:
LVMH Moet Hennessy Louis Vuitton SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Unilever NV manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 32.00
52-Week Low (13.04.2012) 24.51
Daily Volume
31.56
52-Week High % Change -1.36% Dividend Yield 3.01
52-Week Low % Change 28.79% Beta 0.60
% 52 Week Price Range High/Low 95.33% Equity Float -
Shares Out 25.01.2013 1'714.7 Short Int -
95'722.40 1 Yr Total Return 27.93%
Total Debt 10'221.00 YTD Return 10.36%
Preferred Stock 0.0 Adjusted BETA 0.597
Minority Interest 557.0 Analyst Recs 45
Cash and Equivalents 2'866.00 Consensus Rating 3.533
Enterprise Value 103'634.40
Average Volume 5 Day 4'038'600
UNA NA EQUITY YTD Change - Average Volume 30 Day 4'167'800
UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'752'298
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 46'467.0 51'324.0 53'508.8 56'551.8 12'678.3 13'837.2
1.41x 1.77x 1.64x 1.82x 1.75x 0.00x 0.00x 1.91x 1.78x - -
6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'790.1 9'406.3 - -
8.39x 10.25x 9.54x 11.30x 10.94x 0.00x 0.00x 11.78x 11.01x - -
5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 2'235.0 0.0 4'919.9 5'363.3 1'120.0 1'140.0
9.69x 18.80x 15.43x 17.60x 18.25x 0.00x 0.00x 18.65x 17.17x 18.46x -
EBITDA 8'188.00 Long-Term Rating Date 05.10.2000
EBIT 6'989.00 Long-Term Rating A+
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 13.02% Short-Term Rating Date 05.10.2000
Return on Assets 9.56% Short-Term Rating A-1
Return on Common Equity 30.42%
Return on Capital 19.56% EBITDA/Interest Exp. 15.57
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 11.81
Net Debt/EBITDA 0.90
Gross Margin 40.2% Total Debt/EBITDA 1.25
EBITDA Margin 16.0%
EBIT Margin 13.6% Total Debt/Equity 67.4%
Net Income Margin 8.7% Total Debt/Capital 39.4%
Asset Turnover 1.10
Current Ratio 0.77 Net Fixed Asset Turnover 5.63
Quick Ratio 0.36 Accounts receivable turnover-days 20.29
Debt to Assets 22.14% Inventory Days -
Tot Debt to Common Equity 67.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover 18.04 Cash Conversion Cycle -8.85
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Unilever NVPrice/Volume
Valuation Analysis
2'388'116.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FOUNDATION UNILEVER n/a Co File 1'268'224'230 73.96 - 28.02.2011 Other
UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2011 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 33'770'000 1.97 (1'842'700) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'884'073 1.22 (740'454) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'128'239 1.06 903'626 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 16'626'505 0.97 498'559 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 11'633'435 0.68 (188'682) 31.05.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'447'002 0.55 (57'347) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'028'108 0.47 8'028'108 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'857'215 0.46 (382'184) 28.02.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 7'200'000 0.42 - 31.12.2011 Pension Fund (ERISA)
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 7'180'977 0.42 (63'607) 31.01.2013 Mutual Fund Manager
ELMA EN UNITED HOLDS n/a Research 6'428'550 0.37 - 19.10.2011 Other
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'122'561 0.36 (32'935) 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'839'034 0.34 126'890 28.09.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'794'474 0.34 153'674 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'439'055 0.32 (100'074) 31.01.2013 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'387'993 0.31 (102'210) 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'281'693 0.31 5'249'645 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4'660'599 0.27 - 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 34 12 month 25.03.2013
Exane BNP Paribas JEFF STENT neutral 3 M 33 Not Provided 19.03.2013
Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 27 12 month 13.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 32 12 month 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 31 12 month 11.03.2013
Kepler Capital Markets JON COX buy 5 M 33 Not Provided 10.03.2013
Credit Suisse CHARLES MILLS neutral 3 M 34 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 05.03.2013
Rabobank International KAREL ZOETE buy 5 M 34 Not Provided 25.02.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013
Day by Day VALERIE GASTALDY buy 5 M 30 3 month 11.02.2013
HSBC CEDRIC BESNARD overweight 5 M 35 Not Provided 30.01.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 32 Not Provided 30.01.2013
Jefferies ALEX HOWSON hold 3 D 32 12 month 29.01.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 29.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 29 Not Provided 29.01.2013
Berenberg Bank JAMES TARGETT buy 5 M 35 Not Provided 25.01.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 37 Not Provided 25.01.2013
Societe Generale WARREN L ACKERMAN sell 1 M 28 12 month 24.01.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 30 12 month 24.01.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 37 12 month 24.01.2013
SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 M 35 12 month 24.01.2013
Nomura DAVID HAYES reduce 2 M 30 Not Provided 24.01.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 24.01.2013
Helvea ANDREAS VON ARX accumulate 4 M 33 12 month 24.01.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 24.01.2013
Grupo Santander PEDRO GIL buy 5 M 33 Not Provided 23.01.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 26 6 month 23.01.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 32 12 month 23.01.2013
Petercam FERNAND DE BOER hold 3 M 30 Not Provided 23.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 30 Not Provided 23.01.2013
S&P Capital IQ CARL SHORT hold 3 M 31 12 month 23.01.2013
Barclays IAIN SIMPSON overweight 5 M 34 Not Provided 23.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 30 Not Provided 21.01.2013
Natixis PIERRE TEGNER reduce 2 M 27 Not Provided 21.01.2013
ING Bank MARCO GULPERS hold 3 M 29 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 15.01.2013
Kempen & Co ERWIN DUT hold 3 M 29 12 month 06.01.2013
JPMorgan CELINE PANNUTI overweight 5 M 30 12 month 26.10.2012
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012
DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012
Equita SIM SpA FABIO FAZZARI buy 5 M 28 12 month 10.06.2011
Holdings By:
Unilever NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
BHP Billiton Plc is an international resources company. The Company's principal
business lines are mineral exploration and production, including coal, iron ore,
gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum
exploration and production. Dually-listed company with BHP AU.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (19.02.2013) 2'251.50
52-Week Low (01.06.2012) 1'650.50
Daily Volume
1939.5
52-Week High % Change -13.88% Dividend Yield 3.89
52-Week Low % Change 17.51% Beta 1.41
% 52 Week Price Range High/Low 47.92% Equity Float 2'012.24
Shares Out 30.06.2012 2'111.3 Short Int -
114'581.44 1 Yr Total Return 4.61%
Total Debt 28'330.00 YTD Return -7.26%
Preferred Stock 0.0 Adjusted BETA 1.408
Minority Interest 1'215.0 Analyst Recs 32
Cash and Equivalents 5'063.00 Consensus Rating 3.656
Enterprise Value 204'499.88
Average Volume 5 Day 7'247'555
BLT LN EQUITY YTD Change - Average Volume 30 Day 6'583'069
BLT LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'560'194
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 01/yy 01/yy 06/13 Y 06/14 Y - -
59'473.0 50'211.0 52'798.0 71'739.0 72'226.0 - - 68'085.9 74'998.4 - -
3.90x 2.97x 2.83x 3.00x 2.42x - - 2.98x 2.68x - -
28'137.0 21'761.0 24'590.0 38'093.0 33'866.0 - - 29'120.2 34'351.7 - -
8.24x 6.86x 6.07x 5.65x 5.15x - - 7.02x 5.95x - -
15'390.0 5'877.0 12'722.0 23'648.0 15'417.0 - - 13'271.3 16'822.1 - -
13.88x 21.26x 11.48x 9.18x 9.78x - - 11.45x 9.65x - -
EBITDA 33'866.00 Long-Term Rating Date 15.11.2010
EBIT 27'458.00 Long-Term Rating A+
Operating Margin 38.02% Long-Term Outlook STABLE
Pretax Margin 31.87% Short-Term Rating Date 06.02.2008
Return on Assets 7.60% Short-Term Rating A-1
Return on Common Equity 14.89%
Return on Capital 10.90% EBITDA/Interest Exp. 26.69
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 10.27
Net Debt/EBITDA 1.07
Gross Margin - Total Debt/EBITDA 1.25
EBITDA Margin 42.3%
EBIT Margin 32.2% Total Debt/Equity 43.0%
Net Income Margin 21.3% Total Debt/Capital 29.7%
Asset Turnover 0.52
Current Ratio 0.93 Net Fixed Asset Turnover 0.72
Quick Ratio 0.44 Accounts receivable turnover-days 43.13
Debt to Assets 21.91% Inventory Days -
Tot Debt to Common Equity 43.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.49 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
BHP Billiton PLCPrice/Volume
Valuation Analysis
2'925'491.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 168'784'326 7.99 - 25.03.2013 Investment Advisor
GEPF EQUITY n/a 20F 87'131'000 4.13 - 24.08.2012 n/a
LEGAL & GENERAL n/a ULT-AGG 85'921'147 4.07 2'333'522 28.02.2013 Unclassified
NORGES BANK n/a RNS-MAJ 63'635'068 3.01 387'315 05.02.2013 Government
ABERDEEN n/a ULT-AGG 61'007'128 2.89 3'056'099 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 49'811'488 2.36 5'468'533 30.11.2012 Unclassified
FMR LLC n/a ULT-AGG 38'877'200 1.84 1'513'376 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 37'588'249 1.78 8'992'566 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'795'273 1.7 (1'247'628) 31.12.2012 Investment Advisor
INDUSTRIAL DEVELOPME n/a 20F 33'804'582 1.6 - 24.08.2012 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 29'045'618 1.38 - 01.11.2012 Government
BAILLIE GIFFORD AND Multiple Portfolios REG 24'697'602 1.17 (1'256'810) 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 23'459'843 1.11 819'531 01.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 22'369'418 1.06 1'376'028 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 21'902'436 1.04 (1'063'116) 01.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 20'415'622 0.97 (920'460) 26.03.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 19'780'635 0.94 85'032 01.11.2012 Unclassified
ALECTA INVESTMENT MA Multiple Portfolios REG 19'545'000 0.93 (4'850'000) 01.11.2012 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 19'266'422 0.91 529'365 01.11.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 18'688'842 0.89 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 2'000 Not Provided 21.03.2013
AlphaValue SACHIN KUMAR reduce 2 M 1'894 6 month 21.03.2013
Jefferies Christopher LaFemina buy 5 M 2'550 12 month 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/neutral 3 D 2'200 12 month 19.03.2013
Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 N 1'703 Not Provided 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Credit Suisse PAUL MCTAGGART neutral 3 M 2'400 Not Provided 15.03.2013
JPMorgan FRASER JAMIESON neutral 3 M 2'300 9 month 15.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2'450 12 month 15.03.2013
RBC Capital Markets DES KILALEA outperform 5 M 2'300 12 month 08.03.2013
Macquarie JEFFREY LARGEY neutral 3 M 2'175 12 month 07.03.2013
Macquarie KIERAN DALY neutral 3 M 2'146 12 month 07.03.2013
Nomura SAM CATALANO buy 5 M 2'400 Not Provided 04.03.2013
Morgan Stanley MENNO SANDERSE Overwt/In-Line 5 M 2'310 12 month 28.02.2013
SBG Securities PETER DAVEY buy 5 M 2'500 12 month 28.02.2013
Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 2'155 12 month 26.02.2013
Barclays DAVID BUTLER overweight 5 M 2'300 Not Provided 22.02.2013
Societe Generale ABHISHEK SHUKLA sell 1 M 1'585 12 month 21.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 2'300 12 month 21.02.2013
Natixis RAOUDHA BOUZEKRI buy 5 M 2'400 Not Provided 21.02.2013
Avior Research CLINTON DUNCAN outperform 5 M 3'042 Not Provided 21.02.2013
BMO Capital Markets TONY ROBSON outperform 5 M 2'500 Not Provided 20.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 2'200 12 month 20.02.2013
HSBC ANDREW KEEN neutral 3 M 2'250 Not Provided 07.02.2013
Deutsche Bank GRANT SPORRE buy 5 M 2'380 12 month 30.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Investec ALBERT MINASSIAN hold 3 M 2'306 Not Provided 20.12.2012
Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 06.12.2012
Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 20.09.2012
Standard Chartered SUBRAMANIAM VARADA in-line 3 D 2'000 12 month 08.09.2012
Holdings By:
BHP Billiton PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
SABMiller plc is an international beer company. The Company bottles and
distributes beer through breweries worldwide. SABMiller also bottles and
distributes a number of soft drinks.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (14.03.2013) 3'514.50
52-Week Low (30.05.2012) 2'342.00
Daily Volume
3425
52-Week High % Change -2.53% Dividend Yield 1.81
52-Week Low % Change 46.24% Beta 0.96
% 52 Week Price Range High/Low 93.90% Equity Float 802.58
Shares Out 28.02.2013 1'597.1 Short Int -
54'699.35 1 Yr Total Return 36.16%
Total Debt 19'226.00 YTD Return 21.24%
Preferred Stock 0.0 Adjusted BETA 0.961
Minority Interest 940.0 Analyst Recs 37
Cash and Equivalents 746.00 Consensus Rating 3.459
Enterprise Value 101'475.96
Average Volume 5 Day 1'608'823
SAB LN EQUITY YTD Change - Average Volume 30 Day 1'994'878
SAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'925'772
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -
17'057.0 14'883.0 14'195.0 15'145.0 16'713.0 - - 24'499.3 25'989.8 - -
2.50x 2.25x 4.08x 4.42x 5.16x - - 4.07x 3.76x - -
4'569.0 3'663.0 4'212.0 4'682.0 5'154.0 - - 6'424.3 7'025.7 - -
9.35x 9.13x 13.74x 14.30x 16.73x - - 15.80x 14.44x - -
2'023.0 1'881.0 1'910.0 2'408.0 4'221.0 - - 3'831.8 4'326.8 - -
16.26x 11.84x 23.94x 23.21x 15.05x - - 21.55x 19.13x - -
EBITDA 5'154.00 Long-Term Rating Date 04.08.2003
EBIT 3'972.00 Long-Term Rating BBB+
Operating Margin 23.77% Long-Term Outlook POS
Pretax Margin 33.52% Short-Term Rating Date 16.10.2006
Return on Assets 9.47% Short-Term Rating A-2
Return on Common Equity 18.88%
Return on Capital 15.36% EBITDA/Interest Exp. 4.72
Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 3.37
Net Debt/EBITDA 3.29
Gross Margin - Total Debt/EBITDA 3.43
EBITDA Margin 31.7%
EBIT Margin 24.4% Total Debt/Equity 76.7%
Net Income Margin 25.3% Total Debt/Capital 42.5%
Asset Turnover 0.37
Current Ratio 0.68 Net Fixed Asset Turnover 1.91
Quick Ratio 0.32 Accounts receivable turnover-days 40.84
Debt to Assets 34.55% Inventory Days -
Tot Debt to Common Equity 76.68% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.96 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
SABMiller PLCPrice/Volume
Valuation Analysis
495'550.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALTRIA GROUP INC n/a RNS-MAJ 430'000'000 26.92 - 29.06.2012 Corporation
BEVCO INTERNATIONAL n/a Co File 225'000'000 14.09 - 08.06.2012 Corporation
PUBLIC INVESTMENT CO n/a Co File 67'663'248 4.24 - 08.06.2012 Government
KULCZYK HOLDING n/a Co File 60'000'000 3.76 - 08.06.2012 Holding Company
KULCZYK INVESTMENT H Multiple Portfolios REG 60'000'000 3.76 - 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 35'298'676 2.21 (844'858) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 34'866'303 2.18 (1'720'544) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 32'037'348 2.01 654'378 31.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 29'568'406 1.85 - 01.11.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 21'708'108 1.36 (755'600) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 21'361'342 1.34 (34'200) 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 19'161'032 1.2 (4'245'434) 30.11.2012 Unclassified
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 15'304'821 0.96 (1'824'542) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'499'774 0.78 - 31.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 12'259'520 0.77 2'453'239 01.11.2012 Government
OPPENHEIMERFUNDS INC Multiple Portfolios REG 10'980'964 0.69 (324'670) 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'028'599 0.63 (1'401'802) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 9'864'730 0.62 182'666 01.11.2012 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 9'330'377 0.58 265'826 31.12.2012 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 8'204'566 0.51 77'255 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC LAUREN E TORRES neutral 3 M 3'600 Not Provided 27.03.2013
Credit Suisse SANJEET AUJLA outperform 5 M 4'000 Not Provided 26.03.2013
Macquarie WYNAND VAN ZYL outperform 5 M 3'698 12 month 26.03.2013
Renaissance Capital REY WIUM sell 1 D 3'400 12 month 26.03.2013
Oriel Securities Ltd CHRIS WICKHAM add 4 M 3'760 Not Provided 26.03.2013
SBG Securities BRENDAN GRUNDLINGH hold 3 M 3'200 12 month 26.03.2013
Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 3'300 12 month 25.03.2013
Nomura IAN SHACKLETON neutral 3 M 2'840 12 month 25.03.2013
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 3'180 12 month 22.03.2013
AlphaValue ISABELLE COMBEMALE sell 1 D 3'033 6 month 21.03.2013
JPMorgan MATTHEW WEBB overweight 5 M 3'645 15 month 19.03.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 3'675 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 3'500 12 month 11.03.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 2'750 12 month 05.03.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 3'800 Not Provided 01.03.2013
Barclays SIMON HALES equalweight 3 D 3'350 Not Provided 25.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 3'333 Not Provided 22.02.2013
Investec MARTIN DEBOO buy 5 M 2'950 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.02.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M 2'600 Not Provided 25.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'860 Not Provided 23.01.2013
Natixis OLIVIER DELAHOUSSE neutral 3 M 3'000 Not Provided 23.01.2013
Societe Generale ANDREW HOLLAND hold 3 M 2'970 12 month 22.01.2013
Deutsche Bank JONATHAN FELL hold 3 M 2'900 12 month 22.01.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 3'200 12 month 22.01.2013
Shore Capital Stockbrokers PHIL CARROLL hold 3 M #N/A N/A Not Provided 22.01.2013
Bryan Garnier & Cie NIKOLAAS FAES neutral 3 M 2'633 6 month 22.01.2013
S&P Capital IQ CARL SHORT hold 3 M 3'100 12 month 22.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 2'950 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 3'520 12 month 09.01.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 10.12.2012
Avior Research DE WET SCHUTTE underperform 1 M 2'641 Not Provided 19.10.2012
Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 24.08.2012
Holdings By:
SABMiller PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 114.05
52-Week Low (04.06.2012) 68.50
Daily Volume
105.05
52-Week High % Change -7.89% Dividend Yield -
52-Week Low % Change 53.36% Beta 1.25
% 52 Week Price Range High/Low 87.38% Equity Float 451.47
Shares Out 31.12.2012 456.0 Short Int -
47'897.55 1 Yr Total Return 19.99%
Total Debt 28'651.00 YTD Return 0.24%
Preferred Stock 0.0 Adjusted BETA 1.251
Minority Interest 2'665.0 Analyst Recs 43
Cash and Equivalents 12'437.00 Consensus Rating 4.279
Enterprise Value 66'776.55
Average Volume 5 Day 1'529'462
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'985'001
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'707'504
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 87'384.0 96'019.0 104'153.5 107'032.0 31'251.0 26'139.0
0.69x 0.75x 0.67x 0.61x 0.69x 2.70x 2.56x 0.57x 0.55x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 2'545.0 5'169.0 5'445.0 5'688.9 1'157.0 1'361.0
8.51x 8.37x 7.94x 13.13x 9.18x 12.79x 9.18x 8.67x 8.28x 8.93x -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 10.61% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 23.03.2009
Return on Assets 0.77% Short-Term Rating A-1+
Return on Common Equity 10.50%
Return on Capital 8.01% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 53.5%
Net Income Margin 5.4% Total Debt/Capital 33.8%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.12% Inventory Days -
Tot Debt to Common Equity 53.50% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Allianz SEPrice/Volume
Valuation Analysis
1'705'242.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 25.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'727'664 1.26 (2'672'871) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'983'892 1.09 175'318 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'764'728 1.05 4'899 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'712'687 1.03 1'113'916 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'511'170 0.99 549'507 28.09.2012 Investment Advisor
SOCIETE GENERALE SA n/a Research 4'475'337 0.98 - 28.02.2013 Unclassified
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'451'056 0.98 (153'836) 28.02.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'028'939 0.66 (352'189) 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'263'956 0.5 135'754 28.12.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 1'843'650 0.4 - 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'630'559 0.36 (602'365) 30.11.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'533'611 0.34 17'500 31.01.2013 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'441'075 0.32 433'235 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'340'179 0.29 - 25.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'000'446 0.22 48'589 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 27.03.2013
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 103 12 month 27.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 27.03.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 27.03.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 105 12 month 27.03.2013
DZ Bank AG WERNER EISENMANN buy 5 M 120 12 month 27.03.2013
Main First Bank AG MICHAEL HAID outperform 5 M 125 12 month 27.03.2013
Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 27.03.2013
Macquarie HADLEY COHEN outperform 5 M 130 12 month 22.03.2013
AlphaValue DIETER HEIN reduce 2 D 114 6 month 21.03.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.03.2013
Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 95 12 month 08.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 05.03.2013
Berenberg Bank PETER ELIOT buy 5 M 132 Not Provided 05.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 135 12 month 03.03.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 122 12 month 01.03.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 27.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 25.02.2013
Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 25.02.2013
Nord/LB VOLKER SACK buy 5 M 113 12 month 22.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 125 12 month 21.02.2013
Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013
Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 Not Provided 20.02.2013
Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013
Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013
Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013
Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013
Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012
Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012
Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012
Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 92 Not Provided 11.11.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011
Holdings By:
Allianz SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 19.59
52-Week Low (25.07.2012) 14.94
Daily Volume
17.56
52-Week High % Change -10.41% Dividend Yield -
52-Week Low % Change 17.54% Beta 0.86
% 52 Week Price Range High/Low 61.94% Equity Float 2'532.64
Shares Out 31.12.2012 3'634.2 Short Int -
63'816.29 1 Yr Total Return 5.11%
Total Debt 24'463.00 YTD Return -4.25%
Preferred Stock 0.0 Adjusted BETA 0.856
Minority Interest 3'514.0 Analyst Recs 38
Cash and Equivalents 8'066.00 Consensus Rating 4.053
Enterprise Value 83'727.29
Average Volume 5 Day 11'853'020
ENI IM EQUITY YTD Change - Average Volume 30 Day 13'085'840
ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 12'503'840
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
108'082.0 83'227.0 98'523.0 109'589.0 127'271.0 108'740.0 127'271.0 117'817.6 121'152.2 32'632.7 31'508.3
0.74x 1.10x 0.91x 0.83x 0.68x 3.31x 2.95x 0.68x 0.66x 2.51x 2.62x
26'939.0 20'817.0 24'992.0 25'732.0 24'564.0 25'213.0 24'564.0 28'660.3 29'774.6 7'066.0 7'108.0
2.98x 4.39x 3.58x 3.53x 3.52x 3.60x 3.52x 2.92x 2.81x 2.96x 2.89x
8'825.0 4'367.0 6'318.0 6'860.0 7'788.0 6'860.0 8'673.0 7'070.0 7'593.9 1'777.0 1'748.0
6.89x 14.71x 9.39x 8.47x 16.38x 8.45x 7.66x 8.98x 8.47x 9.43x 8.65x
EBITDA 24'564.00 Long-Term Rating Date 17.01.2012
EBIT 15'026.00 Long-Term Rating A
Operating Margin 11.81% Long-Term Outlook NEG
Pretax Margin 13.04% Short-Term Rating Date 19.05.2010
Return on Assets 6.12% Short-Term Rating A-1
Return on Common Equity 15.13%
Return on Capital - EBITDA/Interest Exp. 27.91
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 15.26
Net Debt/EBITDA 0.67
Gross Margin - Total Debt/EBITDA 1.00
EBITDA Margin 19.3%
EBIT Margin 11.8% Total Debt/Equity 41.3%
Net Income Margin 6.1% Total Debt/Capital 28.1%
Asset Turnover 0.90
Current Ratio 1.44 Net Fixed Asset Turnover 1.86
Quick Ratio 0.23 Accounts receivable turnover-days -
Debt to Assets 17.43% Inventory Days -
Tot Debt to Common Equity 41.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Eni SpAPrice/Volume
Valuation Analysis
8'111'118.00
Current Price (3/dd/yy) Market Data
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASSA DEPOSITI E PRE n/a EXCH 958'298'322 26.37 - 20.11.2012 Other
MINISTERO DELL'ECONO n/a EXCH 142'968'850 3.93 - 20.11.2012 Government
BLACKROCK n/a ULT-AGG 64'342'107 1.77 1'052'103 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 52'398'608 1.44 (1'337'435) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 44'489'000 1.22 1'853'508 31.12.2012 Investment Advisor
BNP PARIBAS ARBITRAG n/a EXCH 41'175'319 1.13 - 20.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'369'401 0.84 999'327 31.12.2012 Investment Advisor
BNP PARIBAS SA n/a EXCH 28'455'671 0.78 - 20.11.2012 Bank
ABERDEEN n/a ULT-AGG 15'842'800 0.44 (245'000) 28.02.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'165'115 0.33 848'857 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 11'763'842 0.32 (368'082) 31.12.2012 Investment Advisor
BNP PARIBAS SEC SERV n/a EXCH 11'484'026 0.32 - 20.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'514'761 0.29 (24'451) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'054'715 0.25 250'401 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 7'927'747 0.22 - 25.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'754'973 0.19 1'643'290 31.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'925'800 0.16 (1'437'700) 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'679'489 0.16 463'987 31.01.2013 Unclassified
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'385'693 0.15 996'578 31.01.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'120'940 0.14 1'015'630 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banca IMI ROBERTO RANIERI add 4 M #N/A N/A Not Provided 25.03.2013
HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 21.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 18 6 month 21.03.2013
Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 20.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 18.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 20 Not Provided 18.03.2013
Societe Generale IRENE HIMONA hold 3 M 19 12 month 15.03.2013
Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 15.03.2013
Raymond James BERTRAND HODEE outperform 5 M 21 Not Provided 15.03.2013
Macquarie MARC B KOFLER outperform 5 M 21 12 month 15.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 20 12 month 15.03.2013
Equita SIM SpA ROBERTO LETIZIA buy 5 M 22 12 month 15.03.2013
Banca Akros(ESN) DARIO MICHI buy 5 M 23 12 month 15.03.2013
Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 15.03.2013
Natixis ANNE PUMIR neutral 3 M 20 Not Provided 15.03.2013
Barclays RAHIM KARIM overweight 5 M 21 Not Provided 15.03.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 14.03.2013
Jefferies IAIN REID buy 5 M 22 12 month 14.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 14.03.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 14.03.2013
JPMorgan NITIN SHARMA overweight 5 M 22 3 month 13.03.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 12.03.2013
VTB Capital COLIN SMITH hold 3 M 19 12 month 01.03.2013
Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 18.02.2013
Investec STUART JOYNER hold 3 U 16 12 month 15.02.2013
Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 21 12 month 15.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 15.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 20 Not Provided 09.01.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 U 20 12 month 27.11.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 U #N/A N/A Not Provided 30.10.2012
Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012
Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010
Holdings By:
Eni SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
AstraZeneca PLC is a holding company. The Company, through its subsidiaries,
researches, manufactures, and sells pharmaceutical and medical products.
AstraZeneca focuses its operations on eight therapeutic areas:
Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous
System, Pain Control, Anaesthesia, and Infection.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 3'273.00
52-Week Low (01.06.2012) 2'578.50
Daily Volume
3231.5
52-Week High % Change -1.24% Dividend Yield 5.74
52-Week Low % Change 25.32% Beta 0.75
% 52 Week Price Range High/Low 97.62% Equity Float 1'246.05
Shares Out 01.03.2013 1'248.2 Short Int -
40'334.16 1 Yr Total Return 21.16%
Total Debt 10'310.00 YTD Return 15.66%
Preferred Stock 0.0 Adjusted BETA 0.752
Minority Interest 215.0 Analyst Recs 37
Cash and Equivalents 8'524.00 Consensus Rating 2.703
Enterprise Value 62'915.67
Average Volume 5 Day 3'766'305
AZN LN EQUITY YTD Change - Average Volume 30 Day 2'535'952
AZN LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'340'425
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
31'601.0 32'804.0 33'269.0 33'591.0 27'973.0 33'591.0 27'973.0 26'350.5 25'603.1 6'532.8 6'360.8
2.11x 2.02x 1.84x 1.71x 2.18x 7.33x 8.49x 2.35x 2.37x - -
11'657.0 13'235.0 14'170.0 13'276.0 10'658.0 15'415.0 11'621.0 9'855.8 9'574.7 2'372.5 2'303.0
5.72x 5.00x 4.31x 4.32x 5.72x 3.72x 5.24x 6.38x 6.57x 6.49x -
6'101.0 7'521.0 8'053.0 9'983.0 6'297.0 9'983.0 6'297.0 6'692.7 6'369.7 1'668.0 1'607.0
9.74x 9.05x 8.14x 6.29x 9.46x 6.31x 9.47x 8.96x 9.30x 8.34x 8.19x
EBITDA 10'658.00 Long-Term Rating Date 27.07.2007
EBIT 8'140.00 Long-Term Rating AA-
Operating Margin 29.10% Long-Term Outlook STABLE
Pretax Margin 27.59% Short-Term Rating Date 27.07.2007
Return on Assets 11.84% Short-Term Rating A-1+
Return on Common Equity 26.81%
Return on Capital 21.21% EBITDA/Interest Exp. 11.13
Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 10.42
Net Debt/EBITDA 0.15
Gross Margin 80.7% Total Debt/EBITDA 0.89
EBITDA Margin 41.5%
EBIT Margin 32.5% Total Debt/Equity 43.4%
Net Income Margin 22.5% Total Debt/Capital 30.1%
Asset Turnover 0.53
Current Ratio 1.35 Net Fixed Asset Turnover 4.47
Quick Ratio 1.02 Accounts receivable turnover-days 80.64
Debt to Assets 19.26% Inventory Days 132.78
Tot Debt to Common Equity 43.43% Accounts Payable Turnover Day 150.40
Accounts Receivable Turnover 4.54 Cash Conversion Cycle 63.02
Inventory Turnover 2.76
Fiscal Year Ended
AstraZeneca PLCPrice/Volume
Valuation Analysis
1'082'642.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD Multiple Portfolios REG 92'577'683 7.42 4'654'729 01.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 81'345'820 6.52 (19'539'361) 25.03.2013 Investment Advisor
AXA n/a ULT-AGG 68'601'379 5.5 (213'062) 01.02.2013 Investment Advisor
INVESTOR AB Multiple Portfolios REG 51'587'810 4.13 - 01.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 51'010'537 4.09 (419'253) 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 42'533'598 3.41 4'057'409 01.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 28'877'534 2.31 103'265 01.02.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'002'295 2.16 482'103 31.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 25'266'060 2.02 29'422 31.07.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 18'084'946 1.45 (791'342) 01.02.2013 Investment Advisor
UBS n/a ULT-AGG 16'999'885 1.36 3'892'025 01.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 16'945'000 1.36 7'945'000 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 14'071'861 1.13 256'131 01.02.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 13'747'211 1.1 1'293'245 01.02.2013 Government
VANGUARD GROUP INC Multiple Portfolios REG 13'473'072 1.08 476'641 01.02.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 13'153'411 1.05 36'670 01.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 12'362'004 0.99 560'902 26.03.2013 Investment Advisor
GMO LLC Multiple Portfolios REG 12'158'200 0.97 (505'782) 01.02.2013 Corporation
M&G INVESTMENT MANAG Multiple Portfolios REG 11'452'982 0.92 (828'120) 01.02.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 10'705'870 0.86 (714'599) 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 3'310 12 month 25.03.2013
Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013
Nordea Equity Research ERIK HULTGARD sell 1 M 3'037 12 month 25.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 3'540 6 month 25.03.2013
Redburn Partners TEAM COVERAGE neutral 3 U #N/A N/A Not Provided 25.03.2013
Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 3'300 Not Provided 25.03.2013
Barclays MARK PURCELL equalweight 3 M 3'300 Not Provided 25.03.2013
Societe Generale STEPHEN MCGARRY sell 1 M 2'675 12 month 22.03.2013
Deutsche Bank MARK CLARK hold 3 M 3'100 12 month 22.03.2013
ABG Sundal Collier PETER HUGREFFE sell 1 M 2'562 6 month 22.03.2013
Credit Suisse LUISA HECTOR underperform 1 M 3'050 Not Provided 22.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 3'000 12 month 22.03.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 3'298 12 month 22.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 3'200 12 month 22.03.2013
Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 22.03.2013
Kepler Capital Markets FABIAN WENNER hold 3 M 2'700 Not Provided 22.03.2013
Natixis BEATRICE MUZARD neutral 3 U 3'383 Not Provided 22.03.2013
Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 3'200 Not Provided 22.03.2013
Danske Markets MATTIAS HAGGBLOM hold 3 M 3'000 12 month 22.03.2013
S&P Capital IQ SHO MATSUBARA sell 1 M 2'700 12 month 21.03.2013
AlphaValue ARMELLE MOULIN add 4 M 3'311 6 month 21.03.2013
Helvea ODILE RUNDQUIST neutral 3 M 2'850 12 month 19.03.2013
JPMorgan ALEXANDRA M HAUBER-SCHUELE underweight 1 M 2'750 15 month 15.03.2013
Swedbank JOHAN UNNERUS sell 1 D 2'666 12 month 08.03.2013
Nomura AMIT ROY reduce 2 M 2'600 12 month 18.02.2013
Day by Day VALERIE GASTALDY buy 5 M 3'181 3 month 14.02.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 3'050 Not Provided 06.02.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER sell 1 D 2'900 Not Provided 05.02.2013
Pareto Securities YILMAZ MAHSHID sell 1 M 2'843 6 month 04.02.2013
SEB Enskilda LARS HEVRENG hold 3 M 2'924 Not Provided 01.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 3'375 12 month 28.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 3'000 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Mirabaud Securities NICHOLAS TURNER reduce 2 U 2'700 Not Provided 02.04.2012
DZ Bank AG ELMAR KRAUS buy 5 M 3'700 12 month 02.02.2012
MP Advisors Pvt Ltd BHAVITA NAGRANI underperform 1 M 2'509 Not Provided 07.01.2010
Edward Jones LINDA BANNISTER sell 1 M #N/A N/A Not Provided 20.11.2008
Holdings By:
AstraZeneca PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Standard Chartered plc is an international banking group operating principally
in Asia, Africa, and the Middle East. The Company offers its products and
services in the personal, consumer, corporate, institutional and treasury
areas.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (05.03.2013) 1'860.50
52-Week Low (07.08.2012) 1'092.00
Daily Volume
1694
52-Week High % Change -8.98% Dividend Yield 3.28
52-Week Low % Change 55.13% Beta 1.18
% 52 Week Price Range High/Low 80.42% Equity Float 1'978.74
Shares Out 06.03.2013 2'413.1 Short Int -
40'877.26 1 Yr Total Return 9.06%
Total Debt 113'172.00 YTD Return 10.04%
Preferred Stock 1'495.0 Adjusted BETA 1.177
Minority Interest 693.0 Analyst Recs 42
Cash and Equivalents 121'665.00 Consensus Rating 3.881
Enterprise Value -
Average Volume 5 Day 3'986'690
STAN LN EQUITY YTD Change - Average Volume 30 Day 4'390'414
STAN LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'793'590
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 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
22'429.0 20'558.0 21'355.0 24'343.0 26'908.0 - - 20'731.6 22'779.4 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
3'241.0 3'380.0 4'332.0 4'849.0 4'887.0 - - 5'809.3 6'447.6 1'900.0 -
6.41x 14.69x 13.38x 10.66x 12.53x - - 10.75x 9.75x - -
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating A+
Operating Margin 35.37% Long-Term Outlook NEG
Pretax Margin 34.97% Short-Term Rating Date 10.01.2008
Return on Assets 0.79% Short-Term Rating A-1
Return on Common Equity 11.32%
Return on Capital 3.31% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 258.0%
Net Income Margin 24.9% Total Debt/Capital 71.1%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 4.59
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.78% Inventory Days -
Tot Debt to Common Equity 257.99% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Standard Chartered PLCPrice/Volume
Valuation Analysis
1'191'620.00
Current Price (3/dd/yy) Market Data
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a ULT-AGG 432'746'145 17.93 - 29.02.2012 Government
BLACKROCK n/a ULT-AGG 165'824'190 6.87 - 25.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 157'962'325 6.55 (595'713) 02.01.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 85'794'638 3.56 116'049 28.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 54'789'154 2.27 900'637 02.01.2013 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 53'057'843 2.2 2'991'820 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 51'450'411 2.13 2'594'560 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 49'225'497 2.04 (92'936) 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 46'720'870 1.94 23'142'351 02.01.2013 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 45'077'332 1.87 (415'238) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 39'082'703 1.62 2'474'481 02.01.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 30'412'658 1.26 194'259 02.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios REG 30'132'593 1.25 (60'464) 02.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 28'624'271 1.19 4'925'501 31.01.2013 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 28'340'249 1.17 5'884'182 02.01.2013 Government
DODGE & COX Multiple Portfolios MF-AGG 27'346'560 1.13 106'661 29.01.2013 Investment Advisor
UBS n/a ULT-AGG 24'315'105 1.01 4'313'147 31.01.2013 Unclassified
Standard Chartered B Multiple Portfolios REG 24'000'000 0.99 - 02.01.2013 Unclassified
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 23'951'106 0.99 550'000 31.01.2013 Investment Advisor
WALTER SCOTT & PARTN Multiple Portfolios REG 20'631'586 0.85 (437'402) 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec IAN GORDON buy 5 M 1'900 12 month 26.03.2013
Macquarie THOMAS STOEGNER outperform 5 M 2'000 12 month 26.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 U 1'837 Not Provided 25.03.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 1'700 12 month 25.03.2013
HSBC PETER TOEMAN neutral 3 M 1'800 Not Provided 21.03.2013
AlphaValue DAVID GRINSZTAJN reduce 2 M 1'778 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 21.03.2013
Credit Suisse AMIT GOEL underperform 1 M 1'400 Not Provided 20.03.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA underperform 1 M 1'330 12 month 20.03.2013
Nomura CHINTAN JOSHI buy 5 M 2'100 12 month 18.03.2013
Exane BNP Paribas TOM RAYNER neutral 3 M 1'750 Not Provided 18.03.2013
Oriel Securities Ltd VIVEK RAJA add 4 D 2'050 Not Provided 14.03.2013
Berenberg Bank JAMES CHAPPELL sell 1 D 1'450 Not Provided 12.03.2013
Liberum Capital Ltd CORMAC LEECH hold 3 D 1'875 Not Provided 12.03.2013
Independent Research GmbH STEFAN BONGARDT buy 5 U 2'100 12 month 08.03.2013
Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 08.03.2013
Keefe, Bruyette & Woods MARK J PHIN market perform 3 M 1'890 12 month 07.03.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 1'900 Not Provided 07.03.2013
Societe Generale JAMES INVINE buy 5 M 2'100 12 month 06.03.2013
Deutsche Bank JASON NAPIER hold 3 M 1'825 12 month 06.03.2013
JPMorgan RAUL SINHA overweight 5 M 2'000 9 month 06.03.2013
China International Capital Corp SALLY NG hold 3 M 1'821 12 month 06.03.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 2'157 12 month 06.03.2013
Citic Securities Co., Ltd STEVEN CHAN hold 3 M 1'764 6 month 06.03.2013
Numis Securities Ltd MICHAEL J TRIPPITT add 4 M 2'057 Not Provided 06.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 1'888 Not Provided 06.03.2013
Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 2'020 12 month 05.03.2013
S&P Capital IQ FRANK BRADEN hold 3 M 1'980 12 month 05.03.2013
CCB International Securities Ltd ADAM CHAN outperform 5 M 2'049 Not Provided 05.03.2013
Mizuho Securities JIM ANTOS buy 5 U 2'057 12 month 01.03.2013
Day by Day VALERIE GASTALDY buy 5 U 1'854 3 month 14.02.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 1'970 Not Provided 29.01.2013
Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 1'950 12 month 28.01.2013
Redburn Partners FAHED KUNWAR neutral 3 M #N/A N/A Not Provided 04.01.2013
Barclays ROHITH CHANDRA-RAJAN overweight 5 M 1'600 Not Provided 17.12.2012
Grupo Santander ARTURO DE FRIAS buy 5 M 1'960 Not Provided 11.12.2012
Canaccord Genuity Corp GARETH HUNT sell 1 M 1'325 12 month 06.12.2012
Daniel Stewart & Co SIMON WILLIS buy 5 M 1'900 12 month 08.08.2012
JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'800 Not Provided 02.08.2012
IIFL SACHIN NIKHARE add 4 M 1'700 12 month 01.03.2012
Holdings By:
Standard Chartered PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Telefonica S.A. provides telecommunications services mainly to countries in
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 12.42
52-Week Low (26.07.2012) 7.90
Daily Volume
10.46
52-Week High % Change -15.77% Dividend Yield -
52-Week Low % Change 32.41% Beta 0.96
% 52 Week Price Range High/Low 61.52% Equity Float 4'396.29
Shares Out 31.12.2012 4'551.0 Short Int -
47'603.72 1 Yr Total Return -9.26%
Total Debt 66'853.00 YTD Return 2.65%
Preferred Stock 0.0 Adjusted BETA 0.956
Minority Interest 7'200.0 Analyst Recs 43
Cash and Equivalents 11'719.00 Consensus Rating 3.279
Enterprise Value 109'937.72
Average Volume 5 Day 56'289'280
TEF SQ EQUITY YTD Change - Average Volume 30 Day 36'023'620
TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 30'326'620
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
57'946.0 56'731.0 60'737.0 62'837.0 62'356.0 62'837.3 62'356.0 59'507.8 59'769.8 - -
2.10x 2.42x 2.29x 1.99x 1.74x 8.42x 7.30x 1.73x 1.68x - -
22'919.0 22'603.0 25'777.0 19'392.0 20'835.0 19'392.5 20'871.0 20'362.1 20'466.9 4'577.0 4'846.0
5.31x 6.07x 5.39x 6.46x 5.22x 6.46x 5.21x 5.40x 5.37x 5.46x -
7'592.0 7'776.0 10'167.0 5'402.9 3'928.0 5'402.7 3'928.0 5'142.0 5'319.7 - -
9.72x 11.43x 7.54x 11.18x 11.71x 11.25x 11.52x 9.22x 8.84x - -
EBITDA 20'835.00 Long-Term Rating Date 20.12.2012
EBIT 10'402.00 Long-Term Rating BBB
Operating Margin 16.68% Long-Term Outlook NEG
Pretax Margin 9.40% Short-Term Rating Date 20.12.2012
Return on Assets 3.03% Short-Term Rating A-2
Return on Common Equity 18.66%
Return on Capital - EBITDA/Interest Exp. 7.26
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.86
Net Debt/EBITDA 2.64
Gross Margin - Total Debt/EBITDA 3.20
EBITDA Margin 33.5%
EBIT Margin 16.7% Total Debt/Equity 326.7%
Net Income Margin 6.3% Total Debt/Capital 70.7%
Asset Turnover 0.48
Current Ratio 0.81 Net Fixed Asset Turnover 1.77
Quick Ratio 0.71 Accounts receivable turnover-days 58.28
Debt to Assets 51.52% Inventory Days -
Tot Debt to Common Equity 326.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.28 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Telefonica SAPrice/Volume
Valuation Analysis
20'154'606.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO BILBAO VIZCAYA n/a 20F 261'798'437 5.75 3'581'300 21.03.2013 Bank
CAIXABANK n/a 20F 254'697'815 5.6 7'798'898 21.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 177'257'649 3.89 - 25.03.2013 Investment Advisor
BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank
TELEFONICA SA n/a Co File 84'209'364 1.85 - 31.12.2011 Corporation
CHINA UNICOM HONG KO n/a Co File 62'526'753 1.37 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 42'243'280 0.93 2'181'969 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 24'865'994 0.55 11'840'334 31.12.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 20'487'978 0.45 (644'661) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'952'055 0.33 8'202'010 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'790'975 0.26 - 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'693'863 0.21 3'689'188 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'058'783 0.18 (3'474'417) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 6'202'976 0.14 2'602'512 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'948'267 0.13 (299'922) 28.09.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'536'421 0.12 (105'860) 31.01.2013 Mutual Fund Manager
WELLCOME TRUST LIMIT n/a Research 5'200'000 0.11 - 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'961'960 0.11 829'681 28.12.2012 Mutual Fund Manager
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 4'854'264 0.11 (70'160) 30.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 4'609'602 0.1 (668'098) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 14 12 month 26.03.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 26.03.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 13 12 month 26.03.2013
Morgan Stanley LUIS PROTA Overwt/In-Line 5 M 13 12 month 25.03.2013
Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 22.03.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 14 12 month 22.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 10 12 month 15.03.2013
Deutsche Bank KEVAL KHIROYA hold 3 M 12 12 month 14.03.2013
BBVA IVON LEAL outperform 5 M 13 Not Provided 11.03.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 11 Not Provided 08.03.2013
BPI PEDRO OLIVEIRA reduce 2 M 9 Not Provided 07.03.2013
Berenberg Bank PAUL ANDREW MARSCH sell 1 M 9 Not Provided 06.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 05.03.2013
JPMorgan TORSTEN ACHTMANN overweight 5 U 13 9 month 04.03.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 04.03.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 U 10 Not Provided 04.03.2013
Banesto Bolsa SA Sociedad MARTA GOMEZ buy 5 M 12 Not Provided 04.03.2013
HSBC LUIGI MINERVA neutral 3 M 11 Not Provided 01.03.2013
Macquarie GUY R PEDDY underperform 1 M 9 12 month 01.03.2013
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 01.03.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 9 12 month 01.03.2013
Barclays JONATHAN DANN equalweight 3 U 10 Not Provided 01.03.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 17 6 month 01.03.2013
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 U 11 12 month 28.02.2013
Jefferies JEREMY A DELLIS underperform 1 M 8 12 month 28.02.2013
Raymond James STEPHANE BEYAZIAN underperform 1 M 10 12 month 28.02.2013
Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 28.02.2013
Nomura FREDERIC BOULAN reduce 2 M 9 12 month 28.02.2013
New Street Research JAMES RATZER reduce 2 M #N/A N/A Not Provided 28.02.2013
BCP Investimento ALEXANDRA DELGADO buy 5 M 17 Not Provided 22.02.2013
Credit Suisse JUSTIN FUNNELL neutral 3 M 14 Not Provided 24.01.2013
La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 27.11.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 26.11.2012
Kepler Capital Markets JAVIER BORRACHERO buy 5 M 12 Not Provided 19.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 03.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 12 Not Provided 26.09.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 12 Not Provided 26.07.2012
Natixis BENOIT MAYNARD neutral 3 M 14 Not Provided 14.05.2012
Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 19 12 month 24.02.2012
DZ Bank AG THORSTEN REIGBER buy 5 M 16 12 month 15.11.2011
Holdings By:
Telefonica SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 47.47
52-Week Low (27.06.2012) 32.86
Daily Volume
43.37
52-Week High % Change -8.64% Dividend Yield -
52-Week Low % Change 32.00% Beta 1.21
% 52 Week Price Range High/Low 76.87% Equity Float 944.56
Shares Out 28.02.2013 1'067.6 Short Int -
46'303.83 1 Yr Total Return -2.54%
Total Debt 84'642.00 YTD Return 4.96%
Preferred Stock 0.0 Adjusted BETA 1.208
Minority Interest 1'631.0 Analyst Recs 39
Cash and Equivalents 15'055.00 Consensus Rating 3.487
Enterprise Value 117'521.83
Average Volume 5 Day 3'508'146
DAI GY EQUITY YTD Change - Average Volume 30 Day 4'011'646
DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'984'654
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 106'540.0 114'297.0 116'971.5 124'085.7 - -
0.87x 1.15x 1.10x 0.93x 1.01x 3.70x 3.91x 0.45x 0.42x - -
11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'265.0 12'193.0 12'649.2 14'408.5 - -
7.14x 29.84x 10.26x 8.09x 9.50x 8.06x 9.46x 9.29x 8.16x - -
1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'667.0 6'095.0 4'965.6 5'999.1 1'313.0 1'314.0
15.61x - 11.85x 6.38x 7.24x 6.38x 7.24x 9.33x 7.88x 8.82x -
EBITDA 12'138.00 Long-Term Rating Date 23.02.2012
EBIT 8'071.00 Long-Term Rating A-
Operating Margin 7.06% Long-Term Outlook STABLE
Pretax Margin 6.75% Short-Term Rating Date 26.02.2001
Return on Assets 3.92% Short-Term Rating A-2
Return on Common Equity 14.60%
Return on Capital 6.94% EBITDA/Interest Exp. 5.24
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 3.16
Net Debt/EBITDA 5.71
Gross Margin 22.3% Total Debt/EBITDA 6.94
EBITDA Margin 10.7%
EBIT Margin 7.1% Total Debt/Equity 192.9%
Net Income Margin 5.3% Total Debt/Capital 65.0%
Asset Turnover 0.73
Current Ratio 1.13 Net Fixed Asset Turnover 2.58
Quick Ratio 0.38 Accounts receivable turnover-days 24.64
Debt to Assets 51.93% Inventory Days 71.73
Tot Debt to Common Equity 192.90% Accounts Payable Turnover Day 37.55
Accounts Receivable Turnover 14.85 Cash Conversion Cycle 58.83
Inventory Turnover 5.10
Fiscal Year Ended
Daimler AGPrice/Volume
Valuation Analysis
2'161'800.00
Current Price (3/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
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 92'399'778 8.65 (863'452) 25.03.2013 Investment Advisor
KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.89 - 06.02.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 50'908'791 4.77 (2'451'600) 31.12.2012 Investment Advisor
AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.1 - 06.02.2012 Government
NORGES BANK n/a Research 32'355'918 3.03 - 17.09.2012 Government
NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'205'464 1.24 361'219 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12'065'091 1.13 17'008 28.02.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'511'692 0.98 3'324 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'428'300 0.98 1'095'300 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'252'246 0.68 (488'209) 28.12.2012 Mutual Fund Manager
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'339'832 0.59 6'700 30.09.2012 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'548'162 0.33 (1'704'912) 28.09.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 3'200'000 0.3 - 31.12.2011 Pension Fund (ERISA)
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'911'975 0.27 - 25.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a Research 2'719'961 0.25 - 05.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'556'213 0.24 - 31.07.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'367'006 0.22 339'484 31.01.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'327'805 0.22 (1'000) 31.01.2013 Mutual Fund Manager
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 2'104'910 0.2 - 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 26.03.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 54 Not Provided 25.03.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 40 6 month 21.03.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 48 12 month 07.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 60 6 month 04.03.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 60 12 month 28.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.02.2013
Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 53 12 month 26.02.2013
Credit Suisse ERICH HAUSER neutral 3 M 35 Not Provided 21.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 62 12 month 13.02.2013
Kepler Capital Markets MICHAEL RAAB reduce 2 M 41 Not Provided 12.02.2013
Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 12.02.2013
DZ Bank AG MICHAEL PUNZET hold 3 M 44 12 month 11.02.2013
Barclays KRISTINA CHURCH equalweight 3 M 43 Not Provided 11.02.2013
Societe Generale STEPHEN REITMAN hold 3 M 46 12 month 08.02.2013
JPMorgan JOSE ASUMENDI neutral 3 M 46 9 month 08.02.2013
HSBC HORST SCHNEIDER overweight 5 M 52 Not Provided 08.02.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 58 Not Provided 08.02.2013
Bankhaus Lampe CHRISTIAN LUDWIG sell 1 M 39 12 month 08.02.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 45 Not Provided 08.02.2013
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 46 12 month 08.02.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 50 12 month 08.02.2013
Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 47 12 month 08.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 48 12 month 08.02.2013
Nord/LB FRANK SCHWOPE buy 5 M 51 12 month 07.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 07.02.2013
Natixis GEORGES DIENG neutral 3 M 38 Not Provided 06.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 37 12 month 31.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 43 12 month 26.11.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 16.11.2012
Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 35 12 month 28.10.2012
CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 48 Not Provided 26.10.2012
Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011
Holdings By:
Daimler AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
UBS AG is a wealth management, investment banking, and asset management firm.
The Company provides a variety of financial services to individuals,
institutions, corporations, governments, and financial intermediaries around the
world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 16.39
52-Week Low (24.07.2012) 9.69
Daily Volume
14.57
52-Week High % Change -11.10% Dividend Yield -
52-Week Low % Change 50.44% Beta 1.39
% 52 Week Price Range High/Low 76.29% Equity Float 3'466.72
Shares Out 28.02.2013 3'836.5 Short Int -
55'897.28 1 Yr Total Return 12.80%
Total Debt 267'401.00 YTD Return 2.10%
Preferred Stock 0.0 Adjusted BETA 1.390
Minority Interest 4'353.0 Analyst Recs 41
Cash and Equivalents 66'383.00 Consensus Rating 3.756
Enterprise Value 261'268.28
Average Volume 5 Day 9'808'735
UBSN VX EQUITY YTD Change - Average Volume 30 Day 11'897'070
UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 11'651'160
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
67'219.0 44'432.0 46'526.0 40'880.0 37'754.0 40'870.0 37'758.0 26'611.9 27'675.3 6'554.0 6'657.0
8.31x 9.56x 8.39x 9.20x 6.86x 36.80x 31.69x - - - -
37'052.0 19'648.0 20'964.0 17'464.0 15'529.0 17'455.0 15'530.0 - - - -
15.08x 21.61x 18.62x 21.53x 16.67x 21.54x 16.67x - - - -
(21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 4'159.0 (2'510.0) 3'365.2 4'672.5 563.0 786.0
- - 7.71x 10.16x - 10.07x 0.00x 16.65x 12.23x 12.72x -
EBITDA 15'529.00 Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 5.80% Long-Term Outlook STABLE
Pretax Margin -4.70% Short-Term Rating Date 19.12.2008
Return on Assets -0.19% Short-Term Rating A-1
Return on Common Equity -5.05%
Return on Capital -0.60% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 10.52
Gross Margin - Total Debt/EBITDA 17.22
EBITDA Margin 41.1%
EBIT Margin - Total Debt/Equity 582.6%
Net Income Margin -6.7% Total Debt/Capital 84.2%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 6.51
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 21.24% Inventory Days -
Tot Debt to Common Equity 582.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
UBS AGPrice/Volume
Valuation Analysis
6'341'774.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVT OF SINGAPORE IN n/a ULT-AGG 245'633'960 6.4 (261'829) 31.12.2012 Government
UBS n/a ULT-AGG 197'716'980 5.15 (3'454'276) 15.03.2013 Unclassified
FMR LLC n/a ULT-AGG 134'865'238 3.52 12'874'066 31.12.2012 Investment Advisor
NORGES BANK n/a EXCH 116'490'210 3.04 - 27.09.2011 Government
FRANKLIN RESOURCES n/a ULT-AGG 69'300'732 1.81 (4'992'827) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 52'106'861 1.36 (1'332'781) 31.01.2013 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 51'818'019 1.35 6'015'804 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 40'980'253 1.07 1'928'515 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 36'961'338 0.96 8'667'148 25.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 34'619'235 0.9 217'405 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 31'294'723 0.82 (58'593) 30.11.2012 Investment Advisor
ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 25'446'748 0.66 435'986 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 21'246'924 0.55 225'605 31.01.2013 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 20'880'689 0.54 2'393'021 31.01.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 19'403'429 0.51 6'927'562 31.01.2013 Mutual Fund Manager
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'622'115 0.43 1'350'143 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 16'537'648 0.43 4'242'564 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'956'720 0.39 1'002'642 31.12.2012 Investment Advisor
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 14'066'648 0.37 (1'222'625) 31.12.2012 Hedge Fund Manager
ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 9'167'333 0.24 5'013'106 31.12.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays KIRI VIJAYARAJAH overweight 5 M 19 Not Provided 26.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 17 Not Provided 25.03.2013
Liberum Capital Ltd CORMAC LEECH buy 5 M 18 Not Provided 25.03.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 21.03.2013
AlphaValue DIETER HEIN reduce 2 M 16 6 month 21.03.2013
Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 18.03.2013
Exane BNP Paribas DANIEL DAVIES neutral 3 M 16 Not Provided 14.03.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 21 12 month 11.03.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 9 month 11.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 11.03.2013
CA Cheuvreux CHRISTIAN STARK outperform 5 M 16 Not Provided 08.03.2013
Bankhaus Metzler GUIDO HOYMANN sell 1 M 13 12 month 08.03.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 16 12 month 05.03.2013
Macquarie PIERS BROWN outperform 5 M 19 12 month 05.03.2013
Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 D 18 12 month 27.02.2013
Oddo & Cie JEAN SASSUS neutral 3 M 18 Not Provided 27.02.2013
DZ Bank AG CHRISTOPH BAST sell 1 D 13 12 month 22.02.2013
Credit Suisse AMIT GOEL neutral 3 D 15 Not Provided 19.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 17 12 month 06.02.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 17 Not Provided 06.02.2013
Kepler Capital Markets DIRK BECKER reduce 2 M 14 Not Provided 06.02.2013
Natixis ANTOINE BURGARD buy 5 M 18 Not Provided 06.02.2013
Nomura JON PEACE buy 5 M 18 Not Provided 06.02.2013
S&P Capital IQ FRANK BRADEN buy 5 M 18 12 month 06.02.2013
Helvea TIM DAWSON accumulate 4 M 18 12 month 06.02.2013
Main First Bank AG KILIAN MAIER outperform 5 M 18 12 month 05.02.2013
Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 16 6 month 04.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 20 Not Provided 30.01.2013
Societe Generale DIRK HOFFMANN-BECKING hold 3 M 16 12 month 25.01.2013
Bank Vontobel AG TERESA NIELSEN buy 5 M 18 Not Provided 25.01.2013
Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 17 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank MATT SPICK hold 3 M 16 12 month 07.01.2013
HSBC ROBERT MURPHY overweight 5 M 18 Not Provided 20.12.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 17 Not Provided 20.12.2012
Grupo Santander AURELIA FAURE underweight 1 M 11 Not Provided 11.12.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.11.2012
Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 11 Not Provided 03.07.2012
Holdings By:
UBS AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
BG Group plc specializes in the exploration, production, transmission and
distribution of gas, oil and liquefied natural gas. The Group also develops,
owns and operates gas-fired power generation plants.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 1'529.50
52-Week Low (19.11.2012) 991.00
Daily Volume
1116
52-Week High % Change -27.03% Dividend Yield 1.55
52-Week Low % Change 12.61% Beta 1.21
% 52 Week Price Range High/Low 27.67% Equity Float 3'260.90
Shares Out 01.03.2013 3'402.5 Short Int -
37'972.06 1 Yr Total Return -23.43%
Total Debt 15'507.00 YTD Return 10.22%
Preferred Stock 0.0 Adjusted BETA 1.212
Minority Interest 57.0 Analyst Recs 31
Cash and Equivalents 4'434.00 Consensus Rating 4.097
Enterprise Value 68'477.30
Average Volume 5 Day 5'299'171
BG/ LN EQUITY YTD Change - Average Volume 30 Day 4'937'506
BG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'871'065
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
23'270.8 15'992.8 17'166.0 21'073.0 18'933.0 21'073.0 21'665.0 20'138.5 22'918.5 5'177.0 5'244.5
2.83x 4.28x 4.68x 4.20x 3.54x 16.45x 14.69x 3.47x 3.20x 13.26x 12.89x
11'459.5 8'440.4 8'672.0 10'026.0 10'198.0 10'026.0 10'561.0 10'801.0 12'887.3 2'755.0 2'722.0
5.75x 8.10x 9.27x 8.83x 6.58x 8.83x 6.35x 6.34x 5.31x 6.17x 5.92x
5'790.9 3'394.9 3'351.0 4'234.0 4'519.0 4'234.0 4'519.0 4'404.7 5'280.2 1'194.5 1'174.5
10.25x 17.40x 20.19x 17.08x 16.87x 17.08x 16.06x 12.81x 10.80x 12.17x 11.33x
EBITDA 10'198.00 Long-Term Rating Date -
EBIT 7'605.00 Long-Term Rating -
Operating Margin 40.17% Long-Term Outlook -
Pretax Margin 33.62% Short-Term Rating Date -
Return on Assets 7.14% Short-Term Rating -
Return on Common Equity 14.48%
Return on Capital 10.24% EBITDA/Interest Exp. 15.20
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 0.33
Net Debt/EBITDA 1.05
Gross Margin - Total Debt/EBITDA 1.47
EBITDA Margin 48.7%
EBIT Margin 36.8% Total Debt/Equity 46.9%
Net Income Margin 23.9% Total Debt/Capital 31.9%
Asset Turnover 0.34
Current Ratio 1.49 Net Fixed Asset Turnover 0.53
Quick Ratio 0.54 Accounts receivable turnover-days 111.74
Debt to Assets 23.77% Inventory Days -
Tot Debt to Common Equity 46.94% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.28 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
BG Group PLCPrice/Volume
Valuation Analysis
2'733'020.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 253'990'367 7.46 14'804'992 25.03.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 152'363'377 4.48 1'010'042 01.01.2013 Government
LEGAL & GENERAL n/a ULT-AGG 120'599'210 3.54 (4'289'039) 01.01.2013 Unclassified
FMR LLC n/a ULT-AGG 102'081'949 3 (22'980'265) 31.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 94'465'521 2.78 11'446'507 01.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 92'621'382 2.72 5'290'403 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 64'366'135 1.89 4'003'911 01.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 57'396'054 1.69 3'496'882 01.01.2013 Government
SCHRODER INVESTMENT Multiple Portfolios REG 48'293'192 1.42 5'128'695 01.01.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 45'954'406 1.35 1'265'240 01.01.2013 Government
STANDARD LIFE INVEST Multiple Portfolios REG 42'153'440 1.24 1'734'497 01.01.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 41'754'612 1.23 14'104'546 01.01.2013 Unclassified
STATE FARM MUTUAL AU Multiple Portfolios REG 40'100'800 1.18 1'113'800 01.01.2013 Insurance Company
ALECTA INVESTMENT MA Multiple Portfolios REG 40'085'000 1.18 - 01.01.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 39'857'836 1.17 13'734'613 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 39'552'694 1.16 22'192'928 01.01.2013 Investment Advisor
AXA n/a ULT-AGG 38'280'582 1.13 1'790'949 01.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 34'797'279 1.02 (9'463'064) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 33'967'551 1 4'544'498 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 33'600'933 0.99 1'321'095 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James BERTRAND HODEE outperform 5 N 1'400 Not Provided 26.03.2013
Jefferies BRENDAN MICHAEL WARN buy 5 M 1'700 12 month 22.03.2013
AlphaValue ALEXANDRE ANDLAUER sell 1 M 942 6 month 21.03.2013
Grupo Santander JASON KENNEY buy 5 M 1'395 Not Provided 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 1'600 12 month 20.03.2013
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'890 12 month 18.03.2013
Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 18.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 1'470 Not Provided 18.03.2013
JPMorgan FREDERICK G LUCAS overweight 5 M 1'600 9 month 07.03.2013
Societe Generale IRENE HIMONA hold 3 M 1'200 12 month 25.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 1'300 12 month 21.02.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 21.02.2013
RBC Capital Markets PETER HUTTON outperform 5 M 1'360 12 month 19.02.2013
HSBC PAUL SPEDDING overweight 5 M 1'815 Not Provided 18.02.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'268 Not Provided 15.02.2013
Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 1'150 Not Provided 11.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 1'200 12 month 08.02.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 1'415 12 month 07.02.2013
Macquarie JASON D GAMMEL neutral 3 M 1'300 12 month 06.02.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 1'500 12 month 06.02.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 U 1'400 12 month 06.02.2013
Barclays RAHIM KARIM overweight 5 M 1'420 Not Provided 06.02.2013
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 1'110 12 month 05.02.2013
Investec STUART JOYNER sell 1 M 1'000 12 month 05.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 05.11.2012
Deutsche Bank LUCAS HERRMANN hold 3 D 1'350 12 month 02.11.2012
Tudor Pickering & Co ANISH KAPADIA hold 3 M 1'500 Not Provided 01.11.2012
CA Cheuvreux JEAN-CHARLES LACOSTE suspended coverage #N/A N/A M #N/A N/A Not Provided 20.09.2012
Shore Capital Stockbrokers GERARD LANE not rated #N/A N/A M #N/A N/A Not Provided 05.03.2012
Holdings By:
BG Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.01.2013) 47.92
52-Week Low (30.05.2012) 24.54
Daily Volume
39.205
52-Week High % Change -18.02% Dividend Yield -
52-Week Low % Change 59.79% Beta 1.53
% 52 Week Price Range High/Low 67.71% Equity Float 1'096.19
Shares Out 31.12.2012 1'242.3 Short Int -
48'702.88 1 Yr Total Return 9.91%
Total Debt 1'012'615.00 YTD Return -7.94%
Preferred Stock 7'241.0 Adjusted BETA 1.528
Minority Interest 8'536.0 Analyst Recs 37
Cash and Equivalents 139'568.00 Consensus Rating 4.216
Enterprise Value -
Average Volume 5 Day 5'967'429
BNP FP EQUITY YTD Change - Average Volume 30 Day 5'061'097
BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'306'896
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
78'052.0 70'526.0 72'848.0 71'009.0 68'664.0 11'685.0 2'593.0 40'100.7 41'381.3 10'526.0 10'144.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'021.0 5'832.0 7'843.0 6'050.0 6'553.0 6'050.0 6'553.0 6'165.6 7'031.9 1'658.0 1'498.0
9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 7.78x 7.82x 6.85x 8.33x -
EBITDA - Long-Term Rating Date 25.10.2012
EBIT - Long-Term Rating A+
Operating Margin 22.58% Long-Term Outlook NEG
Pretax Margin 22.58% Short-Term Rating Date 25.10.2012
Return on Assets 0.34% Short-Term Rating A-1
Return on Common Equity 8.93%
Return on Capital 0.63% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1287.6%
Net Income Margin 14.3% Total Debt/Capital 91.5%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 4.07
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 53.09% Inventory Days -
Tot Debt to Common Equity 1287.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
BNP Paribas SAPrice/Volume
Valuation Analysis
5'737'570.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BELGIAN STATE n/a Co File 129'166'979 10.4 - 31.12.2012 Government
AXA n/a ULT-AGG 66'464'562 5.35 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 23'279'417 1.87 55'392 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 18'754'945 1.51 (517'367) 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'235'239 1.31 760'566 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 16'011'192 1.29 (4'223'421) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'387'267 1.16 620'876 31.01.2013 Mutual Fund Manager
STATE OF LUXEMBOURG n/a Co File 12'540'483 1.01 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'412'585 1 476'466 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'991'341 0.8 215'029 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'974'797 0.48 (227'149) 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5'548'626 0.45 (313'400) 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'066'891 0.41 (6'900) 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'050'237 0.41 (63'407) 31.10.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 4'981'512 0.4 (358'290) 31.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'846'420 0.31 50'313 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'793'501 0.31 263'565 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'752'412 0.3 (1'668'815) 31.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 3'700'000 0.3 - 29.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'357'750 0.27 264'979 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 57 12 month 26.03.2013
Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 47 Not Provided 25.03.2013
RBC Capital Markets ANKE REINGEN outperform 5 M 55 12 month 22.03.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 22.03.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 48 6 month 21.03.2013
Societe Generale SEBASTIEN LEMAIRE buy 5 M 56 12 month 20.03.2013
Macquarie PIERS BROWN underperform 1 M 41 12 month 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 14.03.2013
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 59 Not Provided 13.03.2013
Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 12.03.2013
JPMorgan DELPHINE LEE neutral 3 M 48 18 month 11.03.2013
Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 08.03.2013
Barclays JEREMY SIGEE overweight 5 M 54 Not Provided 04.03.2013
HSBC ROBIN DOWN overweight 5 M 55 Not Provided 28.02.2013
Deutsche Bank FLORA BENHAKOUN hold 3 M 52 12 month 18.02.2013
Kepler Capital Markets BENOIT PETRARQUE buy 5 M 50 Not Provided 18.02.2013
Nomura JON PEACE buy 5 M 56 Not Provided 18.02.2013
Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 55 12 month 15.02.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 48 Not Provided 15.02.2013
CA Cheuvreux CYRIL MEILLAND select list 5 M 56 Not Provided 15.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.02.2013
Banco Sabadell MARIO LODOS buy 5 M 48 12 month 15.02.2013
Natixis ALEX KOAGNE buy 5 M 61 Not Provided 15.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 55 12 month 15.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 53 12 month 14.02.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 14.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 43 Not Provided 30.01.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 70 12 month 28.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012
Holdings By:
BNP Paribas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Unilever PLC manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with UNA NA.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 2'782.00
52-Week Low (11.04.2012) 1'993.00
Daily Volume
2741
52-Week High % Change -1.51% Dividend Yield 2.99
52-Week Low % Change 37.53% Beta 0.58
% 52 Week Price Range High/Low 97.34% Equity Float 1'212.16
Shares Out 31.12.2012 1'283.5 Short Int -
80'938.10 1 Yr Total Return 37.43%
Total Debt 10'221.00 YTD Return 16.78%
Preferred Stock 0.0 Adjusted BETA 0.582
Minority Interest 557.0 Analyst Recs 28
Cash and Equivalents 2'866.00 Consensus Rating 3.786
Enterprise Value 103'634.40
Average Volume 5 Day 2'216'493
ULVR LN EQUITY YTD Change - Average Volume 30 Day 2'116'801
ULVR LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'150'922
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 46'467.0 51'324.0 53'508.8 56'551.8 12'678.3 13'837.2
1.35x 1.75x 1.62x 1.77x 1.76x 0.00x 0.00x 1.91x 1.78x - -
6'793.0 6'887.0 7'620.0 7'921.0 8'379.0 0.0 0.0 8'790.1 9'406.3 - -
8.04x 10.14x 9.40x 10.40x 10.79x 0.00x 0.00x 11.78x 11.01x - -
5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 0.0 0.0 4'919.9 5'363.3 1'120.0 1'140.0
9.21x 18.57x 15.17x 17.14x 18.39x 0.00x 0.00x 19.16x 17.64x 18.96x -
EBITDA 8'379.00 Long-Term Rating Date 05.10.2000
EBIT 7'180.00 Long-Term Rating A+
Operating Margin 13.99% Long-Term Outlook STABLE
Pretax Margin 13.02% Short-Term Rating Date 05.10.2000
Return on Assets 9.56% Short-Term Rating A-1
Return on Common Equity 30.42%
Return on Capital 19.56% EBITDA/Interest Exp. 15.93
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 12.17
Net Debt/EBITDA 0.88
Gross Margin 40.2% Total Debt/EBITDA 1.22
EBITDA Margin 16.3%
EBIT Margin 14.0% Total Debt/Equity 67.4%
Net Income Margin 8.7% Total Debt/Capital 39.4%
Asset Turnover 1.10
Current Ratio 0.77 Net Fixed Asset Turnover 5.63
Quick Ratio 0.36 Accounts receivable turnover-days 20.29
Debt to Assets 22.14% Inventory Days -
Tot Debt to Common Equity 67.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover 18.04 Cash Conversion Cycle -8.85
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Unilever PLCPrice/Volume
Valuation Analysis
997'753.00
Current Price (3/dd/yy) Market Data
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 74'570'243 5.81 - 25.03.2013 Investment Advisor
The Leverhulme Trust Multiple Portfolios REG 70'566'764 5.5 - 02.01.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 43'844'579 3.42 (19'403) 02.01.2013 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 33'695'100 2.63 521'877 02.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 29'379'103 2.29 - 02.01.2013 Government
SCOTTISH WIDOWS n/a ULT-AGG 23'491'012 1.83 7'368'008 02.01.2013 Unclassified
MORGAN STANLEY INVES Multiple Portfolios REG 20'988'391 1.64 7'492'327 02.01.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 18'808'791 1.47 938'955 02.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 18'578'700 1.45 7'437'850 02.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 18'031'348 1.4 1'103'042 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 17'496'650 1.36 313'701 02.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 17'373'510 1.35 4'229'196 02.01.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'220'914 1.34 82'924 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 17'139'553 1.34 164'900 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'546'745 1.21 257'035 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 15'205'740 1.18 (1'458'747) 31.01.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 14'967'376 1.17 (1'475'510) 02.01.2013 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 14'171'028 1.1 (201'301) 02.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 14'055'878 1.1 931'645 02.01.2013 Investment Advisor
CEDAR ROCK CAPITAL L Multiple Portfolios REG 13'353'349 1.04 (229'486) 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 2'700 12 month 25.03.2013
Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 3'000 Not Provided 21.03.2013
AlphaValue SOPHIE CABO-BROSETA sell 1 M 2'419 6 month 21.03.2013
Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas JEFF STENT neutral 3 M 2'900 Not Provided 19.03.2013
Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 2'200 12 month 13.03.2013
Oriel Securities Ltd CHRIS WICKHAM hold 3 M 2'800 Not Provided 13.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 2'800 12 month 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 2'800 12 month 11.03.2013
Credit Suisse CHARLES MILLS neutral 3 M 2'800 Not Provided 07.03.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 3'250 Not Provided 06.03.2013
Investec MARTIN DEBOO buy 5 M 2'900 12 month 20.02.2013
Day by Day VALERIE GASTALDY buy 5 M 2'740 3 month 11.02.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 3'100 12 month 07.02.2013
Barclays IAIN SIMPSON overweight 5 M 2'900 Not Provided 31.01.2013
HSBC CEDRIC BESNARD overweight 5 M 2'940 Not Provided 30.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 29.01.2013
JPMorgan CELINE PANNUTI overweight 5 M 2'850 9 month 28.01.2013
Berenberg Bank JAMES TARGETT buy 5 M 2'800 Not Provided 25.01.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 2'520 12 month 23.01.2013
Jefferies ALEX HOWSON buy 5 M 2'460 12 month 23.01.2013
S&P Capital IQ CARL SHORT hold 3 M 2'600 12 month 23.01.2013
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'280 Not Provided 14.09.2012
Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 03.07.2012
Nomura DAVID HAYES reduce 2 M 1'870 Not Provided 17.01.2012
Holdings By:
Unilever PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Barclays PLC is a global financial services provider engaged in retail banking,
credit cards, wholesale banking, investment banking, wealth management and
investment management services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.02.2013) 330.05
52-Week Low (26.07.2012) 148.20
Daily Volume
284.95
52-Week High % Change -13.71% Dividend Yield 2.28
52-Week Low % Change 92.27% Beta 1.87
% 52 Week Price Range High/Low 76.44% Equity Float 11'270.39
Shares Out 28.02.2013 12'860.7 Short Int -
36'646.46 1 Yr Total Return 16.28%
Total Debt 437'951.00 YTD Return 9.78%
Preferred Stock 0.0 Adjusted BETA 1.874
Minority Interest 9'371.0 Analyst Recs 33
Cash and Equivalents 128'120.00 Consensus Rating 4.091
Enterprise Value -
Average Volume 5 Day 54'646'920
BARC LN EQUITY YTD Change - Average Volume 30 Day 52'266'530
BARC LN EQUITY YTD % CHANGE - Average Volume 3 Month 48'537'040
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
37'159.0 41'789.0 40'058.0 38'428.0 38'837.0 36'004.0 31'035.0 29'393.8 30'155.3 - -
- - - - - 0.00x 0.00x -6.82x -7.32x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'382.0 9'393.0 3'564.0 3'007.0 (1'041.0) 3'007.0 (1'043.0) 4'621.6 5'542.0 - -
3.00x 11.49x 8.60x 7.02x - 7.01x 0.00x 7.74x 6.46x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 22.09% Long-Term Outlook NEG
Pretax Margin 0.79% Short-Term Rating Date 19.12.2008
Return on Assets -0.07% Short-Term Rating A-1
Return on Common Equity -1.91%
Return on Capital -0.05% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 817.3%
Net Income Margin -3.3% Total Debt/Capital 87.4%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 5.30
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 29.39% Inventory Days -
Tot Debt to Common Equity 817.29% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Barclays PLCPrice/Volume
Valuation Analysis
32'712'750.00
Current Price (3/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR HOLDINGS LLC Multiple Portfolios REG 813'964'552 6.33 - 01.02.2013 Government
AL NAHYAN MANSOUR BI n/a RNS-MAJ 758'437'618 5.9 - 26.02.2013 n/a
BLACKROCK n/a ULT-AGG 690'750'564 5.37 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 492'619'694 3.83 120'690'937 01.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 446'002'615 3.47 13'623'199 01.02.2013 Unclassified
FMR LLC n/a ULT-AGG 407'194'329 3.17 (55'814'797) 01.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 304'001'751 2.36 44'011'198 01.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 293'887'216 2.29 9'654'863 01.02.2013 Government
UPPER CHANCE GROUP L Multiple Portfolios REG 248'872'808 1.94 - 01.02.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 248'069'617 1.93 - 29.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios REG 247'149'298 1.92 (19'000'000) 01.02.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 235'301'396 1.83 (4'091'569) 01.02.2013 Investment Advisor
UBS n/a ULT-AGG 214'395'988 1.67 (58'772'408) 01.02.2013 Unclassified
BARCLAYS PERSONAL IN Multiple Portfolios REG 210'027'061 1.63 (18'528'345) 01.02.2013 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 194'608'412 1.51 (259'690) 01.02.2013 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 150'580'109 1.17 (3'613'787) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 149'488'179 1.16 (11'569'337) 01.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 146'704'193 1.14 6'134'884 01.02.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 129'472'703 1.01 2'971'061 01.02.2013 Government
ORBIS INVESTMENT MAN Multiple Portfolios REG 127'348'130 0.99 (9'688'810) 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd MICHAEL J TRIPPITT buy 5 M 400 Not Provided 27.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 425 Not Provided 25.03.2013
Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 438 12 month 25.03.2013
Investec IAN GORDON buy 5 M 345 12 month 21.03.2013
AlphaValue DAVID GRINSZTAJN add 4 M 363 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 21.03.2013
Macquarie EDWARD FIRTH neutral 3 M 320 12 month 19.03.2013
Nomura CHINTAN JOSHI reduce 2 M 305 12 month 18.03.2013
Exane BNP Paribas TOM RAYNER outperform 5 M 400 Not Provided 18.03.2013
Oriel Securities Ltd VIVEK RAJA buy 5 U 380 Not Provided 14.03.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 340 Not Provided 12.03.2013
JPMorgan RAUL SINHA overweight 5 M 375 9 month 11.03.2013
RBC Capital Markets FIONA SWAFFIELD outperform 5 M 375 12 month 05.03.2013
Baden Hill LLP JAMIE MOYES sell 1 M #N/A N/A Not Provided 01.03.2013
Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 400 12 month 27.02.2013
Societe Generale JAMES INVINE buy 5 M 380 12 month 26.02.2013
HSBC PETER TOEMAN overweight 5 M 400 Not Provided 26.02.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 418 Not Provided 26.02.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 U 400 12 month 21.02.2013
Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 D 340 12 month 19.02.2013
Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 15.02.2013
Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 14.02.2013
Deutsche Bank JASON NAPIER buy 5 M 380 12 month 13.02.2013
Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 290 Not Provided 13.02.2013
S&P Capital IQ FRANK BRADEN buy 5 R 380 12 month 13.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 U 350 12 month 12.02.2013
Canaccord Genuity Corp GARETH HUNT hold 3 M 280 12 month 12.02.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 160 Not Provided 12.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013
Liberum Capital Ltd CORMAC LEECH hold 3 D 230 Not Provided 14.11.2012
Holdings By:
Barclays PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
ABB Limited provides power and automation technologies. The Company operates
under segments that include power products, power systems, automation products,
process automation and robotics.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 21.90
52-Week Low (15.06.2012) 14.45
Daily Volume
21.5
52-Week High % Change -1.78% Dividend Yield -
52-Week Low % Change 48.79% Beta 1.30
% 52 Week Price Range High/Low 96.38% Equity Float 2'145.67
Shares Out 31.12.2012 2'314.7 Short Int -
49'766.98 1 Yr Total Return 20.85%
Total Debt 10'071.00 YTD Return 14.67%
Preferred Stock 0.0 Adjusted BETA 1.297
Minority Interest 540.0 Analyst Recs 40
Cash and Equivalents 8'481.00 Consensus Rating 3.975
Enterprise Value 54'314.97
Average Volume 5 Day 4'395'438
ABBN VX EQUITY YTD Change - Average Volume 30 Day 6'291'519
ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 5'805'561
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 37'990.0 39'336.0 41'638.8 43'829.2 9'570.4 10'328.8
0.83x 1.18x 1.42x 1.10x 1.25x 5.09x 4.69x 1.27x 1.16x 5.63x 5.33x
5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'688.0 5'420.0 6'314.5 6'986.9 1'410.0 1'585.6
5.48x 7.67x 9.49x 7.37x 9.31x 7.37x 9.09x 8.59x 7.76x 8.58x -
3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 3'168.0 2'704.0 3'467.4 3'927.1 740.6 852.2
10.76x 15.27x 19.85x 13.65x 17.40x 13.65x 17.55x 14.82x 13.08x 15.03x -
EBITDA 5'294.00 Long-Term Rating Date 08.06.2010
EBIT 4'112.00 Long-Term Rating A
Operating Margin 10.45% Long-Term Outlook STABLE
Pretax Margin 9.76% Short-Term Rating Date 08.06.2010
Return on Assets 6.10% Short-Term Rating A-1
Return on Common Equity 16.55%
Return on Capital 12.65% EBITDA/Interest Exp. 18.07
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 13.66
Net Debt/EBITDA 0.29
Gross Margin 28.9% Total Debt/EBITDA 1.86
EBITDA Margin 13.8%
EBIT Margin 10.8% Total Debt/Equity 59.6%
Net Income Margin 6.9% Total Debt/Capital 36.6%
Asset Turnover 0.89
Current Ratio 1.48 Net Fixed Asset Turnover 7.24
Quick Ratio 0.88 Accounts receivable turnover-days 74.36
Debt to Assets 20.52% Inventory Days 78.02
Tot Debt to Common Equity 59.57% Accounts Payable Turnover Day 63.02
Accounts Receivable Turnover 4.92 Cash Conversion Cycle 89.35
Inventory Turnover 4.69
Fiscal Year Ended
ABB LtdPrice/Volume
Valuation Analysis
2'742'079.00
Current Price (3/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
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10'000.0
15'000.0
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30'000.0
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40'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTOR AB n/a Research 166'330'142 7.19 - 04.01.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 88'462'667 3.82 627'553 25.03.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 35'119'051 1.52 (673'708) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'262'198 1.26 107'985 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24'899'512 1.08 1'143'030 28.02.2013 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 21'472'243 0.93 (27'565) 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 14'648'213 0.63 (40'148) 31.01.2013 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 14'044'104 0.61 (1'721'905) 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 13'037'893 0.56 4'968'827 31.01.2013 Mutual Fund Manager
SEB n/a ULT-AGG 12'570'926 0.54 474'429 25.02.2013 Unclassified
SKAGEN AS Multiple Portfolios MF-AGG 10'421'737 0.45 - 28.02.2013 Mutual Fund Manager
AMF FONDER AB Multiple Portfolios MF-AGG 9'443'400 0.41 1'877'700 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 8'508'473 0.37 (2'513'786) 21.03.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 6'992'268 0.3 (81'762) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'861'907 0.3 5'064'054 31.12.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'064'784 0.26 1'403 31.12.2012 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6'061'300 0.26 21'000 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'600'000 0.24 - 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 3'862'588 0.17 23'640 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 18 12 month 27.03.2013
Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 26.03.2013
JPMorgan ANDREAS WILLI underweight 1 M 21 9 month 26.03.2013
SEB Enskilda DANIEL SCHMIDT buy 5 M 23 Not Provided 26.03.2013
Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 26.03.2013
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 26.03.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 25.03.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 25.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 22.03.2013
AlphaValue HEINZ STEFFEN reduce 2 M 22 6 month 21.03.2013
ABG Sundal Collier ANDERS IDBORG buy 5 M 25 6 month 14.03.2013
Berenberg Bank WILLIAM MACKIE buy 5 U 25 Not Provided 14.03.2013
Nomura DANIEL CUNLIFFE buy 5 U 27 Not Provided 13.03.2013
HSBC COLIN GIBSON neutral 3 M 23 Not Provided 08.03.2013
Kepler Capital Markets CHRISTOPH LADNER hold 3 M 20 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 25 Not Provided 08.03.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 22 12 month 04.03.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 20.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013
Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 18.02.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.02.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 18.02.2013
Barclays NICK WEBSTER overweight 5 M 24 Not Provided 18.02.2013
Deutsche Bank MARTIN WILKIE sell 1 M 18 12 month 15.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 15.02.2013
Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 15.02.2013
Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 15.02.2013
Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.02.2013
Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 15.02.2013
Handelsbanken HAMPUS ENGELLAU buy 5 M 26 12 month 14.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 23 12 month 14.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 24 12 month 17.01.2013
Natixis ARNAUD SCHMIT neutral 3 M 19 Not Provided 21.12.2012
Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012
Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012
Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010
Holdings By:
ABB Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Reckitt Benckiser Group PLC manufactures and distributes a wide range of
household, toiletry, pharmaceutical and food products on a global basis. The
Company's products include fabric treatments , disinfectant spray and cleaners,
dishwashing detergent, personal care, food, and prescription drugs.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 4'850.00
52-Week Low (28.06.2012) 3'274.00
Daily Volume
4760
52-Week High % Change -1.86% Dividend Yield 2.82
52-Week Low % Change 45.39% Beta 0.66
% 52 Week Price Range High/Low 97.59% Equity Float 636.76
Shares Out 26.03.2013 716.6 Short Int -
34'108.57 1 Yr Total Return 38.22%
Total Debt 3'274.00 YTD Return 24.79%
Preferred Stock 0.0 Adjusted BETA 0.659
Minority Interest 1.0 Analyst Recs 35
Cash and Equivalents 891.00 Consensus Rating 2.829
Enterprise Value 36'492.57
Average Volume 5 Day 1'256'764
RB/ LN EQUITY YTD Change - Average Volume 30 Day 1'269'506
RB/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'075'968
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'563.0 7'753.0 8'453.0 9'485.0 9'567.0 9'485.0 9'567.0 10'109.4 10'596.5 2'452.0 2'473.0
2.96x 3.10x 3.28x 2.65x 3.23x 5.53x 0.00x 3.57x 3.32x - -
1'612.0 2'030.0 2'375.0 2'644.0 2'718.0 0.0 0.0 2'773.4 2'922.0 - -
12.05x 11.84x 11.66x 9.49x 11.36x 0.00x 0.00x 13.16x 12.49x - -
1'120.0 1'418.0 1'568.0 1'745.0 1'829.0 1'745.0 0.0 1'949.1 2'043.3 - -
16.36x 16.87x 16.28x 13.26x 15.36x 13.26x 0.00x 17.94x 16.96x - -
EBITDA 2'718.00 Long-Term Rating Date 16.12.2003
EBIT 2'570.00 Long-Term Rating A+
Operating Margin 26.86% Long-Term Outlook STABLE
Pretax Margin 25.30% Short-Term Rating Date 01.05.1990
Return on Assets 12.52% Short-Term Rating A-1
Return on Common Equity 31.45%
Return on Capital 21.32% EBITDA/Interest Exp. 66.29
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 62.24
Net Debt/EBITDA 0.88
Gross Margin 57.9% Total Debt/EBITDA 1.20
EBITDA Margin 28.4%
EBIT Margin 26.9% Total Debt/Equity 55.3%
Net Income Margin 19.1% Total Debt/Capital 35.6%
Asset Turnover 0.66
Current Ratio 0.47 Net Fixed Asset Turnover 13.03
Quick Ratio 0.14 Accounts receivable turnover-days -
Debt to Assets 21.71% Inventory Days 67.80
Tot Debt to Common Equity 55.29% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 23.86
Inventory Turnover 5.40
Fiscal Year Ended
Reckitt Benckiser Group PLCPrice/Volume
Valuation Analysis
555'972.00
Current Price (3/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
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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAB INVESTMENTS BV Multiple Portfolios REG 76'659'342 10.7 - 03.12.2012 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 36'115'649 5.04 97'110 31.01.2013 Investment Advisor
INVESCO LTD n/a RNS-MAJ 35'939'131 5.02 (3'521'895) 11.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'502'568 4.4 (1'151'170) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'898'866 4.31 2'518'375 31.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 24'940'741 3.48 1'434'693 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 16'359'039 2.28 6'346'254 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 15'260'822 2.13 154'056 03.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 13'704'925 1.91 203'806 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'054'020 1.82 - 31.01.2013 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 12'921'988 1.8 131'837 03.12.2012 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 12'791'415 1.79 1'135'192 03.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 11'262'286 1.57 - 31.03.2012 Investment Advisor
WALTER SCOTT & PARTN Multiple Portfolios REG 10'715'075 1.5 2'130'744 03.12.2012 Investment Advisor
CEDAR ROCK CAPITAL L Multiple Portfolios REG 8'962'334 1.25 3'028'426 03.12.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 7'394'843 1.03 - 03.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios REG 7'286'409 1.02 294'364 03.12.2012 Investment Advisor
UBS n/a ULT-AGG 7'024'809 0.98 (645'354) 31.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'986'024 0.97 307'932 31.12.2012 Investment Advisor
FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 6'769'218 0.94 26'600 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 4'700 Not Provided 26.03.2013
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 5'000 12 month 25.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 4'543 6 month 21.03.2013
Oriel Securities Ltd CHRIS WICKHAM add 4 M 4'700 Not Provided 13.03.2013
Grupo Santander PEDRO GIL hold 3 M 4'200 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 4'500 12 month 11.03.2013
Credit Suisse CHARLES MILLS neutral 3 M 4'900 Not Provided 11.03.2013
Berenberg Bank SETH PETERSON hold 3 M 4'490 Not Provided 11.03.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M 3'500 Not Provided 08.03.2013
Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 4'300 12 month 07.03.2013
Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 4'320 12 month 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 3'425 12 month 05.03.2013
Societe Generale CHAS MANSO DE ZUNIGA sell 1 M 4'000 12 month 26.02.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 3'950 12 month 26.02.2013
Investec MARTIN DEBOO sell 1 M 4'260 12 month 25.02.2013
JPMorgan CELINE PANNUTI neutral 3 M 4'300 9 month 25.02.2013
Jefferies ALEX HOWSON hold 3 M 3'640 12 month 25.02.2013
Exane BNP Paribas EAMONN FERRY underperform 1 M 4'000 Not Provided 25.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 4'700 12 month 15.02.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 4'630 Not Provided 14.02.2013
HSBC CEDRIC BESNARD neutral 3 M 4'700 Not Provided 14.02.2013
Nomura GUILLAUME DELMAS buy 5 M 4'900 Not Provided 14.02.2013
Barclays IAIN SIMPSON underweight 1 M 3'700 Not Provided 14.02.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 4'300 6 month 13.02.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 4'800 12 month 13.02.2013
Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 13.02.2013
S&P Capital IQ CARL SHORT hold 3 M 4'600 12 month 13.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.01.2013
CA Cheuvreux ERIC BOROIAN underperform 1 M 3'750 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Redburn Partners JEREMY FIALKO sell 1 M #N/A N/A Not Provided 24.09.2012
Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 3'140 Not Provided 14.09.2012
Holdings By:
Reckitt Benckiser Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 7.86
52-Week Low (23.07.2012) 4.31
Daily Volume
6.683
52-Week High % Change -14.99% Dividend Yield -
52-Week Low % Change 55.06% Beta 1.22
% 52 Week Price Range High/Low 70.23% Equity Float 5'268.16
Shares Out 31.12.2012 5'448.9 Short Int -
36'414.66 1 Yr Total Return 18.44%
Total Debt 226'217.00 YTD Return -2.73%
Preferred Stock 0.0 Adjusted BETA 1.224
Minority Interest 2'372.0 Analyst Recs 43
Cash and Equivalents 63'956.00 Consensus Rating 3.488
Enterprise Value -
Average Volume 5 Day 56'281'940
BBVA SQ EQUITY YTD Change - Average Volume 30 Day 47'182'380
BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 67'583'550
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
41'508.0 34'467.0 32'482.0 33'049.0 35'222.0 20'977.0 22'861.0 23'334.4 24'586.3 5'931.0 6'071.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
5'020.0 4'210.0 4'606.0 3'004.0 1'676.0 3'004.0 1'676.0 4'549.6 5'107.3 1'169.0 1'168.0
6.41x 11.37x 6.46x 11.74x 28.56x 11.25x 27.22x 8.59x 7.62x 9.83x -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB-
Operating Margin 5.89% Long-Term Outlook NEG
Pretax Margin 6.89% Short-Term Rating Date 16.10.2012
Return on Assets 0.27% Short-Term Rating A-3
Return on Common Equity 4.21%
Return on Capital 0.88% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 546.0%
Net Income Margin 7.0% Total Debt/Capital 83.8%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 3.93
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.47% Inventory Days -
Tot Debt to Common Equity 546.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Banco Bilbao Vizcaya Argentaria SAPrice/Volume
Valuation Analysis
37'523'741.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNP PARIBAS SA n/a EXCH 184'725'823 3.39 22'455'188 07.01.2013 Bank
INVERAVANTE INVERSIO n/a 13G 160'934'820 2.95 (86'470'698) 24.07.2012 Other
BLACKROCK n/a ULT-AGG 74'697'065 1.37 3'613'674 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'867'255 1.1 3'027'039 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 46'627'136 0.86 (9'198'725) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 38'166'132 0.7 587'169 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 34'776'596 0.64 5'369'252 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 25'947'686 0.48 (5'614'470) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18'375'918 0.34 268'712 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 16'143'314 0.3 - 25.03.2013 Investment Advisor
CORP GNRAL FINANCIER n/a Co File 10'870'987 0.2 - 19.10.2012 n/a
UMB BANK N A Multiple Portfolios MF-AGG 10'811'646 0.2 2'209'334 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'521'867 0.17 (3'610'744) 31.01.2013 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'802'767 0.14 4'703'508 28.12.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'760'019 0.14 1'553'396 31.12.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7'718'009 0.14 (2'806'444) 30.09.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7'169'179 0.13 (121'826) 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'810'379 0.12 2'789'705 31.01.2013 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 6'002'218 0.11 958'831 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'954'507 0.11 - 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 27.03.2013
Mediobanca SpA ANDREA FILTRI neutral 3 M 7 Not Provided 25.03.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 9 12 month 25.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 25.03.2013
Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 9 12 month 22.03.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 7 Not Provided 22.03.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 20.03.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 8 Not Provided 14.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 12.03.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 U 7 12 month 11.03.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 8 12 month 11.03.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 8 Not Provided 11.03.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 U 9 Not Provided 08.03.2013
BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 07.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 07.03.2013
La Caixa DAVID FERNANDEZ buy 5 M 9 Not Provided 04.03.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 Not Provided 04.03.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013
Banco Sabadell MARIO LODOS buy 5 M 8 12 month 15.02.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 9 12 month 12.02.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 9 Not Provided 12.02.2013
JPMorgan JAIME BECERRIL neutral 3 U 7 18 month 11.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 06.02.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 8 12 month 04.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 8 12 month 04.02.2013
Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 04.02.2013
Nomura DARAGH QUINN buy 5 M 8 12 month 04.02.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 7 12 month 01.02.2013
Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 28.01.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 11 12 month 23.01.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 8 Not Provided 17.01.2013
HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 10.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 6 Not Provided 08.01.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN sell 1 M 6 12 month 06.02.2012
Holdings By:
Banco Bilbao Vizcaya Argentaria SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Tesco plc is a food retailer. The Group operates stores in the United Kingdom,
Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan,
Malaysia, South Korea, China, Thailand, and the United States.
Latest Fiscal Year: 02/2012
LTM as of: 01/yy
52-Week High (15.03.2013) 387.35
52-Week Low (06.06.2012) 294.50
Daily Volume
375.75
52-Week High % Change -3.01% Dividend Yield 3.93
52-Week Low % Change 27.59% Beta 0.73
% 52 Week Price Range High/Low 84.81% Equity Float 7'643.56
Shares Out 01.03.2013 8'054.7 Short Int -
30'265.40 1 Yr Total Return 16.29%
Total Debt 11'749.00 YTD Return 11.83%
Preferred Stock 0.0 Adjusted BETA 0.726
Minority Interest 26.0 Analyst Recs 32
Cash and Equivalents 3'548.00 Consensus Rating 3.500
Enterprise Value 38'380.40
Average Volume 5 Day 14'365'660
TSCO LN EQUITY YTD Change - Average Volume 30 Day 15'072'880
TSCO LN EQUITY YTD % CHANGE - Average Volume 3 Month 15'425'250
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 01/yy 01/yy 02/13 Y 02/14 Y 08/11 Q2 11/11 Q3
47'298.0 53'898.0 56'910.0 60'455.0 64'539.0 - - 66'173.0 69'012.3 - -
0.79x 0.70x 0.75x 0.67x 0.52x - - 0.56x 0.51x - -
3'595.0 4'122.0 4'464.0 4'905.0 5'107.0 - - 4'969.3 5'237.4 - -
10.42x 9.09x 9.57x 8.23x 6.62x - - 7.72x 7.33x - -
2'124.0 2'133.0 2'327.0 2'655.0 2'806.0 - - 2'574.8 2'729.9 - -
14.85x 12.28x 14.31x 11.79x 8.66x - - 11.93x 11.28x - -
EBITDA 5'107.00 Long-Term Rating Date 29.07.2008
EBIT 3'609.00 Long-Term Rating A-
Operating Margin 5.59% Long-Term Outlook NEG
Pretax Margin 5.94% Short-Term Rating Date 29.07.2008
Return on Assets 5.38% Short-Term Rating A-2
Return on Common Equity 15.74%
Return on Capital 10.57% EBITDA/Interest Exp. 9.17
Asset Turnover 1.29% (EBITDA-Capex)/Interest Exp. 3.11
Net Debt/EBITDA 1.64
Gross Margin 8.2% Total Debt/EBITDA 2.55
EBITDA Margin 7.6%
EBIT Margin 5.2% Total Debt/Equity 66.1%
Net Income Margin 4.3% Total Debt/Capital 39.8%
Asset Turnover 1.29
Current Ratio 0.67 Net Fixed Asset Turnover 2.54
Quick Ratio 0.18 Accounts receivable turnover-days -
Debt to Assets 23.14% Inventory Days 21.92
Tot Debt to Common Equity 66.10% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 16.61
Fiscal Year Ended
Tesco PLCPrice/Volume
Valuation Analysis
7'553'939.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 408'516'187 5.07 - 01.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 399'699'734 4.96 4'456'725 01.01.2013 Government
BLACKROCK n/a ULT-AGG 398'866'198 4.95 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 288'620'387 3.58 (597'509) 01.01.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 249'889'001 3.1 (342'521) 28.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 165'943'974 2.06 31'939'698 01.01.2013 Unclassified
UBS n/a ULT-AGG 118'272'907 1.47 8'061'010 31.01.2013 Unclassified
FMR LLC n/a ULT-AGG 108'307'467 1.34 18'452'445 31.01.2013 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 107'524'181 1.33 (407'143) 01.01.2013 Hedge Fund Manager
WALTER SCOTT & PARTN Multiple Portfolios REG 105'137'452 1.31 11'857'234 01.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 99'385'239 1.23 8'288'371 01.01.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 90'584'501 1.12 (26'435) 31.12.2012 Investment Advisor
GEICO CORP Multiple Portfolios REG 90'000'000 1.12 - 01.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 89'847'553 1.12 3'707'992 01.01.2013 Investment Advisor
ALECTA INVESTMENT MA Multiple Portfolios REG 86'150'000 1.07 - 01.01.2013 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 83'932'359 1.04 1'917'566 01.01.2013 Investment Advisor
SILCHESTER INTL INVE Multiple Portfolios REG 81'651'783 1.01 20'121'589 01.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 75'403'434 0.94 168'248 28.02.2013 Unclassified
STATE STREET n/a ULT-AGG 74'866'027 0.93 1'218'140 26.03.2013 Investment Advisor
GENERAL REINSURANCE Multiple Portfolios REG 72'862'000 0.9 - 01.01.2013 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JAMES GRZINIC buy 5 M 440 12 month 26.03.2013
Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 443 Not Provided 26.03.2013
Oriel Securities Ltd JONATHAN PRITCHARD buy 5 M 400 Not Provided 26.03.2013
JPMorgan JAIME VAZQUEZ overweight 5 M 425 9 month 25.03.2013
AlphaValue VIRGINIE BLIN reduce 2 M 380 6 month 21.03.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK buy 5 M #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas JOHN KERSHAW neutral 3 M 375 Not Provided 13.03.2013
Morgan Stanley EDOUARD AUBIN Underwt/In-Line 1 M 310 12 month 11.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Credit Suisse ANDREW KASOULIS outperform 5 U 430 Not Provided 06.03.2013
Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 440 Not Provided 06.03.2013
Nomura NICK COULTER buy 5 M 430 12 month 26.02.2013
Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 15.02.2013
Baader Bank VOLKER BOSSE buy 5 U 410 12 month 12.02.2013
Macquarie SREEDHAR MAHAMKALI outperform 5 M 400 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 420 12 month 11.01.2013
HSBC JEROME SAMUEL overweight 5 M 410 Not Provided 10.01.2013
Aurel - BGC JEAN-MARIE L'HOME sell 1 M 300 Not Provided 10.01.2013
S&P Capital IQ WILLIAM MACK buy 5 M 380 12 month 10.01.2013
Espirito Santo Investment Bank ResearchCAROLINE GULLIVER sell 1 M 275 Not Provided 08.01.2013
Barclays JAMES ANSTEAD equalweight 3 M 360 Not Provided 04.01.2013
Investec DAVID MCCARTHY sell 1 M 295 12 month 04.10.2012
CA Cheuvreux ARNAUD JOLY underperform 1 M 320 Not Provided 04.10.2012
Natixis PIERRE-EDOUARD BOUDOT reduce 2 D 300 Not Provided 04.10.2012
Deutsche Bank JAMES G COLLINS buy 5 M 394 12 month 24.09.2012
Kepler Capital Markets FABIENNE CARON hold 3 N 298 Not Provided 28.06.2012
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 375 12 month 01.05.2012
Merchant Securities AMISHA CHOHAN hold 3 M #N/A N/A Not Provided 18.04.2012
Holdings By:
Tesco PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
L'Oreal SA manufactures, markets, and distributes health and beauty aids. The
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 123.70
52-Week Low (26.06.2012) 86.80
Daily Volume
119.45
52-Week High % Change -3.44% Dividend Yield -
52-Week Low % Change 37.62% Beta 0.68
% 52 Week Price Range High/Low 93.36% Equity Float 226.70
Shares Out 20.02.2013 604.3 Short Int -
72'185.26 1 Yr Total Return 36.57%
Total Debt 248.00 YTD Return 13.87%
Preferred Stock - Adjusted BETA 0.680
Minority Interest 4.8 Analyst Recs 39
Cash and Equivalents 1'823.20 Consensus Rating 3.308
Enterprise Value 70'614.86
Average Volume 5 Day 747'069
OR FP EQUITY YTD Change - Average Volume 30 Day 663'099
OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 585'189
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
17'541.8 17'472.6 19'495.8 20'343.1 22'462.7 20'343.1 22'462.7 23'444.8 24'818.8 5'755.0 5'663.0
2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 2.97x 2.75x - -
3'441.7 3'368.7 3'757.5 3'955.1 4'388.9 0.0 0.0 4'745.7 5'099.7 - -
11.63x 14.12x 13.05x 12.00x 13.94x 0.00x 0.00x 14.87x 13.84x - -
1'948.3 1'792.2 2'239.7 2'438.4 2'867.7 0.0 0.0 3'090.1 3'346.8 - -
18.82x 25.41x 21.75x 19.64x 21.90x 0.00x 0.00x 23.32x 21.53x - -
EBITDA 4'388.90 Long-Term Rating Date -
EBIT 3'697.30 Long-Term Rating -
Operating Margin 16.46% Long-Term Outlook -
Pretax Margin 17.25% Short-Term Rating Date 05.06.2006
Return on Assets 10.17% Short-Term Rating A-1+
Return on Common Equity 14.87%
Return on Capital 14.49% EBITDA/Interest Exp. 127.21
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 99.53
Net Debt/EBITDA -0.36
Gross Margin 70.7% Total Debt/EBITDA 0.06
EBITDA Margin 19.5%
EBIT Margin 16.5% Total Debt/Equity 1.2%
Net Income Margin 12.8% Total Debt/Capital 1.2%
Asset Turnover 0.80
Current Ratio 1.29 Net Fixed Asset Turnover 7.69
Quick Ratio 0.79 Accounts receivable turnover-days 50.55
Debt to Assets 0.84% Inventory Days 113.50
Tot Debt to Common Equity 1.18% Accounts Payable Turnover Day 182.89
Accounts Receivable Turnover 7.24 Cash Conversion Cycle -18.84
Inventory Turnover 3.22
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
L'Oreal SAPrice/Volume
Valuation Analysis
381'027.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BETTENCOURT FAMILY n/a Co File 185'661'879 30.72 - 31.12.2012 n/a
NESTLE SA #N/A N/A Co File 178'381'021 29.52 - 31.12.2012 Corporation
L'OREAL SA #N/A N/A Co File 10'454'165 1.73 - 31.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 5'729'800 0.95 (1'345'900) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'647'487 0.93 95'322 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'446'174 0.74 - 31.12.2012 Investment Advisor
OWEN-JONES LINDSAY n/a Co File 2'998'095 0.5 - 31.12.2012 n/a
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'784'467 0.46 (516'711) 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 2'526'833 0.42 6'339 25.03.2013 Investment Advisor
BALYASNY ASSET MANAG n/a Short (2'309'774) -0.38 729'403 30.01.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'794'714 0.3 313'136 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'415'058 0.23 20'420 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'085'268 0.18 15'098 26.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'056'948 0.17 306'745 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 831'525 0.14 2'576 31.10.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 805'008 0.13 1'825 21.03.2013 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 661'487 0.11 - 25.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 511'365 0.08 - 31.08.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 457'965 0.08 30'221 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 110 12 month 27.03.2013
Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 95 12 month 25.03.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 21.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 115 6 month 21.03.2013
Jefferies ALEX HOWSON buy 5 M 106 12 month 20.03.2013
JPMorgan CELINE PANNUTI overweight 5 M 120 9 month 14.03.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 125 Not Provided 14.03.2013
Grupo Santander PEDRO GIL hold 3 M 105 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 134 12 month 11.03.2013
Berenberg Bank SETH PETERSON hold 3 M 113 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 130 Not Provided 08.03.2013
Credit Suisse ALEX MOLLOY neutral 3 M 117 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 94 12 month 05.03.2013
Exane BNP Paribas EAMONN FERRY outperform 5 M 114 Not Provided 25.02.2013
Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 105 Not Provided 19.02.2013
Nomura GUILLAUME DELMAS reduce 2 M 97 Not Provided 18.02.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 120 12 month 18.02.2013
Barclays IAIN SIMPSON overweight 5 M 121 Not Provided 14.02.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 120 Not Provided 13.02.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 120 Not Provided 13.02.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 118 6 month 13.02.2013
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013
Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 112 12 month 12.02.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 12.02.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 105 12 month 12.02.2013
Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 143 12 month 12.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 111 12 month 12.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 12.02.2013
S&P Capital IQ CARL SHORT hold 3 M 115 12 month 12.02.2013
Telsey Advisory Group DAVID WU no rating system #N/A N/A M #N/A N/A Not Provided 12.02.2013
Natixis PIERRE TEGNER neutral 3 M 96 Not Provided 08.02.2013
HSBC CEDRIC BESNARD overweight 5 U 121 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013
Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012
Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 87 Not Provided 30.10.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012
Holdings By:
L'Oreal SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Danone is a food processing company. The Company produces dairy products,
beverages, baby food and clinical/medical nutrition products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 55.78
52-Week Low (23.10.2012) 45.61
Daily Volume
53.34
52-Week High % Change -4.27% Dividend Yield -
52-Week Low % Change 16.96% Beta 0.65
% 52 Week Price Range High/Low 86.73% Equity Float 538.12
Shares Out 21.02.2013 634.4 Short Int -
33'836.87 1 Yr Total Return 5.15%
Total Debt 9'522.00 YTD Return 6.88%
Preferred Stock 0.0 Adjusted BETA 0.648
Minority Interest 63.0 Analyst Recs 43
Cash and Equivalents 3'017.00 Consensus Rating 3.256
Enterprise Value 40'404.87
Average Volume 5 Day 1'601'629
BN FP EQUITY YTD Change - Average Volume 30 Day 1'865'598
BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'620'926
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
15'220.0 14'982.0 17'010.0 19'318.0 20'869.0 19'318.0 20'868.0 22'094.1 23'461.1 5'388.0 5'667.8
2.09x 2.20x 2.11x 1.89x 1.73x 0.00x 0.00x 1.81x 1.67x - -
2'796.0 2'844.0 3'194.0 3'486.0 3'622.0 0.0 0.0 3'782.5 4'062.6 - -
11.35x 11.61x 11.23x 10.45x 9.99x 0.00x 0.00x 10.67x 9.93x - -
1'313.0 1'361.0 1'875.0 1'671.0 1'672.0 0.0 0.0 1'821.8 2'033.9 - -
19.75x 17.77x 15.42x 17.53x 17.95x 0.00x 0.00x 16.89x 15.29x 3.69x -
EBITDA 3'622.00 Long-Term Rating Date 25.07.2007
EBIT 2'958.00 Long-Term Rating A-
Operating Margin 14.17% Long-Term Outlook STABLE
Pretax Margin 11.97% Short-Term Rating Date 11.07.2007
Return on Assets 5.77% Short-Term Rating A-2
Return on Common Equity 13.77%
Return on Capital 9.13% EBITDA/Interest Exp. 14.78
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 10.80
Net Debt/EBITDA 1.80
Gross Margin 50.1% Total Debt/EBITDA 2.63
EBITDA Margin 17.4%
EBIT Margin 14.2% Total Debt/Equity 78.1%
Net Income Margin 8.0% Total Debt/Capital 43.7%
Asset Turnover 0.72
Current Ratio 0.81 Net Fixed Asset Turnover 5.20
Quick Ratio 0.58 Accounts receivable turnover-days 34.05
Debt to Assets 32.24% Inventory Days 37.89
Tot Debt to Common Equity 78.11% Accounts Payable Turnover Day 98.95
Accounts Receivable Turnover 10.75 Cash Conversion Cycle -27.01
Inventory Turnover 9.66
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
Danone SAPrice/Volume
Valuation Analysis
978'390.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 55'771'157 8.79 15'779 31.01.2013 Investment Advisor
GROUPE DANONE n/a Co File 44'051'229 6.94 - 31.12.2012 Corporation
AMUNDI SA n/a Co File 20'039'020 3.16 - 31.12.2012 Other
EURAZEO n/a Co File 16'433'370 2.59 - 31.12.2012 Investment Advisor
NORGES BANK n/a Co File 15'048'614 2.37 - 31.12.2012 Government
SOFINA & HENEX GROUP n/a Co File 13'584'541 2.14 - 31.12.2012 Other
NATIXIS ASSET MANAGE n/a Co File 12'811'179 2.02 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'721'689 2.01 4'624'340 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'939'780 1.57 (112'541) 31.12.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 9'783'434 1.54 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 9'120'390 1.44 681'500 31.12.2012 Investment Advisor
FCPE FONDS GROUPE DA n/a Co File 8'533'644 1.35 - 31.12.2012 n/a
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'429'890 1.17 (278'200) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'674'800 1.05 (418'650) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'539'676 1.03 (261'299) 25.03.2013 Investment Advisor
TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.01 - 07.11.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'801'340 0.91 2'699 31.01.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.68 745'570 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'969'086 0.63 (54'102) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'188'630 0.5 (11'912) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 25.03.2013
HSBC CEDRIC BESNARD overweight 5 M 63 Not Provided 25.03.2013
AlphaValue SOPHIE CABO-BROSETA add 4 M 65 6 month 21.03.2013
Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 20.03.2013
Nomura DAVID HAYES buy 5 M 60 12 month 20.03.2013
Jefferies ALEX HOWSON hold 3 M 48 12 month 19.03.2013
Exane BNP Paribas JEFF STENT neutral 3 M 57 Not Provided 19.03.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 63 Not Provided 14.03.2013
Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 45 12 month 13.03.2013
S&P Capital IQ CARL SHORT buy 5 M 63 12 month 13.03.2013
Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 59 12 month 11.03.2013
Kepler Capital Markets JON COX buy 5 M 59 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY buy 5 M 58 3 month 11.03.2013
Credit Suisse ALEX MOLLOY underperform 1 M 54 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 05.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 49 12 month 26.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.02.2013
Berenberg Bank JAMES TARGETT sell 1 M 51 Not Provided 22.02.2013
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.02.2013
Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 20.02.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 65 12 month 20.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 20.02.2013
CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 47 12 month 20.02.2013
Oddo & Cie LAURENCE HOFMANN neutral 3 M 54 Not Provided 20.02.2013
Helvea ANDREAS VON ARX accumulate 4 M 61 12 month 20.02.2013
Barclays LIAM ROWLEY equalweight 3 M 51 Not Provided 20.02.2013
Deutsche Bank JAMES ISENWATER hold 3 M 45 12 month 19.02.2013
JPMorgan CELINE PANNUTI neutral 3 M 56 9 month 19.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 55 12 month 19.02.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 49 12 month 19.02.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 53 Not Provided 21.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 56 Not Provided 08.01.2013
Natixis PIERRE TEGNER neutral 3 D 56 Not Provided 14.12.2012
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012
DZ Bank AG ROBERT CZERWENSKY buy 5 M 56 12 month 22.10.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012
Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011
Holdings By:
Danone SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
National Grid PLC is an investor-owned utility company which distributes gas.
The PLC owns and operates the electricity transmission network in England and
Wales, the gas transmission network in Great Britain, and electricity
transmission networks in the Northeastern United States. National Grid also
operates the electricity transmission networks in Scotland.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (25.03.2013) 761.00
52-Week Low (30.03.2012) 622.50
Daily Volume
751.5
52-Week High % Change -1.25% Dividend Yield 5.30
52-Week Low % Change 20.72% Beta 0.48
% 52 Week Price Range High/Low 92.78% Equity Float 3'554.87
Shares Out 01.03.2013 3'664.7 Short Int -
27'540.49 1 Yr Total Return 26.31%
Total Debt 23'025.00 YTD Return 6.90%
Preferred Stock 0.0 Adjusted BETA 0.478
Minority Interest 7.0 Analyst Recs 23
Cash and Equivalents 2'723.00 Consensus Rating 3.478
Enterprise Value 48'475.49
Average Volume 5 Day 7'055'941
NG/ LN EQUITY YTD Change - Average Volume 30 Day 7'462'578
NG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'748'207
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -
11'423.0 15'624.0 14'007.0 14'343.0 13'832.0 - - 14'424.9 14'962.4 - -
3.20x 2.41x 2.84x 2.90x 3.16x - - 3.40x 3.37x - -
3'589.0 4'037.0 4'309.0 4'845.0 4'777.0 - - 5'088.6 5'413.5 - -
10.20x 9.34x 9.24x 8.58x 9.14x - - 9.53x 8.96x - -
3'190.0 944.0 1'386.0 2'159.0 2'036.0 - - 1'952.8 2'008.1 - -
11.47x 14.32x 13.25x 9.30x 11.04x - - 14.07x 13.70x - -
EBITDA 4'777.00 Long-Term Rating Date 24.08.2007
EBIT 3'495.00 Long-Term Rating A-
Operating Margin 25.27% Long-Term Outlook STABLE
Pretax Margin 18.50% Short-Term Rating Date 24.08.2007
Return on Assets 4.79% Short-Term Rating A-2
Return on Common Equity 26.24%
Return on Capital 12.28% EBITDA/Interest Exp. 2.04
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 0.70
Net Debt/EBITDA 4.19
Gross Margin - Total Debt/EBITDA 4.83
EBITDA Margin 36.7%
EBIT Margin 27.0% Total Debt/Equity 249.2%
Net Income Margin 14.7% Total Debt/Capital 71.3%
Asset Turnover 0.28
Current Ratio 0.94 Net Fixed Asset Turnover 0.40
Quick Ratio 0.61 Accounts receivable turnover-days -
Debt to Assets 48.64% Inventory Days -
Tot Debt to Common Equity 249.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
National Grid PLCPrice/Volume
Valuation Analysis
2'242'007.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 399'638'038 10.9 (35'637'904) 21.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 182'630'798 4.98 - 25.03.2013 Investment Advisor
CRESCENT HOLDING GMB Multiple Portfolios REG 149'414'285 4.08 - 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 132'427'487 3.61 2'720'054 03.12.2012 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 94'750'614 2.59 15'922'916 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 90'428'903 2.47 1'757'999 03.12.2012 Government
M&G INVESTMENT MANAG Multiple Portfolios REG 69'496'919 1.9 (1'736'674) 03.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 66'845'989 1.82 (12'319'399) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 60'226'673 1.64 3'422'249 31.12.2012 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 44'812'821 1.22 (2'034'154) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 43'614'734 1.19 4'093'896 03.12.2012 Investment Advisor
STOCK LENDING ACCOUN Multiple Portfolios REG 42'803'435 1.17 18'660'830 03.12.2012 Other
STATE STREET n/a ULT-AGG 37'994'117 1.04 (1'278'846) 26.03.2013 Investment Advisor
AXA n/a ULT-AGG 35'193'432 0.96 (2'110'950) 31.01.2013 Investment Advisor
DEUTSCHE BANK PROP T Multiple Portfolios REG 34'419'117 0.94 19'219'117 03.12.2012 Other
PEOPLES REPUBLIC OF Multiple Portfolios REG 33'236'568 0.91 - 03.12.2012 Government
HSBC INVESTMENTS UK Multiple Portfolios REG 28'398'916 0.77 14'402'655 03.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 27'260'666 0.74 5'959'620 03.12.2012 Unclassified
GOVT OF SINGAPORE IN n/a ULT-AGG 24'997'793 0.68 1'333'083 03.12.2012 Government
FEDERATED INVESTORS Multiple Portfolios MF-AGG 24'687'411 0.67 1'812'745 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK outperform 5 M 800 12 month 27.03.2013
Exane BNP Paribas IAIN TURNER outperform 5 M 780 Not Provided 25.03.2013
HSBC VERITY MITCHELL overweight 5 U 850 Not Provided 21.03.2013
AlphaValue MYRIAM COHEN reduce 2 M 692 6 month 21.03.2013
Credit Suisse MARK FRESHNEY outperform 5 M 800 Not Provided 20.03.2013
JPMorgan EDMUND REID neutral 3 U 720 12 month 18.03.2013
Societe Generale ASHLEY THOMAS sell 1 M 634 12 month 11.03.2013
Goldman Sachs ANDREW MEAD Sell/Neutral 1 M 604 12 month 11.03.2013
Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 08.03.2013
Nomura JONATHAN CONSTABLE buy 5 M 735 12 month 28.02.2013
Cantor Fitzgerald ANGELOS ANASTASIOU sell 1 N 617 Not Provided 11.02.2013
Berenberg Bank LAWSON STEELE hold 3 N 700 Not Provided 05.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 727 12 month 29.01.2013
Liberum Capital Ltd GUILLAUME REDGWELL hold 3 N 730 Not Provided 25.01.2013
Barclays PETER BISZTYGA overweight 5 M 785 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank MARTIN BROUGH sell 1 M 600 12 month 07.01.2013
Day by Day VALERIE GASTALDY buy 5 M 786 3 month 04.01.2013
Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 775 12 month 13.12.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 710 12 month 21.11.2012
Holdings By:
National Grid PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Zurich Insurance Group AG provides insurance-based financial services. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 268.30
52-Week Low (05.06.2012) 192.50
Daily Volume
262.6
52-Week High % Change -2.01% Dividend Yield -
52-Week Low % Change 36.42% Beta 1.21
% 52 Week Price Range High/Low 96.57% Equity Float 148.14
Shares Out 31.12.2012 148.3 Short Int 0.42
38'943.61 1 Yr Total Return 15.70%
Total Debt 12'521.00 YTD Return 7.89%
Preferred Stock 0.0 Adjusted BETA 1.206
Minority Interest 2'368.0 Analyst Recs 38
Cash and Equivalents 9'098.00 Consensus Rating 3.421
Enterprise Value 46'627.59
Average Volume 5 Day 380'842
ZURN VX EQUITY YTD Change - Average Volume 30 Day 491'839
ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 446'696
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
32'331.0 70'123.0 67'819.0 52'978.0 70'446.0 52'980.0 70'446.0 61'470.3 63'636.1 - -
0.99x 0.50x 0.64x 0.73x 0.64x 3.11x 2.48x 0.90x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'039.0 3'963.0 3'428.0 3'750.0 3'878.0 3'750.0 3'872.0 4'345.8 4'578.8 1'175.0 945.0
9.86x 7.83x 10.92x 8.80x 10.08x 8.80x 10.07x 9.60x 9.08x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 8.34% Long-Term Outlook -
Pretax Margin 7.48% Short-Term Rating Date -
Return on Assets 0.97% Short-Term Rating -
Return on Common Equity 11.74%
Return on Capital 9.17% EBITDA/Interest Exp. -
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 36.3%
Net Income Margin 5.5% Total Debt/Capital 25.4%
Asset Turnover 0.18
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.06% Inventory Days -
Tot Debt to Common Equity 36.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Zurich Insurance Group AGPrice/Volume
Valuation Analysis
241'520.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'491'974 4.38 8'208 25.03.2013 Investment Advisor
NORGES BANK n/a EXCH 4'495'862 3.03 - 23.06.2011 Government
ABERDEEN n/a ULT-AGG 4'377'801 2.95 (23'819) 31.01.2012 Unclassified
FMR LLC n/a ULT-AGG 2'823'083 1.9 (719'223) 31.01.2013 Investment Advisor
CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'223'047 1.5 (39'432) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'927'285 1.3 22'537 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'903'054 1.28 10 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'414'107 0.95 (311) 30.11.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 802'354 0.54 314'544 31.01.2013 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 760'859 0.51 4'556 31.01.2013 Mutual Fund Manager
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 619'731 0.42 18'520 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 558'266 0.38 16'355 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 444'000 0.3 353'700 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 433'728 0.29 13'430 31.01.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 374'403 0.25 45'107 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 362'837 0.24 - 31.07.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 311'978 0.21 56'299 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 296'523 0.2 29'113 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 269 12 month 27.03.2013
Raymond James DANNY JACQUES outperform 5 M 297 Not Provided 22.03.2013
AlphaValue DIETER HEIN buy 5 M 309 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 21.03.2013
Exane BNP Paribas THOMAS JACQUET neutral 3 M 245 Not Provided 14.03.2013
Barclays ANDREW BROADFIELD underweight 1 D 247 Not Provided 13.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 05.03.2013
RBC Capital Markets GORDON AITKEN outperform 5 U 290 12 month 04.03.2013
Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 261 12 month 26.02.2013
Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 270 Not Provided 26.02.2013
Berenberg Bank PETER ELIOT hold 3 M 290 Not Provided 21.02.2013
Credit Suisse RICHARD BURDEN outperform 5 M 282 Not Provided 20.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 270 12 month 19.02.2013
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 18.02.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 D 300 12 month 17.02.2013
JPMorgan MICHAEL HUTTNER neutral 3 M 263 9 month 15.02.2013
Macquarie HADLEY COHEN neutral 3 M 270 12 month 15.02.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 15.02.2013
Kepler Capital Markets FABRIZIO CROCE hold 3 M 213 Not Provided 15.02.2013
Nomura MICHAEL KLIEN buy 5 M 290 Not Provided 15.02.2013
S&P Capital IQ RODERICK WALLACE sell 1 D 230 12 month 15.02.2013
Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 15.02.2013
Helvea DANIEL BISCHOF neutral 3 M 255 12 month 15.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 252 6 month 14.02.2013
Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 13.02.2013
CA Cheuvreux ATANASIO PANTARROTAS select list 5 M 300 Not Provided 04.02.2013
Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 30.01.2013
Deutsche Bank ROBIN BUCKLEY hold 3 M 265 12 month 24.01.2013
HSBC THOMAS FOSSARD neutral 3 M 254 Not Provided 16.01.2013
Day by Day VALERIE GASTALDY buy 5 M 270 3 month 15.01.2013
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 300 Not Provided 08.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 260 Not Provided 18.12.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 200 Not Provided 30.11.2012
Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 15.11.2012
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 292 12 month 11.10.2012
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
DZ Bank AG WERNER EISENMANN buy 5 M 240 12 month 05.12.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE underperform 1 M 216 6 month 06.05.2011
Holdings By:
Zurich Insurance Group AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Compagnie Financiere Richemont SA, through subsidiaries, manufactures and
retails luxury goods. The Company produces jewelry, watches, leather goods,
writing instruments, and men's and women's wear.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 81.45
52-Week Low (12.07.2012) 48.13
Daily Volume
74.1
52-Week High % Change -8.90% Dividend Yield -
52-Week Low % Change 53.96% Beta 1.31
% 52 Week Price Range High/Low 81.39% Equity Float 521.77
Shares Out 30.09.2012 522.0 Short Int -
42'548.22 1 Yr Total Return 31.46%
Total Debt 851.00 YTD Return 3.78%
Preferred Stock 0.0 Adjusted BETA 1.306
Minority Interest 9.0 Analyst Recs 38
Cash and Equivalents 4'036.00 Consensus Rating 4.026
Enterprise Value 31'891.73
Average Volume 5 Day 1'806'983
CFR VX EQUITY YTD Change - Average Volume 30 Day 1'480'174
CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'488'347
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 06/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
5'290.0 5'418.0 5'176.0 6'892.0 8'867.0 0.0 7'515.0 10'180.3 11'043.8 2'316.2 -
3.53x 1.05x 2.82x 2.72x 2.41x #DIV/0! 0.00x 3.05x 2.70x - -
1'428.0 1'345.0 1'259.0 1'669.0 2'354.0 0.0 0.0 2'797.3 3'069.1 - -
13.08x 4.23x 11.59x 11.22x 9.08x 0.00x 0.00x 11.38x 10.36x - -
1'565.0 1'075.0 599.0 1'090.0 1'544.0 0.0 0.0 1'938.0 2'176.6 - -
20.48x 8.94x 26.38x 20.65x 16.70x 0.00x 0.00x 17.53x 15.53x - -
EBITDA 2'354.00 Long-Term Rating Date -
EBIT 2'045.00 Long-Term Rating -
Operating Margin 23.06% Long-Term Outlook -
Pretax Margin 20.35% Short-Term Rating Date -
Return on Assets 16.06% Short-Term Rating -
Return on Common Equity 22.64%
Return on Capital - EBITDA/Interest Exp. 78.47
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 63.03
Net Debt/EBITDA -1.14
Gross Margin 63.7% Total Debt/EBITDA 0.58
EBITDA Margin 27.5%
EBIT Margin 24.1% Total Debt/Equity 9.9%
Net Income Margin 17.4% Total Debt/Capital 9.0%
Asset Turnover 0.82
Current Ratio 3.16 Net Fixed Asset Turnover 6.66
Quick Ratio 1.66 Accounts receivable turnover-days -
Debt to Assets 7.24% Inventory Days 386.45
Tot Debt to Common Equity 9.89% Accounts Payable Turnover Day 74.31
Accounts Receivable Turnover - Cash Conversion Cycle 305.95
Inventory Turnover 0.95
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
Cie Financiere Richemont SAPrice/Volume
Valuation Analysis
716'868.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'427'709 2.38 - 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'166'906 1.76 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'606'776 1.65 1'360'294 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'764'653 1.49 (1'002'480) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7'459'676 1.43 (153'770) 31.01.2013 Mutual Fund Manager
WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'162'235 1.37 (5'806'400) 31.12.2012 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'983'477 1.34 (43'763) 31.12.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 5'275'767 1.01 (49'746) 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 4'749'863 0.91 (11'372) 30.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'424'524 0.66 273'181 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'141'085 0.6 (62'997) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'073'903 0.59 (123'534) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'829'979 0.54 9'404 31.01.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'734'006 0.52 (4'415) 31.01.2013 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'457'766 0.47 928'202 31.01.2013 Mutual Fund Manager
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'978'900 0.38 (809'000) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'666'800 0.32 (362'873) 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'291'101 0.25 (2'744) 31.01.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'266'927 0.24 (12'780) 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'110'872 0.21 113'009 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse ROGERIO FUJIMORI outperform 5 M 85 Not Provided 27.03.2013
Kepler Capital Markets JON COX buy 5 M 90 Not Provided 26.03.2013
Investec THANE DUFF hold 3 M 87 12 month 25.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 74 Not Provided 25.03.2013
ISI Group OMAR SAAD strong buy 5 M 80 12 month 24.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013
AlphaValue VIRGINIE BLIN reduce 2 M 76 6 month 21.03.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013
Nomura CHRISTOPHER WALKER buy 5 M 83 12 month 20.03.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 105 Not Provided 20.03.2013
Aurel - BGC DAVID DA MAIA buy 5 M 86 Not Provided 19.03.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 93 Not Provided 19.03.2013
Societe Generale THIERRY COTA buy 5 M 95 12 month 18.03.2013
Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 100 12 month 15.03.2013
Renaissance Capital REY WIUM sell 1 M 76 Not Provided 14.03.2013
Independent Research GmbH LARS LUSEBRINK buy 5 N 90 12 month 21.02.2013
Berenberg Bank JOHN GUY hold 3 M 72 Not Provided 15.02.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 84 Not Provided 10.02.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 82 6 month 01.02.2013
Barclays HELEN NORRIS overweight 5 M 86 Not Provided 28.01.2013
HSBC ERWAN RAMBOURG neutral 3 M 83 Not Provided 24.01.2013
Macquarie WYNAND VAN ZYL outperform 5 U 90 12 month 22.01.2013
S&P Capital IQ JASON ASAEDA hold 3 M 80 12 month 22.01.2013
Morgan Stanley LOUISE SINGLEHURST Equalwt/In-Line 3 M 74 12 month 21.01.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 114 12 month 21.01.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 72 12 month 21.01.2013
Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 21.01.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 83 12 month 21.01.2013
Raymond James MARC WILLAUME strong buy 5 M 90 Not Provided 18.01.2013
Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 U 86 12 month 16.01.2013
CA Cheuvreux THOMAS MESMIN outperform 5 M 88 Not Provided 14.01.2013
Bank Vontobel AG RENE WEBER hold 3 M 80 Not Provided 09.01.2013
Redburn Partners ANNABEL GLEESON buy 5 N #N/A N/A Not Provided 07.01.2013
BNP Paribas Cadiz Securities SHAMIL ISMAIL hold 3 D 64 12 month 27.11.2012
Natixis JOSEPHINE CHEVALLIER neutral 3 M 60 Not Provided 02.11.2012
Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012
Holdings By:
Cie Financiere Richemont SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Prudential plc is an international company which provides a wide assortment of
insurance and investment products and services. Insurance products include life,
accident and health, property and casualty insurance, as well as fixed and
variable annuities. Financial and investment services include personal and
group pensions, equity plans, mortgages and deposit accounts.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 1'178.00
52-Week Low (01.06.2012) 654.50
Daily Volume
1050
52-Week High % Change -10.87% Dividend Yield 2.78
52-Week Low % Change 60.43% Beta 1.37
% 52 Week Price Range High/Low 84.72% Equity Float 2'447.69
Shares Out 01.03.2013 2'557.3 Short Int -
26'851.58 1 Yr Total Return 38.74%
Total Debt 6'832.00 YTD Return 23.72%
Preferred Stock 0.0 Adjusted BETA 1.371
Minority Interest 5.0 Analyst Recs 27
Cash and Equivalents 5'074.00 Consensus Rating 4.074
Enterprise Value 28'614.58
Average Volume 5 Day 4'739'749
PRU LN EQUITY YTD Change - Average Volume 30 Day 4'435'634
PRU LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'964'871
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 12/yy 12/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
(10'269.0) 48'099.0 47'646.0 36'506.0 55'476.0 0.0 0.0 57'898.0 59'358.0 933.1 -
- 0.38x 0.39x 0.47x 0.43x #DIV/0! #DIV/0! 0.36x 0.35x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(396.0) 676.0 1'431.0 1'490.0 2'197.0 0.0 0.0 2'014.8 2'240.3 - -
- 23.20x 11.78x 10.85x 10.01x 0.00x 0.00x 13.14x 11.86x - -
EBITDA - Long-Term Rating Date 17.08.2010
EBIT - Long-Term Rating A+
Operating Margin 5.57% Long-Term Outlook NEG
Pretax Margin 5.07% Short-Term Rating Date 17.08.2010
Return on Assets 0.75% Short-Term Rating A-1
Return on Common Equity 22.56%
Return on Capital 14.10% EBITDA/Interest Exp. -
Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 66.0%
Net Income Margin 4.0% Total Debt/Capital 39.7%
Asset Turnover 0.19
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.20% Inventory Days -
Tot Debt to Common Equity 65.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Prudential PLCPrice/Volume
Valuation Analysis
3'035'145.00
Current Price (3/dd/yy) Market Data
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40'000.0
50'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 256'652'047 10.04 - 01.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 128'527'550 5.03 1'911'502 25.03.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 109'343'285 4.28 - 01.01.2013 Government
LEGAL & GENERAL n/a ULT-AGG 104'285'746 4.08 (136'942) 01.01.2013 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 88'407'117 3.46 401'633 01.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 73'996'286 2.89 3'700'201 01.01.2013 Unclassified
FMR LLC n/a ULT-AGG 72'178'671 2.82 17'691'038 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 53'089'266 2.08 (685'857) 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 47'303'661 1.85 (3'596'819) 01.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 46'730'225 1.83 5'884'645 31.01.2013 Unclassified
UBS n/a ULT-AGG 41'823'885 1.64 (4'347'489) 31.01.2013 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 39'310'345 1.54 (7'205'386) 01.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 33'734'493 1.32 (3'852'887) 01.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 32'116'464 1.26 - 01.01.2013 Government
VANGUARD GROUP INC Multiple Portfolios REG 29'093'870 1.14 1'381'546 01.01.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 25'199'103 0.99 (468'132) 28.02.2013 Unclassified
AEGON n/a ULT-AGG 24'499'349 0.96 (6'815'149) 01.01.2013 Unclassified
HSBC INVESTMENTS UK Multiple Portfolios REG 24'085'771 0.94 (189'080) 01.01.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 23'132'403 0.9 2'472'324 01.01.2013 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 22'537'114 0.88 (2'815'055) 01.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ANDY HUGHES underperform 1 M 835 Not Provided 27.03.2013
Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1'160 Not Provided 26.03.2013
HSBC KAILESH MISTRY overweight 5 M 1'375 Not Provided 22.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 22.03.2013
AlphaValue JEROME CASSAGNE sell 1 D 911 6 month 21.03.2013
Berenberg Bank MATTHEW PRESTON buy 5 M 1'350 Not Provided 20.03.2013
Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 20.03.2013
Day by Day VALERIE GASTALDY buy 5 M 1'200 3 month 18.03.2013
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 1'350 12 month 15.03.2013
Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 15.03.2013
Credit Suisse CHRIS ESSON outperform 5 M 1'300 Not Provided 14.03.2013
Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 950 12 month 13.03.2013
Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1'055 12 month 13.03.2013
S&P Capital IQ RODERICK WALLACE buy 5 D 1'250 12 month 13.03.2013
Oriel Securities Ltd MARCUS BARNARD buy 5 M 900 Not Provided 13.03.2013
JPMorgan ASHIK MUSADDI underweight 1 M 781 9 month 11.03.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 910 12 month 20.02.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 1'135 12 month 11.02.2013
Macquarie NEIL WELCH neutral 3 M 1'000 12 month 05.02.2013
Barclays ALAN DEVLIN overweight 5 M 1'023 Not Provided 04.02.2013
Deutsche Bank OLIVER STEEL buy 5 M 1'060 12 month 24.01.2013
Investec KEVIN RYAN hold 3 M 831 12 month 07.01.2013
Societe Generale ABID HUSSAIN buy 5 M 900 12 month 03.12.2012
Nomura FAHAD CHANGAZI reduce 2 M 680 Not Provided 15.08.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 812 6 month 01.07.2011
Holdings By:
Prudential PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 14.68
52-Week Low (04.06.2012) 8.65
Daily Volume
13.465
52-Week High % Change -8.24% Dividend Yield -
52-Week Low % Change 55.66% Beta 1.51
% 52 Week Price Range High/Low 84.16% Equity Float 2'045.00
Shares Out 28.02.2013 2'389.8 Short Int -
32'178.96 1 Yr Total Return 12.40%
Total Debt 10'662.00 YTD Return 0.86%
Preferred Stock 6'059.0 Adjusted BETA 1.512
Minority Interest 2'355.0 Analyst Recs 35
Cash and Equivalents 30'546.00 Consensus Rating 4.086
Enterprise Value 14'649.96
Average Volume 5 Day 6'538'496
CS FP EQUITY YTD Change - Average Volume 30 Day 8'227'133
CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'928'985
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
51'235.0 122'704.0 117'414.0 98'334.0 114'689.0 0.0 0.0 100'555.2 102'337.0 - -
0.62x 0.36x 0.29x 0.18x 0.13x #DIV/0! #DIV/0! 0.44x 0.50x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'700.7 5'037.4 - -
51.67x 10.60x 12.33x 5.88x 7.53x 0.00x 0.00x 6.83x 6.40x - -
EBITDA - Long-Term Rating Date 18.12.2012
EBIT - Long-Term Rating A-
Operating Margin 5.81% Long-Term Outlook STABLE
Pretax Margin 5.03% Short-Term Rating Date 18.12.2012
Return on Assets 0.56% Short-Term Rating A-2
Return on Common Equity 8.33%
Return on Capital 7.16% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 19.9%
Net Income Margin 3.6% Total Debt/Capital 16.0%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.40% Inventory Days -
Tot Debt to Common Equity 19.87% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AXA SAPrice/Volume
Valuation Analysis
5'052'406.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MUTUELLES AXA #N/A N/A Co File 342'767'775 14.34 - 31.12.2012 Insurance Company
AMUNDI n/a Research 91'682'238 3.84 (20'493'797) 15.05.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 79'974'315 3.35 (77'990) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 65'131'985 2.73 2'125'718 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50'254'088 2.1 (9'366) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 48'018'741 2.01 2'721'389 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 35'243'907 1.47 (323'861) 31.12.2012 Investment Advisor
LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.85 (7'936'172) 16.09.2011 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19'768'792 0.83 (2'318'038) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'896'417 0.79 730'180 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'758'066 0.53 255'752 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 11'629'095 0.49 (143'415) 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 10'723'804 0.45 (3'360) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'885'132 0.33 (13'091'874) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 7'000'250 0.29 - 31.10.2012 Mutual Fund Manager
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'835'130 0.24 (52'090) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'664'606 0.24 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'466'038 0.19 - 31.07.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'309'635 0.18 (9'429) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'295'639 0.18 (792'488) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 25.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 25.03.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 25.03.2013
Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 21.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 18.03.2013
Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.03.2013
AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 07.03.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 26.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 26.02.2013
Helvea DANIEL BISCHOF buy 5 M 16 12 month 26.02.2013
Berenberg Bank PETER ELIOT hold 3 M 18 Not Provided 25.02.2013
Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 24.02.2013
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 18 12 month 22.02.2013
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 17 Not Provided 22.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 14 12 month 22.02.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 15 12 month 22.02.2013
Nomura MICHAEL KLIEN buy 5 M 23 12 month 21.02.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 21.02.2013
Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013
Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013
Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013
Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013
Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013
Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013
HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013
Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012
Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012
DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 05.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011
BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011
Holdings By:
AXA SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Schneider Electric SA manufactures power distribution and automation systems.
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 60.71
52-Week Low (27.06.2012) 39.40
Daily Volume
56.2
52-Week High % Change -7.46% Dividend Yield -
52-Week Low % Change 42.66% Beta 1.28
% 52 Week Price Range High/Low 81.94% Equity Float 525.90
Shares Out 01.03.2013 555.4 Short Int -
31'214.44 1 Yr Total Return 14.75%
Total Debt 8'132.00 YTD Return 2.50%
Preferred Stock 0.0 Adjusted BETA 1.281
Minority Interest 174.0 Analyst Recs 31
Cash and Equivalents 3'737.00 Consensus Rating 3.516
Enterprise Value 35'783.44
Average Volume 5 Day 1'805'200
SU FP EQUITY YTD Change - Average Volume 30 Day 1'613'159
SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'349'106
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
18'311.0 15'793.0 19'580.0 22'345.0 23'946.0 22'387.0 23'946.0 24'351.1 25'608.7 5'390.0 6'012.0
0.95x 1.51x 1.68x 1.23x 1.44x 0.00x 0.00x 1.43x 1.31x - -
3'321.0 2'575.0 3'575.0 3'725.0 3'837.0 0.0 0.0 4'069.6 4'431.2 - -
5.24x 9.26x 9.20x 7.36x 9.01x 0.00x 0.00x 8.78x 8.06x - -
1'682.0 824.0 1'720.0 1'793.0 1'840.0 0.0 0.0 2'291.4 2'548.3 - -
7.55x 24.63x 17.00x 12.18x 16.17x 0.00x 0.00x 13.62x 12.22x - -
EBITDA 3'837.00 Long-Term Rating Date 26.11.2008
EBIT 3'030.00 Long-Term Rating A-
Operating Margin 12.65% Long-Term Outlook STABLE
Pretax Margin 10.42% Short-Term Rating Date 14.03.2007
Return on Assets 5.11% Short-Term Rating A-2
Return on Common Equity 11.32%
Return on Capital 9.07% EBITDA/Interest Exp. 9.97
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 8.74
Net Debt/EBITDA 1.15
Gross Margin 37.8% Total Debt/EBITDA 2.12
EBITDA Margin 16.0%
EBIT Margin 12.7% Total Debt/Equity 48.9%
Net Income Margin 7.7% Total Debt/Capital 32.6%
Asset Turnover 0.67
Current Ratio 1.51 Net Fixed Asset Turnover 9.22
Quick Ratio 1.01 Accounts receivable turnover-days 81.70
Debt to Assets 22.49% Inventory Days 79.13
Tot Debt to Common Equity 48.86% Accounts Payable Turnover Day 103.63
Accounts Receivable Turnover 4.48 Cash Conversion Cycle 57.20
Inventory Turnover 4.63
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Schneider Electric SAPrice/Volume
Valuation Analysis
1'224'537.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 82'567'657 14.87 (10'012'679) 31.12.2012 Investment Advisor
AMUNDI n/a Research 27'220'485 4.9 (1'168'334) 16.05.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Research 20'349'002 3.66 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'778'760 2.12 477'308 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'849'337 1.95 (52'247) 31.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 10'102'524 1.82 95'500 29.01.2013 Investment Advisor
SCHNEIDER ELECTRIC S n/a Co File 9'164'952 1.65 - 31.12.2011 Corporation
FMR LLC n/a ULT-AGG 8'946'790 1.61 1'797'130 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'588'472 1.37 (183'690) 25.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'092'778 1.1 223'109 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'029'853 1.09 1'063'472 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'494'386 0.81 46'843 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'310'863 0.6 (411'258) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'485'819 0.45 551'587 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'452'160 0.44 (404'495) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 2'357'130 0.42 (10'400) 28.02.2013 Unclassified
AVIVA PLC Multiple Portfolios MF-AGG 1'839'691 0.33 3'134 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'775'165 0.32 (144'907) 31.12.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 1'725'770 0.31 28'032 21.03.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'708'138 0.31 (235'006) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ANDREW CARTER outperform 5 M 65 12 month 27.03.2013
JPMorgan ANDREAS WILLI overweight 5 M 65 9 month 25.03.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 60 12 month 25.03.2013
Nomura DANIEL CUNLIFFE neutral 3 M 52 Not Provided 25.03.2013
Societe Generale GAEL DE BRAY buy 5 M 64 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 55 12 month 22.03.2013
AlphaValue LIONEL PELLICER add 4 M 67 6 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 66 Not Provided 14.03.2013
HSBC MICHAEL HAGMANN overweight 5 M 70 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 60 Not Provided 08.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.03.2013
Barclays NICK WEBSTER equalweight 3 M 54 Not Provided 27.02.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 25.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 25.02.2013
Deutsche Bank MARTIN WILKIE hold 3 M 55 12 month 22.02.2013
CA Cheuvreux ALFRED GLASER outperform 5 M 62 Not Provided 22.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 65 12 month 22.02.2013
Natixis LUDOVIC DEBAILLEUX neutral 3 M 61 Not Provided 22.02.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 57 12 month 21.02.2013
Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 57 Not Provided 21.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 61 12 month 21.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 U 65 12 month 30.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 53 Not Provided 24.01.2013
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 21.01.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 08.01.2013
Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 08.10.2012
Holdings By:
Schneider Electric SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
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: 12/yy
52-Week High (15.03.2013) 416.00
52-Week Low (05.06.2012) 295.30
Daily Volume
395.4
52-Week High % Change -4.93% Dividend Yield -
52-Week Low % Change 33.90% Beta 0.91
% 52 Week Price Range High/Low 87.82% Equity Float 92.99
Shares Out 31.12.2012 93.1 Short Int -
36'822.08 1 Yr Total Return 31.98%
Total Debt 3'348.00 YTD Return 7.86%
Preferred Stock - Adjusted BETA 0.906
Minority Interest 11.0 Analyst Recs 33
Cash and Equivalents 1'599.00 Consensus Rating 3.848
Enterprise Value 40'371.13
Average Volume 5 Day 168'500
SYNN VX EQUITY YTD Change - Average Volume 30 Day 191'633
SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 197'881
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 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 0.0 14'202.0 15'323.3 16'213.3 3'295.9 4'596.0
1.68x 2.56x 2.45x 2.11x 2.72x #DIV/0! 0.00x 2.58x 2.39x - -
2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'516.3 3'814.4 1'048.0 -
7.84x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x 11.49x 10.60x - -
1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'295.0 2'507.4 518.0 -
12.86x 19.06x 19.37x 16.84x 19.65x 0.00x 0.00x 16.58x 15.14x - -
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 10.22% Short-Term Rating A-1
Return on Common Equity 23.06%
Return on Capital - EBITDA/Interest Exp. 22.17
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 18.59
Net Debt/EBITDA 0.56
Gross Margin 49.2% Total Debt/EBITDA 1.06
EBITDA Margin 22.2%
EBIT Margin 18.0% Total Debt/Equity 38.3%
Net Income Margin 13.2% Total Debt/Capital 27.7%
Asset Turnover 0.78
Current Ratio 1.71 Net Fixed Asset Turnover 4.57
Quick Ratio 0.75 Accounts receivable turnover-days 76.37
Debt to Assets 17.26% Inventory Days 226.25
Tot Debt to Common Equity 38.28% Accounts Payable Turnover Day 148.30
Accounts Receivable Turnover 4.79 Cash Conversion Cycle 154.33
Inventory Turnover 1.62
Fiscal Year Ended
Syngenta AGPrice/Volume
Valuation Analysis
180'629.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 5'198'082 5.58 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'634'983 4.98 - 31.12.2012 Investment Advisor
BANK OF NEW YORK n/a EXCH 3'907'159 4.2 42'023 26.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'358'941 2.53 162'039 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'756'149 1.89 74'818 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'664'500 1.79 - 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'407'596 1.51 (27'866) 31.01.2013 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 937'171 1.01 17'936 26.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 932'280 1 - 31.01.2013 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 858'339 0.92 (1'821) 30.11.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 645'945 0.69 13'889 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 590'695 0.63 (8'060) 30.11.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 536'300 0.58 (76'790) 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 496'141 0.53 7'247 31.01.2013 Mutual Fund Manager
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 388'585 0.42 75'179 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 385'059 0.41 138'979 31.01.2013 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 375'752 0.4 6'630 21.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 337'986 0.36 (18'438) 31.01.2013 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 248'343 0.27 9'906 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 241'169 0.26 49'414 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 307 12 month 27.03.2013
HSBC GEOFF HAIRE neutral 3 D 430 Not Provided 27.03.2013
Exane BNP Paribas JAMES KNIGHT neutral 3 M 376 Not Provided 26.03.2013
JPMorgan MARTIN EVANS neutral 3 M 375 12 month 20.03.2013
AlphaValue FABRICE FARIGOULE buy 5 M 502 6 month 19.03.2013
Day by Day VALERIE GASTALDY buy 5 M 430 3 month 05.03.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 476 12 month 27.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 13.02.2013
Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 11.02.2013
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 11.02.2013
Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 08.02.2013
Barclays ANDREAS HEINE equalweight 3 M 403 Not Provided 08.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 450 Not Provided 07.02.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 430 12 month 07.02.2013
CA Cheuvreux MARTIN ROEDIGER select list 5 M 426 Not Provided 07.02.2013
Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 450 12 month 07.02.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 440 12 month 07.02.2013
Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 406 12 month 06.02.2013
Jefferies LAURENCE ALEXANDER hold 3 M 365 12 month 06.02.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 06.02.2013
Kepler Capital Markets BETTINA EDMONDSTON buy 5 M 440 Not Provided 06.02.2013
Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 06.12.2012
DZ Bank AG HEINZ MUELLER buy 5 M 400 12 month 30.11.2012
Main First Bank AG RONALD KOEHLER outperform 5 M 415 Not Provided 20.11.2012
Societe Generale PETER CLARK buy 5 M 450 12 month 25.10.2012
Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 400 Not Provided 23.10.2012
Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 19.09.2012
Berenberg Bank JAIDEEP PANDYA hold 3 M 350 Not Provided 17.07.2012
S&P Capital IQ JOHNSON IMODE hold 3 M 320 12 month 13.07.2012
Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 310 Not Provided 18.05.2012
Holdings By:
Syngenta AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Air Liquide SA, through its subsidiaries, produces, markets, and sells
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.09.2012) 100.00
52-Week Low (18.05.2012) 83.45
Daily Volume
93.61
52-Week High % Change -6.38% Dividend Yield -
52-Week Low % Change 12.17% Beta 0.76
% 52 Week Price Range High/Low 66.58% Equity Float 311.10
Shares Out 08.03.2013 312.5 Short Int -
29'248.74 1 Yr Total Return 6.89%
Total Debt 7'273.70 YTD Return -1.51%
Preferred Stock 0.0 Adjusted BETA 0.756
Minority Interest 232.6 Analyst Recs 35
Cash and Equivalents 1'154.20 Consensus Rating 3.543
Enterprise Value 35'600.84
Average Volume 5 Day 888'588
AI FP EQUITY YTD Change - Average Volume 30 Day 935'837
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 769'771
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 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'255.5 15'326.0 16'327.5 17'503.5 3'966.8 3'976.0
1.73x 2.25x 2.38x 2.25x 2.34x 0.00x 0.00x 2.17x 2.01x - 8.92x
2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 4'091.5 4'441.9 - 1'976.0
7.71x 9.08x 9.50x 9.13x 9.48x 0.00x 0.00x 8.69x 8.01x - -
1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'733.8 1'918.7 - 879.0
13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 16.80x 15.19x - -
EBITDA 3'792.30 Long-Term Rating Date 02.07.2007
EBIT 2'560.50 Long-Term Rating A
Operating Margin 16.71% Long-Term Outlook POS
Pretax Margin 14.63% Short-Term Rating Date 06.05.2004
Return on Assets 6.55% Short-Term Rating A-1
Return on Common Equity 16.12%
Return on Capital - EBITDA/Interest Exp. 13.84
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 6.51
Net Debt/EBITDA 1.61
Gross Margin - Total Debt/EBITDA 1.92
EBITDA Margin 24.7%
EBIT Margin 16.7% Total Debt/Equity 71.2%
Net Income Margin 10.5% Total Debt/Capital 41.1%
Asset Turnover 0.62
Current Ratio 1.03 Net Fixed Asset Turnover 1.23
Quick Ratio 0.77 Accounts receivable turnover-days 66.93
Debt to Assets 29.09% Inventory Days -
Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.47 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Air Liquide SAPrice/Volume
Valuation Analysis
605'434.00
Current Price (3/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
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- 2 E
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. 2 E
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'574'174 1.46 - 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'507'675 1.12 4'446 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'193'593 1.02 119'140 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'872'974 0.92 30'891 31.01.2013 Mutual Fund Manager
LANSDOWNE PARTNERS L n/a Short (2'249'662) -0.72 (313'148) 22.03.2013 Hedge Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 1'892'639 0.61 90'770 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'445'086 0.46 (1'509) 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'185'647 0.38 58'091 26.03.2013 Investment Advisor
AIR LIQUIDE n/a Co File 1'003'394 0.32 - 31.12.2012 Corporation
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 965'341 0.31 (422) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 926'283 0.3 - 25.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 921'742 0.3 (6'180) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 902'774 0.29 (450'378) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 731'181 0.23 308'898 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 696'712 0.22 (19'889) 31.10.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 685'259 0.22 56'202 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 606'009 0.19 (7'465) 31.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 583'986 0.19 (126'624) 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561'349 0.18 11'929 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 553'212 0.18 31'333 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 27.03.2013
HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 26.03.2013
Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 102 Not Provided 26.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013
AlphaValue FABRICE FARIGOULE add 4 M 100 6 month 21.03.2013
JPMorgan MARTIN EVANS neutral 3 M 98 12 month 20.03.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 108 Not Provided 18.03.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 108 12 month 27.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 25.02.2013
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 22.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 20.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 95 12 month 18.02.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013
Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013
Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 15.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 15.02.2013
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013
Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 14.02.2013
Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013
Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 100 12 month 21.11.2012
CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012
CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012
Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012
DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011
Holdings By:
Air Liquide SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Telefonaktiebolaget LM Ericsson develops and manufactures products for wired
and mobile communications in public and private networks. The Company produces
mobile telephones through its Sony Ericsson joint venture. Ericsson
manufactures and installs wired and wireless communications systems, wireless
microwave links, call center equipment, microelectronics, and radar systems.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 86.40
52-Week Low (18.07.2012) 55.90
Daily Volume
81.2
52-Week High % Change -6.08% Dividend Yield -
52-Week Low % Change 45.26% Beta 0.93
% 52 Week Price Range High/Low 83.11% Equity Float -
Shares Out 26.03.2013 3'043.3 Short Int -
267'741.97 1 Yr Total Return 22.58%
Total Debt 28'667.00 YTD Return 24.73%
Preferred Stock 0.0 Adjusted BETA 0.929
Minority Interest 1'600.0 Analyst Recs 37
Cash and Equivalents 76'708.00 Consensus Rating 4.000
Enterprise Value 221'300.97
Average Volume 5 Day 8'456'269
ERICB SS EQUITY YTD Change - Average Volume 30 Day 8'946'990
ERICB SS EQUITY YTD % CHANGE - Average Volume 3 Month 9'693'212
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
208'930.0 206'477.0 203'348.0 226'921.0 227'779.0 226'921.0 227'779.0 235'706.8 246'158.6 53'009.6 56'739.7
0.71x 0.81x 0.98x 0.79x 0.72x 3.56x 2.97x 0.95x 0.87x 4.35x 4.13x
23'592.0 25'441.0 25'925.0 29'647.0 31'735.0 30'714.0 32'078.0 31'220.3 34'939.0 5'855.6 7'054.7
6.26x 6.57x 7.72x 6.04x 5.14x 5.82x 5.25x 7.09x 6.33x 6.97x -
11'273.0 3'672.0 11'146.0 12'194.0 5'775.0 12'194.0 5'775.0 16'432.1 19'478.1 2'757.4 3'581.4
16.60x 57.25x 22.42x 18.51x 36.25x 18.50x 36.15x 15.78x 13.27x 15.45x 14.20x
EBITDA 31'735.00 Long-Term Rating Date 15.06.2007
EBIT 22'189.00 Long-Term Rating BBB+
Operating Margin 9.74% Long-Term Outlook NEG
Pretax Margin 4.47% Short-Term Rating Date 15.06.2007
Return on Assets 2.08% Short-Term Rating A-2
Return on Common Equity 4.13%
Return on Capital - EBITDA/Interest Exp. 18.30
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 15.17
Net Debt/EBITDA -1.50
Gross Margin 31.6% Total Debt/EBITDA 0.89
EBITDA Margin 14.1%
EBIT Margin 9.7% Total Debt/Equity 20.9%
Net Income Margin 2.5% Total Debt/Capital 17.2%
Asset Turnover 0.82
Current Ratio 1.98 Net Fixed Asset Turnover 20.45
Quick Ratio 1.44 Accounts receivable turnover-days 102.98
Debt to Assets 10.42% Inventory Days 72.72
Tot Debt to Common Equity 20.94% Accounts Payable Turnover Day 58.50
Accounts Receivable Turnover 3.55 Cash Conversion Cycle 117.20
Inventory Turnover 5.03
Fiscal Year Ended
Telefonaktiebolaget LM EricssonPrice/Volume
Valuation Analysis
3'660'811.00
Current Price (3/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
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02 ! E
1! ! E
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50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SWEDBANK ROBUR FONDE n/a Co File 141'913'401 4.66 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 105'813'729 3.48 23'700 25.03.2013 Investment Advisor
SEB n/a ULT-AGG 92'171'054 3.03 (1'067'250) 31.01.2013 Unclassified
AMF FONDER AB n/a Co File 75'600'000 2.48 - 31.12.2011 Investment Advisor
NORGES BANK INVESTME n/a Co File 69'572'027 2.29 - 31.12.2011 Government
OPPENHEIMERFUNDS INC n/a Co File 67'628'249 2.22 - 31.12.2011 Investment Advisor
ABERDEEN ASSET MANAG n/a Co File 58'953'636 1.94 - 31.12.2011 Investment Advisor
INVESTOR AB n/a Co File 58'709'995 1.93 - 31.12.2011 Investment Advisor
DODGE & COX n/a Co File 54'067'771 1.78 - 31.12.2011 Investment Advisor
HANDELSBANKEN FONDER n/a Co File 54'063'621 1.78 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'689'314 1.17 1'538'718 31.12.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 33'508'867 1.1 (65'425) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 33'412'756 1.1 556'827 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 25'579'300 0.84 (2'368'034) 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'519'333 0.74 416'584 28.02.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 21'423'488 0.7 1'375'020 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 17'828'540 0.59 5'191'948 31.01.2013 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 17'746'645 0.58 264'704 28.02.2013 Investment Advisor
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 17'556'069 0.58 488'086 31.12.2012 Investment Advisor
AFA FORSAKRINGAR n/a Co File 15'779'975 0.52 - 31.12.2011 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 100 12 month 21.03.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 94 Not Provided 21.03.2013
AlphaValue JEAN-MICHEL SALVADOR reduce 2 D 85 6 month 21.03.2013
Nomura STUART JEFFREY buy 5 M 96 12 month 20.03.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 84 12 month 19.03.2013
Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 112 12 month 19.03.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 90 12 month 19.03.2013
Nordea Equity Research DANIEL DJURBERG hold 3 D 87 12 month 19.03.2013
Pareto Securities ERIK PAULSSON hold 3 M 90 6 month 19.03.2013
Exane BNP Paribas ALEXANDER PETERC outperform 5 M 97 Not Provided 19.03.2013
Kepler Capital Markets SEBASTIEN SZTABOWICZ buy 5 M 95 Not Provided 18.03.2013
S&P Capital IQ JAMES CRAWSHAW strong buy 5 M 100 12 month 18.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.03.2013
Pohjola Bank Plc (ESN) HANNU RAUHALA accumulate 4 M 102 12 month 15.03.2013
Swedbank HAKAN WRANNE buy 5 M 88 12 month 11.03.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 90 9 month 07.03.2013
Danske Markets ILKKA RAUVOLA buy 5 M 90 12 month 07.03.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 80 Not Provided 06.03.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 60 Not Provided 05.03.2013
Deutsche Bank KAI KORSCHELT buy 5 M 87 12 month 04.03.2013
Grupo Santander CARLOS JAVIER TREVINO buy 5 M 85 Not Provided 01.03.2013
ABG Sundal Collier PER LINDBERG buy 5 M 90 6 month 13.02.2013
HSBC RICHARD DINEEN overweight 5 M 90 Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 04.02.2013
Societe Generale ANDY PERKINS hold 3 M 70 12 month 01.02.2013
Credit Suisse ACHAL SULTANIA neutral 3 U 70 Not Provided 01.02.2013
SEB Enskilda ANDREAS JOELSSON buy 5 U 84 Not Provided 01.02.2013
Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 01.02.2013
Handelsbanken MARTIN NILSSON reduce 2 M 55 12 month 01.02.2013
Natixis ERIC BEAUDET buy 5 M 80 Not Provided 01.02.2013
Liberum Capital Ltd JANARDAN MENON buy 5 M 90 Not Provided 01.02.2013
Barclays ANDREW M GARDINER equalweight 3 M 65 Not Provided 01.02.2013
CA Cheuvreux ODON DE LAPORTE outperform 5 M 70 Not Provided 19.09.2012
Jyske Bank ROBERT JAKOBSEN sell 1 D 70 Not Provided 26.03.2012
DZ Bank AG OLIVER FINGER buy 5 M 72 12 month 25.01.2012
Sydbank MORTEN IMSGARD neutral 3 U #N/A N/A Not Provided 28.04.2011
Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 92 12 month 26.01.2011
Holdings By:
Telefonaktiebolaget LM Ericsson ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Xstrata plc, a diversified mining group, explores for and mines copper, coking
coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The
Group conducts operations in Australia, South Africa, Germany, Argentina, and
the United Kingdom.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (01.02.2013) 1'201.00
52-Week Low (27.06.2012) 760.47
Daily Volume
1073
52-Week High % Change -10.57% Dividend Yield 2.81
52-Week Low % Change 41.10% Beta 1.78
% 52 Week Price Range High/Low 71.51% Equity Float 1'520.28
Shares Out 31.12.2012 3'002.7 Short Int -
32'218.88 1 Yr Total Return -0.66%
Total Debt 17'067.00 YTD Return 1.32%
Preferred Stock 0.0 Adjusted BETA 1.785
Minority Interest 2'339.0 Analyst Recs 21
Cash and Equivalents 1'983.00 Consensus Rating 3.524
Enterprise Value 66'067.07
Average Volume 5 Day 5'597'255
XTA LN EQUITY YTD Change - Average Volume 30 Day 5'438'155
XTA LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'955'808
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 01/yy 01/yy 12/13 Y 12/14 Y - -
27'952.0 22'732.0 30'499.0 33'877.0 31'618.0 - - 34'013.7 36'310.7 - -
0.96x 2.83x 2.59x 1.64x 2.18x - - 1.91x 1.74x - -
9'645.0 6'476.0 10'393.0 11'648.0 8'122.0 - - 9'689.1 11'041.6 - -
2.78x 9.93x 7.61x 4.76x 8.50x - - 6.82x 5.98x - -
3'595.0 661.0 4'688.0 5'713.0 1'180.0 - - 3'765.6 4'788.3 - -
2.49x 72.41x 14.58x 7.70x 43.00x - - 13.00x 10.35x - -
EBITDA 8'122.00 Long-Term Rating Date 29.11.2012
EBIT 4'790.00 Long-Term Rating BBB+ *-
Operating Margin 15.15% Long-Term Outlook -
Pretax Margin 6.35% Short-Term Rating Date 29.11.2012
Return on Assets 1.49% Short-Term Rating A-2 *-
Return on Common Equity 2.68%
Return on Capital 2.74% EBITDA/Interest Exp. 20.46
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -4.82
Net Debt/EBITDA 1.86
Gross Margin 27.7% Total Debt/EBITDA 2.10
EBITDA Margin 25.7%
EBIT Margin 15.1% Total Debt/Equity 38.4%
Net Income Margin 3.7% Total Debt/Capital 26.7%
Asset Turnover 0.40
Current Ratio 1.73 Net Fixed Asset Turnover 0.57
Quick Ratio 0.81 Accounts receivable turnover-days 39.95
Debt to Assets 20.53% Inventory Days -
Tot Debt to Common Equity 38.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.16 Cash Conversion Cycle 69.47
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Xstrata PLCPrice/Volume
Valuation Analysis
2'061'179.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GLENCORE INTERNATION Multiple Portfolios REG 1'010'403'999 33.65 - 02.01.2013 Corporation
QATAR HOLDINGS LLC n/a RNS-RUL8 350'410'601 11.67 - 14.01.2013 Government
BLACKROCK n/a ULT-AGG 144'628'350 4.82 (81'328) 25.03.2013 Investment Advisor
UBS n/a ULT-AGG 95'879'064 3.19 16'255'320 25.03.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 88'851'173 2.96 - 02.01.2013 Government
STATE STREET n/a ULT-AGG 66'047'178 2.2 124'313 26.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 61'700'951 2.05 (33'850) 22.03.2013 Unclassified
JP MORGAN n/a ULT-AGG 57'610'174 1.92 8'186'775 25.03.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios REG 54'135'734 1.8 (634'892) 02.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 42'863'026 1.43 (202'870) 02.01.2013 Unclassified
Xstrata Plc Employee Multiple Portfolios REG 42'642'114 1.42 (6'795'572) 02.01.2013 Unclassified
STANDARD LIFE INVEST #N/A N/A RNS-RUL8 41'205'251 1.37 (24'936) 22.03.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 32'530'740 1.08 66'360 21.03.2013 Government
SAFE INVESTMENT COMP n/a RNS-RUL8 31'187'938 1.04 - 02.02.2012 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 30'417'938 1.01 - 02.01.2013 Government
LLOYDS BANKING GROUP n/a ULT-AGG 29'719'950 0.99 (610'124) 28.02.2013 Investment Advisor
NORTHERN CROSS LLC n/a RNS-RUL8 28'945'439 0.96 (3'925'000) 14.09.2012 Investment Advisor
HSBC Prop Trading/Ma Multiple Portfolios REG 25'475'000 0.85 2'450'000 02.01.2013 Unclassified
Northern Cross Inter Multiple Portfolios REG 25'223'487 0.84 (757'180) 02.01.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 24'663'230 0.82 137'523 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie JEFFREY LARGEY outperform 5 M 1'200 12 month 22.03.2013
AlphaValue SACHIN KUMAR reduce 2 M 1'100 6 month 21.03.2013
Jefferies Christopher LaFemina buy 5 M 1'350 12 month 20.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 1'575 12 month 15.03.2013
BMO Capital Markets TONY ROBSON market perform 3 U 1'220 Not Provided 12.03.2013
Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 1'300 Not Provided 12.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 08.03.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 1'300 Not Provided 07.03.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 1'000 12 month 05.03.2013
RBC Capital Markets TIMOTHY HUFF sector perform 3 M 1'100 12 month 04.03.2013
CA Cheuvreux JOAKIM AHLBERG outperform 5 M 1'300 Not Provided 11.02.2013
Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 11.02.2013
SBG Securities PETER DAVEY sell 1 D 1'220 12 month 11.02.2013
HSBC ANDREW KEEN neutral 3 D 1'250 Not Provided 07.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 05.02.2013
Societe Generale ALAIN WILLIAM hold 3 D 1'190 12 month 31.01.2013
Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013
Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 1'017 Not Provided 20.11.2012
Standard Chartered SUBRAMANIAM VARADA outperform 5 U 1'080 12 month 08.09.2012
Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 21.02.2012
Bank Vontobel AG PATRICK RAFAISZ buy 5 M 1'103 Not Provided 07.02.2012
Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
Goldman Sachs EUGENE KING not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
Holdings By:
Xstrata PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 39.51
52-Week Low (26.07.2012) 22.11
Daily Volume
30.37
52-Week High % Change -23.15% Dividend Yield -
52-Week Low % Change 37.36% Beta 1.35
% 52 Week Price Range High/Low 52.73% Equity Float 889.66
Shares Out 31.12.2012 929.5 Short Int -
28'228.90 1 Yr Total Return -19.25%
Total Debt 284'516.00 YTD Return -7.83%
Preferred Stock 0.0 Adjusted BETA 1.352
Minority Interest 1'270.0 Analyst Recs 41
Cash and Equivalents 177'928.00 Consensus Rating 3.488
Enterprise Value -
Average Volume 5 Day 7'364'447
DBK GY EQUITY YTD Change - Average Volume 30 Day 6'540'980
DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 6'375'082
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
58'492.0 45'167.0 46'151.0 52'660.0 33'582.0 50'925.0 47'151.0 33'825.7 34'823.9 8'560.0 8'581.0
- - - - - 0.00x 0.00x 1.92x 1.91x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(3'835.0) 4'973.0 2'310.0 4'132.0 611.0 4'132.0 611.0 3'654.5 4'753.6 - -
- 6.24x 12.74x 6.61x 50.69x 6.64x 48.46x 7.86x 6.07x 6.86x -
EBITDA - Long-Term Rating Date 26.03.2013
EBIT - Long-Term Rating A+ *-
Operating Margin 10.41% Long-Term Outlook -
Pretax Margin 4.16% Short-Term Rating Date 19.12.2008
Return on Assets 0.03% Short-Term Rating A-1
Return on Common Equity 1.13%
Return on Capital 0.85% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 1.8% Total Debt/Capital 83.9%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 9.56
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Deutsche Bank AGPrice/Volume
Valuation Analysis
8'534'380.00
Current Price (3/dd/yy) Market Data
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 73'721'977 7.93 1'022'636 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 49'064'352 5.28 (3'318'049) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a Co File 24'888'999 2.68 - 31.12.2011 Investment Advisor
DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24'458'657 2.63 (3'091'342) 31.12.2012 Bank
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16'957'871 1.82 5'959'356 31.12.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'648'807 1.79 3'630'244 31.12.2012 Investment Advisor
COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 14'797'901 1.59 10'133'323 31.12.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'550'425 1.03 384'651 31.12.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 9'379'275 1.01 - 08.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'557'620 0.92 3'906'478 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'115'570 0.77 (629'994) 28.12.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'857'407 0.74 165'336 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'952'018 0.64 (4'277'134) 31.12.2012 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'677'666 0.61 (3'004'857) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'655'730 0.5 (1'922'371) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'906'432 0.42 176'476 31.12.2012 Investment Advisor
DEUTSCHE TELEKOM n/a Research 3'832'262 0.41 - 13.11.2012 Unclassified
UBS n/a ULT-AGG 3'758'375 0.4 1'963'628 31.01.2013 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 3'350'113 0.36 (1'003'376) 31.12.2012 Investment Advisor
AXA n/a ULT-AGG 3'250'565 0.35 (1'338'703) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 40 Not Provided 25.03.2013
AlphaValue DIETER HEIN add 4 M 38 6 month 21.03.2013
Societe Generale DIRK HOFFMANN-BECKING buy 5 M 42 12 month 20.03.2013
Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 41 6 month 20.03.2013
Nord/LB MICHAEL SEUFERT buy 5 M 39 12 month 20.03.2013
Credit Suisse AMIT GOEL underperform 1 M 32 Not Provided 20.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 35 12 month 20.03.2013
Oddo & Cie JEAN SASSUS neutral 3 M 38 Not Provided 20.03.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 44 12 month 20.03.2013
DZ Bank AG CHRISTOPH BAST buy 5 M 40 12 month 20.03.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 18.03.2013
Grupo Santander AURELIA FAURE underweight 1 M 30 12 month 14.03.2013
JPMorgan KIAN ABOUHOSSEIN neutral 3 M 38 9 month 11.03.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 45 12 month 08.03.2013
Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 41 12 month 06.03.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 U 38 Not Provided 06.03.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 39 12 month 05.03.2013
Macquarie PIERS BROWN neutral 3 M 36 12 month 05.03.2013
Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 D 37 12 month 28.02.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 U 44 12 month 27.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 30 Not Provided 25.02.2013
Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013
Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 15.02.2013
Barclays JEREMY SIGEE overweight 5 M 46 Not Provided 12.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 39 Not Provided 07.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 04.02.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 N 45 Not Provided 04.02.2013
CA Cheuvreux CYRIL MEILLAND underperform 1 M 37 Not Provided 01.02.2013
Natixis ANTOINE BURGARD neutral 3 M 37 Not Provided 01.02.2013
Nomura JON PEACE reduce 2 M 37 Not Provided 01.02.2013
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 44 12 month 31.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 31.01.2013
Kepler Capital Markets DIRK BECKER buy 5 M 44 Not Provided 31.01.2013
S&P Capital IQ FRANK BRADEN hold 3 M 39 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012
SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010
Holdings By:
Deutsche Bank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Anglo American PLC is a global mining company. The Company's mining portfolio
includes bulk commodities including iron ore, manganese and metallurgical
coal, base metals including copper and nickel and precious metals and minerals
including platinum and diamonds. Anglo American PLC has mining operations in
Africa, Europe, North and South America, Asia and Australia.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (27.03.2012) 2'501.50
52-Week Low (16.11.2012) 1'662.50
Daily Volume
1710.5
52-Week High % Change -31.66% Dividend Yield 3.29
52-Week Low % Change 2.89% Beta 1.41
% 52 Week Price Range High/Low 8.76% Equity Float 1'226.37
Shares Out 22.03.2013 1'393.7 Short Int -
23'838.97 1 Yr Total Return -26.93%
Total Debt 16'760.00 YTD Return -7.90%
Preferred Stock 0.0 Adjusted BETA 1.414
Minority Interest 6'130.0 Analyst Recs 32
Cash and Equivalents 9'094.00 Consensus Rating 2.875
Enterprise Value 49'798.81
Average Volume 5 Day 3'288'992
AAL LN EQUITY YTD Change - Average Volume 30 Day 3'623'367
AAL LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'298'304
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 01/yy 01/yy 12/13 Y 12/14 Y - -
26'311.0 20'858.0 27'960.0 30'580.0 28'761.0 - - 34'232.7 35'791.3 - -
1.61x 3.39x 2.84x 1.75x 1.97x - - 1.52x 1.50x - -
9'986.0 4'465.0 10'301.0 11'379.0 7'682.0 - - 9'904.2 10'782.7 - -
4.23x 15.82x 7.71x 4.69x 7.37x - - 5.03x 4.62x - -
5'215.0 2'425.0 6'544.0 6'169.0 (1'493.0) - - 2'962.9 3'672.3 - -
5.19x 21.67x 9.58x 7.24x - - - 11.15x 9.17x - -
EBITDA 7'682.00 Long-Term Rating Date 18.04.2011
EBIT 5'393.00 Long-Term Rating BBB+
Operating Margin 18.75% Long-Term Outlook NEG
Pretax Margin -0.83% Short-Term Rating Date 19.04.2010
Return on Assets -1.97% Short-Term Rating A-2
Return on Common Equity -3.89%
Return on Capital - EBITDA/Interest Exp. 7.08
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 1.91
Net Debt/EBITDA 1.00
Gross Margin 33.9% Total Debt/EBITDA 2.18
EBITDA Margin 26.7%
EBIT Margin 18.8% Total Debt/Equity 44.5%
Net Income Margin -5.2% Total Debt/Capital 27.7%
Asset Turnover 0.38
Current Ratio 2.34 Net Fixed Asset Turnover 0.67
Quick Ratio 1.32 Accounts receivable turnover-days 33.24
Debt to Assets 21.12% Inventory Days -
Tot Debt to Common Equity 44.51% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.01 Cash Conversion Cycle 64.36
Inventory Turnover -
Fiscal Year Ended
Anglo American PLCPrice/Volume
Valuation Analysis
1'303'011.00
Current Price (3/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
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10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 78'986'629 5.67 - 25.03.2013 Investment Advisor
PUBLIC INVESTMENT CO Multiple Portfolios REG 77'592'603 5.57 - 01.11.2012 Government
LEGAL & GENERAL n/a ULT-AGG 51'483'011 3.69 421'636 28.02.2013 Unclassified
TARL INVESTMENT HOLD Multiple Portfolios REG 47'275'613 3.39 - 01.11.2012 Unclassified
EPOCH TWO INVESTMENT Multiple Portfolios REG 42'166'686 3.03 - 01.11.2012 Unclassified
FMR LLC n/a ULT-AGG 31'057'459 2.23 2'876'024 31.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 29'466'453 2.11 (2'557'012) 01.11.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 29'199'945 2.1 3'632'677 30.11.2012 Unclassified
E OPPENHEIMER & SON Multiple Portfolios REG 25'200'000 1.81 - 01.11.2012 Other
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 21'574'878 1.55 3'080'902 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 17'579'059 1.26 497'364 31.01.2013 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 17'290'964 1.24 - 01.11.2012 Government
OPPENHEIMERFUNDS INC Multiple Portfolios REG 15'661'337 1.12 6'944'224 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'290'980 1.03 549'175 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 14'199'373 1.02 1'122'571 01.11.2012 Investment Advisor
CORONATION ASSET MAN Multiple Portfolios MF-AGG 11'914'195 0.85 1'346'501 31.12.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 10'535'767 0.76 1'922'748 01.11.2012 Government
AVIVA INVESTORS Multiple Portfolios REG 10'437'360 0.75 (639'640) 01.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 9'755'061 0.7 383'534 26.03.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 9'024'700 0.65 95'026 01.11.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DES KILALEA underperform 1 D 1'800 12 month 26.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2'300 12 month 22.03.2013
S&P Capital IQ JOHNSON IMODE sell 1 D 1'640 12 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013
Exane BNP Paribas RAPHAEL VEVERKA underperform 1 M 1'700 Not Provided 21.03.2013
AlphaValue SACHIN KUMAR add 4 M 2'073 6 month 21.03.2013
Jefferies Christopher LaFemina buy 5 M 2'450 12 month 20.03.2013
Goldman Sachs EUGENE KING Sell/Neutral 1 M 1'450 12 month 19.03.2013
Macquarie KIERAN DALY outperform 5 M 2'250 12 month 18.03.2013
Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 2'080 12 month 15.03.2013
Liberum Capital Ltd BEN DAVIS hold 3 M #N/A N/A Not Provided 15.03.2013
Nomura SAM CATALANO reduce 2 D 1'700 Not Provided 04.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.02.2013
Societe Generale ALAIN WILLIAM sell 1 M 1'900 12 month 19.02.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 1'800 12 month 19.02.2013
Deutsche Bank GRANT SPORRE buy 5 M 2'290 12 month 18.02.2013
Credit Suisse LIAM FITZPATRICK neutral 3 M 2'100 Not Provided 18.02.2013
JPMorgan FRASER JAMIESON underweight 1 M 1'640 9 month 18.02.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 1'900 Not Provided 18.02.2013
SBG Securities PETER DAVEY sell 1 M 2'000 12 month 18.02.2013
BMO Capital Markets TONY ROBSON market perform 3 M 2'200 Not Provided 15.02.2013
HSBC ANDREW KEEN overweight 5 U 2'240 Not Provided 07.02.2013
Imara STEPHEN MEINTJES hold 3 N #N/A N/A Not Provided 17.01.2013
Investec ALBERT MINASSIAN hold 3 M 2'259 Not Provided 16.01.2013
Redburn Partners SIMON TOYNE sell 1 D #N/A N/A Not Provided 16.01.2013
Barclays IAN ROSSOUW equalweight 3 M 1'970 Not Provided 14.01.2013
Standard Chartered SUBRAMANIAM VARADA in-line 3 M 1'960 12 month 08.09.2012
Avior Research CLINTON DUNCAN outperform 5 M 2'338 Not Provided 27.08.2012
CA Cheuvreux JOAKIM AHLBERG outperform 5 M 2'250 Not Provided 30.07.2012
Daiwa Securities Co. Ltd. SCOTT FINLAY hold 3 N 3'329 6 month 21.04.2011
Panmure Gordon & Co Limited ALISON TURNER hold 3 M 2'756 Not Provided 21.04.2011
Holdings By:
Anglo American PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.09.2012) 10.06
52-Week Low (05.06.2012) 7.69
Daily Volume
8.178
52-Week High % Change -18.76% Dividend Yield -
52-Week Low % Change 6.37% Beta 0.75
% 52 Week Price Range High/Low 27.74% Equity Float 2'938.38
Shares Out 31.12.2012 4'321.3 Short Int -
35'339.75 1 Yr Total Return -3.95%
Total Debt 44'614.00 YTD Return -4.85%
Preferred Stock 0.0 Adjusted BETA 0.749
Minority Interest 4'623.0 Analyst Recs 43
Cash and Equivalents 6'046.00 Consensus Rating 3.209
Enterprise Value 78'530.75
Average Volume 5 Day 12'955'510
DTE GY EQUITY YTD Change - Average Volume 30 Day 17'153'640
DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'166'570
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 58'653.0 58'169.0 57'754.6 57'542.1 14'049.0 13'969.0
1.49x 1.46x 1.48x 1.45x 1.38x 6.25x 5.77x 1.36x 1.32x - -
17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 19'004.0 17'708.0 17'365.8 17'394.4 4'327.0 4'436.0
5.24x 5.46x 5.20x 4.22x 4.53x 4.48x 4.54x 4.52x 4.51x 4.54x -
1'483.0 353.0 1'695.0 557.0 (5'255.0) 557.0 (5'255.0) 2'892.2 3'073.6 764.0 944.0
31.62x 128.63x 24.76x 68.19x - 68.19x 0.00x 11.52x 11.13x 9.51x -
EBITDA 17'728.00 Long-Term Rating Date 19.05.2008
EBIT 6'720.00 Long-Term Rating BBB+
Operating Margin 11.55% Long-Term Outlook STABLE
Pretax Margin -10.71% Short-Term Rating Date 08.04.2002
Return on Assets -4.56% Short-Term Rating A-2
Return on Common Equity -17.17%
Return on Capital - EBITDA/Interest Exp. 7.58
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 4.88
Net Debt/EBITDA 2.18
Gross Margin 41.2% Total Debt/EBITDA 2.52
EBITDA Margin 30.4%
EBIT Margin 11.5% Total Debt/Equity 172.1%
Net Income Margin -9.0% Total Debt/Capital 59.4%
Asset Turnover 0.50
Current Ratio 0.65 Net Fixed Asset Turnover 1.46
Quick Ratio 0.54 Accounts receivable turnover-days 40.50
Debt to Assets 41.33% Inventory Days 11.72
Tot Debt to Common Equity 172.12% Accounts Payable Turnover Day 68.88
Accounts Receivable Turnover 9.04 Cash Conversion Cycle -16.66
Inventory Turnover 31.23
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
Deutsche Telekom AGPrice/Volume
Valuation Analysis
12'767'419.00
Current Price (3/dd/yy) Market Data
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KREDITANSTALT FUER W n/a Research 734'624'287 17 - 30.09.2012 Investment Advisor
FEDERAL REPUBLIC OF n/a Research 648'197'900 15 - 30.09.2012 Government
BLACKROCK n/a ULT-AGG 242'444'868 5.61 (2'131'519) 25.03.2013 Investment Advisor
BLACKSTONE n/a ULT-AGG 191'700'000 4.44 - 03.08.2012 Unclassified
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 61'550'927 1.42 6'437'130 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'486'396 0.68 1'150'782 31.12.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 27'700'000 0.64 - 31.12.2011 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 23'968'304 0.55 742'202 26.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 14'524'559 0.34 442'723 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 14'083'422 0.33 7'267'197 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'894'785 0.3 2'108'496 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'770'469 0.27 2'089'161 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'227'444 0.26 5'012'513 31.01.2013 Mutual Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 9'666'320 0.22 341'400 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8'826'533 0.2 - 25.03.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 7'200'550 0.17 690'125 31.12.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 6'640'259 0.15 - 26.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'173'053 0.12 (480'154) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'933'702 0.11 101'043 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'888'944 0.11 (1'314'468) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 10 12 month 27.03.2013
Bankhaus Metzler ULRICH TRABERT sell 1 M 8 12 month 26.03.2013
AlphaValue HEINZ STEFFEN add 4 M 10 6 month 21.03.2013
Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 15.03.2013
Jefferies ULRICH RATHE hold 3 M 8 12 month 08.03.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 08.03.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 08.03.2013
JPMorgan HANNES C WITTIG not rated #N/A N/A M #N/A N/A Not Provided 07.03.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 11 Not Provided 06.03.2013
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 04.03.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 04.03.2013
Morgan Stanley NICK DELFAS restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013
Macquarie GUY R PEDDY underperform 1 M 8 12 month 01.03.2013
Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 01.03.2013
Natixis JACQUES DE GRELING reduce 2 M 7 Not Provided 01.03.2013
Nomura FREDERIC BOULAN buy 5 M 10 Not Provided 01.03.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 01.03.2013
DZ Bank AG KARSTEN OBLINGER sell 1 M 8 12 month 01.03.2013
Barclays JONATHAN DANN equalweight 3 M 9 Not Provided 01.03.2013
Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 28.02.2013
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 28.02.2013
Nord/LB WOLFGANG DONIE buy 5 N 11 12 month 28.02.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 11 12 month 28.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 9 12 month 28.02.2013
Bankhaus Lampe WOLFGANG SPECHT sell 1 M 8 Not Provided 28.02.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 28.02.2013
Equinet Institutional Services(ESN) ADRIAN PEHL buy 5 M 10 12 month 28.02.2013
New Street Research CHARLES GAYNOR reduce 2 M 7 Not Provided 28.02.2013
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 9 12 month 26.02.2013
CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 25.02.2013
Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 N 8 Not Provided 19.02.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013
Kepler Capital Markets JAVIER BORRACHERO buy 5 M 11 Not Provided 30.01.2013
Credit Suisse JUSTIN FUNNELL restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 M 8 Not Provided 23.01.2013
Deutsche Bank MATTHEW BLOXHAM buy 5 M 10 12 month 16.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 14.01.2013
Day by Day VALERIE GASTALDY buy 5 M 10 3 month 10.01.2013
HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 10.12.2012
Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 8 Not Provided 10.12.2012
Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 08.11.2012
Holdings By:
Deutsche Telekom AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
GDF Suez offers a full range of electricity, gas and associated energy and
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.08.2012) 20.35
52-Week Low (01.03.2013) 14.05
Daily Volume
14.925
52-Week High % Change -26.58% Dividend Yield 10.05
52-Week Low % Change 6.23% Beta 1.04
% 52 Week Price Range High/Low 17.54% Equity Float 1'388.04
Shares Out 31.12.2012 2'412.8 Short Int -
36'011.40 1 Yr Total Return -17.39%
Total Debt 57'552.00 YTD Return -4.17%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 11'462.0 Analyst Recs 29
Cash and Equivalents 11'383.00 Consensus Rating 3.414
Enterprise Value 93'642.40
Average Volume 5 Day 6'294'669
GSZ FP EQUITY YTD Change - Average Volume 30 Day 5'153'933
GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'581'695
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 09/yy 12/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3
67'923.8 79'908.0 84'478.0 90'673.0 97'038.0 89'792.0 97'038.0 81'196.9 81'347.5 - 20'325.0
1.64x 1.32x 1.24x 1.18x 0.97x 0.00x 0.00x 1.02x 0.98x - -
9'605.7 13'781.0 15'918.0 16'071.0 18'401.0 0.0 0.0 14'045.7 14'265.5 - 3'489.8
11.61x 7.63x 6.59x 6.64x 5.13x 0.00x 0.00x 6.66x 6.56x - -
4'857.1 4'477.0 4'616.0 4'003.0 1'550.0 0.0 0.0 3'241.7 3'399.5 - -
11.85x 14.77x 12.79x 11.73x 22.90x 0.00x 0.00x 10.93x 10.49x - -
EBITDA 18'401.00 Long-Term Rating Date 29.01.2013
EBIT 9'520.00 Long-Term Rating A *-
Operating Margin 9.81% Long-Term Outlook -
Pretax Margin 4.96% Short-Term Rating Date 29.01.2013
Return on Assets 0.74% Short-Term Rating A-1 *-
Return on Common Equity 2.53%
Return on Capital 3.13% EBITDA/Interest Exp. 7.47
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.74
Net Debt/EBITDA 2.51
Gross Margin - Total Debt/EBITDA 3.13
EBITDA Margin 19.0%
EBIT Margin 9.8% Total Debt/Equity 96.3%
Net Income Margin 1.6% Total Debt/Capital 44.7%
Asset Turnover 0.46
Current Ratio 1.07 Net Fixed Asset Turnover 1.10
Quick Ratio 0.65 Accounts receivable turnover-days 91.09
Debt to Assets 28.01% Inventory Days -
Tot Debt to Common Equity 96.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.03 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
GDF SuezPrice/Volume
Valuation Analysis
3'045'083.00
Current Price (3/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
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80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Co File 810'927'246 33.61 - 31.12.2011 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 209'718'616 8.69 (12'226'130) 31.12.2012 Investment Advisor
GROUPE BRUXELLES LAM n/a Research 116'911'820 4.85 - 15.03.2012 Holding Company
CAISSE DES DEPOTS ET n/a Co File 45'051'514 1.87 - 31.12.2011 Government
GDF SUEZ n/a Co File 38'293'787 1.59 - 31.12.2011 Corporation
CNP ASSURANCES n/a Co File 24'778'333 1.03 - 31.12.2011 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 22'829'438 0.95 (392'875) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'931'285 0.87 1'423'055 25.03.2013 Investment Advisor
SOFINA SA n/a Co File 13'515'454 0.56 - 31.12.2011 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'452'139 0.56 639'284 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12'881'757 0.53 (1'633'213) 31.01.2013 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 12'537'744 0.52 359'256 31.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'130'000 0.38 602'100 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 8'811'951 0.37 134'083 31.12.2012 Mutual Fund Manager
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'777'965 0.32 124'302 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'360'558 0.26 - 28.02.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 5'571'946 0.23 (4'729'951) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'948'780 0.21 (698'442) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'229'692 0.18 (10'748'086) 31.12.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'948'836 0.16 - 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 14 Not Provided 25.03.2013
Macquarie SHAI HILL outperform 5 M 17 12 month 22.03.2013
HSBC ADAM DICKENS overweight 5 U 18 Not Provided 21.03.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 17 Not Provided 12.03.2013
Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 25 12 month 12.03.2013
Nomura MARTIN YOUNG neutral 3 M 19 Not Provided 12.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 U 17 Not Provided 05.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 U 15 12 month 04.03.2013
Barclays JULIE ARAV equalweight 3 M 15 Not Provided 01.03.2013
Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 15 12 month 28.02.2013
Raymond James EMMANUEL RETIF underperform 1 M 13 Not Provided 28.02.2013
KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 28.02.2013
CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 28.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 13 12 month 28.02.2013
AlphaValue MYRIAM COHEN buy 5 M 18 6 month 28.02.2013
Credit Suisse MICHEL DEBS neutral 3 M 15 Not Provided 26.02.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 12 month 15.02.2013
Berenberg Bank ANDREW FISHER sell 1 M 14 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 15 Not Provided 05.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
JPMorgan NATHALIE F CASALI underweight 1 D 14 9 month 10.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 20.12.2012
Deutsche Bank MARTIN BROUGH hold 3 D 18 12 month 06.12.2012
Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012
Societe Generale ALBERTO PONTI buy 5 M 25 12 month 26.11.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012
DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011
Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011
Holdings By:
GDF Suez ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Imperial Tobacco Group plc is an international tobacco company that
manufactures, markets, and sells a range of cigarettes, tobaccos,
rolling papers, and cigars.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (10.07.2012) 2'629.00
52-Week Low (27.03.2013) 2'224.00
Daily Volume
2241
52-Week High % Change -14.80% Dividend Yield 4.71
52-Week Low % Change 0.76% Beta 0.57
% 52 Week Price Range High/Low 7.87% Equity Float 977.13
Shares Out 26.03.2013 977.8 Short Int -
21'912.38 1 Yr Total Return -7.37%
Total Debt 9'587.00 YTD Return -2.62%
Preferred Stock 0.0 Adjusted BETA 0.566
Minority Interest 49.0 Analyst Recs 26
Cash and Equivalents 631.00 Consensus Rating 3.808
Enterprise Value 30'917.38
Average Volume 5 Day 2'355'747
IMT LN EQUITY YTD Change - Average Volume 30 Day 2'126'204
IMT LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'055'304
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
10'116.0 14'748.0 15'018.0 15'186.0 14'672.0 - - 8'105.1 8'385.1 - -
2.96x 2.00x 1.93x 2.05x 2.16x - - 3.78x 3.61x - -
1'958.0 3'158.0 3'307.0 3'260.0 4'509.0 - - 3'445.4 3'593.4 - -
15.29x 9.34x 8.75x 9.53x 7.03x - - 8.97x 8.60x - -
428.0 663.0 1'505.0 1'796.0 678.0 - - 2'089.3 2'202.8 - -
35.54x 27.61x 12.78x 12.26x 33.65x - - 10.55x 9.79x - -
EBITDA 4'509.00 Long-Term Rating Date 20.05.2008
EBIT 2'747.00 Long-Term Rating BBB
Operating Margin 18.72% Long-Term Outlook STABLE
Pretax Margin 7.37% Short-Term Rating Date 20.05.2008
Return on Assets 2.33% Short-Term Rating A-2
Return on Common Equity 9.91%
Return on Capital 9.83% EBITDA/Interest Exp. 3.06
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 2.86
Net Debt/EBITDA 1.99
Gross Margin 37.4% Total Debt/EBITDA 2.13
EBITDA Margin 30.7%
EBIT Margin 18.7% Total Debt/Equity 158.9%
Net Income Margin 4.6% Total Debt/Capital 61.2%
Asset Turnover 0.50
Current Ratio 0.78 Net Fixed Asset Turnover 7.22
Quick Ratio 0.38 Accounts receivable turnover-days 69.69
Debt to Assets 34.69% Inventory Days 123.36
Tot Debt to Common Equity 158.86% Accounts Payable Turnover Day 43.60
Accounts Receivable Turnover 5.25 Cash Conversion Cycle 149.45
Inventory Turnover 2.97
Fiscal Year Ended
Imperial Tobacco Group PLCPrice/Volume
Valuation Analysis
942'136.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 66'461'651 6.8 380'781 31.12.2012 Investment Advisor
INVESCO LTD n/a Co File 61'000'000 6.24 - 30.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 53'000'000 5.42 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 42'126'524 4.31 (1'077'344) 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 30'498'871 3.12 1'083'885 01.12.2012 Unclassified
FMR LLC n/a ULT-AGG 29'706'695 3.04 (864'949) 31.01.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 22'902'506 2.34 4'070'578 01.12.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 20'453'291 2.09 (4'970'335) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 17'630'376 1.8 - 31.12.2012 Investment Advisor
CEDAR ROCK CAPITAL L Multiple Portfolios REG 16'997'045 1.74 595'616 01.12.2012 Unclassified
MORGAN STANLEY n/a ULT-AGG 15'549'556 1.59 4'426'083 31.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 15'439'779 1.58 26'099 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'733'204 1.51 465'216 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 13'734'190 1.4 (606'667) 01.12.2012 Investment Advisor
UBS n/a ULT-AGG 13'368'645 1.37 (568'794) 31.01.2013 Unclassified
AXA n/a ULT-AGG 13'190'673 1.35 (138'251) 31.01.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 13'022'970 1.33 306'789 01.12.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 12'498'191 1.28 2'126'754 01.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'129'371 1.24 1'874'094 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 11'373'592 1.16 311'401 01.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 2'650 Not Provided 26.03.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 2'900 12 month 22.03.2013
Berenberg Bank ERIK BLOOMQUIST hold 3 M 2'800 Not Provided 22.03.2013
Natixis NICOLAS LANGLET buy 5 M 2'800 Not Provided 22.03.2013
Nomura DAVID HAYES reduce 2 M 2'443 Not Provided 22.03.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 2'700 Not Provided 21.03.2013
Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'900 Not Provided 21.03.2013
Exane BNP Paribas JAMES BUSHNELL underperform 1 M 2'450 Not Provided 20.03.2013
Jefferies DIRK VAN VLAANDEREN hold 3 M 2'500 12 month 19.03.2013
Goldman Sachs FULVIO CAZZOL neutral/attractive 3 M 2'470 12 month 07.03.2013
AlphaValue ISABELLE COMBEMALE buy 5 M 3'011 6 month 07.03.2013
Day by Day VALERIE GASTALDY buy 5 U 2'518 3 month 05.03.2013
Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 2'700 12 month 28.02.2013
JPMorgan RAE MAILE neutral 3 M 3'067 9 month 20.02.2013
Investec MARTIN DEBOO hold 3 M 2'450 12 month 15.02.2013
Morgan Stanley MATTHEW GRAINGER Overwt/Attractive 5 M 2'680 12 month 30.01.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 2'850 12 month 30.01.2013
S&P Capital IQ CARL SHORT hold 3 M 2'450 12 month 30.01.2013
Barclays SIMON HALES equalweight 3 M 2'650 Not Provided 30.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Renaissance Capital REY WIUM hold 3 M 2'700 12 month 16.01.2013
Redburn Partners CHRISTIAN DE ROUALLE sell 1 M #N/A N/A Not Provided 16.01.2013
Deutsche Bank JONATHAN FELL buy 5 M 3'000 12 month 01.05.2012
Holdings By:
Imperial Tobacco Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Nordea Bank AB is a financial services group that provides banking services,
financial solutions, and related advisory services. The Group attracts deposits
and offers credit, investment banking, securities trading, and insurance
products to private individuals, companies, institutions, and the public sector.
Nordea services the Scandinavian countries and the Baltic Sea region.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 79.30
52-Week Low (21.05.2012) 51.35
Daily Volume
72.85
52-Week High % Change -8.07% Dividend Yield -
52-Week Low % Change 41.87% Beta 1.16
% 52 Week Price Range High/Low 80.50% Equity Float -
Shares Out 26.03.2013 4'050.0 Short Int -
295'039.00 1 Yr Total Return 24.16%
Total Debt 247'563.00 YTD Return 21.76%
Preferred Stock 0.0 Adjusted BETA 1.162
Minority Interest 5.0 Analyst Recs 29
Cash and Equivalents 54'634.00 Consensus Rating 4.034
Enterprise Value -
Average Volume 5 Day 7'276'946
NDA SS EQUITY YTD Change - Average Volume 30 Day 8'391'550
NDA SS EQUITY YTD % CHANGE - Average Volume 3 Month 8'147'229
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
20'485.0 15'492.0 14'595.0 16'685.0 17'457.0 16'686.0 17'456.0 10'443.4 10'878.6 2'554.9 2'596.5
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'671.0 2'314.0 2'657.0 2'627.0 3'119.0 2'627.0 3'119.0 3'298.1 3'685.7 779.4 819.3
4.84x 11.79x 12.35x 9.15x 9.30x 9.15x 9.31x 10.67x 9.57x 10.72x 10.38x
EBITDA - Long-Term Rating Date 29.11.2005
EBIT - Long-Term Rating AA-
Operating Margin 36.77% Long-Term Outlook NEG
Pretax Margin 37.62% Short-Term Rating Date 29.11.2005
Return on Assets 0.45% Short-Term Rating A-1+
Return on Common Equity 11.50%
Return on Capital 1.14% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 877.5%
Net Income Margin 28.5% Total Debt/Capital 89.8%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 37.02
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 36.54% Inventory Days -
Tot Debt to Common Equity 877.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nordea Bank ABPrice/Volume
Valuation Analysis
2'521'576.00
Current Price (3/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMPO OYJ n/a Research 860'400'000 21.24 - 28.09.2012 Insurance Company
GOVERNMENT OF SWEDEN n/a Research 544'200'000 13.44 - 28.09.2012 Government
NORDEA FONDER AB/SWE n/a Research 158'200'000 3.91 - 28.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 127'800'000 3.16 - 28.09.2012 Investment Advisor
AMF PENSION n/a Research 79'700'000 1.97 - 28.09.2012 Pension Fund (ERISA)
NORWEGIAN PETROLEUM n/a Research 72'400'000 1.79 - 28.09.2012 n/a
SHB FUNDS n/a Research 58'900'000 1.45 - 28.09.2012 n/a
SEB n/a ULT-AGG 52'450'681 1.3 (271'123) 31.12.2012 Unclassified
SEB FUNDS n/a Research 51'700'000 1.28 - 28.09.2012 n/a
FJARDE AP-FONDEN n/a Research 44'400'000 1.1 - 28.09.2012 Pension Fund (ERISA)
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 43'836'854 1.08 1'335'441 28.02.2013 Investment Advisor
NORDEA FUNDS n/a Research 41'100'000 1.01 - 28.09.2012 n/a
AFA INSURANCE n/a Research 40'900'000 1.01 - 28.09.2012 Insurance Company
ABERDEEN n/a ULT-AGG 31'040'300 0.77 (599'500) 28.02.2013 Unclassified
VARMA MUTUAL PENSION n/a Research 30'400'000 0.75 - 28.09.2012 Insurance Company
SKANDIA LIV n/a Research 30'400'000 0.75 - 28.09.2012 Pension Fund (ERISA)
AMF FONDER AB Multiple Portfolios MF-AGG 28'499'330 0.7 (862'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'162'239 0.67 1'287'716 31.12.2012 Investment Advisor
FORSTA AP FONDEN n/a Research 27'000'000 0.67 - 28.09.2012 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 23'500'000 0.58 - 28.09.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue CHRISTOPHE NIJDAM reduce 2 M 76 6 month 27.03.2013
Mediobanca SpA RICCARDO ROVERE underperform 1 M 73 Not Provided 25.03.2013
Exane BNP Paribas ANDREAS HAKANSSON neutral 3 U 74 Not Provided 20.03.2013
Keefe, Bruyette & Woods RONNY REHN outperform 5 M 86 12 month 19.03.2013
SEB Enskilda NICOLAS MCBEATH buy 5 M 90 Not Provided 19.03.2013
Nomura OMAR KEENAN buy 5 M 84 Not Provided 15.03.2013
Societe Generale GEOFF DAWES buy 5 M 88 12 month 14.03.2013
JPMorgan SOFIE PETERZENS neutral 3 M 82 18 month 14.03.2013
DNB Markets HAKON FURE buy 5 M 77 Not Provided 08.03.2013
Jyske Bank CHRISTIAN HEDE strong buy 5 M 91 Not Provided 07.03.2013
ABG Sundal Collier MAGNUS ANDERSSON buy 5 M 81 6 month 07.03.2013
RBC Capital Markets CLAIRE KANE outperform 5 M 81 12 month 07.03.2013
Pareto Securities JON DAVID GJERTSEN buy 5 M 82 6 month 07.03.2013
S&P Capital IQ FRANK BRADEN buy 5 M 82 12 month 06.03.2013
Barclays CHRISTOFFER ROSQUIST overweight 5 M 88 Not Provided 25.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 18.02.2013
Macquarie EDWARD FIRTH neutral 3 M 75 12 month 04.02.2013
Carnegie ASBJORN MORK buy 5 M #N/A N/A Not Provided 31.01.2013
Handelsbanken PETER GRABE reduce 2 M 70 12 month 31.01.2013
SpareBank 1 Markets AS NILS CHRISTIAN OYEN buy 5 M 76 12 month 31.01.2013
Alm Brand Markets STIG NYMANN sell 1 M 60 Not Provided 30.01.2013
Arctic Securities ASA FRIDTJOF BERENTS buy 5 M 76 Not Provided 30.01.2013
Danske Markets PER GRONBORG hold 3 M 72 12 month 30.01.2013
Goldman Sachs PAWEL DZIEDZIC Buy/Neutral 5 M 85 12 month 28.01.2013
Berenberg Bank NICK ANDERSON buy 5 M 80 Not Provided 28.01.2013
Morgan Stanley ALVARO SERRANO Equalwt/In-Line 3 M 70 12 month 16.01.2013
NYKREDIT MADS THINGGAARD underperform 1 M #N/A N/A Not Provided 08.10.2012
Evli Bank Plc KIMMO RAMA buy 5 U 86 12 month 29.05.2012
Nordea Equity Research MATHS LILJEDAHL not rated #N/A N/A M #N/A N/A Not Provided 16.04.2012
Swedbank CHRISTIAN HALL buy 5 M 65 12 month 27.10.2011
CA Cheuvreux MATS ANDERSON outperform 5 M 80 Not Provided 16.08.2011
Sydbank BJORN SCHWARZ neutral 3 M #N/A N/A Not Provided 29.04.2011
Holdings By:
Nordea Bank AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Credit Suisse Group AG is an international financial services group. The Group
provides investment banking, private banking, and asset management services to
customers located around the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (07.02.2013) 27.85
52-Week Low (03.08.2012) 15.97
Daily Volume
25.05
52-Week High % Change -10.05% Dividend Yield -
52-Week Low % Change 56.86% Beta 1.58
% 52 Week Price Range High/Low 78.79% Equity Float 1'170.21
Shares Out 30.01.2013 1'320.8 Short Int -
33'086.79 1 Yr Total Return -1.43%
Total Debt 330'510.00 YTD Return 12.53%
Preferred Stock 0.0 Adjusted BETA 1.580
Minority Interest 6'786.0 Analyst Recs 41
Cash and Equivalents 63'708.00 Consensus Rating 3.610
Enterprise Value -
Average Volume 5 Day 5'050'719
CSGN VX EQUITY YTD Change - Average Volume 30 Day 5'834'745
CSGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 6'038'311
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
48'697.0 51'547.0 50'345.0 42'693.0 38'313.0 42'715.0 38'313.0 26'574.2 27'496.9 6'813.0 6'456.0
- - - - - 0.00x 0.00x 34.91x 33.74x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(8'218.0) 6'724.0 5'098.0 1'953.0 1'349.0 1'953.0 1'483.0 4'163.6 5'056.9 1'335.0 1'009.0
- 9.96x 9.59x 16.11x 27.15x 16.85x 26.50x 9.50x 8.08x 9.35x -
EBITDA - Long-Term Rating Date 19.12.2008
EBIT - Long-Term Rating A
Operating Margin 6.73% Long-Term Outlook NEG
Pretax Margin 9.34% Short-Term Rating Date 27.07.2012
Return on Assets 0.15% Short-Term Rating NR
Return on Common Equity 3.78%
Return on Capital 0.44% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 931.1%
Net Income Margin 5.8% Total Debt/Capital 88.7%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 5.98
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.76% Inventory Days -
Tot Debt to Common Equity 931.07% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Credit Suisse Group AGPrice/Volume
Valuation Analysis
3'185'252.00
Current Price (3/dd/yy) Market Data
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 88'790'736 6.72 134'170 31.12.2012 Investment Advisor
QATAR INVESTMENT AUT #N/A N/A Co File 81'886'795 6.2 - 31.12.2012 Government
CRESCENT HOLDING GMB #N/A N/A Co File 80'566'040 6.1 - 31.12.2012 Investment Advisor
DODGE & COX #N/A N/A Co File 66'037'738 5 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 39'622'643 3 - 25.03.2013 Investment Advisor
HARRIS ASSOCIATES LP #N/A N/A Co File 39'622'643 3 - 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 39'396'381 2.98 5'348'082 17.01.2013 Investment Advisor
CREDIT SUISSE n/a EXCH 36'381'320 2.75 (3'890'327) 04.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 32'818'874 2.48 12'068'962 28.06.2010 Investment Advisor
AXA n/a ULT-AGG 32'002'938 2.42 (26'636'525) 25.08.2009 Investment Advisor
NORGES BANK #N/A N/A Co File 29'056'605 2.2 - 31.12.2012 Government
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 18'440'996 1.4 (272'042) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'419'971 1.39 2'714'754 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'904'019 0.83 1'197'683 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 10'447'937 0.79 (21'919) 30.11.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 6'808'428 0.52 2'503'621 31.01.2013 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 6'196'536 0.47 57'768 31.01.2013 Mutual Fund Manager
ONTARIO TEACHERS PEN n/a Research 4'500'000 0.34 - 31.12.2011 Pension Fund (ERISA)
FMR LLC n/a ULT-AGG 4'377'233 0.33 2'906'292 31.01.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'030'117 0.31 (17'300) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Helvea TIM DAWSON neutral 3 M 27 12 month 27.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 31 Not Provided 25.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 32 Not Provided 18.03.2013
Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 30 12 month 15.03.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 30 12 month 11.03.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 34 18 month 11.03.2013
CA Cheuvreux CHRISTIAN STARK select list 5 M 30 Not Provided 11.03.2013
Bankhaus Metzler GUIDO HOYMANN sell 1 M 24 12 month 08.03.2013
AlphaValue DIETER HEIN add 4 M 28 6 month 07.03.2013
Societe Generale DIRK HOFFMANN-BECKING buy 5 M 33 12 month 05.03.2013
RBC Capital Markets FIONA SWAFFIELD outperform 5 M 30 12 month 05.03.2013
Macquarie PIERS BROWN outperform 5 M 30 12 month 05.03.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 34 12 month 27.02.2013
Oddo & Cie JEAN SASSUS neutral 3 M 28 Not Provided 27.02.2013
DZ Bank AG CHRISTOPH BAST sell 1 M 24 12 month 19.02.2013
Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 15.02.2013
Barclays JEREMY SIGEE equalweight 3 M 27 Not Provided 12.02.2013
Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 11.02.2013
Main First Bank AG KILIAN MAIER outperform 5 U 30 12 month 11.02.2013
Natixis ANTOINE BURGARD neutral 3 M 24 Not Provided 08.02.2013
Nomura JON PEACE buy 5 M 32 Not Provided 08.02.2013
S&P Capital IQ FRANK BRADEN hold 3 M 28 12 month 08.02.2013
Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 27 6 month 07.02.2013
Deutsche Bank MATT SPICK hold 3 D 29 12 month 07.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 32 12 month 07.02.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 13 Not Provided 07.02.2013
Kepler Capital Markets DIRK BECKER buy 5 U 30 Not Provided 07.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 23 Not Provided 07.02.2013
Canaccord Genuity Corp ARUN MELMANE hold 3 N 29 Not Provided 04.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 25 Not Provided 30.01.2013
Liberum Capital Ltd CORMAC LEECH hold 3 M 25 Not Provided 23.01.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 27 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Bank Vontobel AG TERESA NIELSEN hold 3 M 23 Not Provided 20.11.2012
HSBC ROBERT MURPHY neutral 3 D 24 Not Provided 07.11.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Grupo Santander AURELIA FAURE hold 3 M 20 Not Provided 18.09.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 21 Not Provided 03.07.2012
Holdings By:
Credit Suisse Group AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 187.40
52-Week Low (26.06.2012) 115.95
Daily Volume
154.15
52-Week High % Change -17.61% Dividend Yield -
52-Week Low % Change 32.95% Beta 1.16
% 52 Week Price Range High/Low 56.89% Equity Float 143.79
Shares Out 15.03.2013 170.1 Short Int -
69'231.80 1 Yr Total Return 17.71%
Total Debt 117'663.00 YTD Return -10.46%
Preferred Stock 0.0 Adjusted BETA 1.160
Minority Interest 4'310.0 Analyst Recs 39
Cash and Equivalents 25'921.00 Consensus Rating 4.615
Enterprise Value 165'283.80
Average Volume 5 Day 1'033'981
VOW3 GY EQUITY YTD Change - Average Volume 30 Day 1'224'361
VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 967'590
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 159'337.0 192'676.0 204'339.9 215'054.3 54'027.0 53'617.0
1.22x 0.97x 0.83x 0.77x 0.90x 2.87x 3.11x 0.33x 0.30x 1.24x 1.25x
14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 21'365.0 24'424.0 24'020.7 26'849.2 4'387.0 4'225.0
9.34x 9.35x 6.29x 5.76x 7.10x 5.76x 7.03x 6.88x 6.16x - -
4'753.0 960.0 6'835.0 15'409.0 21'717.0 15'409.0 21'717.0 10'013.6 11'624.4 2'360.0 2'247.0
20.97x 32.35x 6.98x 3.13x 3.51x 3.13x 3.49x 7.11x 6.15x - -
EBITDA 24'424.00 Long-Term Rating Date 31.08.2009
EBIT 11'310.00 Long-Term Rating A-
Operating Margin 5.87% Long-Term Outlook POS
Pretax Margin 13.23% Short-Term Rating Date 15.06.2004
Return on Assets 7.71% Short-Term Rating A-2
Return on Common Equity 32.16%
Return on Capital - EBITDA/Interest Exp. 17.46
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 9.96
Net Debt/EBITDA 3.76
Gross Margin 18.2% Total Debt/EBITDA 4.82
EBITDA Margin 12.7%
EBIT Margin 5.9% Total Debt/Equity 151.8%
Net Income Margin 11.3% Total Debt/Capital 59.0%
Asset Turnover 0.68
Current Ratio 1.03 Net Fixed Asset Turnover 3.54
Quick Ratio 0.33 Accounts receivable turnover-days 19.54
Debt to Assets 38.00% Inventory Days 65.32
Tot Debt to Common Equity 151.79% Accounts Payable Turnover Day 38.75
Accounts Receivable Turnover 18.73 Cash Conversion Cycle 46.11
Inventory Turnover 5.60
Fiscal Year Ended
Volkswagen AGPrice/Volume
Valuation Analysis
632'304.00
Current Price (3/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
!.!1!3!5!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR HOLDINGS LLC n/a EXCH 26'355'116 15.49 - 10.03.2011 Government
BLACKROCK n/a ULT-AGG 6'811'077 4 40'022 25.03.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 6'373'641 3.75 (887'122) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'769'375 3.39 592'800 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'904'952 2.88 172'087 31.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'424'693 1.43 (136'382) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'823'701 1.07 1'011'201 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'590'080 0.93 (58'013) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'505'412 0.88 (51'122) 31.12.2012 Investment Advisor
BG MASTER FUND PLC n/a Short (1'208'014) -0.71 (153'129) 07.11.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'186'836 0.7 187'225 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'093'080 0.64 178'639 31.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 894'264 0.53 125'708 30.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 707'619 0.42 16'745 21.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 554'996 0.33 36'337 31.01.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 545'030 0.32 - 31.01.2013 Mutual Fund Manager
UMB BANK N A Multiple Portfolios MF-AGG 442'029 0.26 - 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 435'232 0.26 (7'214) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 432'917 0.25 7'182 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 415'317 0.24 (54'543) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
DZ Bank AG MICHAEL PUNZET buy 5 M 188 12 month 27.03.2013
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 26.03.2013
Kepler Capital Markets MICHAEL RAAB buy 5 M 194 Not Provided 26.03.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 192 Not Provided 25.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 195 6 month 22.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 22.03.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 196 Not Provided 20.03.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 175 12 month 19.03.2013
AlphaValue HANS-PETER WODNIOK add 4 M 175 6 month 19.03.2013
JPMorgan JOSE ASUMENDI overweight 5 M 207 9 month 18.03.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 18.03.2013
Societe Generale STEPHEN REITMAN buy 5 M 200 12 month 15.03.2013
Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 15.03.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 211 12 month 15.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 220 12 month 15.03.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 160 Not Provided 15.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.03.2013
Morgan Stanley STUART PEARSON Overwt/In-Line 5 M 190 12 month 14.03.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 215 12 month 07.03.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 205 12 month 28.02.2013
HSBC HORST SCHNEIDER overweight 5 M 207 Not Provided 27.02.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 200 12 month 25.02.2013
Natixis GEORGES DIENG buy 5 M 195 Not Provided 25.02.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 Not Provided 25.02.2013
S&P Capital IQ MARNIE COHEN buy 5 M 181 12 month 25.02.2013
Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 25.02.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 22.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 181 Not Provided 05.02.2013
Credit Suisse ERICH HAUSER outperform 5 M 195 Not Provided 08.01.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 207 12 month 30.11.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 141 12 month 16.11.2012
Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012
Deutsche Bank JOCHEN GEHRKE buy 5 M 200 12 month 02.08.2012
CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 200 Not Provided 30.04.2012
Holdings By:
Volkswagen AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 152.00
52-Week Low (04.06.2012) 95.85
Daily Volume
145.15
52-Week High % Change -4.44% Dividend Yield -
52-Week Low % Change 51.43% Beta 0.95
% 52 Week Price Range High/Low 92.70% Equity Float 178.94
Shares Out 31.12.2012 179.3 Short Int -
26'031.38 1 Yr Total Return 31.17%
Total Debt 6'256.00 YTD Return 6.73%
Preferred Stock 0.0 Adjusted BETA 0.951
Minority Interest 242.0 Analyst Recs 41
Cash and Equivalents 2'860.00 Consensus Rating 3.415
Enterprise Value 29'669.38
Average Volume 5 Day 638'166
MUV2 GY EQUITY YTD Change - Average Volume 30 Day 717'002
MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 666'509
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 61'764.0 66'135.0 55'834.1 57'808.9 - -
0.56x 0.44x 0.42x 0.33x 0.43x 1.29x 1.52x 0.57x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'555.0 2'521.0 2'422.0 702.0 3'195.0 702.0 3'195.0 2'916.6 2'963.9 773.0 713.0
14.34x 8.39x 8.69x 24.03x 7.56x 23.74x 7.56x 8.86x 8.65x 8.72x -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 6.64% Long-Term Outlook STABLE
Pretax Margin 6.19% Short-Term Rating Date -
Return on Assets 1.26% Short-Term Rating -
Return on Common Equity 12.72%
Return on Capital 11.01% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 23.0%
Net Income Margin 4.8% Total Debt/Capital 18.6%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.42% Inventory Days -
Tot Debt to Common Equity 23.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Muenchener Rueckversicherungs AGPrice/Volume
Valuation Analysis
443'860.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'466'054 9.74 (16'460) 25.03.2013 Investment Advisor
PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified
CREDIT SUISSE AG n/a Research 3'097'431 1.73 - 25.04.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'261'723 1.26 (397'577) 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'242'202 1.25 (130'604) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'886'892 1.05 75'261 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'798'228 1 263'657 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'713'886 0.96 107'059 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'374'140 0.77 (234'487) 28.12.2012 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'050'506 0.59 97'400 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 925'403 0.52 715'207 31.01.2013 Mutual Fund Manager
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 834'488 0.47 5'222 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 800'520 0.45 (33'714) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'738 0.35 6'554 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 590'450 0.33 131'232 30.11.2012 Investment Advisor
SARASIN n/a ULT-AGG 574'580 0.32 196'794 31.12.2012 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 539'431 0.3 (10'900) 31.01.2013 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 492'477 0.27 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 106 12 month 27.03.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 165 12 month 27.03.2013
Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 22.03.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 21.03.2013
AlphaValue DIETER HEIN reduce 2 M 141 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 21.03.2013
RBC Capital Markets GORDON AITKEN underperform 1 M 135 12 month 19.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 170 12 month 19.03.2013
Macquarie HADLEY COHEN neutral 3 M 150 12 month 18.03.2013
Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 18.03.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 15.03.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 171 12 month 15.03.2013
Nomura MICHAEL KLIEN reduce 2 M 140 Not Provided 15.03.2013
Nord/LB JULIA SIEKMANN hold 3 M 155 12 month 14.03.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 175 12 month 14.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 167 9 month 14.03.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 150 Not Provided 14.03.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 14.03.2013
Natixis BENOIT VALLEAUX neutral 3 M 140 Not Provided 14.03.2013
Helvea DANIEL BISCHOF neutral 3 M 142 12 month 14.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 150 12 month 12.03.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 136 6 month 12.03.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 12.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 145 Not Provided 20.02.2013
CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013
Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 11.02.2013
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013
HSBC THOMAS FOSSARD underweight 1 M 135 Not Provided 07.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 06.02.2013
Kepler Capital Markets FABRIZIO CROCE buy 5 M 153 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 N 147 Not Provided 05.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 157 Not Provided 04.02.2013
Main First Bank AG MICHAEL HAID underperform 1 M 145 12 month 01.02.2013
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 152 12 month 31.01.2013
Mediobanca SpA MARC THIELE outperform 5 M 164 6 month 30.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 142 Not Provided 09.01.2013
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 118 Not Provided 02.02.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011
Holdings By:
Muenchener Rueckversicherungs AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
E.ON SE operates in power generation and gas production businesses. The
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.09.2012) 19.74
52-Week Low (08.02.2013) 12.42
Daily Volume
13.46
52-Week High % Change -31.76% Dividend Yield -
52-Week Low % Change 8.37% Beta 1.10
% 52 Week Price Range High/Low 15.30% Equity Float 1'787.19
Shares Out 31.12.2012 2'001.0 Short Int -
26'933.46 1 Yr Total Return -21.73%
Total Debt 25'944.00 YTD Return -4.47%
Preferred Stock 0.0 Adjusted BETA 1.097
Minority Interest 3'862.0 Analyst Recs 39
Cash and Equivalents 6'097.00 Consensus Rating 2.538
Enterprise Value 50'642.46
Average Volume 5 Day 15'388'800
EOAN GY EQUITY YTD Change - Average Volume 30 Day 11'991'150
EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 12'004'260
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 112'954.0 103'866.0 111'728.6 113'663.1 - -
1.08x 1.11x 0.78x 0.52x 0.38x 2.19x 2.25x 0.44x 0.43x - -
5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 4'269.0 5'520.0 9'557.4 9'755.8 - -
17.28x 7.18x 5.56x 13.73x 5.99x 13.73x 0.00x 5.29x 5.18x - -
1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 (2'219.0) 2'396.0 2'531.2 2'677.1 - -
37.92x 6.50x 6.53x - 12.36x 0.00x 0.00x 10.29x 9.67x - -
EBITDA 8'443.00 Long-Term Rating Date 27.07.2012
EBIT 4'940.00 Long-Term Rating A-
Operating Margin 3.74% Long-Term Outlook STABLE
Pretax Margin 2.51% Short-Term Rating Date 27.07.2012
Return on Assets 1.51% Short-Term Rating A-2
Return on Common Equity 6.27%
Return on Capital 6.98% EBITDA/Interest Exp. 2.90
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 0.71
Net Debt/EBITDA 2.35
Gross Margin - Total Debt/EBITDA 3.07
EBITDA Margin 6.4%
EBIT Margin 3.7% Total Debt/Equity 74.2%
Net Income Margin 1.7% Total Debt/Capital 40.1%
Asset Turnover 0.90
Current Ratio 1.20 Net Fixed Asset Turnover 2.40
Quick Ratio 0.61 Accounts receivable turnover-days 47.34
Debt to Assets 18.48% Inventory Days -
Tot Debt to Common Equity 74.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.73 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
E.ON SEPrice/Volume
Valuation Analysis
7'246'079.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 172'665'399 8.63 (62'158) 25.03.2013 Investment Advisor
GOVERNMENT OF NORWAY n/a Co File 118'276'492 5.91 - 31.12.2011 Government
E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation
CREDIT SUISSE AG n/a Research 46'680'225 2.33 - 09.05.2012 Investment Advisor
MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 25'026'728 1.25 16'104'093 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'679'962 0.93 719'330 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 13'832'519 0.69 (288'536) 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 9'652'792 0.48 (1'454'174) 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'475'000 0.37 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'351'606 0.37 (544'741) 28.12.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 7'243'436 0.36 (18'477'247) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'928'365 0.3 - 25.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'219'136 0.26 (551'821) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'940'060 0.25 (953'996) 31.01.2013 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 4'406'169 0.22 - 26.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 3'863'245 0.19 254'908 31.05.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'154'858 0.16 (1'125'000) 30.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'041'428 0.15 268'623 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'804'442 0.14 (49'616) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 27.03.2013
Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 19 12 month 26.03.2013
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 14 Not Provided 25.03.2013
AlphaValue EILEEN RYAN buy 5 M 17 6 month 25.03.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 14 6 month 22.03.2013
HSBC ADAM DICKENS underweight 1 M 12 Not Provided 22.03.2013
DZ Bank AG MARC NETTELBECK hold 3 M 14 12 month 19.03.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013
Kepler Capital Markets INGO BECKER hold 3 M 13 Not Provided 15.03.2013
Societe Generale ALBERTO PONTI hold 3 M 13 12 month 14.03.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 17 12 month 14.03.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 15 12 month 14.03.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 16 12 month 13.03.2013
Nord/LB HEINO HAMMANN hold 3 M 13 12 month 13.03.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 13.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013
JPMorgan VINCENT DE BLIC underweight 1 M 13 9 month 06.02.2013
Berenberg Bank ROBERT CHANTRY sell 1 N 12 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 15 12 month 04.02.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 13 Not Provided 01.02.2013
Deutsche Bank ALEXANDER KARNICK sell 1 M 13 12 month 31.01.2013
Morgan Stanley BOBBY CHADA Underwt/In-Line 1 M 11 12 month 31.01.2013
Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 12 12 month 31.01.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 31.01.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 11 12 month 31.01.2013
Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 31.01.2013
Nomura MARTIN YOUNG reduce 2 M 14 12 month 31.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013
Credit Suisse VINCENT GILLES underperform 1 M 11 Not Provided 30.01.2013
Barclays PETER BISZTYGA equalweight 3 M 15 Not Provided 25.01.2013
Main First Bank AG ANDREAS THIELEN outperform 5 M 17 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 14.11.2012
CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012
Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012
Holdings By:
E.ON SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Pernod Ricard SA produces wines and spirits. The Company produces wines,
bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and
white spirits and rums. Pernod Ricard markets its products worldwide.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (18.03.2013) 101.15
52-Week Low (11.04.2012) 74.85
Daily Volume
96.59
52-Week High % Change -4.49% Dividend Yield 1.64
52-Week Low % Change 29.04% Beta 0.70
% 52 Week Price Range High/Low 85.86% Equity Float 189.25
Shares Out 31.12.2012 265.3 Short Int -
25'626.35 1 Yr Total Return 24.83%
Total Debt 10'176.00 YTD Return 10.46%
Preferred Stock 0.0 Adjusted BETA 0.702
Minority Interest 169.0 Analyst Recs 34
Cash and Equivalents 787.00 Consensus Rating 3.529
Enterprise Value 35'002.35
Average Volume 5 Day 687'692
RI FP EQUITY YTD Change - Average Volume 30 Day 600'928
RI FP EQUITY YTD % CHANGE - Average Volume 3 Month 513'108
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 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
6'589.0 7'203.0 7'081.0 7'643.0 8'215.0 0.0 8'508.0 8'802.7 9'354.4 - 4'874.0
3.09x 3.11x 3.87x 3.54x 3.86x #DIV/0! 0.00x 3.90x 3.59x - -
1'689.0 2'187.0 2'063.0 2'111.0 2'295.0 0.0 0.0 2'501.3 2'701.1 - -
12.05x 10.26x 13.28x 12.82x 13.82x 0.00x 0.00x 13.97x 12.93x - -
840.0 945.0 951.0 1'045.0 1'146.0 0.0 0.0 1'322.0 1'510.7 - -
16.65x 11.26x 17.67x 17.08x 19.33x 0.00x 0.00x 19.43x 17.14x - -
EBITDA 2'295.00 Long-Term Rating Date 03.10.2011
EBIT 2'113.00 Long-Term Rating BBB-
Operating Margin 25.72% Long-Term Outlook STABLE
Pretax Margin 17.29% Short-Term Rating Date 03.10.2011
Return on Assets 4.23% Short-Term Rating A-3
Return on Common Equity 10.97%
Return on Capital 7.86% EBITDA/Interest Exp. 4.40
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 3.88
Net Debt/EBITDA 3.76
Gross Margin 61.4% Total Debt/EBITDA 4.12
EBITDA Margin 28.8%
EBIT Margin 25.8% Total Debt/Equity 94.2%
Net Income Margin 14.0% Total Debt/Capital 48.1%
Asset Turnover 0.30
Current Ratio 1.76 Net Fixed Asset Turnover 4.54
Quick Ratio 0.56 Accounts receivable turnover-days 77.28
Debt to Assets 35.86% Inventory Days 472.24
Tot Debt to Common Equity 94.20% Accounts Payable Turnover Day 245.15
Accounts Receivable Turnover 4.74 Cash Conversion Cycle 323.06
Inventory Turnover 0.78
Fiscal Year Ended
Pernod-Ricard SAPrice/Volume
Valuation Analysis
208'473.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIETE PAUL RICARD n/a Co File 34'866'200 13.14 - 29.08.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 26'674'844 10.05 - 18.02.2013 Investment Advisor
GROUPE BRUXELLES LAM n/a Co File 19'890'770 7.5 - 29.08.2012 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 10'920'574 4.12 (736'472) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 10'854'541 4.09 1'064'185 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 5'904'879 2.23 (96'556) 31.12.2012 Investment Advisor
CREDIT AGRICOLE ASSE n/a Co File 5'615'014 2.12 - 29.08.2012 Investment Advisor
AMUNDI ASSET MANAGEM n/a Co File 5'468'037 2.06 - 29.08.2012 Other
NORGES BANK INVESTME n/a Co File 5'310'761 2 - 29.08.2012 Government
CAISSE DES DEPOTS ET n/a Co File 5'270'298 1.99 - 29.08.2012 Government
BLACKROCK n/a ULT-AGG 4'954'341 1.87 102'126 25.03.2013 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 3'711'633 1.4 70'829 31.12.2012 Hedge Fund Manager
ARTISAN PARTNERS HOL n/a Co File 3'710'368 1.4 - 29.08.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'407'419 1.28 10'620 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'181'703 1.2 1'227'037 31.01.2013 Mutual Fund Manager
NATIXIS ASSET MANAGE n/a Co File 3'110'259 1.17 - 29.08.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'934'500 1.11 859'128 31.12.2012 Investment Advisor
CITIGROUP GLOBAL MAR n/a Co File 2'898'012 1.09 - 29.08.2012 Unclassified
CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'843'000 1.07 - 31.12.2012 Investment Advisor
LANSDOWNE PARTNERS L n/a Co File 2'786'833 1.05 - 29.08.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale NICOLAS CERON buy 5 M 110 12 month 22.03.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 104 Not Provided 22.03.2013
Nomura IAN SHACKLETON neutral 3 M 98 12 month 22.03.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 117 Not Provided 21.03.2013
Kepler Capital Markets LAETITIA DELAYE hold 3 M 97 Not Provided 21.03.2013
Barclays SIMON HALES overweight 5 M 105 Not Provided 21.03.2013
AlphaValue ISABELLE COMBEMALE reduce 2 M 99 6 month 21.03.2013
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 103 12 month 14.03.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 122 12 month 13.03.2013
Credit Suisse ALEX MOLLOY outperform 5 M 116 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 72 12 month 05.03.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 104 Not Provided 22.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.02.2013
Shore Capital Stockbrokers PHIL CARROLL hold 3 D #N/A N/A Not Provided 20.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013
Investec MARTIN DEBOO hold 3 M 93 12 month 15.02.2013
JPMorgan MIKE J GIBBS overweight 5 M 101 9 month 15.02.2013
Natixis JOSEPHINE CHEVALLIER buy 5 M 107 Not Provided 15.02.2013
CM - CIC Securities(ESN) FRANCIS PRETRE accumulate 4 M 98 12 month 14.02.2013
Bryan Garnier & Cie NIKOLAAS FAES neutral 3 D 91 6 month 14.02.2013
S&P Capital IQ CARL SHORT buy 5 M 107 12 month 14.02.2013
Deutsche Bank JAMES ISENWATER sell 1 D 75 12 month 08.02.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M 62 Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN underperform 1 M 91 Not Provided 21.01.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 103 Not Provided 14.01.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 139 12 month 09.01.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 75 6 month 14.12.2012
Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 10.12.2012
Jefferies DIRK VAN VLAANDEREN hold 3 M 82 12 month 26.10.2012
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 96 Not Provided 14.09.2012
HSBC ERWAN RAMBOURG neutral 3 M 93 Not Provided 08.08.2012
Equita SIM SpA FABIO FAZZARI hold 3 U 66 12 month 12.01.2012
Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 26.07.2011
Holdings By:
Pernod-Ricard SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
BT Group plc provides telecommunications services. The Company provides local
and long-distance telephone call products and services in the UK, international
telephone calls to and from the UK, broadband network solutions and web hosting
to corporate customers, network ADSL, ISDN, and IP services to communication
companies and narrowband and broadband internet access and related services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 282.80
52-Week Low (15.06.2012) 197.40
Daily Volume
271.9
52-Week High % Change -3.85% Dividend Yield 3.20
52-Week Low % Change 37.74% Beta 0.87
% 52 Week Price Range High/Low 93.91% Equity Float 7'870.44
Shares Out 20.03.2013 7'880.0 Short Int -
21'425.74 1 Yr Total Return 24.08%
Total Debt 10'486.00 YTD Return 17.65%
Preferred Stock 0.0 Adjusted BETA 0.869
Minority Interest 11.0 Analyst Recs 28
Cash and Equivalents 844.00 Consensus Rating 3.679
Enterprise Value 29'950.74
Average Volume 5 Day 14'746'450
BT/A LN EQUITY YTD Change - Average Volume 30 Day 14'512'250
BT/A LN EQUITY YTD % CHANGE - Average Volume 3 Month 14'581'470
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
20'704.0 21'390.0 20'911.0 20'076.0 19'307.0 19'487.0 18'107.0 18'138.9 17'745.4 4'690.3 -
1.28x 0.88x 1.01x 1.23x 1.46x 4.93x 6.04x 1.61x 1.59x 6.17x -
5'792.0 3'629.0 5'594.0 5'886.0 6'190.0 6'006.0 5'881.0 6'099.7 6'064.4 1'634.5 -
4.56x 5.19x 3.76x 4.19x 4.54x 3.87x 4.54x 4.91x 4.94x - -
1'737.0 (193.0) 1'028.0 1'502.0 2'002.0 1'842.0 2'131.0 1'957.0 1'943.9 571.0 -
10.09x - 9.33x 9.58x 8.78x 8.03x 8.47x 10.83x 10.70x - -
EBITDA 6'190.00 Long-Term Rating Date 19.07.2011
EBIT 3'218.00 Long-Term Rating BBB
Operating Margin 16.67% Long-Term Outlook STABLE
Pretax Margin 12.66% Short-Term Rating Date 19.07.2011
Return on Assets 8.38% Short-Term Rating A-2
Return on Common Equity -
Return on Capital 26.06% EBITDA/Interest Exp. 8.95
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 5.22
Net Debt/EBITDA 1.45
Gross Margin - Total Debt/EBITDA 1.82
EBITDA Margin 32.5%
EBIT Margin 16.5% Total Debt/Equity 808.5%
Net Income Margin 10.4% Total Debt/Capital 88.9%
Asset Turnover 0.71
Current Ratio 0.49 Net Fixed Asset Turnover 1.27
Quick Ratio 0.28 Accounts receivable turnover-days -
Debt to Assets 43.79% Inventory Days -
Tot Debt to Common Equity 808.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
BT Group PLCPrice/Volume
Valuation Analysis
7'145'374.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD Multiple Portfolios REG 778'912'816 9.88 - 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 414'048'238 5.25 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 326'738'146 4.15 8'748'662 28.02.2013 Unclassified
BT GROUP PLC SHAREVI Multiple Portfolios REG 284'949'077 3.62 56'100'337 01.11.2012 Unclassified
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 218'997'078 2.78 609'027 31.07.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 176'167'732 2.24 (2'425'817) 01.11.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 153'691'805 1.95 (9'615'159) 01.11.2012 Government
STANDARD LIFE INVEST Multiple Portfolios REG 151'085'357 1.92 1'514'171 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 139'912'821 1.78 (16'511'149) 31.01.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 134'026'296 1.7 17'151'093 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 128'739'886 1.63 (6'162'708) 30.11.2012 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios REG 121'209'276 1.54 5'420'429 01.11.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 103'659'925 1.32 (857'049) 01.11.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 95'877'803 1.22 4'103'000 01.11.2012 Government
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 90'844'770 1.15 12'800'853 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 86'476'500 1.1 689'067 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 82'710'326 1.05 4'210'755 31.12.2012 Investment Advisor
BT GROUP PLC EMPLOYE Multiple Portfolios REG 81'270'291 1.03 (197'922) 01.11.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 81'100'448 1.03 7'324'283 01.11.2012 Investment Advisor
MAJEDIE ASSET MANAGE Multiple Portfolios REG 79'359'827 1.01 702'630 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse PAUL SIDNEY outperform 5 M 300 Not Provided 26.03.2013
Nomura JAMES BRITTON buy 5 M 360 Not Provided 22.03.2013
Oriel Securities Ltd JOHN KARIDIS buy 5 M 330 Not Provided 21.03.2013
AlphaValue JEAN-MICHEL SALVADOR reduce 2 M 278 6 month 21.03.2013
JPMorgan CARL MURDOCK-SMITH overweight 5 M 280 12 month 19.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 285 12 month 15.03.2013
Barclays MAURICE PATRICK equalweight 3 M 230 Not Provided 15.03.2013
Espirito Santo Investment Bank ResearchNICK BROWN neutral 3 M 250 Not Provided 13.03.2013
Exane BNP Paribas MICHAEL WILLIAMS neutral 3 M 250 Not Provided 08.03.2013
Berenberg Bank STUART GORDON buy 5 M 280 Not Provided 06.03.2013
New Street Research JAMES RATZER reduce 2 M 225 Not Provided 06.03.2013
Day by Day VALERIE GASTALDY buy 5 U 309 3 month 05.03.2013
Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 290 12 month 20.02.2013
Macquarie GUY R PEDDY underperform 1 M 180 12 month 14.02.2013
Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 300 Not Provided 05.02.2013
Deutsche Bank DAVID A WRIGHT hold 3 M 277 12 month 04.02.2013
Societe Generale OTTAVIO ADORISIO hold 3 M 245 12 month 01.02.2013
Goldman Sachs ANDREW LEE Buy/Neutral 5 M 320 12 month 01.02.2013
Jefferies JEREMY A DELLIS buy 5 M 278 12 month 01.02.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 260 12 month 01.02.2013
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 175 Not Provided 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
HSBC STEPHEN HOWARD neutral 3 M 220 Not Provided 20.11.2012
Raymond James STEPHANE BEYAZIAN outperform 5 M 245 Not Provided 04.09.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK sell 1 M 190 Not Provided 25.07.2012
Holdings By:
BT Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Latest Fiscal Year: 01/2013
LTM as of: 01/yy
52-Week High (19.12.2012) 111.80
52-Week Low (01.06.2012) 63.97
Daily Volume
100.1
52-Week High % Change -10.47% Dividend Yield -
52-Week Low % Change 56.48% Beta 0.69
% 52 Week Price Range High/Low 78.67% Equity Float 221.78
Shares Out 31.01.2013 623.3 Short Int -
62'395.37 1 Yr Total Return 42.30%
Total Debt 6.00 YTD Return -5.12%
Preferred Stock 0.0 Adjusted BETA 0.692
Minority Interest 36.0 Analyst Recs 40
Cash and Equivalents 4'104.00 Consensus Rating 3.450
Enterprise Value 58'333.37
Average Volume 5 Day 1'190'497
ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'308'795
ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'181'776
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
10'407.0 11'083.5 12'526.6 13'792.6 15'946.0 13'792.6 15'946.0 17'715.4 19'641.6 3'773.5 4'227.9
1.68x 2.36x 2.48x 2.76x 3.78x 10.68x 12.87x 3.24x 2.87x - -
2'186.9 2'353.1 2'966.2 3'214.6 3'912.0 3'214.6 3'913.0 4'391.2 4'913.4 828.8 934.0
7.97x 11.09x 10.46x 11.86x 15.40x 11.86x 15.40x 13.28x 11.87x 13.50x 13.17x
1'253.5 1'314.4 1'731.8 1'932.3 2'361.0 1'932.3 2'360.0 2'664.3 2'986.7 472.0 550.9
14.82x 21.63x 19.86x 21.51x 27.24x 21.51x 27.26x 23.42x 20.88x 23.68x 23.01x
EBITDA 3'912.00 Long-Term Rating Date -
EBIT 3'116.00 Long-Term Rating -
Operating Margin 19.54% Long-Term Outlook -
Pretax Margin 19.64% Short-Term Rating Date -
Return on Assets 19.79% Short-Term Rating -
Return on Common Equity 29.76%
Return on Capital - EBITDA/Interest Exp. 875.44
Asset Turnover 1.34% (EBITDA-Capex)/Interest Exp. 573.53
Net Debt/EBITDA -1.05
Gross Margin 59.8% Total Debt/EBITDA 0.00
EBITDA Margin 24.5%
EBIT Margin 19.5% Total Debt/Equity 0.1%
Net Income Margin 14.8% Total Debt/Capital 0.1%
Asset Turnover 1.34
Current Ratio 1.92 Net Fixed Asset Turnover 3.62
Quick Ratio 1.42 Accounts receivable turnover-days 15.83
Debt to Assets 0.05% Inventory Days 81.50
Tot Debt to Common Equity 0.07% Accounts Payable Turnover Day 160.21
Accounts Receivable Turnover 23.13 Cash Conversion Cycle -62.88
Inventory Turnover 4.49
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
Inditex SAPrice/Volume
Valuation Analysis
428'562.00
Current Price (3/dd/yy) Market Data
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified
PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation
ROSP CORUNNA n/a Co File 31'494'806 5.05 - 31.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 18'823'336 3.02 (2'766) 30.11.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 7'598'170 1.22 759'500 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'649'493 1.07 (1'464'302) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'244'417 0.84 86'426 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'779'721 0.77 893'049 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'112'740 0.5 (613'458) 25.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'887'450 0.46 (43'431) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'657'118 0.43 62'876 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'349'841 0.38 (75'362) 31.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'835'758 0.29 61'061 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'192'900 0.19 119'400 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'105'737 0.18 (159'687) 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 871'054 0.14 (53'921) 31.01.2013 Investment Advisor
JENNISON ASSOCIATES Multiple Portfolios MF-AGG 753'341 0.12 (54'094) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 737'364 0.12 518'290 31.01.2013 Mutual Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 703'033 0.11 (36'531) 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 644'567 0.1 (14'010) 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander REBECCA MCCLELLAN buy 5 M 125 12 month 27.03.2013
Exane BNP Paribas BEN SPRUNTULIS neutral 3 M 110 Not Provided 27.03.2013
ISI Group OMAR SAAD strong buy 5 M 110 12 month 24.03.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013
Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 20.03.2013
Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 15.03.2013
La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 102 Not Provided 15.03.2013
Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 15.03.2013
Societe Generale ANNE CRITCHLOW buy 5 M 131 12 month 14.03.2013
BPI JOSE RITO neutral 3 M 112 Not Provided 14.03.2013
CA Cheuvreux DANIEL OVIN underperform 1 D 95 Not Provided 14.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 106 Not Provided 14.03.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 14.03.2013
BBVA ISABEL CARBALLO market perform 3 M 107 Not Provided 14.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 112 6 month 14.03.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 118 12 month 14.03.2013
Credit Suisse SIMON IRWIN underperform 1 M 103 Not Provided 13.03.2013
Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 13.03.2013
HSBC PAUL ROSSINGTON overweight 5 M 120 Not Provided 13.03.2013
Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 13.03.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 13.03.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 13.03.2013
Bryan Garnier & Cie PETER FARREN sell 1 M 100 6 month 13.03.2013
Nomura FRASER RAMZAN buy 5 M 121 12 month 13.03.2013
S&P Capital IQ WILLIAM MACK buy 5 M 115 12 month 13.03.2013
Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 13.03.2013
Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 13.03.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 110 Not Provided 11.03.2013
AlphaValue VIRGINIE BLIN sell 1 M 87 6 month 07.03.2013
Deutsche Bank WARWICK OKINES buy 5 U 115 12 month 06.03.2013
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 89 Not Provided 22.02.2013
Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 18.12.2012
Day by Day VALERIE GASTALDY buy 5 U 114 3 month 23.11.2012
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012
Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 67 12 month 21.03.2012
Holdings By:
Inditex SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines
for civil and military aircraft. The Group designs, constructs and installs
power generation systems, transmission and distribution systems, and equipment
for the marine propulsion, oil and gas pumping, and defense markets.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (20.03.2013) 1'132.00
52-Week Low (11.04.2012) 775.78
Daily Volume
1099
52-Week High % Change -2.92% Dividend Yield 1.77
52-Week Low % Change 41.66% Beta 1.01
% 52 Week Price Range High/Low 91.86% Equity Float 1'876.27
Shares Out 01.03.2013 1'880.2 Short Int -
20'663.60 1 Yr Total Return 36.21%
Total Debt 1'383.00 YTD Return 25.82%
Preferred Stock 0.0 Adjusted BETA 1.006
Minority Interest 17.0 Analyst Recs 25
Cash and Equivalents 2'596.00 Consensus Rating 3.360
Enterprise Value 19'467.60
Average Volume 5 Day 4'458'114
RR/ LN EQUITY YTD Change - Average Volume 30 Day 4'302'747
RR/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'216'193
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 01/yy 01/yy 12/13 Y 12/14 Y - -
9'082.0 10'414.0 11'085.0 11'124.0 12'161.0 - - 15'175.8 16'036.3 - -
0.56x 0.70x 0.93x 1.25x 1.25x - - 1.28x 1.19x - -
1'096.0 1'396.0 1'404.0 1'480.0 1'687.0 - - 2'221.0 2'386.8 - -
4.61x 5.26x 7.36x 9.36x 8.98x - - 8.77x 8.16x - -
(1'340.0) 2'221.0 539.0 850.0 2'281.0 - - 1'235.5 1'351.8 - -
- 4.02x 21.34x 16.25x 7.09x - - 16.78x 15.33x - -
EBITDA 1'687.00 Long-Term Rating Date 13.04.2012
EBIT 1'200.00 Long-Term Rating A
Operating Margin 9.87% Long-Term Outlook STABLE
Pretax Margin 22.24% Short-Term Rating Date 13.04.2012
Return on Assets 13.21% Short-Term Rating A-1
Return on Common Equity 43.01%
Return on Capital 40.90% EBITDA/Interest Exp. 3.52
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 2.61
Net Debt/EBITDA -0.72
Gross Margin 22.6% Total Debt/EBITDA 0.82
EBITDA Margin 13.9%
EBIT Margin 9.9% Total Debt/Equity 22.7%
Net Income Margin 18.8% Total Debt/Capital 18.5%
Asset Turnover 0.70
Current Ratio 1.33 Net Fixed Asset Turnover 4.96
Quick Ratio 0.79 Accounts receivable turnover-days 88.36
Debt to Assets 7.63% Inventory Days 102.75
Tot Debt to Common Equity 22.72% Accounts Payable Turnover Day 93.48
Accounts Receivable Turnover 4.14 Cash Conversion Cycle 97.64
Inventory Turnover 3.56
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
Rolls-Royce Holdings PLCPrice/Volume
Valuation Analysis
862'591.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD Multiple Portfolios REG 112'822'192 6 (3'289'064) 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 102'165'089 5.43 (56'735'470) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 93'986'631 5 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 75'786'766 4.03 1'193'881 01.11.2012 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 58'757'257 3.13 3'025'904 01.11.2012 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 45'853'311 2.44 5'797'601 01.11.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 45'308'048 2.41 1'065'936 01.11.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 43'402'486 2.31 2'538'998 30.11.2012 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 43'022'491 2.29 699'470 31.12.2012 Investment Advisor
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 41'865'846 2.23 2'652'399 01.11.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 36'507'917 1.94 759'881 31.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 36'150'309 1.92 16'496 31.07.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 30'897'478 1.64 (5'380'217) 01.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 27'706'884 1.47 803'995 01.11.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 26'924'567 1.43 (428'418) 01.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios REG 25'928'040 1.38 (8'010'744) 01.11.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 25'368'833 1.35 941'008 01.11.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios REG 24'908'239 1.32 (462'155) 01.11.2012 Investment Advisor
UBS n/a ULT-AGG 21'984'871 1.17 (15'824'804) 31.01.2013 Unclassified
AEGON n/a ULT-AGG 21'891'388 1.16 526'673 01.11.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 950 Not Provided 27.03.2013
JPMorgan DAVID H. PERRY overweight 5 M 1'300 9 month 26.03.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 880 12 month 22.03.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 1'180 12 month 21.03.2013
Jefferies SANDY MORRIS buy 5 M 1'250 12 month 21.03.2013
AlphaValue THOMAS PICHERIT reduce 2 M 987 6 month 21.03.2013
Societe Generale ZAFAR KHAN sell 1 M 900 12 month 19.03.2013
Investec ANDREW GOLLAN add 4 M 1'125 12 month 19.03.2013
Barclays CARTER COPELAND overweight 5 M 1'225 Not Provided 11.03.2013
S&P Capital IQ UNAI FRANCO hold 3 M 1'100 12 month 19.02.2013
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 1'200 12 month 18.02.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX sell 1 M 800 12 month 18.02.2013
Natixis ERIC CHADEYRAS neutral 3 M 1'100 Not Provided 18.02.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 1'075 Not Provided 18.02.2013
Deutsche Bank BEN FIDLER hold 3 M 930 12 month 15.02.2013
Kepler Capital Markets CHRISTOPHE MENARD hold 3 M 1'050 Not Provided 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 1'030 Not Provided 04.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Credit Suisse OLIVER SLEATH neutral 3 M 900 Not Provided 16.01.2013
Arden Partners Ltd GRAHAM J WEBSTER add 4 M #N/A N/A Not Provided 01.10.2012
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX underperform 1 M 800 Not Provided 27.07.2012
Holdings By:
Rolls-Royce Holdings PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Statoil ASA explores for, produces, transports, refines, and trades oil and
natural gas. The Company explores for oil in Europe, Africa, the Middle East,
Asia, and the Americas.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 160.00
52-Week Low (26.06.2012) 133.20
Daily Volume
141.2
52-Week High % Change -11.75% Dividend Yield -
52-Week Low % Change 6.01% Beta 0.90
% 52 Week Price Range High/Low 30.97% Equity Float 941.88
Shares Out 07.03.2013 3'188.6 Short Int -
450'236.97 1 Yr Total Return -4.51%
Total Debt 119'400.00 YTD Return 1.58%
Preferred Stock 0.0 Adjusted BETA 0.896
Minority Interest 700.0 Analyst Recs 39
Cash and Equivalents 80'100.00 Consensus Rating 3.615
Enterprise Value 490'236.96
Average Volume 5 Day 2'554'160
STL NO EQUITY YTD Change - Average Volume 30 Day 3'057'922
STL NO EQUITY YTD % CHANGE - Average Volume 3 Month 2'891'410
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
651'977.0 462'292.0 526'950.0 645'599.0 705'700.0 645'671.0 705'734.0 638'766.9 654'216.4 166'535.5 164'524.3
0.63x 1.16x 0.98x 0.88x 0.68x 3.11x 2.84x 0.79x 0.80x 2.85x 3.00x
240'545.0 173'918.0 186'787.0 261'920.0 265'400.0 261'740.0 266'236.0 243'871.5 248'443.3 62'353.0 59'818.4
1.71x 3.08x 2.77x 2.16x 1.82x 2.16x 1.81x 2.01x 1.97x 1.99x 1.96x
43'265.0 18'313.0 38'082.0 78'787.0 68'900.0 78'787.0 68'908.0 53'064.2 54'420.7 13'919.2 13'505.3
8.39x 25.17x 11.58x 6.20x 6.42x 6.20x 6.42x 8.48x 8.21x 8.26x 8.08x
EBITDA 265'400.00 Long-Term Rating Date 03.08.2007
EBIT 204'900.00 Long-Term Rating AA-
Operating Margin 29.04% Long-Term Outlook STABLE
Pretax Margin 29.29% Short-Term Rating Date 03.08.2007
Return on Assets 8.87% Short-Term Rating A-1+
Return on Common Equity 23.04%
Return on Capital - EBITDA/Interest Exp. 88.47
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 56.47
Net Debt/EBITDA 0.15
Gross Margin 48.5% Total Debt/EBITDA 0.45
EBITDA Margin 37.7%
EBIT Margin 29.2% Total Debt/Equity 37.4%
Net Income Margin 9.8% Total Debt/Capital 27.2%
Asset Turnover 0.91
Current Ratio 1.12 Net Fixed Asset Turnover 1.67
Quick Ratio 0.83 Accounts receivable turnover-days 36.77
Debt to Assets 15.22% Inventory Days 26.76
Tot Debt to Common Equity 37.41% Accounts Payable Turnover Day 28.93
Accounts Receivable Turnover 9.95 Cash Conversion Cycle 34.61
Inventory Turnover 13.68
Fiscal Year Ended
Statoil ASAPrice/Volume
Valuation Analysis
2'018'560.00
Current Price (3/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
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100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTRY OF PETROLEU #N/A N/A EXCH 2'136'393'559 67 - 25.03.2013 Corporation
DEUTSCHE BANK TRUST #N/A N/A EXCH 104'384'307 3.27 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 102'514'971 3.21 (1'892) 26.03.2013 Investment Advisor
GOVERNMENT PENSION F #N/A N/A EXCH 100'735'001 3.16 - 25.03.2013 Government
CLEARSTREAM BANKING #N/A N/A EXCH 65'490'887 2.05 - 25.03.2013 Bank
JP MORGAN CHASE BANK #N/A N/A EXCH 32'446'911 1.02 - 25.03.2013 Investment Advisor
NORTHERN TRUST CO #N/A N/A EXCH 32'110'800 1.01 - 25.03.2013 Investment Advisor
BANK OF NEW YORK MEL #N/A N/A EXCH 25'316'478 0.79 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'596'740 0.58 1'378'710 31.12.2012 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 17'488'785 0.55 93'028 28.02.2013 Investment Advisor
SIX SIS AG #N/A N/A EXCH 12'443'807 0.39 - 25.03.2013 Bank
BLACKROCK n/a ULT-AGG 11'660'463 0.37 (1'306'793) 25.03.2013 Investment Advisor
EUROCLEAR BANK SA #N/A N/A EXCH 11'619'396 0.36 - 25.03.2013 Bank
WADDELL & REED FINAN Multiple Portfolios MF-AGG 11'465'900 0.36 - 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'191'044 0.35 (56'821) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 10'956'343 0.34 (664'270) 31.12.2012 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 9'439'710 0.3 191'000 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 9'223'423 0.29 (275'823) 25.03.2013 Unclassified
KLP AKSJE NORGE INDE n/a EXCH 9'125'612 0.29 - 25.03.2013 n/a
HSBC BANK PLC #N/A N/A EXCH 8'631'846 0.27 - 25.03.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Fearnley Fonds OLE-JACOB STORVIK buy 5 M 167 Not Provided 27.03.2013
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 168 Not Provided 25.03.2013
Jefferies BRENDAN MICHAEL WARN buy 5 M 200 12 month 22.03.2013
Grupo Santander JASON KENNEY underweight 1 M 155 Not Provided 20.03.2013
SEB Enskilda LARS HENRIK ROREN sell 1 M 140 Not Provided 19.03.2013
SpareBank 1 Markets AS ODDVAR BJORGAN buy 5 M 165 12 month 19.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 170 Not Provided 18.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 135 12 month 13.03.2013
Swedbank First Securities TEODOR SVEEN NILSEN buy 5 U 160 Not Provided 11.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 141 6 month 07.03.2013
Investec STUART JOYNER buy 5 M 163 12 month 01.03.2013
RBC Capital Markets PETER HUTTON top pick 5 M 175 12 month 21.02.2013
Macquarie MARC B KOFLER neutral 3 M 160 12 month 21.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 170 12 month 21.02.2013
HSBC PAUL SPEDDING neutral 3 U 160 Not Provided 18.02.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013
Credit Suisse KIM FUSTIER underperform 1 M 158 Not Provided 11.02.2013
Societe Generale IRENE HIMONA hold 3 M 150 12 month 08.02.2013
Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 136 12 month 08.02.2013
Carnegie MARTIN VOLD buy 5 M #N/A N/A Not Provided 08.02.2013
Nordea Equity Research KELLY CHEN hold 3 M 147 12 month 08.02.2013
Handelsbanken ANNE GJOEN accumulate 4 M 160 12 month 08.02.2013
Pareto Securities SIGURD-ERIK NISSEN-MEYER buy 5 M 170 6 month 08.02.2013
Nomura THEEPAN JOTHILINGAM reduce 2 M 145 12 month 08.02.2013
Barclays RAHIM KARIM equalweight 3 M 160 Not Provided 08.02.2013
Norne Securities AS IRMANTAS VASKELA hold 3 M 160 12 month 08.02.2013
Danske Markets ENDRE STORLOKKEN hold 3 M 145 12 month 08.02.2013
ABG Sundal Collier JOHN A SCHJ OLAISEN buy 5 M 170 6 month 07.02.2013
S&P Capital IQ CHRISTINE TISCARENO hold 3 M 177 12 month 07.02.2013
DNB Markets ESPEN HENNIE hold 3 M 150 Not Provided 07.02.2013
Arctic Securities ASA TROND OMDAL buy 5 M 165 Not Provided 07.02.2013
JPMorgan NITIN SHARMA neutral 3 M 165 3 month 06.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 160 12 month 11.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 170 Not Provided 09.01.2013
Deutsche Bank MARK BLOOMFIELD hold 3 M 160 12 month 03.12.2012
Fondsfinans AS MORTEN EVJENTH LINDBACK Under Review #N/A N/A M #N/A N/A Not Provided 08.05.2012
CA Cheuvreux DOMINIQUE PATRY underperform 1 M 155 Not Provided 16.11.2011
Holdings By:
Statoil ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Lloyds Banking Group plc, through subsidiaries and associated companies, offers
a range of banking and financial services. The Company provides retail banking,
mortgages, pensions, asset management, insurance services, corporate banking,
and treasury services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 56.10
52-Week Low (30.05.2012) 24.75
Daily Volume
48.22
52-Week High % Change -14.09% Dividend Yield 0.00
52-Week Low % Change 94.87% Beta 1.70
% 52 Week Price Range High/Low 73.05% Equity Float 42'726.89
Shares Out 28.02.2013 70'343.6 Short Int -
34'017.21 1 Yr Total Return 38.46%
Total Debt 189'866.00 YTD Return 0.64%
Preferred Stock 0.0 Adjusted BETA 1.700
Minority Interest 685.0 Analyst Recs 33
Cash and Equivalents 110'971.00 Consensus Rating 3.303
Enterprise Value -
Average Volume 5 Day #########
LLOY LN EQUITY YTD Change - Average Volume 30 Day #########
LLOY LN EQUITY YTD % CHANGE - Average Volume 3 Month #########
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
20'413.0 44'007.0 43'432.0 35'780.0 36'408.0 35'780.0 36'408.0 18'248.8 18'182.4 4'748.0 4'658.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
772.0 2'827.0 (320.0) (2'787.0) (1'427.0) (2'787.0) (1'427.0) 2'900.1 4'068.9 - -
18.90x 6.76x - - - 0.00x 0.00x 12.36x 8.61x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 9.48% Long-Term Outlook NEG
Pretax Margin -2.60% Short-Term Rating Date 29.11.2011
Return on Assets -0.15% Short-Term Rating A-2
Return on Common Equity -3.17%
Return on Capital -0.49% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 431.5%
Net Income Margin -6.5% Total Debt/Capital 80.9%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 4.85
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 20.54% Inventory Days -
Tot Debt to Common Equity 431.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Lloyds Banking Group PLCPrice/Volume
Valuation Analysis
130'417'532.00
Current Price (3/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
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNITED KINGDOM GOVER n/a RNS-MAJ 27'608'563'642 39.25 - 23.03.2012 Government
FMR LLC n/a ULT-AGG 2'359'287'182 3.35 40'204'114 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'335'851'144 3.32 35'727'885 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 1'661'879'228 2.36 4'371'787 28.02.2013 Unclassified
UBS n/a ULT-AGG 1'113'818'748 1.58 (49'558'902) 31.01.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 1'096'594'012 1.56 (189'806'781) 28.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 1'089'919'867 1.55 462'591'455 01.12.2012 Unclassified
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 1'075'638'770 1.53 41'049'793 01.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 1'075'023'992 1.53 (14'804'023) 01.12.2012 Government
HALIFAX SHARE DEALIN Multiple Portfolios REG 1'052'501'056 1.5 (38'913'754) 01.12.2012 Corporation
SCHRODER INVESTMENT Multiple Portfolios REG 742'242'002 1.06 (128'253'574) 01.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 739'647'720 1.05 19'888'448 01.12.2012 Investment Advisor
TD WATERHOUSE GROUP Multiple Portfolios REG 724'279'567 1.03 (36'378'354) 01.12.2012 Investment Advisor
ALECTA INVESTMENT MA Multiple Portfolios REG 675'500'000 0.96 (40'000'000) 01.12.2012 Unclassified
HARRIS ASSOCIATES LP Multiple Portfolios REG 609'121'200 0.87 (225'724'735) 01.12.2012 Investment Advisor
SELFTRADE Multiple Portfolios REG 597'593'904 0.85 (17'125'603) 01.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 590'792'286 0.84 (893'151) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 539'931'137 0.77 (97'393'597) 31.01.2013 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 456'479'052 0.65 (1'330'422) 01.12.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 445'836'749 0.63 17'836'770 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd MICHAEL J TRIPPITT buy 5 M 63 Not Provided 27.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 53 Not Provided 25.03.2013
Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 53 12 month 25.03.2013
Investec IAN GORDON hold 3 M 50 12 month 25.03.2013
Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 60 12 month 24.03.2013
AlphaValue DAVID GRINSZTAJN reduce 2 M 47 6 month 21.03.2013
Macquarie EDWARD FIRTH underperform 1 M 46 12 month 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 45 Not Provided 18.03.2013
Nomura CHINTAN JOSHI reduce 2 M 42 12 month 18.03.2013
Exane BNP Paribas TOM RAYNER outperform 5 M 60 Not Provided 18.03.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 40 Not Provided 15.03.2013
Oriel Securities Ltd VIVEK RAJA sell 1 D 41 Not Provided 14.03.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 66 12 month 13.03.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 64 12 month 12.03.2013
Societe Generale JAMES INVINE buy 5 M 61 12 month 11.03.2013
Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 05.03.2013
Deutsche Bank JASON NAPIER buy 5 M 64 12 month 04.03.2013
JPMorgan RAUL SINHA neutral 3 M 55 9 month 04.03.2013
Keefe, Bruyette & Woods MARK J PHIN underperform 1 M 51 12 month 03.03.2013
RBC Capital Markets CLAIRE KANE outperform 5 M 69 12 month 01.03.2013
Canaccord Genuity Corp GARETH HUNT hold 3 M 35 12 month 01.03.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 24 Not Provided 01.03.2013
Daniel Stewart & Co SIMON WILLIS sell 1 M 39 12 month 01.03.2013
S&P Capital IQ FRANK BRADEN hold 3 M 55 12 month 01.03.2013
Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 01.03.2013
Liberum Capital Ltd CORMAC LEECH buy 5 M 62 Not Provided 04.02.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA sell 1 D 48 Not Provided 29.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
HSBC PETER TOEMAN overweight 5 M 65 Not Provided 10.01.2013
Holdings By:
Lloyds Banking Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Swiss Re AG offers reinsurance, insurance and insurance linked financial
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2013) 78.35
52-Week Low (05.06.2012) 52.00
Daily Volume
76.75
52-Week High % Change -2.04% Dividend Yield -
52-Week Low % Change 47.60% Beta 1.17
% 52 Week Price Range High/Low 96.20% Equity Float 370.21
Shares Out 31.12.2012 370.7 Short Int -
28'451.76 1 Yr Total Return 37.81%
Total Debt 19'898.00 YTD Return 16.46%
Preferred Stock 0.0 Adjusted BETA 1.168
Minority Interest 24.0 Analyst Recs 38
Cash and Equivalents 10'837.00 Consensus Rating 3.184
Enterprise Value 38'919.12
Average Volume 5 Day 930'873
SREN VX EQUITY YTD Change - Average Volume 30 Day 1'334'531
SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'177'489
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
24'011.7 30'624.0 28'484.0 27'797.0 33'116.0 27'797.0 33'116.0 32'360.9 34'845.8 - -
1.03x 0.50x 1.13x 1.02x 1.02x 3.93x 3.91x 1.50x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(800.3) 467.4 863.0 2'626.0 4'201.0 2'626.0 4'180.0 2'896.3 3'054.6 754.0 696.0
- 33.44x 21.30x 6.64x 6.09x 6.64x 5.97x 9.98x 9.49x 10.33x -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 17.37% Long-Term Outlook -
Pretax Margin 16.51% Short-Term Rating Date -
Return on Assets 1.89% Short-Term Rating -
Return on Common Equity 13.38%
Return on Capital 9.38% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 58.5%
Net Income Margin 12.7% Total Debt/Capital 36.9%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.22% Inventory Days -
Tot Debt to Common Equity 58.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Swiss Re AGPrice/Volume
Valuation Analysis
452'022.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SWISS RE n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 25'006'821 6.75 (655'411) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 15'907'472 4.29 (651'227) 05.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'682'781 4.23 638'074 25.03.2013 Investment Advisor
DODGE & COX n/a Co File 12'639'368 3.41 - 31.12.2011 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'371'485 2.8 (222'639) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'473'171 1.48 (102'477) 31.01.2013 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 2'869'488 0.77 (1'435) 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'201'596 0.59 27'594 31.01.2013 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'176'959 0.59 705'661 31.01.2013 Mutual Fund Manager
SARASIN n/a ULT-AGG 1'833'877 0.49 (153'093) 31.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 1'293'177 0.35 11'836 31.01.2013 Unclassified
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'267'120 0.34 (41'419) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'148'157 0.31 - 30.04.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 855'734 0.23 (169'771) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 830'605 0.22 (10'368) 31.01.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 145'000 31.10.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 645'679 0.17 10'202 30.11.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 621'117 0.17 (2'217) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 55 12 month 27.03.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 80 12 month 21.03.2013
AlphaValue DIETER HEIN sell 1 M 70 6 month 21.03.2013
Macquarie HADLEY COHEN neutral 3 M 67 12 month 18.03.2013
Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 15.03.2013
Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 68 Not Provided 14.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 82 Not Provided 05.03.2013
Credit Suisse ADAM MCINALLY neutral 3 M 69 Not Provided 04.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 79 12 month 03.03.2013
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 01.03.2013
Kepler Capital Markets FABRIZIO CROCE buy 5 M 83 Not Provided 01.03.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 76 Not Provided 26.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 77 Not Provided 26.02.2013
Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 76 12 month 25.02.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 83 12 month 25.02.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 74 9 month 22.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 22.02.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 82 12 month 22.02.2013
Nomura MICHAEL KLIEN reduce 2 M 67 Not Provided 22.02.2013
Helvea DANIEL BISCHOF neutral 3 M 75 12 month 22.02.2013
Societe Generale JASON KALAMBOUSSIS buy 5 M 75 12 month 21.02.2013
Nord/LB JULIA SIEKMANN buy 5 M 84 Not Provided 21.02.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 U 75 12 month 21.02.2013
Berenberg Bank TOM CARSTAIRS sell 1 M 66 Not Provided 21.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 70 6 month 21.02.2013
Main First Bank AG RENE LOCHER underperform 1 M 72 12 month 21.02.2013
CA Cheuvreux FRANK KOPFINGER select list 5 M 86 Not Provided 18.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 75 6 month 30.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC THOMAS FOSSARD neutral 3 M 75 Not Provided 16.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 70 Not Provided 09.01.2013
DZ Bank AG THORSTEN WENZEL sell 1 M 58 12 month 10.09.2012
Raymond James DANNY JACQUES underperform 1 M 63 Not Provided 09.08.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 48 Not Provided 12.01.2012
Holdings By:
Swiss Re AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Centrica PLC is an integrated energy company offering a wide range of home and
business energy solutions. The Company sources, generates, processes, stores,
trades, saves and supplies energy and provides a range of related services.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (27.03.2013) 369.00
52-Week Low (22.06.2012) 301.20
Daily Volume
364.8
52-Week High % Change -1.17% Dividend Yield 4.50
52-Week Low % Change 21.12% Beta 0.64
% 52 Week Price Range High/Low 99.85% Equity Float 4'974.47
Shares Out 25.03.2013 5'183.1 Short Int -
18'907.99 1 Yr Total Return 20.80%
Total Debt 5'328.00 YTD Return 9.35%
Preferred Stock 0.0 Adjusted BETA 0.636
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 938.00 Consensus Rating 3.440
Enterprise Value 23'297.99
Average Volume 5 Day 11'146'720
CNA LN EQUITY YTD Change - Average Volume 30 Day 9'598'011
CNA LN EQUITY YTD % CHANGE - Average Volume 3 Month 8'481'136
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 01/yy 01/yy 12/13 Y 12/14 Y - -
20'872.0 21'963.0 22'423.0 22'824.0 23'942.0 - - 24'432.9 25'474.9 - -
0.68x 0.81x 0.92x 0.81x 0.91x - - 0.96x 0.90x - -
2'613.0 2'721.0 3'336.0 3'310.0 3'698.0 - - 3'944.5 4'146.8 - -
5.43x 6.54x 6.19x 5.62x 5.88x - - 5.91x 5.62x - -
(137.0) 844.0 1'935.0 421.0 1'273.0 - - 1'413.9 1'496.7 - -
241.82x 22.13x 9.11x 33.64x 13.56x - - 13.12x 11.80x - -
EBITDA 3'698.00 Long-Term Rating Date 29.05.2009
EBIT 2'422.00 Long-Term Rating A-
Operating Margin 10.12% Long-Term Outlook STABLE
Pretax Margin 10.20% Short-Term Rating Date 29.05.2009
Return on Assets 6.13% Short-Term Rating A-2
Return on Common Equity 22.09%
Return on Capital 14.28% EBITDA/Interest Exp. 7.44
Asset Turnover 1.15% (EBITDA-Capex)/Interest Exp. 3.83
Net Debt/EBITDA 1.19
Gross Margin 19.8% Total Debt/EBITDA 1.44
EBITDA Margin 15.4%
EBIT Margin 10.1% Total Debt/Equity 89.9%
Net Income Margin 5.3% Total Debt/Capital 47.3%
Asset Turnover 1.15
Current Ratio 0.95 Net Fixed Asset Turnover 3.33
Quick Ratio 0.14 Accounts receivable turnover-days -
Debt to Assets 24.27% Inventory Days 9.41
Tot Debt to Common Equity 89.89% Accounts Payable Turnover Day 9.37
Accounts Receivable Turnover - Cash Conversion Cycle 19.73
Inventory Turnover 38.89
Fiscal Year Ended
Centrica PLCPrice/Volume
Valuation Analysis
5'724'618.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a Co File 258'200'185 4.98 - 23.02.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 244'433'202 4.72 2'929'553 28.02.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 199'643'469 3.85 (2'602'961) 01.11.2012 Unclassified
PETRONAS n/a Co File 199'375'000 3.85 - 23.02.2012 Government
BLACKROCK n/a ULT-AGG 198'230'837 3.82 (217'034) 25.03.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 192'620'011 3.72 20'183'664 30.11.2012 Unclassified
NEWTON INV MGMT Multiple Portfolios REG 178'317'146 3.44 15'220'210 01.11.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 168'873'344 3.26 (3'909'961) 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 135'169'676 2.61 (7'934'002) 26.03.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 115'829'394 2.23 2'398'382 01.11.2012 Government
UBS n/a ULT-AGG 110'850'900 2.14 10'261'488 31.01.2013 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 107'778'794 2.08 (3'099'325) 01.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 90'418'317 1.74 (10'651'045) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 81'472'000 1.57 53'727'337 31.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 77'307'596 1.49 53'600 31.07.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 74'740'477 1.44 (11'993'141) 31.01.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 74'363'376 1.43 (2'361'053) 01.11.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 68'473'929 1.32 16'115'286 01.11.2012 Government
WALTER SCOTT & PARTN Multiple Portfolios REG 67'827'517 1.31 1'389'000 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 67'616'691 1.3 1'115'563 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK sector perform 3 M 370 12 month 27.03.2013
AlphaValue MYRIAM COHEN add 4 M 382 6 month 26.03.2013
Exane BNP Paribas IAIN TURNER underperform 1 M 280 Not Provided 25.03.2013
HSBC VERITY MITCHELL overweight 5 M 400 Not Provided 21.03.2013
Nomura JONATHAN CONSTABLE neutral 3 M 350 Not Provided 13.03.2013
Societe Generale ASHLEY THOMAS buy 5 M 400 12 month 11.03.2013
Goldman Sachs ANDREW MEAD neutral/neutral 3 M 416 12 month 11.03.2013
JPMorgan EDMUND REID neutral 3 D 370 9 month 08.03.2013
Kepler Capital Markets INGO BECKER hold 3 M 320 Not Provided 28.02.2013
Raymond James EMMANUEL RETIF underperform 1 M 321 Not Provided 27.02.2013
Cantor Fitzgerald ANGELOS ANASTASIOU buy 5 M 403 Not Provided 27.02.2013
S&P Capital IQ CLIVE ROBERTS strong buy 5 M 525 12 month 27.02.2013
Mirabaud Securities GUS HOCHSCHILD buy 5 M 435 Not Provided 25.02.2013
Credit Suisse MARK FRESHNEY neutral 3 M 325 Not Provided 15.02.2013
Berenberg Bank ROBERT CHANTRY hold 3 D 370 Not Provided 05.02.2013
Liberum Capital Ltd GUILLAUME REDGWELL buy 5 M 370 Not Provided 25.01.2013
Barclays PETER BISZTYGA underweight 1 M 325 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 345 12 month 11.01.2013
Deutsche Bank MARTIN BROUGH hold 3 M 340 12 month 07.01.2013
Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 10.12.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 22.10.2012
Holdings By:
Centrica PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Koninklijke Philips Electronics N.V. manufactures medical systems, domestic
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2013) 24.16
52-Week Low (07.05.2012) 13.57
Daily Volume
23.015
52-Week High % Change -4.80% Dividend Yield -
52-Week Low % Change 69.60% Beta 1.19
% 52 Week Price Range High/Low 92.02% Equity Float 908.50
Shares Out 31.12.2012 957.1 Short Int -
22'028.41 1 Yr Total Return 56.02%
Total Debt 4'534.00 YTD Return 15.68%
Preferred Stock 0.0 Adjusted BETA 1.188
Minority Interest 34.0 Analyst Recs 41
Cash and Equivalents 3'834.00 Consensus Rating 3.756
Enterprise Value 22'762.41
Average Volume 5 Day 3'538'578
PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'695'745
PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'298'536
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
26'385.0 20'092.0 22'287.0 22'579.0 24'788.0 22'582.0 24'788.0 24'776.3 25'619.0 5'551.7 5'823.8
0.51x 0.95x 0.92x 0.70x 0.76x 3.02x 2.75x 0.92x 0.85x 3.97x 3.98x
1'883.0 2'055.0 3'436.0 1'185.0 2'463.0 1'186.0 2'463.0 3'410.5 3'741.9 589.0 713.0
7.11x 9.30x 5.98x 13.35x 7.69x 13.34x 7.69x 6.65x 6.06x 7.14x 8.76x
(91.0) 410.0 1'446.0 (1'295.0) 226.0 (1'295.0) 226.0 1'439.7 1'679.3 221.4 310.4
- 41.36x 14.60x - 71.05x 0.00x 72.71x 14.05x 12.15x 13.65x 12.81x
EBITDA 2'463.00 Long-Term Rating Date 11.05.2005
EBIT 1'030.00 Long-Term Rating A-
Operating Margin 4.16% Long-Term Outlook NEG
Pretax Margin 2.30% Short-Term Rating Date 26.02.2001
Return on Assets 0.78% Short-Term Rating A-2
Return on Common Equity 1.92%
Return on Capital 2.46% EBITDA/Interest Exp. 7.00
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.08
Net Debt/EBITDA 0.28
Gross Margin 38.0% Total Debt/EBITDA 1.84
EBITDA Margin 9.9%
EBIT Margin 4.2% Total Debt/Equity 40.7%
Net Income Margin 0.9% Total Debt/Capital 28.9%
Asset Turnover 0.85
Current Ratio 1.26 Net Fixed Asset Turnover 8.30
Quick Ratio 0.82 Accounts receivable turnover-days 63.03
Debt to Assets 15.59% Inventory Days 84.72
Tot Debt to Common Equity 40.70% Accounts Payable Turnover Day 74.10
Accounts Receivable Turnover 5.81 Cash Conversion Cycle 76.69
Inventory Turnover 4.32
Fiscal Year Ended
Koninklijke Philips Electronics NVPrice/Volume
Valuation Analysis
1'953'498.00
Current Price (3/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
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KONINKLIJKE PHILIPS n/a Research 47'895'476 5 15'514'236 08.02.2013 Corporation
DODGE & COX n/a 13G 46'061'138 4.81 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 45'264'486 4.73 - 25.03.2013 Investment Advisor
SOUTHEASTERN ASSET M n/a 13G 41'502'897 4.34 (6'799'141) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 13'434'710 1.4 (5'070'179) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'760'946 1.12 498'208 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'615'086 1 2'767'369 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'437'496 0.99 586'900 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'622'250 0.69 (220'702) 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'481'917 0.57 282'727 31.12.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 4'800'000 0.5 - 31.12.2011 Pension Fund (ERISA)
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'020'057 0.42 623'576 31.01.2013 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'920'784 0.41 153'795 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'875'475 0.4 2'263'827 28.02.2013 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 2'924'969 0.31 (78'890) 30.11.2012 Mutual Fund Manager
BARCLAYS PLC n/a ULT-AGG 2'911'837 0.3 - 04.05.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2'860'801 0.3 (687'730) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'569'692 0.27 - 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'523'231 0.26 - 25.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'477'382 0.26 71'742 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas OLIVIER ESNOU neutral 3 M 25 Not Provided 27.03.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 25.03.2013
Societe Generale GAEL DE BRAY hold 3 M 24 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 27 12 month 22.03.2013
Rabobank International HANS SLOB buy 5 M 28 12 month 21.03.2013
AlphaValue THOMAS PICHERIT add 4 D 27 6 month 21.03.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 27 12 month 20.03.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 20.03.2013
ING Bank FABIAN SMEETS buy 5 M 27 12 month 20.03.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 20.03.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 24 12 month 19.03.2013
JPMorgan ANDREAS WILLI neutral 3 M 25 9 month 19.03.2013
Kepler Capital Markets PETER OLOFSEN buy 5 M 23 Not Provided 19.03.2013
Nomura DANIEL CUNLIFFE buy 5 M 25 12 month 12.03.2013
HSBC MICHAEL HAGMANN neutral 3 M 24 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 27 Not Provided 08.03.2013
Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 08.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 05.03.2013
Nord/LB WOLFGANG VASTERLING buy 5 M 24 12 month 26.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 23 12 month 06.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 25 Not Provided 30.01.2013
CA Cheuvreux ANTOINE AZAR outperform 5 M 25 Not Provided 30.01.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 30.01.2013
Natixis LUDOVIC DEBAILLEUX buy 5 M 26 Not Provided 30.01.2013
Barclays DAVID VOS equalweight 3 M 21 Not Provided 30.01.2013
Deutsche Bank MARTIN WILKIE hold 3 M 23 12 month 29.01.2013
Kempen & Co ERWIN DUT buy 5 M 23 12 month 29.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 29.01.2013
Petercam MARCEL ACHTERBERG hold 3 M 23 Not Provided 29.01.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 23 12 month 29.01.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 17.01.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 25 Not Provided 08.01.2013
SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 22.10.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012
DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010
Holdings By:
Koninklijke Philips Electronics NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Glencore International PLC, through its subsidiaries, supplies commodities and
raw materials to industrial consumers. The Company operates in three groups:
Metals and Minerals, Energy Products, and Agricultural Products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.04.2012) 439.95
52-Week Low (27.06.2012) 289.35
Daily Volume
357.2
52-Week High % Change -18.90% Dividend Yield 2.92
52-Week Low % Change 23.45% Beta 1.39
% 52 Week Price Range High/Low 44.85% Equity Float 3'358.26
Shares Out 31.12.2012 7'099.5 Short Int -
25'359.26 1 Yr Total Return -8.66%
Total Debt 35'526.00 YTD Return 1.68%
Preferred Stock 0.0 Adjusted BETA 1.387
Minority Interest 3'034.0 Analyst Recs 17
Cash and Equivalents 2'820.00 Consensus Rating 3.882
Enterprise Value 74'037.55
Average Volume 5 Day 14'668'200
GLEN LN EQUITY YTD Change - Average Volume 30 Day 15'465'560
GLEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'524'760
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 09/12 Q3 12/12 Q4
152'236.0 106'364.0 144'978.0 186'152.0 214'436.0 131'129.0 167'091.0 217'949.7 229'254.5 - -
- - - 0.39x 0.36x 0.00x 0.48x 0.32x 0.29x - -
5'068.0 3'074.0 4'474.0 4'423.0 4'601.0 3'708.0 5'333.0 7'255.9 9'103.7 - -
- - - 16.24x 16.57x 0.00x 15.01x 10.20x 8.13x - -
1'044.0 1'633.0 3'751.0 4'048.0 1'004.0 2'136.0 4'755.0 4'258.5 4'944.0 - -
- - - 8.50x 39.57x 0.00x 0.00x 9.08x 7.29x - -
EBITDA 4'601.00 Long-Term Rating Date 29.11.2012
EBIT 3'128.00 Long-Term Rating BBB
Operating Margin 1.46% Long-Term Outlook STABLE
Pretax Margin 0.50% Short-Term Rating Date 29.11.2012
Return on Assets 1.05% Short-Term Rating A-2
Return on Common Equity 3.32%
Return on Capital - EBITDA/Interest Exp. 3.36
Asset Turnover 2.24% (EBITDA-Capex)/Interest Exp. 1.19
Net Debt/EBITDA 7.11
Gross Margin 1.9% Total Debt/EBITDA 7.72
EBITDA Margin 2.1%
EBIT Margin 1.5% Total Debt/Equity 113.6%
Net Income Margin 0.5% Total Debt/Capital 50.9%
Asset Turnover 2.24
Current Ratio 1.15 Net Fixed Asset Turnover 11.32
Quick Ratio 0.45 Accounts receivable turnover-days 29.26
Debt to Assets 33.66% Inventory Days 32.88
Tot Debt to Common Equity 113.63% Accounts Payable Turnover Day 29.43
Accounts Receivable Turnover 12.51 Cash Conversion Cycle 32.71
Inventory Turnover 11.13
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
Glencore International PLCPrice/Volume
Valuation Analysis
7'911'805.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GLASENBERG IVAN n/a RNS-RUL8 1'101'848'752 15.52 2'700'000 11.06.2012 n/a
MATE BADENE DANIEL F n/a RNS-MAJ 417'468'330 5.88 - 11.10.2012 n/a
MISTAKIDIS ARISTOTEL n/a RNS-RUL8 414'730'597 5.84 3'000'000 24.05.2012 n/a
PETERSON TOR n/a Co File 366'074'885 5.16 - 26.03.2012 n/a
BEARD ALEXANDER FRAN n/a Co File 320'260'410 4.51 - 26.03.2012 n/a
BLACKROCK n/a ULT-AGG 263'354'966 3.71 (19'162) 25.03.2013 Investment Advisor
JSC VERNY CAPITAL n/a RNS-RUL8 176'742'520 2.49 - 11.10.2012 Investment Advisor
FEGEL GARY n/a RNS-RUL8 154'814'588 2.18 - 15.02.2012 n/a
MAHONEY CHRIS n/a RNS-RUL8 143'834'821 2.03 - 15.02.2012 n/a
LEGAL & GENERAL n/a ULT-AGG 131'943'542 1.86 (39'649) 22.03.2013 Unclassified
FR GALAXY HOLDINGS S n/a RNS-RUL8 129'372'165 1.82 16'875'000 29.01.2013 Holding Company
CAPITAL GROUP COMPAN n/a ULT-AGG 112'185'928 1.58 (18'700) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 99'636'501 1.4 157 26.03.2013 Investment Advisor
ABU DHABI INVESTMENT n/a RNS-RUL8 99'299'065 1.4 3'072'650 02.02.2012 Government
POPOVIC NIKOLA n/a RNS-RUL8 93'437'150 1.32 - 15.02.2012 n/a
FMR LLC n/a ULT-AGG 92'847'626 1.31 13'162'571 25.03.2013 Investment Advisor
WOLFENSBERGER CHRIST n/a RNS-RUL8 87'403'187 1.23 - 15.02.2012 n/a
BLUMGART STEVEN n/a RNS-RUL8 86'736'565 1.22 - 15.02.2012 n/a
ALVAREZ LUIS n/a RNS-RUL8 81'654'211 1.15 - 15.02.2012 n/a
CUTLER STUART n/a RNS-RUL8 78'568'743 1.11 200'000 18.05.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie JEFFREY LARGEY outperform 5 M 430 12 month 22.03.2013
Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 450 Not Provided 21.03.2013
AlphaValue SACHIN KUMAR reduce 2 M 382 6 month 21.03.2013
Jefferies Christopher LaFemina buy 5 M 450 12 month 20.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 475 12 month 15.03.2013
BMO Capital Markets TONY ROBSON market perform 3 U 400 Not Provided 12.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
RBC Capital Markets TIMOTHY HUFF outperform 5 M 425 12 month 07.03.2013
Societe Generale ALAIN WILLIAM hold 3 M 410 12 month 06.03.2013
Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013
Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 11.02.2013
SBG Securities PETER DAVEY hold 3 M 400 12 month 29.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013
Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013
Standard Chartered SUBRAMANIAM VARADA outperform 5 M 454 12 month 22.11.2012
ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 N 415 12 month 31.10.2012
Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 20.03.2012
Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
Holdings By:
Glencore International PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 7.91
52-Week Low (04.06.2012) 4.44
Daily Volume
5.624
52-Week High % Change -28.84% Dividend Yield -
52-Week Low % Change 26.67% Beta 1.80
% 52 Week Price Range High/Low 36.59% Equity Float -
Shares Out 31.12.2012 3'831.6 Short Int -
21'548.70 1 Yr Total Return -16.51%
Total Debt 207'649.00 YTD Return -20.35%
Preferred Stock 0.0 Adjusted BETA 1.803
Minority Interest 1'081.0 Analyst Recs 30
Cash and Equivalents 17'657.00 Consensus Rating 3.900
Enterprise Value 212'621.70
Average Volume 5 Day 28'368'770
INGA NA EQUITY YTD Change - Average Volume 30 Day 23'844'900
INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 20'225'100
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
64'680.0 46'025.0 51'411.0 52'787.0 39'304.0 46'023.0 42'241.0 38'679.0 42'573.4 - -
4.40x 5.41x 4.99x 4.38x 5.54x 22.59x 22.26x 0.78x 0.71x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(729.0) (935.0) 2'810.0 5'766.0 3'894.0 5'766.0 3'894.0 3'710.4 4'153.5 - -
- - 12.77x 6.70x 11.39x 6.43x 9.42x 5.62x 5.07x - -
EBITDA - Long-Term Rating Date 03.09.2009
EBIT - Long-Term Rating A
Operating Margin 12.65% Long-Term Outlook NEG
Pretax Margin 9.91% Short-Term Rating Date 31.03.2009
Return on Assets 0.32% Short-Term Rating A-1
Return on Common Equity 7.33%
Return on Capital 1.55% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 366.8%
Net Income Margin 9.9% Total Debt/Capital 78.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.77% Inventory Days -
Tot Debt to Common Equity 366.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
ING Groep NVPrice/Volume
Valuation Analysis
17'221'237.00
Current Price (3/dd/yy) Market Data
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 246'344'796 6.43 (1'807'406) 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 155'242'498 4.05 (2'936'906) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'837'974 1.56 599'105 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'943'572 1.04 1'701'096 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 33'982'940 0.89 (5'732'380) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 32'439'848 0.85 1'170'048 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 30'409'081 0.79 122'201 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 30'159'946 0.79 968'030 28.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'118'916 0.79 (541'144) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 26'518'528 0.69 (2'918'867) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 25'314'880 0.66 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 24'042'650 0.63 1'817'067 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'087'088 0.6 1'256'401 31.12.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'206'527 0.5 (493'114) 31.01.2013 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 18'861'119 0.49 3'877'089 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'785'056 0.46 (81'806) 31.12.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 14'894'179 0.39 (269'814) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'441'515 0.3 - 25.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 11'184'560 0.29 - 30.11.2012 Bank
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 9'422'204 0.25 (350'366) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 Not Provided 25.03.2013
AlphaValue JEROME CASSAGNE add 4 D 7 6 month 21.03.2013
Rabobank International COR KLUIS buy 5 M 10 12 month 20.03.2013
Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 20.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 10 18 month 19.03.2013
Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 18.03.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 8 Not Provided 14.03.2013
ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.03.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 05.03.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 04.03.2013
Credit Suisse RICHARD BURDEN restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013
Macquarie THOMAS STOEGNER neutral 3 U 7 12 month 26.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 26.02.2013
HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 20.02.2013
Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 19.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 18.02.2013
SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013
Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013
Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013
Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 8 12 month 14.02.2013
Petercam MATTHIAS DE WIT hold 3 M 8 Not Provided 13.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012
RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 07.12.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 7 Not Provided 08.11.2012
CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012
DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012
Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011
Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009
Holdings By:
ING Groep NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 76.16
52-Week Low (26.06.2012) 53.16
Daily Volume
68.81
52-Week High % Change -9.69% Dividend Yield -
52-Week Low % Change 29.44% Beta 1.08
% 52 Week Price Range High/Low 72.39% Equity Float 323.27
Shares Out 31.12.2012 602.0 Short Int -
44'030.69 1 Yr Total Return 4.21%
Total Debt 69'507.00 YTD Return -5.65%
Preferred Stock 0.0 Adjusted BETA 1.078
Minority Interest 107.0 Analyst Recs 38
Cash and Equivalents 12'982.00 Consensus Rating 3.895
Enterprise Value 100'662.69
Average Volume 5 Day 1'902'335
BMW GY EQUITY YTD Change - Average Volume 30 Day 1'904'662
BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'701'355
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 68'821.0 76'848.0 79'682.3 83'523.6 - -
1.19x 1.40x 1.49x 1.31x 1.36x 5.13x 5.09x 0.60x 0.57x - -
11'231.0 9'311.0 9'087.0 11'677.0 12'014.0 11'677.0 12'014.0 12'733.7 13'186.0 - -
5.64x 7.59x 9.93x 7.75x 8.70x 7.75x 8.70x 7.91x 7.63x - -
324.0 204.0 3'227.0 4'881.0 5'096.0 4'881.0 5'096.0 5'108.9 5'275.6 - -
44.10x 102.58x 11.94x 6.95x 9.39x 6.95x 9.39x 8.82x 8.57x - -
EBITDA 12'014.00 Long-Term Rating Date 16.04.2012
EBIT 8'298.00 Long-Term Rating A
Operating Margin 10.80% Long-Term Outlook STABLE
Pretax Margin 10.17% Short-Term Rating Date 16.04.2012
Return on Assets 3.99% Short-Term Rating A-1
Return on Common Equity 17.78%
Return on Capital 5.87% EBITDA/Interest Exp. 13.16
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 7.42
Net Debt/EBITDA 4.70
Gross Margin 20.2% Total Debt/EBITDA 5.79
EBITDA Margin 15.6%
EBIT Margin 10.8% Total Debt/Equity 229.4%
Net Income Margin 6.6% Total Debt/Capital 69.6%
Asset Turnover 0.60
Current Ratio 1.04 Net Fixed Asset Turnover 2.12
Quick Ratio 0.32 Accounts receivable turnover-days 13.68
Debt to Assets 52.72% Inventory Days 57.75
Tot Debt to Common Equity 229.43% Accounts Payable Turnover Day 34.90
Accounts Receivable Turnover 26.75 Cash Conversion Cycle 36.53
Inventory Turnover 6.34
Fiscal Year Ended
Bayerische Motoren Werke AGPrice/Volume
Valuation Analysis
1'031'380.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2012 n/a
QUANDT JOHANNA n/a Co File 98'125'214 16.3 - 31.12.2012 n/a
KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 36'126'021 6 (168'858) 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'833'170 2.46 113'170 31.12.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'265'500 1.37 (130'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'021'307 1.17 204'186 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 6'403'800 1.06 - 29.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'796'472 0.63 289'797 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'474'386 0.58 (1'064'286) 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'987'994 0.5 120'702 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'917'838 0.48 6'788 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'667'376 0.44 (191'841) 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'407'518 0.4 (414'675) 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 1'314'060 0.22 12'465 31.01.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'310'054 0.22 28'645 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'212'526 0.2 46'158 31.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'200'968 0.2 380'695 30.11.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'149'062 0.19 - 31.01.2013 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 961'711 0.16 8'114 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 26.03.2013
DZ Bank AG MICHAEL PUNZET sell 1 M 65 12 month 26.03.2013
Kepler Capital Markets MICHAEL RAAB buy 5 M 83 Not Provided 25.03.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 74 Not Provided 25.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 22.03.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.03.2013
Nord/LB FRANK SCHWOPE sell 1 M 61 12 month 21.03.2013
JPMorgan JOSE ASUMENDI overweight 5 M 95 9 month 21.03.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 70 Not Provided 21.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 21.03.2013
Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 21.03.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 21.03.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 21.03.2013
AlphaValue HANS-PETER WODNIOK add 4 M 82 6 month 21.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013
Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 79 12 month 20.03.2013
Credit Suisse ERICH HAUSER outperform 5 M 80 Not Provided 20.03.2013
Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 18.03.2013
S&P Capital IQ RODERICK BRIDGE strong buy 5 M 83 12 month 14.03.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 12 month 13.03.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013
HSBC HORST SCHNEIDER neutral 3 M 82 Not Provided 01.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 83 Not Provided 01.02.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 D 92 12 month 10.01.2013
Natixis GEORGES DIENG buy 5 M 82 Not Provided 10.12.2012
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 77 12 month 26.11.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 08.11.2012
CA Cheuvreux THOMAS BESSON outperform 5 M 85 Not Provided 07.11.2012
Barclays KRISTINA CHURCH overweight 5 M 84 Not Provided 07.11.2012
Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012
Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012
Holdings By:
Bayerische Motoren Werke AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Linde AG is a gases and engineering company. The Gases Division offers a wide
range of industrial and medical gases mainly used in energy sector, steel
production, chemical processing, as well as in food processing. The Engineering
Division develops olefin plants, natural gas plants and air separation plants,
as well as hydrogen and synthesis gas plants.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2013) 147.40
52-Week Low (10.07.2012) 109.80
Daily Volume
143.5
52-Week High % Change -2.65% Dividend Yield -
52-Week Low % Change 30.69% Beta 0.81
% 52 Week Price Range High/Low 93.62% Equity Float 185.21
Shares Out 02.01.2013 185.2 Short Int -
26'579.84 1 Yr Total Return 9.38%
Total Debt 10'204.00 YTD Return 8.71%
Preferred Stock 0.0 Adjusted BETA 0.812
Minority Interest 564.0 Analyst Recs 43
Cash and Equivalents 2'041.00 Consensus Rating 4.000
Enterprise Value 35'306.84
Average Volume 5 Day 478'179
LIN GY EQUITY YTD Change - Average Volume 30 Day 520'485
LIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 501'067
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
12'663.0 11'211.0 12'868.0 13'787.0 15'280.0 13'787.0 15'280.0 17'124.8 18'253.0 4'107.8 4'278.5
1.34x 1.86x 1.97x 1.88x 2.17x 7.30x 8.22x 2.02x 1.86x 8.58x 8.28x
2'468.0 2'320.0 2'847.0 3'101.0 3'443.0 3'101.0 3'443.0 3'966.1 4'286.6 966.8 1'003.5
6.86x 8.97x 8.92x 8.37x 9.63x 8.37x 9.63x 8.90x 8.23x 8.72x -
717.0 591.0 1'005.0 1'174.0 1'250.0 1'174.0 1'250.0 1'506.7 1'723.6 339.5 371.0
14.02x 23.98x 19.12x 16.71x 18.78x 16.68x 18.78x 16.79x 14.84x 16.90x -
EBITDA 3'443.00 Long-Term Rating Date 25.05.2012
EBIT 1'905.00 Long-Term Rating A
Operating Margin 12.47% Long-Term Outlook STABLE
Pretax Margin 11.04% Short-Term Rating Date 25.05.2012
Return on Assets 4.01% Short-Term Rating A-1
Return on Common Equity 10.12%
Return on Capital - EBITDA/Interest Exp. 8.63
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 4.15
Net Debt/EBITDA 2.37
Gross Margin 36.2% Total Debt/EBITDA 2.96
EBITDA Margin 22.5%
EBIT Margin 12.5% Total Debt/Equity 77.9%
Net Income Margin 8.2% Total Debt/Capital 42.8%
Asset Turnover 0.49
Current Ratio 0.98 Net Fixed Asset Turnover 1.59
Quick Ratio 0.68 Accounts receivable turnover-days 55.44
Debt to Assets 30.48% Inventory Days 40.03
Tot Debt to Common Equity 77.93% Accounts Payable Turnover Day 102.56
Accounts Receivable Turnover 6.60 Cash Conversion Cycle -7.09
Inventory Turnover 9.14
Fiscal Year Ended
Linde AGPrice/Volume
Valuation Analysis
227'756.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK ADVISORS L n/a Research 9'252'936 5 - 14.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'717'675 4.71 626'980 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'880'592 3.71 (174'285) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'801'614 2.59 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'605'392 2.49 (340'139) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'402'491 2.38 155'280 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'880'191 2.09 (174'980) 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'572'241 1.39 61'948 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'850'348 1 (31'340) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'839'840 0.99 67'654 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'825'948 0.99 (678'316) 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'815'684 0.98 (20) 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'580'518 0.85 127'709 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'553'523 0.84 (293'938) 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'230'595 0.66 (17'345) 28.12.2012 Mutual Fund Manager
DODGE & COX Multiple Portfolios MF-AGG 820'205 0.44 - 29.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 776'040 0.42 (55'000) 30.11.2012 Investment Advisor
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 699'871 0.38 22'217 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 665'092 0.36 - 31.01.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 566'970 0.31 (121'000) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 149 12 month 27.03.2013
HSBC SEBASTIAN SATZ overweight 5 M 168 Not Provided 27.03.2013
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 137 Not Provided 26.03.2013
JPMorgan MARTIN EVANS overweight 5 M 160 12 month 20.03.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 160 12 month 19.03.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 160 Not Provided 18.03.2013
Societe Generale PETER CLARK buy 5 M 165 12 month 13.03.2013
Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 180 6 month 13.03.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 160 Not Provided 12.03.2013
AlphaValue HANS-PETER WODNIOK add 4 M 160 6 month 11.03.2013
Credit Suisse CHRIS COUNIHAN underperform 1 M 130 Not Provided 08.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 145 12 month 08.03.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 160 12 month 08.03.2013
M.M. Warburg Investment Research EGGERT KULS buy 5 M 165 12 month 08.03.2013
Bankhaus Metzler LARS HETTCHE buy 5 M 154 12 month 08.03.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 140 12 month 08.03.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 170 12 month 08.03.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 150 12 month 07.03.2013
Nord/LB THORSTEN STRAUSS buy 5 M 165 12 month 07.03.2013
Baader Bank NORBERT BARTH buy 5 M 153 12 month 07.03.2013
Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 160 Not Provided 07.03.2013
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 D 147 Not Provided 07.03.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA buy 5 M 155 12 month 07.03.2013
DZ Bank AG PETER SPENGLER hold 3 M 141 12 month 07.03.2013
Day by Day VALERIE GASTALDY buy 5 U 146 3 month 28.02.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 167 12 month 27.02.2013
Barclays GUNTHER ZECHMANN equalweight 3 M 139 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER buy 5 M 147 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Jefferies LAURENCE ALEXANDER buy 5 M 149 12 month 02.01.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 156 Not Provided 13.12.2012
Deutsche Bank TIMOTHY JONES buy 5 M 160 12 month 06.12.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 150 12 month 21.11.2012
CA Cheuvreux KLAUS RINGEL select list 5 M 153 Not Provided 30.10.2012
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.10.2012
Silvia Quandt Research RALF GROENEMEYER buy 5 M 160 12 month 29.10.2012
Alembic Global Advisors HASSAN I AHMED neutral 3 M 120 12 month 15.10.2012
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 08.10.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 114 Not Provided 18.05.2012
Holdings By:
Linde AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Vivendi, through its subsidiaries, conducts operations ranging from music, games
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.12.2012) 17.44
52-Week Low (19.04.2012) 12.01
Daily Volume
15.86
52-Week High % Change -9.03% Dividend Yield -
52-Week Low % Change 32.01% Beta 0.82
% 52 Week Price Range High/Low 75.56% Equity Float 1'147.24
Shares Out 06.03.2013 1'324.0 Short Int -
20'998.04 1 Yr Total Return 26.47%
Total Debt 17'757.00 YTD Return -6.43%
Preferred Stock 0.0 Adjusted BETA 0.823
Minority Interest 2'971.0 Analyst Recs 34
Cash and Equivalents 3'894.00 Consensus Rating 4.000
Enterprise Value 37'832.04
Average Volume 5 Day 5'534'172
VIV FP EQUITY YTD Change - Average Volume 30 Day 4'834'842
VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'108'304
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
25'392.0 27'132.0 28'878.0 28'813.0 28'994.0 28'813.0 28'994.0 28'836.1 29'153.0 6'982.0 6'523.0
1.55x 1.44x 1.29x 1.24x 1.35x 5.00x 4.98x 1.27x 1.22x - -
6'774.0 7'682.0 8'020.0 8'847.0 4'477.0 8'847.0 6'531.0 7'760.4 7'970.7 - -
5.82x 5.07x 4.64x 4.03x 8.77x 4.03x 6.01x 4.86x 4.73x - -
2'603.0 830.0 2'198.0 2'681.0 164.0 2'681.0 164.0 2'292.6 2'363.1 - -
10.43x 30.14x 11.35x 7.83x 130.38x 7.83x 118.88x 8.89x 8.37x - -
EBITDA 4'477.00 Long-Term Rating Date 26.10.2012
EBIT 3'230.00 Long-Term Rating BBB
Operating Margin 11.14% Long-Term Outlook NEG
Pretax Margin 7.27% Short-Term Rating Date 26.10.2012
Return on Assets 0.28% Short-Term Rating A-2
Return on Common Equity 0.87%
Return on Capital 6.63% EBITDA/Interest Exp. 16.72
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 10.36
Net Debt/EBITDA 2.12
Gross Margin 50.5% Total Debt/EBITDA 2.72
EBITDA Margin 22.5%
EBIT Margin 11.6% Total Debt/Equity 96.2%
Net Income Margin 0.6% Total Debt/Capital 45.3%
Asset Turnover 0.50
Current Ratio 0.69 Net Fixed Asset Turnover 3.06
Quick Ratio 0.19 Accounts receivable turnover-days -
Debt to Assets 29.84% Inventory Days 19.66
Tot Debt to Common Equity 96.17% Accounts Payable Turnover Day 360.74
Accounts Receivable Turnover - Cash Conversion Cycle -282.51
Inventory Turnover 18.62
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
Vivendi SAPrice/Volume
Valuation Analysis
2'578'674.00
Current Price (3/dd/yy) Market Data
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60'000.0
70'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 78'670'926 5.94 19'121 25.03.2013 Investment Advisor
CIE DE CORNOUAILLE S n/a Research 66'174'684 5 - 14.11.2012 Unclassified
SOCIETE GENERALE n/a Research 62'157'815 4.69 (36'465'062) 30.04.2012 Bank
AMUNDI n/a Research 57'756'435 4.36 (5'812'102) 14.05.2012 Investment Advisor
NATIXIS ASSET MANAGE n/a Research 57'389'860 4.33 29'924'444 10.05.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 48'191'364 3.64 - 31.12.2011 Government
FRANKLIN RESOURCES n/a ULT-AGG 34'074'702 2.57 415'302 31.12.2012 Investment Advisor
PEG VIVENDI n/a Co File 33'192'445 2.51 - 31.12.2011 Other
BAUPOST GROUP LLC n/a Co File 26'349'991 1.99 - 31.12.2011 Hedge Fund Manager
NORGES BANK INVESTME n/a Co File 25'862'423 1.95 - 31.12.2011 Government
QATAR HOLDINGS LLC n/a Co File 25'789'649 1.95 - 31.12.2011 Government
BANK OF AMERICA CORP n/a Co File 19'320'712 1.46 - 31.12.2011 Investment Advisor
UBS n/a ULT-AGG 18'802'966 1.42 65'633 31.01.2013 Unclassified
CREDIT SUISSE SECURI n/a Co File 17'995'960 1.36 - 31.12.2011 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'815'566 1.12 1'246'283 31.01.2013 Mutual Fund Manager
GROUPE BOLLORE n/a Co File 14'021'059 1.06 - 31.12.2011 Holding Company
HSBC HOLDINGS PLC n/a Co File 13'811'784 1.04 - 31.12.2011 Investment Advisor
FMR LLC n/a ULT-AGG 13'716'052 1.04 (5'089'327) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'307'220 1.01 673'572 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 13'250'434 1 (4'398) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 20 9 month 27.03.2013
Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 27.03.2013
Barclays JULIEN ROCH overweight 5 M 18 Not Provided 26.03.2013
Societe Generale CHRISTOPHE CHERBLANC buy 5 M 17 12 month 25.03.2013
Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 25.03.2013
Credit Suisse OMAR SHEIKH outperform 5 M 19 Not Provided 21.03.2013
Jefferies WILL SMITH buy 5 M 19 12 month 21.03.2013
Nomura MATTHEW WALKER neutral 3 D 18 Not Provided 18.03.2013
Macquarie ANGUS TWEEDIE outperform 5 M 17 12 month 15.03.2013
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 17 12 month 13.03.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 19 12 month 12.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.03.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 08.03.2013
Kepler Capital Markets CONOR O'SHEA buy 5 M 19 Not Provided 07.03.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 23 6 month 28.02.2013
CA Cheuvreux ANDREA BENEVENTI outperform 5 M 17 Not Provided 27.02.2013
S&P Capital IQ ALEXANDER WISCH strong buy 5 M 18 12 month 27.02.2013
Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 19 Not Provided 27.02.2013
Goldman Sachs RICHARD JONES neutral/neutral 3 M 18 12 month 26.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 17 12 month 26.02.2013
CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 17 12 month 26.02.2013
New Street Research RUSSELL WALLER neutral 3 M 17 Not Provided 26.02.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 18 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.02.2013
HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 31.01.2013
Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 Not Provided 23.01.2013
Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 U 18 Not Provided 15.11.2012
Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 24.10.2012
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 D 17 Not Provided 15.10.2012
Natixis JEROME BODIN buy 5 M 22 Not Provided 21.09.2012
Deutsche Bank PATRICK KIRBY hold 3 M 16 12 month 01.03.2012
DZ Bank AG HARALD HEIDER buy 5 M 23 12 month 06.12.2011
Holdings By:
Vivendi SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (27.03.2012) 39.93
52-Week Low (01.06.2012) 31.23
Daily Volume
34.885
52-Week High % Change -12.65% Dividend Yield 3.15
52-Week Low % Change 11.70% Beta 1.10
% 52 Week Price Range High/Low 52.16% Equity Float 506.38
Shares Out 06.02.2013 579.6 Short Int -
20'219.66 1 Yr Total Return -6.96%
Total Debt 20'193.80 YTD Return -2.99%
Preferred Stock 0.0 Adjusted BETA 1.099
Minority Interest 735.4 Analyst Recs 31
Cash and Equivalents 6'516.10 Consensus Rating 4.290
Enterprise Value 34'632.76
Average Volume 5 Day 2'285'345
DG FP EQUITY YTD Change - Average Volume 30 Day 1'767'313
DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'594'406
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 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
33'930.3 31'177.7 34'002.8 37'646.1 39'183.2 33'699.5 37'494.5 38'942.5 39'734.8 10'174.8 -
0.90x 1.09x 1.07x 0.86x 0.86x 0.00x 0.00x 0.86x 0.81x - -
5'009.2 4'813.1 5'165.6 5'445.9 5'507.8 0.0 0.0 5'540.9 5'701.2 - -
6.09x 7.03x 7.01x 5.93x 6.12x 0.00x 0.00x 6.25x 6.07x - -
1'591.4 1'596.0 1'775.9 1'904.3 1'916.7 0.0 0.0 1'936.2 2'025.9 - -
8.85x 12.07x 12.14x 9.59x 10.07x 0.00x 0.00x 9.92x 9.38x - -
EBITDA 5'507.80 Long-Term Rating Date 29.03.2007
EBIT 3'568.90 Long-Term Rating BBB+
Operating Margin 9.11% Long-Term Outlook STABLE
Pretax Margin 7.64% Short-Term Rating Date 24.04.2001
Return on Assets 3.14% Short-Term Rating A-2
Return on Common Equity 14.62%
Return on Capital 7.32% EBITDA/Interest Exp. 7.58
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 4.83
Net Debt/EBITDA 2.51
Gross Margin - Total Debt/EBITDA 3.70
EBITDA Margin 14.1%
EBIT Margin 9.3% Total Debt/Equity 151.4%
Net Income Margin 4.9% Total Debt/Capital 58.9%
Asset Turnover 0.63
Current Ratio 0.87 Net Fixed Asset Turnover 8.40
Quick Ratio 0.46 Accounts receivable turnover-days 56.37
Debt to Assets 32.79% Inventory Days -
Tot Debt to Common Equity 151.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.49 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Vinci SAPrice/Volume
Valuation Analysis
1'351'173.00
Current Price (3/dd/yy) Market Data
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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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VINCI SA n/a Research 40'940'297 7.06 - 31.12.2012 Corporation
COMET LUXEMBOURG HLD n/a Research 31'714'315 5.47 - 31.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 13'142'000 2.27 2'679'200 31.12.2012 Investment Advisor
ARTEMIS SA n/a Research 8'072'735 1.39 - 31.12.2012 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 7'915'159 1.37 398'303 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'462'669 0.94 9'442 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'401'971 0.93 176'206 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'772'800 0.82 (22'333) 31.01.2013 Mutual Fund Manager
FMR LLC n/a ULT-AGG 4'772'712 0.82 1'057'163 31.01.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 2'633'758 0.45 - 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'147'140 0.37 (2'838) 31.12.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'114'012 0.36 (27'232) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'945'486 0.34 19'058 31.12.2012 Mutual Fund Manager
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'663'965 0.29 133'200 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'658'463 0.29 (38'563) 31.01.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'457'470 0.25 53'000 28.09.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'405'036 0.24 - 25.03.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'335'216 0.23 (287'348) 28.02.2013 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 1'325'000 0.23 (180'000) 28.09.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1'235'358 0.21 106'285 30.11.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James ARNAUD PALLIEZ outperform 5 M 45 12 month 22.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 21.03.2013
Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 20.03.2013
HSBC PIERRE BOSSET neutral 3 M 40 Not Provided 19.03.2013
BPI FILIPE MARTINS LEITE buy 5 M 48 Not Provided 07.03.2013
Aurel - BGC ERIC LEMARIE hold 3 M 39 Not Provided 07.03.2013
AlphaValue GAETAN DUPONT buy 5 M 50 6 month 07.03.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 26.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 11.02.2013
Natixis GREGOIRE THIBAULT buy 5 M 48 Not Provided 07.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 40 12 month 06.02.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 44 12 month 06.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 45 12 month 06.02.2013
S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 45 12 month 06.02.2013
Exane BNP Paribas NICOLAS MORA neutral 3 M 41 Not Provided 01.02.2013
Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 30.01.2013
RBC Capital Markets OLIVIA PETERS sector perform 3 M 40 12 month 29.01.2013
Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013
Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 42 12 month 15.01.2013
Goldman Sachs WILL MORGAN Buy/Neutral 5 M 46 12 month 14.01.2013
CA Cheuvreux NABIL AHMED outperform 5 M 43 Not Provided 21.11.2012
JPMorgan ELODIE RALL overweight 5 M 49 6 month 17.09.2012
DZ Bank AG MARC NETTELBECK buy 5 M 41 12 month 17.09.2012
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 37 Not Provided 01.08.2012
Oddo & Cie OLIVIER BECKER buy 5 M 49 Not Provided 01.08.2012
Kepler Capital Markets JOSEP PUJAL buy 5 M 50 Not Provided 01.08.2012
Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012
Holdings By:
Vinci SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Enel S.p.A. generates, transmits, distributes, and trades electricity. The
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 3.30
52-Week Low (24.07.2012) 2.02
Daily Volume
2.52
52-Week High % Change -23.64% Dividend Yield -
52-Week Low % Change 24.75% Beta 0.97
% 52 Week Price Range High/Low 42.66% Equity Float 6'465.37
Shares Out 31.12.2012 9'403.4 Short Int -
23'696.46 1 Yr Total Return -3.75%
Total Debt 66'539.00 YTD Return -19.69%
Preferred Stock 0.0 Adjusted BETA 0.974
Minority Interest 16'387.0 Analyst Recs 31
Cash and Equivalents 9'891.00 Consensus Rating 3.226
Enterprise Value 96'731.46
Average Volume 5 Day 46'363'300
ENEL IM EQUITY YTD Change - Average Volume 30 Day 44'604'800
ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 41'932'950
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
59'577.0 62'498.0 71'943.0 77'573.0 82'699.0 77'573.0 82'699.0 80'436.6 81'118.4 - -
1.53x 1.85x 1.56x 1.34x 1.24x 5.64x 4.86x 1.02x 0.97x - -
13'722.0 15'883.0 16'768.0 17'198.0 16'150.0 15'554.0 16'150.0 16'142.6 16'318.0 - -
6.63x 7.29x 6.68x 6.03x 6.35x 0.00x 6.35x 5.99x 5.93x - -
5'293.0 5'586.0 4'390.0 4'148.0 865.0 4'148.0 865.0 3'175.2 3'309.3 - -
5.54x 5.90x 8.01x 7.13x 34.87x 7.08x 34.87x 7.54x 7.18x - -
EBITDA 16'150.00 Long-Term Rating Date 08.03.2012
EBIT 7'735.00 Long-Term Rating BBB+
Operating Margin 9.35% Long-Term Outlook NEG
Pretax Margin 5.83% Short-Term Rating Date 14.12.2007
Return on Assets 0.51% Short-Term Rating A-2
Return on Common Equity 2.29%
Return on Capital - EBITDA/Interest Exp. 6.25
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.72
Net Debt/EBITDA 3.51
Gross Margin - Total Debt/EBITDA 4.12
EBITDA Margin 19.5%
EBIT Margin 9.4% Total Debt/Equity 181.0%
Net Income Margin 1.0% Total Debt/Capital 55.6%
Asset Turnover 0.48
Current Ratio 1.09 Net Fixed Asset Turnover 1.01
Quick Ratio 0.61 Accounts receivable turnover-days 51.53
Debt to Assets 38.76% Inventory Days -
Tot Debt to Common Equity 180.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.10 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Enel SpAPrice/Volume
Valuation Analysis
29'170'187.00
Current Price (3/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
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80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government
BLACKROCK n/a ULT-AGG 99'021'197 1.05 705'523 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 68'602'047 0.73 2'529'990 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 52'151'916 0.55 (26'014'603) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'181'320 0.32 5'582'196 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 17'684'685 0.19 - 25.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 14'303'336 0.15 1'277'038 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 13'120'169 0.14 6'820'235 31.01.2013 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 12'861'686 0.14 216'500 28.02.2013 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 9'428'887 0.1 775'921 28.02.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 9'331'460 0.1 317'904 28.02.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8'892'727 0.09 (165'071) 31.01.2013 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 8'055'396 0.09 61'977 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'830'955 0.08 23'874 31.01.2013 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 7'754'520 0.08 (198'780) 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'123'096 0.08 3'250'432 28.12.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'012'498 0.07 39'692 26.03.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6'929'768 0.07 - 31.01.2013 Mutual Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'732'826 0.06 185'790 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 5'696'253 0.06 (1'361'003) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan JAVIER GARRIDO underweight 1 D 3 12 month 25.03.2013
Exane BNP Paribas PHILIP GOTTSCHALK underperform 1 M 3 Not Provided 25.03.2013
HSBC ADAM DICKENS underweight 1 M 2 Not Provided 21.03.2013
Banca IMI ROBERTO RANIERI Under Review #N/A N/A M #N/A N/A Not Provided 19.03.2013
ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 19.03.2013
Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 3 12 month 18.03.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 18.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.03.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 15.03.2013
Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 12 month 14.03.2013
Societe Generale ALBERTO PONTI buy 5 M 3 12 month 14.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 3 12 month 14.03.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 3 Not Provided 14.03.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 14.03.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013
Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 13.03.2013
Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 13.03.2013
Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 4 12 month 11.03.2013
AlphaValue MYRIAM COHEN buy 5 M 4 6 month 07.03.2013
Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 05.03.2013
Centrobanca EDOARDO MONTALBANO hold 3 M 3 Not Provided 08.02.2013
Nomura JAVIER SUAREZ reduce 2 M 3 12 month 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 3 12 month 06.02.2013
Berenberg Bank ANDREW FISHER hold 3 N 3 Not Provided 05.02.2013
Barclays SUSANNA INVERNIZZI equalweight 3 M 4 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 30.11.2012
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012
Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012
DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011
Holdings By:
Enel SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Heineken NV produces and distributes beverages internationally. The Company
produces beers, spirits, wines, and soft drinks under various brand names.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 60.20
52-Week Low (19.06.2012) 37.04
Daily Volume
59.34
52-Week High % Change -1.41% Dividend Yield 1.50
52-Week Low % Change 60.23% Beta 0.72
% 52 Week Price Range High/Low 99.57% Equity Float 229.43
Shares Out 31.12.2012 576.0 Short Int -
34'180.00 1 Yr Total Return 43.57%
Total Debt 13'380.00 YTD Return 17.57%
Preferred Stock 0.0 Adjusted BETA 0.717
Minority Interest 1'071.0 Analyst Recs 36
Cash and Equivalents 1'048.00 Consensus Rating 3.167
Enterprise Value 47'583.00
Average Volume 5 Day 603'411
HEIA NA EQUITY YTD Change - Average Volume 30 Day 729'858
HEIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 730'591
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
14'319.0 14'701.0 16'133.0 17'123.0 18'383.0 17'123.0 18'383.0 20'510.0 21'472.0 - -
1.42x 1.68x 1.85x 1.72x 2.31x 0.00x 0.00x 2.28x 2.12x - -
2'388.0 2'713.0 3'413.0 3'383.0 3'471.0 0.0 0.0 4'576.0 4'915.8 - -
8.51x 9.13x 8.73x 8.70x 12.24x 0.00x 0.00x 10.40x 9.68x - -
209.0 1'018.0 1'447.0 1'430.0 2'949.0 1'430.0 2'949.0 1'873.1 2'124.3 - -
50.93x 15.99x 14.28x 14.66x 9.84x 14.64x 9.84x 18.14x 16.09x - -
EBITDA 3'471.00 Long-Term Rating Date 02.10.2012
EBIT 2'206.00 Long-Term Rating BBB+
Operating Margin 12.00% Long-Term Outlook STABLE
Pretax Margin 19.77% Short-Term Rating Date 02.10.2012
Return on Assets 9.35% Short-Term Rating A-2
Return on Common Equity 27.48%
Return on Capital 15.70% EBITDA/Interest Exp. 6.30
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 4.18
Net Debt/EBITDA 3.50
Gross Margin - Total Debt/EBITDA 3.80
EBITDA Margin 19.2%
EBIT Margin 12.0% Total Debt/Equity 114.4%
Net Income Margin 16.0% Total Debt/Capital 51.2%
Asset Turnover 0.58
Current Ratio 0.71 Net Fixed Asset Turnover 2.21
Quick Ratio 0.39 Accounts receivable turnover-days -
Debt to Assets 37.19% Inventory Days -
Tot Debt to Common Equity 114.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Heineken NVPrice/Volume
Valuation Analysis
401'206.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HEINEKEN HOLDING NV n/a Research 288'030'112 50 - 30.07.2011 Corporation
CB EQUITY LLP n/a Research 58'426'684 10.14 - 29.06.2011 Holding Company
SUN LIFE FINANCIAL I n/a ULT-AGG 26'749'481 4.64 (1'036'753) 31.01.2013 Investment Advisor
CREDIT SUISSE GROUP n/a Research 19'749'284 3.43 - 04.05.2010 Investment Advisor
DAVIS INVESTMENTS LL n/a Research 8'514'203 1.48 - 16.02.2012 Other
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'894'332 1.2 3'372'552 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'732'907 0.82 4'253'020 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'390'445 0.59 53'695 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 2'588'234 0.45 - 21.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'240'550 0.39 (429'726) 31.01.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 2'205'111 0.38 - 28.02.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 2'110'234 0.37 2'442 25.03.2013 Investment Advisor
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 1'540'251 0.27 49'679 31.01.2013 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'287'725 0.22 (64'810) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'280'256 0.22 (45'616) 31.01.2013 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 1'165'000 0.2 - 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 853'141 0.15 99'498 31.01.2013 Mutual Fund Manager
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 837'474 0.15 (28'080) 31.05.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 694'714 0.12 (48'250) 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 658'436 0.11 96'772 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KBC Securities WIM HOSTE buy 5 M 62 Not Provided 26.03.2013
SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 50 12 month 26.03.2013
Rabobank International KAREL ZOETE hold 3 M 55 Not Provided 26.03.2013
Nomura IAN SHACKLETON neutral 3 M 54 12 month 25.03.2013
Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 64 12 month 22.03.2013
ING Bank MARCO GULPERS buy 5 M 65 12 month 22.03.2013
AlphaValue ISABELLE COMBEMALE add 4 M 61 6 month 21.03.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 53 Not Provided 20.03.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 62 12 month 11.03.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 08.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 45 12 month 05.03.2013
Societe Generale ANDREW HOLLAND buy 5 M 62 12 month 26.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 64 Not Provided 22.02.2013
JPMorgan MIKE J GIBBS neutral 3 M 57 9 month 21.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 20.02.2013
Deutsche Bank JONATHAN FELL buy 5 M 60 12 month 14.02.2013
Natixis JOSEPHINE CHEVALLIER buy 5 M 60 Not Provided 14.02.2013
Day by Day VALERIE GASTALDY buy 5 M 59 3 month 14.02.2013
Barclays SAMAR CHAND underweight 1 M 48 Not Provided 14.02.2013
Kempen & Co SANDER VAN OORT hold 3 M 48 12 month 13.02.2013
Jefferies DIRK VAN VLAANDEREN underperform 1 M 43 12 month 13.02.2013
HSBC LAUREN E TORRES neutral 3 M 56 Not Provided 13.02.2013
Petercam KRIS KIPPERS hold 3 M 50 Not Provided 13.02.2013
Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 67 6 month 13.02.2013
S&P Capital IQ CARL SHORT hold 3 D 56 12 month 13.02.2013
Berenberg Bank PHILIP MORRISEY hold 3 M 49 Not Provided 07.02.2013
Theodoor Gilissen Securities TOM MULLER hold 3 M 54 Not Provided 22.01.2013
Grupo Santander ANTHONY J BUCALO hold 3 M 57 Not Provided 21.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 55 Not Provided 21.01.2013
Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 56 12 month 09.01.2013
Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 10.12.2012
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 45 Not Provided 20.09.2012
Credit Suisse SANJEET AUJLA not rated #N/A N/A M #N/A N/A Not Provided 28.08.2012
Davy BARRY GALLAGHER underperform 1 M #N/A N/A Not Provided 14.08.2012
Kepler Capital Markets TEAM COVERAGE reduce 2 N 34 Not Provided 27.09.2011
Holdings By:
Heineken NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
RWE AG generates, distributes, and trades electricity to municipal, industrial,
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 36.90
52-Week Low (08.02.2013) 26.36
Daily Volume
28.75
52-Week High % Change -22.06% Dividend Yield -
52-Week Low % Change 9.09% Beta 1.04
% 52 Week Price Range High/Low 25.47% Equity Float 482.66
Shares Out 31.12.2012 575.7 Short Int -
17'589.37 1 Yr Total Return -16.43%
Total Debt 19'946.00 YTD Return -7.97%
Preferred Stock 0.0 Adjusted BETA 1.045
Minority Interest 1'613.0 Analyst Recs 40
Cash and Equivalents 5'276.00 Consensus Rating 2.600
Enterprise Value 33'872.37
Average Volume 5 Day 3'724'111
RWE GY EQUITY YTD Change - Average Volume 30 Day 3'644'462
RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'415'407
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
47'500.0 46'191.0 50'722.0 49'153.0 50'771.0 49'153.0 39'773.0 53'465.5 54'236.9 - -
0.88x 1.10x 0.85x 0.65x 0.70x 2.84x 3.72x 0.64x 0.64x - -
7'903.0 9'655.0 9'230.0 8'286.0 9'055.0 6'912.0 7'228.0 8'830.9 8'611.2 - -
5.30x 5.28x 4.68x 3.88x 3.92x 4.66x 0.00x 3.84x 3.93x - -
2'558.0 3'571.0 3'308.0 1'806.0 1'306.0 1'806.0 1'033.0 2'432.1 2'216.3 - -
10.69x 10.33x 8.05x 8.10x 14.67x 8.13x 0.00x 7.36x 8.08x - -
EBITDA 9'055.00 Long-Term Rating Date 27.07.2012
EBIT 3'699.00 Long-Term Rating BBB+
Operating Margin 7.29% Long-Term Outlook STABLE
Pretax Margin 4.39% Short-Term Rating Date 08.06.2011
Return on Assets - Short-Term Rating A-2
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 7.25
Asset Turnover - (EBITDA-Capex)/Interest Exp. 3.18
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 134.6%
Net Income Margin 2.6% Total Debt/Capital 54.8%
Asset Turnover -
Current Ratio 1.02 Net Fixed Asset Turnover -
Quick Ratio 0.55 Accounts receivable turnover-days -
Debt to Assets 22.61% Inventory Days -
Tot Debt to Common Equity 134.55% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
RWE AGPrice/Volume
Valuation Analysis
1'822'188.00
Current Price (3/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
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100'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RW ENERGIE-BETEILIGU n/a Co File 86'361'823 15 - 31.12.2012 Other
BLACKROCK n/a ULT-AGG 28'787'275 5 - 25.03.2013 Investment Advisor
CREDIT SUISSE GROUP n/a Research 28'008'409 4.86 - 04.05.2012 Investment Advisor
MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 16.05.2012 Hedge Fund Manager
SOCIETE GENERALE SA n/a Research 6'421'155 1.12 - 19.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 5'726'000 0.99 4'226'000 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'509'049 0.96 3'963'686 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'122'429 0.89 196'272 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'919'473 0.51 78'546 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'349'710 0.41 (446'152) 28.12.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'317'638 0.4 (565'153) 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'358'033 0.24 - 25.03.2013 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'146'153 0.2 - 26.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'066'091 0.19 (298'847) 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'043'884 0.18 (164'548) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 986'543 0.17 (1'416'019) 31.01.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 928'678 0.16 79'174 31.10.2012 Mutual Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 900'000 0.16 900'000 31.01.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 845'432 0.15 (13'576) 31.01.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 822'801 0.14 800'000 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK sector perform 3 M 28 12 month 27.03.2013
HSBC ADAM DICKENS underweight 1 M 23 Not Provided 26.03.2013
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 32 Not Provided 25.03.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 29 6 month 22.03.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 21.03.2013
Redburn Partners AHMED FARMAN buy 5 M #N/A N/A Not Provided 18.03.2013
Grupo Santander OSCAR NAJAR RIOS underweight 1 M #N/A N/A Not Provided 12.03.2013
JPMorgan VINCENT DE BLIC underweight 1 M 28 9 month 12.03.2013
Nomura MARTIN YOUNG reduce 2 M 25 Not Provided 12.03.2013
AlphaValue EILEEN RYAN buy 5 M 34 6 month 12.03.2013
Goldman Sachs DEBORAH WILKENS neutral/neutral 3 M 36 12 month 11.03.2013
Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 08.03.2013
DZ Bank AG MARC NETTELBECK buy 5 M 35 12 month 08.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 25 Not Provided 07.03.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 07.03.2013
Societe Generale ALBERTO PONTI sell 1 M 24 12 month 06.03.2013
Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 33 12 month 06.03.2013
Nord/LB HEINO HAMMANN hold 3 M 31 12 month 06.03.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 25 12 month 06.03.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 29 12 month 06.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 30 12 month 05.03.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 34 12 month 05.03.2013
Kepler Capital Markets INGO BECKER reduce 2 M 27 Not Provided 05.03.2013
Main First Bank AG ANDREAS THIELEN underperform 1 D 29 12 month 01.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Credit Suisse VINCENT GILLES underperform 1 M 28 Not Provided 06.02.2013
Berenberg Bank LAWSON STEELE sell 1 N 25 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 34 Not Provided 28.01.2013
Barclays PETER BISZTYGA underweight 1 M 27 Not Provided 25.01.2013
Macquarie ROBERT SCHRAMM-FUCHS neutral 3 D 30 12 month 22.01.2013
Steubing AG MICHAEL BROEKER buy 5 M 60 Not Provided 14.01.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 11.01.2013
Deutsche Bank ALEXANDER KARNICK sell 1 D 27 12 month 07.01.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 34 Not Provided 05.11.2012
CA Cheuvreux SEBASTIAN KAUFFMANN outperform 5 D 38 Not Provided 14.06.2012
Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 06.03.2012
Holdings By:
RWE AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Iberdrola S.A. generates, distributes, trades, and markets electricity in
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 4.29
52-Week Low (26.07.2012) 2.63
Daily Volume
3.65
52-Week High % Change -15.01% Dividend Yield -
52-Week Low % Change 38.78% Beta 1.05
% 52 Week Price Range High/Low 65.44% Equity Float 5'243.95
Shares Out 03.01.2013 6'281.2 Short Int -
22'926.32 1 Yr Total Return -7.90%
Total Debt 32'884.10 YTD Return -9.97%
Preferred Stock 0.0 Adjusted BETA 1.052
Minority Interest 324.8 Analyst Recs 36
Cash and Equivalents 6'575.55 Consensus Rating 3.361
Enterprise Value 49'559.69
Average Volume 5 Day 59'983'380
IBE SQ EQUITY YTD Change - Average Volume 30 Day 44'976'740
IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 39'179'290
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
24'889.3 25'891.9 30'431.0 31'648.0 34'201.2 32'095.3 34'848.9 33'387.7 34'470.0 - -
2.53x 2.39x 1.90x 1.76x 1.52x 8.28x 5.91x 1.54x 1.46x - -
6'105.6 6'197.0 6'857.9 7'000.4 7'177.7 7'004.8 7'685.6 7'606.5 7'904.4 2'289.0 1'696.0
10.31x 10.00x 8.42x 7.95x 7.25x 7.94x 6.77x 6.52x 6.27x 6.48x -
2'553.7 2'824.3 2'870.9 2'804.5 2'840.7 2'804.6 2'840.7 2'497.0 2'695.0 916.0 440.0
11.20x 12.54x 10.95x 10.04x 9.14x 10.09x 8.92x 9.06x 8.64x - -
EBITDA 7'177.74 Long-Term Rating Date 28.11.2012
EBIT 3'828.04 Long-Term Rating BBB
Operating Margin 11.19% Long-Term Outlook STABLE
Pretax Margin 8.99% Short-Term Rating Date 26.11.2007
Return on Assets 2.93% Short-Term Rating A-2
Return on Common Equity 8.52%
Return on Capital - EBITDA/Interest Exp. 4.82
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 2.20
Net Debt/EBITDA 3.42
Gross Margin 36.8% Total Debt/EBITDA 4.28
EBITDA Margin 22.1%
EBIT Margin 12.4% Total Debt/Equity 97.4%
Net Income Margin 8.3% Total Debt/Capital 49.1%
Asset Turnover 0.36
Current Ratio 1.11 Net Fixed Asset Turnover -
Quick Ratio 0.92 Accounts receivable turnover-days 61.92
Debt to Assets 33.97% Inventory Days 34.18
Tot Debt to Common Equity 97.41% Accounts Payable Turnover Day 104.74
Accounts Receivable Turnover 5.91 Cash Conversion Cycle -6.92
Inventory Turnover 10.71
Fiscal Year Ended
Iberdrola SAPrice/Volume
Valuation Analysis
16'726'258.00
Current Price (3/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
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20'000.0
25'000.0
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35'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR INVESTMENT AUT n/a Co File 514'250'814 8.19 - 31.12.2012 Government
ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.61 - 31.12.2012 Corporation
BANCAJA (VALENCIA CA n/a Co File 314'887'559 5.01 - 31.12.2012 Bank
BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.93 (13'299'908) 24.01.2013 Bank
NATIXIS n/a Co File 277'971'800 4.43 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 266'519'132 4.24 1'999'736 25.03.2013 Investment Advisor
SOCIETE GENERALE n/a Co File 182'216'094 2.9 - 17.01.2013 Bank
IBERDROLA SA n/a Co File 83'188'438 1.32 - 31.12.2012 Corporation
AMUNDI Multiple Portfolios MF-AGG 60'811'776 0.97 9'929'612 31.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'196'587 0.66 2'388'677 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 26'238'031 0.42 6'809'180 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 17'171'395 0.27 (1'721'294) 28.02.2013 Investment Advisor
DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 13'973'808 0.22 - 25.03.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'214'700 0.21 7'602'990 28.09.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'811'697 0.14 (673'854) 31.01.2013 Investment Advisor
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 8'353'126 0.13 1'181'206 31.01.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 8'200'000 0.13 - 30.11.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 7'236'945 0.12 263'277 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'034'262 0.11 1'750'634 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale JORGE ALONSO SUILS buy 5 M 5 12 month 25.03.2013
JPMorgan JAVIER GARRIDO underweight 1 D 4 12 month 25.03.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 25.03.2013
Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 22.03.2013
HSBC ADAM DICKENS neutral 3 M 4 Not Provided 21.03.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Goldman Sachs FRED BARASI neutral/neutral 3 M 5 12 month 11.03.2013
BPI GONZALO SANCHEZ-BORDONA buy 5 M 5 Not Provided 07.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 4 Not Provided 20.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 4 12 month 20.02.2013
Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 15.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 15.02.2013
Nomura JAVIER SUAREZ reduce 2 M 4 12 month 15.02.2013
Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 4 12 month 14.02.2013
Credit Suisse STEFANO BEZZATO outperform 5 M 5 Not Provided 14.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 4 12 month 14.02.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 14.02.2013
BBVA ISIDORO DEL ALAMO market perform 3 D 4 Not Provided 12.02.2013
Berenberg Bank ANDREW FISHER hold 3 N 4 Not Provided 05.02.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 05.02.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 M 5 Not Provided 04.02.2013
La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 5 Not Provided 28.01.2013
Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS underweight 1 M 4 Not Provided 14.01.2013
BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012
Deutsche Bank VIRGINIA SANZ DE MADRID buy 5 U 5 12 month 29.10.2012
Natixis PHILIPPE OURPATIAN neutral 3 M 4 Not Provided 25.10.2012
Macquarie SHAI HILL underperform 1 M 3 12 month 19.10.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012
Holdings By:
Iberdrola SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens,
and children. The Company sells a variety trendy, sporty, and classic garments
in addition to accessories such as jewelery, bags, and scarves, and cosmetics.
H&M owns and operates stores in many European countries and the United States.
Latest Fiscal Year: 11/2012
LTM as of: 02/yy
52-Week High (02.08.2012) 257.30
52-Week Low (04.06.2012) 207.00
Daily Volume
231.2
52-Week High % Change -10.07% Dividend Yield -
52-Week Low % Change 11.69% Beta 0.93
% 52 Week Price Range High/Low 49.11% Equity Float -
Shares Out 26.03.2013 1'460.7 Short Int -
382'652.63 1 Yr Total Return -3.08%
Total Debt 0.00 YTD Return 2.98%
Preferred Stock 0.0 Adjusted BETA 0.929
Minority Interest 0.0 Analyst Recs 38
Cash and Equivalents 17'143.00 Consensus Rating 2.342
Enterprise Value 363'693.64
Average Volume 5 Day 3'838'862
HMB SS EQUITY YTD Change - Average Volume 30 Day 3'430'710
HMB SS EQUITY YTD % CHANGE - Average Volume 3 Month 3'123'838
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 02/yy 02/yy 11/13 Y 11/14 Y 05/13 Q2 08/13 Q3
88'532.0 101'393.0 108'483.0 109'999.0 120'799.0 113'328.0 121'358.0 128'879.7 142'622.2 33'052.8 31'300.9
2.53x 3.15x 3.39x 3.03x 2.82x 12.17x 11.80x 2.84x 2.57x 11.22x 11.81x
22'340.0 24'474.0 27'720.0 23'641.0 25'459.0 23'862.0 25'182.0 26'755.0 29'907.0 7'972.2 6'339.8
10.02x 13.04x 13.28x 14.08x 13.36x 15.57x 14.50x 13.59x 12.16x 13.09x 12.68x
15'294.0 16'384.0 18'681.0 15'821.0 16'867.0 15'942.0 16'586.0 17'756.4 19'856.9 5'341.4 4'126.4
16.12x 20.82x 21.03x 22.39x 21.19x 24.69x 23.16x 21.51x 19.22x 21.17x 20.74x
EBITDA 25'459.00 Long-Term Rating Date -
EBIT 21'754.00 Long-Term Rating -
Operating Margin 18.01% Long-Term Outlook -
Pretax Margin 18.45% Short-Term Rating Date -
Return on Assets 27.69% Short-Term Rating -
Return on Common Equity 36.26%
Return on Capital 36.27% EBITDA/Interest Exp. 5091.80
Asset Turnover 2.03% (EBITDA-Capex)/Interest Exp. 3877.60
Net Debt/EBITDA -0.75
Gross Margin 59.5% Total Debt/EBITDA 0.00
EBITDA Margin 20.8%
EBIT Margin 17.6% Total Debt/Equity 0.0%
Net Income Margin 14.0% Total Debt/Capital 0.0%
Asset Turnover 2.03
Current Ratio 2.66 Net Fixed Asset Turnover 6.76
Quick Ratio 1.38 Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days 96.98
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 84.41
Inventory Turnover 3.76
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
Hennes & Mauritz ABPrice/Volume
Valuation Analysis
1'034'423.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PERSSON STEFAN n/a Research 429'449'332 29.4 - 31.01.2013 n/a
THAM LOTTIE n/a Research 88'080'400 6.03 - 31.01.2013 n/a
ALECTA PENSIONSFORSA n/a Research 65'340'000 4.47 - 31.01.2013 Pension Fund (ERISA)
SWEDBANK ROBUR FONDE n/a Research 46'207'198 3.16 - 31.01.2013 Investment Advisor
SEB n/a ULT-AGG 34'110'194 2.34 (1'369'533) 13.01.2013 Unclassified
AMF FORAKRING OCH FO n/a Research 33'183'861 2.27 - 31.01.2013 n/a
CLEARSTREAM BANKING n/a Research 29'003'861 1.99 - 31.01.2013 Bank
JP MORGAN CHASE BANK n/a Research 28'345'566 1.94 - 31.01.2013 Investment Advisor
SSB CL OMNIBUS n/a Research 27'316'541 1.87 - 31.01.2013 Other
FOLKSAM GROUP n/a Research 17'812'084 1.22 - 28.09.2012 Insurance Company
AFA FORSAKRINGAR n/a Research 17'365'420 1.19 - 31.01.2013 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 16'296'650 1.12 (10'445'500) 31.12.2012 Investment Advisor
FJARDE AP-FONDEN n/a Research 15'518'751 1.06 - 31.01.2013 Pension Fund (ERISA)
HANDELSBANKEN FONDER n/a Research 15'328'521 1.05 - 28.09.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 14'537'070 1 2'239'650 28.02.2013 Investment Advisor
BENGTSSON JAN n/a Research 14'222'030 0.97 - 31.01.2013 n/a
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'523'874 0.93 - 31.01.2013 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 12'305'880 0.84 2'337'150 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU n/a Research 11'904'522 0.82 - 31.01.2013 Mutual Fund Manager
FORSTA AP FONDEN n/a Research 10'964'430 0.75 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas SIMON BOWLER underperform 1 M 190 Not Provided 27.03.2013
ISI Group OMAR SAAD neutral 3 M 230 12 month 24.03.2013
ABG Sundal Collier ANDREAS LUNDBERG hold 3 M 220 6 month 22.03.2013
Sanford C. Bernstein & Co JAMIE MERRIMAN underperform 1 M 195 12 month 22.03.2013
Raymond James CEDRIC LECASBLE underperform 1 M 196 12 month 22.03.2013
HSBC PAUL ROSSINGTON underweight 1 D 230 Not Provided 22.03.2013
SEB Enskilda NICKLAS FHARM buy 5 M 255 Not Provided 22.03.2013
Cantor Fitzgerald ALLEGRA PERRY sell 1 M 200 Not Provided 22.03.2013
Nordea Equity Research STEFAN STJERNHOLM sell 1 M 215 12 month 22.03.2013
Handelsbanken ERIK SANDSTEDT buy 5 M 270 12 month 22.03.2013
Bryan Garnier & Cie PETER FARREN sell 1 M 225 6 month 22.03.2013
Natixis JEAN BAPTISTE TEISSIER neutral 3 M 235 Not Provided 22.03.2013
Nomura FRASER RAMZAN neutral 3 M 216 Not Provided 22.03.2013
DNB Markets HAAKON ASCHEHOUG sell 1 M 205 Not Provided 22.03.2013
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 240 Not Provided 22.03.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 212 12 month 22.03.2013
Danske Markets ANDERS HANSSON hold 3 M 235 12 month 22.03.2013
Grupo Santander REBECCA MCCLELLAN underweight 1 M 190 12 month 21.03.2013
Credit Suisse SIMON IRWIN underperform 1 M 175 Not Provided 21.03.2013
Carnegie NIKLAS EKMAN buy 5 M #N/A N/A Not Provided 21.03.2013
Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 21.03.2013
AlphaValue VIRGINIE BLIN reduce 2 M 241 6 month 21.03.2013
Societe Generale ANNE CRITCHLOW sell 1 M 219 12 month 22.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 21.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 12.02.2013
S&P Capital IQ TUNA AMOBI hold 3 M 260 12 month 01.02.2013
Redburn Partners GEOFF LOWERY sell 1 M #N/A N/A Not Provided 01.02.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 210 12 month 31.01.2013
Morgan Stanley GEOFFREY RUDDELL Underwt/Cautious 1 M 195 12 month 30.01.2013
Deutsche Bank CHARLIE MUIR-SANDS hold 3 M 240 12 month 23.01.2013
Swedbank CHRISTIAN ANDERSON neutral 3 M 220 12 month 14.01.2013
CA Cheuvreux DANIEL OVIN underperform 1 M 200 Not Provided 30.11.2012
Espirito Santo Investment Bank ResearchCAROLINE GULLIVER sell 1 M 185 Not Provided 19.11.2012
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 U 238 12 month 07.11.2012
Sydbank SOEREN LONTOFT HANSEN hold 3 M #N/A N/A Not Provided 01.10.2012
Pareto Securities HELENA NORDMAN-KNUTSON hold 3 M 240 6 month 28.09.2012
Holdings By:
Hennes & Mauritz AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
European Aeronautic Defence and Space Company manufactures airplanes and
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 42.59
52-Week Low (23.11.2012) 24.26
Daily Volume
39.63
52-Week High % Change -6.93% Dividend Yield -
52-Week Low % Change 63.39% Beta 0.75
% 52 Week Price Range High/Low 90.94% Equity Float 424.89
Shares Out 08.03.2013 829.0 Short Int -
32'851.97 1 Yr Total Return 30.93%
Total Debt 4'779.00 YTD Return 34.34%
Preferred Stock 0.0 Adjusted BETA 0.745
Minority Interest 25.0 Analyst Recs 31
Cash and Equivalents 11'084.00 Consensus Rating 4.323
Enterprise Value 26'571.97
Average Volume 5 Day 2'296'348
EAD FP EQUITY YTD Change - Average Volume 30 Day 3'342'958
EAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'635'857
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 49'128.0 56'480.0 58'727.4 62'637.6 11'786.3 14'051.0
0.09x 0.13x 0.17x 0.31x 0.32x 1.04x 1.39x 0.49x 0.45x - -
4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'381.0 3'987.0 5'510.0 6'453.2 1'078.0 1'321.0
0.89x 4.62x 3.02x 4.81x 4.58x 4.51x 4.51x 4.82x 4.11x 4.83x -
1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'033.0 1'228.0 2'109.1 2'692.3 373.0 489.0
6.17x - 25.65x 19.02x 19.67x 19.00x 19.73x 14.75x 11.00x 14.95x 15.07x
EBITDA 3'927.00 Long-Term Rating Date 22.09.2010
EBIT 1'890.00 Long-Term Rating A-
Operating Margin 3.35% Long-Term Outlook POS
Pretax Margin 2.97% Short-Term Rating Date 02.10.2012
Return on Assets 1.36% Short-Term Rating A-1
Return on Common Equity 12.75%
Return on Capital 11.04% EBITDA/Interest Exp. 7.52
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA -1.58
Gross Margin 14.0% Total Debt/EBITDA 1.20
EBITDA Margin 7.1%
EBIT Margin 3.4% Total Debt/Equity 45.9%
Net Income Margin 2.2% Total Debt/Capital 31.4%
Asset Turnover 0.63
Current Ratio 0.93 Net Fixed Asset Turnover 3.83
Quick Ratio 0.37 Accounts receivable turnover-days 42.72
Debt to Assets 5.19% Inventory Days 172.57
Tot Debt to Common Equity 45.91% Accounts Payable Turnover Day 72.71
Accounts Receivable Turnover 8.57 Cash Conversion Cycle 142.58
Inventory Turnover 2.12
Fiscal Year Ended
European Aeronautic Defence and Space Co NVPrice/Volume
Valuation Analysis
2'481'300.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOGEADE n/a Research 183'337'704 22.12 - 11.12.2012 Holding Company
DAIMLERCHRYSLER AERO n/a Research 122'225'136 14.74 (61'096'851) 11.12.2012 Corporation
SOCIEDAD ESTATAL DE n/a Research 44'690'871 5.39 - 11.12.2012 Holding Company
FEDERAL REPUBLIC OF n/a Research 22'725'182 2.74 - 06.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 22'700'810 2.74 3'758 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'605'402 2.73 472'675 25.03.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.88 - 25.09.2012 Government
AMUNDI SA n/a RNS-RUL8 15'385'347 1.86 (2'721) 10.10.2012 Other
VANGUARD GROUP INC n/a RNS-RUL8 12'117'860 1.46 3'341 09.10.2012 Investment Advisor
VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.44 (1'079'438) 10.10.2012 Hedge Fund Manager
OLD MUTUAL n/a ULT-AGG 9'406'422 1.13 (41'413) 31.01.2013 Unclassified
OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.11 (9'990) 05.10.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'703'509 1.05 20'206 26.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'266'690 0.76 60'000 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'821'239 0.58 (71'788) 31.01.2013 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'590'746 0.55 (24'565) 31.01.2013 Investment Advisor
INVESCO LTD n/a RNS-RUL8 3'879'592 0.47 - 13.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'739'880 0.33 (144'726) 31.01.2013 Investment Advisor
BARCLAYS CAPITAL SEC n/a RNS-RUL8 2'644'421 0.32 (833'201) 10.10.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'581'514 0.31 (27'533) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan DAVID H. PERRY overweight 5 M 47 9 month 26.03.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 43 12 month 22.03.2013
RBC Capital Markets ROBERT STALLARD sector perform 3 M 43 12 month 21.03.2013
Societe Generale ZAFAR KHAN buy 5 M 42 12 month 19.03.2013
Investec ANDREW GOLLAN buy 5 M 46 12 month 19.03.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 48 Not Provided 14.03.2013
AlphaValue THOMAS PICHERIT buy 5 U 51 6 month 13.03.2013
Barclays CARTER COPELAND overweight 5 M 49 Not Provided 11.03.2013
Jefferies SANDY MORRIS buy 5 M 45 12 month 08.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 08.03.2013
Credit Suisse OLIVER SLEATH neutral 3 N 40 Not Provided 06.03.2013
S&P Capital IQ UNAI FRANCO buy 5 M 45 12 month 05.03.2013
Nord/LB WOLFGANG DONIE hold 3 M 38 12 month 04.03.2013
Day by Day VALERIE GASTALDY buy 5 M 44 3 month 04.03.2013
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 46 12 month 01.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 47 12 month 01.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 27 Not Provided 01.03.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 48 Not Provided 01.03.2013
Deutsche Bank BEN FIDLER buy 5 M 48 12 month 28.02.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 43 Not Provided 28.02.2013
Oddo & Cie YAN DEROCLES buy 5 M 44 Not Provided 28.02.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 42 12 month 28.02.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 44 6 month 27.02.2013
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX select list 5 M 42 Not Provided 27.02.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 27 12 month 27.02.2013
Kepler Capital Markets CHRISTOPHE MENARD buy 5 M 42 Not Provided 27.02.2013
Natixis ERIC CHADEYRAS buy 5 M 41 Not Provided 01.02.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 22.01.2013
Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011
Holdings By:
European Aeronautic Defence and Space Co NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 58.09
52-Week Low (04.06.2012) 34.71
Daily Volume
50.97
52-Week High % Change -12.26% Dividend Yield -
52-Week Low % Change 46.85% Beta 0.89
% 52 Week Price Range High/Low 73.35% Equity Float 317.30
Shares Out 11.03.2013 410.4 Short Int -
20'915.94 1 Yr Total Return 67.90%
Total Debt 759.49 YTD Return 6.19%
Preferred Stock 0.0 Adjusted BETA 0.891
Minority Interest 0.0 Analyst Recs 36
Cash and Equivalents 2'697.60 Consensus Rating 3.583
Enterprise Value 18'977.83
Average Volume 5 Day 1'512'273
ASML NA EQUITY YTD Change - Average Volume 30 Day 1'350'934
ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'529'253
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'953.7 1'596.1 4'507.9 5'651.0 4'731.6 5'651.0 4'731.5 4'859.4 6'072.5 911.5 1'090.4
1.71x 6.29x 2.52x 2.02x 3.72x 7.30x 12.93x 3.84x 2.96x 20.62x 17.49x
406.2 (21.5) 1'402.1 1'806.4 1'343.4 1'806.4 1'343.4 1'238.0 1'820.4 139.5 235.0
12.42x - 8.11x 6.33x 13.11x 6.33x 13.11x 15.34x 10.43x 15.95x 12.65x
322.4 (150.9) 1'021.8 1'467.0 1'146.3 1'467.0 1'146.3 936.3 1'453.4 120.0 196.8
17.00x - 12.30x 9.41x 17.78x 9.41x 17.78x 22.28x 14.40x 21.35x 17.80x
EBITDA 1'343.39 Long-Term Rating Date -
EBIT 1'156.77 Long-Term Rating -
Operating Margin 24.45% Long-Term Outlook -
Pretax Margin 24.32% Short-Term Rating Date -
Return on Assets 15.63% Short-Term Rating -
Return on Common Equity 30.52%
Return on Capital - EBITDA/Interest Exp. 58.97
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 51.43
Net Debt/EBITDA -1.44
Gross Margin 42.4% Total Debt/EBITDA 0.57
EBITDA Margin 28.4%
EBIT Margin 24.4% Total Debt/Equity 18.7%
Net Income Margin 24.2% Total Debt/Capital 15.7%
Asset Turnover 0.65
Current Ratio 2.80 Net Fixed Asset Turnover 4.54
Quick Ratio 1.58 Accounts receivable turnover-days 57.47
Debt to Assets 10.25% Inventory Days 233.70
Tot Debt to Common Equity 18.67% Accounts Payable Turnover Day 39.17
Accounts Receivable Turnover 6.37 Cash Conversion Cycle 252.00
Inventory Turnover 1.57
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
ASML Holding NVPrice/Volume
Valuation Analysis
818'268.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING ADM MAKTSJ n/a 20F 62'977'877 15.35 - 06.02.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 51'453'097 12.54 - 06.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 36'311'008 8.85 - 06.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 22'878'489 5.58 - 25.03.2013 Investment Advisor
STICHT ADM TSMC n/a 20F 20'992'625 5.12 - 06.02.2013 n/a
ASML HOLDING NV n/a Co File 8'980'030 2.19 - 01.07.2012 Corporation
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'028'537 1.96 191'077 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'226'859 1.03 1'261'872 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'325'708 0.81 28'372 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'855'626 0.7 (621'636) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'645'738 0.4 39'872 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'451'319 0.35 (71'809) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'245'258 0.3 (147'643) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'164'538 0.28 700'111 31.01.2013 Mutual Fund Manager
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'036'267 0.25 130'859 31.01.2013 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'033'023 0.25 291'137 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 990'324 0.24 - 25.03.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 855'324 0.21 2'376 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842'648 0.21 827'721 31.10.2012 Investment Advisor
SARASIN n/a ULT-AGG 836'932 0.2 (92'410) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas JEROME RAMEL neutral 3 M 50 Not Provided 26.03.2013
Kepler Capital Markets PETER OLOFSEN reduce 2 M 40 Not Provided 22.03.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 43 Not Provided 21.03.2013
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 21.03.2013
AlphaValue LIONEL PELLICER reduce 2 M 53 6 month 21.03.2013
Credit Suisse SATYA KUMAR outperform 5 M 60 Not Provided 19.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 57 12 month 13.03.2013
Societe Generale PETER KNOX hold 3 M 56 12 month 05.03.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 12 month 26.02.2013
Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 25.02.2013
Rabobank International PHILIP SCHOLTE hold 3 M 52 Not Provided 25.02.2013
Natixis STEPHANE HOURI buy 5 M 62 Not Provided 21.02.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013
ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Day by Day VALERIE GASTALDY buy 5 M 63 3 month 28.01.2013
Deutsche Bank KAI KORSCHELT hold 3 U 47 12 month 22.01.2013
Liberum Capital Ltd JANARDAN MENON hold 3 U 45 Not Provided 22.01.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 60 Not Provided 22.01.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 52 12 month 21.01.2013
Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 50 Not Provided 18.01.2013
CA Cheuvreux BERND LAUX outperform 5 M 59 Not Provided 18.01.2013
Petercam MARCEL ACHTERBERG hold 3 M 57 Not Provided 18.01.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 58 12 month 18.01.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 40 12 month 18.01.2013
Barclays ANDREW M GARDINER overweight 5 M 53 Not Provided 18.01.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 D 40 12 month 17.01.2013
Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013
Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 07.01.2013
Kempen & Co ERWIN DUT hold 3 M 50 12 month 06.01.2013
Jefferies LEE SIMPSON hold 3 M #N/A N/A Not Provided 18.12.2012
Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012
SNS Securities(ESN) VICTOR BARENO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012
Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012
Holdings By:
ASML Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Volvo AB manufactures trucks, buses, construction equipment, drive systems for
marine and industrial uses, and aircraft engine components. The Company also
offers repair and maintenance, lease financing, insurance, and financial
services to its customers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 101.00
52-Week Low (28.06.2012) 73.60
Daily Volume
94.3
52-Week High % Change -6.63% Dividend Yield -
52-Week Low % Change 28.13% Beta 1.29
% 52 Week Price Range High/Low 77.55% Equity Float -
Shares Out 27.03.2013 1'593.0 Short Int -
200'683.25 1 Yr Total Return 0.03%
Total Debt 131'842.00 YTD Return 6.19%
Preferred Stock 0.0 Adjusted BETA 1.288
Minority Interest 1'266.0 Analyst Recs 32
Cash and Equivalents 28'889.00 Consensus Rating 3.531
Enterprise Value 304'902.25
Average Volume 5 Day 8'975'253
VOLVB SS EQUITY YTD Change - Average Volume 30 Day 8'133'131
VOLVB SS EQUITY YTD % CHANGE - Average Volume 3 Month 8'219'608
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
304'642.0 218'361.0 264'749.0 310'367.0 303'647.0 310'367.0 303'646.0 295'791.4 317'163.1 66'900.5 75'140.7
0.69x 1.12x 1.29x 0.80x 0.94x 3.61x 3.78x 0.83x 0.75x 3.36x 3.05x
30'239.0 2'157.0 33'711.0 42'597.0 32'391.0 42'597.0 32'392.0 33'428.3 41'110.5 5'434.9 8'049.0
6.94x 113.19x 10.14x 5.80x 8.78x 5.80x 8.78x 9.12x 7.42x 10.02x 9.00x
9'942.0 (14'718.0) 10'866.0 17'751.0 11'039.0 17'751.0 11'038.0 12'802.2 18'806.4 1'648.1 3'427.7
8.75x - 22.11x 8.60x 16.31x 8.60x 16.31x 15.03x 10.48x 15.84x 13.38x
EBITDA 32'391.00 Long-Term Rating Date 15.04.2011
EBIT 17'691.00 Long-Term Rating BBB
Operating Margin 5.83% Long-Term Outlook STABLE
Pretax Margin 5.06% Short-Term Rating Date 15.04.2011
Return on Assets 3.19% Short-Term Rating A-2
Return on Common Equity 12.97%
Return on Capital 6.01% EBITDA/Interest Exp. 13.08
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 5.29
Net Debt/EBITDA 3.18
Gross Margin 22.6% Total Debt/EBITDA 4.07
EBITDA Margin 10.7%
EBIT Margin 5.8% Total Debt/Equity 153.9%
Net Income Margin 3.6% Total Debt/Capital 60.3%
Asset Turnover 0.88
Current Ratio 1.08 Net Fixed Asset Turnover 3.74
Quick Ratio 0.40 Accounts receivable turnover-days 33.18
Debt to Assets 38.92% Inventory Days 66.17
Tot Debt to Common Equity 153.93% Accounts Payable Turnover Day 82.55
Accounts Receivable Turnover 11.03 Cash Conversion Cycle 16.80
Inventory Turnover 5.53
Fiscal Year Ended
Volvo ABPrice/Volume
Valuation Analysis
4'467'159.00
Current Price (3/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
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300'000.0
350'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VOLVO AB n/a Research 80'013'209 5.02 - 28.12.2012 Corporation
SWEDBANK ROBUR FONDE n/a Research 78'657'058 4.94 - 28.12.2012 Investment Advisor
NORGES BANK n/a Research 71'955'474 4.52 - 28.12.2012 Government
ALECTA PENSIONSFORSA n/a Research 66'910'000 4.2 - 28.12.2012 Pension Fund (ERISA)
CAPITAL GROUP COMPAN n/a ULT-AGG 60'488'880 3.8 - 31.12.2012 Investment Advisor
AMF FORSAKRING n/a Research 42'544'960 2.67 - 28.12.2012 Other
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 41'696'882 2.62 5'950'000 31.12.2012 Investment Advisor
SEB FONDER AB n/a Research 35'329'637 2.22 - 28.12.2012 Mutual Fund Manager
AMF FONDER AB Multiple Portfolios MF-AGG 31'934'960 2 2'523'000 31.12.2012 Investment Advisor
SHB FUNDS n/a Research 27'578'727 1.73 - 28.12.2012 Investment Advisor
SEB n/a ULT-AGG 27'473'308 1.72 2'208'704 31.01.2013 Unclassified
NORDEA FONDER AB/SWE n/a Research 23'592'830 1.48 - 28.12.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 23'301'799 1.46 294'923 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 20'281'485 1.27 489'457 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'936'269 1 1'218'851 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'291'900 0.9 619'858 31.12.2012 Investment Advisor
DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 13'240'000 0.83 600'000 31.12.2012 Investment Advisor
FJARDE AP-FONDEN n/a Research 12'895'181 0.81 - 28.12.2012 Pension Fund (ERISA)
ANDRA AP FONDEN n/a Research 11'526'751 0.72 - 28.12.2012 Pension Fund (ERISA)
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 9'898'756 0.62 (819'640) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co DAVID LEIKER outperform 5 M 103 12 month 25.03.2013
SEB Enskilda ANDERS TRAPP buy 5 M 111 Not Provided 25.03.2013
Canaccord Genuity Corp ANDREW BELL sell 1 M 80 12 month 25.03.2013
AlphaValue HANS-PETER WODNIOK reduce 2 M 88 6 month 25.03.2013
Societe Generale ALASDAIR LESLIE hold 3 M 100 12 month 22.03.2013
Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 22.03.2013
Evli Bank Plc ANTTI KANSANEN buy 5 M 115 12 month 22.03.2013
Main First Bank AG CHRISTOPHER YOUL underperform 1 D 102 12 month 19.03.2013
Credit Suisse GEORGE GALLIERS underperform 1 M 75 Not Provided 18.03.2013
Danske Markets BJORN ENARSON buy 5 M 124 12 month 15.03.2013
ABG Sundal Collier ERIK PETTERSSON-GOLRANG buy 5 M 110 6 month 14.03.2013
HSBC COLIN GIBSON underweight 1 M 95 Not Provided 08.03.2013
Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 115 12 month 01.03.2013
Pareto Securities DAVID JACOBSSON hold 3 M 95 6 month 28.02.2013
Berenberg Bank ALEXANDER VIRGO buy 5 M 116 Not Provided 27.02.2013
Goldman Sachs ASHIK KURIAN buy/attractive 5 M 127 12 month 22.02.2013
Deutsche Bank PETER REILLY hold 3 D 100 12 month 07.02.2013
JPMorgan ALEXANDER WHIGHT overweight 5 M 120 9 month 07.02.2013
Macquarie JENS SCHATTNER outperform 5 M 108 12 month 07.02.2013
Nordea Equity Research ANDREAS BROCK buy 5 D 112 12 month 07.02.2013
Handelsbanken HAMPUS ENGELLAU buy 5 M 120 12 month 07.02.2013
Natixis KATHLEEN GAILLIOT buy 5 M 117 Not Provided 07.02.2013
DNB Markets CHRISTER MAGNERGARD sell 1 M 87 Not Provided 07.02.2013
Barclays MICHAEL TYNDALL overweight 5 M 103 Not Provided 07.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 95 12 month 06.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 90 12 month 16.11.2012
Prime Predictions PETER LJUNGGREN hold 3 D 92 12 month 13.11.2012
Exane BNP Paribas RABIH FREIHA neutral 3 M 100 Not Provided 27.04.2012
CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 109 Not Provided 22.03.2012
Swedbank FREDRIK NILHOV buy 5 M 105 12 month 14.02.2012
Sydbank MORTEN IMSGARD overweight 5 M #N/A N/A Not Provided 17.05.2011
Holdings By:
Volvo AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
France Telecom SA provides telecommunications services to residential,
professional, and large business customers. The Company offers public
fixed-line telephone, leased lines and data transmission, mobile
telecommunications, cable television, Internet and wireless applications, and
broadcasting services, and telecommunications equipment sales and rentals.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 11.59
52-Week Low (01.03.2013) 7.20
Daily Volume
7.884
52-Week High % Change -31.97% Dividend Yield 17.50
52-Week Low % Change 9.45% Beta 0.86
% 52 Week Price Range High/Low 21.59% Equity Float 2'273.08
Shares Out 31.12.2012 2'648.9 Short Int -
20'883.81 1 Yr Total Return -20.83%
Total Debt 39'214.00 YTD Return -5.46%
Preferred Stock 0.0 Adjusted BETA 0.861
Minority Interest 2'078.0 Analyst Recs 37
Cash and Equivalents 8'462.00 Consensus Rating 3.108
Enterprise Value 53'713.81
Average Volume 5 Day 10'321'930
FTE FP EQUITY YTD Change - Average Volume 30 Day 12'831'800
FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 11'037'810
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 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
46'712.0 44'845.0 45'503.0 45'277.0 43'515.0 45'277.0 43'515.0 42'095.4 41'480.3 10'817.4 -
1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.25x 1.24x - -
17'300.0 14'480.0 15'291.0 15'019.0 12'374.0 0.0 0.0 12'899.7 12'533.7 3'105.2 -
5.18x 5.64x 4.89x 4.29x 4.42x 0.00x 0.00x 4.16x 4.28x - -
4'073.0 3'018.0 4'880.0 3'895.0 820.0 0.0 0.0 2'939.5 2'842.5 - -
14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 7.19x 7.37x - -
EBITDA 12'374.00 Long-Term Rating Date 27.02.2013
EBIT 6'045.00 Long-Term Rating A- *-
Operating Margin 13.89% Long-Term Outlook -
Pretax Margin 5.37% Short-Term Rating Date 14.05.2003
Return on Assets 0.88% Short-Term Rating A-2
Return on Common Equity 3.16%
Return on Capital 2.88% EBITDA/Interest Exp. 6.99
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.17
Net Debt/EBITDA 2.49
Gross Margin - Total Debt/EBITDA 3.17
EBITDA Margin 28.4%
EBIT Margin 13.9% Total Debt/Equity 161.3%
Net Income Margin 1.9% Total Debt/Capital 59.8%
Asset Turnover 0.47
Current Ratio 0.65 Net Fixed Asset Turnover 1.84
Quick Ratio 0.53 Accounts receivable turnover-days 40.12
Debt to Assets 43.58% Inventory Days -
Tot Debt to Common Equity 161.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.12 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
France Telecom SAPrice/Volume
Valuation Analysis
8'342'797.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Research 360'248'428 13.6 - 08.03.2013 Government
SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank
AMUNDI n/a Research 129'217'007 4.88 (3'894'321) 11.06.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 39'954'280 1.51 638'687 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 28'552'964 1.08 27'407 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'340'657 0.88 4'937'505 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19'392'378 0.73 1'826'645 31.01.2013 Mutual Fund Manager
FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation
DNCA FINANCE Multiple Portfolios MF-AGG 13'910'873 0.53 (368'000) 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 11'401'463 0.43 (255'991) 31.12.2012 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 8'638'644 0.33 (16'681) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 7'761'976 0.29 (527'072) 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 7'460'542 0.28 - 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'369'828 0.2 - 25.03.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'174'475 0.2 (26'670) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'580'800 0.17 (9'177'060) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'211'079 0.16 - 31.07.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'775'692 0.14 1'905 26.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'716'633 0.14 (59'716) 31.10.2012 Mutual Fund Manager
MORGAN STANLEY n/a ULT-AGG 3'521'145 0.13 1'153'077 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 U 8 12 month 25.03.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 11 Not Provided 22.03.2013
Jefferies JEREMY A DELLIS buy 5 M 12 12 month 21.03.2013
Societe Generale STEPHANE SCHLATTER hold 3 M 9 12 month 15.03.2013
Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 10 12 month 14.03.2013
Nomura FREDERIC BOULAN neutral 3 M 8 12 month 14.03.2013
Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 10 Not Provided 08.03.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 16 6 month 07.03.2013
Berenberg Bank STUART GORDON hold 3 M 8 Not Provided 06.03.2013
Kepler Capital Markets JAVIER BORRACHERO hold 3 M 8 Not Provided 06.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 28.02.2013
JPMorgan HANNES C WITTIG underweight 1 M 7 9 month 26.02.2013
Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 M 12 Not Provided 22.02.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 14 Not Provided 21.02.2013
Nord/LB WOLFGANG DONIE buy 5 M 10 12 month 21.02.2013
Macquarie GUY R PEDDY outperform 5 M 12 12 month 21.02.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 21.02.2013
Barclays JONATHAN DANN underweight 1 M 9 Not Provided 21.02.2013
Goldman Sachs ANDREW LEE Sell/Neutral 1 M 8 12 month 20.02.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 10 12 month 20.02.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 20.02.2013
New Street Research RUSSELL WALLER buy 5 M 10 Not Provided 20.02.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 D 7 Not Provided 07.02.2013
HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 31.01.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 24.01.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 13.12.2012
CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 U 9 12 month 26.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.11.2012
Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 26.10.2012
Natixis BENOIT MAYNARD buy 5 M 14 Not Provided 26.10.2012
CA Cheuvreux PETER KURT NIELSEN underperform 1 M 12 Not Provided 26.09.2012
Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012
Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011
Holdings By:
France Telecom SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Compagnie de Saint-Gobain manufactures glass products, high-performance
materials, and construction materials. The Company produces flat glass,
insulation, and glass containers, high-performance ceramics, plastics, and
abrasives, and building materials such as roofing, wall facings, mortars, and
ductile cast iron pipe. Saint-Gobain also retails building materials.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 35.44
52-Week Low (02.08.2012) 23.90
Daily Volume
28.71
52-Week High % Change -19.03% Dividend Yield -
52-Week Low % Change 20.13% Beta 1.25
% 52 Week Price Range High/Low 49.31% Equity Float 456.02
Shares Out 29.01.2013 531.1 Short Int -
15'248.62 1 Yr Total Return -14.58%
Total Debt 12'669.00 YTD Return -10.89%
Preferred Stock 0.0 Adjusted BETA 1.249
Minority Interest 412.0 Analyst Recs 30
Cash and Equivalents 4'179.00 Consensus Rating 3.500
Enterprise Value 24'150.62
Average Volume 5 Day 1'876'536
SGO FP EQUITY YTD Change - Average Volume 30 Day 2'147'263
SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'948'908
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
43'800.0 37'786.0 40'119.0 42'116.0 43'198.0 42'116.0 43'198.0 43'006.3 44'475.5 9'924.0 10'981.0
0.56x 0.75x 0.69x 0.57x 0.60x 0.00x 0.00x 0.54x 0.51x - -
5'263.0 3'821.0 4'785.0 5'024.0 2'637.0 0.0 0.0 4'425.2 4'804.0 - -
4.68x 7.39x 5.80x 4.80x 9.87x 0.00x 0.00x 5.46x 5.02x - -
1'378.0 202.0 1'129.0 1'284.0 766.0 0.0 0.0 1'260.1 1'562.0 - -
9.15x 88.53x 17.66x 12.16x 22.07x 0.00x 0.00x 11.76x 9.74x - -
EBITDA 2'637.00 Long-Term Rating Date 24.07.2009
EBIT 1'087.00 Long-Term Rating BBB
Operating Margin 2.52% Long-Term Outlook NEG
Pretax Margin 2.94% Short-Term Rating Date 30.04.2004
Return on Assets 1.63% Short-Term Rating A-2
Return on Common Equity 4.35%
Return on Capital 4.86% EBITDA/Interest Exp. 8.99
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 5.36
Net Debt/EBITDA 3.22
Gross Margin 6.1% Total Debt/EBITDA 4.80
EBITDA Margin 6.1%
EBIT Margin 2.5% Total Debt/Equity 72.6%
Net Income Margin 1.8% Total Debt/Capital 41.5%
Asset Turnover 0.92
Current Ratio 1.31 Net Fixed Asset Turnover 3.09
Quick Ratio 0.67 Accounts receivable turnover-days 43.88
Debt to Assets 26.66% Inventory Days 56.89
Tot Debt to Common Equity 72.65% Accounts Payable Turnover Day 55.34
Accounts Receivable Turnover 8.34 Cash Conversion Cycle 45.44
Inventory Turnover 6.43
Fiscal Year Ended
Cie de St-GobainPrice/Volume
Valuation Analysis
1'902'154.00
Current Price (3/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
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10'000.0
15'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WENDEL INVESTISSEMEN #N/A N/A Co File 91'581'114 17.24 - 31.12.2011 Investment Advisor
FONDS DU PLAN D EPAR n/a Co File 42'844'966 8.07 - 31.12.2011 n/a
AMUNDI SA n/a Research 40'161'206 7.56 17'861'078 27.06.2012 Other
CAISSE DES DEPOTS ET #N/A N/A Co File 13'924'614 2.62 - 31.12.2011 Government
GROUPAMA SA #N/A N/A Co File 10'175'679 1.92 - 31.12.2011 Insurance Company
CIE DE SAINT GOBAIN #N/A N/A Co File 9'104'555 1.71 - 31.12.2011 Corporation
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'617'178 1.25 - 31.12.2012 Investment Advisor
COGEMA #N/A N/A Co File 5'891'183 1.11 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 4'692'838 0.88 274'884 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'217'347 0.79 180'416 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'101'338 0.77 (846'845) 31.01.2013 Mutual Fund Manager
PREDICA #N/A N/A Co File 3'213'372 0.61 - 31.12.2011 Insurance Company
AVIVA PLC Multiple Portfolios MF-AGG 2'716'101 0.51 203'000 28.02.2013 Investment Advisor
SOCIETE GEN GESTION n/a Research 2'536'782 0.48 - 15.06.2011 Mutual Fund Manager
FMR LLC n/a ULT-AGG 2'316'466 0.44 (88'176) 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 1'784'591 0.34 - 29.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'671'822 0.31 (320'096) 31.12.2012 Mutual Fund Manager
JP MORGAN n/a ULT-AGG 1'522'906 0.29 50'015 31.01.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'334'277 0.25 - 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'233'527 0.23 - 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 26.03.2013
Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 22.03.2013
Aurel - BGC ERIC LEMARIE buy 5 M 40 6 month 22.03.2013
Oddo & Cie VIRGINIE ROUSSEAU neutral 3 M 34 Not Provided 21.03.2013
Exane BNP Paribas PAUL ROGER underperform 1 M 32 Not Provided 20.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 18.03.2013
Deutsche Bank LUIS PRIETO buy 5 M 38 12 month 11.03.2013
Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 11.03.2013
AlphaValue GAETAN DUPONT buy 5 M 40 6 month 11.03.2013
Societe Generale MURIEL FELLOUS buy 5 M 38 12 month 08.03.2013
Credit Suisse HARRY GOAD neutral 3 M 27 Not Provided 07.03.2013
Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 37 12 month 07.03.2013
Jefferies MICHAEL F BETTS buy 5 M 45 12 month 25.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 27 12 month 21.02.2013
Kepler Capital Markets JOSEP PUJAL hold 3 M 30 Not Provided 21.02.2013
Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 32 6 month 21.02.2013
Natixis RAFIC EL HADDAD buy 5 U 38 Not Provided 21.02.2013
S&P Capital IQ JAWAHAR HINGORANI sell 1 M 28 12 month 21.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 28 Not Provided 19.02.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 D 34 12 month 12.02.2013
HSBC JOHN FRASER-ANDREWS underweight 1 D 31 Not Provided 29.01.2013
Morgan Stanley ALEJANDRA PEREDA Equalwt/In-Line 3 M 33 12 month 18.01.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 37 12 month 18.01.2013
JPMorgan MICHAEL MORRIS overweight 5 M 35 9 month 15.01.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 33 Not Provided 15.01.2013
Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009
Holdings By:
Cie de St-Gobain ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Atlas Copco AB is an international industrial group. The Group develops,
manufactures, and markets compressed air equipment and generators, construction
and mining equipment, electric and pneumatic tools, and assembly systems and
offers related services. Atlas Copco also rents equipment. The Company markets
to manufacturing, building, construction, and mining companies worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.01.2013) 190.10
52-Week Low (14.06.2012) 134.40
Daily Volume
182.5
52-Week High % Change -3.95% Dividend Yield -
52-Week Low % Change 35.79% Beta 1.11
% 52 Week Price Range High/Low 87.43% Equity Float -
Shares Out 26.03.2013 839.4 Short Int -
216'678.05 1 Yr Total Return 14.97%
Total Debt 21'052.00 YTD Return 2.36%
Preferred Stock 0.0 Adjusted BETA 1.108
Minority Interest 54.0 Analyst Recs 32
Cash and Equivalents 12'416.00 Consensus Rating 3.375
Enterprise Value 225'368.05
Average Volume 5 Day 3'290'984
ATCOA SS EQUITY YTD Change - Average Volume 30 Day 2'576'233
ATCOA SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'532'194
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 81'203.0 90'533.0 89'260.0 93'126.2 21'596.5 22'384.2
1.38x 2.15x 2.97x 2.39x 2.43x 9.56x 8.98x 2.45x 2.30x 10.30x 10.08x
15'808.0 11'527.0 16'400.0 20'061.0 21'891.0 20'076.0 21'892.0 21'600.2 22'826.8 5'037.0 5'281.8
6.48x 11.87x 12.67x 9.68x 10.05x 9.47x 9.92x 10.43x 9.87x 10.54x 10.67x
10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 12'963.0 13'901.0 13'752.1 14'777.0 3'268.6 3'434.4
8.16x 20.51x 20.80x 13.86x 15.57x 13.86x 15.57x 16.10x 15.02x 16.29x 15.94x
EBITDA 21'891.00 Long-Term Rating Date 24.02.2011
EBIT 19'227.00 Long-Term Rating A
Operating Margin 21.24% Long-Term Outlook STABLE
Pretax Margin 20.48% Short-Term Rating Date 24.02.2011
Return on Assets 17.79% Short-Term Rating A-1
Return on Common Equity 43.54%
Return on Capital - EBITDA/Interest Exp. 21.93
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 20.26
Net Debt/EBITDA 0.39
Gross Margin 38.4% Total Debt/EBITDA 0.96
EBITDA Margin 24.2%
EBIT Margin 21.2% Total Debt/Equity 60.0%
Net Income Margin 15.4% Total Debt/Capital 37.5%
Asset Turnover 1.16
Current Ratio 2.44 Net Fixed Asset Turnover 10.33
Quick Ratio 1.32 Accounts receivable turnover-days 66.19
Debt to Assets 25.94% Inventory Days 115.59
Tot Debt to Common Equity 60.01% Accounts Payable Turnover Day 47.17
Accounts Receivable Turnover 5.53 Cash Conversion Cycle 134.61
Inventory Turnover 3.17
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
Atlas Copco ABPrice/Volume
Valuation Analysis
2'076'501.00
Current Price (3/dd/yy) Market Data
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20'000.0
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100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTOR AB n/a Research 194'803'726 23.21 - 30.06.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 70'407'727 8.39 (6'585'000) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38'234'795 4.56 - 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 21'795'438 2.6 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'445'011 2.55 257'650 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 16'195'843 1.93 (587'001) 25.02.2013 Unclassified
FJARDE AP-FONDEN n/a Research 10'437'990 1.24 - 30.06.2012 Pension Fund (ERISA)
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'989'946 1.19 46'733 31.12.2012 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 9'500'000 1.13 - 30.06.2012 Pension Fund (ERISA)
FMR LLC n/a ULT-AGG 8'637'852 1.03 115'699 31.01.2013 Investment Advisor
FOLKSAM GROUP n/a Research 7'887'691 0.94 - 30.06.2012 Insurance Company
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 7'767'690 0.93 - 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER n/a Research 7'211'859 0.86 - 30.06.2012 Investment Advisor
FORSTA AP FONDEN n/a Research 7'160'904 0.85 - 30.06.2012 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (6'799'092) -0.81 - 01.11.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 6'560'767 0.78 803'173 25.03.2013 Investment Advisor
ANDRA AP FONDEN n/a Research 5'976'741 0.71 - 30.06.2012 Pension Fund (ERISA)
ABERDEEN n/a ULT-AGG 5'923'121 0.71 (7'800) 28.02.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'862'789 0.7 447'592 31.01.2013 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 4'589'384 0.55 (47'617) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp ANDREW BELL buy 5 M 205 12 month 25.03.2013
Societe Generale SEBASTIEN GRUTER sell 1 M 155 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 172 12 month 22.03.2013
Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 163 12 month 21.03.2013
Credit Suisse ANDRE KUKHNIN outperform 5 M 200 Not Provided 21.03.2013
Nomura KLAS BERGELIND neutral 3 M 187 12 month 21.03.2013
AlphaValue LIONEL PELLICER sell 1 M 159 6 month 21.03.2013
ABG Sundal Collier ANDERS IDBORG hold 3 D 200 6 month 14.03.2013
Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 185 Not Provided 14.03.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 277 12 month 13.03.2013
SEB Enskilda DANIEL SCHMIDT hold 3 M 200 Not Provided 11.03.2013
HSBC COLIN GIBSON overweight 5 M 230 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 175 Not Provided 08.03.2013
Evli Bank Plc ELINA RIUTTA accumulate 4 M 195 Not Provided 04.03.2013
Pareto Securities DAVID JACOBSSON hold 3 M 180 6 month 28.02.2013
Carnegie KENNETH TOLL JOHANSSON hold 3 M #N/A N/A Not Provided 01.02.2013
Nordea Equity Research ANDREAS KOSKI buy 5 M 202 12 month 01.02.2013
Handelsbanken PEDER FROLEN accumulate 4 M 190 12 month 01.02.2013
Natixis LUDOVIC DEBAILLEUX neutral 3 M 178 Not Provided 01.02.2013
DNB Markets LARS BRORSON hold 3 M 185 Not Provided 01.02.2013
Barclays ALLAN SMYLIE overweight 5 M 175 Not Provided 01.02.2013
JPMorgan ANDREAS WILLI neutral 3 M 192 9 month 31.01.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 175 12 month 31.01.2013
Danske Markets OSCAR STJERNGREN buy 5 M 210 12 month 31.01.2013
CA Cheuvreux JOAKIM HOGLUND outperform 5 M 215 Not Provided 29.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Berenberg Bank ALEXANDER VIRGO hold 3 M 185 Not Provided 08.01.2013
Redburn Partners JAMES MOORE neutral 3 D #N/A N/A Not Provided 08.10.2012
Deutsche Bank JOHAN WETTERGREN hold 3 M 170 12 month 30.04.2012
Swedbank MATS LISS neutral 3 M 160 12 month 30.11.2011
Holdings By:
Atlas Copco AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Swatch Group AG manufactures watches, watch components, jewelry, miniature
batteries, LCD displays, and scoreboards. The Company produces watches under
various branded names. Swatch also operates retail boutiques.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (14.03.2013) 562.00
52-Week Low (16.07.2012) 341.70
Daily Volume
543
52-Week High % Change -3.38% Dividend Yield -
52-Week Low % Change 58.91% Beta 1.15
% 52 Week Price Range High/Low 91.38% Equity Float 30.22
Shares Out 31.12.2012 30.8 Short Int -
28'511.79 1 Yr Total Return 29.42%
Total Debt 135.00 YTD Return 17.74%
Preferred Stock 0.0 Adjusted BETA 1.151
Minority Interest 19.0 Analyst Recs 32
Cash and Equivalents 1'967.00 Consensus Rating 4.094
Enterprise Value 26'698.79
Average Volume 5 Day 140'287
UHR VX EQUITY YTD Change - Average Volume 30 Day 143'614
UHR VX EQUITY YTD % CHANGE - Average Volume 3 Month 168'353
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 01/yy 01/yy 12/13 Y 12/14 Y - -
5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'896.7 9'795.2 - -
1.29x 2.54x 3.33x 2.50x 2.96x - - 3.03x 2.65x - -
1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'547.9 2'852.7 - -
5.17x 11.63x 12.26x 9.17x 10.29x - - 10.48x 9.36x - -
834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'783.6 1'994.0 - -
9.25x 18.10x 20.56x 14.96x 15.56x - - 16.45x 14.72x - -
EBITDA 2'245.00 Long-Term Rating Date -
EBIT 1'984.00 Long-Term Rating -
Operating Margin 25.45% Long-Term Outlook -
Pretax Margin 25.87% Short-Term Rating Date -
Return on Assets 15.22% Short-Term Rating -
Return on Common Equity 18.41%
Return on Capital - EBITDA/Interest Exp. 748.33
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 602.33
Net Debt/EBITDA -0.82
Gross Margin - Total Debt/EBITDA 0.06
EBITDA Margin 28.8%
EBIT Margin 25.4% Total Debt/Equity 1.4%
Net Income Margin 20.5% Total Debt/Capital 1.4%
Asset Turnover 0.74
Current Ratio 6.50 Net Fixed Asset Turnover 4.39
Quick Ratio 2.51 Accounts receivable turnover-days 45.87
Debt to Assets 1.20% Inventory Days -
Tot Debt to Common Equity 1.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.98 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Swatch Group AG/ThePrice/Volume
Valuation Analysis
95'973.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 1'445'313 4.69 (70'942) 31.12.2012 Investment Advisor
SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 463'841 1.5 63'157 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 448'873 1.46 (10'129) 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 374'750 1.22 78'689 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 351'347 1.14 (167'524) 31.01.2013 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 266'305 0.86 (25'035) 28.02.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 255'065 0.83 (255'195) 31.01.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 246'404 0.8 15'790 31.01.2013 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 230'863 0.75 (180) 30.11.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 196'392 0.64 (169) 31.12.2012 Investment Advisor
WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 31.12.2012 Hedge Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 178'394 0.58 (621) 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 154'625 0.5 21'810 28.09.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 154'414 0.5 (69'287) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 144'672 0.47 (88'242) 31.01.2013 Investment Advisor
GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2011 n/a
ROYAL BANK OF CANADA n/a ULT-AGG 112'640 0.37 20'597 30.11.2012 Bank
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 108'442 0.35 (5'868) 28.02.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 105'398 0.34 34'075 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse PATRICK JNGLIN outperform 5 M 600 Not Provided 27.03.2013
ISI Group OMAR SAAD strong buy 5 M 650 12 month 24.03.2013
Societe Generale THIERRY COTA buy 5 M 650 12 month 22.03.2013
Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 602 12 month 21.03.2013
Cantor Fitzgerald ALLEGRA PERRY buy 5 M 600 Not Provided 21.03.2013
Nomura CHRISTOPHER WALKER buy 5 M 620 12 month 20.03.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 706 Not Provided 20.03.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 620 Not Provided 19.03.2013
Sanford C. Bernstein & Co MARIO ORTELLI market perform 3 M 600 12 month 15.03.2013
Renaissance Capital REY WIUM hold 3 M 541 12 month 14.03.2013
Aurel - BGC DAVID DA MAIA hold 3 M 550 Not Provided 12.03.2013
Raymond James MARC WILLAUME outperform 5 M 600 12 month 07.03.2013
Bank Vontobel AG RENE WEBER buy 5 M 600 Not Provided 07.03.2013
Kepler Capital Markets JON COX buy 5 M 630 Not Provided 07.03.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 650 12 month 07.03.2013
Barclays HELEN NORRIS equalweight 3 M 550 Not Provided 07.03.2013
AlphaValue VERONIQUE CABIOC'H add 4 M 580 6 month 07.03.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 735 12 month 28.02.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 555 6 month 21.02.2013
Berenberg Bank JOHN GUY buy 5 M 625 Not Provided 15.02.2013
Day by Day VALERIE GASTALDY buy 5 M 580 3 month 14.02.2013
CA Cheuvreux THOMAS MESMIN select list 5 M 580 Not Provided 05.02.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 505 9 month 04.02.2013
S&P Capital IQ WILLIAM MACK sell 1 M 480 12 month 04.02.2013
HSBC ANTOINE BELGE neutral 3 D 550 Not Provided 24.01.2013
Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 600 12 month 22.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 13.09.2012
Holdings By:
Swatch Group AG/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Telenor ASA researches, develops and provides telecommunications, information
and media services. The Company offers telephone services, as well as installs
and operates complete IT (information technology) systems. Telenor provides
phone card, mobile telephone, satellite communications, paging and mobile data
services. The Company operates in Norway and internationally.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 129.40
52-Week Low (04.06.2012) 86.90
Daily Volume
127.7
52-Week High % Change -1.31% Dividend Yield -
52-Week Low % Change 46.95% Beta 0.78
% 52 Week Price Range High/Low 97.41% Equity Float 628.11
Shares Out 07.03.2013 1'559.9 Short Int -
199'205.33 1 Yr Total Return 27.18%
Total Debt 50'101.00 YTD Return 13.81%
Preferred Stock 0.0 Adjusted BETA 0.780
Minority Interest 3'057.0 Analyst Recs 35
Cash and Equivalents 8'805.00 Consensus Rating 3.971
Enterprise Value 243'558.33
Average Volume 5 Day 1'504'670
TEL NO EQUITY YTD Change - Average Volume 30 Day 1'658'660
TEL NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'649'427
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
96'167.0 90'748.0 94'843.0 98'516.0 101'718.0 98'515.0 101'719.0 103'045.2 106'117.7 25'269.1 25'646.2
1.37x 1.89x 1.94x 1.82x 2.16x 7.22x 8.10x 2.29x 2.20x 8.54x 8.97x
30'133.0 33'071.0 29'262.0 34'352.0 39'711.0 34'382.0 39'711.0 35'518.1 37'312.2 8'436.0 8'753.0
4.36x 5.18x 6.28x 5.22x 5.52x 5.22x 5.52x 6.86x 6.53x 6.89x 6.78x
13'065.0 8'653.0 14'334.0 7'165.0 9'490.0 7'937.0 9'490.0 15'392.1 17'141.2 4'028.7 4'402.2
5.81x 14.43x 10.60x 22.04x 18.51x 19.98x 18.44x 12.72x 11.26x 12.38x 12.15x
EBITDA 39'711.00 Long-Term Rating Date 12.04.2010
EBIT 17'486.00 Long-Term Rating A-
Operating Margin 17.19% Long-Term Outlook STABLE
Pretax Margin 11.25% Short-Term Rating Date 25.09.2001
Return on Assets 5.66% Short-Term Rating A-2
Return on Common Equity 12.04%
Return on Capital 9.77% EBITDA/Interest Exp. 14.12
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 10.54
Net Debt/EBITDA 1.04
Gross Margin - Total Debt/EBITDA 1.26
EBITDA Margin 39.0%
EBIT Margin 17.2% Total Debt/Equity 68.0%
Net Income Margin 9.3% Total Debt/Capital 39.5%
Asset Turnover 0.61
Current Ratio 0.68 Net Fixed Asset Turnover 2.18
Quick Ratio 0.20 Accounts receivable turnover-days -
Debt to Assets 29.68% Inventory Days -
Tot Debt to Common Equity 68.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Telenor ASAPrice/Volume
Valuation Analysis
1'409'719.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORWEGIAN GOVT MINIS #N/A N/A EXCH 841'829'056 53.97 - 25.03.2013 Government
STATE STREET n/a ULT-AGG 95'042'346 6.09 4'792 26.03.2013 Investment Advisor
GOVERNMENT PENSION F #N/A N/A EXCH 69'748'571 4.47 - 25.03.2013 Government
JP MORGAN CHASE BANK #N/A N/A EXCH 53'781'082 3.45 - 25.03.2013 Investment Advisor
BANK OF NEW YORK MEL #N/A N/A EXCH 39'648'040 2.54 - 25.03.2013 Investment Advisor
CLEARSTREAM BANKING #N/A N/A EXCH 29'376'796 1.88 - 25.03.2013 Bank
NORTHERN TRUST CO #N/A N/A EXCH 28'128'270 1.8 - 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 28'109'186 1.8 (2'135'800) 31.12.2012 Investment Advisor
EUROCLEAR BANK SA #N/A N/A EXCH 22'654'409 1.45 - 25.03.2013 Bank
TELENOR ASA #N/A N/A EXCH 20'208'167 1.3 - 25.03.2013 Government
FMR LLC n/a ULT-AGG 16'650'269 1.07 (194'724) 31.01.2013 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 14'188'366 0.91 (821'805) 28.02.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 12'089'340 0.77 (3'550) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 7'950'745 0.51 1'433'184 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'156'547 0.46 152'459 31.12.2012 Investment Advisor
RBC DEXIA INVESTOR S #N/A N/A EXCH 7'084'983 0.45 - 25.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'333'019 0.34 1'479 25.03.2013 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 4'807'345 0.31 177'380 28.02.2013 Investment Advisor
DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 4'442'028 0.28 1'088'600 31.12.2012 Investment Advisor
NORDEA FONDENE AS Multiple Portfolios MF-AGG 4'208'273 0.27 (48'232) 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander JOHN DAVIES buy 5 M 143 12 month 27.03.2013
AlphaValue JEAN-MICHEL SALVADOR add 4 M 148 6 month 21.03.2013
Deutsche Bank KEVAL KHIROYA buy 5 M 140 12 month 20.03.2013
SEB Enskilda HARALD HORNES OYEN sell 1 M 110 Not Provided 19.03.2013
Jefferies ULRICH RATHE buy 5 M 140 12 month 18.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 140 12 month 15.03.2013
New Street Research RUSSELL WALLER neutral 3 D 126 Not Provided 12.03.2013
Nomura JAMES BRITTON buy 5 M 134 12 month 11.03.2013
Credit Suisse JAKOB BLUESTONE outperform 5 M 130 Not Provided 08.03.2013
Exane BNP Paribas MAXIME REY neutral 3 M 133 Not Provided 08.03.2013
Morgan Stanley TERENCE TSUI Overwt/In-Line 5 M 150 12 month 07.03.2013
Berenberg Bank BARRY ZEITOUNE buy 5 M 140 Not Provided 06.03.2013
Arctic Securities ASA MARKUS BJERKE hold 3 M 125 Not Provided 28.02.2013
ABG Sundal Collier OLE PETTER KJERKREIT hold 3 M 128 6 month 22.02.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 112 Not Provided 22.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 20.02.2013
Nordea Equity Research STEFAN GAUFFIN buy 5 M 135 12 month 14.02.2013
Handelsbanken THOMAS HEATH accumulate 4 M 125 12 month 14.02.2013
SpareBank 1 Markets AS TORE A TONSETH sell 1 D 121 12 month 14.02.2013
DNB Markets CHRISTER ROTH hold 3 M 123 Not Provided 14.02.2013
Barclays MAURICE PATRICK overweight 5 M 140 Not Provided 14.02.2013
Norne Securities AS VILIS EIZENTAS sell 1 M 100 12 month 14.02.2013
Danske Markets ERIK STRANDIN PERS buy 5 M 135 12 month 14.02.2013
Swedbank First Securities SVEN SKOLD buy 5 M 128 Not Provided 14.02.2013
Goldman Sachs ANDREW LEE Buy/Neutral 5 M 164 12 month 13.02.2013
HSBC DOMINIK KLARMANN overweight 5 M 142 Not Provided 13.02.2013
Pareto Securities THOMAS NIELSEN sell 1 M 105 6 month 13.02.2013
S&P Capital IQ ALEXANDER WISCH strong buy 5 M 140 12 month 13.02.2013
Carnegie ESPEN TORGERSEN hold 3 M #N/A N/A Not Provided 22.01.2013
JPMorgan AKHIL DATTANI overweight 5 M 130 9 month 21.01.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 M 145 Not Provided 16.11.2012
Societe Generale OTTAVIO ADORISIO buy 5 M 115 12 month 24.10.2012
CA Cheuvreux PETER KURT NIELSEN outperform 5 M 105 Not Provided 30.12.2011
Holdings By:
Telenor ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Intesa Sanpaolo attracts deposits and offers banking and financial services.
The Bank offers consumer credit, asset management, Internet banking, merchant
banking, securities brokerage, factoring, and lease financing services, and
manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and
offices elsewhere in Europe, Asia, and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.01.2013) 1.54
52-Week Low (23.07.2012) 0.85
Daily Volume
1.108
52-Week High % Change -28.15% Dividend Yield -
52-Week Low % Change 29.82% Beta 1.39
% 52 Week Price Range High/Low 39.29% Equity Float 13'656.70
Shares Out 26.03.2013 15'501.5 Short Int -
18'075.53 1 Yr Total Return -18.86%
Total Debt 283'077.00 YTD Return -14.77%
Preferred Stock 0.0 Adjusted BETA 1.388
Minority Interest 586.0 Analyst Recs 35
Cash and Equivalents 39'926.00 Consensus Rating 3.171
Enterprise Value -
Average Volume 5 Day #########
ISP IM EQUITY YTD Change - Average Volume 30 Day #########
ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
33'216.0 27'022.0 24'836.0 25'266.0 17'813.0 23'133.0 17'685.0 16'804.9 17'226.7 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'553.0 2'805.0 2'705.0 (8'190.0) 1'605.0 (8'190.0) 1'605.0 1'847.7 2'481.0 - -
23.67x 15.27x 12.90x - 12.56x 0.00x 10.08x 9.89x 7.28x 9.38x 8.66x
EBITDA - Long-Term Rating Date 10.02.2012
EBIT - Long-Term Rating BBB+
Operating Margin 21.90% Long-Term Outlook NEG
Pretax Margin 17.87% Short-Term Rating Date 10.02.2012
Return on Assets 0.24% Short-Term Rating A-2
Return on Common Equity 3.32%
Return on Capital 0.51% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 570.6%
Net Income Margin 9.0% Total Debt/Capital 84.9%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 1.37
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.03% Inventory Days -
Tot Debt to Common Equity 570.57% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Intesa Sanpaolo SpAPrice/Volume
Valuation Analysis
169'231'735.00
Current Price (3/dd/yy) Market Data
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30'000.0
35'000.0
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMPAGNIA DI SAN PAO n/a EXCH 1'532'766'787 9.89 - 20.11.2012 Other
FOND CR PROVINCIE LO n/a EXCH 725'460'008 4.68 - 20.11.2012 Bank
FONDAZIONE CASSA RIS n/a EXCH 647'953'597 4.18 - 20.11.2012 Bank
ENTE CASSA DI RISP F n/a EXCH 523'633'314 3.38 - 20.11.2012 Bank
FONDAZIONE CASSA RIS n/a EXCH 422'874'979 2.73 - 20.11.2012 Other
ALLEANZA TORO SPA n/a EXCH 286'308'683 1.85 - 20.11.2012 Insurance Company
BLACKROCK n/a ULT-AGG 206'407'970 1.33 (1'957'269) 25.03.2013 Investment Advisor
ASSICURAZIONI GENERA n/a EXCH 205'236'977 1.32 - 20.11.2012 Insurance Company
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 193'171'300 1.25 19'137'900 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 144'797'677 0.93 (3'852'992) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 131'567'493 0.85 21'857'253 31.12.2012 Investment Advisor
INA ASSITALIA SPA n/a EXCH 85'877'104 0.55 - 20.11.2012 Insurance Company
GENERALI VIE SA n/a EXCH 82'931'860 0.53 - 20.11.2012 Other
ALLIANZ ASSET MANAGE n/a ULT-AGG 57'605'428 0.37 24'865'982 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 38'765'931 0.25 - 25.03.2013 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 38'252'534 0.25 (1'421'878) 28.02.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 37'525'547 0.24 (363'082) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 35'693'662 0.23 (6'397'175) 31.01.2013 Mutual Fund Manager
GENERALI VERSICHERUN n/a EXCH 34'722'872 0.22 - 20.11.2012 Holding Company
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 33'905'476 0.22 (2'160'992) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura DOMENICO SANTORO buy 5 M 2 12 month 26.03.2013
Mediobanca SpA ANDREA FILTRI neutral 3 M 1 Not Provided 25.03.2013
Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 25.03.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 21.03.2013
Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 18.03.2013
Berenberg Bank ELENI PAPOULA hold 3 M 1 Not Provided 14.03.2013
Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 13.03.2013
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 13.03.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 13.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 1 12 month 13.03.2013
Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 13.03.2013
Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 13.03.2013
Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 13.03.2013
ICBPI LUCA COMI neutral 3 M 2 12 month 13.03.2013
Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 13.03.2013
Natixis STEVEN GOULD buy 5 M 1 Not Provided 13.03.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 1 12 month 13.03.2013
Credit Suisse IGNACIO CEREZO outperform 5 M 2 Not Provided 12.03.2013
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 11.03.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 08.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 2 6 month 07.03.2013
Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 06.03.2013
HSBC CARLO DIGRANDI neutral 3 U 1 Not Provided 25.02.2013
Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 2 12 month 19.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013
RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 28.01.2013
Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013
CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 06.11.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012
Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011
Holdings By:
Intesa Sanpaolo SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical
products. The Company produces reactive polyurethane and laminating adhesives,
labeling for glass and PET plastic bottles, corrosion inhibitors and surface
treatments, soaps, skin care products, hair dye, perfumes, detergents,
dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 75.06
52-Week Low (04.06.2012) 49.22
Daily Volume
74.06
52-Week High % Change -1.33% Dividend Yield -
52-Week Low % Change 50.47% Beta 0.72
% 52 Week Price Range High/Low 99.29% Equity Float 173.62
Shares Out 06.03.2013 178.2 Short Int -
28'970.07 1 Yr Total Return 37.91%
Total Debt 3'901.00 YTD Return 19.07%
Preferred Stock 0.0 Adjusted BETA 0.719
Minority Interest 135.0 Analyst Recs 41
Cash and Equivalents 1'238.00 Consensus Rating 3.293
Enterprise Value 31'768.07
Average Volume 5 Day 507'285
HEN3 GY EQUITY YTD Change - Average Volume 30 Day 605'127
HEN3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 639'097
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
14'131.0 13'573.0 15'092.0 15'605.0 16'510.0 15'605.0 16'510.0 17'083.1 17'919.3 4'190.5 4'394.5
1.00x 1.40x 1.41x 1.38x 1.81x 5.53x 6.49x 1.65x 1.51x - -
2'048.0 1'938.0 2'445.0 2'444.0 2'782.0 2'217.0 2'658.0 2'860.3 3'087.0 - -
6.87x 9.84x 8.71x 8.82x 10.72x 9.72x 11.22x 11.11x 10.29x - -
1'221.0 602.0 1'118.0 1'161.0 1'510.0 1'161.0 1'510.0 1'736.9 1'912.5 434.0 468.5
8.01x 26.40x 18.11x 16.70x 17.93x 16.70x 17.93x 18.38x 16.68x 17.59x -
EBITDA 2'782.00 Long-Term Rating Date 18.05.2011
EBIT 2'373.00 Long-Term Rating A
Operating Margin 14.37% Long-Term Outlook STABLE
Pretax Margin 12.47% Short-Term Rating Date 18.05.2011
Return on Assets 7.94% Short-Term Rating A-1
Return on Common Equity 16.85%
Return on Capital - EBITDA/Interest Exp. 21.24
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 18.02
Net Debt/EBITDA 1.00
Gross Margin 46.8% Total Debt/EBITDA 1.47
EBITDA Margin 16.1%
EBIT Margin 13.6% Total Debt/Equity 41.6%
Net Income Margin 9.1% Total Debt/Capital 29.1%
Asset Turnover 0.87
Current Ratio 1.30 Net Fixed Asset Turnover 7.21
Quick Ratio 0.56 Accounts receivable turnover-days 44.58
Debt to Assets 19.98% Inventory Days 63.13
Tot Debt to Common Equity 41.61% Accounts Payable Turnover Day 106.32
Accounts Receivable Turnover 8.21 Cash Conversion Cycle 1.39
Inventory Turnover 5.80
Fiscal Year Ended
Henkel AG & Co KGaAPrice/Volume
Valuation Analysis
320'636.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 5'549'375 3.11 (18'665) 25.03.2013 Investment Advisor
HENKEL KGAA n/a EXCH 4'541'372 2.55 - 05.08.2011 Corporation
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'660'469 2.05 300'707 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'371'632 1.89 (70'584) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 3'269'161 1.83 113'802 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'250'957 1.26 456'899 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'048'886 1.15 45'815 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'024'730 1.14 2'800 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'854'599 1.04 (94'991) 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'594'087 0.89 (136'144) 28.12.2012 Mutual Fund Manager
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'019'990 0.57 191'841 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 974'909 0.55 90'999 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 952'921 0.53 582'498 28.09.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 947'914 0.53 (478'762) 28.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 876'399 0.49 634'733 31.01.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 860'900 0.48 145'780 30.11.2012 Bank
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 721'996 0.41 344'567 28.12.2012 Mutual Fund Manager
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 601'863 0.34 85'487 29.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 564'346 0.32 (482'690) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 514'818 0.29 17'806 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James HERMINE DE BENTZMANN outperform 5 M 81 Not Provided 27.03.2013
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 73 12 month 25.03.2013
Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 75 12 month 21.03.2013
Grupo Santander PEDRO GIL hold 3 M 70 Not Provided 19.03.2013
Jefferies ALEX HOWSON hold 3 M 54 Not Provided 19.03.2013
Nomura GUILLAUME DELMAS buy 5 M 74 Not Provided 18.03.2013
Day by Day VALERIE GASTALDY buy 5 M 81 3 month 18.03.2013
Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 73 12 month 13.03.2013
Baader Bank CHRISTIAN WEIZ hold 3 M 75 12 month 13.03.2013
Berenberg Bank SETH PETERSON buy 5 M 83 Not Provided 11.03.2013
Societe Generale CHAS MANSO DE ZUNIGA buy 5 U 80 12 month 08.03.2013
Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 81 Not Provided 08.03.2013
DZ Bank AG THOMAS MAUL sell 1 M 58 12 month 08.03.2013
Nord/LB JULIA SIEKMANN buy 5 U 78 12 month 07.03.2013
Credit Suisse ALEX MOLLOY underperform 1 M 71 Not Provided 07.03.2013
Bankhaus Lampe HEIKO FEBER hold 3 D 73 12 month 07.03.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 07.03.2013
Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 59 12 month 07.03.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 D 56 12 month 07.03.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 78 12 month 07.03.2013
Exane BNP Paribas EAMONN FERRY underperform 1 M 63 Not Provided 07.03.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 78 6 month 06.03.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 73 12 month 06.03.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 75 12 month 06.03.2013
S&P Capital IQ CARL SHORT hold 3 M 73 12 month 06.03.2013
Barclays IAIN SIMPSON overweight 5 M 75 Not Provided 06.03.2013
JPMorgan CELINE PANNUTI underweight 1 M 58 9 month 04.03.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 60 12 month 28.02.2013
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 06.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 D 69 Not Provided 01.02.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013
HSBC CEDRIC BESNARD underweight 1 M 60 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Macquarie CHRISTIAN FAITZ neutral 3 M 49 12 month 21.11.2012
Silvia Quandt Research MARK JOSEFSON avoid 1 D 52 12 month 19.11.2012
CA Cheuvreux MARTIN ROEDIGER underperform 1 M 65 Not Provided 14.11.2012
Deutsche Bank HAROLD THOMPSON buy 5 U 75 12 month 27.08.2012
Equita SIM SpA FABIO FAZZARI not rated #N/A N/A D 36 Not Provided 14.12.2009
Holdings By:
Henkel AG & Co KGaA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
TeliaSonera AB offers telecommunication services. The Company offers mobile
communications services as well as operates fixed networks throughout Eurasia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (17.09.2012) 49.65
52-Week Low (23.04.2012) 41.03
Daily Volume
46.16
52-Week High % Change -7.01% Dividend Yield -
52-Week Low % Change 12.50% Beta 0.78
% 52 Week Price Range High/Low 63.46% Equity Float -
Shares Out 26.03.2013 4'330.1 Short Int -
199'876.72 1 Yr Total Return 6.85%
Total Debt 91'587.00 YTD Return 4.77%
Preferred Stock 0.0 Adjusted BETA 0.777
Minority Interest 3'956.0 Analyst Recs 37
Cash and Equivalents 29'805.00 Consensus Rating 3.189
Enterprise Value 265'614.71
Average Volume 5 Day 8'727'897
TLSN SS EQUITY YTD Change - Average Volume 30 Day 8'722'475
TLSN SS EQUITY YTD % CHANGE - Average Volume 3 Month 8'920'658
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
103'585.0 109'161.0 106'979.0 104'354.0 104'898.0 104'558.0 104'898.0 103'860.0 104'877.9 25'450.0 26'052.1
2.31x 2.65x 2.77x 2.66x 2.45x 10.61x 10.39x 2.49x 2.44x 10.26x 10.19x
31'663.0 35'329.0 37'677.0 36'843.0 34'962.0 36'997.0 34'963.0 35'299.9 36'434.7 8'558.9 8'754.6
7.57x 8.19x 7.86x 7.52x 7.34x 7.28x 7.34x 7.52x 7.29x 7.49x 7.39x
19'011.0 18'854.0 21'257.0 18'341.0 19'886.0 18'341.0 19'838.0 18'048.7 18'903.7 4'365.7 4'468.7
9.19x 12.35x 11.26x 11.14x 9.59x 11.22x 9.62x 11.03x 10.58x 10.97x 10.85x
EBITDA 34'962.00 Long-Term Rating Date 28.10.2005
EBIT 14'420.00 Long-Term Rating A-
Operating Margin 13.75% Long-Term Outlook STABLE
Pretax Margin 23.34% Short-Term Rating Date 28.10.2005
Return on Assets 7.81% Short-Term Rating A-2
Return on Common Equity 17.55%
Return on Capital - EBITDA/Interest Exp. 12.27
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 6.53
Net Debt/EBITDA 1.77
Gross Margin 44.3% Total Debt/EBITDA 2.62
EBITDA Margin 33.3%
EBIT Margin 13.7% Total Debt/Equity 83.7%
Net Income Margin 19.0% Total Debt/Capital 44.7%
Asset Turnover 0.41
Current Ratio 1.61 Net Fixed Asset Turnover 1.72
Quick Ratio 0.84 Accounts receivable turnover-days -
Debt to Assets 36.01% Inventory Days 9.71
Tot Debt to Common Equity 83.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -3.18
Inventory Turnover 37.69
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
TeliaSonera ABPrice/Volume
Valuation Analysis
4'317'198.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF SWEDEN n/a Research 1'614'513'748 37.29 - 30.09.2012 Government
REPUBLIC OF FINLAND n/a Research 505'123'642 11.67 (89'000'000) 30.09.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 135'101'977 3.12 - 31.12.2012 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 113'772'322 2.63 - 30.09.2012 Pension Fund (ERISA)
SWEDBANK ROBUR FONDE n/a Research 100'536'059 2.32 - 30.09.2012 Investment Advisor
AMF PENSION n/a Research 81'560'451 1.88 - 30.09.2012 Pension Fund (ERISA)
SEB n/a ULT-AGG 57'463'604 1.33 45'896 31.12.2012 Unclassified
SHB FUNDS n/a Research 55'103'337 1.27 - 30.09.2012 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 51'687'796 1.19 20'254'991 26.03.2013 Investment Advisor
FJARDE AP-FONDEN n/a Research 51'218'385 1.18 - 30.09.2012 Pension Fund (ERISA)
GOVERNMENT OF NORWAY n/a Research 45'514'625 1.05 - 30.09.2012 Government
AFA INSURANCE n/a Research 40'936'185 0.95 (1'638'000) 30.09.2012 Insurance Company
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 36'637'463 0.85 757'991 28.02.2013 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 32'908'480 0.76 (913'000) 31.12.2012 Investment Advisor
FORSTA AP FONDEN n/a Research 31'821'766 0.73 - 30.09.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 29'888'500 0.69 2'212'625 31.12.2012 Investment Advisor
SKANDIA LIV n/a Research 28'199'595 0.65 - 30.09.2012 Pension Fund (ERISA)
SPP n/a Research 24'185'095 0.56 - 30.09.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'638'930 0.5 866'212 31.12.2012 Investment Advisor
2ND SWEDISH NAT PEN n/a Research 21'277'439 0.49 - 30.09.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 53 12 month 26.03.2013
Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 26.03.2013
AlphaValue JEAN-MICHEL SALVADOR add 4 M 53 6 month 21.03.2013
Pohjola Bank Plc (ESN) KIMMO STENVALL reduce 2 M 42 12 month 20.03.2013
SEB Enskilda ANDREAS JOELSSON buy 5 M 49 Not Provided 19.03.2013
Grupo Santander JOHN DAVIES underweight 1 M 45 Not Provided 13.03.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 45 Not Provided 13.03.2013
Exane BNP Paribas MAXIME REY outperform 5 M 53 Not Provided 08.03.2013
Berenberg Bank BARRY ZEITOUNE sell 1 M 42 Not Provided 06.03.2013
ABG Sundal Collier KRISTOFER ERIKSSON sell 1 M 42 6 month 04.03.2013
Jefferies ULRICH RATHE underperform 1 D 37 12 month 01.03.2013
HSBC DOMINIK KLARMANN overweight 5 M 52 Not Provided 27.02.2013
CA Cheuvreux PETER KURT NIELSEN outperform 5 D 50 Not Provided 11.02.2013
Evli Bank Plc MIKKO ERVASTI accumulate 4 D 49 Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 05.02.2013
Nomura JAMES BRITTON neutral 3 M 46 12 month 04.02.2013
Deutsche Bank KEVAL KHIROYA hold 3 M 46 12 month 01.02.2013
Nordea Equity Research STEFAN GAUFFIN buy 5 M 51 12 month 01.02.2013
Handelsbanken THOMAS HEATH reduce 2 M 44 12 month 01.02.2013
Swedbank SVEN SKOLD buy 5 M 51 12 month 01.02.2013
Barclays MAURICE PATRICK equalweight 3 M 45 Not Provided 01.02.2013
Danske Markets ERIK STRANDIN PERS hold 3 M 45 12 month 01.02.2013
Societe Generale OTTAVIO ADORISIO sell 1 M 42 12 month 31.01.2013
Goldman Sachs ANDREW LEE neutral/neutral 3 M 54 12 month 31.01.2013
Pareto Securities THOMAS NIELSEN hold 3 D 46 6 month 31.01.2013
S&P Capital IQ ALEXANDER WISCH buy 5 M 52 12 month 31.01.2013
DNB Markets CHRISTER ROTH buy 5 M 51 Not Provided 31.01.2013
New Street Research RUSSELL WALLER neutral 3 M 49 Not Provided 31.01.2013
JPMorgan AKHIL DATTANI overweight 5 M 55 9 month 21.01.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 33 Not Provided 30.10.2012
Natixis JACQUES DE GRELING neutral 3 M 46 Not Provided 18.10.2012
SpareBank 1 Markets AS TORE A TONSETH sell 1 D 44 6 month 17.10.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 56 Not Provided 18.07.2012
Holdings By:
TeliaSonera AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
ArcelorMittal produces steel. The Company manufactures cold rolled,
electrogalvanized and coated steels, slabs, special quality bars, and wire
rods. Arcelor Mittal has steel making operations in Europe, the Americas,
Asia, and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 14.95
52-Week Low (27.03.2013) 10.05
Daily Volume
10.185
52-Week High % Change -31.82% Dividend Yield -
52-Week Low % Change 1.39% Beta 1.48
% 52 Week Price Range High/Low 0.75% Equity Float 976.79
Shares Out 15.01.2013 1'665.4 Short Int -
16'962.02 1 Yr Total Return -27.98%
Total Debt 25'752.00 YTD Return -21.26%
Preferred Stock 0.0 Adjusted BETA 1.479
Minority Interest 3'474.0 Analyst Recs 43
Cash and Equivalents 4'398.00 Consensus Rating 3.558
Enterprise Value 46'487.65
Average Volume 5 Day 10'160'600
MT NA EQUITY YTD Change - Average Volume 30 Day 10'206'350
MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 9'428'443
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
124'936.0 61'021.0 78'025.0 93'973.0 84'213.0 93'973.0 84'213.0 86'528.0 90'351.7 20'331.0 21'669.8
0.50x 1.52x 1.05x 0.58x 0.61x 2.92x 2.47x 0.50x 0.45x 2.21x 2.06x
24'436.0 3'656.0 8'525.0 9'898.0 6'762.0 10'117.0 7'150.0 7'609.6 9'308.1 1'445.5 1'887.0
2.57x 25.37x 9.63x 5.47x 7.58x 5.35x 7.17x 6.11x 4.99x 6.40x 5.85x
9'399.0 157.0 2'916.0 2'263.0 (3'726.0) 2'263.0 (3'726.0) 1'107.4 2'518.1 (45.8) 324.5
3.49x 308.59x 17.66x 15.75x - 15.75x 0.00x 19.18x 9.05x 30.97x 15.39x
EBITDA 6'762.00 Long-Term Rating Date 02.08.2012
EBIT 1'809.00 Long-Term Rating BB+
Operating Margin 2.15% Long-Term Outlook NEG
Pretax Margin -6.85% Short-Term Rating Date 02.08.2012
Return on Assets -3.15% Short-Term Rating B
Return on Common Equity -6.87%
Return on Capital - EBITDA/Interest Exp. 3.33
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 1.02
Net Debt/EBITDA 2.99
Gross Margin 6.1% Total Debt/EBITDA 3.60
EBITDA Margin 8.5%
EBIT Margin 2.8% Total Debt/Equity 49.8%
Net Income Margin -4.4% Total Debt/Capital 31.8%
Asset Turnover 0.71
Current Ratio 1.33 Net Fixed Asset Turnover 1.56
Quick Ratio 0.40 Accounts receivable turnover-days 25.07
Debt to Assets 22.48% Inventory Days 96.59
Tot Debt to Common Equity 49.79% Accounts Payable Turnover Day 59.60
Accounts Receivable Turnover 14.60 Cash Conversion Cycle 61.20
Inventory Turnover 3.79
Fiscal Year Ended
ArcelorMittalPrice/Volume
Valuation Analysis
7'524'084.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HSBC TRUSTEE CI LTD n/a Research 637'338'263 38.27 - 31.07.2012 Unclassified
STATE OF LUXEMBOURG n/a Research 38'965'330 2.34 - 17.05.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 34'288'654 2.06 (1'268'600) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'652'443 0.82 157'708 25.03.2013 Investment Advisor
ARCELOR MITTAL n/a Research 11'807'964 0.71 - 17.05.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'263'233 0.68 378'014 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'882'700 0.53 361'682 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'991'717 0.48 (75'417) 31.01.2013 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 5'391'818 0.32 (2'720) 28.02.2013 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 4'337'697 0.26 424'535 28.02.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 3'626'060 0.22 660'850 31.01.2013 Mutual Fund Manager
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3'405'847 0.2 383'008 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'040'188 0.18 (511'043) 31.12.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'802'907 0.17 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'731'472 0.16 - 31.07.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'714'162 0.16 313'267 28.02.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'683'591 0.16 (1'180'104) 31.12.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 2'539'528 0.15 (67'376) 29.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'448'266 0.15 (2'268'295) 31.01.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 2'378'999 0.14 2'378'999 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander JUAN RAMON CORREAS hold 3 M 16 Not Provided 22.03.2013
Nomura NEIL SAMPAT neutral 3 M 11 12 month 22.03.2013
Exane BNP Paribas LUC PEZ neutral 3 M 13 Not Provided 21.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 12 12 month 20.03.2013
Societe Generale ALAIN WILLIAM buy 5 M 15 12 month 19.03.2013
Jefferies SETH ROSENFELD buy 5 M 16 12 month 19.03.2013
Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 16 12 month 19.03.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 12 Not Provided 19.03.2013
Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 13 12 month 18.03.2013
RBC Capital Markets TIMOTHY HUFF outperform 5 M 14 12 month 18.03.2013
JPMorgan ALESSANDRO ABATE overweight 5 M 14 9 month 18.03.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 15 12 month 18.03.2013
Rabobank International FRANK CLAASSEN buy 5 M 14 12 month 18.03.2013
Espirito Santo Investment Bank ResearchRUI DIAS sell 1 M 10 Not Provided 18.03.2013
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE sell 1 M 12 Not Provided 18.03.2013
ING Bank FILIP DE PAUW hold 3 M 13 12 month 18.03.2013
AlphaValue FABRICE FARIGOULE buy 5 M 15 6 month 18.03.2013
Macquarie JEFFREY LARGEY neutral 3 M 14 12 month 14.03.2013
Liberum Capital Ltd RICHARD KNIGHTS sell 1 N 10 Not Provided 04.03.2013
Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 11 12 month 01.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013
HSBC THORSTEN ZIMMERMANN neutral 3 U 12 Not Provided 22.02.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 11.02.2013
Nord/LB HOLGER FECHNER sell 1 M 10 12 month 07.02.2013
Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 13 Not Provided 07.02.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 9 12 month 07.02.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 13 6 month 06.02.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 06.02.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 06.02.2013
VTB Capital WIKTOR BIELSKI buy 5 M 21 12 month 05.02.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 18 Not Provided 22.01.2013
Petercam JUNIOR CUIGNIEZ hold 3 M 14 Not Provided 14.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 15 Not Provided 11.01.2013
BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 10.01.2013
Davy TIM CAHILL neutral 3 U #N/A N/A Not Provided 10.01.2013
Kempen & Co DIRK VERBIESEN buy 5 M 17 12 month 06.01.2013
La Caixa ICIAR GOMEZ BOTAS overweight 5 D 13 Not Provided 23.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.11.2012
Main First Bank AG ALEXANDER HAUENSTEIN underperform 1 M 9 12 month 02.11.2012
Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 13 12 month 26.10.2012
Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012
Daiwa Securities Co. Ltd. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011
Holdings By:
ArcelorMittal ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and
manufactures and distributes equipment and products used in the treatment of
dialysis patients. The Company also offers clinical laboratory testing and
diagnostic testing services and provides home infusion, respiratory therapy,
ultrasound, and echo-cardiography. Fresenius operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.07.2012) 60.27
52-Week Low (10.01.2013) 47.79
Daily Volume
52.42
52-Week High % Change -13.02% Dividend Yield -
52-Week Low % Change 9.69% Beta 0.57
% 52 Week Price Range High/Low 35.50% Equity Float 208.38
Shares Out 04.03.2013 302.8 Short Int -
16'038.56 1 Yr Total Return 1.93%
Total Debt 8'298.48 YTD Return 0.21%
Preferred Stock 0.0 Adjusted BETA 0.567
Minority Interest 788.0 Analyst Recs 36
Cash and Equivalents 688.04 Consensus Rating 3.583
Enterprise Value 22'402.47
Average Volume 5 Day 656'451
FME GY EQUITY YTD Change - Average Volume 30 Day 800'870
FME GY EQUITY YTD % CHANGE - Average Volume 3 Month 849'319
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
10'612.3 11'247.5 12'053.5 12'570.5 13'800.3 12'570.5 13'800.3 14'706.7 15'546.5 3'530.8 3'762.0
1.81x 1.84x 1.88x 2.22x 2.15x 8.84x 8.76x 1.93x 1.78x 8.11x 7.60x
2'088.1 2'212.7 2'427.0 2'632.2 2'821.5 2'632.2 2'821.5 3'103.0 3'281.5 732.5 770.0
9.19x 9.33x 9.36x 10.62x 10.50x 10.63x 10.50x 9.31x 8.80x 9.39x 9.23x
817.6 891.1 978.5 1'071.2 1'186.8 1'071.2 1'186.8 1'204.4 1'317.2 271.0 294.7
17.10x 17.72x 17.64x 19.22x 17.78x 19.22x 17.78x 17.05x 15.72x 17.41x 16.86x
EBITDA 2'821.47 Long-Term Rating Date 19.09.2012
EBIT 2'218.57 Long-Term Rating BB+
Operating Margin 16.08% Long-Term Outlook STABLE
Pretax Margin 14.00% Short-Term Rating Date -
Return on Assets 5.67% Short-Term Rating -
Return on Common Equity 14.09%
Return on Capital 9.79% EBITDA/Interest Exp. 6.00
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 4.56
Net Debt/EBITDA 2.70
Gross Margin 33.3% Total Debt/EBITDA 2.94
EBITDA Margin 20.4%
EBIT Margin 16.1% Total Debt/Equity 92.8%
Net Income Margin 8.6% Total Debt/Capital 46.0%
Asset Turnover 0.66
Current Ratio 1.93 Net Fixed Asset Turnover 4.95
Quick Ratio 0.26 Accounts receivable turnover-days 3.30
Debt to Assets 37.17% Inventory Days 39.87
Tot Debt to Common Equity 92.80% Accounts Payable Turnover Day 27.61
Accounts Receivable Turnover 110.93 Cash Conversion Cycle 15.56
Inventory Turnover 9.18
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
Fresenius Medical Care AG & Co KGaAPrice/Volume
Valuation Analysis
486'804.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRESENIUS SE & CO KG n/a 20F 94'380'382 31.17 - 18.02.2013 Corporation
BLACKROCK n/a ULT-AGG 23'308'909 7.7 (123'369) 25.03.2013 Investment Advisor
THORNBURG INVESTMENT n/a Research 15'147'822 5 - 06.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'065'861 1.01 (418'710) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'947'832 0.97 1'361'232 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'772'483 0.92 (7'348) 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'691'210 0.89 450'000 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'050'747 0.68 (14'552) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'826'282 0.6 (502'837) 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'642'573 0.54 (236'622) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'546'825 0.51 (3'090'185) 31.01.2013 Investment Advisor
SARASIN n/a ULT-AGG 1'270'832 0.42 76'163 31.01.2013 Unclassified
INVESCO LTD Multiple Portfolios MF-AGG 1'239'455 0.41 (237'666) 21.03.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'145'603 0.38 729'384 30.11.2012 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 1'077'120 0.36 - 31.10.2012 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'028'400 0.34 (33'900) 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 891'372 0.29 (89'146) 30.10.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 812'216 0.27 121'590 31.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 732'215 0.24 6'037 30.11.2012 Unclassified
CLERICAL MEDICAL INV Multiple Portfolios MF-AGG 667'115 0.22 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale JUSTIN SMITH buy 5 M 62 12 month 25.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013
Exane BNP Paribas JULIEN DORMOIS outperform 5 M 62 Not Provided 21.03.2013
Sanford C. Bernstein & Co LISA BEDELL CLIVE outperform 5 M 62 12 month 18.03.2013
Morgan Stanley MICHAEL K JUNGLING Overwt/In-Line 5 M 58 12 month 07.03.2013
Nord/LB HOLGER FECHNER hold 3 M 55 12 month 07.03.2013
AlphaValue MARTIN SCHNEE add 4 M 61 6 month 07.03.2013
Barclays SALLY TAYLOR equalweight 3 M 57 Not Provided 05.03.2013
DZ Bank AG SVEN OLAF KUERTEN hold 3 M 55 12 month 04.03.2013
HSBC JAN KEPPELER neutral 3 M 55 Not Provided 01.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 60 12 month 28.02.2013
Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 53 12 month 27.02.2013
Credit Suisse CHRISTOPH GRETLER neutral 3 M 55 Not Provided 27.02.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.02.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 56 12 month 27.02.2013
Berenberg Bank TOM JONES buy 5 M 63 Not Provided 27.02.2013
Kepler Capital Markets MAJA PATAKI buy 5 M 58 Not Provided 27.02.2013
Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 66 6 month 27.02.2013
Equinet Institutional Services(ESN) KONRAD LIEDER accumulate 4 M 58 12 month 27.02.2013
Main First Bank AG MARCUS WIEPRECHT underperform 1 M 50 12 month 27.02.2013
JPMorgan DAVID J ADLINGTON underweight 1 M 49 9 month 26.02.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 58 Not Provided 26.02.2013
M.M. Warburg Investment Research ULRICH HUWALD buy 5 M 57 12 month 26.02.2013
Nomura MARTIN BRUNNINGER reduce 2 M 45 12 month 26.02.2013
S&P Capital IQ SHO MATSUBARA hold 3 M 57 12 month 26.02.2013
Helvea OLAV ZILIAN buy 5 M 65 12 month 26.02.2013
Commerzbank Corporates & Markets VOLKER BRAUN hold 3 M 56 6 month 21.02.2013
Deutsche Bank HOLGER BLUM hold 3 M 48 12 month 20.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Jefferies INGEBORG OIE hold 3 M 60 12 month 05.11.2012
CA Cheuvreux OLIVER REINBERG underperform 1 M 49 Not Provided 01.11.2012
Silvia Quandt Research CLAUDIA LAKATOS buy 5 M 66 12 month 31.10.2012
SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 63 12 month 02.11.2011
Holdings By:
Fresenius Medical Care AG & Co KGaA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The
Company's fleet includes container vessels, tankers, supply ships, special
vessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial,
and supermarket businesses, and explores for and produces oil and gas. The
Company is active worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.01.2013) 47'480.00
52-Week Low (04.06.2012) 35'000.00
Daily Volume
45440
52-Week High % Change -4.30% Dividend Yield -
52-Week Low % Change 29.83% Beta 1.01
% 52 Week Price Range High/Low 87.50% Equity Float -
Shares Out 26.03.2013 2.2 Short Int -
196'043.75 1 Yr Total Return 8.03%
Total Debt 111'064.00 YTD Return 6.67%
Preferred Stock 0.0 Adjusted BETA 1.012
Minority Interest 13'744.0 Analyst Recs 31
Cash and Equivalents 15'171.00 Consensus Rating 3.710
Enterprise Value 305'680.75
Average Volume 5 Day 4'326
MAERSKB DC EQUITY YTD Change - Average Volume 30 Day 4'285
MAERSKB DC EQUITY YTD % CHANGE - Average Volume 3 Month 4'448
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
311'821.0 260'336.0 315'396.0 322'520.0 342'058.0 322'520.0 342'058.0 336'080.7 365'158.1 81'773.1 85'571.3
0.68x 1.01x 0.97x 0.84x 0.85x 2.44x 3.40x 0.92x 0.84x - -
83'945.0 49'262.0 89'218.0 78'506.0 72'897.0 78'506.0 72'897.0 75'512.7 84'490.5 17'725.7 19'909.3
2.52x 5.34x 3.44x 3.44x 4.00x 3.44x 4.06x 4.05x 3.62x 3.94x 3.77x
16'960.0 (7'027.0) 26'455.0 15'189.0 21'673.0 15'189.0 21'673.0 19'131.9 24'742.7 3'444.0 5'381.8
6.86x - 8.33x 10.96x 8.59x 11.01x 8.61x 10.37x 8.32x 10.03x 9.22x
EBITDA 72'897.00 Long-Term Rating Date -
EBIT 41'924.00 Long-Term Rating -
Operating Margin 12.26% Long-Term Outlook -
Pretax Margin 12.43% Short-Term Rating Date -
Return on Assets 5.25% Short-Term Rating -
Return on Common Equity 10.76%
Return on Capital - EBITDA/Interest Exp. 15.68
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 7.80
Net Debt/EBITDA 1.32
Gross Margin - Total Debt/EBITDA 1.52
EBITDA Margin 21.3%
EBIT Margin 12.3% Total Debt/Equity 53.2%
Net Income Margin 6.3% Total Debt/Capital 33.3%
Asset Turnover 0.83
Current Ratio 1.15 Net Fixed Asset Turnover 1.33
Quick Ratio 0.67 Accounts receivable turnover-days 30.01
Debt to Assets 26.40% Inventory Days -
Tot Debt to Common Equity 53.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.20 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AP Moeller - Maersk A/SPrice/Volume
Valuation Analysis
1'461.00
Current Price (3/dd/yy) Market Data
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400'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AP & CHASTINE MOLLER n/a Co File 905'933 41.22 - 31.12.2011 Other
AP MOLLER C MCKINNEY n/a Co File 216'483 9.85 - 31.12.2011 n/a
FRANKLIN RESOURCES n/a ULT-AGG 87'534 3.98 (46) 31.12.2012 Investment Advisor
MC-KINNEY MOLLER MAE n/a Co File 81'758 3.72 - 31.12.2011 n/a
DEN AP MOLLERSKE STO n/a Co File 64'615 2.94 - 31.12.2011 Other
AP MOLLER - MAERSK A n/a Co File 29'729 1.35 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 25'010 1.14 4'657 31.12.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 16'835 0.77 - 28.02.2013 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 14'211 0.65 67 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'181 0.65 4'051 25.03.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 12'536 0.57 1'049 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'054 0.41 - 31.12.2012 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 8'803 0.4 (680) 28.02.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 7'616 0.35 1'469 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 6'980 0.32 (665) 31.12.2012 Investment Advisor
SPARINVEST n/a ULT-AGG 6'713 0.31 (6) 28.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'465 0.29 620 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'428 0.29 530 31.12.2012 Investment Advisor
SARASIN n/a ULT-AGG 6'413 0.29 (275) 31.01.2013 Unclassified
FMR LLC n/a ULT-AGG 6'016 0.27 2'214 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Fearnley Fonds RIKARD VABO reduce 2 M 40'000 Not Provided 27.03.2013
SEB Enskilda MIKKEL M NIELSEN hold 3 M 45'100 Not Provided 25.03.2013
Cantor Fitzgerald ROBIN BYDE buy 5 M 50'000 Not Provided 21.03.2013
AlphaValue HELENE COUMES reduce 2 M 41'414 6 month 21.03.2013
Berenberg Bank WILLIAM FOGGON buy 5 M 60'000 Not Provided 20.03.2013
ABG Sundal Collier LARS HEINDORFF buy 5 M 52'000 6 month 13.03.2013
Equita SIM SpA GIANMARCO BONACINA buy 5 M 58'000 12 month 05.03.2013
Nordea Equity Research FINN BJARKE PETERSEN buy 5 M 50'000 12 month 05.03.2013
Macquarie ROBERT JOYNSON neutral 3 M 44'000 12 month 01.03.2013
Credit Suisse NEIL GLYNN underperform 1 M 42'700 Not Provided 28.02.2013
ABN Amro Bank N.V. MARK VAN DER GEEST buy 5 M 52'500 12 month 27.02.2013
Carnegie STIG FREDERIKSEN buy 5 M #N/A N/A Not Provided 25.02.2013
Handelsbanken DAN TOGO JENSEN buy 5 M 57'000 12 month 25.02.2013
DNB Markets NICOLAY DYVIK buy 5 M 51'000 Not Provided 25.02.2013
Danske Markets ERIK BERGOO buy 5 M 55'000 12 month 25.02.2013
Clarkson Capital Markets LLC URS M DUR market perform 3 M 42'200 12 month 25.02.2013
Alm Brand Markets JESPER CHRISTENSEN sell 1 M 42'500 Not Provided 22.02.2013
Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 56'000 12 month 22.02.2013
JPMorgan CHRISTOPHER G COMBE neutral 3 M 45'000 9 month 22.02.2013
Nomura MARK MCVICAR buy 5 M 59'000 12 month 21.02.2013
Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 53'800 12 month 08.02.2013
RS Platou Markets FRODE MOERKEDAL neutral 3 D 50'000 6 month 03.02.2013
Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 60'000 12 month 01.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
HSBC JULIA WINARSO overweight 5 M 56'000 Not Provided 13.11.2012
SpareBank 1 Markets AS GLENN LODDEN buy 5 N 50'000 6 month 26.10.2012
Jyske Bank FRANS HOYER sell 1 M 37'000 Not Provided 04.09.2012
CA Cheuvreux BEAT KEISER underperform 1 M 40'000 Not Provided 10.08.2012
NYKREDIT RICKY S RASMUSSEN outperform 5 M #N/A N/A Not Provided 23.02.2012
Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 18.02.2011
Holdings By:
AP Moeller - Maersk A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Christian Dior SA manufactures luxury products such as upscale clothing,
champagne and wines, cognac and spirits, luggage and leather goods, perfumes and
cosmetics, and jewelry and watches. The Company markets its products
internationally.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (18.01.2013) 136.80
52-Week Low (04.06.2012) 98.08
Daily Volume
128.05
52-Week High % Change -6.40% Dividend Yield -
52-Week Low % Change 30.56% Beta 0.90
% 52 Week Price Range High/Low 77.53% Equity Float 51.20
Shares Out 01.03.2013 181.7 Short Int -
23'270.15 1 Yr Total Return 12.85%
Total Debt 8'824.00 YTD Return -0.16%
Preferred Stock 0.0 Adjusted BETA 0.904
Minority Interest 15'309.0 Analyst Recs 14
Cash and Equivalents 2'428.00 Consensus Rating 4.286
Enterprise Value 45'653.15
Average Volume 5 Day 111'190
CDI FP EQUITY YTD Change - Average Volume 30 Day 106'087
CDI FP EQUITY YTD % CHANGE - Average Volume 3 Month 103'185
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 06/yy 01/yy 04/13 Y 04/14 Y 12/13 Q4 03/14 Q1
17'245.0 17'933.0 17'745.0 21'123.0 24'628.0 20'182.0 29'231.0 30'024.6 32'911.4 - -
1.74x 1.26x 1.55x 1.68x 1.55x 0.00x 0.00x 1.49x 1.25x - -
4'207.0 4'294.0 4'102.0 5'175.0 6'266.0 0.0 0.0 7'422.0 8'361.5 - -
7.14x 5.24x 6.69x 6.85x 6.08x 0.00x 0.00x 6.15x 5.46x - -
880.0 796.0 695.0 1'261.0 1'279.0 0.0 0.0 1'768.8 2'220.6 - -
18.20x 9.02x 18.40x 15.14x 12.83x 0.00x 0.00x 13.72x 11.50x - -
EBITDA 6'266.00 Long-Term Rating Date -
EBIT 5'323.00 Long-Term Rating -
Operating Margin 21.61% Long-Term Outlook -
Pretax Margin 19.94% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 25.79
Asset Turnover - (EBITDA-Capex)/Interest Exp. 18.23
Net Debt/EBITDA -
Gross Margin 66.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 91.6%
Net Income Margin 4.7% Total Debt/Capital 26.1%
Asset Turnover -
Current Ratio 1.33 Net Fixed Asset Turnover -
Quick Ratio 0.43 Accounts receivable turnover-days -
Debt to Assets 17.23% Inventory Days -
Tot Debt to Common Equity 91.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 229.19
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Christian Dior SAPrice/Volume
Valuation Analysis
68'094.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUPE ARNAULT SAS n/a Research 127'874'042 70.37 33'750 01.10.2012 Holding Company
CHRISTIAN DIOR SA n/a Co File 2'380'206 1.31 - 30.04.2012 n/a
FMR LLC n/a ULT-AGG 1'873'868 1.03 481'476 31.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 796'326 0.44 (329'869) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 666'226 0.37 151 26.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 623'346 0.34 766 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 581'499 0.32 (75'135) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 421'691 0.23 4'085 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 366'000 0.2 - 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 348'671 0.19 (819) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 333'448 0.18 (3'323) 31.01.2013 Mutual Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 279'724 0.15 12'382 31.01.2013 Investment Advisor
SOCIETE GENERALE Multiple Portfolios MF-AGG 258'207 0.14 (17'382) 31.10.2012 Bank
PALATINE ASSET MANAG Multiple Portfolios MF-AGG 248'010 0.14 (57'000) 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 237'632 0.13 (23'602) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 227'680 0.13 32 31.12.2012 Mutual Fund Manager
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 222'041 0.12 30'482 31.12.2012 Investment Advisor
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 213'750 0.12 (15'250) 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 188'200 0.1 - 28.12.2012 Mutual Fund Manager
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 146'427 0.08 (7'104) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oddo & Cie LEOPOLD AUTHIE buy 5 M 154 Not Provided 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
AlphaValue VIRGINIE BLIN buy 5 M 180 6 month 07.03.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.02.2013
Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 149 12 month 11.02.2013
Raymond James MARC WILLAUME outperform 5 M 142 Not Provided 04.02.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 142 Not Provided 04.02.2013
Aurel - BGC DAVID DA MAIA buy 5 U 140 Not Provided 25.01.2013
HSBC SOPHIE DARGNIES neutral 3 D 147 Not Provided 24.01.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 145 6 month 16.01.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 174 12 month 09.01.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 130 Not Provided 30.10.2012
JPMorgan MELANIE A FLOUQUET overweight 5 M 110 Not Provided 15.12.2011
Holdings By:
Christian Dior SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical
products. The Company produces reactive polyurethane and laminating adhesives,
labeling for glass and PET plastic bottles, corrosion inhibitors and surface
treatments, soaps, skin care products, hair dye, perfumes, detergents,
dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (27.03.2013) 61.70
52-Week Low (04.06.2012) 41.51
Daily Volume
60.84
52-Week High % Change -1.39% Dividend Yield -
52-Week Low % Change 46.58% Beta 0.75
% 52 Week Price Range High/Low 96.87% Equity Float 107.39
Shares Out 06.03.2013 259.8 Short Int -
28'970.07 1 Yr Total Return 34.06%
Total Debt 3'901.00 YTD Return 17.16%
Preferred Stock 0.0 Adjusted BETA 0.747
Minority Interest 135.0 Analyst Recs 5
Cash and Equivalents 1'238.00 Consensus Rating 3.200
Enterprise Value 31'768.07
Average Volume 5 Day 103'396
HEN GY EQUITY YTD Change - Average Volume 30 Day 128'082
HEN GY EQUITY YTD % CHANGE - Average Volume 3 Month 127'172
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
14'131.0 13'573.0 15'092.0 15'605.0 16'510.0 15'605.0 16'510.0 17'083.1 17'919.3 4'190.5 4'394.5
1.00x 1.40x 1.41x 1.38x 1.81x 5.53x 6.49x 1.65x 1.51x - -
2'048.0 1'938.0 2'445.0 2'444.0 2'782.0 2'217.0 2'658.0 2'860.3 3'087.0 - -
6.87x 9.84x 8.71x 8.82x 10.72x 9.72x 11.22x 11.11x 10.29x - -
1'221.0 602.0 1'118.0 1'161.0 1'510.0 1'161.0 1'510.0 1'736.9 1'912.5 434.0 468.5
8.01x 26.40x 18.11x 16.70x 17.93x 16.70x 17.93x 15.10x 13.70x 14.45x -
EBITDA 2'782.00 Long-Term Rating Date 18.05.2011
EBIT 2'373.00 Long-Term Rating A
Operating Margin 14.37% Long-Term Outlook STABLE
Pretax Margin 12.47% Short-Term Rating Date 18.05.2011
Return on Assets 7.94% Short-Term Rating A-1
Return on Common Equity 16.85%
Return on Capital - EBITDA/Interest Exp. 21.24
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 18.02
Net Debt/EBITDA 1.00
Gross Margin 46.8% Total Debt/EBITDA 1.47
EBITDA Margin 16.1%
EBIT Margin 13.6% Total Debt/Equity 41.6%
Net Income Margin 9.1% Total Debt/Capital 29.1%
Asset Turnover 0.87
Current Ratio 1.30 Net Fixed Asset Turnover 7.21
Quick Ratio 0.56 Accounts receivable turnover-days 44.58
Debt to Assets 19.98% Inventory Days 63.13
Tot Debt to Common Equity 41.61% Accounts Payable Turnover Day 106.32
Accounts Receivable Turnover 8.21 Cash Conversion Cycle 1.39
Inventory Turnover 5.80
Fiscal Year Ended
Henkel AG & Co KGaAPrice/Volume
Valuation Analysis
56'274.00
Current Price (3/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
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4'000.0
6'000.0
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HENKEL FAMILY n/a EXCH 138'237'398 53.21 - 05.08.2011 n/a
HENKEL CHRISTOPH n/a Co File 14'172'457 5.46 - 31.12.2009 n/a
SILCHESTER INTL INVE n/a Co File 7'824'150 3.01 - 31.12.2009 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 2'478'426 0.95 (83'232) 31.03.2012 Investment Advisor
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1'580'909 0.61 102'447 31.12.2012 Unclassified
SEB n/a ULT-AGG 1'579'517 0.61 (109'258) 31.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'358'762 0.52 50'528 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'212'847 0.47 46'946 25.03.2013 Investment Advisor
FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 920'000 0.35 - 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 773'169 0.3 761'776 31.12.2012 Mutual Fund Manager
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 662'131 0.25 - 28.02.2013 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 570'600 0.22 - 30.11.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 492'756 0.19 (50'935) 31.01.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 483'503 0.19 167'052 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 468'164 0.18 61'332 31.01.2013 Investment Advisor
OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 467'900 0.18 7'000 30.11.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 285'558 0.11 25'190 30.11.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 248'330 0.1 (35'352) 30.06.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 247'515 0.1 (17'787) 31.01.2013 Mutual Fund Manager
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 218'045 0.08 19'421 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 65 12 month 25.03.2013
AlphaValue MARTIN SCHNEE reduce 2 M 58 6 month 21.03.2013
HSBC CEDRIC BESNARD underweight 1 M 56 Not Provided 18.01.2013
Nomura GUILLAUME DELMAS buy 5 M 62 12 month 10.08.2012
M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 46 12 month 26.04.2012
Independent Research GmbH ZAFER RUZGAR hold 3 M 44 6 month 07.11.2011
Landesbank Baden-Wuerttemberg IRIS SCHAEFER buy 5 N 27 6 month 21.10.2008
Holdings By:
Henkel AG & Co KGaA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Atlas Copco AB is an international industrial group. The Group develops,
manufactures, and markets compressed air equipment and generators, construction
and mining equipment, electric and pneumatic tools, and assembly systems and
offers related services. Atlas Copco also rents equipment. The Company markets
to manufacturing, building, construction, and mining companies worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (30.01.2013) 170.10
52-Week Low (14.06.2012) 118.60
Daily Volume
162.7
52-Week High % Change -4.29% Dividend Yield -
52-Week Low % Change 37.18% Beta 1.13
% 52 Week Price Range High/Low 87.18% Equity Float -
Shares Out 26.03.2013 390.2 Short Int -
216'678.05 1 Yr Total Return 15.94%
Total Debt 21'052.00 YTD Return 2.84%
Preferred Stock 0.0 Adjusted BETA 1.129
Minority Interest 54.0 Analyst Recs 0
Cash and Equivalents 12'416.00 Consensus Rating -
Enterprise Value 225'368.05
Average Volume 5 Day 885'024
ATCOB SS EQUITY YTD Change - Average Volume 30 Day 819'144
ATCOB SS EQUITY YTD % CHANGE - Average Volume 3 Month 767'555
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 81'203.0 90'533.0 89'260.0 93'126.2 21'596.5 22'384.2
1.38x 2.15x 2.97x 2.39x 2.43x 9.56x 8.98x 2.45x 2.30x 10.30x 10.08x
15'808.0 11'527.0 16'400.0 20'061.0 21'891.0 20'076.0 21'892.0 21'600.2 22'826.8 5'037.0 5'281.8
6.48x 11.87x 12.67x 9.68x 10.05x 9.47x 9.92x 10.43x 9.87x 10.54x 10.67x
10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 12'963.0 13'901.0 13'752.1 14'777.0 3'268.6 3'434.4
8.16x 20.51x 20.80x 13.86x 15.57x 13.86x 15.57x 14.36x 13.39x 14.52x 14.21x
EBITDA 21'891.00 Long-Term Rating Date 24.02.2011
EBIT 19'227.00 Long-Term Rating A
Operating Margin 21.24% Long-Term Outlook STABLE
Pretax Margin 20.48% Short-Term Rating Date 24.02.2011
Return on Assets 17.79% Short-Term Rating A-1
Return on Common Equity 43.54%
Return on Capital - EBITDA/Interest Exp. 21.93
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 20.26
Net Debt/EBITDA 0.39
Gross Margin 38.4% Total Debt/EBITDA 0.96
EBITDA Margin 24.2%
EBIT Margin 21.2% Total Debt/Equity 60.0%
Net Income Margin 15.4% Total Debt/Capital 37.5%
Asset Turnover 1.16
Current Ratio 2.44 Net Fixed Asset Turnover 10.33
Quick Ratio 1.32 Accounts receivable turnover-days 66.19
Debt to Assets 25.94% Inventory Days 115.59
Tot Debt to Common Equity 60.01% Accounts Payable Turnover Day 47.17
Accounts Receivable Turnover 5.53 Cash Conversion Cycle 134.61
Inventory Turnover 3.17
Fiscal Year Ended
Atlas Copco ABPrice/Volume
Valuation Analysis
357'952.00
Current Price (3/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 25'224'284 6.46 (2'719'000) 31.12.2012 Investment Advisor
AMF n/a Research 24'492'020 6.28 - 30.06.2012 Other
SWEDBANK ROBUR FONDE n/a Research 23'576'556 6.04 (3'809'005) 30.06.2012 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 20'088'000 5.15 (5'400'000) 30.06.2012 Pension Fund (ERISA)
SEB n/a ULT-AGG 15'148'226 3.88 (1'995'091) 31.12.2012 Unclassified
INVESTOR AB n/a Research 12'091'885 3.1 1'424'285 30.06.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 11'876'520 3.04 1'360'500 31.12.2012 Investment Advisor
FOLKSAM GROUP n/a Research 10'949'499 2.81 559'596 30.06.2012 Insurance Company
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 10'119'562 2.59 34'294 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE n/a Co File 8'787'802 2.25 - 31.12.2010 Investment Advisor
FORSTA AP FONDEN n/a Co File 7'850'527 2.01 - 31.12.2010 Investment Advisor
HANDELSBANKEN FONDER n/a Research 7'695'590 1.97 (185'838) 30.06.2012 Investment Advisor
AP 1 n/a Research 5'632'045 1.44 - 30.06.2012 n/a
AP 4 n/a Research 4'777'823 1.22 - 30.06.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'359'560 1.12 183'662 31.12.2012 Investment Advisor
ANDRA AP FONDEN n/a Co File 3'477'722 0.89 - 31.12.2010 Pension Fund (ERISA)
AP 2 n/a Research 3'292'209 0.84 - 30.06.2012 n/a
FJARDE AP-FONDEN n/a Co File 3'136'746 0.8 - 31.12.2010 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 2'576'300 0.66 5'762 25.03.2013 Investment Advisor
DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 2'464'368 0.63 309'609 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue LIONEL PELLICER sell 1 M 53 6 month 09.04.2009
Holdings By:
Atlas Copco AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Tenaris S.A. manufactures seamless steel pipe products on a global basis. The
Company also provides pipe handling, stocking, and distribution services to the
oil and gas, energy, and mechanical industries. In addition, Tenaris supplies
welded steel pipes for gas pipelines in South America.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.09.2012) 17.08
52-Week Low (04.06.2012) 12.00
Daily Volume
15.66
52-Week High % Change -8.31% Dividend Yield -
52-Week Low % Change 30.50% Beta 0.82
% 52 Week Price Range High/Low 76.57% Equity Float 463.52
Shares Out 31.12.2012 1'180.5 Short Int -
18'487.21 1 Yr Total Return 7.34%
Total Debt 1'744.19 YTD Return 0.51%
Preferred Stock 0.0 Adjusted BETA 0.820
Minority Interest 172.3 Analyst Recs 12
Cash and Equivalents 1'472.87 Consensus Rating 2.583
Enterprise Value 24'051.80
Average Volume 5 Day 1'526'256
TEN IM EQUITY YTD Change - Average Volume 30 Day 1'747'823
TEN IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'621'186
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
12'131.8 8'149.3 7'711.6 9'972.5 10'834.0 9'972.5 10'834.0 11'340.4 11'963.7 2'742.3 2'772.0
1.16x 3.15x 3.77x 2.23x 2.29x 9.50x 8.64x 2.03x 1.86x 8.63x 8.50x
3'560.8 2'318.5 2'080.4 2'449.1 2'924.3 2'449.1 2'952.6 3'068.1 3'260.6 714.0 731.5
3.94x 11.08x 13.99x 9.06x 8.47x 9.06x 8.39x 7.84x 7.38x 8.17x -
2'124.8 1'161.6 1'127.4 1'331.2 1'699.0 1'331.2 1'699.0 1'852.0 1'988.9 431.0 453.0
7.06x 21.37x 25.49x 16.38x 14.31x 16.38x 14.30x 12.01x 11.94x 11.92x -
EBITDA 2'924.26 Long-Term Rating Date -
EBIT 2'356.61 Long-Term Rating -
Operating Margin 21.75% Long-Term Outlook -
Pretax Margin 20.70% Short-Term Rating Date -
Return on Assets 11.02% Short-Term Rating -
Return on Common Equity 15.52%
Return on Capital 13.72% EBITDA/Interest Exp. 52.68
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 38.46
Net Debt/EBITDA 0.09
Gross Margin 38.7% Total Debt/EBITDA 0.59
EBITDA Margin 27.3%
EBIT Margin 21.8% Total Debt/Equity 15.3%
Net Income Margin 15.7% Total Debt/Capital 13.1%
Asset Turnover 0.70
Current Ratio 2.47 Net Fixed Asset Turnover 2.55
Quick Ratio 1.25 Accounts receivable turnover-days 67.08
Debt to Assets 10.93% Inventory Days 159.70
Tot Debt to Common Equity 15.32% Accounts Payable Turnover Day 47.92
Accounts Receivable Turnover 5.46 Cash Conversion Cycle 178.86
Inventory Turnover 2.29
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
Tenaris SAPrice/Volume
Valuation Analysis
776'037.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAN FAUSTIN NV n/a 20F 713'605'187 60.45 - 31.03.2012 Other
ABERDEEN n/a ULT-AGG 59'184'400 5.01 - 31.03.2012 Unclassified
BLACKROCK n/a ULT-AGG 5'820'147 0.49 (182'111) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'262'346 0.36 84'755 31.12.2012 Investment Advisor
HINOJOSA GUILLERMO n/a 20F 1'915'446 0.16 - 30.04.2008 n/a
VOGEL GUILLERMO n/a 20F 1'325'446 0.11 - 31.03.2012 n/a
ARCA SGR SPA Multiple Portfolios MF-AGG 1'238'424 0.1 54'200 28.02.2013 Mutual Fund Manager
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 764'267 0.06 (2'000) 28.02.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 759'370 0.06 (95'920) 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 735'000 0.06 20'000 28.09.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 619'596 0.05 (1'250) 31.01.2013 Mutual Fund Manager
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 564'072 0.05 (130'758) 28.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 552'807 0.05 (62'086) 30.11.2012 Unclassified
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 535'970 0.05 (1'851) 30.06.2012 Investment Advisor
STATE STREET BANQUE Multiple Portfolios MF-AGG 487'901 0.04 (1'685) 28.02.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 449'230 0.04 1'163 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 433'450 0.04 (9'177) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 379'640 0.03 5'157 31.12.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 371'083 0.03 (4'041) 31.12.2012 Mutual Fund Manager
MEDIOLANUM INTERNATI Multiple Portfolios MF-AGG 363'294 0.03 (4'984) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue FABRICE FARIGOULE add 4 M 17 6 month 28.02.2013
Equita SIM SpA ROBERTO LETIZIA hold 3 M 16 12 month 27.02.2013
Exane BNP Paribas RAPHAEL VEVERKA outperform 5 M 18 Not Provided 27.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 26.02.2013
CA Cheuvreux GEOFFROY STERN underperform 1 M 16 Not Provided 25.02.2013
Banca Akros(ESN) FRANCESCO SALA hold 3 D 17 12 month 25.02.2013
Kepler Capital Markets FILIPPO PRINI hold 3 M 14 Not Provided 25.02.2013
Natixis JULIEN LAURENT neutral 3 M 15 Not Provided 25.02.2013
Mediobanca SpA ANDREA SCAURI underperform 1 M 14 6 month 22.02.2013
Banca IMI BRUNO PERMUTTI hold 3 M 16 12 month 22.02.2013
Credit Suisse MICHAEL SHILLAKER underperform 1 M 15 Not Provided 25.01.2013
Goldman Sachs HENRY TARR Sell/Neutral 1 M 15 12 month 08.01.2013
Simmons & Company International STEPHEN WILLIAMS overweight 5 U #N/A N/A Not Provided 13.01.2010
Holdings By:
Tenaris SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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