fundamental equity analysis & analyst recommendations - stoxx europe small 200 index components
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A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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28.02.2013
Aalberts Industries N.V. provides industrial services and flow control systems.
The Company manufactures extrusion tooling, precision parts, bimetallic barrels,
and other industrial products. Aalberts also develops and produces valves,
dispensing systems for beer and soft drinks, and other distribution systems for
water, gas, and energy.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (04.02.2013) 16.89
52-Week Low (27.06.2012) 11.40
Daily Volume
16.72
52-Week High % Change -1.01% Dividend Yield -
52-Week Low % Change 46.67% Beta 1.20
% 52 Week Price Range High/Low 96.90% Equity Float 84.06
Shares Out 31.12.2012 109.4 Short Int -
1'829.60 1 Yr Total Return 12.65%
Total Debt 541.60 YTD Return 6.50%
Preferred Stock 0.0 Adjusted BETA 1.197
Minority Interest 11.1 Analyst Recs 12
Cash and Equivalents 0.10 Consensus Rating 4.417
Enterprise Value 2'382.20
Average Volume 5 Day 246'672
AALB NA EQUITY YTD Change - Average Volume 30 Day 184'675
AALB NA EQUITY YTD % CHANGE - Average Volume 3 Month 171'517
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 - -
1'750.8 1'404.9 1'682.8 1'937.4 2'024.5 - - 2'087.7 2'167.7 - -
0.74x 1.22x 1.36x 1.04x 1.12x - - 1.09x 0.99x - -
251.6 168.8 248.2 279.4 296.1 - - 312.9 330.0 - -
5.16x 10.14x 9.23x 7.22x 7.67x - - 7.61x 7.22x - -
92.8 41.5 104.4 131.3 135.1 - - 154.3 166.5 - -
4.96x 19.78x 14.34x 10.64x 12.66x - - 11.38x 10.58x - -
EBITDA 296.10 Long-Term Rating Date -
EBIT 202.10 Long-Term Rating -
Operating Margin 9.98% Long-Term Outlook -
Pretax Margin 8.98% Short-Term Rating Date -
Return on Assets 6.95% Short-Term Rating -
Return on Common Equity 14.86%
Return on Capital - EBITDA/Interest Exp. 10.21
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 6.63
Net Debt/EBITDA 1.83
Gross Margin - Total Debt/EBITDA 1.83
EBITDA Margin 14.6%
EBIT Margin 10.0% Total Debt/Equity 55.9%
Net Income Margin 6.7% Total Debt/Capital 35.6%
Asset Turnover 1.04
Current Ratio 1.10 Net Fixed Asset Turnover 3.50
Quick Ratio 0.34 Accounts receivable turnover-days 36.51
Debt to Assets 27.70% Inventory Days -
Tot Debt to Common Equity 55.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.02 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Aalberts Industries NVPrice/Volume
Valuation Analysis
322'539.00
Current Price (2/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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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AALBERTS BEHEER BV n/a Research 14'542'716 13.29 - 20.05.2011 Unclassified
FMR LLC n/a ULT-AGG 11'315'498 10.34 - 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'259'676 6.63 - 30.12.2012 Investment Advisor
FORTIS UTRECHT NV n/a EXCH 6'022'588 5.5 - 09.04.2009 Other
NIB CAPITAL NV n/a EXCH 5'836'642 5.33 - 09.04.2009 Venture Capital
COLUMBIA WANGER ASSE n/a Research 5'511'788 5.04 - 20.05.2011 Investment Advisor
CANTILLON CAPITAL MA n/a Research 5'340'054 4.88 - 07.10.2010 Hedge Fund Manager
AALBERTS J n/a Research 2'402'582 2.2 - 03.02.2011 n/a
AALBERTS-VEEN J A M n/a Research 2'402'582 2.2 - 03.02.2011 Other
MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 1'333'741 1.22 - 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 1'297'544 1.19 - 31.08.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 1'067'214 0.98 (164'650) 31.12.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1'048'738 0.96 - 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 996'333 0.91 16'023 31.12.2012 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 626'561 0.57 - 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 609'896 0.56 203'806 31.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 596'362 0.54 - 26.02.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 506'042 0.46 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 449'200 0.41 1'200 31.01.2013 Investment Advisor
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 436'065 0.4 25'900 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KBC Securities MICHAEL ROEG buy 5 M 20 Not Provided 27.02.2013
Rabobank International DAVID TAILLEUR buy 5 M 19 12 month 27.02.2013
Kepler Capital Markets PETER OLOFSEN hold 3 D 17 Not Provided 27.02.2013
Kempen & Co DIRK VERBIESEN hold 3 M 17 12 month 26.02.2013
SNS Securities(ESN) GERT STEENS hold 3 M 17 12 month 26.02.2013
Berenberg Bank FELIX WIENEN buy 5 M 18 Not Provided 26.02.2013
ING Bank TIJS HOLLESTELLE buy 5 M 19 12 month 26.02.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 26.02.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 20 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
CA Cheuvreux ROBERT VAN OVERBEEK outperform 5 M 17 Not Provided 26.10.2012
Petercam LUUK VAN BEEK add 4 M 17 Not Provided 24.10.2012
Holdings By:
Aalberts Industries NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Acciona S.A. is a global developer and service provider of solutions in
renewable energy, large civil infrastructures and water treatment and reverse
osmosis desalination. The Company has sustainable development at the heart of
its strategy.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (09.01.2013) 65.00
52-Week Low (25.07.2012) 29.46
Daily Volume
46.52
52-Week High % Change -28.43% Dividend Yield -
52-Week Low % Change 57.91% Beta 1.04
% 52 Week Price Range High/Low 48.00% Equity Float 23.34
Shares Out 30.09.2012 57.3 Short Int -
2'663.71 1 Yr Total Return -16.15%
Total Debt 8'897.97 YTD Return -16.03%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 301.0 Analyst Recs 23
Cash and Equivalents 1'963.00 Consensus Rating 2.652
Enterprise Value 10'649.71
Average Volume 5 Day 287'745
ANA SQ EQUITY YTD Change - Average Volume 30 Day 379'770
ANA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 254'713
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
7'952.6 7'207.8 6'512.3 6'263.0 6'646.0 6'489.0 7'015.0 6'820.6 6'861.3 1'816.2 1'744.0
4.24x 3.52x 2.03x 1.61x 1.67x 6.87x 6.08x 1.54x 1.52x - -
1'406.8 1'069.3 1'043.0 1'211.2 1'312.0 1'331.2 1'418.0 1'399.7 1'348.2 375.8 567.0
23.97x 23.70x 12.68x 8.35x 8.46x 8.21x 7.42x 7.61x 7.90x 5.89x 7.73x
950.4 464.5 1'263.2 167.2 202.0 380.2 2.0 160.6 101.4 42.5 247.0
14.92x 23.18x 39.19x 19.41x 19.64x 9.87x 0.00x 16.96x 26.95x 5.21x 26.89x
EBITDA 1'312.00 Long-Term Rating Date -
EBIT 595.00 Long-Term Rating -
Operating Margin 8.95% Long-Term Outlook -
Pretax Margin 3.37% Short-Term Rating Date -
Return on Assets 0.17% Short-Term Rating -
Return on Common Equity 0.63%
Return on Capital - EBITDA/Interest Exp. 2.62
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 0.66
Net Debt/EBITDA 5.36
Gross Margin - Total Debt/EBITDA 6.70
EBITDA Margin 20.1%
EBIT Margin 9.3% Total Debt/Equity 166.5%
Net Income Margin 3.0% Total Debt/Capital 61.2%
Asset Turnover 0.34
Current Ratio 1.07 Net Fixed Asset Turnover 0.68
Quick Ratio 0.69 Accounts receivable turnover-days 110.83
Debt to Assets 43.77% Inventory Days -
Tot Debt to Common Equity 166.50% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.30 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
Acciona SAPrice/Volume
Valuation Analysis
184'826.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TUSSEN DE GRACHTEN B n/a EXCH 15'920'109 27.8 - 27.06.2012 Holding Company
ENTREAZCA BV n/a EXCH 15'706'109 27.43 - 27.06.2012 Holding Company
JELICO NETHERLANDS B n/a EXCH 2'005'686 3.5 - 27.06.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 479'860 0.84 32'626 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 474'972 0.83 75 26.02.2013 Investment Advisor
EGERTON CAPITAL LIMI n/a Short (297'750) -0.52 - 20.02.2013 Hedge Fund Manager
ACCRUED EQUITIES INC Multiple Portfolios MF-AGG 110'000 0.19 (25'000) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 101'022 0.18 - 31.07.2012 Investment Advisor
DOMECQ DANIEL ENTREC n/a EXCH 88'450 0.15 - 27.06.2012 n/a
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 86'717 0.15 (4'272) 31.01.2013 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 84'113 0.15 (12'077) 30.09.2012 Mutual Fund Manager
ABANTE ASESORES GEST Multiple Portfolios MF-AGG 79'720 0.14 - 31.12.2012 Investment Advisor
ENTRECANALES D JOSE n/a EXCH 63'983 0.11 - 27.06.2012 n/a
STATE STREET BANQUE Multiple Portfolios MF-AGG 45'611 0.08 8'297 31.01.2013 Investment Advisor
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 41'614 0.07 (500) 29.02.2012 Investment Advisor
CASTELLANOS BORREGO n/a EXCH 41'000 0.07 7'000 16.03.2012 n/a
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 39'879 0.07 7'591 28.12.2012 Mutual Fund Manager
ACCIONA SA n/a Research 35'833 0.06 - 27.06.2012 Corporation
NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 31'120 0.05 - 30.11.2012 Investment Advisor
ESPIRITO SANTO GESTI Multiple Portfolios MF-AGG 28'991 0.05 (600) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI FLORA TRINDADE neutral 3 M 70 Not Provided 25.02.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 123 12 month 22.02.2013
Banco Sabadell MARIA CEBOLLERO sell 1 M 60 12 month 21.02.2013
Grupo Santander JOAQUIN FERRER underweight 1 M 60 Not Provided 18.02.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA neutral 3 M 55 6 month 18.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA sell 1 M 39 Not Provided 13.02.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 41 Not Provided 13.02.2013
Goldman Sachs MANUEL LOSA sell/attractive 1 M 33 12 month 08.02.2013
Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA hold 3 M 66 12 month 08.02.2013
Macquarie SHAI HILL outperform 5 M 62 12 month 05.02.2013
CA Cheuvreux JOSE PORTA SAUDAN underperform 1 D 51 Not Provided 04.02.2013
Ahorro Corporacion Financiera SA JUAN MORENO sell 1 D 51 Not Provided 04.02.2013
La Caixa FERNANDO MURILLO GUIRAO underweight 1 D 65 Not Provided 28.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
HSBC SEAN D MCLOUGHLIN neutral 3 D 66 Not Provided 10.01.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 53 12 month 15.11.2012
Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M #N/A N/A Not Provided 14.11.2012
Intermoney Valores ALVARO NAVARRO buy 5 M #N/A N/A Not Provided 14.11.2012
Kepler Capital Markets EMILIO ROTONDO-INCLAN hold 3 D 49 Not Provided 22.10.2012
BBVA ISIDORO DEL ALAMO market perform 3 M 47 Not Provided 04.10.2012
Nomura MARTIN YOUNG suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012
AlphaValue VINCENT DOARE reduce 2 U 67 6 month 05.05.2010
Renta 4 SA SVB NURIA ALVAREZ overweight 5 M #N/A N/A Not Provided 02.03.2010
Holdings By:
Acciona SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Acerinox, S.A. manufactures and distributes hot and cold-rolled stainless steel
products including slabs, billets, and bars. The Company operates plants in
Spain, the United States and South Africa, and piers used to ship raw
materials. The Company markets its products primarily in Europe, Asia, and the
Americas.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.03.2012) 10.82
52-Week Low (23.07.2012) 7.39
Daily Volume
8.244
52-Week High % Change -23.78% Dividend Yield -
52-Week Low % Change 11.62% Beta 0.84
% 52 Week Price Range High/Low 25.02% Equity Float 120.90
Shares Out 30.09.2012 249.3 Short Int -
2'055.27 1 Yr Total Return -19.97%
Total Debt 1'051.23 YTD Return -1.25%
Preferred Stock 0.0 Adjusted BETA 0.844
Minority Interest 160.2 Analyst Recs 24
Cash and Equivalents 181.88 Consensus Rating 3.250
Enterprise Value 3'135.18
Average Volume 5 Day 1'124'419
ACX SQ EQUITY YTD Change - Average Volume 30 Day 1'031'388
ACX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 994'987
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
6'900.9 5'050.6 2'993.4 4'500.5 4'672.2 4'773.6 4'568.6 4'569.9 4'997.2 1'053.0 1'235.0
0.78x 0.76x 1.61x 1.00x 0.75x 3.52x 3.01x 0.67x 0.65x 2.66x -
654.8 169.8 (194.1) 379.9 339.2 410.1 197.7 186.1 334.0 14.3 -
8.17x 22.59x - 11.82x 10.32x 7.70x 16.47x 16.85x 9.39x - -
312.3 (10.5) (229.2) 122.7 73.7 128.0 (20.4) (19.0) 87.3 (29.2) -
14.03x - - 26.79x 33.03x 16.58x 0.00x - 24.68x 80.04x -
EBITDA 339.22 Long-Term Rating Date -
EBIT 192.44 Long-Term Rating -
Operating Margin 4.12% Long-Term Outlook -
Pretax Margin 2.84% Short-Term Rating Date -
Return on Assets -0.49% Short-Term Rating -
Return on Common Equity -1.10%
Return on Capital - EBITDA/Interest Exp. 5.33
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 2.54
Net Debt/EBITDA 5.46
Gross Margin - Total Debt/EBITDA 6.83
EBITDA Margin 4.3%
EBIT Margin 1.1% Total Debt/Equity 61.1%
Net Income Margin 1.6% Total Debt/Capital 35.8%
Asset Turnover 1.10
Current Ratio 1.51 Net Fixed Asset Turnover -
Quick Ratio 0.58 Accounts receivable turnover-days 41.11
Debt to Assets 25.82% Inventory Days -
Tot Debt to Common Equity 61.08% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.90 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
Acerinox SAPrice/Volume
Valuation Analysis
834'311.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALBA PARTICIPACIONES n/a Co File 60'437'949 24.24 - 31.12.2011 Other
NISSHIN STEEL CO LTD n/a Co File 38'144'820 15.3 - 31.12.2011 Corporation
FEYNMAN CAPITAL SL n/a Co File 29'533'292 11.85 - 31.12.2011 Other
CASA GRANDE CARTAGEN n/a Co File 12'465'247 5 - 31.12.2011 Other
METAL ONE CORP n/a Co File 9'361'560 3.76 - 31.12.2011 Corporation
MARATHON ASSET MANAG n/a Co File 7'785'588 3.12 - 31.12.2011 Investment Advisor
INDUSTRIAL DEVELOPME n/a Co File 7'733'332 3.1 - 31.12.2011 Unclassified
LUXOR CAPITAL GROUP n/a Short (5'285'255) -2.12 (299'165) 13.02.2013 Hedge Fund Manager
PENNANT CAPITAL MANA n/a Short (4'736'786) -1.9 (249'305) 21.02.2013 Hedge Fund Manager
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 1'926'059 0.77 1'066'022 29.02.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'277'694 0.51 (420'796) 31.12.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'073'600 0.43 (285'300) 28.09.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 690'488 0.28 48'257 30.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 546'599 0.22 3'072 26.02.2013 Investment Advisor
MARCH GESTION DE FON Multiple Portfolios MF-AGG 475'399 0.19 32'454 31.05.2012 Mutual Fund Manager
RENTA 4 GESTORA SGII Multiple Portfolios MF-AGG 388'499 0.16 (82'485) 30.11.2011 Investment Advisor
BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 341'777 0.14 71'400 30.11.2012 Mutual Fund Manager
IBERCAJA GESTION, S. Multiple Portfolios MF-AGG 335'250 0.13 103'000 31.12.2012 Mutual Fund Manager
BARCLAYS WEALTH MANA Multiple Portfolios MF-AGG 324'015 0.13 60'000 30.11.2011 Investment Advisor
ABANTE ASESORES GEST Multiple Portfolios MF-AGG 297'350 0.12 62'300 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale ALAIN WILLIAM hold 3 M 8 12 month 27.02.2013
JPMorgan ALESSANDRO ABATE underweight 1 M 9 9 month 27.02.2013
Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 8 Not Provided 27.02.2013
Espirito Santo Investment Bank ResearchRUI DIAS buy 5 M 11 Not Provided 26.02.2013
BPI MANUEL DIAS COELHO strong buy 5 M 11 Not Provided 25.02.2013
Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 11 Not Provided 22.02.2013
Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 11 Not Provided 22.02.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 21.02.2013
Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 9 12 month 20.02.2013
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE hold 3 M 8 Not Provided 20.02.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 10 12 month 20.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Interdin Bolsa JAIME OJEDA DE DIEGO buy 5 U 10 Not Provided 05.02.2013
Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 11 12 month 04.02.2013
Grupo Santander PATRICIA LOPEZ DEL RIO buy 5 M 11 Not Provided 01.02.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 10 Not Provided 30.01.2013
Credit Suisse MICHAEL SHILLAKER neutral 3 M 8 Not Provided 25.01.2013
CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS select list 5 U 11 Not Provided 16.01.2013
Deutsche Bank BASTIAN SYNAGOWITZ sell 1 M 6 12 month 15.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
La Caixa ICIAR GOMEZ BOTAS underweight 1 M 8 Not Provided 27.11.2012
BBVA LUIS DE TOLEDO underperform 1 D 9 Not Provided 09.10.2012
Link Securities JUAN JOSE FERNANDEZ FIGARES buy 5 M 10 Not Provided 26.09.2012
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 D 9 12 month 18.09.2012
Nomura NEIL SAMPAT neutral 3 D 10 Not Provided 11.10.2011
Renta 4 SA SVB IVAN SAN FELIX overweight 5 M 16 Not Provided 28.04.2010
Holdings By:
Acerinox SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ackermans & van Haaren NV is an industrial holding company. The Company's
holdings are in the contracting-dredging environmental services, financial
services, staffing services, and private equity investing.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (28.01.2013) 70.49
52-Week Low (28.06.2012) 59.00
Daily Volume
68.49
52-Week High % Change -2.84% Dividend Yield -
52-Week Low % Change 16.08% Beta 1.01
% 52 Week Price Range High/Low 82.59% Equity Float -
Shares Out 30.06.2012 33.5 Short Int -
2'294.20 1 Yr Total Return 12.92%
Total Debt 529.78 YTD Return 9.99%
Preferred Stock 0.0 Adjusted BETA 1.008
Minority Interest 482.4 Analyst Recs 8
Cash and Equivalents 187.36 Consensus Rating 3.625
Enterprise Value 3'237.64
Average Volume 5 Day 31'309
ACKB BB EQUITY YTD Change - Average Volume 30 Day 30'161
ACKB BB EQUITY YTD % CHANGE - Average Volume 3 Month 29'840
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 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
503.5 423.7 375.5 422.4 432.5 - - - - - -
3.77x 6.28x 8.67x 6.47x - - - - - - -
258.0 159.8 161.3 167.2 - - - - - - -
7.36x 16.64x 20.17x 16.35x - - - - - - -
114.6 117.5 160.8 177.5 167.5 - - 203.0 231.0 - -
10.55x 14.69x 12.86x 10.75x 12.45x - - 11.66x 10.46x - -
EBITDA 167.22 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 19.58% Long-Term Outlook -
Pretax Margin 53.11% Short-Term Rating Date -
Return on Assets 2.31% Short-Term Rating -
Return on Common Equity 8.33%
Return on Capital 4.01% EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 28.1%
Net Income Margin 38.7% Total Debt/Capital 18.3%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 4.36
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.13% Inventory Days -
Tot Debt to Common Equity 28.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ackermans & van Haaren NVPrice/Volume
Valuation Analysis
29'210.00
Current Price (2/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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300.0
400.0
500.0
600.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCALDIS INVEST n/a Co File 11'054'000 33 - 31.12.2010 Other
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 477'867 1.43 6'404 31.01.2013 Investment Advisor
ACKERMANS & VAN HAAR n/a Co File 341'700 1.02 - 31.12.2010 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 251'627 0.75 3'423 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 216'340 0.65 - 31.12.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 163'009 0.49 38'750 28.12.2012 Investment Advisor
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 155'000 0.46 - 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 137'982 0.41 2'110 26.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 119'468 0.36 - 31.07.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 104'684 0.31 32'950 30.12.2011 Mutual Fund Manager
THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 98'729 0.29 (37'788) 31.10.2012 Hedge Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 81'406 0.24 486 27.02.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 79'357 0.24 1'526 31.01.2013 Investment Advisor
ALPS MUTUAL FUNDS SE Multiple Portfolios MF-AGG 71'986 0.21 6'946 30.09.2012 Investment Advisor
INVESCO GESTION Multiple Portfolios MF-AGG 68'093 0.2 34'707 31.01.2013 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 65'000 0.19 - 31.07.2012 Mutual Fund Manager
DEGROOF GESTION INST Multiple Portfolios MF-AGG 56'000 0.17 50'000 29.03.2012 Investment Advisor
BANK DELEN SA Multiple Portfolios MF-AGG 54'500 0.16 - 31.12.2012 Investment Advisor
BRINVEST n/a Co File 51'300 0.15 - 31.12.2010 Other
PETERCAM SA Multiple Portfolios MF-AGG 42'962 0.13 (5'000) 30.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KBC Securities TOM SIMONTS accumulate 4 M 74 Not Provided 27.02.2013
ABN Amro Bank N.V. MAURITS HELDRING hold 3 M 61 Not Provided 27.02.2013
Exane BNP Paribas DAVID VAGMAN outperform 5 M 74 Not Provided 26.02.2013
Bank Degroof(ESN) HANS D'HAESE hold 3 M 72 12 month 28.01.2013
Petercam MARC DEBROUWER hold 3 M 70 Not Provided 28.01.2013
ING Bank MATTHIAS MAENHAUT hold 3 M 64 Not Provided 28.01.2013
Rabobank International COR KLUIS buy 5 M 75 Not Provided 26.10.2012
Kempen & Co ERWIN DUT hold 3 M 64 12 month 10.06.2012
Holdings By:
Ackermans & van Haaren NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Afren PLC is an independent oil and gas company. The Company conducts
exploration, appraisal, and development operations. Afren is currently
producing from its assets in offshore Nigeria and Cote d'Ivoire. The Company
has interests in the Kurdistan region of Iraq, Ghana, Congo Brazzaville, Kenya,
Ethiopia, Madagascar, Seychelles, Tanzania and South Africa.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (04.02.2013) 162.00
52-Week Low (27.06.2012) 92.85
Daily Volume
143.1
52-Week High % Change -11.67% Dividend Yield 0.00
52-Week Low % Change 54.12% Beta 1.76
% 52 Week Price Range High/Low 72.67% Equity Float 1'040.52
Shares Out 01.02.2013 1'088.6 Short Int -
1'557.84 1 Yr Total Return 6.95%
Total Debt 975.53 YTD Return 9.15%
Preferred Stock 0.0 Adjusted BETA 1.763
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 291.69 Consensus Rating 4.375
Enterprise Value 2'863.16
Average Volume 5 Day 4'315'082
AFR LN EQUITY YTD Change - Average Volume 30 Day 7'320'910
AFR LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'140'602
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
0.0 42.5 335.8 319.4 596.7 396.8 1'361.4 1'569.1 1'529.9 - -
- 10.75x 3.47x 7.39x 3.54x 19.81x 7.78x 1.80x 1.76x - -
(35.1) (14.0) 200.6 184.6 429.3 285.1 1'007.2 1'132.8 1'124.2 513.0 -
- - 5.81x 12.80x 4.92x 0.00x 2.94x 2.53x 2.55x - -
(39.0) (56.1) (16.8) 45.3 121.7 71.0 181.5 302.2 287.9 - -
- - - 45.12x 10.81x 0.00x 13.23x 8.51x 8.07x - -
EBITDA 429.34 Long-Term Rating Date 23.12.2011
EBIT 269.21 Long-Term Rating B
Operating Margin 45.12% Long-Term Outlook STABLE
Pretax Margin 37.10% Short-Term Rating Date -
Return on Assets 6.15% Short-Term Rating -
Return on Common Equity 14.62%
Return on Capital 9.91% EBITDA/Interest Exp. 4.13
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 0.10
Net Debt/EBITDA 0.50
Gross Margin 50.7% Total Debt/EBITDA 0.94
EBITDA Margin 74.0%
EBIT Margin 49.5% Total Debt/Equity 80.8%
Net Income Margin 20.4% Total Debt/Capital 44.7%
Asset Turnover 0.46
Current Ratio 0.66 Net Fixed Asset Turnover 0.95
Quick Ratio 0.56 Accounts receivable turnover-days -
Debt to Assets 33.29% Inventory Days 45.30
Tot Debt to Common Equity 80.80% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 94.70
Inventory Turnover 8.08
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
Afren PLCPrice/Volume
Valuation Analysis
2'495'442.00
Current Price (2/dd/yy) Market Data
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100.0
200.0
300.0
400.0
500.0
600.0
700.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STANDARD LIFE INVEST Multiple Portfolios REG 84'499'588 7.76 (1'842'426) 01.02.2013 Investment Advisor
SKAGEN FUNDS Multiple Portfolios REG 62'409'542 5.73 5'838'087 01.02.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a RNS-MAJ 54'041'493 4.96 - 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 54'037'599 4.96 11'485'677 01.02.2013 Unclassified
HSBC CLIENT HOLDINGS n/a Co File 52'931'686 4.86 - 26.03.2012 Holding Company
SKAGEN AS Multiple Portfolios MF-AGG 52'905'498 4.86 4'130'195 31.01.2013 Mutual Fund Manager
VAN ECK GLOBAL Multiple Portfolios REG 52'009'659 4.78 (1'992'400) 01.02.2013 Unclassified
LANSDOWNE PARTNERS L n/a RNS-MAJ 43'806'532 4.02 (28'244'649) 22.01.2010 Hedge Fund Manager
GLG PARTNERS LP n/a Co File 38'651'941 3.55 - 26.03.2012 Hedge Fund Manager
LEGAL & GENERAL n/a ULT-AGG 38'620'343 3.55 (918'691) 01.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 33'707'211 3.1 4'281'295 26.02.2013 Investment Advisor
DEUTSCHE BANK AG n/a Co File 32'317'318 2.97 - 26.03.2012 Bank
LGT BANK IN LIECHTEN Multiple Portfolios REG 29'442'634 2.7 (20'000) 01.02.2013 Investment Advisor
UBS n/a ULT-AGG 26'382'092 2.42 (2'180'739) 01.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 25'311'996 2.33 4'029'053 01.02.2013 Government
NEUBERGER BERMAN LLC Multiple Portfolios REG 23'891'511 2.19 2'555'815 01.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 23'127'394 2.12 2'267'133 01.02.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 22'476'440 2.06 623'034 31.12.2012 Investment Advisor
CARMIGNAC GESTION S Multiple Portfolios REG 22'448'383 2.06 - 01.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 21'667'551 1.99 1'276'818 01.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FirstEnergy Capital Corp GERRY F DONNELLY market perform 3 M 145 12 month 27.02.2013
Canaccord Genuity Corp THOMAS MARTIN buy 5 M 200 12 month 25.02.2013
RBC Capital Markets JAMES HOSIE outperform 5 N 210 12 month 21.02.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 201 Not Provided 11.02.2013
Macquarie MARK WILSON neutral 3 M 148 12 month 08.02.2013
Finncap WILLIAM ARNSTEIN hold 3 M 150 12 month 05.02.2013
Investec STUART JOYNER hold 3 M 138 12 month 01.02.2013
HSBC PETER HITCHENS overweight 5 M 200 Not Provided 01.02.2013
JPMorgan JAMES THOMPSON neutral 3 D 195 9 month 30.01.2013
SBG Securities LIONEL THEROND buy 5 M 170 12 month 28.01.2013
Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 25.01.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 123 Not Provided 22.01.2013
Global Hunter Securities JOHN MALONE buy 5 M 190 12 month 22.01.2013
Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 M 220 12 month 21.01.2013
Nomura TOM ROBINSON neutral 3 M 175 12 month 21.01.2013
Tudor Pickering & Co ANISH KAPADIA hold 3 M 180 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank PHIL CORBETT buy 5 M 165 12 month 10.01.2013
VSA Capital Ltd DOUGIE YOUNGSON buy 5 M 245 Not Provided 10.01.2013
Barclays ALESSANDRO POZZI overweight 5 M 210 Not Provided 08.01.2013
Goldman Sachs CHRISTOPHOR JOST buy/attractive 5 M 224 12 month 17.12.2012
Mirabaud Securities TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 12.12.2012
CSL DAVID G STEDMAN buy 5 N 210 Not Provided 21.11.2012
N+1 Singer Ltd SIMON HAWKINS buy 5 M 160 12 month 07.11.2012
Jefferies LAURA LOPPACHER buy 5 M 155 12 month 24.10.2012
Fox-Davies Capital STEPHANE FOUCAUD buy 5 M 250 Not Provided 24.10.2012
Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 170 Not Provided 25.09.2012
Merrion Stockbrokers MUNA MULEYA buy 5 N 218 Not Provided 24.09.2012
Renaissance Capital DRAGAN TRAJKOV buy 5 M 170 12 month 23.08.2012
Westhouse Securities PETER BASSETT buy 5 M #N/A N/A Not Provided 25.01.2012
Holdings By:
Afren PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Air France-KLM offers air transportation services. The Company operates
airlines and offers travel booking, catering, freight transportation, aircraft
maintenance, and pilot training services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 8.95
52-Week Low (14.06.2012) 3.01
Daily Volume
7.976
52-Week High % Change -10.88% Dividend Yield -
52-Week Low % Change 164.90% Beta 1.21
% 52 Week Price Range High/Low 83.60% Equity Float 216.15
Shares Out 31.12.2012 300.2 Short Int -
2'394.55 1 Yr Total Return 79.76%
Total Debt 11'256.00 YTD Return 13.96%
Preferred Stock 0.0 Adjusted BETA 1.210
Minority Interest 56.0 Analyst Recs 34
Cash and Equivalents 3'420.00 Consensus Rating 3.235
Enterprise Value 10'286.55
Average Volume 5 Day 5'935'102
AF FP EQUITY YTD Change - Average Volume 30 Day 4'061'500
AF FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'559'668
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
23'970.0 23'310.0 24'363.0 24'363.0 25'633.0 24'363.0 25'633.0 26'363.8 27'046.5 6'182.4 -
0.32x 0.49x 0.39x 0.39x 0.39x 0.39x 1.48x 0.33x 0.31x - -
1'475.0 1'695.0 1'344.0 1'344.0 1'448.0 2'109.0 1'356.0 1'982.2 2'510.1 - -
5.27x 6.72x 7.07x 7.07x 6.88x 4.50x 7.35x 5.19x 4.10x - -
(814.0) 289.0 (809.0) (809.0) (1'192.0) (809.0) (1'192.0) (26.9) 329.1 (123.9) 35.7
- 13.91x - - - 0.00x 0.00x - 6.97x - 30.33x
EBITDA 1'448.00 Long-Term Rating Date -
EBIT -300.00 Long-Term Rating -
Operating Margin -1.17% Long-Term Outlook -
Pretax Margin -4.53% Short-Term Rating Date -
Return on Assets -4.35% Short-Term Rating -
Return on Common Equity -21.74%
Return on Capital - EBITDA/Interest Exp. 3.32
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. -0.06
Net Debt/EBITDA 5.78
Gross Margin - Total Debt/EBITDA 8.30
EBITDA Margin 5.3%
EBIT Margin -1.2% Total Debt/Equity 228.6%
Net Income Margin -4.7% Total Debt/Capital 69.3%
Asset Turnover 0.94
Current Ratio 0.77 Net Fixed Asset Turnover 2.07
Quick Ratio 0.54 Accounts receivable turnover-days 25.94
Debt to Assets 40.97% Inventory Days -
Tot Debt to Common Equity 228.59% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.11 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Air France-KLMPrice/Volume
Valuation Analysis
3'584'360.00
Current Price (2/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
'-.0123456
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Co File 48'035'088 16 - 31.12.2011 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 16'321'440 5.44 - 31.12.2012 Investment Advisor
CREDIT SUISSE n/a Co File 7'771'575 2.59 - 08.03.2012 Unclassified
SMITH DONALD n/a Co File 7'350'155 2.45 - 31.03.2011 n/a
PRIGEST n/a Co File 6'150'000 2.05 - 23.09.2011 Unclassified
AIR FRANCE-KLM n/a Co File 6'004'386 2 - 31.12.2011 Corporation
UBS LONDRES n/a Co File 5'572'841 1.86 - 24.02.2012 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'722'804 1.24 - 31.07.2012 Investment Advisor
LONE CYPRESS LTD n/a Short (3'122'281) -1.04 (201'147) 19.04.2012 Other
NORGES BANK INVESTME n/a Co File 3'055'759 1.02 - 05.09.2011 Government
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 3'046'000 1.01 (95'000) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE n/a Co File 2'993'609 1 - 29.11.2011 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 2'925'000 0.97 95'000 28.09.2012 Investment Advisor
DNCA n/a Co File 2'664'300 0.89 - 14.04.2010 Other
HSBC HOLDINGS PLC n/a Co File 2'633'420 0.88 - 01.07.2011 Investment Advisor
BNP PARIBAS SA n/a Co File 2'276'699 0.76 - 31.03.2011 Bank
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'119'316 0.71 2'291 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG (1'879'889) -0.63 (2'489) 26.02.2013 Investment Advisor
AMUNDI n/a Co File 1'740'484 0.58 - 05.01.2012 Investment Advisor
FEDERAL GESTION Multiple Portfolios MF-AGG 1'618'171 0.54 - 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DAMIAN BREWER sector perform 3 M 9 12 month 27.02.2013
Goldman Sachs OLIVER NEAL neutral/neutral 3 M 9 12 month 26.02.2013
HSBC ANDREW DAVID LOBBENBERG overweight 5 M 10 Not Provided 26.02.2013
Cantor Fitzgerald ROBIN BYDE buy 5 M 10 Not Provided 26.02.2013
Goodbody Stockbrokers Ltd DONAL O'NEILL hold 3 M 8 12 month 26.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 26.02.2013
Societe Generale PATRICK JOUSSEAUME hold 3 M 8 12 month 25.02.2013
Oddo & Cie YAN DEROCLES buy 5 M 10 Not Provided 25.02.2013
Nomura ANDREW EVANS neutral 3 M 8 12 month 25.02.2013
Investec JAMES HOLLINS sell 1 M 7 12 month 22.02.2013
Credit Suisse NEIL GLYNN neutral 3 M 9 Not Provided 22.02.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX buy 5 M 10 12 month 22.02.2013
S&P Capital IQ JAWAHAR HINGORANI sell 1 D 8 12 month 22.02.2013
AlphaValue HELENE COUMES add 4 D 10 6 month 21.02.2013
Deutsche Bank MICHAEL KUHN hold 3 M 9 12 month 18.02.2013
Commerzbank Corporates & Markets FRANK SKODZIK hold 3 M 9 6 month 14.02.2013
Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 M 8 12 month 12.02.2013
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 9 Not Provided 15.01.2013
CA Cheuvreux BEAT KEISER underperform 1 M 6 Not Provided 14.01.2013
Macquarie SAM DOBSON underperform 1 M 6 12 month 17.12.2012
Davy STEPHEN FURLONG neutral 3 M #N/A N/A Not Provided 11.12.2012
Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 7 Not Provided 03.12.2012
Main First Bank AG LOIC SABATIER outperform 5 M 9 12 month 03.12.2012
Espirito Santo Investment Bank ResearchGERALD KHOO sell 1 M 4 Not Provided 26.11.2012
Barclays DAVID E FINTZEN equalweight 3 M 6 Not Provided 22.11.2012
JPMorgan DAVID PITURA underweight 1 M 7 9 month 15.11.2012
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 07.11.2012
Natixis SARAH EMSELLEM buy 5 M 9 Not Provided 01.11.2012
Liberum Capital Ltd ALEXIA DOGANI buy 5 M 9 Not Provided 01.11.2012
Redburn Partners TIM MARSHALL neutral 3 M #N/A N/A Not Provided 29.10.2012
Raymond James JULIEN RICHER outperform 5 M 8 Not Provided 19.03.2012
Holdings By:
Air France-KLM ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Aixtron SE engineers and manufactures metal organic chemical vapor deposition
(MOCVD) equipment for the semiconductor industry. The Company's customers use
its equipment to produce compound semiconductor layer structures for use in
LED, laser, solar cell, transistor, telecommunications, and other applications.
Aixtron markets its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.05.2012) 14.85
52-Week Low (12.12.2012) 8.38
Daily Volume
9.292
52-Week High % Change -37.43% Dividend Yield -
52-Week Low % Change 10.95% Beta 0.88
% 52 Week Price Range High/Low 14.16% Equity Float 90.49
Shares Out 30.11.2012 102.0 Short Int -
947.55 1 Yr Total Return -24.01%
Total Debt 0.00 YTD Return 4.65%
Preferred Stock 0.0 Adjusted BETA 0.878
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 295.22 Consensus Rating 3.000
Enterprise Value 738.53
Average Volume 5 Day 879'775
AIXA GY EQUITY YTD Change - Average Volume 30 Day 925'686
AIXA GY EQUITY YTD % CHANGE - Average Volume 3 Month 791'407
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
274.4 302.9 783.8 611.0 227.8 611.0 227.8 305.6 445.1 60.8 66.3
1.30x 6.73x 3.03x 1.14x - 10.08x 12.14x 2.46x 1.59x - -
43.2 75.3 288.9 127.3 - 127.3 (101.6) 11.1 78.4 (4.4) (5.8)
8.24x 27.09x 8.23x 5.47x - 5.47x 0.00x 63.76x 9.04x - -
23.0 44.8 192.5 79.5 (145.4) 79.5 (145.4) 10.9 50.7 (6.1) (2.9)
18.31x 47.96x 14.30x 12.47x - 12.31x 0.00x 89.35x 19.85x - -
EBITDA 127.27 Long-Term Rating Date -
EBIT 115.01 Long-Term Rating -
Operating Margin 18.82% Long-Term Outlook -
Pretax Margin 18.82% Short-Term Rating Date -
Return on Assets -15.59% Short-Term Rating -
Return on Common Equity -19.67%
Return on Capital - EBITDA/Interest Exp. 97.45
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 76.63
Net Debt/EBITDA -
Gross Margin 37.9% Total Debt/EBITDA 0.00
EBITDA Margin -39.1%
EBIT Margin -44.0% Total Debt/Equity 0.0%
Net Income Margin -63.8% Total Debt/Capital 0.0%
Asset Turnover 0.40
Current Ratio 3.91 Net Fixed Asset Turnover 3.10
Quick Ratio 2.52 Accounts receivable turnover-days 45.25
Debt to Assets 0.00% Inventory Days 255.66
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 48.17
Accounts Receivable Turnover 8.09 Cash Conversion Cycle 191.38
Inventory Turnover 1.43
Fiscal Year Ended
Aixtron SE NAPrice/Volume
Valuation Analysis
1'035'491.00
Current Price (2/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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200.0
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800.0
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MAVERICK CAPITAL LTD n/a Short (7'969'268) -7.81 - 02.11.2012 Hedge Fund Manager
CAMMA GMBH n/a Research 7'650'000 7.5 - 12.10.2012 Corporation
ALLIANZ GLOBAL INVES #N/A N/A Research 5'035'959 4.94 - 20.02.2013 Investment Advisor
BAILLIE GIFFORD AND #N/A N/A Research 4'973'896 4.88 - 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'421'020 4.34 (635'351) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'221'361 4.14 (104'296) 26.02.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'982'352 3.91 97'000 31.10.2012 Investment Advisor
GENERATION INVESTMEN n/a Research 3'089'151 3.03 - 30.05.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a Research 3'010'974 2.95 - 29.04.2011 Investment Advisor
CAPITAL GROUP INTERN n/a Research 2'896'348 2.84 - 15.10.2010 Investment Advisor
NORGES BANK n/a Research 2'858'380 2.8 - 17.05.2011 Government
DWS INVESTMENT GMBH n/a Research 2'818'556 2.76 - 17.08.2012 Investment Advisor
JUPITER ASSET MANAGE n/a Research 2'613'333 2.56 - 18.10.2011 Investment Advisor
PENNANT CAPITAL MANA n/a Short (2'313'312) -2.27 - 01.11.2012 Hedge Fund Manager
BARRINGTON WILSHIRE n/a Short (1'896'735) -1.86 (163'160) 26.02.2013 Hedge Fund Manager
PENNANT WINDWARD MAS n/a Short (1'579'574) -1.55 101'908 29.10.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'403'808 1.38 90'004 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'230'347 1.21 538'825 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'186'736 1.16 57'205 31.12.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (1'040'145) -1.02 (81'580) 25.02.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 13 12 month 26.02.2013
Bankhaus Lampe KARSTEN ILTGEN buy 5 M 14 12 month 25.02.2013
Sterne, Agee & Leach ANDREW HUANG neutral 3 M #N/A N/A Not Provided 25.02.2013
CA Cheuvreux KLAUS RINGEL underperform 1 M 8 Not Provided 22.02.2013
Societe Generale PETER KNOX sell 1 M 9 12 month 21.02.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 15 12 month 21.02.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M #N/A N/A Not Provided 21.02.2013
M.M. Warburg Investment Research MALTE SCHAUMANN sell 1 M 9 12 month 21.02.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 M 11 6 month 19.02.2013
Equinet Institutional Services(ESN) ADRIAN PEHL reduce 2 M 8 12 month 19.02.2013
Bankhaus Metzler STEPHAN BAUER sell 1 M 8 12 month 18.02.2013
DZ Bank AG HARALD SCHNITZER hold 3 M 9 12 month 18.02.2013
HSBC CHRISTIAN DOMINIK RATH neutral 3 M 10 Not Provided 13.02.2013
Deutsche Bank UWE SCHUPP buy 5 M 14 12 month 08.02.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 15 Not Provided 04.02.2013
Berenberg Bank ALI FARID KHWAJA hold 3 D 9 Not Provided 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan SANDEEP S DESHPANDE neutral 3 M 10 9 month 14.01.2013
Barclays ANDREW M GARDINER equalweight 3 M 10 Not Provided 14.01.2013
Canaccord Genuity Corp JONATHAN E DORSHEIMER sell 1 M 8 Not Provided 13.01.2013
Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 13 12 month 11.01.2013
Maxim Group LLC AARON CHEW sell 1 M 6 12 month 19.11.2012
Morgan Stanley ANDREW HUMPHREY Equalwt/Cautious 3 M 12 12 month 16.11.2012
Liberum Capital Ltd JANARDAN MENON buy 5 M 13 Not Provided 02.11.2012
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 29.10.2012
Independent Research GmbH MARKUS FRIEBEL sell 1 M 8 12 month 26.10.2012
Close Brothers Equity Markets VEYSEL TAZE buy 5 M 12 12 month 26.10.2012
Natixis MAXIME MALLET neutral 3 M 11 Not Provided 26.10.2012
Main First Bank AG JUERGEN WAGNER underperform 1 M 8 12 month 25.10.2012
Redburn Partners SUMANT WAHI neutral 3 M #N/A N/A Not Provided 14.03.2012
National Bank AG SVEN PAULSEN buy 5 M 35 Not Provided 28.07.2011
Holdings By:
Aixtron SE NA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Allreal Holding AG develops and manages real estate. The Company operates as a
general contractor offering planning, architect, and construction management
services. Allreal also provides renovation services and manages a portfolio of
apartment, office, and commercial buildings.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (10.04.2012) 143.48
52-Week Low (11.02.2013) 131.80
Daily Volume
135.1
52-Week High % Change -5.84% Dividend Yield -
52-Week Low % Change 2.50% Beta 0.54
% 52 Week Price Range High/Low 28.24% Equity Float 15.30
Shares Out 30.06.2012 15.9 Short Int -
2'153.72 1 Yr Total Return -1.38%
Total Debt 1'352.00 YTD Return -4.25%
Preferred Stock 0.0 Adjusted BETA 0.544
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 33.90 Consensus Rating 2.500
Enterprise Value 3'560.62
Average Volume 5 Day 20'382
ALLN SE EQUITY YTD Change - Average Volume 30 Day 20'510
ALLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 17'295
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
207.9 215.8 723.8 251.7 - - - 292.7 295.0 - -
12.02x 13.28x 4.02x 13.74x - - - 13.62x 13.84x - -
136.9 137.9 170.3 173.4 - - - 194.5 211.5 - -
18.25x 20.78x 17.07x 19.95x - - - 18.31x 16.84x - -
90.7 88.6 116.4 140.8 98.0 - - 130.7 134.0 - -
13.39x 15.75x 15.48x 13.20x 22.29x - - 18.97x 16.95x - -
EBITDA 170.30 Long-Term Rating Date -
EBIT 135.30 Long-Term Rating -
Operating Margin 18.69% Long-Term Outlook -
Pretax Margin 20.86% Short-Term Rating Date -
Return on Assets 3.83% Short-Term Rating -
Return on Common Equity 8.12%
Return on Capital 4.34% EBITDA/Interest Exp. 4.98
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 1.77
Net Debt/EBITDA 8.10
Gross Margin - Total Debt/EBITDA 8.31
EBITDA Margin 30.6%
EBIT Margin - Total Debt/Equity 86.3%
Net Income Margin 16.1% Total Debt/Capital 46.3%
Asset Turnover 0.16
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.00% Inventory Days -
Tot Debt to Common Equity 86.32% 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
Allreal Holding AGPrice/Volume
Valuation Analysis
19'017.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HELVETIA PATRIA GRUP n/a EXCH 6'737'352 42.26 382'059 20.09.2012 Other
BVK PERSONALVORSORGE n/a Co File 603'490 3.79 - 31.12.2009 Investment Advisor
SCHWEIZERISCHE MOBIL n/a EXCH 445'814 2.8 - 11.05.2010 Holding Company
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 384'917 2.41 (16'686) 28.12.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 170'144 1.07 254 26.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 163'496 1.03 - 31.07.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 159'310 1 (1'018) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 152'811 0.96 3'391 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 150'860 0.95 - 31.10.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 92'738 0.58 (3'597) 31.10.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 80'244 0.5 (109) 30.11.2012 Mutual Fund Manager
IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 58'397 0.37 - 31.10.2012 Investment Advisor
RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 46'690 0.29 - 31.10.2012 Investment Advisor
JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 30'749 0.19 (196) 31.12.2012 Mutual Fund Manager
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 17'426 0.11 1'260 31.01.2013 Investment Advisor
ALLREAL HOLDING AG n/a EXCH 15'496 0.1 (33'906) 16.05.2012 Holding Company
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 14'933 0.09 (1'000) 31.10.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 14'535 0.09 (580) 31.01.2013 Investment Advisor
BETTONI BRUNO n/a Co File 11'280 0.07 - 31.12.2009 n/a
HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 11'200 0.07 - 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bank Vontobel AG STEFAN SCHUERMANN hold 3 D 155 Not Provided 07.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 16.01.2013
Holdings By:
Allreal Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Amer Sports Oyj, through subsidiaries, develops, manufactures, and markets
sports and fitness equipment. The Company makes golf, racquet sports, winter
sports, and team sports equipment, as well as diving gear and workout equipment.
Amer Sports products are sold in stores around the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 13.48
52-Week Low (27.06.2012) 8.39
Daily Volume
12.8
52-Week High % Change -5.04% Dividend Yield -
52-Week Low % Change 52.65% Beta 0.97
% 52 Week Price Range High/Low 86.65% Equity Float -
Shares Out 31.12.2012 121.5 Short Int -
1'555.43 1 Yr Total Return 29.98%
Total Debt 568.20 YTD Return 13.78%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 142.50 Consensus Rating 3.692
Enterprise Value 1'981.13
Average Volume 5 Day 251'354
AMEAS FH EQUITY YTD Change - Average Volume 30 Day 289'022
AMEAS FH EQUITY YTD % CHANGE - Average Volume 3 Month 234'379
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
1'576.6 1'533.4 1'740.4 1'880.8 2'064.0 1'880.8 2'064.0 2'170.9 2'297.5 524.0 377.4
0.62x 0.72x 0.89x 0.76x 0.85x 3.24x 3.19x 0.90x 0.83x - -
117.1 78.8 132.6 171.3 151.9 171.3 199.8 207.8 235.9 43.5 (1.1)
8.34x 14.06x 11.62x 8.39x 11.53x 8.39x 8.76x 9.53x 8.40x 9.20x -
33.9 31.3 68.8 90.8 57.5 90.8 57.5 108.6 131.0 21.9 (13.0)
11.47x 21.84x 18.37x 11.88x 23.03x 11.88x 23.24x 13.96x 11.47x 13.39x -
EBITDA 151.90 Long-Term Rating Date -
EBIT 111.70 Long-Term Rating -
Operating Margin 5.41% Long-Term Outlook -
Pretax Margin 3.96% Short-Term Rating Date -
Return on Assets 3.12% Short-Term Rating -
Return on Common Equity 7.25%
Return on Capital - EBITDA/Interest Exp. 6.30
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 4.47
Net Debt/EBITDA 2.13
Gross Margin 43.6% Total Debt/EBITDA 2.84
EBITDA Margin 9.7%
EBIT Margin 6.6% Total Debt/Equity 74.9%
Net Income Margin 2.8% Total Debt/Capital 42.8%
Asset Turnover 1.12
Current Ratio 1.59 Net Fixed Asset Turnover 12.87
Quick Ratio 0.96 Accounts receivable turnover-days 91.78
Debt to Assets 30.51% Inventory Days 109.54
Tot Debt to Common Equity 74.87% Accounts Payable Turnover Day 63.10
Accounts Receivable Turnover 3.99 Cash Conversion Cycle 138.23
Inventory Turnover 3.34
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
Amer Sports OyjPrice/Volume
Valuation Analysis
254'923.00
Current Price (2/dd/yy) Market Data
'
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2'500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VARMA MUTUAL PENSION n/a Research 8'280'680 6.81 - 30.11.2012 Insurance Company
ILMARINEN MUTUAL PEN n/a Research 5'583'535 4.59 - 30.11.2012 Insurance Company
MAA JA VESITEKNIIKAN n/a Research 5'000'000 4.11 - 30.11.2012 Other
MANDATUM LIFE INSURA n/a Research 4'000'000 3.29 - 30.11.2012 Insurance Company
LOCAL GOVERNMENT PEN n/a Research 3'600'681 2.96 - 30.11.2012 Pension Fund (ERISA)
FMR LLC n/a ULT-AGG 2'902'600 2.39 (7'036) 31.12.2012 Investment Advisor
BROTHERUS ILKKA n/a Research 2'687'778 2.21 - 06.12.2012 n/a
TAPIOLA MUTUAL PENSI n/a Research 2'643'091 2.18 - 30.11.2012 Insurance Company
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'573'186 2.12 (35'000) 31.01.2013 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'247'650 1.85 - 28.09.2012 Investment Advisor
OP-FOCUS NON UCITS F n/a Research 1'935'624 1.59 - 30.11.2012 n/a
ODIN NORDEN n/a Research 1'881'042 1.55 - 30.11.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'498'742 1.23 (3'744) 31.12.2012 Investment Advisor
DANSKE INVESTMENT FI n/a Research 1'454'545 1.2 - 30.11.2012 Mutual Fund Manager
OP DELTA FUND n/a Research 1'280'000 1.05 - 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'212'533 1 21'580 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'198'887 0.99 50'000 31.01.2013 Investment Advisor
FINLAND STATE PENSIO n/a Research 1'092'000 0.9 - 30.11.2012 Government
NORDEA FENNIA FUND n/a Co File 960'000 0.79 - 31.12.2011 n/a
KALEVA MUTUAL INSURA n/a Research 950'000 0.78 - 30.11.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 20.02.2013
Goldman Sachs MAYAN UTHAYAKUMAR neutral/neutral 3 M 12 6 month 12.02.2013
Pohjola Bank Plc (ESN) JARI RAISANEN accumulate 4 M 13 12 month 04.02.2013
SEB Enskilda JUTTA RAHIKAINEN buy 5 M 15 Not Provided 01.02.2013
Nordea Equity Research RAULI JUVA hold 3 M 12 12 month 01.02.2013
Handelsbanken ROBIN SANTAVIRTA accumulate 4 M 14 12 month 01.02.2013
Evli Bank Plc MIKA KARPPINEN buy 5 M 14 12 month 01.02.2013
Danske Markets KALLE KARPPINEN buy 5 M 13 12 month 01.02.2013
JPMorgan CHIARA BATTISTINI neutral 3 M 12 9 month 31.01.2013
Carnegie TOMMY ILMONI buy 5 M #N/A N/A Not Provided 31.01.2013
INDERES SAULI VILEN accumulate 4 U 13 Not Provided 31.01.2013
Swedbank TOMI TIILOLA neutral 3 U 11 12 month 26.10.2012
FIM MARTIN SUNDMAN hold 3 M 11 12 month 26.10.2012
Holdings By:
Amer Sports Oyj ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ashmore Group plc is a specialist Emerging Markets asset manager which focuses
on eight broad investment themes: external debt (primarily US Dollar), local
currencies and local currency debt, corporate debt, blended debt, alternatives
(special situations/infrastructure/real estate), public equities,
overlay/liquidity and multi-strategy.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (29.02.2012) 396.90
52-Week Low (12.07.2012) 300.30
Daily Volume
358.5
52-Week High % Change -9.67% Dividend Yield 4.21
52-Week Low % Change 19.38% Beta 1.24
% 52 Week Price Range High/Low 60.25% Equity Float 328.92
Shares Out 31.12.2012 707.4 Short Int -
2'535.93 1 Yr Total Return -3.22%
Total Debt 0.00 YTD Return -0.25%
Preferred Stock 0.0 Adjusted BETA 1.242
Minority Interest 20.8 Analyst Recs 19
Cash and Equivalents 401.20 Consensus Rating 3.158
Enterprise Value 2'123.63
Average Volume 5 Day 1'109'915
ASHM LN EQUITY YTD Change - Average Volume 30 Day 991'188
ASHM LN EQUITY YTD % CHANGE - Average Volume 3 Month 793'552
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 - -
241.5 245.7 281.4 342.8 334.2 - - 332.5 370.7 - -
5.21x 4.23x 4.73x 7.08x 6.24x - - 6.53x 5.71x - -
178.3 190.0 203.6 248.1 230.9 - - 225.7 252.8 - -
7.05x 5.48x 6.53x 9.78x 9.03x - - 9.41x 8.40x - -
140.8 115.0 160.0 189.0 181.5 - - 172.8 189.9 - -
10.30x 11.05x 10.19x 14.19x 12.99x - - 14.46x 13.13x - -
EBITDA 230.90 Long-Term Rating Date -
EBIT 223.10 Long-Term Rating -
Operating Margin 66.76% Long-Term Outlook -
Pretax Margin 72.77% Short-Term Rating Date -
Return on Assets 26.10% Short-Term Rating -
Return on Common Equity 34.84%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 64.6% Total Debt/Equity 0.0%
Net Income Margin 54.3% Total Debt/Capital 0.0%
Asset Turnover 0.46
Current Ratio 4.14 Net Fixed Asset Turnover 94.88
Quick Ratio 3.39 Accounts receivable turnover-days 102.85
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.56 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ashmore Group PLCPrice/Volume
Valuation Analysis
938'918.00
Current Price (2/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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100.0
150.0
200.0
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300.0
350.0
400.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COOMBS MARK n/a Co File 295'574'200 41.78 - 30.06.2012 n/a
FMR LLC n/a ULT-AGG 62'270'925 8.8 587'284 01.12.2012 Investment Advisor
BOOTH JEROME n/a Co File 48'355'024 6.84 - 10.09.2012 n/a
CAREY PENSIONS & BEN n/a Co File 32'668'764 4.62 - 10.09.2012 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 30'997'089 4.38 - 26.02.2013 Investment Advisor
ASHMORE GROUP PLC ES Multiple Portfolios REG 30'504'601 4.31 (2'294'675) 01.12.2012 Unclassified
UBS n/a ULT-AGG 22'654'306 3.2 (242'555) 01.12.2012 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 20'108'612 2.84 6'440'171 31.12.2012 Investment Advisor
ROYCE AND ASSOCIATES Multiple Portfolios REG 19'358'114 2.74 (25'000) 01.12.2012 Investment Advisor
LONE PINE CAPITAL LL Multiple Portfolios REG 18'745'288 2.65 - 01.12.2012 Hedge Fund Manager
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 15'654'713 2.21 (1'005'200) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 15'183'040 2.15 1'337'778 31.01.2013 Unclassified
COLUMBIA UNIVERSITY Multiple Portfolios REG 11'743'021 1.66 (1'179'734) 01.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 8'226'254 1.16 - 01.12.2012 Government
HOARES BANK Multiple Portfolios REG 7'760'000 1.1 10'000 01.12.2012 Unclassified
WILLIAM BLAIR & COMP Multiple Portfolios REG 7'411'928 1.05 259'347 01.12.2012 Investment Advisor
LIONTRUST n/a ULT-AGG 7'411'702 1.05 (349'546) 31.12.2012 Unclassified
PRIVATE INDIVIDUALS Multiple Portfolios REG 6'802'799 0.96 - 01.12.2012 Other
GOVT OF SINGAPORE IN n/a ULT-AGG 6'524'064 0.92 740'647 01.12.2012 Government
SEYMOUR PIERCE ELLIS Multiple Portfolios REG 6'000'000 0.85 - 01.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.02.2013
Societe Generale MICHAEL SANDERSON buy 5 M 420 12 month 25.02.2013
RBC Capital Markets PETER K LENARDOS outperform 5 M 400 12 month 25.02.2013
Espirito Santo Investment Bank ResearchPHILIP DOBBIN neutral 3 M 368 Not Provided 25.02.2013
Numis Securities Ltd DAVID MCCANN add 4 M 400 Not Provided 22.02.2013
Barclays DANIEL R GARROD equalweight 3 M 385 Not Provided 22.02.2013
JPMorgan RAE MAILE neutral 3 M 413 9 month 21.02.2013
Macquarie NEIL WELCH underperform 1 M 315 12 month 21.02.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 M 399 Not Provided 21.02.2013
Oriel Securities Ltd SARAH ING hold 3 N 370 Not Provided 11.02.2013
Morgan Stanley ANIL SHARMA Equalwt/In-Line 3 D 395 12 month 05.02.2013
Goldman Sachs CHRIS M. TURNER Buy/Neutral 5 M 450 12 month 15.01.2013
Credit Suisse GURJIT KAMBO underperform 1 M 375 Not Provided 15.01.2013
Peel Hunt STUART DUNCAN hold 3 D 390 Not Provided 15.01.2013
HSBC NITIN ARORA underweight 1 M 330 Not Provided 11.01.2013
Jefferies JASON STREETS buy 5 M 420 12 month 03.01.2013
Keefe, Bruyette & Woods TOM MILLS underperform 1 M 286 12 month 12.07.2012
Arden Partners Ltd JEREMY GRIME buy 5 M 350 12 month 05.10.2010
Holdings By:
Ashmore Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ashtead Group plc operates as an investment holding and management company.
Through its subsidiaries, the Group hires out plant and machinery for the UK
and the US construction and allied industries. Ashtead has some 273 A-Plant and
41 UK Plant branches, supplying UK communications, petrochemical, defense and
retail customers. They also have 163 Sunbelt centers in 27 U.S. states.
Latest Fiscal Year: 04/2012
LTM as of: 10/yy
52-Week High (27.02.2013) 510.00
52-Week Low (01.06.2012) 212.20
Daily Volume
508.5
52-Week High % Change -0.29% Dividend Yield 0.79
52-Week Low % Change 139.63% Beta 1.46
% 52 Week Price Range High/Low 99.50% Equity Float 499.02
Shares Out 01.02.2013 503.3 Short Int -
2'559.50 1 Yr Total Return 108.47%
Total Debt 877.70 YTD Return 19.67%
Preferred Stock 0.0 Adjusted BETA 1.463
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 23.40 Consensus Rating 4.188
Enterprise Value 3'628.20
Average Volume 5 Day 1'003'425
AHT LN EQUITY YTD Change - Average Volume 30 Day 1'075'828
AHT LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'183'193
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 10/yy 10/yy 04/13 Y 04/14 Y 01/13 Q3 04/13 Q4
1'047.8 1'073.5 838.4 948.5 1'134.6 1'039.7 1'239.5 1'290.3 1'400.0 299.0 316.7
1.24x 1.26x 1.70x 1.89x 1.86x 6.47x 7.59x 2.68x 2.40x - -
361.3 403.2 252.7 282.0 381.1 327.3 449.4 478.9 532.0 101.0 104.0
3.61x 3.36x 5.65x 6.36x 5.52x 5.10x 6.56x 7.58x 6.82x 7.26x 7.11x
77.6 63.0 2.1 0.9 88.5 37.9 107.4 135.0 161.5 21.2 24.8
4.73x 157.50x 595.00x 1011.00x 13.99x 20.33x 17.34x 18.97x 16.19x 17.41x 16.95x
EBITDA 381.10 Long-Term Rating Date 27.02.2013
EBIT 181.30 Long-Term Rating BB
Operating Margin 15.98% Long-Term Outlook STABLE
Pretax Margin 11.88% Short-Term Rating Date -
Return on Assets 5.52% Short-Term Rating -
Return on Common Equity 18.92%
Return on Capital 9.08% EBITDA/Interest Exp. 6.94
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. -0.45
Net Debt/EBITDA 2.38
Gross Margin - Total Debt/EBITDA 2.38
EBITDA Margin 36.3%
EBIT Margin 18.9% Total Debt/Equity 158.2%
Net Income Margin 7.8% Total Debt/Capital 61.3%
Asset Turnover 0.64
Current Ratio 0.77 Net Fixed Asset Turnover 0.94
Quick Ratio 0.66 Accounts receivable turnover-days 60.59
Debt to Assets 46.58% Inventory Days -
Tot Debt to Common Equity 158.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.04 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ashtead Group PLCPrice/Volume
Valuation Analysis
934'814.00
Current Price (2/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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200.0
400.0
600.0
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AEGON n/a ULT-AGG 71'981'584 14.3 (7'559'018) 01.11.2012 Unclassified
BLACKROCK n/a ULT-AGG 35'234'080 7 - 26.02.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 31'386'772 6.24 (468'633) 31.12.2012 Unclassified
KAMES CAPITAL PLC n/a RNS-MAJ 24'841'399 4.94 (1'646'047) 27.06.2012 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios REG 22'868'104 4.54 2'692'525 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 21'623'685 4.3 (7'260'042) 01.11.2012 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 21'526'719 4.28 (295'887) 01.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 18'573'396 3.69 (202'755) 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 15'318'618 3.04 - 17.12.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 15'125'000 3 (2'836'915) 01.11.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 14'675'810 2.92 1'202'610 31.12.2012 Unclassified
AVIVA INVESTORS Multiple Portfolios REG 13'663'734 2.71 (755'193) 01.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'959'451 2.57 - 31.07.2012 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 12'515'825 2.49 1'439'319 01.11.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 12'170'195 2.42 250'176 01.11.2012 Government
ROYAL LONDON ASSET M Multiple Portfolios REG 10'519'947 2.09 (463'244) 01.11.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 9'239'602 1.84 3'685'912 01.11.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios REG 7'956'244 1.58 3'153'451 01.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'783'513 1.55 891'091 30.11.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 7'687'880 1.53 (434'258) 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JUSTIN JORDAN buy 5 M 525 12 month 26.02.2013
Oriel Securities Ltd MARK HOWSON buy 5 M 550 Not Provided 15.02.2013
Cantor Fitzgerald CAROLINE DE LA SOUJEOLE buy 5 M 500 Not Provided 11.02.2013
Panmure Gordon & Co Limited PAUL JONES hold 3 D 447 Not Provided 07.02.2013
Credit Suisse EUGENE KLERK outperform 5 M 545 Not Provided 30.01.2013
Peel Hunt ANDREW NUSSEY hold 3 M 450 Not Provided 23.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Canaccord Genuity Corp JAMES GILBERT buy 5 M 475 Not Provided 04.01.2013
JPMorgan VICTORIA PRIOR neutral 3 M #N/A N/A Not Provided 13.12.2012
Barclays JANE SPARROW overweight 5 M 434 Not Provided 12.12.2012
Investec ANDREW GIBB buy 5 M 475 12 month 11.12.2012
Numis Securities Ltd MIKE MURPHY add 4 M 437 Not Provided 11.12.2012
HSBC ALEX MAGNI neutral 3 M 285 Not Provided 07.03.2012
Arden Partners Ltd GEOFF ALLUM buy 5 M 200 Not Provided 03.10.2011
Holdings By:
Ashtead Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
ASM International N.V. develops, manufactures, markets, and services machines
used to produce semiconductors. The Company manufactures machines that process
silicon wafers, and assemble and package semiconductors. ASM operates in
Europe, the United States, Japan, and elsewhere in Asia.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (19.07.2012) 32.98
52-Week Low (25.10.2012) 23.81
Daily Volume
29.975
52-Week High % Change -9.11% Dividend Yield -
52-Week Low % Change 25.89% Beta 1.09
% 52 Week Price Range High/Low 67.23% Equity Float 47.54
Shares Out 09.01.2013 63.1 Short Int -
1'891.30 1 Yr Total Return 8.37%
Total Debt 195.41 YTD Return 10.38%
Preferred Stock 0.0 Adjusted BETA 1.095
Minority Interest 297.9 Analyst Recs 12
Cash and Equivalents 390.25 Consensus Rating 4.333
Enterprise Value 2'133.91
Average Volume 5 Day 253'161
ASM NA EQUITY YTD Change - Average Volume 30 Day 255'421
ASM NA EQUITY YTD % CHANGE - Average Volume 3 Month 241'567
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
955.2 747.4 590.7 1'222.9 1'634.3 1'634.6 1'450.1 1'423.2 1'506.8 312.2 318.0
1.09x 0.59x 1.71x 1.22x 0.83x 3.45x 4.54x 1.33x 1.23x - -
182.8 102.2 50.5 377.6 424.9 397.6 276.2 164.9 240.9 22.0 -
5.71x 4.30x 20.07x 3.94x 3.21x 2.81x 6.12x 12.94x 8.86x - -
61.0 18.4 (106.6) 110.6 186.8 196.0 44.3 38.5 89.1 2.0 15.9
14.82x 17.60x - 12.56x 6.73x 5.27x 32.71x 45.28x 18.77x 37.70x 20.41x
EBITDA 424.94 Long-Term Rating Date 13.04.2011
EBIT 375.49 Long-Term Rating BB-
Operating Margin 22.97% Long-Term Outlook POS
Pretax Margin 21.59% Short-Term Rating Date -
Return on Assets 2.80% Short-Term Rating -
Return on Common Equity 6.86%
Return on Capital 9.11% EBITDA/Interest Exp. 23.74
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 18.76
Net Debt/EBITDA -0.25
Gross Margin 34.9% Total Debt/EBITDA 0.83
EBITDA Margin 19.0%
EBIT Margin 15.1% Total Debt/Equity 29.6%
Net Income Margin 11.4% Total Debt/Capital 16.9%
Asset Turnover 0.92
Current Ratio 2.62 Net Fixed Asset Turnover 5.53
Quick Ratio 0.85 Accounts receivable turnover-days -
Debt to Assets 12.35% Inventory Days 172.26
Tot Debt to Common Equity 29.62% Accounts Payable Turnover Day 66.75
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 2.12
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
ASM International NVPrice/Volume
Valuation Analysis
214'397.00
Current Price (2/dd/yy) Market Data
'
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200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DEL PRADO ARTHUR H n/a Co File 11'346'323 17.98 - 29.02.2012 n/a
ABERDEEN n/a ULT-AGG 3'583'005 5.68 133'000 31.12.2012 Unclassified
TOKYO ELECTRON LTD n/a Co File 2'699'000 4.28 - 31.03.2012 Corporation
LAZARD ASSET MANAGEM n/a ULT-AGG 2'441'193 3.87 (275'542) 29.10.2010 Unclassified
FMR LLC n/a ULT-AGG 2'126'700 3.37 71'400 31.03.2011 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'441'949 2.29 58'263 31.12.2012 Investment Advisor
NORGES BANK n/a Research 1'374'402 2.18 (48'178) 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 952'000 1.51 167'000 31.12.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 830'000 1.32 - 31.12.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 795'339 1.26 - 31.12.2012 Mutual Fund Manager
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 778'978 1.23 (60'575) 30.06.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 731'659 1.16 107'743 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 535'245 0.85 (110'191) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 476'492 0.76 7'899 31.12.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 441'379 0.7 (74'070) 31.01.2013 Mutual Fund Manager
DAIWA CAPITAL MARKET n/a Short (428'938) -0.68 - 01.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 401'610 0.64 59'545 27.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 324'670 0.51 (4'003) 31.12.2012 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (290'242) -0.46 (75'715) 25.02.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 272'717 0.43 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 39 12 month 27.02.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 30 Not Provided 26.02.2013
ING Bank MARC ZWARTSENBURG buy 5 M 37 12 month 21.01.2013
EVA Dimensions TEAM COVERAGE dropped coverage #N/A N/A M #N/A N/A Not Provided 18.01.2013
KBC Securities MICHAEL ROEG hold 3 D 30 Not Provided 15.01.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 35 Not Provided 14.01.2013
Kepler Capital Markets PETER OLOFSEN hold 3 M 30 Not Provided 08.01.2013
Kempen & Co ERWIN DUT buy 5 M 33 12 month 07.01.2013
Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 32 12 month 16.11.2012
Rabobank International PHILIP SCHOLTE buy 5 M 30 Not Provided 29.10.2012
Petercam MARCEL ACHTERBERG buy 5 M 38 Not Provided 26.10.2012
Natixis MAXIME MALLET neutral 3 M 25 Not Provided 26.10.2012
SNS Securities(ESN) VICTOR BARENO buy 5 M 37 Not Provided 25.10.2012
Theodoor Gilissen Securities JOS VERSTEEG Under Review #N/A N/A M #N/A N/A Not Provided 29.04.2010
Holdings By:
ASM International NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Aurubis AG operates copper smelting and refining facilities. The Company
primarily produces copper rod used in the manufacture of power cables, building
wires and other wiring used in electrical applications. Aurubis also produces
copper cakes, cathodes, billets and bars and markets precious metals, chemicals
and other metals produced as by-products of copper smelting.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 57.79
52-Week Low (05.06.2012) 35.15
Daily Volume
53.74
52-Week High % Change -7.01% Dividend Yield -
52-Week Low % Change 52.91% Beta 0.90
% 52 Week Price Range High/Low 82.12% Equity Float 33.68
Shares Out 31.12.2012 45.0 Short Int -
2'415.97 1 Yr Total Return 23.59%
Total Debt 774.47 YTD Return -0.19%
Preferred Stock 0.0 Adjusted BETA 0.896
Minority Interest 4.0 Analyst Recs 17
Cash and Equivalents 669.67 Consensus Rating 3.235
Enterprise Value 2'480.79
Average Volume 5 Day 153'726
NDA GY EQUITY YTD Change - Average Volume 30 Day 144'034
NDA GY EQUITY YTD % CHANGE - Average Volume 3 Month 133'923
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
8'384.6 6'686.9 9'865.4 13'335.8 13'789.2 13'754.8 14'033.8 14'049.0 14'348.6 3'618.0 3'578.0
0.24x 0.23x 0.19x 0.15x 0.16x 0.60x 0.61x 0.18x 0.17x - -
374.8 77.3 581.4 579.0 744.7 665.4 564.8 473.8 507.3 - -
5.28x 19.89x 3.28x 3.40x 2.89x 3.19x 4.40x 5.22x 4.88x - -
169.0 (47.1) 324.2 320.8 361.1 376.4 235.2 221.5 236.5 - -
7.20x - 4.41x 5.23x 5.66x 4.77x 10.29x 10.91x 10.21x - -
EBITDA 744.73 Long-Term Rating Date -
EBIT 583.29 Long-Term Rating -
Operating Margin 4.23% Long-Term Outlook -
Pretax Margin 3.72% Short-Term Rating Date -
Return on Assets 4.94% Short-Term Rating -
Return on Common Equity 11.13%
Return on Capital 11.29% EBITDA/Interest Exp. 6.91
Asset Turnover 2.95% (EBITDA-Capex)/Interest Exp. 5.34
Net Debt/EBITDA 0.11
Gross Margin - Total Debt/EBITDA 1.29
EBITDA Margin 4.0%
EBIT Margin 2.9% Total Debt/Equity 35.3%
Net Income Margin 2.6% Total Debt/Capital 26.1%
Asset Turnover 2.95
Current Ratio 2.25 Net Fixed Asset Turnover 11.34
Quick Ratio 0.78 Accounts receivable turnover-days 10.30
Debt to Assets 15.84% Inventory Days -
Tot Debt to Common Equity 35.31% Accounts Payable Turnover Day -
Accounts Receivable Turnover 35.54 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Aurubis AGPrice/Volume
Valuation Analysis
147'102.00
Current Price (2/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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14'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SALZGITTER AG n/a Research 11'240'000 25 - 29.08.2011 Corporation
BLACKROCK n/a ULT-AGG 1'886'104 4.2 - 26.02.2013 Investment Advisor
DJE INVESTMENT SA n/a Research 1'325'794 2.95 - 19.08.2011 Mutual Fund Manager
DEUTSCHE BANK AG n/a Research 1'295'644 2.88 - 06.01.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'107'494 2.46 - 31.07.2012 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 510'600 1.14 - 31.10.2012 Investment Advisor
FMR LLC n/a ULT-AGG 450'000 1 - 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 376'952 0.84 (1'154) 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 371'600 0.83 100'000 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 268'061 0.6 127'228 28.12.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 252'208 0.56 (17'661) 31.01.2013 Mutual Fund Manager
S.A.C. GLOBAL INVEST n/a Short (220'288) -0.49 31'470 14.05.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 210'951 0.47 (35'312) 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 192'606 0.43 - 31.10.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 185'586 0.41 (2'202) 31.12.2012 Mutual Fund Manager
BARING FUND MANAGERS Multiple Portfolios MF-AGG 165'707 0.37 - 31.10.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 146'388 0.33 (3'854) 31.05.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 106'100 0.24 24'100 01.02.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 105'757 0.24 25'029 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 85'000 0.19 - 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe MARC GABRIEL hold 3 M 60 12 month 25.02.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 20.02.2013
Deutsche Bank BENJAMIN KOHNKE hold 3 M 58 12 month 19.02.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 50 6 month 15.02.2013
Nord/LB HOLGER FECHNER hold 3 M 53 12 month 15.02.2013
HSBC THORSTEN ZIMMERMANN underweight 1 M 55 Not Provided 15.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 56 12 month 15.02.2013
Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 76 12 month 15.02.2013
M.M. Warburg Investment Research EGGERT KULS buy 5 M 68 12 month 15.02.2013
DZ Bank AG DIRK SCHLAMP buy 5 M 56 12 month 15.02.2013
Baader Bank CHRISTIAN OBST buy 5 M 65 12 month 07.02.2013
Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 55 Not Provided 04.02.2013
Morgan Stanley ALAIN GABRIEL Underwt/In-Line 1 M 48 12 month 24.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 53 Not Provided 09.01.2013
SRH AlsterResearch OLIVER DREBING sell 1 D 45 12 month 14.12.2012
Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 55 12 month 29.11.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 15.02.2012
Solventis WPH-Bank GmbH KLAUS SOER buy 5 U 49 12 month 25.01.2012
Holdings By:
Aurubis AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Aveva Group plc, a holding company, markets and develops computer software and
services for engineering and related solutions.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 2'332.00
52-Week Low (18.05.2012) 1'463.00
Daily Volume
2315
52-Week High % Change -0.73% Dividend Yield 0.93
52-Week Low % Change 58.24% Beta 0.85
% 52 Week Price Range High/Low 98.04% Equity Float 67.45
Shares Out 01.02.2013 68.1 Short Int -
1'576.03 1 Yr Total Return 36.87%
Total Debt 0.22 YTD Return 6.32%
Preferred Stock 0.0 Adjusted BETA 0.846
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 48.89 Consensus Rating 3.222
Enterprise Value 1'525.71
Average Volume 5 Day 72'553
AVV LN EQUITY YTD Change - Average Volume 30 Day 106'793
AVV LN EQUITY YTD % CHANGE - Average Volume 3 Month 107'268
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 - -
127.6 164.0 148.3 174.0 195.9 - - 222.6 249.2 - -
5.39x 1.59x 5.14x 6.14x 5.50x - - 6.20x 5.39x - -
49.3 63.1 52.3 56.6 63.7 - - 72.6 83.8 - -
13.94x 4.14x 14.59x 18.87x 16.93x - - 21.02x 18.21x - -
34.2 42.2 33.4 34.5 40.0 - - 50.2 57.9 - -
22.42x 9.06x 24.01x 31.76x 28.15x - - 30.83x 26.79x - -
EBITDA 63.67 Long-Term Rating Date -
EBIT 58.06 Long-Term Rating -
Operating Margin 29.63% Long-Term Outlook -
Pretax Margin 29.47% Short-Term Rating Date -
Return on Assets 14.53% Short-Term Rating -
Return on Common Equity 19.53%
Return on Capital 20.36% EBITDA/Interest Exp. 23.37
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 22.42
Net Debt/EBITDA -0.77
Gross Margin 91.8% Total Debt/EBITDA 0.00
EBITDA Margin 31.5%
EBIT Margin 28.6% Total Debt/Equity 0.1%
Net Income Margin 20.4% Total Debt/Capital 0.1%
Asset Turnover 0.73
Current Ratio 3.21 Net Fixed Asset Turnover 24.74
Quick Ratio 1.46 Accounts receivable turnover-days 88.64
Debt to Assets 0.07% Inventory Days -
Tot Debt to Common Equity 0.10% Accounts Payable Turnover Day 78.89
Accounts Receivable Turnover 4.13 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
Aveva Group PLCPrice/Volume
Valuation Analysis
88'005.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 9'521'971 13.99 1'130'294 26.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'861'946 7.14 65'541 31.01.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 4'164'793 6.12 39'182 02.01.2013 Unclassified
STANDARD LIFE INVEST n/a Co File 2'867'283 4.21 - 28.05.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'733'900 4.02 654'059 11.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'261'602 3.32 (16'103) 02.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 2'207'305 3.24 (53'253) 02.01.2013 Unclassified
THREADNEEDLE ASSET M Multiple Portfolios REG 2'120'818 3.12 128 02.01.2013 Investment Advisor
BT PENSION SCHEME n/a RNS-MAJ 2'003'003 2.94 (38'930) 29.03.2012 Pension Fund (ERISA)
SCOTTISH WIDOWS n/a ULT-AGG 1'903'680 2.8 46'256 02.01.2013 Unclassified
NEWSMITH CAPITAL PAR Multiple Portfolios REG 1'700'354 2.5 (193'869) 02.01.2013 Investment Advisor
RCM Multiple Portfolios REG 1'550'853 2.28 22'300 02.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 1'515'362 2.23 338'169 02.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'477'756 2.17 - 30.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'469'269 2.16 150'910 30.11.2012 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios REG 1'390'771 2.04 (8'110) 02.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 1'335'579 1.96 12'600 31.01.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'201'917 1.77 (26'688) 31.12.2012 Investment Advisor
BAE SYSTEMS PENSION Multiple Portfolios REG 1'198'680 1.76 (185'651) 02.01.2013 Pension Fund (ERISA)
ALLIANCE BERNSTEIN n/a ULT-AGG 1'122'302 1.65 (221'460) 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Merchant Securities ROGER PHILLIPS sell 1 M 1'980 12 month 25.02.2013
Numis Securities Ltd DAVID TOMS buy 5 M 2'470 Not Provided 31.01.2013
JPMorgan STACY E POLLARD neutral 3 M 2'300 6 month 29.01.2013
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 2'400 12 month 28.01.2013
Investec JULIAN YATES buy 5 M 2'450 12 month 28.01.2013
Jefferies MILAN RADIA buy 5 M 2'560 12 month 28.01.2013
Berenberg Bank DAUD KHAN hold 3 M 2'000 Not Provided 28.01.2013
Panmure Gordon & Co Limited GEORGE O'CONNOR hold 3 M 1'900 Not Provided 28.01.2013
Exane BNP Paribas JOSEP BORI underperform 1 M 1'400 Not Provided 28.01.2013
N+1 Singer Ltd TINTIN STORMONT hold 3 M 2'000 12 month 28.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
Barclays GERARDUS VOS equalweight 3 M 2'000 Not Provided 14.01.2013
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 3'400 12 month 11.01.2013
Credit Suisse CHARLES BRENNAN neutral 3 N 2'013 Not Provided 19.11.2012
RBC Capital Markets ANDREW DUNN sector perform 3 U 1'800 12 month 13.11.2012
Canaccord Genuity Corp JONATHAN IMLAH hold 3 M 2'000 12 month 13.11.2012
Holdings By:
Aveva Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Axel Springer AG is a publisher. The Company publishes daily and weekly
newspapers, books, and magazines for young adults, families, and men and women.
Springer produces television and radio programming, holds interests in
television and radio stations, and offers electronic media on-line business
services. The Company also offers commercial printing services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.03.2012) 39.87
52-Week Low (01.06.2012) 30.92
Daily Volume
35.86
52-Week High % Change -10.05% Dividend Yield -
52-Week Low % Change 15.98% Beta 0.77
% 52 Week Price Range High/Low 55.23% Equity Float 40.76
Shares Out 30.09.2012 98.9 Short Int -
3'547.99 1 Yr Total Return 5.16%
Total Debt 726.60 YTD Return 11.07%
Preferred Stock 0.0 Adjusted BETA 0.772
Minority Interest 236.6 Analyst Recs 20
Cash and Equivalents 244.00 Consensus Rating 3.550
Enterprise Value 4'154.49
Average Volume 5 Day 156'012
SPR GY EQUITY YTD Change - Average Volume 30 Day 134'390
SPR GY EQUITY YTD % CHANGE - Average Volume 3 Month 139'423
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'577.9 2'728.5 2'611.6 2'893.9 3'184.9 3'136.7 3'274.5 3'303.3 3'441.1 895.5 -
1.51x 0.71x 0.95x 1.43x 1.25x 5.05x 5.00x 1.31x 1.20x - -
411.6 458.7 290.2 536.4 570.5 558.4 574.6 614.5 653.3 171.0 -
9.48x 4.22x 8.56x 7.72x 7.00x 5.82x 6.88x 6.76x 6.36x - -
(299.6) 560.1 303.5 252.7 257.8 215.0 209.6 272.8 300.5 - -
10.98x 2.77x 7.36x 14.88x 12.67x 11.84x 15.20x 12.74x 11.77x - -
EBITDA 570.50 Long-Term Rating Date -
EBIT 432.80 Long-Term Rating -
Operating Margin 13.59% Long-Term Outlook -
Pretax Margin 13.23% Short-Term Rating Date -
Return on Assets 4.89% Short-Term Rating -
Return on Common Equity 12.08%
Return on Capital - EBITDA/Interest Exp. 12.57
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 10.08
Net Debt/EBITDA 0.35
Gross Margin - Total Debt/EBITDA 1.06
EBITDA Margin 17.5%
EBIT Margin 12.3% Total Debt/Equity 42.9%
Net Income Margin 8.1% Total Debt/Capital 27.3%
Asset Turnover 0.76
Current Ratio 1.01 Net Fixed Asset Turnover 4.76
Quick Ratio 0.79 Accounts receivable turnover-days 46.96
Debt to Assets 17.35% Inventory Days -
Tot Debt to Common Equity 42.89% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.79 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
Axel Springer AGPrice/Volume
Valuation Analysis
213'424.00
Current Price (2/dd/yy) Market Data
'
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2'000.0
2'500.0
3'000.0
3'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AXEL SPRINGER GESELL n/a Co File 50'954'101 51.5 - 31.12.2011 Corporation
SPRINGER FRIEDE n/a Co File 6'925'800 7 - 31.12.2011 n/a
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 4'295'627 4.34 228'109 31.03.2012 Investment Advisor
DEUTSCHE BANK AG n/a Research 2'933'511 2.96 - 16.09.2011 Investment Advisor
CADIAN CAPITAL MANAG n/a Short (1'296'114) -1.31 (79'152) 20.02.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 962'667 0.97 1'979 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 873'197 0.88 (709'536) 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 555'904 0.56 (7'233) 31.12.2012 Unclassified
MAVERICK CAPITAL LTD n/a Short (465'018) -0.47 79'152 06.11.2012 Hedge Fund Manager
LUXOR CAPITAL GROUP n/a Short (455'124) -0.46 118'728 06.02.2013 Hedge Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 363'299 0.37 (18'408) 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 326'945 0.33 - 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 311'900 0.32 (17'748) 28.12.2012 Mutual Fund Manager
AXEL SPRINGER AG n/a Co File 296'820 0.3 - 31.12.2011 Corporation
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 285'500 0.29 30'600 28.09.2012 Investment Advisor
VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 235'100 0.24 23'300 30.11.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 208'000 0.21 42'185 31.12.2012 Investment Advisor
LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 204'400 0.21 (18'400) 28.12.2012 Mutual Fund Manager
EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 173'472 0.18 3'258 31.12.2012 Mutual Fund Manager
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 160'000 0.16 30'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets SONIA RABUSSIER hold 3 M 38 6 month 25.02.2013
Bankhaus Metzler STEFAN WIMMER buy 5 M 39 12 month 21.02.2013
AlphaValue VERONIQUE CABIOC'H add 4 M 39 6 month 21.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.02.2013
HSBC CHRISTOPHER JOHNEN neutral 3 U 39 Not Provided 19.02.2013
M.M. Warburg Investment Research JOCHEN REICHERT buy 5 M 46 12 month 05.02.2013
Barclays NICK DEMPSEY underweight 1 M 33 Not Provided 24.01.2013
Societe Generale LAURENT PICARD hold 3 M 33 12 month 16.01.2013
Goldman Sachs VIGHNESH PADIACHY neutral/neutral 3 M 38 12 month 09.01.2013
Morgan Stanley CHRISTOPHER SELLERS Underwt/Attractive 1 M 30 12 month 17.12.2012
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 40 Not Provided 12.12.2012
Hammer Partners SA STEPHAN SEIP buy 5 M 42 Not Provided 12.12.2012
Berenberg Bank SARAH SIMON hold 3 M 38 Not Provided 08.11.2012
DZ Bank AG HARALD HEIDER buy 5 M 43 12 month 08.11.2012
Close Brothers Equity Markets MARCUS SILBE hold 3 M 35 12 month 07.11.2012
Kepler Capital Markets CONOR O'SHEA hold 3 M 37 Not Provided 07.11.2012
Silvia Quandt Research MARK JOSEFSON buy 5 M 43 12 month 07.11.2012
Deutsche Bank MARK BRALEY hold 3 M 40 12 month 30.10.2012
JPMorgan MARCUS DIEBEL neutral 3 M 41 9 month 12.09.2012
CA Cheuvreux NIKLAS KRISTOFFERSSONN outperform 5 N 45 Not Provided 29.03.2012
Equinet Institutional Services(ESN) MARTIN POSSIENKE buy 5 M 45 12 month 02.05.2011
Holdings By:
Axel Springer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Banca Monte dei Paschi di Siena S.p.A. attracts deposits and offers commercial
banking services. The Bank offers credit, asset management services, insurance,
mutual funds, Internet banking, and investment banking services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.03.2012) 0.44
52-Week Low (23.07.2012) 0.14
Daily Volume
0.2084
52-Week High % Change -52.55% Dividend Yield -
52-Week Low % Change 45.53% Beta 1.21
% 52 Week Price Range High/Low 22.03% Equity Float 6'508.14
Shares Out 16.01.2013 11'681.5 Short Int -
2'434.43 1 Yr Total Return -48.03%
Total Debt 123'458.32 YTD Return -7.67%
Preferred Stock 0.0 Adjusted BETA 1.206
Minority Interest 217.2 Analyst Recs 25
Cash and Equivalents 21'573.23 Consensus Rating 1.880
Enterprise Value -
Average Volume 5 Day #########
BMPS IM EQUITY YTD Change - Average Volume 30 Day #########
BMPS IM EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
9'663.0 12'254.4 9'242.9 8'751.8 9'511.4 9'116.1 7'592.3 5'401.8 4'955.8 1'173.5 1'264.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'437.6 922.8 220.1 985.5 (4'685.3) 932.1 (6'653.4) (406.4) (50.8) - -
15.77x 7.72x 804.19x 4.79x - 2.97x 0.00x - - - -
EBITDA - Long-Term Rating Date 31.01.2013
EBIT - Long-Term Rating BB *-
Operating Margin -9.17% Long-Term Outlook -
Pretax Margin -84.69% Short-Term Rating Date 05.12.2012
Return on Assets -2.78% Short-Term Rating B
Return on Common Equity -50.04%
Return on Capital -5.35% 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 1146.9%
Net Income Margin -83.9% Total Debt/Capital 91.8%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 51.29% Inventory Days -
Tot Debt to Common Equity 1146.90% 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
Banca Monte dei Paschi di Siena SpAPrice/Volume
Valuation Analysis
216'756'886.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FONDAZIONE MONTE DEI n/a EXCH 4'387'586'439 37.56 - 20.09.2012 Other
FINAMONTE SRL n/a EXCH 467'261'602 4 - 20.09.2012 Other
UNICOOP FIRENZE SOC n/a EXCH 318'555'597 2.73 - 20.09.2012 Other
JP MORGAN SECURITIES n/a EXCH 295'192'517 2.53 - 20.09.2012 Investment Advisor
EGERTON CAPITAL LIMI n/a Short (130'833'248) -1.12 (17'522'310) 06.02.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 129'361'146 1.11 304'188 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 112'747'830 0.97 2'768'423 31.12.2012 Investment Advisor
ODEY ASSET MANAGEMEN n/a Short (92'284'166) -0.79 (25'699'388) 01.02.2013 Investment Advisor
WELLINGTON MANAGEMEN n/a Short (80'602'626) -0.69 1'168'154 01.02.2013 Investment Advisor
AXA FRANCE IARD n/a EXCH 69'621'979 0.6 - 20.09.2012 Insurance Company
MARSHALL WACE LLP n/a Short (59'575'854) -0.51 (8'177'078) 25.02.2013 Hedge Fund Manager
AXA BELGIUM SA n/a EXCH 54'435'977 0.47 - 20.09.2012 Insurance Company
PARVUS ASSET MANAGEM n/a Short (50'230'622) -0.43 12'849'694 15.01.2013 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 31'634'600 0.27 (18'638'500) 30.11.2012 Investment Advisor
AXA ASSICURAZIONI n/a EXCH 27'101'173 0.23 - 20.09.2012 Unclassified
AXA n/a EXCH 26'633'911 0.23 - 20.09.2012 Investment Advisor
AXA AURORA IBERICA n/a EXCH 25'933'019 0.22 - 20.09.2012 Insurance Company
AXA KONZERN AG n/a EXCH 21'844'480 0.19 - 20.09.2012 Insurance Company
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 20'993'756 0.18 - 31.12.2012 Investment Advisor
AXA WINTERTHUR SWITZ n/a EXCH 19'040'910 0.16 - 20.09.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 0 12 month 27.02.2013
Mediobanca SpA RICCARDO ROVERE neutral 3 M 0 6 month 22.02.2013
Banca IMI MANUELA MERONI sell 1 M 0 12 month 22.02.2013
Exane BNP Paribas ANDREA VERCELLONE underperform 1 M 0 Not Provided 22.02.2013
Centrobanca GUGLIELMO MARCO OPIPARI sell 1 M 0 Not Provided 20.02.2013
ICBPI LUCA COMI sell 1 M 0 12 month 12.02.2013
Banca Akros(ESN) LUIGI TRAMONTANA hold 3 U 0 12 month 08.02.2013
Nomura DOMENICO SANTORO neutral 3 M 0 12 month 08.02.2013
Kepler Capital Markets ANNA MARIA BENASSI reduce 2 D 0 Not Provided 31.01.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 0 6 month 31.01.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 0 12 month 28.01.2013
CA Cheuvreux ALDO COMI sell 1 M 0 Not Provided 28.01.2013
Equita SIM SpA GIOVANNI RAZZOLI hold 3 M 0 12 month 28.01.2013
Societe Generale CARLO TOMMASELLI sell 1 M 0 12 month 25.01.2013
Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 0 12 month 22.01.2013
Credit Suisse ANDREA UNZUETA underperform 1 M 0 Not Provided 21.01.2013
Deutsche Bank PAOLA SABBIONE sell 1 M 0 12 month 17.01.2013
Grupo Santander TANIA GOLD underweight 1 M 0 12 month 16.01.2013
JPMorgan MARTA BASTONI underweight 1 M 0 Not Provided 07.01.2013
HSBC JASON KEPAPTSOGLOU underweight 1 M 0 Not Provided 12.12.2012
Natixis STEVEN GOULD reduce 2 D 0 Not Provided 15.11.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 27.08.2012
Main First Bank AG ALBERTO SEGAFREDO buy 5 M 1 12 month 26.08.2011
Holdings By:
Banca Monte dei Paschi di Siena SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Banca Popolare dell'Emilia Romagna Scrl is a cooperative bank that operates
branches throughout Italy. The Bank attracts deposits and offers loans, credit
cards, pension plans, investment funds, insurance, and asset management and
online trading services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (30.01.2013) 6.67
52-Week Low (25.07.2012) 2.80
Daily Volume
5.56
52-Week High % Change -16.64% Dividend Yield -
52-Week Low % Change 98.57% Beta 1.12
% 52 Week Price Range High/Low 71.32% Equity Float 326.06
Shares Out 30.09.2012 332.7 Short Int -
1'849.93 1 Yr Total Return -9.98%
Total Debt 24'816.29 YTD Return 6.31%
Preferred Stock 0.0 Adjusted BETA 1.122
Minority Interest 715.7 Analyst Recs 8
Cash and Equivalents 3'295.44 Consensus Rating 3.625
Enterprise Value -
Average Volume 5 Day 2'796'892
BPE IM EQUITY YTD Change - Average Volume 30 Day 2'151'705
BPE IM EQUITY YTD % CHANGE - Average Volume 3 Month 2'265'944
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'118.8 3'450.9 3'148.0 2'727.7 3'036.9 2'879.3 3'268.1 2'251.4 2'218.3 568.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
374.5 133.7 115.8 293.1 214.6 161.1 217.1 173.8 177.8 44.0 -
10.81x 18.70x 24.71x 12.71x 8.28x 40.04x 7.82x 12.36x 9.93x - -
EBITDA - Long-Term Rating Date 03.08.2012
EBIT - Long-Term Rating BB+
Operating Margin 22.48% Long-Term Outlook NEG
Pretax Margin 17.96% Short-Term Rating Date 03.08.2012
Return on Assets 0.35% Short-Term Rating B
Return on Common Equity 5.80%
Return on Capital 0.72% 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 631.3%
Net Income Margin 9.5% Total Debt/Capital 84.2%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 3.33
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 41.03% Inventory Days -
Tot Debt to Common Equity 631.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Banca Popolare dell'Emilia Romagna ScrlPrice/Volume
Valuation Analysis
1'927'835.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORGES BANK n/a EXCH 6'664'413 2 - 20.09.2012 Government
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'723'574 1.12 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'453'662 1.04 65'640 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'576'615 0.77 6'984 26.02.2013 Investment Advisor
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 1'082'242 0.33 - 30.11.2012 Mutual Fund Manager
ARCA SGR SPA Multiple Portfolios MF-AGG 562'667 0.17 12'000 28.12.2012 Mutual Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 499'406 0.15 172'888 31.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 417'455 0.13 - 28.12.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 222'709 0.07 (4'000) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 186'871 0.06 (96'000) 31.12.2012 Mutual Fund Manager
STATE STREET n/a ULT-AGG 182'552 0.05 - 27.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 178'243 0.05 8'806 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 174'127 0.05 30'082 30.11.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 151'200 0.05 151'200 31.10.2012 Mutual Fund Manager
PRINCIPAL FINANCIAL n/a ULT-AGG 146'965 0.04 120'970 31.01.2013 Investment Advisor
LEMANIK FUNDS Multiple Portfolios MF-AGG 133'488 0.04 13'847 31.01.2013 Mutual Fund Manager
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 131'149 0.04 22'458 31.10.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 125'428 0.04 90'000 28.12.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 121'714 0.04 - 28.09.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 112'161 0.03 (35'158) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kepler Capital Markets ANNA MARIA BENASSI hold 3 M 6 Not Provided 25.02.2013
Exane BNP Paribas ANDREA VERCELLONE outperform 5 M 8 Not Provided 22.02.2013
Equita SIM SpA GIOVANNI RAZZOLI hold 3 D 6 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Mediobanca SpA RICCARDO ROVERE outperform 5 M 6 Not Provided 14.01.2013
Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 4 12 month 14.01.2013
ICBPI MARCO SALLUSTIO neutral 3 M 5 12 month 11.12.2012
Nomura DOMENICO SANTORO reduce 2 M 4 12 month 25.10.2012
Holdings By:
Banca Popolare dell'Emilia Romagna Scrl ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Banca Popolare di Milano Scarl (BPM) attracts deposits and offers commercial
banking services. The Bank offers brokerage, trust, lease financing, asset
management, private banking, and factoring services, manages mutual funds, and
offers insurance services. BPM serves its customers through a branch network
located primarily in Italy, London, and New York.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (13.02.2013) 0.62
52-Week Low (29.05.2012) 0.29
Daily Volume
0.5175
52-Week High % Change -16.40% Dividend Yield -
52-Week Low % Change 76.02% Beta 1.30
% 52 Week Price Range High/Low 68.77% Equity Float 2'658.46
Shares Out 30.09.2012 3'229.6 Short Int -
1'671.33 1 Yr Total Return 5.35%
Total Debt 23'721.76 YTD Return 14.49%
Preferred Stock 0.0 Adjusted BETA 1.305
Minority Interest 48.1 Analyst Recs 16
Cash and Equivalents 2'345.32 Consensus Rating 2.500
Enterprise Value -
Average Volume 5 Day 75'466'260
PMI IM EQUITY YTD Change - Average Volume 30 Day 73'262'750
PMI IM EQUITY YTD % CHANGE - Average Volume 3 Month 63'627'160
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'102.5 2'950.3 2'600.8 1'968.6 2'128.8 2'047.6 2'244.1 1'522.3 1'485.1 356.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
323.8 75.3 103.6 106.0 (614.3) 44.9 (767.1) 88.0 102.3 (173.0) -
11.95x 22.98x 19.38x - - 0.00x 0.00x 20.70x 16.17x - -
EBITDA - Long-Term Rating Date 03.08.2012
EBIT - Long-Term Rating BB+
Operating Margin -20.38% Long-Term Outlook NEG
Pretax Margin -50.76% Short-Term Rating Date 03.08.2012
Return on Assets -1.47% Short-Term Rating B
Return on Common Equity -19.45%
Return on Capital -2.95% 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 590.9%
Net Income Margin -44.1% Total Debt/Capital 85.4%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 3.02
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 45.68% Inventory Days -
Tot Debt to Common Equity 590.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Banca Popolare di Milano ScarlPrice/Volume
Valuation Analysis
69'565'338.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BI INVEST GP n/a EXCH 277'812'027 8.6 - 19.04.2012 Corporation
TIME AND LIFE SA n/a EXCH 266'992'796 8.27 - 19.04.2012 Other
CAISSE FED DU CREDIT n/a EXCH 221'778'097 6.87 - 19.04.2012 Corporation
DIMENSIONAL FUND ADV n/a EXCH 82'161'567 2.54 - 19.04.2012 Investment Advisor
NORGES BANK n/a EXCH 71'568'409 2.22 - 19.04.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'669'426 1.01 (1'271'889) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 24'853'869 0.77 67'816 26.02.2013 Investment Advisor
SAEMOR CAPITAL BV n/a Short (23'899'198) -0.74 (7'105'167) 08.02.2013 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 22'182'180 0.69 (1'677'800) 31.10.2012 Investment Advisor
OXFORD ASSET MANAGEM n/a Short (21'638'463) -0.67 (4'198'508) 12.02.2013 Investment Advisor
DISCOVERY CAPITAL MA n/a Short (18'408'842) -0.57 - 01.11.2012 Hedge Fund Manager
MARSHALL WACE LLP n/a Short (15'502'182) -0.48 (645'925) 26.02.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 13'226'506 0.41 13'226'401 30.04.2012 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 9'080'000 0.28 2'461'711 28.12.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 7'648'479 0.24 7'648'479 31.05.2012 Investment Advisor
ACOMEA SGR Multiple Portfolios MF-AGG 5'824'609 0.18 - 28.12.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 5'785'784 0.18 (5'863'000) 31.01.2013 Investment Advisor
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 5'524'140 0.17 - 30.11.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'130'336 0.16 2'167'280 31.12.2012 Investment Advisor
LEMANIK FUNDS Multiple Portfolios MF-AGG 4'502'877 0.14 64'900 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 0 12 month 27.02.2013
Kepler Capital Markets ANNA MARIA BENASSI hold 3 M 1 Not Provided 25.02.2013
Exane BNP Paribas ANDREA VERCELLONE outperform 5 M 1 Not Provided 22.02.2013
Mediobanca SpA RICCARDO ROVERE outperform 5 M 1 6 month 21.02.2013
Banca IMI MANUELA MERONI hold 3 M 0 12 month 21.02.2013
ICBPI MARCO SALLUSTIO sell 1 M 0 12 month 18.02.2013
Equita SIM SpA GIOVANNI RAZZOLI buy 5 M 1 12 month 15.02.2013
Nomura DOMENICO SANTORO neutral 3 M 0 12 month 04.02.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 0 12 month 28.01.2013
Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 0 12 month 22.01.2013
Deutsche Bank PAOLA SABBIONE hold 3 M 0 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
HSBC JASON KEPAPTSOGLOU underweight 1 M 0 Not Provided 27.11.2012
JPMorgan KIAN ABOUHOSSEIN underweight 1 M 0 Not Provided 28.05.2012
Holdings By:
Banca Popolare di Milano Scarl ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Banca Popolare di Sondrio Scrl attracts deposits and offers co-operative
banking services. The Bank offers mortgage and other consumer loans, business
loans, closed-end funds, treasury and securities brokerage services, asset
management, and portfolio management. Banca Popolare operates in Italy,
Switzerland and Hong Kong.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.03.2012) 6.47
52-Week Low (23.07.2012) 3.76
Daily Volume
4.724
52-Week High % Change -26.99% Dividend Yield -
52-Week Low % Change 25.50% Beta 0.84
% 52 Week Price Range High/Low 35.48% Equity Float 301.98
Shares Out 30.09.2012 308.1 Short Int -
1'455.69 1 Yr Total Return -22.09%
Total Debt 7'593.55 YTD Return 7.85%
Preferred Stock 0.0 Adjusted BETA 0.845
Minority Interest 65.9 Analyst Recs 1
Cash and Equivalents 1'595.11 Consensus Rating 5.000
Enterprise Value -
Average Volume 5 Day 531'424
BPSO IM EQUITY YTD Change - Average Volume 30 Day 381'012
BPSO IM EQUITY YTD % CHANGE - Average Volume 3 Month 443'398
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'064.2 1'105.0 1'125.3 908.8 1'111.4 1'033.6 1'478.3 - - - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
147.3 43.6 201.1 135.1 74.4 56.2 167.6 - - - -
19.89x 46.15x 11.19x 14.02x 25.74x 0.00x 8.42x - - - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 18.45% Long-Term Outlook -
Pretax Margin 18.82% Short-Term Rating Date -
Return on Assets 0.57% Short-Term Rating -
Return on Common Equity 8.92%
Return on Capital 2.20% 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 416.6%
Net Income Margin 9.5% Total Debt/Capital 80.1%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 6.48
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 25.93% Inventory Days -
Tot Debt to Common Equity 416.62% 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
Banca Popolare di Sondrio SCARLPrice/Volume
Valuation Analysis
514'615.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORGES BANK n/a Research 6'166'042 2 - 19.02.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'161'077 1.03 11'268 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'722'348 0.56 - 26.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 474'406 0.15 - 31.07.2012 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 464'776 0.15 86'237 28.12.2012 Mutual Fund Manager
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 350'505 0.11 26'363 30.09.2012 Investment Advisor
BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 257'579 0.08 - 31.05.2012 Mutual Fund Manager
STATE STREET n/a ULT-AGG 182'696 0.06 - 27.02.2013 Investment Advisor
OPTIMA SGR SPA Multiple Portfolios MF-AGG 133'000 0.04 (35'400) 30.11.2011 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 119'000 0.04 - 31.01.2013 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 116'525 0.04 52'772 31.10.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 107'950 0.04 - 31.10.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 105'000 0.03 - 28.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 98'735 0.03 - 26.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 89'966 0.03 - 28.09.2012 Mutual Fund Manager
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 71'307 0.02 (1'108) 30.09.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 64'579 0.02 (1'095) 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 64'081 0.02 1'903 30.11.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 55'150 0.02 (4'467) 27.02.2013 Investment Advisor
SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 50'605 0.02 (4'310) 30.06.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Banca Popolare di Sondrio SCARL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Banco Espirito Santo, S.A. (BES) provides commercial and investment banking
services. The Bank offers commercial, consumer, and mortgage loans, foreign
exchange, mutual funds, government debt securities, project financing, advice on
corporate restructuring and privatization, and securities brokerage services,
and underwrites equity and debt securities.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.01.2013) 1.19
52-Week Low (01.06.2012) 0.43
Daily Volume
0.935
52-Week High % Change -21.43% Dividend Yield -
52-Week Low % Change 115.44% Beta 1.73
% 52 Week Price Range High/Low 66.27% Equity Float 2'233.81
Shares Out 31.12.2012 4'017.9 Short Int -
3'756.76 1 Yr Total Return -6.58%
Total Debt 32'245.86 YTD Return 4.47%
Preferred Stock 193.3 Adjusted BETA 1.729
Minority Interest 669.4 Analyst Recs 15
Cash and Equivalents 7'485.14 Consensus Rating 3.333
Enterprise Value -
Average Volume 5 Day 20'231'700
BES PL EQUITY YTD Change - Average Volume 30 Day 16'501'720
BES PL EQUITY YTD % CHANGE - Average Volume 3 Month 20'349'130
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
5'811.4 4'978.2 5'001.7 5'127.0 5'929.6 5'220.5 5'929.6 2'326.5 2'353.1 600.7 610.3
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
402.3 522.1 556.9 (108.8) 96.1 (86.2) 96.1 150.1 350.6 14.6 25.8
8.26x 9.33x 6.40x - 35.85x 0.00x 31.05x 26.71x 10.51x 26.71x 22.26x
EBITDA - Long-Term Rating Date 14.02.2012
EBIT - Long-Term Rating BB-
Operating Margin 18.14% Long-Term Outlook NEG
Pretax Margin 6.48% Short-Term Rating Date 16.12.2011
Return on Assets 0.12% Short-Term Rating B
Return on Common Equity 1.57%
Return on Capital 0.29% EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 469.4%
Net Income Margin 3.0% Total Debt/Capital 80.7%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 6.65
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 38.53% Inventory Days -
Tot Debt to Common Equity 469.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Banco Espirito Santo SAPrice/Volume
Valuation Analysis
21'090'253.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BESPAR SGPS SA n/a Research 1'418'328'749 35.3 - 30.06.2012 Other
CREDIT AGRICOLE SA n/a Research 433'936'274 10.8 - 30.06.2012 Investment Advisor
SILCHESTER INTL INVE n/a Research 229'021'923 5.7 - 30.06.2012 Investment Advisor
BRADPORT n/a Research 192'860'566 4.8 - 30.06.2012 Other
PORTUGAL TELECOM SGP n/a Research 84'376'498 2.1 - 30.06.2012 Corporation
WELLINGTON MANAGEMEN n/a EXCH 81'297'790 2.02 - 08.01.2013 Investment Advisor
BANCO ESPIRITO SANTO Multiple Portfolios MF-AGG 51'574'005 1.28 (6'455'740) 30.11.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 36'811'941 0.92 3'178'463 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 23'062'536 0.57 58'985 26.02.2013 Investment Advisor
FUNDO INV MOBILIARIO n/a EXCH 22'407'642 0.56 - 25.04.2012 n/a
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 20'026'833 0.5 12'744'348 30.06.2012 Pension Fund (ERISA)
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 11'095'612 0.28 4'641'950 31.10.2012 Investment Advisor
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 9'070'000 0.23 (1'250'000) 31.12.2012 Investment Advisor
SANTANDER SGFIM SA Multiple Portfolios MF-AGG 6'047'688 0.15 (1'508'447) 30.11.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 4'433'077 0.11 2'882'901 31.01.2013 Investment Advisor
MILLENNIUM BCP GFI S Multiple Portfolios MF-AGG 4'023'089 0.1 (592'000) 30.11.2012 Mutual Fund Manager
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 3'960'000 0.1 (40'000) 31.08.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'850'000 0.1 - 31.12.2012 Investment Advisor
SANTO SILVA RICARDO n/a EXCH 3'806'915 0.09 2'422'582 11.05.2012 n/a
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 3'543'839 0.09 1'799'688 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue DAVID GRINSZTAJN reduce 2 U 1 6 month 27.02.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 1 12 month 26.02.2013
BPI CARLOS JOAQUIM PEIXOTO neutral 3 M 1 Not Provided 25.02.2013
Nomura DARAGH QUINN reduce 2 M 1 Not Provided 25.02.2013
Societe Generale CARLOS GARCIA GONZALEZ buy 5 M 1 12 month 11.02.2013
Caixa Banco de Investimento(ESN) ANDRE RODRIGUES accumulate 4 M 1 12 month 08.02.2013
Macquarie BENJIE CREELAN-SANDFORD neutral 3 M 1 12 month 07.02.2013
JPMorgan JAIME BECERRIL neutral 3 D 1 18 month 06.02.2013
BCP Investimento RITA SILVA buy 5 U 1 Not Provided 29.01.2013
Goldman Sachs PAWEL DZIEDZIC neutral/neutral 3 M 1 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 1 12 month 26.11.2012
BBVA IGNACIO ULARGUI outperform 5 M 1 Not Provided 08.10.2012
Grupo Santander MARIANO COLMENAR Under Review #N/A N/A M #N/A N/A Not Provided 07.09.2012
Holdings By:
Banco Espirito Santo SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Bank of Ireland provides a range of banking, life insurance and other financial
services to customers in Ireland and United Kingdom. Services include branch
banking, personal and business loans, loan insurance, mortgages, foreign
exchange, correspondent banking, credit cards and stockbroking.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (16.03.2012) 0.15
52-Week Low (16.05.2012) 0.08
Daily Volume
0.133
52-Week High % Change -8.28% Dividend Yield 0.00
52-Week Low % Change 68.35% Beta 1.75
% 52 Week Price Range High/Low 81.82% Equity Float 18'005.82
Shares Out 30.06.2012 30'132.5 Short Int -
4'007.62 1 Yr Total Return -1.48%
Total Debt 52'084.00 YTD Return 16.67%
Preferred Stock 0.0 Adjusted BETA 1.752
Minority Interest 50.0 Analyst Recs 11
Cash and Equivalents 16'683.00 Consensus Rating 2.364
Enterprise Value -
Average Volume 5 Day 49'452'030
BKIR ID EQUITY YTD Change - Average Volume 30 Day 93'212'090
BKIR ID EQUITY YTD % CHANGE - Average Volume 3 Month 80'928'590
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 01/yy 01/yy 12/12 Y 12/13 Y - -
9'386.0 13'173.0 10'236.0 5'983.0 5'297.0 - - 1'879.3 2'255.7 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
1'651.0 1'699.0 69.0 (614.0) 45.0 - - (1'424.4) (741.8) - -
9.29x 5.35x 7.45x - 28.61x - - - - - -
EBITDA - Long-Term Rating Date 20.01.2012
EBIT - Long-Term Rating BB+
Operating Margin -46.00% Long-Term Outlook NEG
Pretax Margin -8.59% Short-Term Rating Date 11.07.2011
Return on Assets -0.35% Short-Term Rating B
Return on Common Equity -7.05%
Return on Capital -0.83% 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 510.5%
Net Income Margin 2.0% Total Debt/Capital 83.6%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 14.36
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 33.63% Inventory Days -
Tot Debt to Common Equity 510.53% 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
Bank of IrelandPrice/Volume
Valuation Analysis
63'537'400.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL PENSIONS RE n/a 20F 4'558'025'000 15.13 - 20.03.2012 Government
ROSS JR WILBUR LOUIS n/a RNS-DIR 2'933'636'858 9.74 - 26.06.2012 n/a
WATSA V PREM n/a RNS-DIR 2'807'563'858 9.32 - 27.06.2012 n/a
FMR LLC n/a ULT-AGG 2'416'635'336 8.02 (346) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'121'604'203 7.04 293'915'000 05.02.2013 Investment Advisor
EUROPACIFIC GROWTH F n/a RNS-MAJ 1'818'681'676 6.04 261'839'400 04.02.2013 n/a
HARRIS ASSOCIATES LP n/a RNS-MAJ 1'195'893'491 3.97 (274'081'500) 28.01.2013 Investment Advisor
FRIEDBERG GLBL MACRO n/a 20F 912'346'577 3.03 - 20.03.2012 n/a
WENTWORTH INSURANCE n/a RNS-MAJ 848'528'493 2.82 - 15.08.2011 Insurance Company
ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 498'000'000 1.65 498'000'000 30.09.2012 Insurance Company
ZENITH INSURANCE COM ZENITH INSURANCE COM Sch-D 409'000'000 1.36 409'000'000 30.09.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 265'438'889 0.88 3'135'277 31.12.2012 Investment Advisor
UNITED STATES FIRE I UNITED STATES FIRE I Sch-D 250'000'000 0.83 250'000'000 30.09.2012 Insurance Company
CLEARWATER INS CO CLEARWATER INS CO Sch-D 170'000'000 0.56 170'000'000 30.09.2012 Insurance Company
TIG INSURANCE COMPAN TIG INSURANCE COMPAN Sch-D 139'000'000 0.46 139'000'000 30.09.2012 Insurance Company
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 126'580'000 0.42 35'500'000 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 122'445'864 0.41 - 26.02.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 117'327'280 0.39 117'327'280 31.12.2012 Investment Advisor
ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 102'509'430 0.34 (89'270'244) 31.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 53'806'226 0.18 - 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goodbody Stockbrokers Ltd EAMONN HUGHES sell 1 M 0 12 month 25.02.2013
Nomura OMAR KEENAN buy 5 M 0 Not Provided 21.02.2013
Deutsche Bank DAVID LOCK hold 3 M 0 12 month 18.02.2013
AlphaValue DAVID GRINSZTAJN reduce 2 M 0 6 month 14.02.2013
Credit Suisse MOHAMED SOUIDI underperform 1 D 0 Not Provided 06.02.2013
Goldman Sachs PAWEL DZIEDZIC neutral/neutral 3 M 0 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Davy EMER LANG neutral 3 D #N/A N/A Not Provided 14.08.2012
Bloxham Stockbrokers KEVIN MCCONNELL market weight 3 M #N/A N/A Not Provided 20.03.2012
Barclays ROHITH CHANDRA-RAJAN suspended coverage #N/A N/A M #N/A N/A Not Provided 12.01.2011
Prosdocimi TEAM COVERAGE accumulate 4 N #N/A N/A Not Provided 31.03.2010
Holdings By:
Bank of Ireland ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Bankia SA accepts deposits and offers commercial banking services. The Bank
offers retail banking, business banking, corporate finance, capital markets, and
asset and private banking management services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.02.2012) 3.07
52-Week Low (25.02.2013) 0.26
Daily Volume
0.301
52-Week High % Change -90.18% Dividend Yield 0.00
52-Week Low % Change 14.45% Beta -
% 52 Week Price Range High/Low 1.36% Equity Float 960.76
Shares Out 30.09.2012 1'994.0 Short Int -
600.18 1 Yr Total Return -90.09%
Total Debt 127'522.39 YTD Return -23.02%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 128.2 Analyst Recs 15
Cash and Equivalents 24'469.83 Consensus Rating 1.400
Enterprise Value -
Average Volume 5 Day 17'987'730
BKIA SQ EQUITY YTD Change - Average Volume 30 Day 14'019'070
BKIA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 15'351'080
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
- - - 9'327.0 9'527.4 2'276.9 4'102.8 4'146.4 3'901.7 487.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
- - - 357.0 (2'978.7) 34.8 (5'670.7) (15'209.3) 483.0 (14'619.0) -
- - - - - 0.00x 0.00x - 2.87x - -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BB *-
Operating Margin -37.13% Long-Term Outlook -
Pretax Margin -94.40% Short-Term Rating Date 25.05.2012
Return on Assets -1.00% Short-Term Rating B
Return on Common Equity -23.25%
Return on Capital -2.23% 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 1031.3%
Net Income Margin -65.3% Total Debt/Capital 91.1%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 2.67
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.11% Inventory Days -
Tot Debt to Common Equity 1031.33% 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
Bankia SAPrice/Volume
Valuation Analysis
9'815'437.00
Current Price (2/dd/yy) Market Data
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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO FINANCIERO Y D n/a EXCH 958'000'000 48.05 50'000'000 02.11.2012 Bank
CARTERA MAPFRE SL n/a Co File 74'666'670 3.74 - 31.12.2011 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'810'242 0.79 505'552 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'918'516 0.7 33'864 26.02.2013 Investment Advisor
BANKIA SA n/a Co File 8'048'703 0.4 - 31.12.2011 Bank
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'467'023 0.07 (12'673) 28.12.2012 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 1'020'793 0.05 93'750 31.01.2013 Investment Advisor
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 927'626 0.05 279'271 30.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 900'338 0.05 - 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 894'047 0.04 (131'615) 31.12.2012 Investment Advisor
GESIURIS SA SGIIC Multiple Portfolios MF-AGG 765'000 0.04 500'000 31.12.2012 Mutual Fund Manager
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 519'893 0.03 462'192 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 512'450 0.03 504'237 28.09.2012 Mutual Fund Manager
SJUNDE AP FONDEN Multiple Portfolios MF-AGG 479'031 0.02 65'870 31.12.2012 Investment Advisor
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 341'767 0.02 341'767 31.10.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 334'427 0.02 - 30.11.2012 Mutual Fund Manager
KBC GROUP NV Multiple Portfolios MF-AGG 330'947 0.02 (1'303) 31.01.2013 Investment Advisor
NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 295'226 0.01 - 30.11.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 288'050 0.01 (435) 30.09.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 235'900 0.01 - 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI CARLOS JOAQUIM PEIXOTO sell 1 M 0 Not Provided 25.02.2013
Societe Generale CARLOS GARCIA GONZALEZ sell 1 M 0 12 month 15.02.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 0 Not Provided 15.02.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL sell 1 M 0 6 month 14.02.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Under Review #N/A N/A M #N/A N/A Not Provided 13.02.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ sell 1 M 0 Not Provided 23.01.2013
Nomura DARAGH QUINN reduce 2 M 0 12 month 22.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ underperform 1 M 0 12 month 09.01.2013
Mediobanca SpA ANDREA FILTRI underperform 1 M 1 12 month 01.10.2012
Natixis FREDERIC TESCHNER reduce 2 M 0 Not Provided 03.09.2012
JPMorgan JAIME BECERRIL underweight 1 M 0 9 month 26.06.2012
BBVA SILVIA RIGOL CARNEIRO not rated #N/A N/A M #N/A N/A Not Provided 22.06.2012
Deutsche Bank CARLOS BERASTAIN GONZALEZ sell 1 M 1 12 month 28.05.2012
La Caixa DAVID FERNANDEZ underweight 1 M #N/A N/A Not Provided 16.03.2012
Holdings By:
Bankia SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private,
and corporate banking services. The Bank offers consumer loans, treasury
management, pension funds, and investment management services, trades in
commodities, advises on mergers and acquisitions, and offers securities
brokerage services. BCV operates primarily in the Canton of Vaud.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 533.00
52-Week Low (07.03.2012) 456.96
Daily Volume
530
52-Week High % Change -0.56% Dividend Yield -
52-Week Low % Change 15.98% Beta 0.79
% 52 Week Price Range High/Low 96.05% Equity Float 2.82
Shares Out 14.02.2013 8.6 Short Int -
4'561.28 1 Yr Total Return 18.57%
Total Debt 8'415.00 YTD Return 9.33%
Preferred Stock 0.0 Adjusted BETA 0.790
Minority Interest 1.0 Analyst Recs 5
Cash and Equivalents 6'742.00 Consensus Rating 2.200
Enterprise Value -
Average Volume 5 Day 13'332
BCVN SE EQUITY YTD Change - Average Volume 30 Day 12'568
BCVN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'503
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
1'565.7 1'371.2 1'351.6 1'351.7 1'321.2 0.0 1'229.4 1'029.3 1'050.3 252.0 254.0
- - - - - #DIV/0! 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
356.3 300.6 313.2 302.1 311.0 0.0 311.0 311.7 316.0 - -
7.68x 11.77x 13.49x 13.00x 13.41x 0.00x 13.74x 14.65x 14.46x - -
EBITDA - Long-Term Rating Date 05.12.2011
EBIT - Long-Term Rating AA
Operating Margin 36.52% Long-Term Outlook NEG
Pretax Margin 37.66% Short-Term Rating Date 02.12.2008
Return on Assets 0.80% Short-Term Rating A-1+
Return on Common Equity 11.99%
Return on Capital 2.88% 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 322.4%
Net Income Margin 29.1% Total Debt/Capital 76.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 2.12
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 21.14% Inventory Days -
Tot Debt to Common Equity 322.41% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Banque Cantonale VaudoisePrice/Volume
Valuation Analysis
7'559.00
Current Price (2/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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200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CANTON OF VAUD n/a Co File 5'762'252 66.95 - 01.01.2012 Government
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 99'092 1.15 (291) 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 58'874 0.68 7'695 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 55'668 0.65 1'997 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 54'169 0.63 (11'500) 31.07.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 45'660 0.53 775 28.12.2012 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 44'400 0.52 - 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 31'940 0.37 (514) 28.12.2012 Mutual Fund Manager
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 24'618 0.29 - 30.06.2012 Pension Fund (ERISA)
PICTET & CIE Multiple Portfolios MF-AGG 23'529 0.27 (82) 30.11.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 22'742 0.26 - 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'595 0.22 3'950 30.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 18'366 0.21 (149) 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 16'600 0.19 3'350 31.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 16'170 0.19 - 28.09.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 12'574 0.15 - 31.10.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 10'313 0.12 191 31.01.2013 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 9'890 0.11 (5'912) 31.03.2012 Investment Advisor
SARASIN n/a ULT-AGG 9'201 0.11 - 30.11.2012 Unclassified
STEIMER OLIVIER n/a Co File 8'074 0.09 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013
Bank Vontobel AG TERESA NIELSEN hold 3 M 530 Not Provided 19.02.2013
Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 15.02.2013
Main First Bank AG KILIAN MAIER underperform 1 M 490 12 month 14.02.2013
Helvea TIM DAWSON neutral 3 M 525 12 month 14.02.2013
Holdings By:
Banque Cantonale Vaudoise ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Barratt Developments plc develops and builds properties. The Group's UK
Operations include the building of houses and housing complexes, general
building and civil engineering services, participation in urban renewal and the
development of commercial properties.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 243.10
52-Week Low (01.06.2012) 112.50
Daily Volume
235.1
52-Week High % Change -3.29% Dividend Yield 0.00
52-Week Low % Change 108.98% Beta 1.36
% 52 Week Price Range High/Low 93.87% Equity Float 917.45
Shares Out 01.02.2013 978.7 Short Int -
2'300.96 1 Yr Total Return 59.71%
Total Debt 343.30 YTD Return 13.25%
Preferred Stock 0.0 Adjusted BETA 1.356
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 150.30 Consensus Rating 3.789
Enterprise Value 2'646.86
Average Volume 5 Day 3'711'827
BDEV LN EQUITY YTD Change - Average Volume 30 Day 3'220'564
BDEV LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'933'936
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 - -
3'554.7 2'285.2 2'035.2 2'035.4 2'323.4 - - 2'446.1 2'574.8 - -
0.52x 0.80x 0.64x 0.71x 0.67x - - 1.00x 0.93x - -
555.6 38.9 93.7 136.8 192.7 - - 261.9 317.9 - -
3.34x 46.70x 13.98x 10.57x 8.05x - - 10.11x 8.33x - -
86.4 (468.6) (118.4) (13.8) 67.4 - - 137.0 205.8 - -
2.32x - - - 19.89x - - 16.91x 11.52x - -
EBITDA 192.70 Long-Term Rating Date -
EBIT 191.10 Long-Term Rating -
Operating Margin 8.23% Long-Term Outlook -
Pretax Margin 4.30% Short-Term Rating Date -
Return on Assets 1.84% Short-Term Rating -
Return on Common Equity 2.98%
Return on Capital 4.56% EBITDA/Interest Exp. 1.97
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 1.95
Net Debt/EBITDA 1.63
Gross Margin 12.7% Total Debt/EBITDA 1.70
EBITDA Margin 9.1%
EBIT Margin 9.1% Total Debt/Equity 11.5%
Net Income Margin 2.9% Total Debt/Capital 10.3%
Asset Turnover 0.48
Current Ratio 3.38 Net Fixed Asset Turnover 464.34
Quick Ratio 0.15 Accounts receivable turnover-days 9.20
Debt to Assets 7.22% Inventory Days 613.24
Tot Debt to Common Equity 11.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover 39.79 Cash Conversion Cycle -
Inventory Turnover 0.60
Fiscal Year Ended
Barratt Developments PLCPrice/Volume
Valuation Analysis
3'741'967.00
Current Price (2/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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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 127'191'750 13 5'920'676 01.11.2012 Investment Advisor
UBS n/a ULT-AGG 49'925'715 5.1 10'379'817 01.11.2012 Unclassified
STANDARD LIFE INVEST n/a Co File 47'711'714 4.87 - 13.09.2011 Investment Advisor
OLD MUTUAL n/a ULT-AGG 38'371'905 3.92 569'530 31.12.2012 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios REG 37'466'561 3.83 1'273'047 01.11.2012 Investment Advisor
RUFFER INVESTMENT MA Multiple Portfolios REG 36'659'428 3.75 (11'733'739) 01.11.2012 Investment Advisor
POLARIS CAPITAL MANA Multiple Portfolios REG 34'772'620 3.55 1'253'394 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 34'543'176 3.53 1'615'402 01.11.2012 Unclassified
PHOENIX ASSET MANAGE #N/A N/A RNS-MAJ 28'917'013 2.95 (10'086'265) 20.02.2013 Private Equity
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 24'666'192 2.52 - 31.07.2012 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 24'124'963 2.46 (575'376) 01.11.2012 Other
BLACKROCK n/a ULT-AGG 23'427'143 2.39 941'561 26.02.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 22'839'243 2.33 (349'665) 01.11.2012 Government
JP MORGAN n/a ULT-AGG 22'397'670 2.29 846'697 01.11.2012 Unclassified
SEB n/a ULT-AGG 21'044'351 2.15 (1'843'957) 01.11.2012 Unclassified
COLLINS STEWART LTD Multiple Portfolios REG 15'288'135 1.56 (2'675'458) 01.11.2012 Investment Advisor
TD WATERHOUSE GROUP Multiple Portfolios REG 14'838'237 1.52 (888'441) 01.11.2012 Investment Advisor
BARCLAYS PERSONAL IN Multiple Portfolios REG 14'642'856 1.5 (544'501) 01.11.2012 Investment Advisor
CO-OPERATIVE INSURAN Multiple Portfolios REG 14'550'000 1.49 - 01.11.2012 Insurance Company
PRINCIPAL GLOBAL INV Multiple Portfolios REG 14'043'229 1.43 2'232'513 01.11.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd CHRISTOPHER MILLINGTON hold 3 M 244 Not Provided 27.02.2013
Panmure Gordon & Co Limited RACHAEL APPLEGATE hold 3 M 220 Not Provided 27.02.2013
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 238 6 month 18.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 259 Not Provided 05.02.2013
Northland Capital Partners Ltd SIMON BROWN add 4 M 240 Not Provided 05.02.2013
Peel Hunt ROBIN HARDY sell 1 M 148 Not Provided 04.02.2013
JPMorgan EMILY BIDDULPH underweight 1 D 200 9 month 22.01.2013
Deutsche Bank GLYNIS JOHNSON buy 5 M 279 12 month 17.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Jefferies ANTHONY CODLING buy 5 M 250 12 month 16.01.2013
Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 11.01.2013
Credit Suisse HARRY GOAD neutral 3 M 223 Not Provided 17.12.2012
HSBC JEFFREY G DAVIS overweight 5 M 241 Not Provided 28.11.2012
Investec MIKE BESSELL buy 5 M 180 12 month 13.08.2012
Shore Capital Stockbrokers JON BELL buy 5 M #N/A N/A Not Provided 19.07.2012
Canaccord Genuity Corp ALASTAIR STEWART sell 1 M 95 12 month 16.05.2012
Davy ROBERT GARDINER underperform 1 M #N/A N/A Not Provided 23.05.2011
Holdings By:
Barratt Developments PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products.
The Company markets to industrial food manufacturers, chocolatiers, pastry
chefs, bakers, and retailers globally. Barry Callebaut also offers product
development, processing, training, and marketing services.
Latest Fiscal Year: 08/2012
LTM as of: 11/yy
52-Week High (03.12.2012) 932.34
52-Week Low (06.06.2012) 806.52
Daily Volume
896.5
52-Week High % Change -3.84% Dividend Yield -
52-Week Low % Change 11.16% Beta 0.72
% 52 Week Price Range High/Low 71.51% Equity Float 1.80
Shares Out 30.09.2012 5.2 Short Int -
4'634.90 1 Yr Total Return 2.93%
Total Debt 997.47 YTD Return 3.64%
Preferred Stock 0.0 Adjusted BETA 0.715
Minority Interest 4.7 Analyst Recs 13
Cash and Equivalents 54.56 Consensus Rating 2.692
Enterprise Value 5'582.48
Average Volume 5 Day 4'996
BARN SE EQUITY YTD Change - Average Volume 30 Day 5'135
BARN SE EQUITY YTD % CHANGE - Average Volume 3 Month 6'001
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 11/yy 11/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3
4'815.4 4'880.2 4'524.5 4'459.9 4'829.5 3'787.8 4'804.8 5'213.2 6'188.9 1'369.0 1'200.0
0.99x 0.80x 0.99x 1.06x 1.16x 2.88x 0.00x 1.05x 0.91x - -
422.6 448.1 443.2 458.3 441.3 176.8 0.0 470.8 539.8 - -
11.30x 8.72x 10.15x 10.34x 12.72x 0.00x 0.00x 11.86x 10.34x - -
204.6 226.9 251.2 177.6 142.1 118.9 0.0 269.8 304.0 - -
17.93x 13.05x 15.32x 14.94x 19.40x 0.00x 0.00x 17.09x 15.58x - -
EBITDA 441.32 Long-Term Rating Date 14.12.2012
EBIT 356.44 Long-Term Rating BBB- *-
Operating Margin 7.38% Long-Term Outlook -
Pretax Margin 5.76% Short-Term Rating Date -
Return on Assets 4.16% Short-Term Rating -
Return on Common Equity 11.04%
Return on Capital - EBITDA/Interest Exp. 6.01
Asset Turnover 1.41% (EBITDA-Capex)/Interest Exp. 3.58
Net Debt/EBITDA 2.14
Gross Margin 13.9% Total Debt/EBITDA 2.26
EBITDA Margin 9.1%
EBIT Margin 7.4% Total Debt/Equity 73.5%
Net Income Margin 2.9% Total Debt/Capital 42.3%
Asset Turnover 1.41
Current Ratio 1.73 Net Fixed Asset Turnover 6.64
Quick Ratio 0.30 Accounts receivable turnover-days 22.66
Debt to Assets 27.89% Inventory Days 95.70
Tot Debt to Common Equity 73.50% Accounts Payable Turnover Day 46.74
Accounts Receivable Turnover 16.16 Cash Conversion Cycle 71.62
Inventory Turnover 3.82
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Barry Callebaut AGPrice/Volume
Valuation Analysis
5'637.00
Current Price (2/dd/yy) Market Data
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2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JACOBS HOLDINGS AG n/a Co File 2'590'687 50.11 - 31.08.2012 Corporation
JACOBS RENATA n/a Co File 438'416 8.48 - 31.08.2012 n/a
JACOBS NATHALIE n/a Co File 159'236 3.08 - 31.08.2012 n/a
JACOBS NICOLAS n/a Co File 159'236 3.08 - 31.08.2012 n/a
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 78'613 1.52 - 30.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 55'200 1.07 (754) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'174 0.62 (338) 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 28'886 0.56 (324) 28.12.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 23'213 0.45 (359) 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'081 0.31 27 26.02.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 14'885 0.29 (151) 30.11.2012 Mutual Fund Manager
IST FUND MANAGERS Multiple Portfolios MF-AGG 13'303 0.26 (19) 31.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 9'784 0.19 8'124 31.12.2012 Investment Advisor
SCHMID ANDREAS n/a Co File 8'790 0.17 - 31.08.2012 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'591 0.17 1'913 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 8'570 0.17 200 31.12.2012 Unclassified
SARASIN n/a ULT-AGG 6'292 0.12 (105) 30.11.2012 Unclassified
JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 6'027 0.12 (30) 31.12.2012 Mutual Fund Manager
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 5'790 0.11 - 31.12.2012 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 5'263 0.1 - 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'081 6 month 06.02.2013
Berenberg Bank JAMES TARGETT hold 3 M 940 Not Provided 21.01.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 800 12 month 18.01.2013
Helvea ANDREAS VON ARX neutral 3 M 900 12 month 18.01.2013
Societe Generale ALEX SLOANE hold 3 M 885 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Kepler Capital Markets JON COX hold 3 D 900 Not Provided 21.12.2012
Deutsche Bank CATHERINE FARRANT hold 3 D 1'000 12 month 13.12.2012
Credit Suisse PATRICK JNGLIN restricted #N/A N/A M #N/A N/A Not Provided 13.12.2012
Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 13.12.2012
Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 900 Not Provided 12.12.2012
Equita SIM SpA FABIO FAZZARI buy 5 U 1'109 12 month 20.11.2012
CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 730 Not Provided 06.07.2012
GSC Research MATTHIAS SCHRADE sell 1 M #N/A N/A Not Provided 17.03.2011
Holdings By:
Barry Callebaut AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Bellway p.l.c. is a holding company whose subsidiaries build residential houses
and conduct associated trading activities. The subsidiaries build starter or
first time buyer homes, featuring two and three bedroom semi-detached houses,
apartments and terraced houses. The Company operates in England, Wales and
Scotland.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 1'188.00
52-Week Low (25.05.2012) 656.00
Daily Volume
1134
52-Week High % Change -4.55% Dividend Yield 1.76
52-Week Low % Change 72.87% Beta 0.97
% 52 Week Price Range High/Low 89.85% Equity Float 120.92
Shares Out 01.02.2013 121.6 Short Int -
1'379.01 1 Yr Total Return 42.16%
Total Debt 82.00 YTD Return 9.67%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest (0.1) Analyst Recs 19
Cash and Equivalents 21.41 Consensus Rating 3.737
Enterprise Value 1'439.53
Average Volume 5 Day 153'874
BWY LN EQUITY YTD Change - Average Volume 30 Day 180'242
BWY LN EQUITY YTD % CHANGE - Average Volume 3 Month 177'987
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
1'149.5 683.8 768.3 886.1 1'004.2 - - 1'069.3 1'139.8 - -
0.68x 1.32x 0.85x 0.92x 1.03x - - 1.35x 1.24x - -
188.0 47.8 52.7 76.6 116.7 - - 135.8 159.2 - -
4.18x 18.88x 12.41x 10.62x 8.87x - - 10.60x 9.04x - -
27.0 (27.4) 35.8 50.1 79.3 - - 99.0 113.7 - -
20.26x - 19.52x 15.89x 12.26x - - 14.32x 12.19x - -
EBITDA 116.68 Long-Term Rating Date -
EBIT 114.84 Long-Term Rating -
Operating Margin 11.44% Long-Term Outlook -
Pretax Margin 10.48% Short-Term Rating Date -
Return on Assets 5.24% Short-Term Rating -
Return on Common Equity 7.18%
Return on Capital 7.33% EBITDA/Interest Exp. 10.59
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 10.17
Net Debt/EBITDA 0.52
Gross Margin 16.1% Total Debt/EBITDA 0.70
EBITDA Margin 11.6%
EBIT Margin 11.4% Total Debt/Equity 7.2%
Net Income Margin 7.9% Total Debt/Capital 6.7%
Asset Turnover 0.66
Current Ratio 4.27 Net Fixed Asset Turnover 98.31
Quick Ratio 0.12 Accounts receivable turnover-days 8.62
Debt to Assets 5.28% Inventory Days 580.24
Tot Debt to Common Equity 7.24% Accounts Payable Turnover Day 42.22
Accounts Receivable Turnover 42.47 Cash Conversion Cycle 546.64
Inventory Turnover 0.63
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
Bellway PLCPrice/Volume
Valuation Analysis
160'059.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 29'170'741 23.99 417'317 02.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 13'183'635 10.84 - 26.02.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios REG 11'283'607 9.28 (1'438'985) 02.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 10'107'747 8.31 (318'200) 02.01.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios REG 5'351'751 4.4 160'916 02.01.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5'124'717 4.21 224'748 31.12.2012 Investment Advisor
KAMES CAPITAL PLC n/a RNS-MAJ 4'855'643 3.99 (45'599) 17.10.2012 Investment Advisor
POLARIS CAPITAL MANA Multiple Portfolios REG 4'774'922 3.93 180'509 02.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 4'605'274 3.79 115'235 31.01.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 4'529'189 3.72 (270'275) 02.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'519'440 3.72 (1'038'663) 02.01.2013 Investment Advisor
AEGON n/a ULT-AGG 4'506'849 3.71 (665'331) 02.01.2013 Unclassified
HBOS PLC n/a Co File 4'261'453 3.5 - 15.10.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 4'017'927 3.3 (233'982) 02.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'661'814 3.01 - 31.07.2012 Investment Advisor
LEGAL & GENERAL n/a RNS-MAJ 3'658'355 3.01 - 09.01.2013 Investment Advisor
THIRD AVENUE MANAGEM n/a RNS-MAJ 3'559'321 2.93 (108'799) 20.10.2011 Hedge Fund Manager
CAPITAL GROUP INTERN n/a RNS-MAJ 3'488'215 2.87 - 25.08.2011 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 3'027'099 2.49 (400) 02.01.2013 Government
ABERDEEN n/a ULT-AGG 3'015'567 2.48 (209'391) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 1'174 6 month 18.02.2013
Panmure Gordon & Co Limited MARK HUGHES hold 3 M 1'072 Not Provided 12.02.2013
Deutsche Bank GLYNIS JOHNSON hold 3 M 1'188 12 month 07.02.2013
Jefferies ANTHONY CODLING hold 3 M 1'100 12 month 07.02.2013
Numis Securities Ltd CHRISTOPHER MILLINGTON hold 3 M 1'012 Not Provided 06.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 1'189 Not Provided 05.02.2013
Northland Capital Partners Ltd SIMON BROWN buy 5 M 1'350 Not Provided 05.02.2013
Peel Hunt ROBIN HARDY hold 3 M 750 Not Provided 29.01.2013
JPMorgan EMILY BIDDULPH neutral 3 D 1'130 9 month 22.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 11.01.2013
Credit Suisse HARRY GOAD outperform 5 M 1'202 Not Provided 17.12.2012
HSBC JEFFREY G DAVIS overweight 5 M 1'259 Not Provided 28.11.2012
Investec MIKE BESSELL buy 5 U 925 12 month 13.08.2012
Shore Capital Stockbrokers JON BELL hold 3 D #N/A N/A Not Provided 19.07.2012
Canaccord Genuity Corp ALASTAIR STEWART hold 3 M 765 12 month 08.06.2012
Davy ROBERT GARDINER neutral 3 M #N/A N/A Not Provided 17.05.2011
Holdings By:
Bellway PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
bioMerieux designs, develops, manufactures, and markets systems in the field of
in vitro diagnostics for medical and industrial applications. The Company is
specialized in the diagnosis of infectious diseases and pathologies.
bioMerieux is also active in the analysis of food, pharmaceuticals, and
environmental samples to determine their microbiological quality.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (23.01.2013) 77.30
52-Week Low (22.03.2012) 57.25
Daily Volume
73.25
52-Week High % Change -5.24% Dividend Yield -
52-Week Low % Change 27.95% Beta 0.62
% 52 Week Price Range High/Low 79.80% Equity Float 14.17
Shares Out 31.08.2012 39.5 Short Int -
2'889.99 1 Yr Total Return 18.81%
Total Debt 173.90 YTD Return 1.74%
Preferred Stock 0.0 Adjusted BETA 0.616
Minority Interest 8.1 Analyst Recs 17
Cash and Equivalents 42.70 Consensus Rating 3.176
Enterprise Value 2'992.29
Average Volume 5 Day 18'419
BIM FP EQUITY YTD Change - Average Volume 30 Day 31'146
BIM FP EQUITY YTD % CHANGE - Average Volume 3 Month 25'703
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 06/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4
1'062.8 1'110.5 1'223.4 1'357.0 1'427.2 589.5 1'383.9 1'566.6 1'626.2 - -
2.91x 2.17x 2.64x 2.13x 1.62x 0.00x 0.00x 1.89x 1.76x - -
239.9 261.9 287.1 335.3 341.2 0.0 0.0 358.2 375.7 - -
12.90x 9.20x 11.24x 8.62x 6.79x 0.00x 0.00x 8.35x 7.97x - -
98.0 129.9 147.8 158.7 158.2 0.0 0.0 169.5 178.8 - -
31.89x 18.24x 21.78x 18.32x 13.78x 0.00x 0.00x 17.00x 16.26x - -
EBITDA 341.20 Long-Term Rating Date -
EBIT 257.60 Long-Term Rating -
Operating Margin 18.05% Long-Term Outlook -
Pretax Margin 16.65% Short-Term Rating Date -
Return on Assets 9.96% Short-Term Rating -
Return on Common Equity 15.30%
Return on Capital 14.12% EBITDA/Interest Exp. 81.24
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 56.93
Net Debt/EBITDA 0.26
Gross Margin 53.3% Total Debt/EBITDA 0.50
EBITDA Margin 23.9%
EBIT Margin 18.1% Total Debt/Equity 15.9%
Net Income Margin 11.1% Total Debt/Capital 13.6%
Asset Turnover 0.92
Current Ratio 1.36 Net Fixed Asset Turnover 4.32
Quick Ratio 0.86 Accounts receivable turnover-days 99.92
Debt to Assets 9.87% Inventory Days 111.88
Tot Debt to Common Equity 15.88% Accounts Payable Turnover Day 61.74
Accounts Receivable Turnover 3.66 Cash Conversion Cycle 146.99
Inventory Turnover 3.27
Fiscal Year Ended
BioMerieuxPrice/Volume
Valuation Analysis
9'662.00
Current Price (2/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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400.0
600.0
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1'600.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INSTITUT MERIEUX n/a Co File 23'240'090 58.9 - 31.12.2011 Corporation
GROUPE INDUSTRIEL MA n/a Co File 2'013'470 5.1 - 31.12.2011 Corporation
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 469'355 1.19 117'450 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 183'769 0.47 26'130 30.09.2012 Investment Advisor
HARTFORD INVESTMENTS Multiple Portfolios MF-AGG 178'660 0.45 128'660 30.12.2011 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 155'217 0.39 - 30.09.2012 Hedge Fund Manager
FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 142'387 0.36 - 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 112'645 0.29 10'870 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 96'788 0.25 - 28.09.2012 Mutual Fund Manager
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 91'590 0.23 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 89'450 0.23 - 31.10.2012 Investment Advisor
COVEA FINANCE SAS Multiple Portfolios MF-AGG 89'020 0.23 (160) 30.09.2011 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 76'366 0.19 - 31.12.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 65'000 0.16 (5'000) 31.07.2012 Mutual Fund Manager
FEDERAL GESTION Multiple Portfolios MF-AGG 62'500 0.16 - 30.11.2012 Investment Advisor
ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 58'941 0.15 65 31.10.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 55'600 0.14 - 28.12.2012 Investment Advisor
CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 54'600 0.14 900 30.06.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 50'000 0.13 800 31.12.2012 Investment Advisor
NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 45'888 0.12 - 30.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ARMELLE MOULIN buy 5 M 88 6 month 21.02.2013
Oddo & Cie CHRISTOPHE-RAPHAEL GANET neutral 3 M 72 12 month 28.01.2013
Societe Generale JUSTIN SMITH hold 3 M 77 12 month 25.01.2013
Exane BNP Paribas ROMAIN ZANA neutral 3 D 77 Not Provided 25.01.2013
Jefferies PETER WELFORD hold 3 M 74 12 month 24.01.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 69 12 month 24.01.2013
Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 D 72 Not Provided 24.01.2013
Portzamparc Societe de Bourse ARNAUD GUERIN hold 3 M 77 12 month 24.01.2013
Bryan Garnier & Cie MATHIEU CHABERT neutral 3 M 66 6 month 24.01.2013
Gilbert Dupont GUILLAUME CUVILLIER reduce 2 M 75 Not Provided 23.01.2013
Piper Jaffray WILLIAM R QUIRK neutral 3 M 70 12 month 23.01.2013
Natixis STEPHANE SUMAR buy 5 M 86 Not Provided 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Berenberg Bank ADRIAN HOWD hold 3 M 65 Not Provided 20.11.2012
HSBC MURIELLE ANDRE-PINARD underweight 1 M 63 Not Provided 25.10.2012
CA Cheuvreux AMANDINE LATOUR outperform 5 M 74 Not Provided 31.05.2012
Holdings By:
BioMerieux ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Bolsas y Mercados Espanoles is made up of the Barcelona, Bilbao, Madrid, and
Valencia Stock Exchanges, MF Mercados Financeiros, and Iberclear. The Group
encompasses the equity, fixed-income and derivatives markets, and their
clearing and settlement systems.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.01.2013) 21.94
52-Week Low (01.06.2012) 13.87
Daily Volume
19.975
52-Week High % Change -8.96% Dividend Yield -
52-Week Low % Change 44.02% Beta 0.71
% 52 Week Price Range High/Low 75.65% Equity Float 76.20
Shares Out 31.12.2012 83.6 Short Int -
1'670.22 1 Yr Total Return 11.39%
Total Debt 36'059.48 YTD Return 8.27%
Preferred Stock 0.0 Adjusted BETA 0.711
Minority Interest 0.2 Analyst Recs 21
Cash and Equivalents 36'328.84 Consensus Rating 2.762
Enterprise Value 1'401.06
Average Volume 5 Day 600'425
BME SQ EQUITY YTD Change - Average Volume 30 Day 425'716
BME SQ EQUITY YTD % CHANGE - Average Volume 3 Month 427'984
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
349.1 297.0 314.0 316.1 292.1 316.1 292.1 301.6 303.7 73.7 -
3.15x 5.09x 3.59x 4.35x 4.36x 12.91x 15.65x 4.70x 4.68x - -
250.0 209.8 223.0 223.1 199.5 110.9 199.5 201.1 201.3 - -
4.40x 7.20x 5.06x 6.17x 6.38x 0.00x 6.38x 6.97x 6.96x - -
190.7 150.0 154.2 155.1 135.5 155.1 135.5 137.4 137.0 - -
8.07x 12.50x 9.59x 11.18x 11.32x 11.15x 11.38x 12.09x 12.02x 12.33x -
EBITDA 199.47 Long-Term Rating Date -
EBIT 189.40 Long-Term Rating -
Operating Margin 64.84% Long-Term Outlook -
Pretax Margin 65.62% Short-Term Rating Date -
Return on Assets 0.40% Short-Term Rating -
Return on Common Equity 31.86%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.01% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.35
Gross Margin - Total Debt/EBITDA 180.78
EBITDA Margin 68.3%
EBIT Margin 64.8% Total Debt/Equity 8738.9%
Net Income Margin 46.4% Total Debt/Capital 98.9%
Asset Turnover 0.01
Current Ratio 1.01 Net Fixed Asset Turnover 6.05
Quick Ratio 1.01 Accounts receivable turnover-days 26.47
Debt to Assets 98.57% Inventory Days -
Tot Debt to Common Equity 8738.92% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.83 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
Bolsas y Mercados Espanoles SAPrice/Volume
Valuation Analysis
352'961.00
Current Price (2/dd/yy) Market Data
'
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50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO DE ESPANA n/a Co File 4'460'913 5.34 - 31.12.2011 Bank
BANCO BILBAO VIZCAYA n/a Co File 4'191'982 5.01 - 31.12.2011 Bank
CAIXABANK n/a Co File 4'189'139 5.01 - 31.12.2011 Investment Advisor
CORP FINANCIERA CAJA n/a Co File 2'955'318 3.53 - 31.12.2011 Other
BNP PARIBAS SA n/a EXCH 2'510'454 3 (12'829) 23.03.2012 Bank
BANCO SANTANDER SA n/a EXCH 2'120'034 2.54 - 22.02.2010 Bank
ADELPHI CAPITAL LLP n/a Short (986'664) -1.18 (100'339) 26.02.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (836'156) -1 (50'169) 25.02.2013 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 717'785 0.86 5'896 31.12.2012 Investment Advisor
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 688'240 0.82 (8'584) 30.11.2012 Mutual Fund Manager
EMINENCE CAPITAL LLC n/a Short (635'479) -0.76 (49'334) 01.11.2012 Hedge Fund Manager
LIONTRUST n/a ULT-AGG 572'300 0.68 (9'875) 31.12.2012 Unclassified
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 439'036 0.53 6'500 30.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 419'941 0.5 - 31.12.2012 Investment Advisor
CAJA MADRID BOLSA SV n/a EXCH 411'389 0.49 - 23.05.2011 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 389'837 0.47 389'837 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 383'337 0.46 367'056 31.12.2012 Investment Advisor
RENTA 4 GESTORA SGII Multiple Portfolios MF-AGG 356'892 0.43 2'926 30.11.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 317'906 0.38 4'721 26.02.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 263'199 0.31 151'391 27.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander JAVIER ECHANOVE hold 3 M 20 Not Provided 26.02.2013
NMAS 1 Agencia de Valores RODRIGO VAZQUEZ buy 5 M 23 12 month 26.02.2013
BPI TIAGO VEIGA ANJOS neutral 3 M 21 Not Provided 25.02.2013
Espirito Santo Investment Bank ResearchMARIA LUZ PEREZ LOPEZ buy 5 M 23 Not Provided 25.02.2013
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 20 12 month 22.02.2013
Banco Sabadell MARIO LODOS sell 1 M 17 12 month 22.02.2013
Berenberg Bank RICHARD PERROTT sell 1 M 19 Not Provided 22.02.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 26 Not Provided 22.02.2013
Ahorro Corporacion Financiera SA JUAN MORENO hold 3 M 21 Not Provided 22.02.2013
Banesto Bolsa SA Sociedad LUIS DE BLAS overweight 5 M 21 Not Provided 22.02.2013
AlphaValue CHRISTOPHE NIJDAM reduce 2 M 22 6 month 21.02.2013
Morgan Stanley ANIL SHARMA Underwt/In-Line 1 M 18 12 month 14.02.2013
Day by Day VALERIE GASTALDY buy 5 U 24 3 month 08.02.2013
Goldman Sachs CHRIS M. TURNER Sell/Neutral 1 M 22 12 month 24.01.2013
La Caixa BORJA PAGOAGA underweight 1 D 19 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Keefe, Bruyette & Woods TOM MILLS market perform 3 M 18 12 month 29.10.2012
BBVA SILVIA RIGOL CARNEIRO market perform 3 D 17 Not Provided 08.10.2012
Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 24 Not Provided 06.02.2012
Holdings By:
Bolsas y Mercados Espanoles SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Booker Group PLC wholesales grocery products. The Company is an
Internet-enabled grocery wholesaler for the independent sector utilizing a
just-in-time distribution system, and also operates cash and carry outlets.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 117.40
52-Week Low (21.05.2012) 72.05
Daily Volume
115
52-Week High % Change -2.04% Dividend Yield 2.03
52-Week Low % Change 59.61% Beta 0.76
% 52 Week Price Range High/Low 94.71% Equity Float 1'376.28
Shares Out 04.02.2013 1'727.0 Short Int -
1'986.05 1 Yr Total Return 57.37%
Total Debt 0.10 YTD Return 17.77%
Preferred Stock 0.0 Adjusted BETA 0.755
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 63.50 Consensus Rating 3.667
Enterprise Value 1'916.35
Average Volume 5 Day 1'882'351
BOK LN EQUITY YTD Change - Average Volume 30 Day 2'436'369
BOK LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'478'821
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 - -
3'078.2 3'179.2 3'386.9 3'595.8 3'932.8 - - 4'066.2 4'568.1 - -
0.13x 0.13x 0.20x 0.24x 0.32x - - 0.47x 0.41x - -
62.3 72.3 80.6 89.3 102.4 - - 112.1 133.6 - -
6.49x 5.75x 8.22x 9.71x 12.28x - - 17.09x 14.34x - -
29.8 39.2 47.6 59.1 74.9 - - 78.3 89.7 - -
11.78x 9.97x 14.04x 14.96x 17.46x - - 25.00x 22.12x - -
EBITDA 102.40 Long-Term Rating Date -
EBIT 89.60 Long-Term Rating -
Operating Margin 2.28% Long-Term Outlook -
Pretax Margin 2.31% Short-Term Rating Date -
Return on Assets 8.15% Short-Term Rating -
Return on Common Equity 19.29%
Return on Capital 19.76% EBITDA/Interest Exp. 20.08
Asset Turnover 4.09% (EBITDA-Capex)/Interest Exp. 15.35
Net Debt/EBITDA -0.64
Gross Margin 3.8% Total Debt/EBITDA 0.00
EBITDA Margin 2.7%
EBIT Margin 2.4% Total Debt/Equity 0.0%
Net Income Margin 1.9% Total Debt/Capital 0.0%
Asset Turnover 4.09
Current Ratio 0.85 Net Fixed Asset Turnover 58.35
Quick Ratio 0.23 Accounts receivable turnover-days -
Debt to Assets 0.01% Inventory Days 22.52
Tot Debt to Common Equity 0.03% Accounts Payable Turnover Day 44.12
Accounts Receivable Turnover - Cash Conversion Cycle -9.69
Inventory Turnover 16.48
Fiscal Year Ended
Booker Group PLCPrice/Volume
Valuation Analysis
2'807'309.00
Current Price (2/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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500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
METRO AG n/a RNS-MAJ 156'621'525 9.07 - 04.07.2012 Corporation
THREADNEEDLE ASSET M Multiple Portfolios REG 131'457'289 7.61 2'505'066 01.02.2013 Investment Advisor
DIRECTOR & RELATED H Multiple Portfolios REG 130'143'108 7.54 - 01.02.2013 Other
LANSDOWNE PARTNERS L Multiple Portfolios REG 123'980'364 7.18 6'320'113 01.02.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 118'215'535 6.85 5'954'563 26.02.2013 Investment Advisor
WILSON CHARLES n/a Co File 108'241'986 6.27 - 23.05.2012 n/a
M&G INVESTMENT MANAG Multiple Portfolios REG 98'214'643 5.69 (13'906'934) 01.02.2013 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 89'669'972 5.19 - 23.05.2012 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 72'202'961 4.18 (200'750) 01.02.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 70'099'462 4.06 635'770 01.02.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 65'631'455 3.8 (175'349) 31.10.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 56'260'614 3.26 (108'967) 01.02.2013 Unclassified
TD WATERHOUSE GROUP Multiple Portfolios REG 51'563'038 2.99 (2'133'597) 01.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 49'629'034 2.87 12'206'734 01.02.2013 Investment Advisor
BT PENSION SCHEME n/a RNS-MAJ 45'575'805 2.64 - 01.07.2011 Pension Fund (ERISA)
BAE SYSTEMS PENSION Multiple Portfolios REG 39'023'729 2.26 11'114'281 01.02.2013 Pension Fund (ERISA)
NORGES BANK INVESTME Multiple Portfolios REG 37'778'157 2.19 (12'696'179) 01.02.2013 Government
F&C ASSET MANAGEMENT Multiple Portfolios REG 37'030'840 2.14 444'530 01.02.2013 Investment Advisor
UBS n/a ULT-AGG 36'783'215 2.13 13'725'713 01.02.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 35'170'652 2.04 8'631'632 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan JAIME VAZQUEZ overweight 5 N 122 12 month 18.02.2013
Peel Hunt CHARLES HALL buy 5 M 110 Not Provided 04.02.2013
Exane BNP Paribas ANDREW GWYNN underperform 1 M 85 Not Provided 25.01.2013
Investec NICOLA MALLARD buy 5 M 108 12 month 17.01.2013
Shore Capital Stockbrokers DARREN SHIRLEY sell 1 M #N/A N/A Not Provided 17.01.2013
Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 108 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
Barclays RICHARD TAYLOR overweight 5 M 115 Not Provided 19.10.2012
N+1 Singer Ltd MATTHEW MCEACHRAN sell 1 M 95 12 month 19.10.2012
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 121 12 month 31.05.2012
Holdings By:
Booker Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Britvic Plc supplies a wide range of soft drinks. The Company manufactures and
markets its own brand of soft drinks as well as supplies drinks manufactured by
other companies.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 472.70
52-Week Low (11.07.2012) 250.00
Daily Volume
417.6
52-Week High % Change -11.66% Dividend Yield 4.24
52-Week Low % Change 67.04% Beta 0.79
% 52 Week Price Range High/Low 75.26% Equity Float 221.40
Shares Out 11.02.2013 242.7 Short Int -
1'013.63 1 Yr Total Return 15.26%
Total Debt 561.20 YTD Return 2.63%
Preferred Stock 0.0 Adjusted BETA 0.787
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 49.60 Consensus Rating 3.125
Enterprise Value 1'525.23
Average Volume 5 Day 754'448
BVIC LN EQUITY YTD Change - Average Volume 30 Day 1'101'856
BVIC LN EQUITY YTD % CHANGE - Average Volume 3 Month 790'474
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 - -
926.5 978.8 1'138.6 1'290.4 1'256.4 0.0 303.2 1'310.8 1'358.4 - -
0.93x 1.20x 1.47x 1.00x 1.11x #DIV/0! 0.00x 1.11x 1.05x - -
139.4 152.2 181.0 183.4 159.0 0.0 0.0 176.6 189.4 - -
6.19x 7.72x 9.22x 7.02x 8.77x 0.00x 0.00x 8.64x 8.05x - -
31.8 46.8 (48.2) 58.4 57.4 0.0 0.0 77.4 87.0 - -
14.40x 16.18x - 12.97x 15.33x 0.00x 0.00x 13.47x 11.80x - -
EBITDA 159.00 Long-Term Rating Date -
EBIT 115.10 Long-Term Rating -
Operating Margin 9.16% Long-Term Outlook -
Pretax Margin 6.17% Short-Term Rating Date -
Return on Assets 5.49% Short-Term Rating -
Return on Common Equity 192.62%
Return on Capital 13.13% EBITDA/Interest Exp. 5.62
Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 4.07
Net Debt/EBITDA 3.22
Gross Margin 50.3% Total Debt/EBITDA 3.53
EBITDA Margin 12.7%
EBIT Margin 9.2% Total Debt/Equity 1512.7%
Net Income Margin 4.6% Total Debt/Capital 93.8%
Asset Turnover 1.20
Current Ratio 1.02 Net Fixed Asset Turnover 5.23
Quick Ratio 0.69 Accounts receivable turnover-days 60.38
Debt to Assets 54.71% Inventory Days 47.29
Tot Debt to Common Equity 1512.67% Accounts Payable Turnover Day 139.30
Accounts Receivable Turnover 6.03 Cash Conversion Cycle -31.63
Inventory Turnover 7.70
Fiscal Year Ended
Britvic PLCPrice/Volume
Valuation Analysis
372'121.00
Current Price (2/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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200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 30'638'306 12.62 343'448 14.02.2013 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 17'028'961 7.02 361'050 18.02.2013 Investment Advisor
PEPSICO INC n/a RNS-RUL8 11'813'032 4.87 1'073'912 18.09.2012 Corporation
PRUDENTIAL PLC n/a RNS-RUL8 9'815'334 4.04 (658) 28.01.2013 Investment Advisor
ROUTE ONE INVESTMENT n/a RNS-RUL8 9'511'576 3.92 (237'100) 28.01.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 9'093'591 3.75 - 26.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 8'971'936 3.7 (1'144'877) 31.12.2012 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 8'593'099 3.54 716'519 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 8'220'292 3.39 (45'964) 07.02.2013 Unclassified
APG ALGEMENE PENSIOE Multiple Portfolios REG 7'529'350 3.1 - 01.11.2012 Pension Fund (ERISA)
EMINENCE CAPITAL LLC n/a RNS-RUL8 6'983'850 2.88 (3'126) 12.02.2013 Hedge Fund Manager
BRITVIC PLC ESOP Multiple Portfolios REG 5'423'918 2.23 (122'230) 01.11.2012 Unclassified
CREDIT SUISSE AG Multiple Portfolios REG 5'357'590 2.21 5'300'640 01.11.2012 Investment Advisor
ARTISAN PARTNERS LIM n/a RNS-RUL8 5'339'559 2.2 46'245 12.02.2013 Investment Advisor
JENNISON ASSOCIATES n/a RNS-RUL8 5'019'708 2.07 533'000 07.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios REG 4'881'323 2.01 474'232 01.11.2012 Investment Advisor
TROY ASSET MANAGEMEN n/a RNS-RUL8 4'580'000 1.89 749'994 11.12.2012 Investment Advisor
HARRIS ASSOCIATES LP n/a RNS-RUL8 4'257'370 1.75 (544'909) 13.02.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 4'148'703 1.71 4'027'585 01.11.2012 Government
STATE STREET n/a ULT-AGG 4'114'349 1.7 109'532 27.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd CHARLES PICK hold 3 M 440 Not Provided 25.02.2013
Nomura IAN SHACKLETON buy 5 M 480 Not Provided 19.02.2013
Goldman Sachs CONOR PARSONS neutral/attractive 3 M 410 6 month 18.02.2013
Societe Generale ANDREW HOLLAND sell 1 D 370 12 month 14.02.2013
Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 14.02.2013
Canaccord Genuity Corp WAYNE BROWN hold 3 M 380 Not Provided 14.02.2013
Panmure Gordon & Co Limited DAMIAN MCNEELA hold 3 M 380 Not Provided 14.02.2013
Barclays SIMON HALES equalweight 3 D 400 Not Provided 14.02.2013
JPMorgan MATTHEW WEBB underweight 1 D 380 9 month 13.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank JONATHAN FELL hold 3 M 425 12 month 28.11.2012
Investec NICOLA MALLARD buy 5 N 315 Not Provided 19.07.2012
Davy BARRY GALLAGHER neutral 3 M #N/A N/A Not Provided 12.07.2012
Holdings By:
Britvic PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
BTG plc licenses, develops and commercializes pharmaceuticals and has a
pipeline of development programs targeting neurological and other disorders,
including varicose veins. The Company also has a substantial and growing
revenue stream of milestone payments and royalties from out-licensed products.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (04.07.2012) 426.00
52-Week Low (29.08.2012) 297.00
Daily Volume
327.8
52-Week High % Change -23.05% Dividend Yield 0.00
52-Week Low % Change 10.37% Beta 0.94
% 52 Week Price Range High/Low 23.88% Equity Float 222.65
Shares Out 31.01.2013 328.3 Short Int -
1'076.07 1 Yr Total Return -7.32%
Total Debt 0.00 YTD Return -1.27%
Preferred Stock 0.0 Adjusted BETA 0.936
Minority Interest 0.0 Analyst Recs 10
Cash and Equivalents 111.90 Consensus Rating 4.000
Enterprise Value 925.37
Average Volume 5 Day 423'095
BTG LN EQUITY YTD Change - Average Volume 30 Day 565'578
BTG LN EQUITY YTD % CHANGE - Average Volume 3 Month 431'765
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 - -
75.0 84.8 98.5 111.4 197.2 - - 213.0 225.7 - -
0.97x 2.84x 3.84x 6.04x 4.97x - - 4.37x 3.93x - -
18.6 13.0 17.0 16.0 58.6 - - 58.1 62.2 - -
3.92x 18.53x 22.24x 42.04x 16.73x - - 15.92x 14.87x - -
8.8 (13.1) 11.3 9.2 14.6 - - 39.5 45.5 - -
14.63x - 40.38x 66.43x 74.51x - - 27.32x 24.65x - -
EBITDA 58.60 Long-Term Rating Date -
EBIT 23.50 Long-Term Rating -
Operating Margin 11.92% Long-Term Outlook -
Pretax Margin 11.66% Short-Term Rating Date -
Return on Assets 3.92% Short-Term Rating -
Return on Common Equity 4.83%
Return on Capital 4.83% EBITDA/Interest Exp. 36.63
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 34.31
Net Debt/EBITDA -1.94
Gross Margin 73.6% Total Debt/EBITDA 0.00
EBITDA Margin 33.7%
EBIT Margin 12.9% Total Debt/Equity 0.0%
Net Income Margin 7.4% Total Debt/Capital 0.0%
Asset Turnover 0.45
Current Ratio 2.99 Net Fixed Asset Turnover 10.45
Quick Ratio 2.27 Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days 112.32
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 132.20
Inventory Turnover 3.26
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
BTG PLCPrice/Volume
Valuation Analysis
516'326.00
Current Price (2/dd/yy) Market Data
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0.0
50.0
100.0
150.0
200.0
250.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a RNS-MAJ 95'198'413 29 388'514 08.08.2012 Investment Advisor
PRUDENTIAL PLC n/a RNS-MAJ 42'044'886 12.81 (2'044'362) 13.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 29'101'475 8.87 - 31.07.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 13'169'505 4.01 489'250 31.01.2013 Unclassified
AXA FRAMLINGTON INV Multiple Portfolios REG 12'755'184 3.89 1'000'000 03.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 12'738'296 3.88 (746'780) 03.12.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 10'651'041 3.24 (2'664) 03.12.2012 Investment Advisor
AEGON n/a ULT-AGG 8'986'863 2.74 89'830 03.12.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 8'300'000 2.53 - 03.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'236'926 1.9 155'315 26.02.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 5'742'581 1.75 - 03.12.2012 Government
OPPENHEIMERFUNDS INC n/a BUS 5'488'991 1.67 (22'280) 19.01.2011 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'098'472 1.55 1'598'472 03.12.2012 Investment Advisor
BARCLAYS PERSONAL IN Multiple Portfolios REG 4'035'966 1.23 (122'722) 03.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'975'647 1.21 6'897 27.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'950'000 1.2 (500'000) 31.07.2012 Investment Advisor
HARGREAVE n/a ULT-AGG 3'947'033 1.2 72'545 03.12.2012 Unclassified
SARASIN n/a ULT-AGG 3'386'981 1.03 5'659 28.12.2012 Unclassified
PRINCIPAL GLOBAL INV Multiple Portfolios REG 3'249'301 0.99 1'859'300 03.12.2012 Corporation
HUNTER HALL INVESTME Multiple Portfolios REG 3'060'540 0.93 (1'319'643) 03.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura Code Securities GARY WAANDERS neutral 3 M 360 6 month 04.02.2013
Peel Hunt PAUL CUDDON hold 3 M 352 Not Provided 31.01.2013
Daniel Stewart & Co VADIM K ALEXANDRE buy 5 M 430 12 month 31.01.2013
Finncap DR KEITH REDPATH hold 3 M 270 12 month 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank RICHARD J PARKES buy 5 M 420 12 month 13.11.2012
Jefferies PETER WELFORD hold 3 M 375 12 month 12.11.2012
JPMorgan JAMES D GORDON overweight 5 M 425 6 month 08.11.2012
Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 400 Not Provided 08.11.2012
Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 03.10.2012
Ambrian Partners Ltd CHRISTOPHER REDHEAD buy 5 N #N/A N/A Not Provided 31.08.2010
Holdings By:
BTG PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Bwin.Party Digital Entertainment PLC offers Internet gambling services. The
Company operates gambling websites offering sports betting, poker, casino
games, and audio and video streams of sporting events.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (09.03.2012) 166.50
52-Week Low (04.09.2012) 91.05
Daily Volume
150
52-Week High % Change -9.91% Dividend Yield 1.89
52-Week Low % Change 64.74% Beta 1.00
% 52 Week Price Range High/Low 78.13% Equity Float 622.67
Shares Out 31.01.2013 806.9 Short Int -
1'210.31 1 Yr Total Return -2.74%
Total Debt 33.20 YTD Return 34.89%
Preferred Stock 0.0 Adjusted BETA 0.998
Minority Interest (3.8) Analyst Recs 18
Cash and Equivalents 328.70 Consensus Rating 3.444
Enterprise Value 1'180.74
Average Volume 5 Day 4'061'210
BPTY LN EQUITY YTD Change - Average Volume 30 Day 4'104'694
BPTY LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'172'446
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 12/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
347.8 323.2 319.8 348.4 674.5 89.6 707.2 801.5 824.2 - -
4.43x 2.04x 3.48x 2.37x 1.98x 0.00x 0.00x 1.51x 1.35x - -
34.9 86.4 91.0 80.0 (249.2) 0.0 0.0 160.1 160.0 - -
44.13x 7.65x 12.22x 10.30x - 0.00x 0.00x 7.38x 7.38x - -
30.4 45.7 (19.1) 38.9 (428.9) 0.0 0.0 116.8 116.6 - -
191.66x 14.78x 22.33x 24.46x - 0.00x 0.00x 12.37x 12.46x - -
EBITDA -249.20 Long-Term Rating Date -
EBIT -395.70 Long-Term Rating -
Operating Margin -58.67% Long-Term Outlook -
Pretax Margin -62.70% Short-Term Rating Date -
Return on Assets -27.39% Short-Term Rating -
Return on Common Equity -41.57%
Return on Capital - EBITDA/Interest Exp. -27.38
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. -30.75
Net Debt/EBITDA -
Gross Margin 91.7% Total Debt/EBITDA -0.16
EBITDA Margin -22.6%
EBIT Margin -40.7% Total Debt/Equity 4.2%
Net Income Margin -63.6% Total Debt/Capital 4.0%
Asset Turnover 0.55
Current Ratio 1.38 Net Fixed Asset Turnover 24.96
Quick Ratio 1.05 Accounts receivable turnover-days 23.71
Debt to Assets 2.54% Inventory Days 1.74
Tot Debt to Common Equity 4.16% Accounts Payable Turnover Day 56.19
Accounts Receivable Turnover 15.44 Cash Conversion Cycle -122.18
Inventory Turnover 210.40
Fiscal Year Ended
Bwin.Party Digital Entertainment PLCPrice/Volume
Valuation Analysis
9'102'204.00
Current Price (2/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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0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JANUS CAPITAL MANAGE n/a ULT-AGG 72'129'136 8.94 (8'419'479) 08.02.2013 Investment Advisor
PARASOL RUTH n/a Co File 58'498'667 7.25 - 19.03.2012 n/a
DELEON J RUSSELL n/a Co File 58'498'666 7.25 - 19.03.2012 n/a
SRS INVESTMENT MANAG n/a RNS-MAJ 40'645'349 5.04 (2'205'651) 08.05.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 40'366'940 5 (1'031'513) 01.04.2011 Investment Advisor
ANDROSCH PVT FOUNDAT n/a Co File 38'650'591 4.79 - 19.03.2012 Other
STEINBERG ASSET MANA n/a RNS-MAJ 20'305'696 2.52 (81'556) 29.03.2011 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 14'833'262 1.84 (846'843) 26.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'306'219 1.53 (2'056'972) 31.12.2012 Investment Advisor
BODNER MANFRED n/a RNS-DIR 12'298'427 1.52 - 31.08.2012 n/a
TEUFELBERGER NORBERT n/a Co File 12'298'427 1.52 - 31.12.2011 n/a
AKRE CAPITAL MANAGEM Multiple Portfolios MF-AGG 10'000'000 1.24 - 31.12.2012 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'805'994 0.97 103'650 31.12.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 5'324'831 0.66 71'851 31.12.2012 Investment Advisor
LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 4'959'300 0.61 - 31.12.2012 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (4'115'070) -0.51 (244'608) 12.02.2013 Hedge Fund Manager
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 2'775'543 0.34 817'953 31.12.2012 Mutual Fund Manager
LEGG MASON INC Multiple Portfolios MF-AGG 2'410'379 0.3 - 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 2'354'059 0.29 41'481 31.01.2013 Unclassified
RYAN JAMES A n/a RNS-DIR 2'255'758 0.28 225'000 31.12.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daniel Stewart & Co MICHAEL CAMPBELL buy 5 M 173 12 month 27.02.2013
Morgan Stanley VAUGHAN LEWIS Overwt/In-Line 5 M 200 12 month 26.02.2013
Investec JAMES HOLLINS hold 3 M 140 12 month 26.02.2013
AlphaValue THOMAS PICHERIT buy 5 M 193 6 month 21.02.2013
Canaccord Genuity Corp SIMON DAVIES hold 3 M 122 12 month 11.02.2013
Barclays ED BIRKIN equalweight 3 M 130 Not Provided 11.02.2013
Numis Securities Ltd IVOR JONES buy 5 M 145 Not Provided 08.02.2013
Peel Hunt NICHOLAS BATRAM hold 3 M 124 Not Provided 29.01.2013
Macquarie ANGUS TWEEDIE underperform 1 M 100 12 month 25.01.2013
Goodbody Stockbrokers Ltd GAVIN KELLEHER sell 1 M 95 12 month 16.01.2013
Panmure Gordon & Co Limited SIMON FRENCH buy 5 M 157 Not Provided 11.01.2013
Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 04.12.2012
Exane BNP Paribas ROBERTA CIACCIA outperform 5 M 155 Not Provided 02.11.2012
CA Cheuvreux MARCO BACCAGLIO underperform 1 M 100 Not Provided 03.09.2012
Davy DAVID JENNINGS underperform 1 M #N/A N/A Not Provided 25.07.2012
Oriel Securities Ltd JEFFREY HARWOOD hold 3 M #N/A N/A Not Provided 27.06.2012
Deutsche Bank RICHARD CARTER buy 5 M 195 12 month 22.05.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A M #N/A N/A Not Provided 19.04.2011
Holdings By:
Bwin.Party Digital Entertainment PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
C&C Group plc is a manufacturer, marketer and distributor of branded ciders and
beers. The Company's core markets are England & Wales, Ireland, Scotland and
Northern Ireland and it also exports to many countries Internationally.
Latest Fiscal Year: 02/2012
LTM as of: 01/yy
52-Week High (15.02.2013) 4.99
52-Week Low (26.06.2012) 3.17
Daily Volume
4.779
52-Week High % Change -4.23% Dividend Yield 1.78
52-Week Low % Change 50.76% Beta 0.79
% 52 Week Price Range High/Low 88.41% Equity Float 329.91
Shares Out 01.02.2013 344.2 Short Int -
1'645.09 1 Yr Total Return 33.52%
Total Debt 60.00 YTD Return 4.87%
Preferred Stock 0.0 Adjusted BETA 0.786
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 128.30 Consensus Rating 3.375
Enterprise Value 1'565.49
Average Volume 5 Day 964'259
GCC ID EQUITY YTD Change - Average Volume 30 Day 1'571'318
GCC ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'294'028
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 - -
597.5 514.4 362.7 509.9 480.8 - - 488.3 735.3 - -
2.79x 1.04x 3.50x 2.26x 2.31x - - 3.67x 2.35x - -
143.9 119.8 91.6 122.2 131.5 - - 134.6 157.8 - -
11.57x 4.47x 13.87x 9.44x 8.45x - - 11.63x 9.92x - -
234.9 (60.9) 73.5 300.4 95.7 - - 94.2 106.6 - -
15.85x - 14.89x 16.00x 12.03x - - 16.77x 14.89x - -
EBITDA 131.50 Long-Term Rating Date -
EBIT 111.20 Long-Term Rating -
Operating Margin 23.13% Long-Term Outlook -
Pretax Margin 23.07% Short-Term Rating Date -
Return on Assets 10.24% Short-Term Rating -
Return on Common Equity 14.11%
Return on Capital 13.95% EBITDA/Interest Exp. 22.67
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 19.41
Net Debt/EBITDA -0.61
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 27.3%
EBIT Margin 23.0% Total Debt/Equity 8.4%
Net Income Margin 19.9% Total Debt/Capital 7.7%
Asset Turnover 0.49
Current Ratio 1.26 Net Fixed Asset Turnover 2.58
Quick Ratio 0.98 Accounts receivable turnover-days -
Debt to Assets 6.24% Inventory Days -
Tot Debt to Common Equity 8.40% 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
C&C Group PLCPrice/Volume
Valuation Analysis
1'742'933.00
Current Price (2/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 24'272'307 7.05 (229'270) 30.01.2013 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 19'053'987 5.54 8'193'151 01.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC n/a RNS-MAJ 18'719'580 5.44 398'357 28.06.2012 Investment Advisor
INVESCO LTD n/a RNS-MAJ 15'543'674 4.52 (8'111'578) 09.11.2012 Investment Advisor
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 14'133'822 4.11 - 30.09.2012 Unclassified
PRUDENTIAL PLC n/a RNS-MAJ 13'803'563 4.01 2'363'563 09.10.2012 Investment Advisor
INDEPENDENT FRANCHIS n/a RNS-MAJ 13'422'336 3.9 (6'877'129) 01.02.2013 Investment Advisor
F&C ASSET MANAGEMENT n/a RNS-MAJ 13'185'114 3.83 (1'653'323) 27.06.2012 Investment Advisor
DEUTSCHE BANK AG n/a Co File 10'890'718 3.16 - 16.05.2012 Bank
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 10'884'958 3.16 1'614'165 31.12.2012 Investment Advisor
SOUTHEASTERN ASSET M n/a RNS-MAJ 10'187'990 2.96 (3'208'322) 11.02.2013 Investment Advisor
INVESTEC ASSET MANAG #N/A N/A RNS-MAJ 9'626'623 2.8 (2'446'027) 15.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'524'604 2.77 - 01.04.2011 Investment Advisor
GLANCEY STEPHEN n/a Co File 5'120'000 1.49 - 29.02.2012 n/a
DUNSMORE JOHN M n/a Co File 5'120'000 1.49 - 29.02.2012 n/a
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 4'592'547 1.33 (91) 31.12.2012 Mutual Fund Manager
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 3'475'870 1.01 - 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'424'748 0.99 69'936 31.12.2012 Investment Advisor
NEISON KENNY n/a Co File 2'561'530 0.74 - 29.02.2012 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'335'629 0.68 (66'592) 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 6 12 month 27.02.2013
Exane BNP Paribas FRANCOIS MOSNIER neutral 3 M 4 Not Provided 22.02.2013
Societe Generale ANDREW HOLLAND sell 1 M 4 12 month 17.01.2013
JPMorgan MIKE J GIBBS neutral 3 M 4 3 month 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 16.01.2013
Canaccord Genuity Corp WAYNE BROWN sell 1 M 4 Not Provided 16.01.2013
Berenberg Bank JOSH PUDDLE buy 5 M 5 Not Provided 16.01.2013
Nomura EDWARD MUNDY buy 5 M 6 Not Provided 16.01.2013
Goldman Sachs CONOR PARSONS buy/attractive 5 M 6 12 month 08.01.2013
Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 06.11.2012
Natixis OLIVIER DELAHOUSSE neutral 3 M 4 Not Provided 24.10.2012
Deutsche Bank JONATHAN FELL hold 3 M 4 12 month 17.10.2012
Bloxham Stockbrokers JOE R GILL market weight 3 M #N/A N/A Not Provided 20.03.2012
Holdings By:
C&C Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Cable & Wireless Communications is a global full-service communications
business that operates through four regional units - the Caribbean, Panama,
Macau and Monaco & Islands. Services include mobile, broadband and domestic and
international fixed line services as well as pay TV, data centre and hosting,
carrier and managed service/social telecom solutions.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (18.02.2013) 43.14
52-Week Low (01.06.2012) 27.07
Daily Volume
42.14
52-Week High % Change -2.32% Dividend Yield 10.42
52-Week Low % Change 55.67% Beta 1.03
% 52 Week Price Range High/Low 93.78% Equity Float 2'356.04
Shares Out 02.01.2013 2'528.1 Short Int -
1'065.35 1 Yr Total Return 40.06%
Total Debt 1'707.00 YTD Return 19.21%
Preferred Stock 0.0 Adjusted BETA 1.029
Minority Interest 493.0 Analyst Recs 16
Cash and Equivalents 312.00 Consensus Rating 3.375
Enterprise Value 3'728.35
Average Volume 5 Day 4'659'672
CWC LN EQUITY YTD Change - Average Volume 30 Day 5'947'733
CWC LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'317'351
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 - -
6'327.3 6'264.6 2'346.0 2'440.0 2'875.0 - - 2'758.6 2'521.9 - -
1.18x 1.15x 1.37x 1.38x 1.14x - - 1.28x 1.25x - -
1'425.3 1'379.7 819.0 820.0 889.0 - - 852.4 779.4 - -
5.25x 5.21x 3.93x 4.10x 3.67x - - 4.37x 4.78x - -
329.2 245.7 304.0 197.0 (77.0) - - 147.8 128.4 - -
21.90x 25.83x 17.16x 9.63x - - - 11.22x 12.54x - -
EBITDA 889.00 Long-Term Rating Date 26.03.2010
EBIT 531.00 Long-Term Rating BB
Operating Margin 18.47% Long-Term Outlook NEG
Pretax Margin 3.62% Short-Term Rating Date 23.01.2003
Return on Assets -2.18% Short-Term Rating B
Return on Common Equity -
Return on Capital 4.07% EBITDA/Interest Exp. 5.17
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 3.25
Net Debt/EBITDA 1.78
Gross Margin - Total Debt/EBITDA 2.08
EBITDA Margin 31.2%
EBIT Margin 18.9% Total Debt/Equity -
Net Income Margin -2.7% Total Debt/Capital 80.4%
Asset Turnover 0.73
Current Ratio 0.54 Net Fixed Asset Turnover 1.54
Quick Ratio 0.34 Accounts receivable turnover-days -
Debt to Assets 45.44% Inventory Days -
Tot Debt to Common Equity - Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Cable & Wireless Communications PLCPrice/Volume
Valuation Analysis
4'275'206.00
Current Price (2/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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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ORBIS HOLDINGS LIMIT n/a RNS-MAJ 370'326'609 14.65 (13'555'337) 06.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 292'295'344 11.56 (50'544'061) 01.01.2013 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 211'999'285 8.39 9'720'476 01.01.2013 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 158'092'684 6.25 (79'521) 26.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 128'893'539 5.1 11'415'521 01.01.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 92'630'235 3.66 (1'326'605) 31.01.2013 Unclassified
MARATHON ASSET MANAG Multiple Portfolios REG 91'582'818 3.62 (4'004'418) 01.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 80'940'656 3.2 38'905'831 01.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 80'448'316 3.18 9'173'865 26.02.2013 Investment Advisor
LSV ASSET MANAGEMENT Multiple Portfolios REG 74'063'345 2.93 310'544 01.01.2013 Investment Advisor
AXA INVESTMENT MANAG Multiple Portfolios REG 48'435'096 1.92 (116'787) 01.01.2013 Investment Advisor
GLOBAL ASSET MANAGEM Multiple Portfolios REG 45'634'817 1.81 (244'318) 01.01.2013 Investment Advisor
STICHTING DEPOSITARY Multiple Portfolios REG 44'273'584 1.75 (1'967'130) 01.01.2013 Unclassified
INVESCO LTD Multiple Portfolios REG 42'540'648 1.68 (4'351'325) 01.01.2013 Investment Advisor
CABLE & WIRE ESOT n/a Co File 37'524'230 1.48 - 31.03.2012 n/a
JUPITER ASSET MANAGE Multiple Portfolios REG 36'364'142 1.44 12'559'973 01.01.2013 Investment Advisor
DIRECTOR & RELATED H Multiple Portfolios REG 32'492'883 1.29 - 01.01.2013 Other
SCOTTISH WIDOWS n/a ULT-AGG 31'109'974 1.23 1'564'924 01.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'534'037 1.17 720'268 31.12.2012 Investment Advisor
BARCLAYS PERSONAL IN Multiple Portfolios REG 29'004'556 1.15 412'552 01.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEAN-MICHEL SALVADOR add 4 M 49 6 month 21.02.2013
Exane BNP Paribas MICHAEL WILLIAMS underperform 1 M 39 Not Provided 20.02.2013
Deutsche Bank DAVID A WRIGHT buy 5 M 53 12 month 19.02.2013
HSBC ADAM M RUMLEY neutral 3 M 41 Not Provided 12.02.2013
JPMorgan CARL MURDOCK-SMITH not rated #N/A N/A M #N/A N/A Not Provided 08.02.2013
Jefferies JEREMY A DELLIS hold 3 M 40 12 month 08.02.2013
Nomura JAMES BRITTON reduce 2 M 42 12 month 08.02.2013
Barclays JOHN-PAUL DAVIDS equalweight 3 M 41 Not Provided 24.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Berenberg Bank STUART GORDON hold 3 M 40 Not Provided 14.01.2013
Espirito Santo Investment Bank ResearchNICK BROWN buy 5 M 50 Not Provided 14.01.2013
Goldman Sachs ANDREW LEE neutral/neutral 3 M 46 12 month 20.12.2012
Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 44 12 month 18.12.2012
Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 26.10.2012
Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 M 33 Not Provided 28.09.2012
Holdings By:
Cable & Wireless Communications PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Capital & Counties Properties PLC is a real estate company. The Company offers
retail and commercial property investment, management, and development services.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (20.02.2013) 258.90
52-Week Low (11.04.2012) 184.60
Daily Volume
252.4
52-Week High % Change -2.51% Dividend Yield 0.59
52-Week Low % Change 36.73% Beta 0.96
% 52 Week Price Range High/Low 91.25% Equity Float 452.61
Shares Out 31.12.2012 752.7 Short Int -
1'899.81 1 Yr Total Return 33.64%
Total Debt 553.30 YTD Return 4.30%
Preferred Stock 0.0 Adjusted BETA 0.958
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 89.60 Consensus Rating 2.647
Enterprise Value 2'302.91
Average Volume 5 Day 914'652
CAPC LN EQUITY YTD Change - Average Volume 30 Day 898'752
CAPC LN EQUITY YTD % CHANGE - Average Volume 3 Month 993'208
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 01/yy 01/yy 12/12 Y 12/13 Y - -
98.3 148.1 126.4 113.6 108.4 - - 110.8 81.3 - -
- - - 12.44x 15.92x - - 18.90x 27.09x - -
48.7 53.7 66.1 49.2 48.3 - - 40.7 38.2 - -
- - - 28.72x 35.74x - - 56.57x 60.23x - -
2.1 (364.5) (131.5) 131.6 153.7 - - 11.7 13.1 - -
- - - 7.12x 7.95x - - 168.27x 140.22x - -
EBITDA 48.30 Long-Term Rating Date -
EBIT 47.60 Long-Term Rating -
Operating Margin 43.91% Long-Term Outlook -
Pretax Margin 149.35% Short-Term Rating Date -
Return on Assets 10.18% Short-Term Rating -
Return on Common Equity 16.30%
Return on Capital 12.68% EBITDA/Interest Exp. 1.26
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -2.95
Net Debt/EBITDA 8.73
Gross Margin 63.7% Total Debt/EBITDA 9.88
EBITDA Margin 46.1%
EBIT Margin 45.3% Total Debt/Equity 50.2%
Net Income Margin 141.8% Total Debt/Capital 33.4%
Asset Turnover 0.06
Current Ratio 1.06 Net Fixed Asset Turnover 0.06
Quick Ratio 0.95 Accounts receivable turnover-days 31.23
Debt to Assets 30.91% Inventory Days 93.67
Tot Debt to Common Equity 50.16% Accounts Payable Turnover Day 141.33
Accounts Receivable Turnover 11.72 Cash Conversion Cycle -158.78
Inventory Turnover 3.91
Fiscal Year Ended
Capital & Counties Properties PLCPrice/Volume
Valuation Analysis
1'290'157.00
Current Price (2/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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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 122'647'764 16.29 (4'258'275) 26.02.2013 Investment Advisor
GORDON FAMILY n/a RNS-MAJ 92'143'204 12.24 1 28.09.2012 n/a
GORDON GRAEME JOHN n/a RNS-DIR 92'143'203 12.24 - 01.11.2011 n/a
CORONATION FUND MANA Multiple Portfolios REG 91'098'284 12.1 36'308'994 03.12.2012 Investment Advisor
GORDON FAMILY INTERE Multiple Portfolios REG 61'693'143 8.2 1 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 58'005'475 7.71 20'748'110 03.12.2012 Government
PUBLIC INVESTMENT CO n/a RNS-MAJ 37'326'761 4.96 - 13.02.2013 Government
DIRECTOR & RELATED H Multiple Portfolios REG 32'146'403 4.27 - 03.12.2012 Other
LEGAL & GENERAL n/a ULT-AGG 27'131'560 3.6 483'579 31.01.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 20'453'264 2.72 1'327'237 03.12.2012 Unclassified
GOVT OF SINGAPORE IN n/a ULT-AGG 17'835'046 2.37 47'853 03.12.2012 Government
OLD MUTUAL n/a ULT-AGG 16'282'051 2.16 1'586'096 31.12.2012 Unclassified
STATE STREET n/a ULT-AGG 14'291'061 1.9 (593'111) 27.02.2013 Investment Advisor
APG ALGEMENE PENSIOE Multiple Portfolios REG 14'002'560 1.86 2'075'767 03.12.2012 Pension Fund (ERISA)
CREDIT SUISSE PRIVAT Multiple Portfolios REG 13'523'453 1.8 2'731'617 03.12.2012 Bank
UBS n/a ULT-AGG 11'640'843 1.55 (856'441) 03.12.2012 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'389'520 1.51 2'347'684 31.12.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios REG 10'151'067 1.35 - 03.12.2012 Investment Advisor
GREENVERT INVESTMENT Multiple Portfolios REG 9'677'419 1.29 - 03.12.2012 Unclassified
FMR LLC n/a ULT-AGG 9'613'923 1.28 6'028'949 03.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 215 Not Provided 27.02.2013
Jefferies ROBERT DUNCAN hold 3 M 235 12 month 25.02.2013
Morgan Stanley BART GYSENS Overwt/Attractive 5 M 290 12 month 18.02.2013
Exane BNP Paribas NICK WEBB underperform 1 M 220 Not Provided 01.02.2013
Barclays AARON GUY overweight 5 M 290 Not Provided 24.01.2013
Investec ALAN CARTER sell 1 M 210 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Kempen & Co RYAN PALECEK underweight 1 M 245 12 month 14.01.2013
Oriel Securities Ltd MIRANDA COCKBURN hold 3 D #N/A N/A Not Provided 10.01.2013
Deutsche Bank MARTIN ALLEN hold 3 D 270 12 month 20.12.2012
Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 217 Not Provided 18.12.2012
Peel Hunt KEITH CRAWFORD hold 3 M 220 Not Provided 27.11.2012
Credit Suisse STEVE BRAMLEY-JACKSON underperform 1 M 220 Not Provided 08.11.2012
JPMorgan HARM M MEIJER underweight 1 M 240 9 month 07.11.2012
Liberum Capital Ltd ALISON WATSON buy 5 M 256 Not Provided 18.10.2012
Holdings By:
Capital & Counties Properties PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Carillion plc provides support and construction services in Europe, Canada, the
Middle East, North Africa, and the Caribbean. The Company offers services in
the areas of health, education and regeneration, road, rail, defense, and
commercial property.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (29.02.2012) 344.20
52-Week Low (25.07.2012) 234.60
Daily Volume
312.7
52-Week High % Change -9.15% Dividend Yield 5.52
52-Week Low % Change 33.29% Beta 1.01
% 52 Week Price Range High/Low 71.26% Equity Float 403.30
Shares Out 02.11.2012 430.3 Short Int -
1'345.41 1 Yr Total Return 2.37%
Total Debt 812.90 YTD Return -1.36%
Preferred Stock 0.0 Adjusted BETA 1.010
Minority Interest 10.6 Analyst Recs 14
Cash and Equivalents 659.60 Consensus Rating 3.286
Enterprise Value 1'509.31
Average Volume 5 Day 1'678'271
CLLN LN EQUITY YTD Change - Average Volume 30 Day 1'363'480
CLLN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'362'836
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 01/yy 01/yy 12/13 Y 12/14 Y - -
4'433.8 4'504.2 4'236.5 4'153.2 3'666.2 - - 4'672.8 4'986.4 - -
0.27x 0.26x 0.33x 0.33x 0.42x - - 0.32x 0.29x - -
137.1 168.0 183.8 198.4 215.7 - - 260.6 267.2 - -
8.84x 7.07x 7.67x 6.81x 7.08x - - 5.79x 5.65x - -
108.3 132.4 147.2 134.6 160.1 - - 172.4 179.8 - -
8.73x 9.10x 10.42x 9.41x 8.52x - - 7.68x 7.38x - -
EBITDA 215.70 Long-Term Rating Date -
EBIT 153.50 Long-Term Rating -
Operating Margin 4.19% Long-Term Outlook -
Pretax Margin 4.90% Short-Term Rating Date -
Return on Assets 4.23% Short-Term Rating -
Return on Common Equity 16.24%
Return on Capital 17.29% EBITDA/Interest Exp. 1.62
Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 1.51
Net Debt/EBITDA 0.71
Gross Margin 10.6% Total Debt/EBITDA 3.77
EBITDA Margin 5.9%
EBIT Margin 4.2% Total Debt/Equity 81.4%
Net Income Margin 4.4% Total Debt/Capital 44.6%
Asset Turnover 0.97
Current Ratio 1.09 Net Fixed Asset Turnover 28.06
Quick Ratio 0.39 Accounts receivable turnover-days -
Debt to Assets 21.05% Inventory Days 7.08
Tot Debt to Common Equity 81.38% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -25.79
Inventory Turnover 51.68
Fiscal Year Ended
Carillion PLCPrice/Volume
Valuation Analysis
3'304'036.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 52'528'187 12.21 (322'772) 31.12.2012 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 26'950'671 6.26 4'343'933 08.11.2012 Investment Advisor
EAGA PARTNERSHIP TRU Multiple Portfolios REG 22'947'415 5.33 - 01.11.2012 Unclassified
TEMPLETON GLOBAL ADV n/a Co File 22'461'659 5.22 - 29.02.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 22'376'884 5.2 - 01.11.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 20'998'639 4.88 - 29.02.2012 Investment Advisor
F&C ASSET MANAGEMENT n/a Co File 19'234'409 4.47 - 29.02.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 18'476'337 4.29 4'199'735 26.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 17'433'739 4.05 (294'929) 31.01.2013 Unclassified
ROYAL BANK OF CANADA n/a ULT-AGG 17'126'966 3.98 (414'275) 30.11.2012 Bank
EAGA PSHIP TRUST n/a RNS-MAJ 16'879'323 3.92 - 28.01.2013 Other
T ROWE PRICE ASSOCIA Multiple Portfolios REG 14'669'264 3.41 91'709 01.11.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 14'409'029 3.35 (2'703'054) 01.11.2012 Investment Advisor
HBOS PLC n/a Co File 14'027'780 3.26 - 29.02.2012 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 13'915'655 3.23 2'788'593 01.11.2012 Investment Advisor
UBS INVESTMENT BANK n/a Co File 13'425'360 3.12 - 29.02.2012 Bank
RATHBONE UNIT TRUST Multiple Portfolios REG 12'451'234 2.89 (305'883) 01.11.2012 Investment Advisor
ALLIANZ GLOBAL INVES n/a RNS-RUL8 11'388'229 2.65 10'666 18.04.2011 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 10'258'053 2.38 - 01.11.2012 Government
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'437'849 1.73 (112'574) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec ANDREW GIBB buy 5 M 350 12 month 27.02.2013
Canaccord Genuity Corp JAMES GILBERT hold 3 D 350 12 month 27.02.2013
Panmure Gordon & Co Limited ANDY BROWN buy 5 M 400 Not Provided 25.02.2013
Numis Securities Ltd HOWARD SEYMOUR buy 5 M 350 Not Provided 20.02.2013
Berenberg Bank CHRIS MOORE buy 5 U 370 Not Provided 18.02.2013
Oriel Securities Ltd MARK HOWSON buy 5 M 362 Not Provided 15.02.2013
RBC Capital Markets OLIVIA PETERS sector perform 3 M 300 12 month 29.01.2013
Peel Hunt ANDREW NUSSEY sell 1 D 280 Not Provided 22.01.2013
Credit Suisse EUGENE KLERK neutral 3 D 349 Not Provided 15.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Liberum Capital Ltd JOE BRENT sell 1 M 235 Not Provided 09.01.2013
Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 360 6 month 31.10.2012
HSBC JEFFREY G DAVIS underweight 1 N 250 Not Provided 19.09.2012
JPMorgan EMILY BIDDULPH neutral 3 M #N/A N/A Not Provided 05.09.2011
Holdings By:
Carillion PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Castellum AB is a real estate investment company. The Company, through
subsidiaries, buys, develops, improves, and manages properties in selected
areas, with good service and communications, in Sweden. Castellum leases out
commercial space for stores, offices, schools, warehousing, and industrial use,
as well as apartments. The Company's properties are managed locally.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 97.55
52-Week Low (14.06.2012) 76.30
Daily Volume
97.4
52-Week High % Change -0.15% Dividend Yield -
52-Week Low % Change 27.65% Beta 0.86
% 52 Week Price Range High/Low 99.29% Equity Float -
Shares Out 26.02.2013 172.0 Short Int -
16'753.45 1 Yr Total Return 16.75%
Total Debt 19'094.00 YTD Return 5.53%
Preferred Stock 0.0 Adjusted BETA 0.862
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 44.00 Consensus Rating 3.333
Enterprise Value 35'803.45
Average Volume 5 Day 318'050
CAST SS EQUITY YTD Change - Average Volume 30 Day 309'937
CAST SS EQUITY YTD % CHANGE - Average Volume 3 Month 338'784
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
2'505.0 2'696.0 2'760.0 2'921.0 3'080.0 2'921.0 3'073.0 3'257.6 3'403.2 801.8 811.3
9.80x 10.08x 11.15x 10.63x 11.10x 42.76x 42.44x 11.10x 10.64x 45.42x 44.78x
1'603.0 1'673.0 1'714.0 1'841.0 1'945.0 1'674.0 1'938.0 2'051.8 2'153.8 469.0 531.3
15.32x 16.24x 17.96x 16.87x 17.58x 18.55x 17.64x 17.45x 16.62x 17.45x 17.26x
(663.0) 160.0 1'964.0 711.0 1'473.0 711.0 1'473.0 1'224.5 1'300.6 254.2 330.0
- 74.31x 7.64x 19.68x 10.28x 19.68x 10.27x 13.17x 12.46x 13.18x 13.16x
EBITDA 1'945.00 Long-Term Rating Date -
EBIT 1'945.00 Long-Term Rating -
Operating Margin 40.75% Long-Term Outlook -
Pretax Margin 34.94% Short-Term Rating Date -
Return on Assets 4.16% Short-Term Rating -
Return on Common Equity 12.66%
Return on Capital 4.95% EBITDA/Interest Exp. 2.82
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -1.24
Net Debt/EBITDA 9.83
Gross Margin - Total Debt/EBITDA 9.85
EBITDA Margin 63.1%
EBIT Margin - Total Debt/Equity 158.3%
Net Income Margin 47.8% Total Debt/Capital 61.3%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 52.13% Inventory Days -
Tot Debt to Common Equity 158.26% 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
Castellum ABPrice/Volume
Valuation Analysis
415'125.00
Current Price (2/dd/yy) Market Data
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3'000.0
3'500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EUROPEAN INVESTORS I n/a Research 6'776'987 3.94 - 31.12.2012 Investment Advisor
SZOMBATFALVY LASZLO n/a Co File 5'000'000 2.91 - 31.12.2012 n/a
SZOMBATFALVY MAGDALE n/a Co File 4'935'000 2.87 - 31.12.2012 n/a
AFA SJUKFOERSAEKRING n/a Co File 3'830'871 2.23 - 31.12.2012 Insurance Company
BLACKROCK n/a ULT-AGG 3'493'451 2.03 5'488 26.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'288'718 1.91 (9'730) 31.12.2012 Investment Advisor
LANNEBO FONDER AB n/a Co File 2'103'941 1.22 - 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'088'508 1.21 342'885 31.12.2012 Investment Advisor
FJARDE AP-FONDEN n/a Co File 2'050'972 1.19 - 31.12.2012 Pension Fund (ERISA)
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 1'999'839 1.16 65'283 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'979'478 1.15 54'874 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'857'673 1.08 15'272 27.02.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'854'756 1.08 20'109 31.01.2013 Investment Advisor
LANSFORSAKRINGAR FAS n/a Co File 1'822'209 1.06 - 31.12.2012 Insurance Company
CACEIS BANK18129 n/a Co File 1'783'658 1.04 - 31.12.2012 Bank
AMF PENSION INSURANC n/a Research 1'685'000 0.98 - 30.06.2012 Insurance Company
TREDJE AP-FONDEN n/a Co File 1'599'903 0.93 - 31.12.2012 Government
ANDRA AP FONDEN n/a Co File 1'491'095 0.87 - 31.12.2012 Pension Fund (ERISA)
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'388'700 0.81 326'500 31.10.2012 Investment Advisor
LIVFORSAKRINGS AB SK n/a Co File 1'095'711 0.64 - 31.12.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda BENGT CLAESSON hold 3 M 93 Not Provided 25.02.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 108 12 month 12.02.2013
Pareto Securities JOHAN EDBERG hold 3 M 93 6 month 24.01.2013
Morgan Stanley BART GYSENS Overwt/Attractive 5 M 105 12 month 23.01.2013
Carnegie TOBIAS KAJ hold 3 M #N/A N/A Not Provided 23.01.2013
Nordea Equity Research JONAS L ANDERSSON hold 3 M 93 12 month 23.01.2013
Danske Markets PETER TRIGARSZKY hold 3 D 96 12 month 23.01.2013
ABG Sundal Collier FREDRIC CYON hold 3 M 93 6 month 22.01.2013
DNB Markets SIMEN MORTENSEN hold 3 M 95 Not Provided 22.01.2013
Handelsbanken ALBIN SANDBERG accumulate 4 D 101 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Swedbank ANDREAS DAAG neutral 3 M 95 12 month 14.01.2013
Kempen & Co ROBERT WOERDEMAN overweight 5 M 99 12 month 13.01.2013
ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 90 Not Provided 05.07.2012
Edge Capital Research GEIR ROENNESTAD neutral 3 N 110 12 month 27.04.2011
Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 19.10.2010
Holdings By:
Castellum AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Catlin Group Limited underwrites specialty insurance and reinsurance worldwide.
The Group specializes in property and casualty treaty reinsurance, structured
risk and other coverages, as well as professional indemnity, property, general
liability, D&O and commercial crime coverage for UK policyholders.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (07.02.2013) 549.00
52-Week Low (01.06.2012) 396.50
Daily Volume
500
52-Week High % Change -8.93% Dividend Yield 6.06
52-Week Low % Change 26.10% Beta 0.90
% 52 Week Price Range High/Low 67.87% Equity Float 337.64
Shares Out 01.02.2013 361.8 Short Int -
1'809.13 1 Yr Total Return 27.50%
Total Debt 92.00 YTD Return 3.25%
Preferred Stock 590.0 Adjusted BETA 0.904
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 2'474.00 Consensus Rating 3.476
Enterprise Value 952.81
Average Volume 5 Day 1'236'647
CGL LN EQUITY YTD Change - Average Volume 30 Day 874'471
CGL LN EQUITY YTD % CHANGE - Average Volume 3 Month 709'060
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
2'486.8 3'335.0 3'414.0 3'873.0 3'755.0 - - 4'391.2 4'788.7 - -
- 0.04x 0.01x 0.19x 0.29x - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
(2.9) 553.0 381.0 82.0 349.0 - - 344.2 376.4 - -
- 3.60x 5.90x 56.02x 9.36x - - 8.29x 7.56x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 9.40% Long-Term Outlook -
Pretax Margin 9.03% Short-Term Rating Date -
Return on Assets 2.59% Short-Term Rating -
Return on Common Equity 10.83%
Return on Capital 14.79% EBITDA/Interest Exp. -
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 3.1%
Net Income Margin 9.3% Total Debt/Capital 2.6%
Asset Turnover 0.28
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.66% Inventory Days -
Tot Debt to Common Equity 3.15% 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
Catlin Group LtdPrice/Volume
Valuation Analysis
636'627.00
Current Price (2/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a Co File 36'241'220 10.02 - 08.02.2012 Investment Advisor
VERITAS ASSET MANAGE n/a RNS-MAJ 17'192'617 4.75 - 05.04.2012 Investment Advisor
CANTILLON CAPITAL MA n/a RNS-MAJ 16'563'125 4.58 (1'538'412) 18.11.2011 Hedge Fund Manager
CATLIN EBT n/a RNS-DIR 16'121'068 4.46 - 12.10.2011 n/a
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 9'749'377 2.69 - 31.03.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'576'827 2.65 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 7'951'939 2.2 21'715 26.02.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 7'557'967 2.09 215'850 31.12.2012 Investment Advisor
MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 5'832'717 1.61 200'000 30.11.2012 Investment Advisor
CATLIN STEPHEN n/a RNS-DIR 5'564'887 1.54 141'300 20.02.2012 n/a
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 4'950'000 1.37 270'000 31.10.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 4'425'161 1.22 - 30.11.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'852'789 1.06 111'548 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 3'214'505 0.89 (496'194) 31.12.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'162'069 0.87 - 28.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'780'000 0.77 - 30.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'667'707 0.74 68'299 31.12.2012 Investment Advisor
AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 2'595'045 0.72 - 31.01.2013 Mutual Fund Manager
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1'905'260 0.53 179'000 31.12.2012 Investment Advisor
ST JAMES' PLACE UNIT Multiple Portfolios MF-AGG 1'530'605 0.42 - 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods CHRISTOPHER HITCHINGS underperform 1 M 455 12 month 14.02.2013
Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 14.02.2013
Credit Suisse RICHARD BURDEN underperform 1 D 495 Not Provided 13.02.2013
Bank of Valletta TEAM COVERAGE overweight 5 M 580 Not Provided 12.02.2013
Goldman Sachs COLIN L SIMPSON neutral/neutral 3 D 570 12 month 11.02.2013
JPMorgan ANDREAS VAN EMBDEN overweight 5 M 520 3 month 11.02.2013
Canaccord Genuity Corp BEN COHEN hold 3 M 530 12 month 11.02.2013
Berenberg Bank TOM CARSTAIRS sell 1 D 530 Not Provided 11.02.2013
Nomura FAHAD CHANGAZI buy 5 M 555 Not Provided 11.02.2013
Numis Securities Ltd NICHOLAS JOHNSON hold 3 M 540 12 month 11.02.2013
Oriel Securities Ltd MARCUS BARNARD buy 5 M 570 Not Provided 11.02.2013
Westhouse Securities JOANNA PARSONS neutral 3 M 530 Not Provided 08.02.2013
Barclays OLIVIA BRINDLE overweight 5 M 620 Not Provided 08.02.2013
Peel Hunt MARK WILLIAMSON hold 3 M 471 Not Provided 04.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
RBC Capital Markets KAMRAN HOSSAIN outperform 5 U 600 12 month 16.01.2013
HSBC THOMAS FOSSARD neutral 3 D 582 Not Provided 16.01.2013
Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 503 12 month 05.12.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 535 Not Provided 12.06.2012
Holdings By:
Catlin Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Celesio AG wholesales and retails pharmaceuticals to customers in Europe. The
Company wholesales pharmaceuticals, operates retail pharmacies, and provides
logistics and transportation services for pharmaceuticals at local, national and
European level.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (22.10.2012) 15.57
52-Week Low (05.06.2012) 10.72
Daily Volume
13.53
52-Week High % Change -13.07% Dividend Yield -
52-Week Low % Change 26.21% Beta 0.90
% 52 Week Price Range High/Low 58.00% Equity Float 77.23
Shares Out 30.09.2012 170.1 Short Int -
2'301.45 1 Yr Total Return -0.63%
Total Debt 2'067.00 YTD Return 3.72%
Preferred Stock 0.0 Adjusted BETA 0.902
Minority Interest 32.2 Analyst Recs 24
Cash and Equivalents 448.30 Consensus Rating 3.875
Enterprise Value 4'147.05
Average Volume 5 Day 361'736
CLS1 GY EQUITY YTD Change - Average Volume 30 Day 354'790
CLS1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 418'192
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
22'349.5 21'166.6 21'497.2 23'277.6 23'026.4 22'442.7 22'560.6 22'542.0 22'562.5 5'657.0 -
0.43x 0.26x 0.24x 0.21x 0.16x 0.77x 0.71x 0.18x 0.17x - -
881.4 657.4 595.9 664.7 486.6 631.5 597.0 554.7 612.1 145.0 -
10.86x 8.32x 8.50x 7.37x 7.67x 5.42x 7.05x 7.47x 6.77x - -
430.6 (21.0) 3.4 259.2 2.2 111.5 (91.1) 195.5 231.6 66.1 -
16.73x - 885.00x 12.24x 1224.00x 9.26x 13.76x 11.31x 10.12x - -
EBITDA 486.60 Long-Term Rating Date -
EBIT 343.20 Long-Term Rating -
Operating Margin 1.49% Long-Term Outlook -
Pretax Margin 0.45% Short-Term Rating Date -
Return on Assets -1.12% Short-Term Rating -
Return on Common Equity -3.76%
Return on Capital 0.56% EBITDA/Interest Exp. 3.09
Asset Turnover 2.78% (EBITDA-Capex)/Interest Exp. 1.74
Net Debt/EBITDA 3.04
Gross Margin 11.9% Total Debt/EBITDA 3.32
EBITDA Margin 2.6%
EBIT Margin 2.0% Total Debt/Equity 81.2%
Net Income Margin 0.0% Total Debt/Capital 44.5%
Asset Turnover 2.78
Current Ratio 1.30 Net Fixed Asset Turnover 40.25
Quick Ratio 0.75 Accounts receivable turnover-days 38.39
Debt to Assets 23.50% Inventory Days 29.43
Tot Debt to Common Equity 81.20% Accounts Payable Turnover Day 44.86
Accounts Receivable Turnover 9.53 Cash Conversion Cycle 23.77
Inventory Turnover 12.43
Fiscal Year Ended
Celesio AGPrice/Volume
Valuation Analysis
247'889.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANZ HANIEL & CIE G n/a Co File 92'874'603 54.6 - 31.12.2011 Holding Company
BLACKROCK n/a ULT-AGG 7'421'570 4.36 97'201 26.02.2013 Investment Advisor
TEMPLETON INVEST COU n/a Research 5'051'067 2.97 - 07.03.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'467'000 2.63 - 31.12.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (4'422'600) -2.6 (561'330) 02.11.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'261'837 1.33 1'014'435 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'635'634 0.96 35'206 31.12.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'361'025 0.8 111'913 31.01.2013 Investment Advisor
ADELPHI CAPITAL LLP n/a Short (1'258'740) -0.74 (221'130) 04.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 781'257 0.46 (757) 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 641'000 0.38 255'000 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 514'600 0.3 (300) 28.12.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 433'963 0.26 - 31.07.2012 Investment Advisor
ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 400'000 0.24 - 28.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 323'742 0.19 - 30.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 299'375 0.18 23'810 26.02.2013 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 258'411 0.15 7'000 01.02.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 240'000 0.14 200'000 28.12.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 238'000 0.14 78'000 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 237'012 0.14 (268'464) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue EILEEN RYAN add 4 M 14 6 month 21.02.2013
Commerzbank Corporates & Markets VOLKER BRAUN buy 5 M 19 6 month 05.02.2013
Nomura MARTIN BRUNNINGER buy 5 M 20 12 month 04.02.2013
Solventis WPH-Bank GmbH KLAUS SCHLOTE buy 5 N 16 12 month 30.01.2013
Exane BNP Paribas ANDREAS INDERST outperform 5 M 18 Not Provided 25.01.2013
DZ Bank AG THOMAS MAUL buy 5 M 18 12 month 23.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 20 Not Provided 14.01.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 14 Not Provided 08.01.2013
Equinet Institutional Services(ESN) EDOUARD AUBERY hold 3 M 15 12 month 07.12.2012
Morgan Stanley MICHAEL K JUNGLING Equalwt/In-Line 3 M 13 12 month 03.12.2012
Independent Research GmbH LARS LUSEBRINK hold 3 M 15 12 month 03.12.2012
M.M. Warburg Investment Research ULRICH HUWALD buy 5 U 16 12 month 28.11.2012
Berenberg Bank SCOTT BARDO hold 3 M 15 Not Provided 28.11.2012
Kepler Capital Markets MARTIN VOEGTLI hold 3 M 15 Not Provided 28.11.2012
Nord/LB THORSTEN STRAUSS hold 3 M 15 12 month 19.11.2012
Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 15 12 month 14.11.2012
Deutsche Bank HOLGER BLUM hold 3 M 14 12 month 06.11.2012
Main First Bank AG MARCUS WIEPRECHT buy 5 M 20 12 month 21.08.2012
Jefferies INGEBORG OIE hold 3 M 13 12 month 30.07.2012
CA Cheuvreux OLIVER REINBERG outperform 5 U 16 Not Provided 08.06.2012
Bankhaus Metzler STEFAN WIMMER buy 5 M 18 12 month 26.04.2012
Holdings By:
Celesio AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Close Brothers Group PLC is a specialist financial services group. The Company
makes loans, trades securities and provides advice and investment management
solutions to a wide range of clients. Close Brothers operates through three
divisions: Banking, Securities and Asset Management.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 1'066.00
52-Week Low (01.06.2012) 673.50
Daily Volume
1040
52-Week High % Change -2.44% Dividend Yield 3.99
52-Week Low % Change 54.42% Beta 1.02
% 52 Week Price Range High/Low 93.38% Equity Float 128.58
Shares Out 31.01.2013 147.5 Short Int -
1'534.29 1 Yr Total Return 48.22%
Total Debt 1'651.50 YTD Return 20.51%
Preferred Stock 0.0 Adjusted BETA 1.017
Minority Interest 3.7 Analyst Recs 12
Cash and Equivalents 816.80 Consensus Rating 3.833
Enterprise Value -
Average Volume 5 Day 417'715
CBG LN EQUITY YTD Change - Average Volume 30 Day 430'536
CBG LN EQUITY YTD % CHANGE - Average Volume 3 Month 408'581
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
687.2 676.7 624.4 694.7 686.9 - - 586.6 656.6 - -
- - - - - - - 1.49x 1.30x - -
- - - - - - - - - - -
- - - - - - - - - - -
90.0 71.7 65.9 14.6 99.7 - - 118.8 141.1 - -
10.25x 15.86x 14.26x 25.48x 10.86x - - 12.81x 10.84x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 22.38% Long-Term Outlook -
Pretax Margin 24.73% Short-Term Rating Date -
Return on Assets 1.60% Short-Term Rating -
Return on Common Equity 13.36%
Return on Capital 4.01% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 215.6%
Net Income Margin 18.3% Total Debt/Capital 68.2%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 10.01
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 25.98% Inventory Days -
Tot Debt to Common Equity 215.57% 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
Close Brothers Group PLCPrice/Volume
Valuation Analysis
394'055.00
Current Price (2/dd/yy) Market Data
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200.0
300.0
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700.0
800.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCOTTISH WIDOWS n/a ULT-AGG 17'192'594 11.65 (1'648'668) 02.01.2013 Unclassified
LLOYDS BANKING GROUP n/a ULT-AGG 11'774'465 7.98 (1'446'857) 28.01.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 9'587'768 6.5 (150'034) 02.01.2013 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 9'246'716 6.27 (2'962'924) 28.01.2013 Investment Advisor
CALEDONIA INVESTMENT #N/A N/A RNS-MAJ 8'826'405 5.98 (1'477'623) 22.02.2013 Investment Advisor
NORGES BANK n/a Co File 6'619'684 4.49 - 14.09.2012 Government
SCHRODER INVESTMENT Multiple Portfolios REG 6'557'544 4.44 344'977 02.01.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 6'182'308 4.19 (142'335) 02.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 5'902'691 4 (98'791) 31.01.2013 Unclassified
BLACKROCK n/a ULT-AGG 4'811'203 3.26 467'830 26.02.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 4'014'789 2.72 146'784 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'472'383 2.35 155'613 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 3'395'191 2.3 (220'500) 02.01.2013 Unclassified
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 3'018'913 2.05 119'024 02.01.2013 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios REG 2'494'659 1.69 100'558 02.01.2013 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 2'334'000 1.58 64'657 31.10.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'158'228 1.46 - 26.02.2013 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 2'155'049 1.46 (461) 02.01.2013 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'121'803 1.44 - 31.07.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 2'013'303 1.36 145'043 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Peel Hunt STUART DUNCAN buy 5 U 1'135 Not Provided 26.02.2013
Macquarie NEIL WELCH outperform 5 M 1'206 12 month 13.02.2013
Berenberg Bank PRAS JEYANANDHAN buy 5 M 1'150 Not Provided 30.01.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'050 6 month 23.01.2013
JPMorgan RAE MAILE overweight 5 M 997 9 month 23.01.2013
Shore Capital Stockbrokers GARY GREENWOOD hold 3 D #N/A N/A Not Provided 23.01.2013
Canaccord Genuity Corp ROBIN SAVAGE buy 5 M 1'200 Not Provided 23.01.2013
Numis Securities Ltd JAMES HAMILTON hold 3 M 779 Not Provided 23.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC NITIN ARORA neutral 3 D 910 Not Provided 08.10.2012
Daniel Stewart & Co SIMON WILLIS buy 5 M 870 12 month 07.02.2012
Holdings By:
Close Brothers Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
CNP Assurances offers group and individual life, health, accident, disability
and credit insurance, and pensions. The Company markets its products for
individuals through banks. CNP operates in parts of Europe and South America.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (19.03.2012) 12.90
52-Week Low (24.07.2012) 7.52
Daily Volume
11.31
52-Week High % Change -12.33% Dividend Yield -
52-Week Low % Change 50.32% Beta 1.13
% 52 Week Price Range High/Low 70.42% Equity Float 186.16
Shares Out 31.12.2012 643.5 Short Int -
7'277.99 1 Yr Total Return 13.85%
Total Debt 2'688.90 YTD Return -2.54%
Preferred Stock 2'515.8 Adjusted BETA 1.130
Minority Interest 1'441.1 Analyst Recs 17
Cash and Equivalents 955.20 Consensus Rating 3.824
Enterprise Value 12'968.59
Average Volume 5 Day 541'478
CNP FP EQUITY YTD Change - Average Volume 30 Day 292'457
CNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 281'143
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 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
24'981.9 46'648.6 43'405.6 35'270.7 41'374.1 6'927.4 0.0 33'039.4 33'961.6 6'628.0 -
0.44x 0.29x 0.30x 0.31x 0.32x 0.00x #DIV/0! 0.44x 0.43x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
730.6 1'004.1 1'050.0 871.9 951.4 526.0 783.0 1'081.4 1'139.5 179.8 -
11.64x 10.66x 8.09x 6.51x 7.49x 0.00x 0.00x 7.05x 6.77x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A+
Operating Margin 5.99% Long-Term Outlook NEG
Pretax Margin 5.21% Short-Term Rating Date -
Return on Assets 0.28% Short-Term Rating -
Return on Common Equity 8.86%
Return on Capital 7.90% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 23.1%
Net Income Margin 2.3% Total Debt/Capital 14.7%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.76% Inventory Days -
Tot Debt to Common Equity 23.12% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
CNP AssurancesPrice/Volume
Valuation Analysis
481'127.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAISSE DES DEPOTS ET n/a Co File 237'660'516 36.93 - 31.12.2011 Government
SOPASSURE n/a Co File 210'821'912 32.76 - 31.12.2011 Holding Company
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 8'883'341 1.38 - 31.03.2012 Investment Advisor
FRENCH STATE n/a Co File 6'475'364 1.01 - 31.12.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'462'071 0.69 177'150 31.12.2012 Investment Advisor
CNP ASSURANCES n/a Co File 2'367'164 0.37 - 31.12.2011 Insurance Company
BLACKROCK n/a ULT-AGG 1'471'898 0.23 11'406 26.02.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'381'975 0.21 (71'114) 31.12.2012 Mutual Fund Manager
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1'092'782 0.17 (141) 31.01.2013 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 891'035 0.14 (40'652) 31.12.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 552'975 0.09 14'000 01.02.2013 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 490'998 0.08 (1'019'647) 30.06.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 447'301 0.07 (7'582) 31.12.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 341'969 0.05 - 31.07.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 307'000 0.05 36'000 31.10.2012 Investment Advisor
STATE STREET BANQUE Multiple Portfolios MF-AGG 261'595 0.04 6'133 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 254'535 0.04 105'843 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 233'711 0.04 23'157 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 225'351 0.04 28'306 28.12.2012 Mutual Fund Manager
LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 214'148 0.03 (25'452) 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 13 12 month 27.02.2013
Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 D 13 12 month 26.02.2013
Credit Suisse RICHARD BURDEN neutral 3 M 13 Not Provided 26.02.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 12 Not Provided 25.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 14 12 month 25.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 14 6 month 22.02.2013
AlphaValue JEROME CASSAGNE buy 5 M 16 6 month 21.02.2013
Exane BNP Paribas THOMAS JACQUET neutral 3 M 13 Not Provided 15.02.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 15 9 month 11.02.2013
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013
HSBC THOMAS FOSSARD overweight 5 M 17 Not Provided 06.02.2013
Barclays CLAUDIA GASPARI equalweight 3 M 13 Not Provided 04.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Natixis BENOIT VALLEAUX buy 5 M 15 Not Provided 10.01.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013
CA Cheuvreux ALEXIS ARQUIE outperform 5 M 12 Not Provided 22.06.2012
Nomura MICHAEL KLIEN neutral 3 M 15 Not Provided 23.02.2012
Holdings By:
CNP Assurances ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Cofinimmo is a Belgian real estate company that specialises in rental property.
The Company's main investment segments are office property, care homes and
distribution property networks. Cofinimmo is an independent company, which
manages its properties in-house.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.03.2012) 95.76
52-Week Low (04.06.2012) 82.63
Daily Volume
90.22
52-Week High % Change -5.79% Dividend Yield -
52-Week Low % Change 9.19% Beta 0.76
% 52 Week Price Range High/Low 57.81% Equity Float -
Shares Out 08.01.2013 16.4 Short Int -
1'594.37 1 Yr Total Return 7.27%
Total Debt 1'740.09 YTD Return 0.69%
Preferred Stock - Adjusted BETA 0.762
Minority Interest 66.3 Analyst Recs 13
Cash and Equivalents 3.04 Consensus Rating 2.923
Enterprise Value 3'397.68
Average Volume 5 Day 31'694
COFB BB EQUITY YTD Change - Average Volume 30 Day 36'797
COFB BB EQUITY YTD % CHANGE - Average Volume 3 Month 35'922
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
190.0 200.6 195.4 188.8 192.2 188.6 193.6 200.4 207.7 51.1 51.4
15.42x 15.01x 15.29x 15.93x 16.52x 63.68x 65.31x 17.32x 16.82x - -
170.8 185.5 185.2 178.0 - 0.0 0.0 182.6 188.2 - -
17.15x 16.24x 16.13x 16.89x - 0.00x 0.00x 18.61x 18.05x - -
(5.3) 32.5 83.8 118.5 98.1 122.4 99.4 107.4 117.2 25.5 25.2
- 42.69x 17.27x 11.64x 13.99x 10.98x 13.35x 13.45x 12.66x 14.47x -
EBITDA 178.01 Long-Term Rating Date 03.01.2007
EBIT 188.84 Long-Term Rating BBB
Operating Margin 98.24% Long-Term Outlook NEG
Pretax Margin 55.65% Short-Term Rating Date 18.01.2011
Return on Assets 2.77% Short-Term Rating A-2
Return on Common Equity 6.77%
Return on Capital 5.12% EBITDA/Interest Exp. 2.85
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -0.27
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 97.5% Total Debt/Equity 117.9%
Net Income Margin 51.0% Total Debt/Capital 53.0%
Asset Turnover 0.05
Current Ratio 0.20 Net Fixed Asset Turnover 0.06
Quick Ratio 0.05 Accounts receivable turnover-days 41.09
Debt to Assets 47.77% Inventory Days -
Tot Debt to Common Equity 117.89% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.91 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
CofinimmoPrice/Volume
Valuation Analysis
29'553.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COFINIMMO n/a Co File 870'595 5.3 - 10.10.2012 Corporation
BLACKROCK n/a ULT-AGG 362'756 2.21 152 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 189'122 1.15 5'548 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 166'356 1.01 1'368 27.02.2013 Investment Advisor
COLONIAL FIRST STATE Multiple Portfolios MF-AGG 154'060 0.94 (32'940) 08.05.2012 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 115'217 0.7 - 21.08.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 107'081 0.65 (8'912) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 76'721 0.47 (516) 31.12.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 61'940 0.38 - 28.12.2012 Investment Advisor
DIAM n/a ULT-AGG 57'314 0.35 - 11.01.2012 Unclassified
PETERCAM SA Multiple Portfolios MF-AGG 56'450 0.34 19'392 30.12.2011 Mutual Fund Manager
KBC GROUP NV Multiple Portfolios MF-AGG 52'305 0.32 781 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 50'839 0.31 (4'700) 31.12.2012 Mutual Fund Manager
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 49'000 0.3 - 28.09.2012 Investment Advisor
BANK DELEN SA Multiple Portfolios MF-AGG 48'313 0.29 4'104 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 46'744 0.28 - 28.09.2012 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 34'629 0.21 792 31.01.2013 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 30'048 0.18 84 31.12.2012 Mutual Fund Manager
KREDIETRUST LUXEMBOU Multiple Portfolios MF-AGG 29'752 0.18 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 27'338 0.17 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale HENRI QUADRELLI hold 3 M 94 12 month 12.02.2013
KBC Securities KOEN OVERLAET-MICHIELS accumulate 4 M 97 Not Provided 11.02.2013
Bank Degroof(ESN) JEAN-MARIE CAUCHETEUX hold 3 M 93 12 month 08.02.2013
Petercam JOEL GORSELE hold 3 D 92 Not Provided 08.02.2013
Exane BNP Paribas NICK WEBB neutral 3 M 90 Not Provided 08.02.2013
ING Bank JAAP KUIN hold 3 M 91 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 85 Not Provided 17.01.2013
Kempen & Co ROBERT WOERDEMAN neutral 3 M 88 12 month 13.01.2013
JPMorgan ANNELIES J VERMEULEN underweight 1 M 97 9 month 09.01.2013
HSBC THOMAS MARTIN overweight 5 M 104 Not Provided 05.12.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 83 12 month 27.11.2012
Edge Capital Research KONSTANTIN BOYCHINOV outperform 5 M 107 12 month 29.09.2011
Holdings By:
Cofinimmo ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Daily Mail and General Trust PLC owns and administers a wide range of media
interests. The Company specializes in the publication and printing of newspapers
and periodicals. Daily Mail is active in television, radio, teletext, magazines,
exhibitions, book publishing, and operates a number of internet sites.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 708.50
52-Week Low (14.06.2012) 361.40
Daily Volume
705.5
52-Week High % Change -0.42% Dividend Yield 2.55
52-Week Low % Change 95.21% Beta 1.07
% 52 Week Price Range High/Low 99.14% Equity Float 281.04
Shares Out 27.02.2013 357.8 Short Int -
2'633.44 1 Yr Total Return 70.43%
Total Debt 728.00 YTD Return 28.04%
Preferred Stock 0.0 Adjusted BETA 1.073
Minority Interest 95.3 Analyst Recs 21
Cash and Equivalents 104.70 Consensus Rating 3.667
Enterprise Value 3'352.04
Average Volume 5 Day 1'240'130
DMGT LN EQUITY YTD Change - Average Volume 30 Day 743'290
DMGT LN EQUITY YTD % CHANGE - Average Volume 3 Month 684'811
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 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
2'311.7 2'062.4 1'968.0 1'748.5 1'746.8 1'485.0 1'754.8 1'806.5 1'828.4 - -
0.99x 1.32x 1.47x 1.23x 1.47x 0.00x 0.00x 1.82x 1.75x - -
377.1 424.7 423.4 320.9 242.8 0.0 0.0 360.8 373.7 - -
6.09x 6.41x 6.82x 6.72x 10.55x 0.00x 0.00x 9.29x 8.97x - -
0.0 (303.4) 199.8 108.5 257.2 0.0 0.0 194.4 204.8 - -
1621.25x - 12.08x 12.23x 9.10x 0.00x 0.00x 13.83x 12.92x - -
EBITDA 242.80 Long-Term Rating Date 23.04.2009
EBIT 104.50 Long-Term Rating BB+
Operating Margin 5.98% Long-Term Outlook POS
Pretax Margin 11.81% Short-Term Rating Date 23.04.2009
Return on Assets 11.79% Short-Term Rating B
Return on Common Equity 272.75%
Return on Capital - EBITDA/Interest Exp. 3.79
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 2.85
Net Debt/EBITDA 2.57
Gross Margin - Total Debt/EBITDA 3.00
EBITDA Margin 13.9%
EBIT Margin 6.0% Total Debt/Equity 453.0%
Net Income Margin 14.7% Total Debt/Capital 74.0%
Asset Turnover 0.80
Current Ratio 0.65 Net Fixed Asset Turnover 6.43
Quick Ratio 0.41 Accounts receivable turnover-days 47.77
Debt to Assets 33.53% Inventory Days -
Tot Debt to Common Equity 453.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.62 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
Daily Mail & General Trust PLCPrice/Volume
Valuation Analysis
2'660'271.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DIRECTOR & RELATED H Multiple Portfolios REG 76'699'940 21.44 (99'002) 01.12.2012 Other
ROTHERMERE VISCOUNT n/a Co File 75'134'502 21 - 30.09.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 51'342'798 14.35 1'313'221 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 41'950'846 11.73 32'552 01.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 25'584'806 7.15 2'002'575 31.10.2012 Investment Advisor
GREENLIGHT CAPITAL I n/a Short (16'075'828) -4.49 (217'732) 02.11.2012 Hedge Fund Manager
AVIVA INVESTORS Multiple Portfolios REG 11'461'879 3.2 (60'365) 01.12.2012 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios REG 11'061'849 3.09 350'518 01.12.2012 Investment Advisor
UBS n/a ULT-AGG 11'013'707 3.08 3'146'995 01.12.2012 Unclassified
THREADNEEDLE ASSET M Multiple Portfolios REG 10'392'638 2.9 - 01.12.2012 Investment Advisor
LINDSELL TRAIN INVES Multiple Portfolios REG 8'283'870 2.32 459'990 01.12.2012 Unclassified
F&C ASSET MANAGEMENT Multiple Portfolios REG 7'163'435 2 (23'949) 01.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios REG 6'881'450 1.92 - 01.12.2012 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 6'766'162 1.89 3'399'504 31.03.2012 Investment Advisor
IGNIS ASSET MANAGEME Multiple Portfolios REG 6'759'755 1.89 (2'246'924) 01.12.2012 Investment Advisor
RWC PARTNERS LTD Multiple Portfolios REG 6'186'108 1.73 - 01.12.2012 Investment Advisor
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 5'372'218 1.5 96'500 28.09.2012 Mutual Fund Manager
CAZENOVE CAPITAL MAN Multiple Portfolios REG 5'368'892 1.5 (6'437) 01.12.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 5'165'200 1.44 1'250'200 31.12.2012 Investment Advisor
HOARES BANK Multiple Portfolios REG 4'880'860 1.36 - 01.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 635 Not Provided 26.02.2013
Macquarie ANGUS TWEEDIE neutral 3 U 650 12 month 25.02.2013
Liberum Capital Ltd IAN WHITTAKER buy 5 M 625 Not Provided 21.02.2013
HSBC DAN GRAHAM underweight 1 M 490 Not Provided 19.02.2013
Westhouse Securities RODDY DAVIDSON neutral 3 N 604 12 month 12.02.2013
Deutsche Bank MARK BRALEY hold 3 U 630 12 month 08.02.2013
Exane BNP Paribas WILLIAM PACKER neutral 3 U 620 Not Provided 07.02.2013
Barclays NICK DEMPSEY equalweight 3 M 675 Not Provided 07.02.2013
Investec STEVEN LIECHTI buy 5 M 665 12 month 06.02.2013
Credit Suisse JOSEPH BARNET-LAMB outperform 5 M 700 Not Provided 06.02.2013
Canaccord Genuity Corp SIMON DAVIES hold 3 M 600 Not Provided 06.02.2013
Numis Securities Ltd GARETH R DAVIES buy 5 M 705 Not Provided 06.02.2013
Jefferies DAVID REYNOLDS buy 5 N 683 12 month 04.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 29.01.2013
Peel Hunt PATRICK YAU hold 3 M 556 Not Provided 23.01.2013
Espirito Santo Investment Bank ResearchMARK EVANS neutral 3 N 555 Not Provided 14.01.2013
JPMorgan MARCUS DIEBEL neutral 3 M 642 6 month 11.01.2013
Goldman Sachs VIGHNESH PADIACHY neutral/neutral 3 M 590 12 month 09.01.2013
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 545 12 month 25.11.2012
N+1 Singer Ltd JOHNATHAN BARRETT not rated #N/A N/A M #N/A N/A Not Provided 24.02.2012
Nomura MATTHEW WALKER reduce 2 M 440 Not Provided 01.09.2011
Holdings By:
Daily Mail & General Trust PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Davide Campari - Milano S.p.A. is a global producer and distributor of branded
spirits, wines, and soft drinks. The Company's products include aperitifs,
vodka, tequila, liquors, vermouths and various wines as well as flavored sodas.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (17.10.2012) 6.55
52-Week Low (30.03.2012) 5.00
Daily Volume
5.975
52-Week High % Change -8.71% Dividend Yield -
52-Week Low % Change 19.50% Beta 0.58
% 52 Week Price Range High/Low 63.11% Equity Float 284.59
Shares Out 30.09.2012 580.8 Short Int -
3'470.28 1 Yr Total Return 7.86%
Total Debt 1'049.90 YTD Return 3.02%
Preferred Stock 0.0 Adjusted BETA 0.575
Minority Interest 3.7 Analyst Recs 22
Cash and Equivalents 414.20 Consensus Rating 2.955
Enterprise Value 4'139.98
Average Volume 5 Day 1'679'738
CPR IM EQUITY YTD Change - Average Volume 30 Day 1'491'199
CPR IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'534'382
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
957.5 942.3 1'008.4 1'163.0 1'274.2 1'257.4 1'316.5 1'337.4 1'599.4 406.5 -
2.29x 1.80x 2.80x 2.99x 2.83x 5.88x 5.65x 3.15x 2.65x - -
220.1 214.7 260.8 295.0 325.8 322.0 332.8 337.6 383.3 - -
9.97x 7.92x 10.84x 11.78x 11.08x 0.00x 0.00x 12.26x 10.80x - -
125.2 126.5 137.1 156.2 159.2 162.6 155.9 169.7 198.9 - -
15.24x 10.91x 30.40x 18.04x 19.06x 21.36x 22.68x 20.19x 17.47x - -
EBITDA 325.80 Long-Term Rating Date -
EBIT 295.50 Long-Term Rating -
Operating Margin 23.19% Long-Term Outlook -
Pretax Margin 19.68% Short-Term Rating Date -
Return on Assets 5.83% Short-Term Rating -
Return on Common Equity 12.29%
Return on Capital 8.35% EBITDA/Interest Exp. 7.26
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.36
Net Debt/EBITDA 2.00
Gross Margin 57.7% Total Debt/EBITDA 3.14
EBITDA Margin 25.6%
EBIT Margin 23.2% Total Debt/Equity 77.0%
Net Income Margin 12.5% Total Debt/Capital 43.4%
Asset Turnover 0.47
Current Ratio 1.95 Net Fixed Asset Turnover 4.11
Quick Ratio 1.26 Accounts receivable turnover-days 80.09
Debt to Assets 36.19% Inventory Days 230.56
Tot Debt to Common Equity 76.99% Accounts Payable Turnover Day 114.16
Accounts Receivable Turnover 4.57 Cash Conversion Cycle 177.97
Inventory Turnover 1.59
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
Davide Campari-Milano SpAPrice/Volume
Valuation Analysis
1'409'772.00
Current Price (2/dd/yy) Market Data
'
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3
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400.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALICROS SPA n/a EXCH 296'207'994 51 - 05.11.2012 Investment Advisor
CEDAR ROCK CAPITAL L n/a EXCH 60'989'807 10.5 - 05.11.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 13'442'273 2.31 (122'371) 31.12.2012 Investment Advisor
MORGAN STANLEY INVES n/a EXCH 11'865'744 2.04 - 05.11.2012 Investment Advisor
INDEPENDENT FRANCHIS n/a EXCH 11'749'584 2.02 - 05.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'388'500 0.93 - 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 4'433'000 0.76 92'000 28.09.2012 Unclassified
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 4'313'200 0.74 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'214'699 0.55 29'694 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'470'279 0.43 579'022 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'367'647 0.41 (1'408'957) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'189'628 0.38 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'017'308 0.35 30'818 26.02.2013 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 1'966'500 0.34 1'835'922 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'634'797 0.28 117'649 28.12.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'609'933 0.28 893'989 28.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'188'236 0.2 37'408 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 971'598 0.17 970'419 30.04.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 940'858 0.16 - 28.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 888'738 0.15 38'290 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan MIKE J GIBBS overweight 5 M 6 6 month 26.02.2013
Exane BNP Paribas FRANCOIS MOSNIER neutral 3 M 6 Not Provided 22.02.2013
Mediobanca SpA EMANUELA MAZZONI neutral 3 M 6 6 month 18.02.2013
Banca Akros(ESN) CLAUDIO GIACOMIELLO hold 3 M 6 12 month 18.02.2013
Banca IMI LUCA BACOCCOLI hold 3 M 6 12 month 05.02.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013
Barclays SAMAR CHAND underweight 1 M 5 Not Provided 23.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Nomura EDWARD MUNDY neutral 3 D 6 Not Provided 16.01.2013
Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 6 12 month 09.01.2013
Societe Generale NICOLAS CERON sell 1 M 6 12 month 04.12.2012
Kepler Capital Markets LAETITIA DELAYE reduce 2 M 5 Not Provided 16.11.2012
Deutsche Bank JAMES ISENWATER hold 3 M 6 12 month 13.11.2012
Berenberg Bank PHILIP MORRISEY hold 3 M 6 Not Provided 29.10.2012
Centrobanca SIMONE RAGAZZI buy 5 M 7 12 month 04.10.2012
Equita SIM SpA PAOLA CARBONI hold 3 M 6 12 month 05.09.2012
CA Cheuvreux MARCO BACCAGLIO select list 5 M 7 Not Provided 04.09.2012
Natixis OLIVIER DELAHOUSSE buy 5 U 7 Not Provided 04.09.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M 7 Not Provided 04.09.2012
Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 15.06.2010
Ricerca Finanza MASSIMO INTROPIDO outperform 5 N #N/A N/A Not Provided 01.06.2010
Holdings By:
Davide Campari-Milano SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
DCC is a sales, marketing, distribution and business support services Group.
The Group operates in the following sectors, energy, IT & entertainment
products, healthcare, environmental services and food & beverage. DCC's
strategy is to grow a sustainable, diversified business.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (15.02.2013) 27.40
52-Week Low (10.04.2012) 17.55
Daily Volume
26.7
52-Week High % Change -2.55% Dividend Yield 2.99
52-Week Low % Change 52.14% Beta 0.71
% 52 Week Price Range High/Low 92.89% Equity Float 77.90
Shares Out 26.02.2013 83.7 Short Int -
2'234.61 1 Yr Total Return 44.16%
Total Debt 919.36 YTD Return 7.66%
Preferred Stock 0.0 Adjusted BETA 0.708
Minority Interest 2.7 Analyst Recs 4
Cash and Equivalents 630.02 Consensus Rating 3.500
Enterprise Value 2'621.74
Average Volume 5 Day 179'766
DCC ID EQUITY YTD Change - Average Volume 30 Day 223'229
DCC ID EQUITY YTD % CHANGE - Average Volume 3 Month 177'450
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 - -
5'532.0 6'400.1 6'725.0 8'680.6 10'690.3 - - 13'129.0 13'566.7 - -
0.26x 0.19x 0.27x 0.24x 0.18x - - 0.19x 0.18x - -
213.1 224.6 239.8 282.5 240.7 - - 288.3 309.3 - -
6.63x 5.39x 7.65x 7.39x 8.02x - - 9.09x 8.48x - -
164.5 116.3 130.8 145.1 102.4 - - 155.0 177.0 - -
7.32x 8.01x 12.09x 12.88x 15.12x - - 13.48x 12.44x - -
EBITDA 240.73 Long-Term Rating Date -
EBIT 173.92 Long-Term Rating -
Operating Margin 1.63% Long-Term Outlook -
Pretax Margin 1.24% Short-Term Rating Date -
Return on Assets 3.03% Short-Term Rating -
Return on Common Equity 10.64%
Return on Capital 7.62% EBITDA/Interest Exp. 4.77
Asset Turnover 3.57% (EBITDA-Capex)/Interest Exp. 3.38
Net Debt/EBITDA 1.54
Gross Margin 7.1% Total Debt/EBITDA 3.90
EBITDA Margin 2.0%
EBIT Margin 1.4% Total Debt/Equity 90.9%
Net Income Margin 1.0% Total Debt/Capital 47.6%
Asset Turnover 3.57
Current Ratio 1.37 Net Fixed Asset Turnover 26.95
Quick Ratio 1.05 Accounts receivable turnover-days -
Debt to Assets 24.29% Inventory Days 10.88
Tot Debt to Common Equity 90.91% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 8.06
Inventory Turnover 33.65
Fiscal Year Ended
DCC PLCPrice/Volume
Valuation Analysis
122'393.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 10'721'808 12.81 (73'444) 22.10.2012 Investment Advisor
INVESCO LTD n/a RNS-MAJ 7'520'037 8.99 804'091 15.06.2012 Investment Advisor
PRUDENTIAL PLC n/a RNS-MAJ 5'823'560 6.96 (857'398) 01.02.2013 Investment Advisor
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 4'881'284 5.83 - 30.09.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 4'420'984 5.28 (11'807) 31.12.2012 Investment Advisor
SETANTA ASSET MANAGE n/a RNS-MAJ 2'598'147 3.1 - 19.05.2011 Unclassified
FLAVIN JAMES FRANCIS n/a Co File 2'532'850 3.03 - 31.03.2012 n/a
BESTINVER GESTION SG n/a RNS-MAJ 2'365'865 2.83 (823'081) 19.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'265'846 2.71 (1'398) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'592'385 1.9 24'042 31.12.2012 Investment Advisor
MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 1'138'378 1.36 86'668 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 553'324 0.66 57'759 26.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 528'705 0.63 (3'744) 31.12.2012 Investment Advisor
INVESCO CANADA LTD Multiple Portfolios MF-AGG 511'411 0.61 - 30.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 496'592 0.59 33'418 31.12.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 490'778 0.59 - 28.09.2012 Investment Advisor
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 461'721 0.55 84'324 31.12.2012 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 436'799 0.52 (39'000) 30.09.2012 Hedge Fund Manager
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 376'200 0.45 1'200 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 317'555 0.38 (17'804) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goodbody Stockbrokers Ltd DAVID O'BRIEN buy 5 M 27 12 month 27.02.2013
JPMorgan ROBERT PLANT neutral 3 M 26 12 month 06.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Davy JOSHUA GOLDMAN outperform 5 M #N/A N/A Not Provided 06.11.2012
Holdings By:
DCC PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
De La Rue plc group specializes in the supply of cash handling equipment and
security products. The Company produces approximately 150 national currencies,
electric transaction solutions and identity systems. Their various security
items include stamps, vouchers, passports, travelers checks, drivers licenses
and ATM mechanisms, as well as security papers, threads and tear tapes.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (26.10.2012) 1'080.00
52-Week Low (10.04.2012) 883.00
Daily Volume
939
52-Week High % Change -13.06% Dividend Yield 4.50
52-Week Low % Change 6.34% Beta 0.32
% 52 Week Price Range High/Low 28.43% Equity Float 94.15
Shares Out 31.01.2013 99.6 Short Int -
935.52 1 Yr Total Return 2.94%
Total Debt 48.80 YTD Return 2.90%
Preferred Stock 0.0 Adjusted BETA 0.316
Minority Interest 3.9 Analyst Recs 8
Cash and Equivalents 24.00 Consensus Rating 3.750
Enterprise Value 1'091.82
Average Volume 5 Day 121'175
DLAR LN EQUITY YTD Change - Average Volume 30 Day 235'772
DLAR LN EQUITY YTD % CHANGE - Average Volume 3 Month 222'903
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 - -
467.0 502.4 561.1 463.9 528.3 - - 509.2 577.0 - -
2.62x 1.93x 1.68x 1.77x 1.75x - - 2.02x 1.80x - -
106.1 123.0 124.7 67.2 91.7 - - 87.9 130.2 - -
11.54x 7.89x 7.57x 12.25x 10.08x - - 12.43x 8.39x - -
88.1 363.0 69.9 66.9 31.6 - - 43.4 70.3 - -
20.43x 18.76x 13.24x 11.76x 28.28x - - 21.05x 13.28x - -
EBITDA 91.70 Long-Term Rating Date -
EBIT 65.10 Long-Term Rating -
Operating Margin 12.32% Long-Term Outlook -
Pretax Margin 6.23% Short-Term Rating Date -
Return on Assets 8.74% Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 20.84
Asset Turnover 1.27% (EBITDA-Capex)/Interest Exp. 13.55
Net Debt/EBITDA 1.60
Gross Margin - Total Debt/EBITDA 1.85
EBITDA Margin 17.8%
EBIT Margin 12.7% Total Debt/Equity -
Net Income Margin 6.0% Total Debt/Capital 1525.0%
Asset Turnover 1.27
Current Ratio 0.61 Net Fixed Asset Turnover 3.31
Quick Ratio 0.30 Accounts receivable turnover-days 60.06
Debt to Assets 11.95% Inventory Days -
Tot Debt to Common Equity - Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.18 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
De La Rue PLCPrice/Volume
Valuation Analysis
92'015.00
Current Price (2/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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200.0
300.0
400.0
500.0
600.0
700.0
800.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRUDENTIAL PLC n/a RNS-MAJ 14'753'114 14.81 3'802'329 15.02.2013 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 7'709'584 7.74 1'137'232 03.12.2012 Hedge Fund Manager
SCHRODERS PLC n/a RNS-MAJ 6'135'926 6.16 (213'180) 18.06.2012 Investment Advisor
KAMES CAPITAL PLC n/a RNS-MAJ 6'011'600 6.03 153'412 12.12.2012 Investment Advisor
AEGON n/a ULT-AGG 5'673'342 5.69 (254'498) 03.12.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 5'520'290 5.54 (1'086'690) 31.12.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 5'320'663 5.34 (126'757) 03.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'166'224 5.19 (4'460'412) 03.12.2012 Investment Advisor
JUPITER ASSET MANAGE n/a RNS-MAJ 5'072'695 5.09 3'174'584 03.01.2013 Investment Advisor
RUANE CUNNIFF & GOLD n/a RNS-MAJ 4'641'718 4.66 (1'788'681) 27.08.2010 Investment Advisor
BLACKROCK n/a ULT-AGG 4'518'593 4.54 - 26.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 4'218'601 4.23 42'819 31.01.2013 Unclassified
LIONTRUST n/a ULT-AGG 3'934'027 3.95 (1'011'241) 31.12.2012 Unclassified
MASSACHUSETTS MUTUAL n/a Co File 3'008'890 3.02 - 31.03.2012 Insurance Company
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'790'500 2.8 (130'550) 28.09.2012 Investment Advisor
NORDEA BANK AB Multiple Portfolios REG 2'790'500 2.8 (130'550) 03.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 2'431'250 2.44 (3'781) 03.12.2012 Government
T ROWE PRICE ASSOCIA n/a RNS-RUL8 2'403'582 2.41 317 17.01.2011 Investment Advisor
ALTA ADVISERS LTD n/a RNS-RUL8 2'334'296 2.34 - 06.12.2010 Other
NEWTON INV MGMT Multiple Portfolios REG 2'297'322 2.31 1'154'123 03.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec THOMAS RANDS buy 5 M 960 12 month 22.02.2013
Numis Securities Ltd CHARLES PICK hold 3 M 1'009 Not Provided 04.02.2013
JPMorgan ALEXANDER MEES overweight 5 M 1'170 12 month 01.02.2013
Panmure Gordon & Co Limited PAUL JONES hold 3 M 932 Not Provided 01.02.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'175 6 month 22.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
De La Rue PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Debenhams PLC operates department stores in the United Kingdom and Ireland.
The Company's stores retail men's, women's, and children's clothes, cosmetics,
electrical appliances, home furnishings, bicycles, luggage, garden products,
flowers, and giftware. Their stores are situated in high street locations and
out of town retail parks.
Latest Fiscal Year: 08/2012
LTM as of: 01/yy
52-Week High (02.11.2012) 124.80
52-Week Low (09.03.2012) 70.05
Daily Volume
93.6
52-Week High % Change -25.00% Dividend Yield 3.53
52-Week Low % Change 33.62% Beta 1.01
% 52 Week Price Range High/Low 43.01% Equity Float 1'083.45
Shares Out 31.01.2013 1'255.9 Short Int -
1'175.53 1 Yr Total Return 31.12%
Total Debt 412.70 YTD Return -17.89%
Preferred Stock 0.0 Adjusted BETA 1.015
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 44.00 Consensus Rating 3.870
Enterprise Value 1'544.23
Average Volume 5 Day 6'925'337
DEB LN EQUITY YTD Change - Average Volume 30 Day 6'661'620
DEB LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'687'607
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 01/yy 01/yy 08/13 Y 08/14 Y - -
1'839.2 1'915.6 2'119.9 2'209.8 2'229.8 - - 2'620.5 2'705.1 - -
0.78x 0.84x 0.60x 0.49x 0.72x - - 0.59x 0.56x - -
260.8 275.1 283.4 263.1 252.0 - - 278.1 295.7 - -
5.48x 5.86x 4.49x 4.12x 6.39x - - 5.55x 5.22x - -
77.1 95.1 97.0 117.2 125.3 - - 130.6 139.7 - -
5.55x 7.94x 7.79x 5.97x 9.87x - - 9.00x 8.14x - -
EBITDA 252.00 Long-Term Rating Date -
EBIT 160.40 Long-Term Rating -
Operating Margin 7.19% Long-Term Outlook -
Pretax Margin 7.10% Short-Term Rating Date -
Return on Assets 6.10% Short-Term Rating -
Return on Common Equity 18.98%
Return on Capital 13.00% EBITDA/Interest Exp. 14.08
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 8.41
Net Debt/EBITDA 1.46
Gross Margin 13.6% Total Debt/EBITDA 1.64
EBITDA Margin 11.3%
EBIT Margin 7.2% Total Debt/Equity 62.4%
Net Income Margin 5.6% Total Debt/Capital 38.4%
Asset Turnover 1.09
Current Ratio 0.63 Net Fixed Asset Turnover 3.44
Quick Ratio 0.09 Accounts receivable turnover-days 3.54
Debt to Assets 19.74% Inventory Days 61.71
Tot Debt to Common Equity 62.44% Accounts Payable Turnover Day 56.82
Accounts Receivable Turnover 102.76 Cash Conversion Cycle 8.44
Inventory Turnover 5.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Debenhams PLCPrice/Volume
Valuation Analysis
5'708'248.00
Current Price (2/dd/yy) Market Data
'
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1'000.0
1'500.0
2'000.0
2'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCHRODER INVESTMENT Multiple Portfolios REG 191'851'820 15.28 4'030'496 01.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 127'246'115 10.13 (5'865'286) 31.10.2012 Investment Advisor
MILESTONE RESOURCES Multiple Portfolios REG 89'183'155 7.1 - 01.11.2012 Unclassified
DELTA LLOYD NV n/a ULT-AGG 74'272'310 5.91 35'809'159 15.02.2013 Bank
MAJEDIE ASSET MANAGE n/a RNS-MAJ 66'480'510 5.29 - 01.02.2013 Investment Advisor
BESTINVER GESTION SG n/a Co File 61'554'348 4.9 - 19.10.2012 Investment Advisor
OLD MUTUAL n/a ULT-AGG 61'131'734 4.87 (1'261'230) 31.12.2012 Unclassified
JP MORGAN n/a ULT-AGG 51'411'547 4.09 (1'938'087) 31.12.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 46'538'959 3.71 3'131'453 01.11.2012 Unclassified
LSV ASSET MANAGEMENT Multiple Portfolios REG 42'795'709 3.41 1'443'000 01.11.2012 Investment Advisor
UBS n/a ULT-AGG 38'881'131 3.1 12'967'409 01.11.2012 Unclassified
BESTINFOND FL n/a RNS-MAJ 38'168'003 3.04 72'433 06.07.2012 n/a
AEGON n/a ULT-AGG 33'044'727 2.63 19'398'848 01.11.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 32'263'085 2.57 - 01.11.2012 Government
BANK OF NEW YORK MEL Multiple Portfolios REG 31'815'149 2.53 26'997'970 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 31'046'972 2.47 (3'522'070) 01.11.2012 Unclassified
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 29'351'769 2.34 966'769 31.10.2012 Investment Advisor
GLOBEFLEX CAPITAL LP Multiple Portfolios REG 20'718'087 1.65 (317'000) 01.11.2012 Hedge Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 20'377'423 1.62 1'891'770 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 18'839'419 1.5 967'167 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI buy 5 M 125 Not Provided 15.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 15.02.2013
Cantor Fitzgerald KATE CALVERT reduce 2 M 95 Not Provided 11.02.2013
Investec BETHANY HOCKING buy 5 M 130 12 month 07.02.2013
Nomura FRASER RAMZAN neutral 3 M 120 12 month 05.02.2013
Redburn Partners GEOFF LOWERY sell 1 D #N/A N/A Not Provided 05.02.2013
JPMorgan GEORGINA JOHANAN overweight 5 M 137 6 month 04.02.2013
N+1 Singer Ltd MATTHEW MCEACHRAN buy 5 M 122 12 month 31.01.2013
Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 D 110 12 month 27.01.2013
Oriel Securities Ltd EITHNE O'LEARY buy 5 M 150 Not Provided 25.01.2013
Peel Hunt JOHN STEVENSON buy 5 M 130 Not Provided 23.01.2013
Exane BNP Paribas BEN SPRUNTULIS neutral 3 M 105 Not Provided 22.01.2013
Numis Securities Ltd ANDREW WADE reduce 2 D 95 Not Provided 16.01.2013
Societe Generale ANNE CRITCHLOW buy 5 M 130 12 month 09.01.2013
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 105 Not Provided 09.01.2013
HSBC PAUL ROSSINGTON overweight 5 M 135 Not Provided 08.01.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 08.01.2013
Panmure Gordon & Co Limited JEAN ROCHE hold 3 M 112 Not Provided 08.01.2013
Deutsche Bank WARWICK OKINES hold 3 M 120 12 month 18.12.2012
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 121 12 month 06.12.2012
Merchant Securities AMISHA CHOHAN hold 3 M #N/A N/A Not Provided 19.04.2012
Holdings By:
Debenhams PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Delta Lloyd N.V. provides insurance and financial services. The Company
provides life, health, and other types of insurance, as well as pension, asset
management, and banking products and services, to customers in the Netherlands,
Belgium, and Germany.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (30.01.2013) 14.82
52-Week Low (14.06.2012) 9.20
Daily Volume
13.14
52-Week High % Change -11.31% Dividend Yield -
52-Week Low % Change 42.78% Beta 1.37
% 52 Week Price Range High/Low 70.15% Equity Float 166.65
Shares Out 23.01.2013 176.8 Short Int -
2'493.87 1 Yr Total Return 4.09%
Total Debt 6'898.60 YTD Return 6.53%
Preferred Stock 0.0 Adjusted BETA 1.368
Minority Interest 309.4 Analyst Recs 18
Cash and Equivalents 3'543.40 Consensus Rating 3.944
Enterprise Value 6'971.57
Average Volume 5 Day 1'156'153
DL NA EQUITY YTD Change - Average Volume 30 Day 876'260
DL NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'506'467
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 03/13 Q1 06/13 Q2
7'123.3 8'344.2 9'071.0 9'743.6 - 0.0 0.0 10'127.5 8'996.0 - -
- 1.19x 1.10x 0.60x - #DIV/0! #DIV/0! 1.07x 1.15x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(160.8) (124.4) 620.8 (312.7) (1'495.0) 0.0 0.0 427.1 437.0 - -
- - 4.32x - - 0.00x 0.00x 5.11x 5.34x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating BBB+
Operating Margin 2.68% Long-Term Outlook STABLE
Pretax Margin -4.25% Short-Term Rating Date -
Return on Assets 0.00% Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin -3.2% Total Debt/Capital 62.3%
Asset Turnover 0.16
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.22% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Delta Lloyd NVPrice/Volume
Valuation Analysis
1'180'823.00
Current Price (2/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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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EINHORN D n/a Co File 8'931'508 5.05 - 31.12.2010 n/a
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 4'959'228 2.81 518'728 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'680'409 2.08 61'787 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'598'468 0.9 225'296 31.12.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 1'439'716 0.81 - 31.12.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 1'400'000 0.79 (100'000) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'281'336 0.72 21'144 26.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'257'156 0.71 (86'894) 31.07.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'200'523 0.68 - 31.07.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'199'012 0.68 206'917 31.12.2012 Investment Advisor
STICHTING FONDS NUTS n/a Research 1'068'790 0.6 - 31.12.2009 Other
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'064'840 0.6 (4'684) 31.10.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 961'123 0.54 247'801 28.09.2012 Mutual Fund Manager
PRINCIPAL FINANCIAL n/a ULT-AGG 869'791 0.49 381'594 31.01.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 778'658 0.44 - 31.12.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 649'695 0.37 - 30.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 533'762 0.3 96'645 31.12.2012 Mutual Fund Manager
LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 502'900 0.28 - 30.11.2012 Mutual Fund Manager
SMITH & WILLIAMSON H n/a ULT-AGG 495'800 0.28 - 31.01.2013 Investment Advisor
MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 487'150 0.28 (141'680) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ING Bank ALBERT PLOEGH buy 5 M 16 12 month 27.02.2013
JPMorgan ASHIK MUSADDI neutral 3 M 14 9 month 19.02.2013
HSBC STEVEN HAYWOOD neutral 3 N 16 Not Provided 11.02.2013
Credit Suisse RICHARD BURDEN neutral 3 M 16 Not Provided 07.02.2013
Rabobank International COR KLUIS buy 5 M 19 Not Provided 21.01.2013
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 16 12 month 18.01.2013
ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 14 12 month 18.01.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 16 Not Provided 15.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 16 12 month 10.01.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 14 12 month 09.01.2013
SNS Securities(ESN) LEMER SALAH accumulate 4 M 17 12 month 09.01.2013
Societe Generale JASON KALAMBOUSSIS buy 5 M 17 12 month 04.12.2012
Petercam MATTHIAS DE WIT buy 5 M 17 Not Provided 26.11.2012
CA Cheuvreux HANS PLUIJGERS underperform 1 D 12 Not Provided 20.11.2012
Deutsche Bank ROBIN BUCKLEY hold 3 M 14 12 month 26.07.2012
Kepler Capital Markets BENOIT PETRARQUE hold 3 M 17 Not Provided 12.04.2011
Nomura TEAM COVERAGE neutral 3 M 21 Not Provided 31.03.2011
Holdings By:
Delta Lloyd NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Deutsche Euroshop AG invests in shopping centers. The Company owns shopping
centers in locations throughout Europe. The properties are primarily in city
centers.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.12.2012) 32.45
52-Week Low (11.04.2012) 25.36
Daily Volume
31.19
52-Week High % Change -3.88% Dividend Yield -
52-Week Low % Change 23.01% Beta 0.63
% 52 Week Price Range High/Low 82.24% Equity Float 43.23
Shares Out 19.11.2012 53.9 Short Int -
1'682.56 1 Yr Total Return 25.50%
Total Debt 1'472.15 YTD Return -1.42%
Preferred Stock 0.0 Adjusted BETA 0.626
Minority Interest 280.1 Analyst Recs 26
Cash and Equivalents 64.41 Consensus Rating 3.462
Enterprise Value 3'080.50
Average Volume 5 Day 72'074
DEQ GY EQUITY YTD Change - Average Volume 30 Day 77'430
DEQ GY EQUITY YTD % CHANGE - Average Volume 3 Month 98'279
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
100.8 120.2 130.8 147.6 193.1 177.6 212.8 209.1 216.3 52.5 54.4
17.00x 15.07x 14.30x 20.30x 15.37x 62.90x 53.98x 16.66x 16.09x 60.47x 58.07x
81.2 102.2 113.0 126.5 167.8 152.0 186.9 184.3 190.9 44.3 48.7
21.11x 17.72x 16.55x 23.69x 17.69x 18.82x 15.50x 16.70x 16.12x 16.16x 15.80x
94.2 68.9 34.4 81.8 93.4 83.5 103.3 100.7 105.8 32.0 21.4
8.64x 12.15x 25.45x 16.10x 13.70x 15.56x 14.53x 18.02x 17.24x 16.04x 16.20x
EBITDA 167.81 Long-Term Rating Date -
EBIT 102.02 Long-Term Rating -
Operating Margin 52.83% Long-Term Outlook -
Pretax Margin 74.62% Short-Term Rating Date -
Return on Assets 3.29% Short-Term Rating -
Return on Common Equity 8.96%
Return on Capital 4.11% EBITDA/Interest Exp. 2.55
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 1.38
Net Debt/EBITDA 7.48
Gross Margin - Total Debt/EBITDA 7.95
EBITDA Margin 87.9%
EBIT Margin - Total Debt/Equity 123.4%
Net Income Margin 48.4% Total Debt/Capital 50.0%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 45.65% Inventory Days -
Tot Debt to Common Equity 123.39% 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 Euroshop AGPrice/Volume
Valuation Analysis
75'760.00
Current Price (2/dd/yy) Market Data
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100.0
150.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OTTO ALEXANDER n/a Research 5'163'390 9.57 - 14.11.2012 n/a
OTTO BENJAMIN n/a Co File 3'996'270 7.41 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 3'162'039 5.86 (6'070) 26.02.2013 Investment Advisor
HERTIE FOUNDATION n/a Co File 1'559'268 2.89 - 31.12.2011 Other
WELLINGTON MANAGEMEN n/a Short (1'375'610) -2.55 118'680 09.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'202'605 2.23 (15'500) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 912'183 1.69 (1'462) 31.12.2012 Investment Advisor
BAY POND PARTNERS LP n/a Short (681'534) -1.26 (51'631) 27.07.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 569'244 1.06 15'937 31.12.2012 Investment Advisor
BAY POND INVESTORS B n/a Short (423'377) -0.78 (41'305) 30.07.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 366'492 0.68 (144'000) 31.10.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 317'700 0.59 53'754 31.12.2012 Mutual Fund Manager
CQS UK LLP n/a Short (312'884) -0.58 37'762 14.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 262'977 0.49 65'958 28.12.2012 Mutual Fund Manager
DEXIA n/a Co File 247'831 0.46 - 31.12.2011 Bank
VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 245'000 0.45 (16'700) 30.11.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 240'000 0.44 (50'596) 28.09.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 224'674 0.42 (47'876) 31.10.2012 Unclassified
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 210'000 0.39 3'000 28.09.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 178'745 0.33 172'606 25.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER hold 3 M 31 6 month 27.02.2013
HSBC THOMAS MARTIN neutral 3 M 33 Not Provided 26.02.2013
Deutsche Bank MARKUS SCHEUFLER hold 3 M 33 12 month 23.02.2013
Oddo & Cie MARINE LAFITTE neutral 3 M 34 12 month 29.01.2013
Natixis SERGE DEMIRDJIAN reduce 2 M 27 Not Provided 29.01.2013
Petercam STEPHAN VAN WEEREN reduce 2 M 29 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Kempen & Co THOMAS VAN DER MEIJ overweight 5 U 33 12 month 13.01.2013
Bankhaus Lampe GEORG KANDERS hold 3 M 33 12 month 21.12.2012
GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 21.12.2012
Societe Generale MICHEL VARALDO buy 5 U 35 12 month 18.12.2012
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 33 12 month 12.12.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 32 12 month 06.12.2012
Berenberg Bank KAI MALTE KLOSE buy 5 M 34 Not Provided 05.12.2012
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 34 12 month 26.11.2012
Kepler Capital Markets DIRK BECKER hold 3 M 32 Not Provided 26.11.2012
LFG Kronos Investment Services GmbH THOMAS ANEY add 4 M 34 6 month 20.11.2012
Close Brothers Equity Markets MANUEL MARTIN hold 3 M 30 12 month 19.11.2012
DZ Bank AG ULRICH GEIS hold 3 M 30 12 month 19.11.2012
Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 U 34 Not Provided 15.11.2012
Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 30 12 month 14.11.2012
Silvia Quandt Research RALF GROENEMEYER neutral 3 M 31 12 month 14.11.2012
Baader Bank ANDRE REMKE hold 3 M 33 12 month 10.11.2012
ABN Amro Bank N.V. MICHIEL DE JONGE reduce 2 M 27 Not Provided 14.08.2012
Edge Capital Research MARIYA PANAYOTOVA outperform 5 M 30 12 month 12.08.2011
Holdings By:
Deutsche Euroshop AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Deutsche Wohnen AG develops, rents and sells residential properties.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (03.12.2012) 14.96
52-Week Low (06.03.2012) 9.47
Daily Volume
13.99
52-Week High % Change -6.45% Dividend Yield -
52-Week Low % Change 47.78% Beta 0.73
% 52 Week Price Range High/Low 82.42% Equity Float 140.11
Shares Out 31.01.2013 160.7 Short Int -
2'242.80 1 Yr Total Return 47.16%
Total Debt 1'834.67 YTD Return -0.07%
Preferred Stock 0.0 Adjusted BETA 0.729
Minority Interest 0.3 Analyst Recs 23
Cash and Equivalents 167.83 Consensus Rating 3.261
Enterprise Value 4'711.59
Average Volume 5 Day 226'149
DWNI GY EQUITY YTD Change - Average Volume 30 Day 282'891
DWNI GY EQUITY YTD % CHANGE - Average Volume 3 Month 331'328
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
266.7 417.0 404.4 479.7 387.6 501.5 445.0 328.8 413.3 64.3 72.1
10.08x 5.57x 5.74x 5.42x 7.01x 21.04x 29.57x 14.64x 11.69x 72.12x 67.74x
110.7 102.4 133.4 137.3 142.8 145.2 95.0 194.7 248.1 46.8 57.4
24.29x 22.69x 17.40x 18.92x 19.02x 18.52x 47.08x 24.20x 18.99x 21.34x 21.08x
29.8 (255.9) (13.3) 23.8 50.6 33.4 81.6 85.9 122.1 39.9 27.3
15.83x - - 36.21x 16.83x 24.48x 16.42x 21.39x 18.53x 17.21x 17.06x
EBITDA 142.85 Long-Term Rating Date -
EBIT 139.45 Long-Term Rating -
Operating Margin 11.80% Long-Term Outlook -
Pretax Margin 22.14% Short-Term Rating Date -
Return on Assets 2.10% Short-Term Rating -
Return on Common Equity 6.80%
Return on Capital 2.35% EBITDA/Interest Exp. 1.52
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -1.25
Net Debt/EBITDA 25.99
Gross Margin - Total Debt/EBITDA 27.70
EBITDA Margin 21.3%
EBIT Margin - Total Debt/Equity 169.4%
Net Income Margin 13.0% Total Debt/Capital 62.9%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 55.56% Inventory Days -
Tot Debt to Common Equity 169.40% 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 Wohnen AGPrice/Volume
Valuation Analysis
191'726.00
Current Price (2/dd/yy) Market Data
'
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0.0
100.0
200.0
300.0
400.0
500.0
600.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'718'785 6.05 290'949 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'219'199 5.74 (17'237) 26.02.2013 Investment Advisor
FIRST EAGLE INVESTME n/a Research 7'582'897 4.72 - 17.01.2013 Hedge Fund Manager
INTL KAPITALANAGEGES n/a Research 6'802'161 4.23 - 16.08.2012 Unclassified
ZURICH DEUTSCHE HERO n/a Research 5'880'313 3.66 - 27.06.2012 Insurance Company
SUN LIFE FINANCIAL I n/a Co File 5'140'499 3.2 - 24.02.2012 Investment Advisor
CAPITAL GROUP INTERN #N/A N/A Research 4'852'637 3.02 - 19.02.2013 Investment Advisor
MFS INTERNATIONAL LT n/a Research 4'730'559 2.94 - 17.01.2013 Investment Advisor
COHEN & STEERS CAPIT n/a Research 4'391'101 2.73 - 19.09.2012 Investment Advisor
AXA INVESTMENT MGRS n/a Research 3'815'480 2.37 - 26.09.2012 Investment Advisor
AERZTEVERSORGUNG WES n/a Co File 3'403'153 2.12 - 24.02.2012 Other
APG ALGEMENE PENSIOE n/a Research 3'198'760 1.99 - 24.02.2012 Pension Fund (ERISA)
ASSET VALUE INVESTOR n/a Research 2'953'855 1.84 - 12.03.2012 Investment Advisor
RUFFER LLP n/a Research 2'442'913 1.52 - 28.04.2011 Hedge Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'424'745 1.51 1'592'288 31.12.2012 Investment Advisor
OYSTER ASSET MGMT SA n/a Research 2'421'800 1.51 - 22.07.2011 Mutual Fund Manager
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 1'823'017 1.13 95'682 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'816'180 1.13 75'815 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 1'783'268 1.11 200'268 30.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'693'479 1.05 188'406 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER buy 5 M 17 6 month 27.02.2013
HSBC THOMAS MARTIN underweight 1 M 13 Not Provided 26.02.2013
DZ Bank AG ULRICH GEIS buy 5 M 15 12 month 29.01.2013
Bankhaus Lampe GEORG KANDERS hold 3 M 15 12 month 24.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 M 15 12 month 16.01.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 14 12 month 16.01.2013
M.M. Warburg Investment Research TORSTEN KLINGNER buy 5 M 15 12 month 16.01.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 15 Not Provided 16.01.2013
Close Brothers Equity Markets MANUEL MARTIN hold 3 M 14 12 month 14.01.2013
Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 14 12 month 13.01.2013
Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 16 Not Provided 11.01.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 11 12 month 10.01.2013
Deutsche Bank MARKUS SCHEUFLER hold 3 D 16 12 month 17.12.2012
Baader Bank ANDRE REMKE hold 3 M 15 12 month 29.11.2012
ABN Amro Bank N.V. MICHIEL DE JONGE sell 1 M 13 12 month 26.11.2012
JPMorgan NEIL GREEN neutral 3 M 16 9 month 21.11.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 15 12 month 13.11.2012
Kepler Capital Markets BURKHARD SAWAZKI buy 5 M 15 Not Provided 12.11.2012
Silvia Quandt Research RALF GROENEMEYER neutral 3 M 13 12 month 12.11.2012
Barclays AARON GUY overweight 5 N 17 Not Provided 15.10.2012
Edge Capital Research MARIYA PANAYOTOVA outperform 5 N 13 12 month 07.04.2011
Holdings By:
Deutsche Wohnen AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico,
France, Russia, the United Arab Emirates, Singapore, the Caribbean and the
United States.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (13.02.2013) 133.20
52-Week Low (04.06.2012) 101.60
Daily Volume
127.1
52-Week High % Change -4.58% Dividend Yield -
52-Week Low % Change 25.10% Beta 1.02
% 52 Week Price Range High/Low 80.70% Equity Float 24.09
Shares Out 12.10.2012 29.7 Short Int -
3'771.54 1 Yr Total Return 16.18%
Total Debt 1'560.40 YTD Return 6.27%
Preferred Stock 0.0 Adjusted BETA 1.021
Minority Interest 84.1 Analyst Recs 12
Cash and Equivalents 199.10 Consensus Rating 4.000
Enterprise Value 5'168.54
Average Volume 5 Day 269'545
DUFN SE EQUITY YTD Change - Average Volume 30 Day 227'924
DUFN SE EQUITY YTD % CHANGE - Average Volume 3 Month 180'800
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'930.3 2'113.5 2'378.7 2'610.2 2'637.7 2'523.0 3'122.6 3'187.2 3'768.1 851.5 -
1.22x 0.79x 0.95x 1.56x 1.43x 5.86x 5.58x 1.65x 1.36x - -
245.2 277.3 288.1 328.0 344.3 319.7 457.3 480.9 596.1 136.0 -
9.62x 6.02x 7.85x 12.43x 10.94x 11.37x 9.71x 10.75x 8.67x - -
75.0 95.0 38.5 116.6 111.9 112.2 149.0 229.2 273.3 42.0 -
23.55x 8.62x 34.88x 27.17x 20.78x 18.79x 20.34x 15.24x 12.97x - -
EBITDA 344.30 Long-Term Rating Date 15.10.2012
EBIT 212.80 Long-Term Rating BB+
Operating Margin 8.07% Long-Term Outlook STABLE
Pretax Margin 6.18% Short-Term Rating Date -
Return on Assets 4.50% Short-Term Rating -
Return on Common Equity 16.51%
Return on Capital 9.60% EBITDA/Interest Exp. 6.24
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 5.06
Net Debt/EBITDA 2.79
Gross Margin 58.2% Total Debt/EBITDA 3.18
EBITDA Margin 14.6%
EBIT Margin 9.3% Total Debt/Equity 179.4%
Net Income Margin 4.2% Total Debt/Capital 62.1%
Asset Turnover 0.94
Current Ratio 1.33 Net Fixed Asset Turnover 12.60
Quick Ratio 0.40 Accounts receivable turnover-days 8.11
Debt to Assets 47.03% Inventory Days 116.85
Tot Debt to Common Equity 179.36% Accounts Payable Turnover Day 73.25
Accounts Receivable Turnover 45.16 Cash Conversion Cycle 53.93
Inventory Turnover 3.13
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
Dufry AGPrice/Volume
Valuation Analysis
147'822.00
Current Price (2/dd/yy) Market Data
'
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TRAVEL RETAIL INVEST n/a EXCH 3'912'464 13.18 1'688'901 17.01.2013 Other
HUDSON MEDIA INC n/a Co File 1'154'677 3.89 - 31.12.2011 Other
ARTIO GLOBAL MANAGEM n/a EXCH 804'639 2.71 (492'317) 20.03.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 730'057 2.46 566'414 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 502'706 1.69 (10'660) 28.12.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 481'071 1.62 9'686 31.10.2012 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 450'386 1.52 84 31.12.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 325'827 1.1 25'022 31.01.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 301'972 1.02 (31'284) 28.09.2012 Bank
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 279'892 0.94 - 30.12.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 267'504 0.9 (381) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 259'351 0.87 104'818 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 251'929 0.85 14'422 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 230'042 0.78 - 31.07.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 227'802 0.77 (3'499) 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 217'039 0.73 (1'589) 28.12.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 202'091 0.68 202'091 31.07.2012 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 177'210 0.6 1'700 31.10.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 175'007 0.59 5'467 27.02.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 171'545 0.58 22'100 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs MAYAN UTHAYAKUMAR Buy/Neutral 5 M 176 6 month 06.02.2013
Bank Vontobel AG RENE WEBER buy 5 M 140 Not Provided 04.02.2013
Exane BNP Paribas ROBERTA CIACCIA neutral 3 D 123 Not Provided 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Grupo Santander REBECCA MCCLELLAN buy 5 M 141 Not Provided 11.12.2012
Credit Suisse PATRICK JNGLIN outperform 5 M 140 Not Provided 05.12.2012
Kepler Capital Markets JON COX buy 5 M 140 Not Provided 18.11.2012
CA Cheuvreux MARCO BACCAGLIO underperform 1 M 114 Not Provided 06.11.2012
Natixis MATTHIEU DETROYAT buy 5 M 140 Not Provided 31.07.2012
Deutsche Bank CHARLIE MUIR-SANDS buy 5 M 150 12 month 08.05.2012
Holdings By:
Dufry AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
easyJet plc, a low-cost passenger airline, conducts operations throughout the
United Kingdom and mainland Europe. The Company sells the majority of its
tickets through its Web site.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (19.02.2013) 1'023.00
52-Week Low (05.03.2012) 422.00
Daily Volume
977.5
52-Week High % Change -4.45% Dividend Yield 2.20
52-Week Low % Change 131.64% Beta 0.88
% 52 Week Price Range High/Low 92.43% Equity Float 249.52
Shares Out 21.02.2013 396.3 Short Int -
3'873.59 1 Yr Total Return 126.33%
Total Debt 957.00 YTD Return 30.50%
Preferred Stock 0.0 Adjusted BETA 0.877
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 883.00 Consensus Rating 3.862
Enterprise Value 3'947.59
Average Volume 5 Day 1'084'982
EZJ LN EQUITY YTD Change - Average Volume 30 Day 1'394'688
EZJ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'277'595
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
2'362.8 2'666.8 2'973.0 3'452.0 3'854.0 3'561.0 3'924.0 4'139.8 4'410.0 - -
0.46x 0.62x 0.55x 0.40x 0.62x 0.00x 0.00x 0.90x 0.80x - -
138.0 108.9 259.0 359.0 437.0 0.0 0.0 532.6 579.2 - -
7.94x 15.22x 6.30x 3.85x 5.43x 0.00x 0.00x 7.41x 6.82x - -
83.2 71.2 121.0 225.0 255.0 0.0 0.0 317.3 344.0 - -
15.88x 22.47x 13.05x 6.56x 9.29x 0.00x 0.00x 12.50x 11.58x - -
EBITDA 437.00 Long-Term Rating Date -
EBIT 332.00 Long-Term Rating -
Operating Margin 8.61% Long-Term Outlook -
Pretax Margin 8.23% Short-Term Rating Date -
Return on Assets 5.82% Short-Term Rating -
Return on Common Equity 14.58%
Return on Capital 9.56% EBITDA/Interest Exp. 17.48
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 2.32
Net Debt/EBITDA 0.17
Gross Margin - Total Debt/EBITDA 2.19
EBITDA Margin 11.3%
EBIT Margin 8.6% Total Debt/Equity 53.3%
Net Income Margin 6.6% Total Debt/Capital 34.8%
Asset Turnover 0.88
Current Ratio 1.05 Net Fixed Asset Turnover 1.70
Quick Ratio 0.79 Accounts receivable turnover-days 9.54
Debt to Assets 22.28% Inventory Days -
Tot Debt to Common Equity 53.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover 38.35 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
easyJet PLCPrice/Volume
Valuation Analysis
1'067'500.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EASYGROUP HOLDINGS L Multiple Portfolios REG 102'753'438 25.93 (388'952) 01.02.2013 Holding Company
POLYS HOLDINGS LTD Multiple Portfolios REG 43'758'360 11.04 (183'796) 01.02.2013 Unclassified
STANDARD LIFE INVEST n/a RNS-MAJ 31'621'565 7.98 (134'424) 10.01.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 22'080'526 5.57 (2'459'832) 01.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'107'847 4.06 - 26.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 10'674'683 2.69 986'358 01.02.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 9'834'374 2.48 52'558 01.02.2013 Unclassified
EGERTON CAPITAL LIMI Multiple Portfolios REG 8'415'473 2.12 4'011'991 01.02.2013 Hedge Fund Manager
UBS n/a ULT-AGG 7'367'065 1.86 11'454 01.02.2013 Unclassified
DEUTSCHE BANK PROP T Multiple Portfolios REG 7'165'220 1.81 (1'764'690) 01.02.2013 Other
NORGES BANK INVESTME Multiple Portfolios REG 6'612'908 1.67 - 01.02.2013 Government
THREADNEEDLE ASSET M Multiple Portfolios REG 6'396'041 1.61 (467'463) 01.02.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 6'168'130 1.56 (47'085) 01.02.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 6'034'060 1.52 679'058 01.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 5'859'625 1.48 (252'401) 01.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios REG 5'542'880 1.4 (6'540'359) 01.02.2013 Investment Advisor
Easyjet plc LTIP Multiple Portfolios REG 5'433'741 1.37 (290'596) 01.02.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'319'833 1.09 - 31.07.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 4'300'356 1.09 (20'325) 31.10.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 3'940'833 0.99 997'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DAMIAN BREWER sector perform 3 M 930 12 month 27.02.2013
Cantor Fitzgerald ROBIN BYDE hold 3 M 920 Not Provided 26.02.2013
AlphaValue HELENE COUMES sell 1 M 746 6 month 21.02.2013
Numis Securities Ltd WYN ELLIS add 4 M 1'075 Not Provided 20.02.2013
Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 1'050 12 month 19.02.2013
Oriel Securities Ltd EDWARD STANFORD buy 5 M #N/A N/A Not Provided 19.02.2013
Main First Bank AG LOIC SABATIER outperform 5 M 1'130 Not Provided 18.02.2013
Oddo & Cie YAN DEROCLES buy 5 M 1'036 Not Provided 15.02.2013
Nomura ANDREW EVANS buy 5 M 1'020 Not Provided 07.02.2013
Commerzbank Corporates & Markets JOHANNES BRAUN hold 3 M 980 6 month 04.02.2013
Macquarie SAM DOBSON neutral 3 D 1'000 12 month 01.02.2013
Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 29.01.2013
Credit Suisse NEIL GLYNN neutral 3 M 1'000 Not Provided 28.01.2013
Barclays DAVID E FINTZEN equalweight 3 M 950 Not Provided 28.01.2013
Deutsche Bank GEOF COLLYER buy 5 M 1'040 12 month 25.01.2013
Goldman Sachs OLIVER NEAL neutral/neutral 3 M 1'010 12 month 25.01.2013
HSBC ANDREW DAVID LOBBENBERG overweight 5 M 1'100 Not Provided 25.01.2013
Espirito Santo Investment Bank ResearchGERALD KHOO buy 5 M 1'025 Not Provided 25.01.2013
Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 1'060 12 month 24.01.2013
Investec JAMES HOLLINS hold 3 M 900 12 month 24.01.2013
Panmure Gordon & Co Limited GERT ZONNEVELD buy 5 M 1'000 Not Provided 24.01.2013
Liberum Capital Ltd PETER HYDE buy 5 M 930 Not Provided 24.01.2013
Davy STEPHEN FURLONG neutral 3 D #N/A N/A Not Provided 16.01.2013
CA Cheuvreux BEAT KEISER outperform 5 M 900 Not Provided 11.01.2013
JPMorgan DAVID PITURA underweight 1 M 625 6 month 19.11.2012
Holdings By:
easyJet PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ebro Foods SA processes food products. The Company produces rice, pasta, dairy
products, and truffles.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.01.2013) 15.25
52-Week Low (25.07.2012) 12.16
Daily Volume
14.48
52-Week High % Change -5.05% Dividend Yield 3.25
52-Week Low % Change 19.10% Beta 0.61
% 52 Week Price Range High/Low 75.10% Equity Float 76.02
Shares Out 04.12.2012 153.9 Short Int -
2'227.97 1 Yr Total Return -0.41%
Total Debt 489.15 YTD Return -2.41%
Preferred Stock 0.0 Adjusted BETA 0.611
Minority Interest 1.2 Analyst Recs 20
Cash and Equivalents 102.08 Consensus Rating 4.150
Enterprise Value 2'586.54
Average Volume 5 Day 467'170
EBRO SQ EQUITY YTD Change - Average Volume 30 Day 480'420
EBRO SQ EQUITY YTD % CHANGE - Average Volume 3 Month 619'167
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'004.2 2'367.9 1'765.4 1'702.0 1'804.1 1'754.0 2'016.7 2'069.4 2'111.8 544.1 -
1.47x 1.04x 1.58x 1.44x 1.41x 0.00x 0.00x 1.22x 1.16x - -
230.9 264.8 228.2 259.7 270.8 0.0 0.0 298.5 303.0 89.5 -
12.73x 9.30x 12.21x 9.42x 9.41x 0.00x 0.00x 8.67x 8.54x - -
99.5 130.6 176.5 388.8 151.5 135.4 169.0 162.8 158.1 53.2 -
31.91x 19.86x 22.62x 18.78x 14.44x 14.60x 12.49x 13.76x 13.96x - -
EBITDA 270.84 Long-Term Rating Date -
EBIT 219.07 Long-Term Rating -
Operating Margin 12.14% Long-Term Outlook -
Pretax Margin 12.33% Short-Term Rating Date -
Return on Assets 6.09% Short-Term Rating -
Return on Common Equity 10.38%
Return on Capital - EBITDA/Interest Exp. 29.79
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 22.46
Net Debt/EBITDA 1.17
Gross Margin - Total Debt/EBITDA 1.50
EBITDA Margin 15.4%
EBIT Margin 12.6% Total Debt/Equity 30.8%
Net Income Margin 8.4% Total Debt/Capital 23.5%
Asset Turnover 0.74
Current Ratio 1.56 Net Fixed Asset Turnover 4.30
Quick Ratio 0.79 Accounts receivable turnover-days 54.68
Debt to Assets 18.05% Inventory Days -
Tot Debt to Common Equity 30.82% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.69 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ebro Foods SAPrice/Volume
Valuation Analysis
675'820.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALIMENTOS Y ACEITES n/a EXCH 15'880'688 10.32 - 11.12.2012 Other
CORP ECONOMICA DAMM n/a Co File 14'850'000 9.65 - 31.12.2011 Other
INST HISPANICO DEL A n/a EXCH 13'725'601 8.92 - 11.12.2012 Other
ALBA PARTICIPACIONES n/a Co File 12'498'830 8.12 - 31.12.2011 Other
HISPAFOODS INVEST SL n/a EXCH 10'707'282 6.96 - 11.12.2012 Corporation
UBS n/a ULT-AGG 6'164'894 4.01 803'373 11.01.2013 Unclassified
CASA GRANDE CARTAGEN n/a Co File 5'193'290 3.38 - 31.12.2011 Other
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'031'982 1.97 30'319 28.12.2012 Mutual Fund Manager
CASTELLO CLEMENTE FE n/a EXCH 2'307'828 1.5 23'078 11.12.2012 n/a
COMENGE SANCH JOSE I n/a EXCH 2'027'279 1.32 20'272 11.12.2012 n/a
BEGINDAU SL n/a EXCH 1'267'851 0.82 - 11.12.2012 Pension Fund (ERISA)
HANDELSBANKEN FONDBO Multiple Portfolios MF-AGG 1'200'000 0.78 - 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 896'867 0.58 8'373 31.12.2012 Investment Advisor
SOCIETE GENERALE Multiple Portfolios MF-AGG 751'185 0.49 13'523 28.09.2012 Bank
BNP PARIBAS INV PART n/a ULT-AGG 702'669 0.46 (6'426) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 686'008 0.45 5'789 28.12.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 573'204 0.37 221'504 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 562'698 0.37 620 30.09.2012 Investment Advisor
Y CALVO-SOT LEOPOLDO n/a EXCH 546'000 0.35 - 21.11.2012 n/a
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 529'292 0.34 5'292 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander JOSE MANUEL ARROYAS buy 5 M 16 12 month 27.02.2013
BPI JOAO SAFARA SILVA neutral 3 M 16 Not Provided 25.02.2013
Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 16 Not Provided 22.02.2013
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE hold 3 D 14 Not Provided 21.02.2013
Exane BNP Paribas FRANCISCO RUIZ outperform 5 M 16 Not Provided 21.02.2013
AlphaValue SOPHIE CABO-BROSETA buy 5 M 20 6 month 21.02.2013
Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 M 15 12 month 20.02.2013
NMAS 1 Agencia de Valores ANA FUENTES neutral 3 M 16 12 month 18.02.2013
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO overweight 5 M 17 12 month 18.02.2013
Interdin Bolsa SOFIA REBUELTA VILLEGAS neutral 3 N 15 Not Provided 15.02.2013
Link Securities PAULA SAMPEDRO accumulate 4 M 16 Not Provided 22.01.2013
Espirito Santo Investment Bank ResearchMANUEL ALBUQUERQUE buy 5 M 18 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS select list 5 M 17 Not Provided 16.01.2013
Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS hold 3 D 16 Not Provided 09.01.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 17 Not Provided 21.11.2012
BBVA JUAN ROS PADILLA outperform 5 M 17 Not Provided 08.10.2012
La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 M 17 Not Provided 14.09.2012
Mirabaud Finanzas Sociedad de Valores SENRIQUE YAGUEZ AVILES overweight 5 M 16 12 month 25.05.2012
Holdings By:
Ebro Foods SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Eiffage SA is a contractor and a concessionaire. It operates through five
business lines, including concessions and public-private partnerships,
construction, public works, energy, metal. The Company is mainly active in
European countries and also in Senegal.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (10.01.2013) 37.75
52-Week Low (26.07.2012) 20.53
Daily Volume
33.995
52-Week High % Change -9.95% Dividend Yield -
52-Week Low % Change 65.63% Beta 1.23
% 52 Week Price Range High/Low 78.20% Equity Float 38.13
Shares Out 31.12.2012 87.2 Short Int -
2'963.08 1 Yr Total Return 19.82%
Total Debt 16'112.00 YTD Return 1.27%
Preferred Stock 0.0 Adjusted BETA 1.232
Minority Interest (1.0) Analyst Recs 18
Cash and Equivalents 2'402.00 Consensus Rating 3.722
Enterprise Value 17'070.08
Average Volume 5 Day 178'062
FGR FP EQUITY YTD Change - Average Volume 30 Day 134'727
FGR FP EQUITY YTD % CHANGE - Average Volume 3 Month 167'664
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
13'673.0 13'639.0 13'553.0 13'802.0 14'000.0 0.0 9'969.0 14'192.7 14'573.7 3'737.5 -
1.14x 1.20x 1.25x 1.11x - #DIV/0! 0.00x 1.13x 1.08x - -
1'858.0 1'807.0 1'852.0 1'939.0 - 0.0 0.0 2'105.2 2'192.1 - -
8.36x 9.09x 9.11x 7.90x - 0.00x 0.00x 8.11x 7.79x - -
293.0 190.0 232.0 205.0 220.0 0.0 0.0 274.4 321.8 - -
11.57x 18.10x 12.36x 7.93x 13.30x 0.00x 0.00x 10.86x 9.64x - -
EBITDA 1'939.00 Long-Term Rating Date -
EBIT 1'104.00 Long-Term Rating -
Operating Margin 8.00% Long-Term Outlook -
Pretax Margin 2.77% Short-Term Rating Date -
Return on Assets 0.80% Short-Term Rating -
Return on Common Equity 9.14%
Return on Capital 4.33% EBITDA/Interest Exp. 2.91
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 2.60
Net Debt/EBITDA 7.13
Gross Margin - Total Debt/EBITDA 7.97
EBITDA Margin 14.3%
EBIT Margin 8.3% Total Debt/Equity 686.2%
Net Income Margin 1.6% Total Debt/Capital 87.3%
Asset Turnover 0.52
Current Ratio 0.95 Net Fixed Asset Turnover 9.84
Quick Ratio 0.76 Accounts receivable turnover-days 118.49
Debt to Assets 59.30% Inventory Days -
Tot Debt to Common Equity 686.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.09 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
Eiffage SAPrice/Volume
Valuation Analysis
197'190.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRO BTP FINANCE n/a Research 22'150'890 25.41 - 15.12.2011 Unclassified
FONDS STRATEGIQUE D' n/a Co File 17'966'000 20.61 - 31.12.2011 Investment Advisor
EIFFAIME n/a Co File 7'225'354 8.29 - 31.12.2011 Other
GROUPAMA SA n/a Co File 6'037'520 6.93 - 31.12.2011 Insurance Company
BLACKROCK n/a ULT-AGG 1'673'204 1.92 955 26.02.2013 Investment Advisor
EIFFAGE n/a Co File 1'594'128 1.83 - 31.12.2011 Holding Company
MEDITOR CAPITAL MANA n/a Short (950'067) -1.09 8'716 21.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 462'675 0.53 10'926 31.12.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (409'662) -0.47 190'013 04.04.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 274'943 0.32 - 31.10.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 184'500 0.21 83'200 31.12.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 175'351 0.2 (32'596) 31.12.2012 Mutual Fund Manager
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 170'000 0.2 14'621 31.12.2012 Investment Advisor
MM ASSET MANAGEMENT Multiple Portfolios MF-AGG 143'571 0.16 (5'079) 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 132'531 0.15 - 31.07.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 129'100 0.15 1'000 01.02.2013 Investment Advisor
ETOILE GESTION Multiple Portfolios MF-AGG 129'000 0.15 15'000 28.09.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 125'942 0.14 45'585 31.10.2012 Investment Advisor
CPR ASSET MANAGEMENT Multiple Portfolios MF-AGG 99'691 0.11 (8'239) 31.07.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 77'891 0.09 (3'486) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI FILIPE MARTINS LEITE reduce 2 M 34 Not Provided 25.02.2013
Aurel - BGC ERIC LEMARIE hold 3 M 31 6 month 22.02.2013
Kepler Capital Markets JOSEP PUJAL reduce 2 M 35 Not Provided 22.02.2013
Exane BNP Paribas NICOLAS MORA outperform 5 M 43 Not Provided 21.02.2013
AlphaValue GAETAN DUPONT add 4 M 36 6 month 21.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.02.2013
Deutsche Bank MANU RIMPELA buy 5 M 40 12 month 15.02.2013
Societe Generale MURIEL FELLOUS hold 3 M 34 12 month 14.02.2013
Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 33 6 month 11.02.2013
Natixis GREGOIRE THIBAULT buy 5 M 41 Not Provided 16.01.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 M 41 12 month 14.01.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 46 12 month 11.01.2013
Day by Day VALERIE GASTALDY buy 5 M 38 3 month 09.01.2013
Raymond James ARNAUD PALLIEZ market perform 3 D #N/A N/A Not Provided 07.01.2013
HSBC PIERRE BOSSET overweight 5 M 39 Not Provided 07.01.2013
Oddo & Cie OLIVIER BECKER buy 5 M 39 Not Provided 05.10.2012
JPMorgan ELODIE RALL neutral 3 M 29 6 month 30.08.2012
CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 50 Not Provided 11.07.2011
Holdings By:
Eiffage SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Electrocomponents plc distributes electronics and maintenance products. The
Company offers products through catalogues, the internet, and at trade
counters. Electrocomponents PLC's products include electronics, electrical,
mechanical, automation, and health and safety components.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (16.03.2012) 267.20
52-Week Low (14.06.2012) 193.70
Daily Volume
258.2
52-Week High % Change -3.37% Dividend Yield 4.55
52-Week Low % Change 33.30% Beta 1.13
% 52 Week Price Range High/Low 87.76% Equity Float 437.49
Shares Out 01.02.2013 438.1 Short Int -
1'131.18 1 Yr Total Return 13.06%
Total Debt 181.60 YTD Return 8.49%
Preferred Stock 0.0 Adjusted BETA 1.131
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 19.80 Consensus Rating 2.765
Enterprise Value 1'298.08
Average Volume 5 Day 1'079'506
ECM LN EQUITY YTD Change - Average Volume 30 Day 1'060'452
ECM LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'069'383
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 - -
924.8 974.6 972.6 1'182.2 1'267.4 - - 1'240.5 1'279.8 - -
1.02x 0.77x 1.16x 1.12x 0.98x - - 1.03x 0.99x - -
129.4 141.4 108.9 146.7 156.1 - - 133.8 146.0 - -
7.28x 5.29x 10.39x 9.05x 7.97x - - 9.70x 8.89x - -
63.9 66.2 52.6 78.2 84.9 - - 67.7 76.0 - -
12.37x 8.23x 18.20x 14.88x 12.73x - - 16.55x 15.01x - -
EBITDA 156.10 Long-Term Rating Date -
EBIT 128.20 Long-Term Rating -
Operating Margin 10.12% Long-Term Outlook -
Pretax Margin 9.65% Short-Term Rating Date -
Return on Assets 8.83% Short-Term Rating -
Return on Common Equity 20.17%
Return on Capital 14.28% EBITDA/Interest Exp. 20.54
Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. 15.49
Net Debt/EBITDA 1.22
Gross Margin 46.8% Total Debt/EBITDA 1.31
EBITDA Margin 10.9%
EBIT Margin 8.9% Total Debt/Equity 49.6%
Net Income Margin 6.7% Total Debt/Capital 33.2%
Asset Turnover 1.54
Current Ratio 2.20 Net Fixed Asset Turnover 11.29
Quick Ratio 1.00 Accounts receivable turnover-days 58.70
Debt to Assets 21.34% Inventory Days 138.27
Tot Debt to Common Equity 49.62% Accounts Payable Turnover Day 100.75
Accounts Receivable Turnover 6.24 Cash Conversion Cycle 124.16
Inventory Turnover 2.65
Fiscal Year Ended
Electrocomponents PLCPrice/Volume
Valuation Analysis
549'295.00
Current Price (2/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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1'200.0
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SILCHESTER INTL INVE n/a Co File 83'089'855 18.97 - 23.05.2012 Investment Advisor
FMR LLC n/a ULT-AGG 43'083'056 9.83 (2'907'836) 01.12.2012 Investment Advisor
MAJEDIE ASSET MANAGE Multiple Portfolios REG 38'553'549 8.8 6'829'322 01.12.2012 Investment Advisor
SPRUCEGROVE INVESTME n/a Co File 33'046'296 7.54 - 23.05.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a RNS-MAJ 22'304'805 5.09 - 06.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 19'632'721 4.48 1'724'982 01.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 19'194'146 4.38 883'532 31.01.2013 Unclassified
SANDERSON ASSET MANA n/a Co File 18'240'445 4.16 - 23.05.2012 Investment Advisor
OPPENHEIMERFUNDS INC n/a Co File 17'649'626 4.03 - 23.05.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 16'824'897 3.84 1'949'532 31.10.2012 Investment Advisor
UBS n/a ULT-AGG 11'526'266 2.63 (187'549) 01.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 10'515'308 2.4 2'722'093 01.12.2012 Government
THREADNEEDLE ASSET M Multiple Portfolios REG 8'496'918 1.94 (4'975'126) 01.12.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 7'720'725 1.76 (2'180'000) 31.10.2012 Investment Advisor
HERONBRIDGE INVESTME Multiple Portfolios REG 7'691'702 1.76 1'015'066 01.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 6'441'928 1.47 (2'495'167) 01.12.2012 Unclassified
JO HAMBRO CAPITAL MA Multiple Portfolios REG 5'595'725 1.28 (2'870'000) 01.12.2012 Mutual Fund Manager
STANDARD LIFE INVEST Multiple Portfolios REG 4'968'000 1.13 103'135 01.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'889'172 1.12 80'720 31.12.2012 Investment Advisor
CHEVIOT ASSET MANAGE Multiple Portfolios REG 4'871'655 1.11 407'292 01.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cantor Fitzgerald CAROLINE DE LA SOUJEOLE hold 3 M 250 Not Provided 21.02.2013
Canaccord Genuity Corp JULIAN CATER buy 5 M 265 Not Provided 18.02.2013
Credit Suisse DAVID RIGBY outperform 5 M 280 Not Provided 07.02.2013
Numis Securities Ltd STEVE WOOLF hold 3 M 260 Not Provided 04.02.2013
RBC Capital Markets DAVID GREENALL sector perform 3 M 260 12 month 01.02.2013
Shore Capital Stockbrokers ROBIN SPEAKMAN sell 1 M #N/A N/A Not Provided 01.02.2013
Panmure Gordon & Co Limited ANDY BROWN sell 1 M 175 Not Provided 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 314 12 month 18.12.2012
Espirito Santo Investment Bank ResearchGUY HEWETT neutral 3 U 200 Not Provided 07.12.2012
HSBC MATTHEW LLOYD neutral 3 M 225 Not Provided 28.11.2012
Peel Hunt HENRY CARVER sell 1 M 190 Not Provided 23.11.2012
Jefferies KEAN MARDEN hold 3 M 200 12 month 31.10.2012
Deutsche Bank ANDY CHU hold 3 M 205 12 month 17.10.2012
Barclays JANE SPARROW equalweight 3 M 216 Not Provided 02.10.2012
Holdings By:
Electrocomponents PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Elementis plc is a global specialty chemicals company. The Company comprises
three businesses. Specialty Products produces rheology additives that enhance
the flow characteristics of liquids in a wide range of applications, such as in
coatings, cosmetics and oilfield drilling. Surfactants produces surface active
ingredients. Chromium manufactures a range of chromium chemicals.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (27.02.2013) 246.60
52-Week Low (29.02.2012) 160.20
Daily Volume
242.2
52-Week High % Change -1.78% Dividend Yield 2.11
52-Week Low % Change 51.19% Beta 1.04
% 52 Week Price Range High/Low 94.91% Equity Float 429.65
Shares Out 31.01.2013 453.6 Short Int -
1'098.55 1 Yr Total Return 49.04%
Total Debt 19.10 YTD Return 4.17%
Preferred Stock 0.0 Adjusted BETA 1.040
Minority Interest 1.6 Analyst Recs 9
Cash and Equivalents 63.10 Consensus Rating 3.444
Enterprise Value 1'624.32
Average Volume 5 Day 1'153'203
ELM LN EQUITY YTD Change - Average Volume 30 Day 1'032'636
ELM LN EQUITY YTD % CHANGE - Average Volume 3 Month 792'560
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 - -
741.7 569.5 697.4 760.5 757.0 - - 798.4 832.9 - -
0.58x 0.84x 1.55x 1.23x 2.21x - - 2.01x 1.90x - -
135.6 68.3 124.4 157.9 165.2 - - 179.1 189.1 - -
3.17x 6.98x 8.69x 5.91x 10.11x - - 9.07x 8.59x - -
36.7 (57.9) 74.1 124.1 107.1 - - 112.7 117.6 - -
8.28x - 13.34x 7.66x 15.93x - - 14.70x 13.76x - -
EBITDA 165.20 Long-Term Rating Date -
EBIT 143.90 Long-Term Rating -
Operating Margin 19.01% Long-Term Outlook -
Pretax Margin 18.65% Short-Term Rating Date -
Return on Assets 13.08% Short-Term Rating -
Return on Common Equity 23.04%
Return on Capital 22.72% EBITDA/Interest Exp. 35.15
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 27.00
Net Debt/EBITDA -0.27
Gross Margin 38.5% Total Debt/EBITDA 0.12
EBITDA Margin 21.8%
EBIT Margin 19.0% Total Debt/Equity 4.0%
Net Income Margin 14.1% Total Debt/Capital 3.8%
Asset Turnover 0.92
Current Ratio 2.56 Net Fixed Asset Turnover 4.19
Quick Ratio 1.50 Accounts receivable turnover-days 50.38
Debt to Assets 2.21% Inventory Days 97.71
Tot Debt to Common Equity 3.97% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.26 Cash Conversion Cycle 99.05
Inventory Turnover 3.75
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
Elementis PLCPrice/Volume
Valuation Analysis
881'436.00
Current Price (2/dd/yy) Market Data
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200.0
300.0
400.0
500.0
600.0
700.0
800.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCHRODERS PLC n/a Co File 44'613'178 9.84 - 28.02.2012 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 40'437'780 8.92 1'679'900 01.12.2012 Investment Advisor
NORGES BANK n/a RNS-MAJ 23'037'188 5.08 198'125 22.01.2013 Government
AMERIPRISE FINANCIAL n/a RNS-MAJ 22'734'503 5.01 431'268 11.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'051'259 4.86 - 26.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 19'546'152 4.31 (3'122'498) 01.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 19'541'689 4.31 (5'304'843) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 17'219'369 3.8 (8'359'130) 22.01.2013 Unclassified
FMR LLC n/a ULT-AGG 14'618'386 3.22 5'156'560 31.12.2012 Investment Advisor
CAZENOVE CAPITAL MAN Multiple Portfolios REG 12'674'250 2.79 3'310'958 01.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 12'232'908 2.7 1'688'720 31.12.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 11'365'000 2.51 888'488 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 10'732'682 2.37 3'521'513 01.12.2012 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios REG 10'223'019 2.25 (209'994) 01.12.2012 Investment Advisor
WILLIAM BLAIR & COMP Multiple Portfolios REG 9'818'242 2.16 5'355'481 01.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 9'756'885 2.15 (309'235) 01.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 9'662'042 2.13 (4'125'012) 01.12.2012 Unclassified
HARGREAVE n/a ULT-AGG 8'756'597 1.93 (498'145) 01.12.2012 Unclassified
SMITH & WILLIAMSON H n/a ULT-AGG 8'425'685 1.86 (186'437) 31.01.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 8'393'379 1.85 (1'476'165) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 265 12 month 27.02.2013
Numis Securities Ltd CHARLES PICK hold 3 M 220 Not Provided 25.02.2013
Berenberg Bank JAIDEEP PANDYA buy 5 M 275 Not Provided 21.02.2013
Barclays GUNTHER ZECHMANN underweight 1 M 203 Not Provided 04.02.2013
N+1 Singer Ltd JAMES TETLEY corporate #N/A N/A M #N/A N/A Not Provided 28.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
JPMorgan MARTIN EVANS neutral 3 M 200 9 month 07.12.2012
Westhouse Securities RICKY PLATT suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012
Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 223 Not Provided 26.10.2012
Holdings By:
Elementis PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade
chemical intermediates, fine chemicals, and protective bonding, coating and
sealing products. The Company supplies its products to the automotive,
transportation, and textile industries.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (20.02.2013) 266.75
52-Week Low (24.05.2012) 161.00
Daily Volume
262.5
52-Week High % Change -1.59% Dividend Yield -
52-Week Low % Change 63.04% Beta 0.81
% 52 Week Price Range High/Low 95.98% Equity Float 7.08
Shares Out 30.06.2012 23.4 Short Int -
6'139.62 1 Yr Total Return 57.95%
Total Debt 162.77 YTD Return 21.87%
Preferred Stock 0.0 Adjusted BETA 0.813
Minority Interest 15.1 Analyst Recs 6
Cash and Equivalents 433.11 Consensus Rating 3.333
Enterprise Value 5'884.38
Average Volume 5 Day 25'411
EMSN SE EQUITY YTD Change - Average Volume 30 Day 28'217
EMSN SE EQUITY YTD % CHANGE - Average Volume 3 Month 39'506
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3
1'503.9 1'197.7 1'595.6 1'657.7 1'755.0 0.0 254.0 1'836.8 1'936.6 - 434.0
1.16x 2.02x 2.17x 2.09x - #DIV/0! 0.00x 3.12x 2.93x - -
283.2 272.2 351.4 347.3 - 0.0 0.0 391.6 416.2 - -
6.15x 8.91x 9.88x 9.98x - 0.00x 0.00x 15.03x 14.14x - -
211.8 216.1 225.9 237.1 273.0 0.0 0.0 272.4 290.4 - -
9.57x 12.82x 17.08x 15.69x 18.45x 0.00x 0.00x 22.50x 21.11x - -
EBITDA 347.27 Long-Term Rating Date -
EBIT 295.26 Long-Term Rating -
Operating Margin 17.81% Long-Term Outlook -
Pretax Margin 17.79% Short-Term Rating Date -
Return on Assets 14.33% Short-Term Rating -
Return on Common Equity 21.17%
Return on Capital - EBITDA/Interest Exp. 103.63
Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 80.99
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 18.1% Total Debt/Equity 15.6%
Net Income Margin 15.6% Total Debt/Capital 13.3%
Asset Turnover 0.97
Current Ratio 2.87 Net Fixed Asset Turnover 3.38
Quick Ratio 1.83 Accounts receivable turnover-days 73.78
Debt to Assets 9.96% Inventory Days -
Tot Debt to Common Equity 15.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.96 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
EMS-Chemie Holding AGPrice/Volume
Valuation Analysis
16'068.00
Current Price (2/dd/yy) Market Data
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400.0
600.0
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1'400.0
1'600.0
1'800.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EMESTA HOLDING AG n/a Co File 14'225'190 60.82 - 31.12.2011 Corporation
BLOCHER MIRIAM n/a Co File 2'079'282 8.89 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 159'531 0.68 33'309 31.12.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 81'618 0.35 3'304 31.12.2012 Investment Advisor
IST FUND MANAGERS Multiple Portfolios MF-AGG 68'686 0.29 (580) 31.12.2012 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 68'620 0.29 271 28.12.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 65'943 0.28 447 28.12.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 64'216 0.27 (782) 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 48'320 0.21 371 26.02.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 37'766 0.16 (465) 30.11.2012 Mutual Fund Manager
RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 27'500 0.12 27'500 31.10.2012 Investment Advisor
LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 24'450 0.1 (3'250) 28.12.2012 Mutual Fund Manager
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 11'991 0.05 (1'070) 31.12.2012 Mutual Fund Manager
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 11'100 0.05 3'450 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10'929 0.05 - 31.07.2012 Investment Advisor
SEB n/a ULT-AGG 9'750 0.04 3'129 31.12.2012 Unclassified
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 9'087 0.04 (6'175) 31.10.2012 Mutual Fund Manager
LEGAL & GENERAL n/a ULT-AGG 8'953 0.04 - 28.12.2012 Unclassified
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'947 0.04 - 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'123 0.03 8'123 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 11.02.2013
Main First Bank AG BERND POMREHN outperform 5 U 265 12 month 10.02.2013
Kepler Capital Markets BETTINA EDMONDSTON reduce 2 M 200 Not Provided 09.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Bank Vontobel AG PATRICK RAFAISZ reduce 2 D 180 Not Provided 16.11.2012
Holdings By:
EMS-Chemie Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Endesa, S.A. generates, distributes, and trades electricity in Spain, Italy,
France, Portugal, North Africa, and Latin America. The Company distributes
natural gas, operates co-generation plants, and treats and distributes water.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (09.01.2013) 17.88
52-Week Low (25.07.2012) 11.30
Daily Volume
17.18
52-Week High % Change -3.89% Dividend Yield -
52-Week Low % Change 52.04% Beta 0.84
% 52 Week Price Range High/Low 89.43% Equity Float 84.03
Shares Out 31.12.2012 1'058.8 Short Int -
18'189.36 1 Yr Total Return 16.46%
Total Debt 10'860.00 YTD Return 1.84%
Preferred Stock 0.0 Adjusted BETA 0.843
Minority Interest 5'716.0 Analyst Recs 25
Cash and Equivalents 7'423.00 Consensus Rating 4.040
Enterprise Value 27'342.36
Average Volume 5 Day 618'331
ELE SQ EQUITY YTD Change - Average Volume 30 Day 382'318
ELE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 613'653
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
22'836.0 25'925.0 31'177.0 32'686.0 33'642.0 32'401.0 33'490.0 32'650.1 33'687.6 - -
2.10x 1.84x 1.02x 0.84x 0.80x 3.93x 3.16x 0.90x 0.78x - -
6'903.0 7'228.0 7'474.0 7'265.0 7'310.0 7'288.0 7'336.0 6'710.3 6'952.9 - -
6.93x 6.61x 4.25x 3.80x 3.70x 3.79x 3.68x 4.07x 3.93x - -
7'169.0 3'430.0 4'129.0 2'212.0 2'034.0 2'212.0 2'034.0 1'894.4 2'088.9 495.0 495.0
13.26x 7.39x 4.95x 7.58x 8.79x 7.59x 8.78x 9.67x 8.80x - -
EBITDA 7'310.00 Long-Term Rating Date 08.03.2012
EBIT 4'723.00 Long-Term Rating BBB+
Operating Margin 14.04% Long-Term Outlook NEG
Pretax Margin 11.37% Short-Term Rating Date 14.12.2007
Return on Assets 3.46% Short-Term Rating A-2
Return on Common Equity 10.18%
Return on Capital - EBITDA/Interest Exp. 9.29
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 5.69
Net Debt/EBITDA 0.47
Gross Margin 31.3% Total Debt/EBITDA 1.48
EBITDA Margin 21.9%
EBIT Margin 14.2% Total Debt/Equity 52.6%
Net Income Margin 6.0% Total Debt/Capital 29.2%
Asset Turnover 0.57
Current Ratio 1.32 Net Fixed Asset Turnover -
Quick Ratio 1.20 Accounts receivable turnover-days 57.57
Debt to Assets 18.48% Inventory Days 17.64
Tot Debt to Common Equity 52.58% Accounts Payable Turnover Day 114.49
Accounts Receivable Turnover 6.36 Cash Conversion Cycle -53.94
Inventory Turnover 20.75
Fiscal Year Ended
Endesa SAPrice/Volume
Valuation Analysis
1'223'600.00
Current Price (2/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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25'000.0
30'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ENEL SPA n/a Co File 974'717'763 92.06 - 31.12.2011 Corporation
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'056'600 0.19 (3'000) 31.01.2013 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1'017'715 0.1 (21'018) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 947'536 0.09 672 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 511'000 0.05 (30'000) 31.10.2012 Unclassified
BLACKROCK n/a ULT-AGG 304'337 0.03 703 26.02.2013 Investment Advisor
OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 282'060 0.03 127'897 31.10.2012 Mutual Fund Manager
BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 252'479 0.02 (8'000) 30.11.2012 Mutual Fund Manager
SYMPHONIA SGR SPA Multiple Portfolios MF-AGG 212'743 0.02 26'465 28.12.2012 Investment Advisor
ABANTE ASESORES GEST Multiple Portfolios MF-AGG 142'000 0.01 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 127'588 0.01 (37'057) 31.08.2012 Mutual Fund Manager
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 126'749 0.01 16'504 31.12.2012 Mutual Fund Manager
BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 115'360 0.01 115'360 30.09.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 106'229 0.01 - 26.02.2013 Investment Advisor
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 103'035 0.01 46'450 30.11.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 102'773 0.01 - 31.05.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 86'613 0.01 (28'087) 31.07.2012 Investment Advisor
VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 86'582 0.01 - 31.08.2012 Mutual Fund Manager
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 83'000 0.01 - 31.12.2012 Investment Advisor
DEGROOF GESTION INST Multiple Portfolios MF-AGG 80'800 0.01 - 30.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banesto Bolsa SA Sociedad ANTONIO CRUZ overweight 5 M 22 12 month 27.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 26.02.2013
Goldman Sachs FRED BARASI neutral/attractive 3 M 23 12 month 19.02.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE buy 5 M 20 6 month 18.02.2013
Exane BNP Paribas MANUEL PALOMO neutral 3 M 19 Not Provided 13.02.2013
Societe Generale JORGE ALONSO SUILS hold 3 M 17 12 month 05.02.2013
Berenberg Bank ROBERT CHANTRY buy 5 N 20 Not Provided 05.02.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 U 21 Not Provided 05.02.2013
Grupo Santander BOSCO MUGUIRO buy 5 M 24 Not Provided 04.02.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 18 Not Provided 04.02.2013
Nomura JAVIER SUAREZ neutral 3 M 16 12 month 30.01.2013
La Caixa FERNANDO MURILLO GUIRAO buy 5 M 24 Not Provided 28.01.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 17 12 month 28.01.2013
Barclays MONICA GIRARDI overweight 5 M 22 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux JOSE PORTA SAUDAN outperform 5 M 19 Not Provided 12.12.2012
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 18 Not Provided 19.10.2012
Bankia Bolsa (ESN) VICTOR PEIRO PEREZ hold 3 M 18 12 month 10.10.2012
Macquarie ATALLAH ESTEPHAN underperform 1 M 15 12 month 20.09.2012
Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 21 12 month 17.09.2012
BBVA ISIDORO DEL ALAMO market perform 3 M 16 Not Provided 16.09.2012
Hammer Partners SA CHRIS MOORE buy 5 M 17 Not Provided 30.05.2012
JPMorgan JAVIER GARRIDO neutral 3 U 19 Not Provided 27.01.2012
Natixis PHILIPPE OURPATIAN reduce 2 M 18 Not Provided 09.11.2011
AlphaValue VINCENT DOARE buy 5 M 32 6 month 05.05.2010
Holdings By:
Endesa SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Etablissements Maurel et Prom is a mid-size oil and gas company. The Company
has operations in Africa and Latin America.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.02.2013) 15.05
52-Week Low (04.06.2012) 10.16
Daily Volume
14.155
52-Week High % Change -5.95% Dividend Yield -
52-Week Low % Change 39.32% Beta 0.98
% 52 Week Price Range High/Low 81.70% Equity Float 86.62
Shares Out 30.06.2012 121.5 Short Int -
1'719.74 1 Yr Total Return 2.89%
Total Debt 349.24 YTD Return 11.63%
Preferred Stock 0.0 Adjusted BETA 0.980
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 60.77 Consensus Rating 3.667
Enterprise Value 2'122.43
Average Volume 5 Day 459'704
MAU FP EQUITY YTD Change - Average Volume 30 Day 621'654
MAU FP EQUITY YTD % CHANGE - Average Volume 3 Month 455'362
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
289.5 93.0 191.9 217.0 373.6 52.9 346.2 452.7 534.6 - -
4.67x 12.23x 7.76x 6.73x 4.41x 0.00x 0.00x 4.81x 4.17x - -
93.9 21.1 78.7 125.1 247.3 0.0 0.0 323.2 399.2 - -
14.38x 53.84x 18.92x 11.67x 6.66x 0.00x 0.00x 6.57x 5.32x - -
766.1 62.5 (50.7) (138.8) 164.6 0.0 0.0 95.6 151.9 - -
- - - - 8.91x 0.00x 0.00x 20.69x 13.18x - -
EBITDA 247.27 Long-Term Rating Date -
EBIT 145.14 Long-Term Rating -
Operating Margin 38.85% Long-Term Outlook -
Pretax Margin 66.07% Short-Term Rating Date -
Return on Assets 6.41% Short-Term Rating -
Return on Common Equity 13.04%
Return on Capital 9.61% EBITDA/Interest Exp. 6.14
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 1.70
Net Debt/EBITDA 1.79
Gross Margin - Total Debt/EBITDA 1.96
EBITDA Margin 65.0%
EBIT Margin 25.7% Total Debt/Equity 45.6%
Net Income Margin 44.1% Total Debt/Capital 31.3%
Asset Turnover 0.21
Current Ratio 1.23 Net Fixed Asset Turnover 0.55
Quick Ratio 0.62 Accounts receivable turnover-days 92.81
Debt to Assets 23.47% Inventory Days -
Tot Debt to Common Equity 45.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.94 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Etablissements Maurel et PromPrice/Volume
Valuation Analysis
477'609.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PACIFICO n/a Co File 28'750'246 23.66 - 31.12.2011 Corporation
MACIF n/a Co File 8'324'204 6.85 - 31.12.2011 Insurance Company
MAUREL ET PROM n/a Research 5'968'825 4.91 (301'293) 31.01.2012 Corporation
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'109'013 0.91 84'650 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 910'522 0.75 21'676 31.12.2012 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (814'006) -0.67 36'448 20.02.2013 Hedge Fund Manager
PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 711'606 0.59 179'200 30.09.2012 Investment Advisor
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 618'104 0.51 - 31.12.2012 Investment Advisor
BNP PARIBAS SA n/a Short (595'318) -0.49 36'448 14.02.2013 Bank
MMA FINANCE Multiple Portfolios MF-AGG 572'670 0.47 (58'590) 29.06.2012 Mutual Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 427'642 0.35 192'642 31.12.2012 Mutual Fund Manager
PALATINE ASSET MANAG Multiple Portfolios MF-AGG 400'000 0.33 (100'000) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 371'688 0.31 - 26.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 356'215 0.29 - 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 350'000 0.29 - 28.12.2012 Investment Advisor
GENERALI FINANCES Multiple Portfolios MF-AGG 333'722 0.27 (4'800) 29.11.2012 Investment Advisor
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 310'000 0.26 - 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 306'350 0.25 - 31.12.2012 Mutual Fund Manager
DWS INVESTMENT SA Multiple Portfolios MF-AGG 290'000 0.24 (60'000) 28.12.2012 Mutual Fund Manager
COVEA FINANCE SAS Multiple Portfolios MF-AGG 266'130 0.22 - 30.09.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Arkeon Finance MATHIEU JASMIN buy 5 M 16 Not Provided 27.02.2013
Societe Generale DAVID MIRZAI sell 1 M 13 12 month 25.02.2013
SBG Securities LIONEL THEROND sell 1 M 13 12 month 19.02.2013
Exane BNP Paribas ALEX TOPOUZOGLOU outperform 5 M 19 Not Provided 11.02.2013
CM - CIC Securities(ESN) JEAN-LUC ROMAIN hold 3 M 15 12 month 08.02.2013
Tudor Pickering & Co ANISH KAPADIA buy 5 M 24 Not Provided 08.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs CHRISTOPHOR JOST buy/attractive 5 M 21 12 month 17.12.2012
Natixis JULIEN LAURENT buy 5 M 20 Not Provided 22.11.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 16 Not Provided 15.12.2011
Oddo & Cie OLIVIER BECKER add 4 M 9 Not Provided 21.01.2011
Holdings By:
Etablissements Maurel et Prom ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Eurasian Natural Resources Corporation is a diversified international miner.
The Company's main products are ferrochrome, iron ore, alumina and aluminium,
copper, cobalt, coal and electricity. Eurasian Natural Resources has operations
in Kazakhstan, Russia, and the PRC.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (29.02.2012) 727.50
52-Week Low (16.11.2012) 259.60
Daily Volume
347
52-Week High % Change -52.30% Dividend Yield 3.32
52-Week Low % Change 33.67% Beta 1.63
% 52 Week Price Range High/Low 18.68% Equity Float 311.73
Shares Out 30.06.2012 1'287.8 Short Int -
4'468.49 1 Yr Total Return -49.31%
Total Debt 1'593.00 YTD Return 22.18%
Preferred Stock 0.0 Adjusted BETA 1.626
Minority Interest 336.0 Analyst Recs 25
Cash and Equivalents 508.00 Consensus Rating 3.440
Enterprise Value 10'520.60
Average Volume 5 Day 4'987'453
ENRC LN EQUITY YTD Change - Average Volume 30 Day 4'131'952
ENRC LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'825'492
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 01/yy 01/yy 12/12 Y 12/13 Y - -
4'106.0 6'823.0 3'831.0 6'605.0 7'705.0 - - 6'422.5 7'007.0 - -
3.69x 0.66x 4.93x 3.24x 1.83x - - 1.84x 1.78x - -
1'883.0 4'233.0 1'408.0 3'056.0 3'328.0 - - 1'973.6 2'166.8 - -
8.05x 1.07x 13.42x 6.99x 4.24x - - 5.33x 4.86x - -
798.0 2'642.0 1'045.0 2'185.0 1'974.0 - - 656.5 738.1 - -
16.15x 2.34x 18.21x 9.63x 6.43x - - 10.28x 9.27x - -
EBITDA 3'328.00 Long-Term Rating Date 15.02.2012
EBIT 2'789.00 Long-Term Rating BB-
Operating Margin 36.20% Long-Term Outlook NEG
Pretax Margin 35.76% Short-Term Rating Date 02.12.2009
Return on Assets 7.32% Short-Term Rating B
Return on Common Equity 11.63%
Return on Capital 9.96% EBITDA/Interest Exp. 18.09
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 6.56
Net Debt/EBITDA 1.34
Gross Margin 54.4% Total Debt/EBITDA 1.95
EBITDA Margin 36.4%
EBIT Margin 27.7% Total Debt/Equity 14.6%
Net Income Margin 25.6% Total Debt/Capital 12.4%
Asset Turnover 0.40
Current Ratio 1.90 Net Fixed Asset Turnover 0.67
Quick Ratio 0.74 Accounts receivable turnover-days -
Debt to Assets 10.27% Inventory Days 114.12
Tot Debt to Common Equity 14.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 99.94
Inventory Turnover 3.21
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
Eurasian Natural Resources Corp PLCPrice/Volume
Valuation Analysis
5'715'892.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KAZAKHMYS EURASIA BV Multiple Portfolios REG 331'216'976 25.72 - 03.12.2012 Corporation
CHODIEV PATOKH n/a Co File 187'836'250 14.59 - 16.04.2012 n/a
MACHKEVITCH ALEXANDE n/a Co File 187'836'250 14.59 - 16.04.2012 n/a
The State Property & Multiple Portfolios REG 150'047'116 11.65 - 03.12.2012 Unclassified
REPUBLIC OF KAZAKHST n/a Co File 150'047'116 11.65 - 16.04.2012 Government
IBRAGIMOV ALIJAN n/a Co File 113'836'250 8.84 - 16.04.2012 n/a
IBRAGIMOV FAMILY Multiple Portfolios REG 74'000'000 5.75 - 03.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 35'026'781 2.72 (11'035'331) 26.02.2013 Investment Advisor
Chodiev`s Family Multiple Portfolios REG 33'783'625 2.62 - 03.12.2012 Unclassified
SKAGEN AS Multiple Portfolios MF-AGG 14'369'377 1.12 3'677'616 31.01.2013 Mutual Fund Manager
GOVT OF SINGAPORE IN n/a ULT-AGG 13'373'609 1.04 1'237'467 03.12.2012 Government
SKAGEN FUNDS Multiple Portfolios REG 10'691'761 0.83 - 03.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 10'270'539 0.8 (1'976'745) 03.12.2012 Government
JP MORGAN n/a ULT-AGG 9'855'942 0.77 2'908'642 31.12.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 9'287'929 0.72 (457'684) 31.01.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios REG 8'167'419 0.63 4'356'680 03.12.2012 Investment Advisor
CAUSEWAY CAPITAL MAN Multiple Portfolios REG 5'635'291 0.44 (527'435) 03.12.2012 Investment Advisor
UBS n/a ULT-AGG 5'560'767 0.43 96'884 28.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'092'032 0.4 180'707 31.12.2012 Investment Advisor
MAJEDIE ASSET MANAGE Multiple Portfolios REG 4'871'600 0.38 1'962'227 03.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 340 Not Provided 27.02.2013
BMO Capital Markets TONY ROBSON market perform 3 M 350 Not Provided 25.02.2013
RBC Capital Markets TIMOTHY HUFF sector perform 3 M 325 12 month 25.02.2013
VTB Capital NIKOLAY SOSNOVSKIY hold 3 D 420 12 month 19.02.2013
Goldman Sachs YULIA CHEKUNAEVA neutral/attractive 3 M 400 12 month 15.02.2013
Macquarie ALON OLSHA outperform 5 M 430 12 month 11.02.2013
Halyk Finance MARIYAM ZHUMADIL buy 5 M 340 12 month 08.02.2013
Centras Securities MARZHAN IBRAYEVA market perform 3 M 652 12 month 07.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 07.02.2013
Societe Generale ABHISHEK SHUKLA hold 3 M 385 12 month 06.02.2013
Deutsche Bank ROBERT CLIFFORD buy 5 M 562 12 month 06.02.2013
Credit Suisse LIAM FITZPATRICK outperform 5 M 400 Not Provided 06.02.2013
Sberbank CIB MIKHAIL STISKIN buy 5 M 424 Not Provided 28.01.2013
Morgan Stanley ALAIN GABRIEL Equalwt/In-Line 3 M 380 12 month 23.01.2013
Liberum Capital Ltd ASH LAZENBY hold 3 M #N/A N/A Not Provided 18.01.2013
JPMorgan FRASER JAMIESON neutral 3 M 300 9 month 16.01.2013
Alfa-Bank BARRY EHRLICH equalweight 3 M 378 Not Provided 16.01.2013
Nomura PATRICK JONES reduce 2 M 275 12 month 16.01.2013
Barclays IAN ROSSOUW equalweight 3 M 341 Not Provided 14.01.2013
Visor Capital STANISLAV CHUYEV buy 5 M 427 Not Provided 14.12.2012
Redburn Partners TIM JARRATT neutral 3 M #N/A N/A Not Provided 11.12.2012
Otkritie Capital DENIS GABRIELIK hold 3 M 400 12 month 09.11.2012
Renaissance Capital EKATERINA GAZADZE buy 5 M 985 12 month 03.02.2012
Prosdocimi TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.06.2010
Holdings By:
Eurasian Natural Resources Corp PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Eurazeo is an investment company that invests in French mid to large-sized
companies. The Company is a long-term investor and works alongside management
to provide company transformation support. Eurazeo's investments include
buiness support services,transportation services, real estate & leisure, and
financial services sectors.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 42.78
52-Week Low (27.06.2012) 27.21
Daily Volume
41.125
52-Week High % Change -3.86% Dividend Yield -
52-Week Low % Change 51.14% Beta 1.30
% 52 Week Price Range High/Low 89.40% Equity Float 41.97
Shares Out 31.08.2012 66.0 Short Int -
2'715.13 1 Yr Total Return 25.99%
Total Debt 6'990.45 YTD Return 13.59%
Preferred Stock 0.0 Adjusted BETA 1.299
Minority Interest 444.4 Analyst Recs 11
Cash and Equivalents 511.98 Consensus Rating 4.000
Enterprise Value 9'985.08
Average Volume 5 Day 71'026
RF FP EQUITY YTD Change - Average Volume 30 Day 70'544
RF FP EQUITY YTD % CHANGE - Average Volume 3 Month 62'017
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
4'253.0 4'152.4 3'924.9 4'315.6 4'275.3 2'907.2 4'587.2 4'381.3 4'500.8 - -
2.92x 2.21x 2.35x 2.17x 2.01x 0.00x 0.00x 2.14x 2.09x - -
1'628.8 817.8 738.7 1'038.4 798.6 0.0 0.0 1'115.3 1'163.8 - -
7.63x 11.21x 12.49x 9.03x 10.77x 0.00x 0.00x 8.95x 8.58x - -
901.1 (68.0) (199.3) 115.0 (97.5) 0.0 0.0 63.3 150.3 - -
5.39x - - 26.55x - 0.00x 0.00x 59.60x 17.59x - -
EBITDA 798.58 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin -1.92% Long-Term Outlook -
Pretax Margin -1.81% Short-Term Rating Date -
Return on Assets -0.80% Short-Term Rating -
Return on Common Equity -3.47%
Return on Capital -1.18% EBITDA/Interest Exp. -
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 8.86
Gross Margin - Total Debt/EBITDA 9.90
EBITDA Margin 17.2%
EBIT Margin - Total Debt/Equity 203.5%
Net Income Margin -2.3% Total Debt/Capital 64.3%
Asset Turnover 0.30
Current Ratio - Net Fixed Asset Turnover 5.25
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 48.01% Inventory Days -
Tot Debt to Common Equity 203.47% 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
EurazeoPrice/Volume
Valuation Analysis
40'719.00
Current Price (2/dd/yy) Market Data
'2
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CREDIT AGRICOLE SA n/a Co File 11'323'885 17.15 - 31.12.2011 Investment Advisor
VINCENT MEYER n/a Research 4'317'655 6.54 241'725 09.05.2012 n/a
SOFINA SA n/a Co File 3'600'000 5.45 - 31.12.2011 Holding Company
MONTREUX LLC n/a Research 3'323'246 5.03 158'249 24.12.2012 Other
DAVID-WEILL MICHEL T n/a Research 2'950'303 4.47 140'489 24.12.2012 n/a
INDIVISION MDW n/a Research 2'322'953 3.52 110'616 24.12.2012 Other
EURAZEO n/a Co File 2'260'117 3.42 - 31.12.2011 Investment Advisor
DE SOLAGES AMAURY n/a Research 1'077'772 1.63 51'321 24.12.2012 n/a
DE SOLAGES JEAN-MANU n/a Research 1'063'419 1.61 50'638 24.12.2012 n/a
DE SOLAGES CONSTANCE n/a Research 999'532 1.51 47'597 24.12.2012 n/a
BERNHEIM-ORSINI MART n/a Research 605'628 0.92 28'812 24.12.2012 n/a
BERNHEIM PIERRE-ANTO n/a Research 605'628 0.92 28'812 24.12.2012 n/a
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 530'403 0.8 (31'538) 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 497'674 0.75 3'787 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 432'071 0.65 (168'300) 26.02.2013 Investment Advisor
SAYER PATRICK n/a Co File 316'345 0.48 - 31.12.2011 n/a
SEB n/a ULT-AGG 272'969 0.41 548 31.12.2012 Unclassified
SPARINVEST n/a ULT-AGG 261'304 0.4 (22'246) 31.01.2013 Investment Advisor
GUYOT ALAIN n/a Research 211'191 0.32 30'056 24.12.2012 n/a
INVESCO LTD Multiple Portfolios MF-AGG 197'672 0.3 590 27.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue PIERRE-YVES GAUTHIER add 4 M 50 6 month 20.02.2013
Societe Generale PATRICK JOUSSEAUME buy 5 M 46 12 month 18.02.2013
Oddo & Cie CHRISTOPHE CHAPUT neutral 3 M 39 Not Provided 15.02.2013
HSBC PIERRE BOSSET overweight 5 U 47 Not Provided 31.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013
Goldman Sachs MARKUS IWAR neutral/neutral 3 M 49 12 month 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Exane BNP Paribas CHARLES-HENRI DE MORTEMART neutral 3 M 38 Not Provided 28.11.2012
JPMorgan CHRISTOPHER BROWN neutral 3 M #N/A N/A Not Provided 18.10.2012
CA Cheuvreux DAVID CERDAN suspended coverage #N/A N/A M #N/A N/A Not Provided 10.05.2012
Kepler Capital Markets PIERRE BOUCHENY buy 5 M 40 Not Provided 14.03.2012
Redburn Partners PASCAL HAUTCOEUR sell 1 M #N/A N/A Not Provided 08.06.2009
Holdings By:
Eurazeo ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Eurocommercial Properties N.V. is a real estate investment company. The Company
owns and operates shopping centers in France, Italy and Sweden.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (07.01.2013) 31.44
52-Week Low (14.06.2012) 24.54
Daily Volume
29.11
52-Week High % Change -7.40% Dividend Yield -
52-Week Low % Change 18.62% Beta 1.03
% 52 Week Price Range High/Low 66.28% Equity Float 33.57
Shares Out 31.12.2012 41.8 Short Int -
1'216.16 1 Yr Total Return 15.19%
Total Debt 1'252.74 YTD Return -3.42%
Preferred Stock 0.0 Adjusted BETA 1.028
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 120.95 Consensus Rating 3.267
Enterprise Value 2'363.41
Average Volume 5 Day 104'300
ECMPA NA EQUITY YTD Change - Average Volume 30 Day 77'840
ECMPA NA EQUITY YTD % CHANGE - Average Volume 3 Month 78'644
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
191.5 155.7 163.1 180.1 192.6 186.5 200.6 160.8 164.9 39.9 40.5
10.50x 10.86x 12.34x 13.30x 11.67x 49.45x 46.78x 14.96x 14.70x 62.74x 61.34x
144.5 105.1 111.2 122.0 129.8 127.1 133.6 132.9 136.5 34.0 35.0
13.92x 16.10x 18.12x 19.62x 17.32x 16.88x 18.00x 17.78x 17.32x 17.10x 16.94x
110.3 (180.7) 93.7 201.3 (12.1) 60.6 48.2 81.6 85.4 19.6 20.8
9.76x - 10.80x 6.92x - 16.46x 25.76x 16.09x 14.54x 15.04x 14.81x
EBITDA 129.81 Long-Term Rating Date -
EBIT 129.81 Long-Term Rating -
Operating Margin 40.89% Long-Term Outlook -
Pretax Margin -5.37% Short-Term Rating Date -
Return on Assets 1.77% Short-Term Rating -
Return on Common Equity 3.76%
Return on Capital 1.96% EBITDA/Interest Exp. 2.54
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 0.81
Net Debt/EBITDA 8.58
Gross Margin - Total Debt/EBITDA 8.87
EBITDA Margin 66.6%
EBIT Margin - Total Debt/Equity 96.4%
Net Income Margin -6.3% Total Debt/Capital 49.1%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 44.06% Inventory Days -
Tot Debt to Common Equity 96.35% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Eurocommercial Properties NVPrice/Volume
Valuation Analysis
132'847.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVT OF SINGAPORE IN n/a ULT-AGG 5'138'696 12.3 - 30.06.2010 Government
NORGES BANK n/a Research 3'026'247 7.24 - 31.12.2011 Government
CBRE CLARION SECURIT n/a Research 2'100'963 5.03 - 08.02.2013 Investment Advisor
COHEN & STEERS CAPIT n/a Research 2'055'866 4.92 - 19.03.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'049'234 4.91 - 23.11.2010 Investment Advisor
BLACKROCK n/a ULT-AGG 885'990 2.12 1'479 26.02.2013 Investment Advisor
SARASIN n/a ULT-AGG 739'948 1.77 986 28.12.2012 Unclassified
COLONIAL FIRST STATE Multiple Portfolios MF-AGG 662'172 1.58 (100'828) 08.05.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 517'304 1.24 (2'238) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 479'835 1.15 6'587 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 405'055 0.97 3'160 27.02.2013 Investment Advisor
WELLINGTON MANAGEMEN n/a Short (389'058) -0.93 - 01.11.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 321'984 0.77 321'984 31.12.2012 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 284'598 0.68 - 21.08.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 273'715 0.66 83'514 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 229'086 0.55 15'086 28.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 208'088 0.5 10'900 31.12.2012 Mutual Fund Manager
SCOTTISH WIDOWS n/a ULT-AGG 198'454 0.48 (1'822) 31.10.2012 Unclassified
PETERCAM SA Multiple Portfolios MF-AGG 192'000 0.46 20'000 30.12.2011 Mutual Fund Manager
PRUDENTIAL FINANCIAL n/a ULT-AGG 183'031 0.44 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 30 12 month 20.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 13.02.2013
Societe Generale MICHEL VARALDO buy 5 M 35 12 month 11.02.2013
Rabobank International MARTIJN TER LAAK hold 3 M 31 12 month 11.02.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 34 Not Provided 08.02.2013
Petercam STEPHAN VAN WEEREN hold 3 M 30 Not Provided 04.02.2013
Exane BNP Paribas NICK WEBB underperform 1 M 29 Not Provided 01.02.2013
ING Bank JAAP KUIN buy 5 U 34 12 month 21.01.2013
Espirito Santo Investment Bank ResearchJON STEWART buy 5 N 35 Not Provided 15.01.2013
Kempen & Co ROBERT WOERDEMAN neutral 3 M 30 12 month 14.01.2013
JPMorgan HARM M MEIJER neutral 3 M 33 9 month 09.01.2013
HSBC THOMAS MARTIN overweight 5 M 34 Not Provided 27.11.2012
ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 30 Not Provided 18.09.2012
CA Cheuvreux BRUNO DUCLOS underperform 1 M 34 Not Provided 02.08.2011
AEK HENK J BROUWER outperform 5 M #N/A N/A Not Provided 08.02.2010
Holdings By:
Eurocommercial Properties NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Evraz PLC mines iron ore and coal, and manufactures steel. The Company mines
iron ore in Russia and Ukraine, and coal in Western Siberia. Evraz produces
steel beams, channels, reinforcement bars, slabs, billets, railroad rails,
armor plate, and tubular products. The Company produces steel in Russia, North
America, Ukraine, Italy, the Czech Republic, and South Africa.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.02.2012) 428.00
52-Week Low (26.07.2012) 206.80
Daily Volume
270
52-Week High % Change -36.92% Dividend Yield 4.15
52-Week Low % Change 30.56% Beta -
% 52 Week Price Range High/Low 28.57% Equity Float 334.65
Shares Out 16.01.2013 1'472.6 Short Int -
3'975.97 1 Yr Total Return -31.68%
Total Debt 7'245.00 YTD Return 4.29%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 236.0 Analyst Recs 27
Cash and Equivalents 801.00 Consensus Rating 3.741
Enterprise Value 12'297.35
Average Volume 5 Day 3'029'118
EVR LN EQUITY YTD Change - Average Volume 30 Day 3'261'932
EVR LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'022'907
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1
- 20'380.0 9'772.0 13'394.0 16'400.0 0.0 4'157.0 14'495.1 15'025.4 - 3'923.0
- - - - 0.88x #DIV/0! 0.00x 0.88x 0.85x - -
- 5'335.0 1'057.0 2'203.0 2'794.0 0.0 0.0 2'014.8 2'172.0 - -
- - - - 5.17x 0.00x 0.00x 6.10x 5.66x - -
- 1'797.0 (295.0) 486.0 461.0 0.0 0.0 115.8 260.7 - -
- - - - 16.31x 0.00x 0.00x 77.29x 25.76x - -
EBITDA 2'794.00 Long-Term Rating Date -
EBIT 1'641.00 Long-Term Rating -
Operating Margin 10.01% Long-Term Outlook -
Pretax Margin 5.32% Short-Term Rating Date -
Return on Assets 0.90% Short-Term Rating -
Return on Common Equity 2.67%
Return on Capital 2.33% EBITDA/Interest Exp. 3.95
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 2.14
Net Debt/EBITDA 2.64
Gross Margin 23.9% Total Debt/EBITDA 3.41
EBITDA Margin 14.7%
EBIT Margin 6.2% Total Debt/Equity 130.7%
Net Income Margin 2.8% Total Debt/Capital 55.6%
Asset Turnover 0.85
Current Ratio 1.77 Net Fixed Asset Turnover 1.83
Quick Ratio 0.67 Accounts receivable turnover-days -
Debt to Assets 42.68% Inventory Days 70.29
Tot Debt to Common Equity 130.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 58.86
Inventory Turnover 5.21
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
Evraz PLCPrice/Volume
Valuation Analysis
1'403'491.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LANEBROOK LTD n/a RNS-MAJ 934'440'556 63.46 (78'380'113) 04.02.2013 Other
KADRE ENTERPRISES LT #N/A N/A RNS-MAJ 83'200'964 5.65 - 04.02.2013 Other
VEROCCHIO ENTERPRISE #N/A N/A RNS-MAJ 82'887'014 5.63 - 04.02.2013 Other
TORCENSTA HOLDING LT n/a RNS-MAJ 33'737'970 2.29 (26'127'465) 12.02.2013 Unclassified
CREDIT SUISSE PRIVAT Multiple Portfolios REG 25'541'460 1.73 (429'768) 01.11.2012 Bank
UBS n/a ULT-AGG 16'936'986 1.15 (53'525) 01.11.2012 Unclassified
BLACKROCK n/a ULT-AGG 15'075'209 1.02 2'214'818 26.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 13'139'803 0.89 (634'979) 31.01.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 9'583'685 0.65 199'685 01.11.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 9'067'977 0.62 1'400'034 01.11.2012 Government
AVIVA INVESTORS Multiple Portfolios REG 9'043'316 0.61 3'123'716 01.11.2012 Investment Advisor
SEB n/a ULT-AGG 8'861'970 0.6 2'132'998 31.12.2012 Unclassified
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 8'152'085 0.55 6'537'693 31.12.2012 Investment Advisor
HSBC PRIVATE BANKING Multiple Portfolios REG 8'042'193 0.55 (399'633) 01.11.2012 Bank
CITIBANK SWITZERLAND Multiple Portfolios REG 7'563'282 0.51 - 01.11.2012 Bank
BANK OF NEW YORK MEL Multiple Portfolios REG 6'814'020 0.46 (1'116'326) 01.11.2012 Unclassified
CLEARSTREAM BANKING Multiple Portfolios REG 6'191'363 0.42 (2'803'454) 01.11.2012 Bank
JP Morgan Chase Bank Multiple Portfolios REG 5'444'927 0.37 - 01.11.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'093'086 0.35 94'551 31.12.2012 Investment Advisor
NEPTUNE INVESTMENT M Multiple Portfolios REG 5'000'000 0.34 - 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Gazprombank SERGEI KANIN overweight 5 M 514 12 month 27.02.2013
Uralsib VALENTINA BOGOMOLOVA hold 3 M 284 Not Provided 25.02.2013
Raiffeisenbank AG IRYNA TRYGUB-KAINZ hold 3 D 327 12 month 21.02.2013
Goldman Sachs YULIA CHEKUNAEVA neutral/neutral 3 M 340 12 month 20.02.2013
Sovlink Securities ALEKSANDR MORIN buy 5 N 368 Not Provided 08.02.2013
Renaissance Capital BORIS KRASNOJENOV buy 5 M 390 12 month 07.02.2013
Morgan Stanley DMITRIY KOLOMYTSYN Overwt/No Rating 5 U 355 12 month 23.01.2013
Credit Suisse SEMYON MIRONOV neutral 3 U 280 Not Provided 23.01.2013
UFS-Finance Investment Company ILYA BALAKIREV buy 5 M 379 Not Provided 21.01.2013
Deutsche Bank GEORGE BUZHENITSA buy 5 M 404 12 month 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Alfa-Bank BARRY EHRLICH equalweight 3 M 300 Not Provided 16.01.2013
BCS KIRILL CHUYKO sell 1 M 210 Not Provided 19.12.2012
Otkritie Capital DENIS GABRIELIK buy 5 M 312 Not Provided 29.11.2012
Sberbank CIB MIKHAIL STISKIN buy 5 U 275 Not Provided 21.11.2012
Societe Generale SERGEY DONSKOY sell 1 M 190 12 month 13.11.2012
VTB Capital IGOR LEBEDINETS buy 5 M 340 12 month 08.11.2012
HSBC VLADIMIR ZHUKOV overweight 5 M 320 Not Provided 25.10.2012
Barclays VLADIMIR SERGIEVSKIY underweight 1 M 253 Not Provided 05.10.2012
Nomos Bank YURI VOLOV buy 5 M 334 Not Provided 04.10.2012
JPMorgan YURIY A VLASOV neutral 3 M 274 9 month 12.09.2012
Aton LLC DINNUR GALIKHANOV hold 3 M 235 12 month 03.09.2012
RMG Securities ANDREY TRETELNIKOV buy 5 M 554 Not Provided 27.06.2012
Grandis Capital ANDREW KUCHEROV buy 5 N 499 12 month 12.04.2012
Cyrrus JIRI SIMARA buy 5 M 572 12 month 30.01.2012
Holdings By:
Evraz PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
EXOR S.p.a. is an Italy-based investment company. The Company makes medium to
long-term investments. Its investment portfolio consists of interests held in
companies from various sectors, including automobile, agricultural and
construction equipment, trucks and commercial vehicles, financial services,
real estate services, business services, tourism and entertainment.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.02.2013) 22.77
52-Week Low (18.05.2012) 15.38
Daily Volume
21.26
52-Week High % Change -6.63% Dividend Yield -
52-Week Low % Change 38.23% Beta 1.00
% 52 Week Price Range High/Low 79.57% Equity Float 61.97
Shares Out 30.09.2012 160.3 Short Int -
5'207.82 1 Yr Total Return 15.01%
Total Debt 48'901.00 YTD Return 11.89%
Preferred Stock 0.0 Adjusted BETA 1.003
Minority Interest 13'568.0 Analyst Recs 5
Cash and Equivalents 23'494.00 Consensus Rating 3.800
Enterprise Value 46'103.82
Average Volume 5 Day 595'156
EXO IM EQUITY YTD Change - Average Volume 30 Day 539'954
EXO IM EQUITY YTD % CHANGE - Average Volume 3 Month 413'849
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'661.0 2'664.0 52'520.0 57'762.0 84'359.0 63'536.0 50'169.0 99'135.5 104'254.5 - -
- - 0.91x 0.55x 0.50x 1.09x 1.73x - 0.24x - -
- - - 5'035.0 9'164.0 0.0 0.0 9'229.0 10'242.5 - -
- - - 6.34x 4.64x 0.00x 0.00x 5.00x 4.50x - -
444.0 302.0 (389.0) 137.0 504.0 565.6 306.3 362.5 464.5 - -
- - - 44.81x 6.91x 6.33x 13.24x 7.39x 10.85x - -
EBITDA 9'164.00 Long-Term Rating Date 26.10.2005
EBIT 5'046.00 Long-Term Rating BBB+
Operating Margin 5.98% Long-Term Outlook STABLE
Pretax Margin 3.89% Short-Term Rating Date 30.06.2003
Return on Assets 0.20% Short-Term Rating A-2
Return on Common Equity 3.64%
Return on Capital 4.30% EBITDA/Interest Exp. 6.82
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 1.86
Net Debt/EBITDA 2.36
Gross Margin 15.7% Total Debt/EBITDA 4.55
EBITDA Margin 10.8%
EBIT Margin 6.1% Total Debt/Equity 763.7%
Net Income Margin 0.6% Total Debt/Capital 71.0%
Asset Turnover 0.86
Current Ratio 1.90 Net Fixed Asset Turnover 4.30
Quick Ratio 0.80 Accounts receivable turnover-days 18.14
Debt to Assets 39.75% Inventory Days 60.79
Tot Debt to Common Equity 763.72% Accounts Payable Turnover Day 86.38
Accounts Receivable Turnover 20.18 Cash Conversion Cycle -7.54
Inventory Turnover 6.02
Fiscal Year Ended
Exor SpAPrice/Volume
Valuation Analysis
397'020.00
Current Price (2/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
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GIOVANNI AGNELLI & C n/a EXCH 94'706'958 59.1 - 24.09.2012 Holding Company
MACKENZIE FINANCIAL n/a EXCH 11'605'993 7.24 - 24.09.2012 Investment Advisor
EXOR SPA n/a EXCH 3'274'102 2.04 - 24.09.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'323'444 0.83 44'316 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'211'982 0.76 1'839 26.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 445'923 0.28 (10'638) 31.12.2012 Investment Advisor
LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 321'800 0.2 - 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 314'958 0.2 (103'505) 31.01.2013 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 260'491 0.16 14'100 28.09.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 251'022 0.16 (109'105) 31.12.2012 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 240'326 0.15 25'326 28.12.2012 Mutual Fund Manager
FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 191'132 0.12 - 31.10.2012 Investment Advisor
COUNSEL PORTFOLIO SE Multiple Portfolios MF-AGG 189'859 0.12 - 28.09.2012 Investment Advisor
GABETTI GIANLUIGI n/a Research 172'780 0.11 - 31.12.2011 n/a
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 169'146 0.11 23'500 31.10.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 159'950 0.1 (27'191) 30.09.2012 Mutual Fund Manager
DNCA FINANCE Multiple Portfolios MF-AGG 150'000 0.09 - 28.09.2012 Investment Advisor
SEB n/a ULT-AGG 125'413 0.08 653 31.12.2012 Unclassified
FABBRI PIO TEODORANI n/a Research 124'285 0.08 - 31.12.2011 n/a
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 119'735 0.07 18'800 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA MASSIMO VECCHIO neutral 3 M 20 6 month 12.02.2013
Goldman Sachs MARKUS IWAR not rated #N/A N/A M #N/A N/A Not Provided 12.02.2013
Banca IMI MONICA BOSIO buy 5 M 22 12 month 12.02.2013
CA Cheuvreux MARCO BACCAGLIO outperform 5 M 24 Not Provided 12.02.2013
Exane BNP Paribas GIUSEPPE MARSELLA neutral 3 M 22 Not Provided 12.02.2013
Equita SIM SpA MARTINO DEAMBROGGI buy 5 M 21 12 month 08.11.2011
Holdings By:
Exor SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Filtrona Plc is an international supplier of specialty plastic and fiber
products. The Company produces plastic molded and adhesive coated foam and
metal products, custom bonded fiber and foam components, self adhesive tear
tape, labels, products and technologies for brand protection, document
authentication and personal identification, and cigarette filters.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (27.02.2013) 641.00
52-Week Low (06.06.2012) 420.70
Daily Volume
633.5
52-Week High % Change -1.17% Dividend Yield 1.97
52-Week Low % Change 50.58% Beta 0.82
% 52 Week Price Range High/Low 96.60% Equity Float 207.65
Shares Out 01.02.2013 211.4 Short Int -
1'339.24 1 Yr Total Return 44.07%
Total Debt 204.90 YTD Return 15.18%
Preferred Stock 0.0 Adjusted BETA 0.821
Minority Interest 5.3 Analyst Recs 8
Cash and Equivalents 41.40 Consensus Rating 3.500
Enterprise Value 1'508.04
Average Volume 5 Day 1'007'390
FLTR LN EQUITY YTD Change - Average Volume 30 Day 394'468
FLTR LN EQUITY YTD % CHANGE - Average Volume 3 Month 356'988
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 - -
431.7 444.0 489.6 540.7 663.4 - - 707.8 754.8 - -
1.09x 1.13x 1.23x 1.75x 2.00x - - 2.07x 1.89x - -
75.7 76.9 95.4 105.2 127.9 - - 143.8 155.6 - -
6.21x 6.54x 6.29x 8.99x 10.40x - - 10.48x 9.69x - -
35.0 11.8 47.7 43.1 52.2 - - 72.9 80.3 - -
9.24x 20.77x 12.15x 19.02x 22.00x - - 18.05x 16.24x - -
EBITDA 127.90 Long-Term Rating Date -
EBIT 97.00 Long-Term Rating -
Operating Margin 14.62% Long-Term Outlook -
Pretax Margin 11.59% Short-Term Rating Date -
Return on Assets 8.84% Short-Term Rating -
Return on Common Equity 23.62%
Return on Capital 16.11% EBITDA/Interest Exp. 6.30
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 4.14
Net Debt/EBITDA 1.28
Gross Margin - Total Debt/EBITDA 1.60
EBITDA Margin 19.3%
EBIT Margin 14.6% Total Debt/Equity 87.2%
Net Income Margin 7.9% Total Debt/Capital 46.0%
Asset Turnover 1.12
Current Ratio 1.64 Net Fixed Asset Turnover 3.81
Quick Ratio 0.32 Accounts receivable turnover-days -
Debt to Assets 32.89% Inventory Days -
Tot Debt to Common Equity 87.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Filtrona PLCPrice/Volume
Valuation Analysis
559'026.00
Current Price (2/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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200.0
300.0
400.0
500.0
600.0
700.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 37'435'215 17.71 1'939'593 26.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 22'726'972 10.75 1'141'441 03.12.2012 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 16'615'477 7.86 (182'500) 03.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 14'816'147 7.01 78'065 03.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'212'865 5.78 (1'073'753) 30.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 11'599'656 5.49 1'052'295 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 11'385'341 5.39 (382'387) 03.12.2012 Unclassified
TIAA CREF INVESTMENT n/a RNS-MAJ 10'469'124 4.95 (225'619) 06.12.2012 Investment Advisor
CAZENOVE CAPITAL MAN n/a Co File 10'423'740 4.93 - 21.02.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a RNS-MAJ 10'134'152 4.79 (482'387) 24.05.2012 Investment Advisor
INVESCO LTD n/a Co File 10'005'955 4.73 - 21.02.2012 Investment Advisor
ALLIANZ SE n/a Co File 9'901'509 4.68 - 21.02.2012 Insurance Company
LEGAL & GENERAL n/a ULT-AGG 8'607'330 4.07 706'799 03.12.2012 Unclassified
THREADNEEDLE ASSET M Multiple Portfolios REG 8'467'235 4.01 (1'646'474) 03.12.2012 Investment Advisor
IGNIS INVESTMENT SER n/a Co File 8'188'590 3.87 - 21.02.2012 Investment Advisor
HERMES SPEC UK FOCUS n/a Co File 8'125'922 3.84 - 21.02.2012 n/a
OLD MUTUAL n/a ULT-AGG 7'783'386 3.68 990'470 31.12.2012 Unclassified
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 7'284'707 3.45 (125'654) 31.10.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 6'886'074 3.26 (898'859) 03.12.2012 Investment Advisor
BT PENSION SCHEME n/a RNS-MAJ 6'092'208 2.88 (2'126'936) 23.02.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 26.02.2013
Canaccord Genuity Corp MICHAEL O'BRIEN buy 5 M 690 12 month 22.02.2013
Numis Securities Ltd MIKE MURPHY hold 3 M 568 Not Provided 21.02.2013
Deutsche Bank THOMAS SYKES hold 3 M 490 12 month 03.12.2012
JPMorgan VICTORIA PRIOR neutral 3 M 524 9 month 04.09.2012
Panmure Gordon & Co Limited PAUL JONES hold 3 M 445 Not Provided 14.06.2012
WH Ireland Ltd MATTHEW DAVIS buy 5 M 290 12 month 31.08.2010
Holdings By:
Filtrona PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Finmeccanica SpA manufactures high technology products and is very active in
aerospace, defence and security. The Group focuses heavily on helicopters,
defence and security electronics and aeronautics as well as a well-established
position on the global transport and power generation markets.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (22.01.2013) 5.17
52-Week Low (14.06.2012) 2.61
Daily Volume
3.766
52-Week High % Change -27.16% Dividend Yield -
52-Week Low % Change 44.40% Beta 1.00
% 52 Week Price Range High/Low 45.20% Equity Float 391.93
Shares Out 30.09.2012 578.2 Short Int -
2'177.31 1 Yr Total Return -0.84%
Total Debt 5'885.00 YTD Return -13.47%
Preferred Stock 0.0 Adjusted BETA 1.003
Minority Interest 303.0 Analyst Recs 19
Cash and Equivalents 1'371.00 Consensus Rating 2.842
Enterprise Value 8'144.31
Average Volume 5 Day 9'738'759
FNC IM EQUITY YTD Change - Average Volume 30 Day 8'403'556
FNC IM EQUITY YTD % CHANGE - Average Volume 3 Month 7'301'296
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
13'431.0 15'037.0 18'176.0 18'695.0 17'318.0 18'023.0 17'217.0 17'193.7 17'334.7 4'853.0 -
0.79x 0.70x 0.58x 0.49x 0.37x 2.15x 1.71x 0.35x 0.32x 1.23x -
1'793.0 1'832.0 2'119.0 1'869.0 304.0 560.0 1'487.0 1'668.6 1'767.4 - -
5.93x 5.74x 4.97x 4.89x 21.28x 15.91x 5.45x 4.88x 4.61x - -
484.0 571.0 654.0 493.0 (2'345.0) (149.0) (1'869.0) 267.5 380.1 11.6 -
19.27x 8.42x 9.87x 9.96x - 0.00x 0.00x 7.70x 5.65x - -
EBITDA 304.00 Long-Term Rating Date 18.01.2013
EBIT -1'477.00 Long-Term Rating BB+
Operating Margin -8.53% Long-Term Outlook STABLE
Pretax Margin -14.16% Short-Term Rating Date 18.01.2013
Return on Assets -6.03% Short-Term Rating B
Return on Common Equity -35.62%
Return on Capital - EBITDA/Interest Exp. 0.94
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -1.90
Net Debt/EBITDA 3.80
Gross Margin - Total Debt/EBITDA 4.54
EBITDA Margin 8.6%
EBIT Margin -1.5% Total Debt/Equity 136.8%
Net Income Margin -13.5% Total Debt/Capital 56.1%
Asset Turnover 0.56
Current Ratio 0.98 Net Fixed Asset Turnover 5.45
Quick Ratio 0.38 Accounts receivable turnover-days 204.28
Debt to Assets 19.24% Inventory Days -
Tot Debt to Common Equity 136.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover 1.79 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Finmeccanica SpAPrice/Volume
Valuation Analysis
7'288'042.00
Current Price (2/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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1
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
20'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTERO DELL'ECONO n/a EXCH 174'601'418 30.2 - 30.01.2013 Government
TRADEWINDS GLOBAL IN n/a EXCH 28'791'889 4.98 - 30.01.2013 Investment Advisor
AKO CAPITAL LLP n/a Short (22'779'125) -3.94 (404'705) 22.02.2013 Investment Advisor
DEUTSCHE BANK TRUST n/a EXCH 20'813'414 3.6 - 30.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 12'950'569 2.24 - 26.02.2013 Investment Advisor
GRANTHAM MAYO VAN OT n/a EXCH 11'794'268 2.04 - 30.01.2013 Investment Advisor
LIBYAN INVESTMENT AU n/a EXCH 11'620'823 2.01 - 30.01.2013 Other
EGERTON CAPITAL LIMI n/a Short (9'597'296) -1.66 (1'040'671) 25.02.2013 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'448'228 1.29 218'706 31.12.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (5'087'723) -0.88 173'446 27.12.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'841'276 0.84 - 31.07.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 4'107'141 0.71 (532'114) 31.01.2013 Investment Advisor
AMBER CAPITAL LTD n/a Short (3'526'717) -0.61 - 28.11.2012 Investment Advisor
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 2'357'935 0.41 35'274 30.11.2012 Mutual Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 1'482'695 0.26 (161'787) 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'345'927 0.23 (30'821) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 1'097'588 0.19 50'700 31.01.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 885'960 0.15 6'505 31.12.2012 Mutual Fund Manager
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 820'000 0.14 820'000 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 788'824 0.14 (5'200) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banca IMI MONICA BOSIO Under Review #N/A N/A M #N/A N/A Not Provided 27.02.2013
Banca Akros(ESN) GABRIELE GAMBAROVA hold 3 M 4 12 month 27.02.2013
Mediobanca SpA MASSIMO VECCHIO underperform 1 M 3 6 month 22.02.2013
AlphaValue THOMAS PICHERIT buy 5 M 6 6 month 21.02.2013
Oddo & Cie YAN DEROCLES buy 5 M 7 Not Provided 13.02.2013
JPMorgan DAVID H. PERRY neutral 3 N 4 9 month 11.02.2013
Societe Generale ZAFAR KHAN sell 1 M 5 12 month 28.01.2013
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX select list 5 M 6 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Exane BNP Paribas TRISTAN SANSON underperform 1 M 3 Not Provided 16.01.2013
Barclays CHRISTIAN LAUGHLIN equalweight 3 M 4 Not Provided 15.01.2013
Kepler Capital Markets CHRISTOPHE MENARD reduce 2 M 4 Not Provided 04.01.2013
Deutsche Bank MILENE KERNER sell 1 M 3 12 month 12.12.2012
Morgan Stanley RUPINDER VIG Equalwt/In-Line 3 M 4 12 month 15.11.2012
Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 4 Not Provided 16.08.2012
Equita SIM SpA MARTINO DEAMBROGGI hold 3 M 4 12 month 11.07.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M 4 Not Provided 26.03.2012
Centrobanca MARCO CRISTOFORI hold 3 M 10 12 month 04.03.2011
National Bank AG STEFFEN MANSKE buy 5 M 12 12 month 29.07.2010
Holdings By:
Finmeccanica SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
FirstGroup plc is an international passenger group which has bus and rail
operations in the United Kingdom and North America. The Group's operations
comprise bus and passenger rail franchises, in addition to transit management,
school bus operations, and fleet maintenance.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (27.03.2012) 300.60
52-Week Low (21.11.2012) 174.60
Daily Volume
190.5
52-Week High % Change -36.63% Dividend Yield 12.43
52-Week Low % Change 9.11% Beta 0.89
% 52 Week Price Range High/Low 12.62% Equity Float 479.93
Shares Out 07.02.2013 481.9 Short Int -
918.03 1 Yr Total Return -27.05%
Total Debt 2'448.20 YTD Return -5.48%
Preferred Stock 0.0 Adjusted BETA 0.886
Minority Interest 22.4 Analyst Recs 20
Cash and Equivalents 499.70 Consensus Rating 2.600
Enterprise Value 3'106.83
Average Volume 5 Day 1'935'746
FGP LN EQUITY YTD Change - Average Volume 30 Day 1'746'321
FGP LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'011'240
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 - -
4'707.6 6'187.3 6'261.9 6'416.7 6'678.7 - - 6'745.8 6'115.1 - -
1.00x 0.61x 0.64x 0.56x 0.47x - - 0.42x 0.47x - -
579.7 772.2 849.6 777.7 756.6 - - 681.0 658.1 - -
8.11x 4.86x 4.74x 4.63x 4.12x - - 4.56x 4.72x - -
120.4 143.3 132.1 103.2 196.2 - - 142.0 140.1 - -
20.35x 8.86x 13.35x 16.32x 5.57x - - 6.52x 6.37x - -
EBITDA 756.60 Long-Term Rating Date 23.04.2007
EBIT 397.60 Long-Term Rating BBB-
Operating Margin 5.95% Long-Term Outlook NEG
Pretax Margin 4.19% Short-Term Rating Date 23.04.2007
Return on Assets 2.42% Short-Term Rating A-3
Return on Common Equity 16.58%
Return on Capital 8.82% EBITDA/Interest Exp. 4.76
Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 3.68
Net Debt/EBITDA 2.87
Gross Margin - Total Debt/EBITDA 3.29
EBITDA Margin 11.2%
EBIT Margin 5.7% Total Debt/Equity 285.1%
Net Income Margin 2.9% Total Debt/Capital 73.5%
Asset Turnover 1.30
Current Ratio 0.83 Net Fixed Asset Turnover 3.33
Quick Ratio 0.62 Accounts receivable turnover-days 25.27
Debt to Assets 46.08% Inventory Days -
Tot Debt to Common Equity 285.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.48 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
Firstgroup PLCPrice/Volume
Valuation Analysis
1'588'407.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 45'309'650 9.4 5'964'028 11.02.2013 Investment Advisor
MAJEDIE ASSET MANAGE Multiple Portfolios REG 43'612'226 9.05 2'436'720 01.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 24'297'017 5.04 - 26.02.2013 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 23'464'316 4.87 - 23.05.2012 Investment Advisor
ARTEMIS INVESTMENT M n/a Co File 20'586'417 4.27 - 23.05.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 20'402'033 4.23 105'571 31.01.2013 Unclassified
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 19'269'731 4 (803'434) 01.01.2013 Investment Advisor
EPOCH INVESTMENT PAR Multiple Portfolios REG 19'115'314 3.97 (3'174'468) 01.01.2013 Hedge Fund Manager
LSV ASSET MANAGEMENT Multiple Portfolios REG 15'219'760 3.16 2'783'092 01.01.2013 Investment Advisor
UNIVERSITIES SUPERAN n/a RNS-MAJ 14'907'952 3.09 - 11.01.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 14'162'264 2.94 - 31.07.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 13'997'470 2.9 (2'004'024) 01.01.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios REG 12'625'026 2.62 (2'849'911) 01.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 11'421'347 2.37 (60'861) 01.01.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 11'192'732 2.32 - 01.01.2013 Government
ELLIOTT MANAGEMENT C n/a Short (11'180'214) -2.32 (578'287) 08.01.2013 Hedge Fund Manager
PRIVATE INDIVIDUALS Multiple Portfolios REG 10'620'173 2.2 100'000 01.01.2013 Other
STATE STREET n/a ULT-AGG 8'894'056 1.85 (1'045'273) 27.02.2013 Investment Advisor
SARASIN n/a ULT-AGG 8'711'922 1.81 1'622'041 01.01.2013 Unclassified
BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 8'657'750 1.8 1'681'740 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC JOSEPH P THOMAS underweight 1 M 180 Not Provided 04.02.2013
RBC Capital Markets DAMIAN BREWER sector perform 3 M 230 12 month 31.01.2013
Oriel Securities Ltd EDWARD STANFORD sell 1 M #N/A N/A Not Provided 31.01.2013
Panmure Gordon & Co Limited GERT ZONNEVELD hold 3 M 200 Not Provided 31.01.2013
Espirito Santo Investment Bank ResearchGERALD KHOO sell 1 M 170 Not Provided 28.01.2013
Liberum Capital Ltd PETER HYDE buy 5 M 230 Not Provided 25.01.2013
JPMorgan DAVID PITURA overweight 5 M 237 12 month 24.01.2013
Jefferies JOSEPH SPOONER hold 3 M 190 12 month 24.01.2013
Shore Capital Stockbrokers KARL BURNS hold 3 M #N/A N/A Not Provided 21.01.2013
Nomura ANDREW EVANS neutral 3 M 204 12 month 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley JAIME ROWBOTHAM Underwt/In-Line 1 D 195 12 month 10.12.2012
Barclays ADRIAN YANOSHIK equalweight 3 M 190 Not Provided 03.12.2012
Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 238 12 month 08.11.2012
Investec JOHN LAWSON hold 3 M 180 12 month 07.11.2012
Charles Stanley Securities DOUGLAS MCNEILL hold 3 M 240 Not Provided 07.11.2012
Deutsche Bank ANAND DATE sell 1 M 175 12 month 05.10.2012
Holdings By:
Firstgroup PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Flughafen Zuerich AG operates the Zurich Airport. The Company constructs,
leases, and maintains airport structures and equipment.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (21.12.2012) 432.50
52-Week Low (04.06.2012) 316.00
Daily Volume
427.75
52-Week High % Change -1.10% Dividend Yield -
52-Week Low % Change 35.36% Beta 0.95
% 52 Week Price Range High/Low 95.92% Equity Float 3.60
Shares Out 30.06.2012 6.1 Short Int -
2'626.55 1 Yr Total Return 25.65%
Total Debt 1'217.03 YTD Return 1.18%
Preferred Stock 0.0 Adjusted BETA 0.949
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 69.51 Consensus Rating 4.000
Enterprise Value 3'700.29
Average Volume 5 Day 11'702
FHZN SE EQUITY YTD Change - Average Volume 30 Day 13'151
FHZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'881
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 01/yy 01/yy 12/13 Y 12/14 Y - -
855.1 820.2 863.0 905.4 - - - 969.2 1'002.8 - -
3.14x 3.56x 3.83x 3.48x - - - 3.69x 3.52x - -
421.0 402.9 437.1 485.7 - - - 523.7 548.0 - -
6.37x 7.24x 7.57x 6.48x - - - 7.07x 6.75x - -
121.3 190.6 138.5 170.9 - - - 185.1 203.1 - -
12.61x 9.98x 16.93x 11.71x - - - 14.45x 13.21x - -
EBITDA 485.67 Long-Term Rating Date 20.04.2012
EBIT 283.80 Long-Term Rating A
Operating Margin 31.34% Long-Term Outlook STABLE
Pretax Margin 23.39% Short-Term Rating Date -
Return on Assets 4.78% Short-Term Rating -
Return on Common Equity 9.99%
Return on Capital - EBITDA/Interest Exp. 8.08
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 2.54
Net Debt/EBITDA 2.14
Gross Margin - Total Debt/EBITDA 2.30
EBITDA Margin 54.4%
EBIT Margin 31.5% Total Debt/Equity 67.5%
Net Income Margin 18.9% Total Debt/Capital 40.3%
Asset Turnover 0.25
Current Ratio 0.76 Net Fixed Asset Turnover 0.32
Quick Ratio 0.35 Accounts receivable turnover-days 40.38
Debt to Assets 31.91% Inventory Days -
Tot Debt to Common Equity 67.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.06 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
Flughafen Zuerich AGPrice/Volume
Valuation Analysis
12'821.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CANTON OF ZURICH n/a Co File 2'050'894 33.4 - 31.12.2011 Government
UNIVERSITIES SUPERAN n/a EXCH 342'593 5.58 - 19.07.2012 Investment Advisor
CITY OF ZURICH n/a Co File 309'476 5.04 - 31.12.2011 Government
LAZARD ASSET MANAGEM n/a ULT-AGG 200'484 3.27 7'800 31.01.2013 Unclassified
CREDIT SUISSE AG n/a EXCH 199'712 3.25 - 21.11.2012 Investment Advisor
ARTIO GLOBAL MANAGEM n/a EXCH 183'681 2.99 (122'936) 22.02.2012 Investment Advisor
TAUBE HODSON STONEX n/a EXCH 174'707 2.85 (104'647) 21.05.2008 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 60'698 0.99 (2'354) 31.10.2012 Bank
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 60'417 0.98 (220) 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 56'858 0.93 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 53'213 0.87 2'479 26.02.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 48'984 0.8 212 28.12.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 46'095 0.75 (762) 28.12.2012 Mutual Fund Manager
ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 39'311 0.64 94 31.10.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 38'420 0.63 (400) 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'359 0.61 153 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 37'053 0.6 12 30.11.2012 Mutual Fund Manager
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 36'922 0.6 (3'746) 31.05.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 35'400 0.58 35'400 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 24'223 0.39 24'223 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs NICK EDELMAN neutral/neutral 3 M 466 12 month 21.02.2013
Morgan Stanley DANIEL RUIVO Overwt/In-Line 5 M 440 12 month 05.02.2013
Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 500 6 month 04.02.2013
Main First Bank AG CHRISTIAN KORTH outperform 5 M 520 12 month 04.02.2013
Berenberg Bank WILLIAM FOGGON hold 3 M 458 Not Provided 24.01.2013
Barclays SUSANNA INVERNIZZI underweight 1 D 430 Not Provided 23.01.2013
Nomura PETER LARKIN reduce 2 D 437 Not Provided 21.01.2013
HSBC JOSEPH P THOMAS overweight 5 M 460 Not Provided 18.01.2013
Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 M #N/A N/A Not Provided 18.01.2013
RBC Capital Markets ANDREW JONES sector perform 3 M 400 12 month 16.01.2013
Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 380 Not Provided 15.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Credit Suisse PATRICK JNGLIN outperform 5 M 450 Not Provided 10.01.2013
CA Cheuvreux CRAIG ABBOTT outperform 5 M 455 Not Provided 17.12.2012
JPMorgan ELODIE RALL overweight 5 M 470 9 month 27.11.2012
Silvia Quandt Research STEFAN KICK buy 5 M 410 12 month 21.08.2012
Kepler Capital Markets RUXANDRA HARADAU-DOESER reduce 2 M 292 Not Provided 22.03.2012
Holdings By:
Flughafen Zuerich AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Fonciere des Regions manages a diversified real estate portfolio including
offices, residential building, and car parking lots. The Company opted for the
SIIC legal status in 2003.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (30.11.2012) 64.95
52-Week Low (14.06.2012) 49.36
Daily Volume
63.49
52-Week High % Change -2.25% Dividend Yield -
52-Week Low % Change 28.63% Beta 0.96
% 52 Week Price Range High/Low 90.64% Equity Float 40.08
Shares Out 19.09.2012 57.9 Short Int -
3'675.86 1 Yr Total Return 25.84%
Total Debt 7'275.85 YTD Return 0.30%
Preferred Stock 0.0 Adjusted BETA 0.962
Minority Interest 2'107.1 Analyst Recs 16
Cash and Equivalents 184.00 Consensus Rating 3.250
Enterprise Value 12'568.86
Average Volume 5 Day 55'822
FDR FP EQUITY YTD Change - Average Volume 30 Day 44'140
FDR FP EQUITY YTD % CHANGE - Average Volume 3 Month 49'159
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
613.7 681.7 821.1 805.0 - 0.0 410.2 494.4 498.4 - -
23.33x 18.54x 16.10x 14.77x - #DIV/0! 0.00x 22.49x 21.89x - -
409.1 492.5 688.5 669.0 - 0.0 0.0 454.5 455.9 - -
35.00x 25.67x 19.20x 17.78x - 0.00x 0.00x 27.65x 27.57x - -
(556.5) (262.1) 627.2 349.5 (26.5) 0.0 0.0 296.1 306.3 - -
- - 5.99x 7.80x - 0.00x 0.00x 11.96x 11.83x - -
EBITDA 668.98 Long-Term Rating Date 28.09.2012
EBIT 340.46 Long-Term Rating BBB-
Operating Margin 42.29% Long-Term Outlook STABLE
Pretax Margin 57.96% Short-Term Rating Date 28.09.2012
Return on Assets 0.44% Short-Term Rating A-3
Return on Common Equity 1.68%
Return on Capital 0.62% EBITDA/Interest Exp. 2.14
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 11.99
Gross Margin - Total Debt/EBITDA 12.32
EBITDA Margin 81.4%
EBIT Margin - Total Debt/Equity 185.0%
Net Income Margin 43.4% Total Debt/Capital 54.6%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 49.69% Inventory Days -
Tot Debt to Common Equity 185.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Fonciere Des RegionsPrice/Volume
Valuation Analysis
66'943.00
Current Price (2/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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400.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DELFIN SARL n/a Co File 17'188'789 29.69 - 30.06.2012 Investment Advisor
COVEA FINANCE SAS n/a Research 4'887'123 8.44 - 28.12.2012 Investment Advisor
CREDIT AGRICOLE SA n/a Co File 4'686'137 8.09 - 30.06.2012 Investment Advisor
ACM VIE SA n/a Co File 3'474'342 6 - 30.06.2012 Insurance Company
BLACKROCK n/a ULT-AGG 782'607 1.35 1'186 26.02.2013 Investment Advisor
SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 683'787 1.18 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 671'728 1.16 45'934 31.12.2012 Investment Advisor
FONCIERE DES REGIONS n/a Co File 628'792 1.09 - 30.06.2012 Corporation
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 525'826 0.91 86'257 21.08.2012 Investment Advisor
STATE STREET n/a ULT-AGG 473'468 0.82 3'288 27.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 449'930 0.78 826 31.01.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 398'263 0.69 92'671 31.12.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 269'002 0.46 (39'004) 18.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 213'490 0.37 12'750 31.12.2012 Mutual Fund Manager
MORGAN STANLEY n/a ULT-AGG 182'495 0.32 (4'232) 31.12.2012 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 181'416 0.31 (1'513) 31.12.2012 Mutual Fund Manager
DIAM n/a ULT-AGG 166'559 0.29 - 27.02.2012 Unclassified
EUROPEAN INVESTORS I n/a Research 161'200 0.28 7'600 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 141'507 0.24 59 30.09.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 124'000 0.21 (6'000) 30.12.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale HENRI QUADRELLI buy 5 M 71 12 month 26.02.2013
Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 M 73 12 month 22.02.2013
Natixis VLADIMIR MINOT neutral 3 M 68 Not Provided 22.02.2013
Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 59 12 month 21.02.2013
AlphaValue PIERRE-LOUP ETIENNE buy 5 M 79 6 month 21.02.2013
ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 65 Not Provided 21.02.2013
Exane BNP Paribas NICK WEBB outperform 5 M 66 Not Provided 01.02.2013
Petercam JOEL GORSELE hold 3 D 63 Not Provided 22.01.2013
HSBC STEPHANIE DOSSMANN neutral 3 M 67 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Kempen & Co BOUDEWIJN SCHOON neutral 3 D 63 12 month 14.01.2013
JPMorgan HARM M MEIJER neutral 3 M 69 9 month 09.01.2013
Barclays JULIAN CAMPBELL-WOOD equalweight 3 M 65 Not Provided 08.08.2012
Kepler Capital Markets SAMUEL HENRY-DIESBACH buy 5 M 66 Not Provided 02.08.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 48 12 month 02.07.2012
Edge Capital Research KONSTANTIN BOYCHINOV underperform 1 N 51 12 month 29.09.2011
Tradition Securities & Futures LAETITIA D'EPREMESNIL reduce 2 M 72 Not Provided 06.07.2011
CA Cheuvreux BRUNO DUCLOS underperform 1 M 72 Not Provided 03.05.2011
Holdings By:
Fonciere Des Regions ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Fraport AG offers airport services. The Company operates the Frankfurt-Main,
Frankfurt-Hahn and other airports in Germany, the airport in Lima, Peru, and
the international terminal in Antalya, Turkey. Fraport also provides services
to domestic and international carriers including traffic and terminal
management, ground handling, security, and real estate and facility management.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.05.2012) 49.84
52-Week Low (04.06.2012) 39.66
Daily Volume
44.905
52-Week High % Change -9.90% Dividend Yield -
52-Week Low % Change 13.22% Beta 0.84
% 52 Week Price Range High/Low 51.52% Equity Float 30.07
Shares Out 31.01.2013 92.2 Short Int -
4'140.98 1 Yr Total Return 0.12%
Total Debt 4'253.90 YTD Return 2.21%
Preferred Stock 0.0 Adjusted BETA 0.838
Minority Interest 29.4 Analyst Recs 29
Cash and Equivalents 927.10 Consensus Rating 4.000
Enterprise Value 7'820.88
Average Volume 5 Day 133'172
FRA GY EQUITY YTD Change - Average Volume 30 Day 124'603
FRA GY EQUITY YTD % CHANGE - Average Volume 3 Month 130'431
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'329.0 2'101.6 1'972.6 2'194.6 2'371.2 2'348.7 2'434.4 2'477.0 2'604.5 680.0 587.0
2.52x 1.89x 2.94x 3.17x 2.89x 12.80x 12.47x 3.03x 2.90x 11.42x -
612.7 613.0 567.5 719.8 807.1 799.3 843.9 851.4 924.8 184.0 69.7
9.58x 6.49x 10.23x 9.65x 8.49x 9.04x 9.29x 9.21x 8.48x 12.76x 13.77x
208.7 189.7 150.0 262.9 240.4 325.0 261.3 245.6 259.0 47.7 17.1
23.62x 14.93x 22.12x 16.49x 14.50x 12.60x 15.83x 16.95x 16.35x 17.61x 16.04x
EBITDA 807.10 Long-Term Rating Date -
EBIT 501.40 Long-Term Rating -
Operating Margin 21.15% Long-Term Outlook -
Pretax Margin 14.65% Short-Term Rating Date -
Return on Assets 2.79% Short-Term Rating -
Return on Common Equity 9.17%
Return on Capital 6.03% EBITDA/Interest Exp. 4.21
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. 0.06
Net Debt/EBITDA 4.32
Gross Margin - Total Debt/EBITDA 5.16
EBITDA Margin 34.7%
EBIT Margin 21.1% Total Debt/Equity 150.8%
Net Income Margin 10.1% Total Debt/Capital 59.9%
Asset Turnover 0.26
Current Ratio 1.57 Net Fixed Asset Turnover 0.43
Quick Ratio 1.17 Accounts receivable turnover-days 32.86
Debt to Assets 46.12% Inventory Days -
Tot Debt to Common Equity 150.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.14 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
Fraport AG Frankfurt Airport Services WorldwidePrice/Volume
Valuation Analysis
97'568.00
Current Price (2/dd/yy) Market Data
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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE OF HESSEN n/a Research 28'956'902 31.4 - 09.03.2012 Other
CITY OF FRANKFURT n/a Research 18'492'324 20.05 - 09.03.2012 Unclassified
DEUTSCHE LUFTHANSA A n/a Research 9'122'022 9.89 - 09.03.2012 Corporation
ARTIO GLOBAL INVESTO n/a Research 4'509'210 4.89 - 29.02.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 3'269'159 3.55 204'960 31.01.2013 Unclassified
RARE INFRASTRUCTURE n/a Research 2'822'978 3.06 - 28.11.2012 Other
TAUBE HODSON STONEX n/a Co File 2'753'171 2.99 - 29.04.2011 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'241'237 2.43 500'405 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'014'217 1.1 - 30.09.2012 Hedge Fund Manager
ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 959'809 1.04 (524'035) 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 901'249 0.98 820 26.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 856'288 0.93 (445'932) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 699'754 0.76 20'338 31.12.2012 Investment Advisor
SPARINVEST n/a ULT-AGG 694'199 0.75 (16'224) 31.01.2013 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 338'288 0.37 29'340 31.01.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 293'416 0.32 60'443 31.05.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 230'845 0.25 18'047 31.12.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 214'077 0.23 (61'480) 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 212'410 0.23 2'736 31.12.2012 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 209'652 0.23 10'856 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets JOHANNES BRAUN hold 3 M 47 6 month 25.02.2013
Grupo Santander JOAQUIN FERRER buy 5 N 56 Not Provided 22.02.2013
Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 54 12 month 21.02.2013
AlphaValue HANS-PETER WODNIOK add 4 M 49 6 month 21.02.2013
Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER accumulate 4 M 50 12 month 12.02.2013
DZ Bank AG ROBERT CZERWENSKY buy 5 M 52 12 month 12.02.2013
Main First Bank AG TOBIAS SITTIG outperform 5 M 53 12 month 04.02.2013
RBC Capital Markets DAMIAN BREWER outperform 5 M 60 12 month 28.01.2013
Berenberg Bank WILLIAM FOGGON hold 3 M 48 Not Provided 24.01.2013
Barclays SUSANNA INVERNIZZI overweight 5 U 52 Not Provided 23.01.2013
Nomura PETER LARKIN buy 5 M 55 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 56 12 month 16.01.2013
Natixis GREGOIRE THIBAULT reduce 2 M 36 Not Provided 16.01.2013
CA Cheuvreux CRAIG ABBOTT outperform 5 M 54 Not Provided 17.12.2012
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 54 12 month 14.12.2012
Raymond James ARNAUD PALLIEZ outperform 5 M 54 Not Provided 11.12.2012
Macquarie SAM DOBSON outperform 5 M 58 12 month 05.12.2012
Morgan Stanley DANIEL RUIVO Equalwt/In-Line 3 M 48 12 month 29.11.2012
JPMorgan ELODIE RALL overweight 5 M 51 9 month 27.11.2012
HSBC JOSEPH P THOMAS underweight 1 D 42 Not Provided 23.11.2012
Nord/LB FRANK SCHWOPE hold 3 M 43 12 month 14.11.2012
Deutsche Bank MICHAEL KUHN buy 5 M 60 12 month 07.11.2012
Exane BNP Paribas NICOLAS MORA neutral 3 N 53 Not Provided 07.11.2012
S&P Capital IQ JAWAHAR HINGORANI buy 5 M 52 12 month 06.11.2012
Silvia Quandt Research STEFAN KICK buy 5 M 52 12 month 06.11.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 58 Not Provided 13.08.2012
Kepler Capital Markets RUXANDRA HARADAU-DOESER hold 3 D 50 Not Provided 02.02.2012
Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A M 46 Not Provided 10.09.2010
Holdings By:
Fraport AG Frankfurt Airport Services Worldwide ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Freenet AG provides internet and telecommunications services in Germany. The
company offers mobile and fixed line telephone, internet access services,
information and news services, its own internet catalog, DINO-Online, e-mail
accounts, e-commerce services and and set-up of homepages. Through its
subsidiary mobilcom is also the franchiser of the MobilCom retail shops.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.02.2013) 16.98
52-Week Low (29.02.2012) 10.13
Daily Volume
16.925
52-Week High % Change -0.32% Dividend Yield -
52-Week Low % Change 67.16% Beta 0.61
% 52 Week Price Range High/Low 99.20% Equity Float 100.07
Shares Out 30.09.2012 128.1 Short Int -
2'167.43 1 Yr Total Return 83.65%
Total Debt 715.08 YTD Return 20.89%
Preferred Stock 0.0 Adjusted BETA 0.613
Minority Interest 0.3 Analyst Recs 16
Cash and Equivalents 185.67 Consensus Rating 4.563
Enterprise Value 2'679.88
Average Volume 5 Day 642'527
FNTN GY EQUITY YTD Change - Average Volume 30 Day 461'598
FNTN GY EQUITY YTD % CHANGE - Average Volume 3 Month 456'443
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'690.8 2'776.5 3'601.8 3'339.5 3'217.9 3'235.2 3'085.5 3'029.6 3'133.8 783.8 745.0
0.93x 0.66x 0.55x 0.49x 0.56x 2.06x 2.60x 0.87x 0.81x - -
216.0 187.7 347.8 335.8 336.3 338.4 352.8 347.8 358.6 87.0 87.2
7.29x 9.78x 5.73x 4.88x 5.38x 5.03x 6.07x 7.71x 7.47x 7.43x 4.24x
(51.4) 112.2 256.5 112.4 143.8 117.1 197.0 171.1 232.1 44.3 -
- 3.61x 67.07x 8.49x 8.93x 9.06x 8.32x 11.89x 9.29x - -
EBITDA 336.30 Long-Term Rating Date -
EBIT 167.40 Long-Term Rating -
Operating Margin 5.20% Long-Term Outlook -
Pretax Margin 3.65% Short-Term Rating Date -
Return on Assets 8.35% Short-Term Rating -
Return on Common Equity 17.44%
Return on Capital - EBITDA/Interest Exp. 5.99
Asset Turnover 1.31% (EBITDA-Capex)/Interest Exp. 5.59
Net Debt/EBITDA 1.45
Gross Margin - Total Debt/EBITDA 1.60
EBITDA Margin 11.4%
EBIT Margin 6.7% Total Debt/Equity 61.1%
Net Income Margin 4.5% Total Debt/Capital 37.9%
Asset Turnover 1.31
Current Ratio 0.92 Net Fixed Asset Turnover 108.67
Quick Ratio 0.80 Accounts receivable turnover-days 47.18
Debt to Assets 28.28% Inventory Days -
Tot Debt to Common Equity 61.06% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.76 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
Freenet AGPrice/Volume
Valuation Analysis
667'467.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DRILLISCH AG n/a Research 27'994'136 21.86 - 29.02.2012 Corporation
FLOSSBACH VON STORCH n/a Research 6'318'741 4.93 - 01.01.2013 n/a
DWS INVESTMENT GMBH n/a Co File 6'198'153 4.84 - 31.12.2010 Investment Advisor
JP MORGAN n/a ULT-AGG 4'366'479 3.41 1'109 31.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'486'924 1.94 18'049 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'746'660 1.36 1'746'405 30.04.2012 Investment Advisor
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 1'147'257 0.9 (806'429) 28.09.2012 Mutual Fund Manager
DE SHAW & CO UK LTD n/a Short (1'101'325) -0.86 (102'449) 04.02.2013 Other
BLACKROCK n/a ULT-AGG 920'703 0.72 5'787 26.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 898'777 0.7 - 31.07.2012 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 898'167 0.7 (101'400) 31.12.2012 Mutual Fund Manager
BARING FUND MANAGERS Multiple Portfolios MF-AGG 840'177 0.66 100'000 31.10.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 793'771 0.62 (22'705) 31.01.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 781'674 0.61 (31'116) 28.09.2012 Bank
DWS INVESTMENT S A Multiple Portfolios MF-AGG 740'000 0.58 (17'057) 28.12.2012 Mutual Fund Manager
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 627'350 0.49 - 31.12.2012 Investment Advisor
VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 607'800 0.47 (20'200) 30.11.2012 Mutual Fund Manager
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 582'291 0.45 (45'000) 31.10.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 561'559 0.44 (181'717) 31.12.2012 Investment Advisor
S.A.C. GLOBAL INVEST n/a Short (550'662) -0.43 89'643 05.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hauck & Aufhaeuser SASCHA BERRESCH buy 5 M 19 12 month 26.02.2013
Deutsche Bank BENJAMIN KOHNKE buy 5 M 17 12 month 23.02.2013
Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 M 16 Not Provided 22.02.2013
DZ Bank AG KARSTEN OBLINGER buy 5 M 17 12 month 21.02.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 18 Not Provided 19.02.2013
Kepler Capital Markets THOMAS KARLOVITS reduce 2 M 12 Not Provided 18.02.2013
Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 18 6 month 15.02.2013
Close Brothers Equity Markets MARCUS SILBE buy 5 U 18 12 month 29.01.2013
M.M. Warburg Investment Research JOCHEN REICHERT buy 5 M 17 12 month 23.01.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 18 12 month 21.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 16 12 month 20.12.2012
Berenberg Bank USMAN GHAZI buy 5 M 16 Not Provided 10.12.2012
HSBC DOMINIK KLARMANN overweight 5 U 15 Not Provided 08.11.2012
Nomura HENRIK NYBLOM neutral 3 M 9 Not Provided 17.12.2010
Holdings By:
Freenet AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Fuchs Petrolub AG refines and produces industrial and automotive lubricants,
hydraulic oils, and polishing products. The Company also produces
biodegradable oils. Fuchs manufactures and markets its products worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (25.02.2013) 60.90
52-Week Low (07.03.2012) 37.37
Daily Volume
59.47
52-Week High % Change -2.35% Dividend Yield -
52-Week Low % Change 59.14% Beta 0.86
% 52 Week Price Range High/Low 93.92% Equity Float 35.49
Shares Out 30.09.2012 35.5 Short Int -
4'041.60 1 Yr Total Return 52.60%
Total Debt 16.20 YTD Return 5.84%
Preferred Stock 0.0 Adjusted BETA 0.855
Minority Interest 1.5 Analyst Recs 22
Cash and Equivalents 81.50 Consensus Rating 2.727
Enterprise Value 3'959.70
Average Volume 5 Day 150'785
FPE3 GY EQUITY YTD Change - Average Volume 30 Day 91'609
FPE3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 93'543
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
1'393.7 1'178.1 1'458.6 1'668.1 1'819.0 1'652.8 1'819.0 1'903.6 1'997.5 457.0 453.0
0.74x 1.19x 1.55x 1.24x - 5.34x 4.82x 1.99x 1.85x 7.76x 7.83x
193.5 202.2 266.0 288.4 - 286.0 233.9 340.9 363.9 83.9 84.7
5.34x 6.95x 8.51x 7.19x - 7.25x 0.00x 11.61x 10.88x 11.73x 11.49x
109.4 120.8 170.7 182.4 207.0 182.4 207.0 220.8 236.2 54.3 52.7
8.71x 11.89x 13.75x 11.76x 18.18x 11.78x 18.18x 19.12x 17.83x - -
EBITDA 288.40 Long-Term Rating Date -
EBIT 261.60 Long-Term Rating -
Operating Margin 15.68% Long-Term Outlook -
Pretax Margin 15.60% Short-Term Rating Date -
Return on Assets 19.62% Short-Term Rating -
Return on Common Equity 30.12%
Return on Capital - EBITDA/Interest Exp. 55.46
Asset Turnover 1.74% (EBITDA-Capex)/Interest Exp. 48.23
Net Debt/EBITDA -0.27
Gross Margin 36.7% Total Debt/EBITDA 0.03
EBITDA Margin 17.0%
EBIT Margin 15.5% Total Debt/Equity 2.5%
Net Income Margin 11.4% Total Debt/Capital 2.4%
Asset Turnover 1.74
Current Ratio 2.10 Net Fixed Asset Turnover 8.09
Quick Ratio 1.16 Accounts receivable turnover-days 54.25
Debt to Assets 1.64% Inventory Days 79.82
Tot Debt to Common Equity 2.47% Accounts Payable Turnover Day 42.23
Accounts Receivable Turnover 6.75 Cash Conversion Cycle 67.99
Inventory Turnover 4.59
Fiscal Year Ended
Fuchs Petrolub AGPrice/Volume
Valuation Analysis
69'858.00
Current Price (2/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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400.0
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1'400.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'697'652 7.6 (142'399) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 881'312 2.48 (34'900) 28.12.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 741'142 2.09 - 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 615'096 1.73 (5'885) 26.02.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 471'319 1.33 59'319 30.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 404'800 1.14 (120'700) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 365'117 1.03 (26'084) 31.12.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 331'298 0.93 7'600 28.12.2012 Mutual Fund Manager
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 304'151 0.86 8'018 31.12.2012 Investment Advisor
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 278'000 0.78 93'000 29.06.2012 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 221'244 0.62 85'644 31.10.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 178'800 0.5 800 31.12.2012 Unclassified
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 99'000 0.28 - 31.07.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 94'655 0.27 (7'100) 30.12.2012 Investment Advisor
LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 84'800 0.24 (11'200) 28.12.2012 Mutual Fund Manager
DANSKE INVEST A/S Multiple Portfolios MF-AGG 80'043 0.23 - 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 75'000 0.21 - 28.09.2012 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 74'737 0.21 (6'540) 28.09.2012 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 73'554 0.21 (14'106) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 70'200 0.2 17'000 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 62 12 month 27.02.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 67 6 month 26.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER hold 3 M 59 Not Provided 26.02.2013
Hauck & Aufhaeuser THOMAS WISSLER sell 1 D 49 12 month 25.02.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 54 12 month 25.02.2013
Nord/LB THORSTEN STRAUSS hold 3 M 56 12 month 22.02.2013
Macquarie CHRISTIAN FAITZ neutral 3 M 37 12 month 22.02.2013
Bankhaus Lampe HEIKO FEBER sell 1 M 50 Not Provided 22.02.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 51 12 month 22.02.2013
Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 51 Not Provided 22.02.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA reduce 2 M 48 12 month 22.02.2013
Steubing AG TOBIAS SCHMIDT hold 3 M 50 12 month 22.02.2013
DZ Bank AG HEINZ MUELLER buy 5 M 58 12 month 22.02.2013
Baader Bank NORBERT BARTH buy 5 U 67 12 month 21.02.2013
Commerzbank Corporates & Markets LUTZ GRUETEN hold 3 M 52 6 month 14.02.2013
Kepler Capital Markets MARKUS MAYER reduce 2 M 47 Not Provided 01.02.2013
Main First Bank AG HOLGER OCHS underperform 1 D 54 12 month 16.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
HSBC JESKO MAYER-WEGELIN underweight 1 M 48 Not Provided 14.01.2013
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 D 55 12 month 05.11.2012
CA Cheuvreux MARTIN ROEDIGER underperform 1 M 52 Not Provided 24.10.2012
GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 24.05.2012
Holdings By:
Fuchs Petrolub AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
GAM Holding AG is an independent, well-diversified asset management business,
with a focus on the manufacturing and distribution of investment products and
services.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (25.02.2013) 16.30
52-Week Low (25.05.2012) 9.92
Daily Volume
15.7
52-Week High % Change -3.68% Dividend Yield -
52-Week Low % Change 58.27% Beta 1.32
% 52 Week Price Range High/Low 90.60% Equity Float 143.87
Shares Out 30.06.2012 183.4 Short Int -
2'878.67 1 Yr Total Return 36.83%
Total Debt 17.50 YTD Return 27.13%
Preferred Stock 0.0 Adjusted BETA 1.320
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 600.10 Consensus Rating 3.667
Enterprise Value -
Average Volume 5 Day 526'353
GAM SE EQUITY YTD Change - Average Volume 30 Day 635'867
GAM SE EQUITY YTD % CHANGE - Average Volume 3 Month 862'464
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 01/yy 01/yy 12/12 Y 12/13 Y - -
4'831.2 4'144.8 1'020.2 964.9 812.2 - - 581.8 621.8 - -
- - - - - - - 4.39x 4.15x - -
- - - - - - - - - - -
- - - - - - - - - - -
939.8 661.2 3'636.9 10.2 (95.0) - - 147.8 171.4 - -
21.47x 12.53x 0.96x 309.00x - - - 18.05x 14.39x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin -7.87% Long-Term Outlook -
Pretax Margin -5.76% Short-Term Rating Date -
Return on Assets -2.53% Short-Term Rating -
Return on Common Equity -2.94%
Return on Capital -2.88% EBITDA/Interest Exp. -
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.8%
Net Income Margin -11.7% Total Debt/Capital 0.8%
Asset Turnover 0.41
Current Ratio - Net Fixed Asset Turnover 43.61
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.72% Inventory Days -
Tot Debt to Common Equity 0.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
GAM Holding AGPrice/Volume
Valuation Analysis
846'448.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SILCHESTER INTL INVE n/a EXCH 18'507'694 10.09 8'377'112 29.06.2012 Investment Advisor
GAM HOLDING LTD n/a EXCH 18'370'281 10.02 1'319'416 05.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'257'398 8.87 3'232'422 26.02.2013 Investment Advisor
UBS n/a ULT-AGG 13'197'709 7.2 (312) 31.10.2012 Unclassified
GLOBAL ASSET MANAGEM n/a EXCH 12'175'617 6.64 (4'785'293) 27.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 11'048'680 6.03 (1'687'436) 30.06.2012 Investment Advisor
CREDIT SUISSE FUNDS n/a EXCH 8'862'325 4.83 - 30.11.2012 n/a
CREDIT SUISSE ASSET n/a Co File 6'715'501 3.66 - 31.12.2010 Mutual Fund Manager
DAVIS SELECTED ADVIS n/a EXCH 6'130'364 3.34 - 07.06.2011 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 5'706'882 3.11 107'624 19.02.2013 Unclassified
T ROWE PRICE ASSOCIA n/a EXCH 5'610'993 3.06 - 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'019'068 2.19 (743'800) 31.12.2012 Investment Advisor
FARALLON CAPITAL MAN n/a EXCH 3'194'408 1.74 - 23.04.2012 Hedge Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 2'912'206 1.59 (2'133) 30.11.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 2'613'850 1.43 320'603 31.10.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'576'107 1.4 4 28.12.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'372'736 1.29 - 31.07.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'664'000 0.91 - 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 1'246'000 0.68 - 28.09.2012 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 985'000 0.54 (42'570) 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets PETER K LENARDOS outperform 5 M 17 12 month 28.01.2013
Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 18 12 month 24.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Credit Suisse GURJIT KAMBO outperform 5 U 15 Not Provided 11.01.2013
Bank Vontobel AG TERESA NIELSEN hold 3 M 13 Not Provided 24.10.2012
Helvea TIM DAWSON neutral 3 M 13 12 month 24.10.2012
Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 23.10.2012
Main First Bank AG KILIAN MAIER outperform 5 U 14 12 month 23.10.2012
Holdings By:
GAM Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Gecina SA is a real estate investment company. It specializes in the rental of
commercial real estate and residential properties. Gecina develops, buys, sells
and rent properties in France. The Company's client base includes international
businesses and organizations from a wide range of sectors. The Company opted
for the SIIC legal status in 2003.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (21.01.2013) 89.90
52-Week Low (23.04.2012) 64.92
Daily Volume
85.4
52-Week High % Change -5.01% Dividend Yield -
52-Week Low % Change 31.55% Beta 1.07
% 52 Week Price Range High/Low 81.99% Equity Float 24.68
Shares Out 07.01.2012 62.8 Short Int -
5'361.17 1 Yr Total Return 26.05%
Total Debt 5'059.93 YTD Return 0.59%
Preferred Stock 0.0 Adjusted BETA 1.072
Minority Interest 43.9 Analyst Recs 18
Cash and Equivalents 33.25 Consensus Rating 3.167
Enterprise Value 10'562.72
Average Volume 5 Day 36'988
GFC FP EQUITY YTD Change - Average Volume 30 Day 39'114
GFC FP EQUITY YTD % CHANGE - Average Volume 3 Month 71'670
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 06/yy 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3
555.8 559.8 626.9 640.6 - 0.0 0.0 587.7 612.1 - -
13.96x 17.05x 16.36x 14.11x - #DIV/0! #DIV/0! 16.28x 15.27x - -
301.7 304.7 391.6 403.6 - 0.0 0.0 491.1 508.1 - -
25.71x 31.33x 26.19x 22.39x - 0.00x 0.00x 21.51x 20.79x - -
(875.4) (773.7) 998.2 411.2 225.5 (1'548.5) 79.9 314.8 330.8 - -
- - 5.02x 9.64x 22.87x 0.00x 0.00x 16.65x 15.73x - -
EBITDA 403.58 Long-Term Rating Date 17.10.2012
EBIT 207.39 Long-Term Rating BBB
Operating Margin 32.37% Long-Term Outlook STABLE
Pretax Margin 54.88% Short-Term Rating Date 17.10.2012
Return on Assets 0.70% Short-Term Rating A-2
Return on Common Equity 1.37%
Return on Capital 0.74% EBITDA/Interest Exp. 2.11
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 17.59
Gross Margin - Total Debt/EBITDA 17.60
EBITDA Margin 57.3%
EBIT Margin - Total Debt/Equity 80.8%
Net Income Margin 64.2% Total Debt/Capital 44.5%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.07% Inventory Days -
Tot Debt to Common Equity 80.78% 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
Gecina SAPrice/Volume
Valuation Analysis
28'467.00
Current Price (2/dd/yy) Market Data
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200.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
METROVACESA n/a Co File 16'809'610 26.78 - 31.12.2011 Corporation
RIVERO JOAQUIN n/a Co File 10'094'735 16.08 - 31.12.2011 n/a
MAG IMPORT n/a Research 9'567'841 15.24 - 31.12.2011 Other
PREDICA n/a Co File 5'145'738 8.2 - 31.12.2011 Insurance Company
GECINA SA n/a Co File 1'621'476 2.58 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 538'773 0.86 3'464 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 514'441 0.82 16'595 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 353'283 0.56 1'701 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 293'773 0.47 (3'081) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 285'007 0.45 2'336 27.02.2013 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 190'524 0.3 - 21.08.2012 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 151'655 0.24 (2'399) 31.12.2012 Mutual Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 135'702 0.22 14'750 31.12.2012 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 130'083 0.21 (37'418) 31.12.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 114'883 0.18 29'425 25.02.2013 Investment Advisor
DIAM n/a ULT-AGG 112'961 0.18 - 27.02.2012 Unclassified
DEUTSCHE ASSET MGMT Multiple Portfolios MF-AGG 106'701 0.17 106'701 18.04.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 100'808 0.16 94'220 15.08.2012 Unclassified
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 88'000 0.14 8'250 28.09.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 81'100 0.13 (3'505) 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale HENRI QUADRELLI hold 3 M 90 12 month 27.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 26.02.2013
Morgan Stanley CHRISTOPHER FREMANTLE Overwt/Attractive 5 M 87 12 month 22.02.2013
Oddo & Cie MARINE LAFITTE reduce 2 M 83 Not Provided 22.02.2013
Rabobank International MARTIJN VAN DEN EIJNDEN hold 3 M 80 12 month 22.02.2013
ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG buy 5 M 95 12 month 22.02.2013
AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 89 6 month 21.02.2013
Exane BNP Paribas NICK WEBB outperform 5 M 89 Not Provided 01.02.2013
Petercam JOEL GORSELE reduce 2 M 86 Not Provided 22.01.2013
HSBC STEPHANIE DOSSMANN underweight 1 D 86 Not Provided 17.01.2013
Kempen & Co BOUDEWIJN SCHOON overweight 5 M 92 12 month 14.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013
JPMorgan NEIL GREEN neutral 3 M 93 9 month 09.01.2013
Natixis SERGE DEMIRDJIAN not rated #N/A N/A M #N/A N/A Not Provided 29.10.2012
Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 M 84 Not Provided 03.10.2012
Barclays AARON GUY equalweight 3 M 81 Not Provided 08.08.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 68 12 month 02.07.2012
Edge Capital Research KONSTANTIN BOYCHINOV neutral 3 N 73 12 month 29.09.2011
Tradition Securities & Futures LAETITIA D'EPREMESNIL hold 3 U 103 Not Provided 06.07.2011
Holdings By:
Gecina SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Georg Fischer AG produces automobile parts, piping systems, plastics processing
equipment, and tool and mold making machinery. The Company manufactures cast
and machined components for road vehicles and machinery, plastic and metal
pipes and fittings, electric discharge machines, milling centers, automation
equipment, and plastics factories and compounding systems.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (19.03.2012) 434.65
52-Week Low (15.06.2012) 302.25
Daily Volume
422
52-Week High % Change -2.91% Dividend Yield -
52-Week Low % Change 39.62% Beta 1.45
% 52 Week Price Range High/Low 90.44% Equity Float 4.07
Shares Out 31.12.2012 4.1 Short Int -
1'730.58 1 Yr Total Return 1.74%
Total Debt 640.00 YTD Return 14.67%
Preferred Stock 0.0 Adjusted BETA 1.454
Minority Interest 44.0 Analyst Recs 10
Cash and Equivalents 338.00 Consensus Rating 3.300
Enterprise Value 2'076.58
Average Volume 5 Day 35'842
FI/N SE EQUITY YTD Change - Average Volume 30 Day 20'357
FI/N SE EQUITY YTD % CHANGE - Average Volume 3 Month 18'883
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 - -
4'465.0 2'906.0 3'447.0 3'638.0 3'602.0 - - 3'616.1 3'737.6 - -
0.34x 0.53x 0.72x 0.45x 0.52x - - 0.54x 0.50x - -
390.0 111.0 329.0 375.0 354.0 - - 363.3 386.6 - -
3.87x 13.90x 7.56x 4.32x 5.24x - - 5.72x 5.37x - -
56.0 (246.0) 99.0 160.0 121.0 - - 152.4 165.9 - -
17.14x - 21.98x 8.23x 9.95x - - 11.38x 10.37x - -
EBITDA 354.00 Long-Term Rating Date -
EBIT 221.00 Long-Term Rating -
Operating Margin 6.14% Long-Term Outlook -
Pretax Margin 5.25% Short-Term Rating Date -
Return on Assets 4.16% Short-Term Rating -
Return on Common Equity 10.00%
Return on Capital 8.11% EBITDA/Interest Exp. 10.41
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 6.53
Net Debt/EBITDA 0.85
Gross Margin - Total Debt/EBITDA 1.81
EBITDA Margin 9.8%
EBIT Margin 6.1% Total Debt/Equity 51.5%
Net Income Margin 3.4% Total Debt/Capital 33.2%
Asset Turnover 1.24
Current Ratio 1.89 Net Fixed Asset Turnover 3.71
Quick Ratio 1.03 Accounts receivable turnover-days 53.29
Debt to Assets 22.08% Inventory Days -
Tot Debt to Common Equity 51.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.87 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
Georg Fischer AGPrice/Volume
Valuation Analysis
41'098.00
Current Price (2/dd/yy) Market Data
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3'000.0
3'500.0
4'000.0
4'500.0
5'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 209'132 5.1 (9'558) 26.02.2013 Investment Advisor
UBS FUND MANAGEMENT n/a EXCH 123'905 3.02 - 11.02.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 98'281 2.4 (8'319) 31.10.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 91'971 2.24 (241) 28.12.2012 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 76'999 1.88 (2'548) 28.12.2012 Mutual Fund Manager
SARASIN n/a ULT-AGG 59'484 1.45 (93) 30.11.2012 Unclassified
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 50'623 1.23 (3'563) 31.01.2013 Mutual Fund Manager
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 41'800 1.02 (450) 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'024 1 (62) 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 35'197 0.86 (1'200) 30.11.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 31'189 0.76 - 30.06.2012 Pension Fund (ERISA)
IST FUND MANAGERS Multiple Portfolios MF-AGG 30'865 0.75 112 31.12.2012 Mutual Fund Manager
PRUDENTIAL FINANCIAL n/a ULT-AGG 25'816 0.63 (500) 31.01.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 25'718 0.63 (440) 30.11.2012 Mutual Fund Manager
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 23'350 0.57 (40) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'564 0.5 15'540 31.12.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 19'214 0.47 3'975 31.10.2012 Mutual Fund Manager
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 16'950 0.41 - 31.01.2013 Mutual Fund Manager
KBC GROUP NV Multiple Portfolios MF-AGG 14'475 0.35 (2'089) 31.01.2013 Investment Advisor
PIONEER ASSET MANAGE Multiple Portfolios MF-AGG 13'680 0.33 (93) 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kepler Capital Markets CHRISTOPH LADNER buy 5 M 450 Not Provided 27.02.2013
Helvea VOLKAN GOCMEN neutral 3 M 370 12 month 27.02.2013
Credit Suisse PATRICK LAAGER outperform 5 M 480 Not Provided 26.02.2013
Bank Vontobel AG FABIAN HAECKI reduce 2 M 350 Not Provided 26.02.2013
Main First Bank AG TOBIAS FAHRENHOLZ underperform 1 M 375 12 month 25.02.2013
Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 390 6 month 12.02.2013
Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
CA Cheuvreux OLIVER GIRAKHOU underperform 1 D 320 Not Provided 16.11.2012
Holdings By:
Georg Fischer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Gerresheimer AG develops and produces specialty products made of glass and
plastic. The Company produces containers for a variety of substances and
medicines.
Latest Fiscal Year: 11/2012
LTM as of: 11/yy
52-Week High (21.02.2013) 44.78
52-Week Low (11.04.2012) 31.34
Daily Volume
43.95
52-Week High % Change -1.84% Dividend Yield -
52-Week Low % Change 40.23% Beta 0.68
% 52 Week Price Range High/Low 93.86% Equity Float 27.60
Shares Out 31.12.2012 31.4 Short Int -
1'380.03 1 Yr Total Return 34.13%
Total Debt 463.04 YTD Return 9.61%
Preferred Stock 0.0 Adjusted BETA 0.681
Minority Interest 45.0 Analyst Recs 18
Cash and Equivalents 91.41 Consensus Rating 4.611
Enterprise Value 1'796.68
Average Volume 5 Day 127'200
GXI GY EQUITY YTD Change - Average Volume 30 Day 168'471
GXI GY EQUITY YTD % CHANGE - Average Volume 3 Month 133'349
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 11/yy 11/yy 11/13 Y 11/14 Y 02/13 Q1 05/13 Q2
1'060.1 1'000.2 1'024.8 1'094.7 1'219.1 1'094.7 1'219.1 1'292.7 1'373.6 286.5 334.5
1.24x 1.15x 1.21x 1.27x 1.36x 5.19x 5.28x 1.41x 1.28x - -
171.2 179.9 204.3 209.8 228.2 209.9 228.2 253.8 281.5 47.7 62.1
7.70x 6.37x 6.07x 6.62x 7.25x 6.61x 7.25x 7.07x 6.38x 7.08x -
0.7 5.8 43.2 50.5 60.2 50.5 60.2 86.1 103.0 11.2 21.7
1349.00x 128.06x 20.38x 19.30x 20.54x 19.35x 20.54x 15.82x 13.40x 15.45x -
EBITDA 228.17 Long-Term Rating Date 23.02.2011
EBIT 128.13 Long-Term Rating BBB-
Operating Margin 10.51% Long-Term Outlook STABLE
Pretax Margin 7.85% Short-Term Rating Date -
Return on Assets 3.92% Short-Term Rating -
Return on Common Equity 11.50%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 1.63
Gross Margin 29.3% Total Debt/EBITDA 2.03
EBITDA Margin 18.7%
EBIT Margin 10.5% Total Debt/Equity 86.5%
Net Income Margin 4.9% Total Debt/Capital 44.4%
Asset Turnover 0.79
Current Ratio 1.33 Net Fixed Asset Turnover 2.45
Quick Ratio 0.74 Accounts receivable turnover-days 51.38
Debt to Assets 29.72% Inventory Days 74.09
Tot Debt to Common Equity 86.53% Accounts Payable Turnover Day 56.20
Accounts Receivable Turnover 7.12 Cash Conversion Cycle 69.28
Inventory Turnover 4.94
Fiscal Year Ended
Gerresheimer AGPrice/Volume
Valuation Analysis
77'799.00
Current Price (2/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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400.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 1'603'519 5.11 (21'300) 26.02.2013 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 1'582'560 5.04 - 30.11.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 1'569'340 5 - 24.01.2013 Investment Advisor
ETON PARK CAPITAL MA n/a Co File 1'544'880 4.92 - 30.11.2012 Hedge Fund Manager
HOUND PARTNERS LLC n/a Research 1'333'222 4.25 - 04.01.2013 Hedge Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 990'736 3.16 - 31.12.2012 Investment Advisor
EDINBURGH PARTNERS L n/a Co File 976'540 3.11 - 30.11.2012 Investment Advisor
BERG GILCHRIST B n/a Co File 973'400 3.1 - 30.11.2012 n/a
ALLIANZ GLOBAL INVES n/a Co File 957'700 3.05 - 30.11.2012 Other
GOVERNANCE FOR OWNER n/a Research 939'380 2.99 - 24.11.2011 Other
TREMBLANT HOLDINGS L n/a Research 932'893 2.97 - 14.10.2011 Other
MORGAN STANLEY #N/A N/A Research 886'544 2.82 - 21.02.2013 Investment Advisor
EDGEPOINT INVESTMENT n/a Research 842'679 2.68 - 17.10.2012 Hedge Fund Manager
BLUE HARBOUR GROUP L n/a Research 839'697 2.67 - 05.07.2012 Hedge Fund Manager
DJE INVESTMENT SA Multiple Portfolios MF-AGG 478'035 1.52 7'700 30.11.2012 Mutual Fund Manager
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 452'780 1.44 31'390 31.12.2011 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 389'165 1.24 35'000 31.10.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 306'929 0.98 - 31.07.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 300'000 0.96 - 30.06.2012 Pension Fund (ERISA)
VANGUARD GROUP INC Multiple Portfolios MF-AGG 276'863 0.88 378 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 51 6 month 25.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 49 Not Provided 19.02.2013
Jefferies INGEBORG OIE buy 5 M 50 12 month 18.02.2013
Independent Research GmbH ZAFER RUZGAR buy 5 U 50 12 month 18.02.2013
DZ Bank AG SVEN OLAF KUERTEN hold 3 M 44 12 month 18.02.2013
Main First Bank AG MARCUS WIEPRECHT outperform 5 M 50 12 month 18.02.2013
Deutsche Bank GUNNAR ROMER hold 3 M 45 12 month 17.02.2013
Credit Suisse CHRISTOPH GRETLER outperform 5 M 46 Not Provided 15.02.2013
JPMorgan DAVID J ADLINGTON overweight 5 M 56 9 month 15.02.2013
HSBC JAN KEPPELER overweight 5 M 48 Not Provided 15.02.2013
CA Cheuvreux OLIVER REINBERG outperform 5 U 48 Not Provided 15.02.2013
National Bank AG MANFRED JAISFELD buy 5 M 49 Not Provided 15.02.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 51 12 month 15.02.2013
Berenberg Bank SCOTT BARDO buy 5 M 50 Not Provided 15.02.2013
Kepler Capital Markets MAJA PATAKI hold 3 M 40 Not Provided 15.02.2013
Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 47 12 month 15.02.2013
Hauck & Aufhaeuser THOMAS WISSLER buy 5 M 48 12 month 14.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Gerresheimer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Gjensidige Forsikring ASA is a Norwegian insurance company. The Company offers
general insurance products to private individuals and businesses in Norway.
Gjensidige Forsikring provides property insurance and insurances of the person
in the household and the business markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.02.2013) 95.00
52-Week Low (04.06.2012) 63.90
Daily Volume
90.6
52-Week High % Change -4.63% Dividend Yield -
52-Week Low % Change 41.78% Beta 0.66
% 52 Week Price Range High/Low 85.85% Equity Float 168.19
Shares Out 27.02.2013 500.0 Short Int -
45'300.00 1 Yr Total Return 44.67%
Total Debt 5'355.50 YTD Return 14.11%
Preferred Stock 0.0 Adjusted BETA 0.663
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 2'331.50 Consensus Rating 2.810
Enterprise Value 48'324.00
Average Volume 5 Day 522'360
GJF NO EQUITY YTD Change - Average Volume 30 Day 790'263
GJF NO EQUITY YTD % CHANGE - Average Volume 3 Month 730'334
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
16'024.5 19'195.2 21'050.3 21'325.6 22'132.1 21'325.6 22'131.9 19'257.5 19'524.0 - -
- - 1.50x 1.71x 1.93x 6.53x 7.21x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
252.3 2'304.8 2'950.4 2'747.9 4'280.1 2'747.9 4'280.0 3'583.6 3'645.4 800.3 969.0
- - 9.91x 12.61x 9.28x 12.61x 9.28x 12.60x 12.39x 12.72x 13.21x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A
Operating Margin 26.06% Long-Term Outlook STABLE
Pretax Margin 25.45% Short-Term Rating Date -
Return on Assets 4.69% Short-Term Rating -
Return on Common Equity 17.52%
Return on Capital 15.86% EBITDA/Interest Exp. -
Asset Turnover 0.24% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 20.9%
Net Income Margin 19.3% Total Debt/Capital 17.3%
Asset Turnover 0.24
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.68% Inventory Days -
Tot Debt to Common Equity 20.91% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Gjensidige Forsikring ASAPrice/Volume
Valuation Analysis
425'862.00
Current Price (2/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
19961997199819992000200120022003200420052006200720082009201020112012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GJENSIDIGESTIFTELSEN n/a EXCH 311'201'322 62.24 - 18.02.2013 Corporation
STATE STREET n/a ULT-AGG 33'565'033 6.71 - 27.02.2013 Investment Advisor
GOVERNMENT PENSION F n/a EXCH 20'519'213 4.1 - 18.02.2013 Government
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 9'808'539 1.96 (2'265) 31.12.2012 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 7'834'011 1.57 - 18.02.2013 Bank
SKAGEN AS Multiple Portfolios MF-AGG 5'547'423 1.11 (636'329) 31.01.2013 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'990'000 1 - 31.12.2012 Investment Advisor
GOLDMAN SACHS & CO n/a EXCH 4'432'343 0.89 - 18.02.2013 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'986'484 0.8 1'067'756 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 3'804'416 0.76 - 18.02.2013 Investment Advisor
SEB n/a ULT-AGG 3'539'809 0.71 180'341 18.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'283'833 0.66 61'607 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'927'229 0.59 (545'198) 31.12.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 2'600'561 0.52 (13'435) 28.12.2012 Mutual Fund Manager
JP MORGAN CHASE BANK n/a EXCH 2'545'593 0.51 - 18.02.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'044'764 0.41 - 31.01.2013 Mutual Fund Manager
DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 1'902'412 0.38 (28'900) 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'690'655 0.34 7'274 26.02.2013 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 1'659'254 0.33 2'986 31.01.2013 Investment Advisor
KLP AKSJENORGE n/a EXCH 1'601'780 0.32 - 18.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays CLAUDIA GASPARI underweight 1 D 73 Not Provided 20.02.2013
Macquarie HADLEY COHEN underperform 1 M 80 12 month 19.02.2013
ABG Sundal Collier RICKARD HENZE hold 3 M 89 6 month 15.02.2013
SEB Enskilda CHRISTOFFER J ADAMS hold 3 M 91 Not Provided 15.02.2013
Carnegie GIANANDREA ROBERTI hold 3 D #N/A N/A Not Provided 15.02.2013
Nordea Equity Research THOMAS SVENDSEN sell 1 M 78 12 month 15.02.2013
Handelsbanken MATTI AHOKAS accumulate 4 M 94 12 month 15.02.2013
Pareto Securities VEGARD EID MEDIAS hold 3 M 88 6 month 15.02.2013
Berenberg Bank SAMI TAIPALUS hold 3 M 88 Not Provided 15.02.2013
DNB Markets HAKON FURE hold 3 D 90 Not Provided 15.02.2013
Credit Suisse CHRIS ESSON neutral 3 D 91 Not Provided 14.02.2013
Arctic Securities ASA FRIDTJOF BERENTS hold 3 D 94 Not Provided 14.02.2013
Norne Securities AS ANDRIUS VALIVONIS Under Review #N/A N/A M #N/A N/A Not Provided 14.02.2013
Danske Markets PER GRONBORG buy 5 M 105 12 month 14.02.2013
Swedbank First Securities BENGT KIRKOEN reduce 2 M 80 Not Provided 14.02.2013
Keefe, Bruyette & Woods KARL MORRIS outperform 5 M 90 12 month 11.02.2013
Mediobanca SpA SIMONETTA CHIRIOTTI underperform 1 M 85 6 month 30.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 81 12 month 05.12.2012
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 80 12 month 11.10.2012
Fondsfinans AS ARILD NYSAETHER neutral 3 M 72 Not Provided 17.07.2012
Holdings By:
Gjensidige Forsikring ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
GN Store Nord A/S (GN Great Nordic) is the parent company to an international
group of companies that manufactures and markets communication solutions. The
Company develops wireless technology and provides hand-free solutions, and
products for the hearing impaired. The Company also works with cable systems.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 105.50
52-Week Low (23.03.2012) 57.90
Daily Volume
102.4
52-Week High % Change -2.94% Dividend Yield -
52-Week Low % Change 76.86% Beta 0.95
% 52 Week Price Range High/Low 93.49% Equity Float -
Shares Out 26.02.2013 193.7 Short Int -
19'834.58 1 Yr Total Return 67.55%
Total Debt 399.00 YTD Return 25.18%
Preferred Stock 0.0 Adjusted BETA 0.954
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 169.00 Consensus Rating 3.000
Enterprise Value 20'064.58
Average Volume 5 Day 1'883'391
GN DC EQUITY YTD Change - Average Volume 30 Day 965'551
GN DC EQUITY YTD % CHANGE - Average Volume 3 Month 849'618
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
5'624.0 4'729.0 5'145.0 5'564.0 6'251.0 5'564.0 6'251.0 6'617.7 7'054.2 1'584.9 1'612.3
0.65x 1.42x 2.12x 1.91x 2.27x 7.33x 2.27x 2.96x 2.76x - -
506.0 389.0 822.0 1'009.0 1'013.0 1'009.0 1'013.0 1'362.8 1'587.6 253.5 288.0
7.25x 17.20x 13.27x 10.51x 13.99x 10.51x 13.99x 14.72x 12.64x 15.63x 14.50x
(56.0) (70.0) 1'855.0 865.0 321.0 865.0 321.0 808.8 947.7 141.2 164.8
- - 5.56x 11.23x 45.57x 11.23x 46.01x 21.16x 17.75x 22.72x 21.07x
EBITDA 1'013.00 Long-Term Rating Date -
EBIT 571.00 Long-Term Rating -
Operating Margin 9.13% Long-Term Outlook -
Pretax Margin 7.37% Short-Term Rating Date -
Return on Assets 3.31% Short-Term Rating -
Return on Common Equity 5.17%
Return on Capital - EBITDA/Interest Exp. 144.71
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 130.00
Net Debt/EBITDA 0.23
Gross Margin 58.0% Total Debt/EBITDA 0.39
EBITDA Margin 16.2%
EBIT Margin 9.1% Total Debt/Equity 7.2%
Net Income Margin 5.1% Total Debt/Capital 6.7%
Asset Turnover 0.65
Current Ratio 1.57 Net Fixed Asset Turnover 24.23
Quick Ratio 0.97 Accounts receivable turnover-days 76.64
Debt to Assets 4.87% Inventory Days 71.16
Tot Debt to Common Equity 7.20% Accounts Payable Turnover Day 69.82
Accounts Receivable Turnover 4.78 Cash Conversion Cycle 77.99
Inventory Turnover 5.14
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
GN Store Nord A/SPrice/Volume
Valuation Analysis
954'125.00
Current Price (2/dd/yy) Market Data
'
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1'000.0
2'000.0
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4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ATP n/a Co File 20'419'310 10.54 - 31.12.2011 Government
MARATHON ASSET MANAG n/a Research 19'171'743 9.9 - 01.05.2012 Investment Advisor
GN STORE NORD n/a Co File 15'418'663 7.96 - 31.12.2011 Corporation
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'910'424 2.02 2'850'902 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'755'199 1.42 (840'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'265'156 1.17 2'971 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'142'027 1.11 72'000 31.01.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'832'180 0.95 1'832'180 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'427'564 0.74 36'700 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 825'832 0.43 364'000 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 675'862 0.35 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 631'888 0.33 (493'644) 31.12.2012 Investment Advisor
INTERFUND ADVISORY C Multiple Portfolios MF-AGG 546'534 0.28 (163'145) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 513'760 0.27 (2'849) 26.02.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 507'850 0.26 42'280 28.12.2012 Mutual Fund Manager
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 350'000 0.18 - 31.01.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 341'592 0.18 - 31.05.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 329'958 0.17 - 31.07.2012 Investment Advisor
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 313'212 0.16 - 30.09.2012 Mutual Fund Manager
SPARINVEST n/a ULT-AGG 294'074 0.15 4'000 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 96 12 month 26.02.2013
Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 110 12 month 25.02.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN sell 1 M 95 12 month 22.02.2013
Jyske Bank JANNE VINCENT KJAER reduce 2 M 105 Not Provided 22.02.2013
SEB Enskilda NIELS GRANHOLM-LETH hold 3 M 104 Not Provided 22.02.2013
Carnegie CLAUS ALMER hold 3 M #N/A N/A Not Provided 22.02.2013
Nordea Equity Research SOREN V HOLM SORENSEN sell 1 D 90 12 month 22.02.2013
Handelsbanken KLAUS MADSEN accumulate 4 M 110 12 month 22.02.2013
Kepler Capital Markets MAJA PATAKI buy 5 M 105 Not Provided 22.02.2013
Danske Markets POUL ERNST JESSEN hold 3 M 102 12 month 22.02.2013
ABG Sundal Collier MORTEN LARSEN buy 5 M 115 6 month 21.02.2013
Credit Suisse CHRISTOPH GRETLER underperform 1 M 85 Not Provided 21.02.2013
NYKREDIT KRESTEN JOHNSEN neutral 3 M #N/A N/A Not Provided 21.02.2013
DNB Markets RUNE MAJLUND DAHL hold 3 M 100 Not Provided 21.02.2013
Commerzbank Corporates & Markets OLIVER METZGER hold 3 M 97 6 month 13.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Swedbank JOHAN UNNERUS neutral 3 M 84 12 month 16.11.2012
Jefferies INGEBORG OIE hold 3 M 65 12 month 09.08.2012
Sydbank MORTEN IMSGARD overweight 5 M #N/A N/A Not Provided 05.05.2011
Holdings By:
GN Store Nord A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Great Portland Estates PLC invests and develops freehold and leasehold
properties. The Company's focus is in the office market in central London.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (27.12.2012) 502.00
52-Week Low (23.04.2012) 342.90
Daily Volume
488.2
52-Week High % Change -2.75% Dividend Yield 1.74
52-Week Low % Change 42.37% Beta 0.92
% 52 Week Price Range High/Low 91.33% Equity Float 302.98
Shares Out 19.11.2012 343.9 Short Int -
1'679.05 1 Yr Total Return 41.17%
Total Debt 538.70 YTD Return -0.18%
Preferred Stock 0.0 Adjusted BETA 0.918
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 4.00 Consensus Rating 3.600
Enterprise Value 2'418.45
Average Volume 5 Day 508'618
GPOR LN EQUITY YTD Change - Average Volume 30 Day 635'672
GPOR LN EQUITY YTD % CHANGE - Average Volume 3 Month 699'216
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 - -
84.9 54.6 51.8 63.7 46.4 - - 68.0 78.9 - -
16.34x 15.37x 23.51x 24.87x 35.78x - - 34.34x 30.00x - -
31.6 33.5 32.2 46.5 25.8 - - 37.4 48.0 - -
43.90x 25.05x 37.82x 34.06x 64.34x - - 64.60x 50.37x - -
(4.1) (436.1) 156.4 260.1 155.2 - - 20.4 29.2 - -
- - 5.67x 4.60x 7.16x - - 77.49x 55.48x - -
EBITDA 25.80 Long-Term Rating Date -
EBIT 25.80 Long-Term Rating -
Operating Margin 55.60% Long-Term Outlook -
Pretax Margin 334.48% Short-Term Rating Date -
Return on Assets 8.05% Short-Term Rating -
Return on Common Equity 12.36%
Return on Capital 10.01% EBITDA/Interest Exp. 1.15
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -5.93
Net Debt/EBITDA -
Gross Margin 86.4% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 58.5% Total Debt/Equity 43.5%
Net Income Margin 334.5% Total Debt/Capital 30.3%
Asset Turnover 0.03
Current Ratio 0.31 Net Fixed Asset Turnover 0.03
Quick Ratio 0.04 Accounts receivable turnover-days 53.53
Debt to Assets 27.43% Inventory Days -
Tot Debt to Common Equity 43.50% Accounts Payable Turnover Day 868.47
Accounts Receivable Turnover 6.84 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Great Portland Estates PLCPrice/Volume
Valuation Analysis
375'163.00
Current Price (2/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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20.0
40.0
60.0
80.0
100.0
120.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORGES BANK n/a RNS-MAJ 30'638'164 8.91 6'750'000 19.11.2012 Government
BLACKROCK n/a ULT-AGG 27'895'916 8.11 (379'799) 26.02.2013 Investment Advisor
EUROPEAN INVESTORS I n/a Research 14'622'528 4.25 2'081'218 31.12.2012 Investment Advisor
PGGM VERMOGENSBEHEER n/a Co File 11'835'515 3.44 - 14.05.2012 Investment Advisor
STANDARD LIFE INVEST n/a Co File 11'001'263 3.2 - 14.05.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 10'659'881 3.1 187'716 01.11.2012 Unclassified
APG ALGEMENE PENSIOE n/a RNS-MAJ 10'234'975 2.98 (181'200) 21.11.2012 Pension Fund (ERISA)
WESTBROOK PARTNERS L n/a RNS-MAJ 8'933'502 2.6 (2'107'539) 28.03.2012 Other
OLD MUTUAL n/a ULT-AGG 8'841'000 2.57 53'000 31.12.2012 Unclassified
ABERDEEN n/a ULT-AGG 7'868'522 2.29 (604'500) 31.12.2012 Unclassified
STICHTING PENSIOENFO Multiple Portfolios REG 7'745'515 2.25 - 01.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 7'233'505 2.1 1'901'310 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 7'152'813 2.08 - 20.11.2012 Unclassified
FMR LLC n/a ULT-AGG 7'012'442 2.04 334'278 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 6'886'443 2 (959'919) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'147'265 1.79 918'300 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'973'172 1.74 1'414'771 26.02.2013 Investment Advisor
ING INV MANAGEMENT E Multiple Portfolios REG 5'470'806 1.59 741'800 01.11.2012 Investment Advisor
CBRE CLARION SECURIT Multiple Portfolios REG 5'375'985 1.56 479'400 01.11.2012 Investment Advisor
DAIWA ASSET MANAGEME Multiple Portfolios REG 5'076'564 1.48 (984'029) 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies MICHAEL PREW hold 3 M 454 12 month 25.02.2013
Numis Securities Ltd CHRISTOPHER SPEARING add 4 M 550 Not Provided 25.02.2013
Peel Hunt KEITH CRAWFORD hold 3 M 500 Not Provided 04.02.2013
Exane BNP Paribas NICK WEBB neutral 3 M 490 Not Provided 01.02.2013
Morgan Stanley CHRISTOPHER FREMANTLE Overwt/Attractive 5 M 490 12 month 31.01.2013
Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 515 Not Provided 31.01.2013
Oriel Securities Ltd MATTHEW S SAPERIA hold 3 M #N/A N/A Not Provided 31.01.2013
Panmure Gordon & Co Limited MARK HUGHES hold 3 N 473 Not Provided 31.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 23.01.2013
Investec ALAN CARTER add 4 M 515 12 month 21.01.2013
Kempen & Co RYAN PALECEK underweight 1 D 480 12 month 14.01.2013
JPMorgan TIM LECKIE overweight 5 M 550 9 month 09.01.2013
Societe Generale MARC MOZZI sell 1 M 480 12 month 18.12.2012
Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 472 Not Provided 18.12.2012
Deutsche Bank MARTIN ALLEN buy 5 M 660 12 month 27.11.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 485 12 month 15.11.2012
Liberum Capital Ltd ALISON WATSON buy 5 M 486 Not Provided 12.09.2012
Barclays JULIAN CAMPBELL-WOOD overweight 5 M 523 Not Provided 19.07.2012
Holdings By:
Great Portland Estates PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Greene King PLC brews, wholesales, and retails beer, in addition to owning
managed and tenanted public houses. The Company's also operates inns across the
south of the United Kingdom.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 717.00
52-Week Low (06.06.2012) 470.70
Daily Volume
693.5
52-Week High % Change -3.28% Dividend Yield 3.64
52-Week Low % Change 47.33% Beta 0.78
% 52 Week Price Range High/Low 90.46% Equity Float 216.03
Shares Out 31.01.2013 217.8 Short Int -
1'510.58 1 Yr Total Return 44.03%
Total Debt 1'530.00 YTD Return 10.87%
Preferred Stock 0.0 Adjusted BETA 0.784
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 43.00 Consensus Rating 3.765
Enterprise Value 2'965.78
Average Volume 5 Day 235'330
GNK LN EQUITY YTD Change - Average Volume 30 Day 249'868
GNK LN EQUITY YTD % CHANGE - Average Volume 3 Month 315'792
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y - -
960.5 954.6 984.1 1'042.7 1'140.4 - - 1'209.4 1'270.7 - -
2.41x 2.50x 2.37x 2.37x 2.31x - - 2.47x 2.34x - -
283.3 267.3 264.4 276.6 292.0 - - 307.5 321.3 - -
8.16x 8.93x 8.81x 8.92x 9.01x - - 9.65x 9.23x - -
124.3 39.5 79.9 106.8 102.4 - - 122.9 130.7 - -
5.80x 20.65x 12.00x 9.85x 11.04x - - 12.25x 11.58x - -
EBITDA 292.00 Long-Term Rating Date -
EBIT 236.20 Long-Term Rating -
Operating Margin 20.71% Long-Term Outlook -
Pretax Margin 10.97% Short-Term Rating Date -
Return on Assets 4.02% Short-Term Rating -
Return on Common Equity 13.71%
Return on Capital 8.17% EBITDA/Interest Exp. 3.35
Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 1.90
Net Debt/EBITDA 4.84
Gross Margin - Total Debt/EBITDA 5.02
EBITDA Margin 25.5%
EBIT Margin 20.6% Total Debt/Equity 161.9%
Net Income Margin 9.0% Total Debt/Capital 61.8%
Asset Turnover 0.37
Current Ratio 0.48 Net Fixed Asset Turnover 0.54
Quick Ratio 0.31 Accounts receivable turnover-days -
Debt to Assets 47.99% Inventory Days -
Tot Debt to Common Equity 161.85% 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
Greene King PLCPrice/Volume
Valuation Analysis
223'693.00
Current Price (2/dd/yy) Market Data
'
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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STANDARD LIFE INVEST Multiple Portfolios REG 19'645'639 9.02 27'244 01.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 17'453'075 8.01 153'449 25.02.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 10'483'106 4.81 291'771 31.12.2012 Unclassified
AXA INVESTMENT MANAG Multiple Portfolios REG 8'908'696 4.09 - 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 8'212'568 3.77 40'775 31.01.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios REG 7'589'262 3.48 (92'174) 01.11.2012 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 7'567'854 3.47 504'410 01.11.2012 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 5'746'121 2.64 (32'900) 01.11.2012 Other
BLACKROCK n/a ULT-AGG 5'612'477 2.58 326'527 26.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'288'801 2.43 - 31.07.2012 Investment Advisor
CAPITAL GROUP INTERN Multiple Portfolios REG 4'948'515 2.27 - 01.11.2012 Investment Advisor
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 4'883'980 2.24 75'000 31.01.2013 Mutual Fund Manager
SMITH & WILLIAMSON H n/a ULT-AGG 3'710'417 1.7 (91'214) 31.01.2013 Investment Advisor
SANTANDER ASSET MANA Multiple Portfolios MF-AGG 3'151'548 1.45 117'419 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 3'109'317 1.43 (38'283) 01.11.2012 Investment Advisor
LSV ASSET MANAGEMENT Multiple Portfolios REG 3'103'784 1.42 - 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 3'066'699 1.41 (408'735) 01.11.2012 Unclassified
RATHBONE UNIT TRUST Multiple Portfolios REG 3'001'428 1.38 31'237 01.11.2012 Investment Advisor
BAE SYSTEMS PENSION Multiple Portfolios REG 2'529'636 1.16 - 01.11.2012 Pension Fund (ERISA)
HENDERSON GLOBAL INV Multiple Portfolios REG 2'474'779 1.14 (6'000) 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan VICTORIA GREER overweight 5 M 740 9 month 25.02.2013
Liberum Capital Ltd PATRICK COFFEY buy 5 M 709 Not Provided 12.02.2013
Barclays RICHARD TAYLOR equalweight 3 M 735 Not Provided 06.02.2013
HSBC LENA THAKKAR overweight 5 U 750 Not Provided 31.01.2013
Goldman Sachs OLIVER NEAL neutral/neutral 3 D 720 12 month 28.01.2013
Peel Hunt NICHOLAS BATRAM buy 5 M 702 Not Provided 25.01.2013
Oriel Securities Ltd JEFFREY HARWOOD buy 5 M #N/A N/A Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Nomura TIM BARRETT neutral 3 M 585 12 month 14.01.2013
Numis Securities Ltd DOUGLAS JACK add 4 M 710 Not Provided 14.01.2013
Panmure Gordon & Co Limited SIMON FRENCH hold 3 M 607 Not Provided 14.01.2013
Deutsche Bank GEOF COLLYER buy 5 M 750 12 month 19.12.2012
Jefferies JAMES WHEATCROFT hold 3 M 625 12 month 11.12.2012
Shore Capital Stockbrokers KARL BURNS buy 5 M #N/A N/A Not Provided 04.12.2012
Investec JAMES HOLLINS hold 3 N 530 12 month 04.09.2012
Holdings By:
Greene King PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
GSW Immobilien AG owns and operates real estate. The Company owns apartment
buildings and manages apartment buildings owned by others.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (19.12.2012) 33.48
52-Week Low (07.03.2012) 22.12
Daily Volume
30.5
52-Week High % Change -8.89% Dividend Yield -
52-Week Low % Change 37.86% Beta 0.72
% 52 Week Price Range High/Low 73.79% Equity Float 47.58
Shares Out 30.09.2012 50.5 Short Int -
1'541.05 1 Yr Total Return 36.99%
Total Debt 1'770.89 YTD Return -4.69%
Preferred Stock 0.0 Adjusted BETA 0.719
Minority Interest 0.3 Analyst Recs 19
Cash and Equivalents 62.62 Consensus Rating 3.579
Enterprise Value 3'036.91
Average Volume 5 Day 77'520
GIB GY EQUITY YTD Change - Average Volume 30 Day 104'937
GIB GY EQUITY YTD % CHANGE - Average Volume 3 Month 119'384
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
214.7 224.3 176.4 199.2 326.9 241.3 386.9 221.1 231.4 55.6 58.0
- - - - 8.04x 19.19x 28.96x 14.11x 14.10x - -
164.0 194.4 136.7 116.1 161.8 127.3 174.3 142.5 158.8 32.7 34.6
- - - - 16.24x 0.00x 16.99x 21.35x 19.16x 22.47x 22.36x
72.8 107.7 172.1 49.3 105.1 45.8 91.8 68.6 91.1 16.3 19.3
- - - - 8.39x 0.00x 13.66x 22.63x 17.82x 14.59x 11.25x
EBITDA 161.83 Long-Term Rating Date -
EBIT 160.89 Long-Term Rating -
Operating Margin 15.50% Long-Term Outlook -
Pretax Margin 32.99% Short-Term Rating Date -
Return on Assets 3.08% Short-Term Rating -
Return on Common Equity 7.52%
Return on Capital 3.20% EBITDA/Interest Exp. 1.47
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 1.29
Net Debt/EBITDA 8.58
Gross Margin - Total Debt/EBITDA 9.92
EBITDA Margin 45.0%
EBIT Margin - Total Debt/Equity 151.9%
Net Income Margin 32.2% Total Debt/Capital 60.3%
Asset Turnover 0.13
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 58.26% Inventory Days -
Tot Debt to Common Equity 151.86% 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
GSW Immobilien AGPrice/Volume
Valuation Analysis
85'892.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a Research 5'072'682 10.04 - 04.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'831'745 7.58 126'735 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'213'364 6.36 (1'689) 26.02.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 2'545'261 5.04 - 29.02.2012 Government
CBRE CLARION SECURIT n/a Research 2'484'113 4.92 - 02.11.2012 n/a
PGGM VERMOGENSBEHEER n/a Research 1'506'102 2.98 - 08.10.2012 Investment Advisor
WELLINGTON MANAGEMEN n/a Research 1'497'459 2.96 - 08.10.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 1'468'863 2.91 - 14.02.2013 Investment Advisor
F&C ASSET MANAGEMENT n/a Research 1'329'407 2.63 - 17.01.2012 Investment Advisor
THAMES RIVER CAPITAL n/a Research 1'170'946 2.32 - 16.02.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'022'901 2.02 (204'008) 31.12.2012 Investment Advisor
AXA #N/A N/A Research 911'491 1.8 - 22.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 751'929 1.49 (234'820) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 551'612 1.09 (967) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 550'279 1.09 - 05.07.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 531'100 1.05 50'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 521'454 1.03 13'049 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 512'917 1.02 1'402 31.12.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 477'352 0.94 10'400 31.01.2013 Mutual Fund Manager
SCOTTISH WIDOWS n/a ULT-AGG 433'416 0.86 (4'052) 31.10.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER add 4 M 35 6 month 27.02.2013
HSBC THOMAS MARTIN underweight 1 M 31 Not Provided 25.02.2013
Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 31 12 month 14.01.2013
Close Brothers Equity Markets MANUEL MARTIN buy 5 M 36 12 month 14.01.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 25 12 month 02.01.2013
M.M. Warburg Investment Research TORSTEN KLINGNER buy 5 M 35 12 month 05.12.2012
Kepler Capital Markets BURKHARD SAWAZKI hold 3 M 32 Not Provided 27.11.2012
Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 U 33 12 month 26.11.2012
JPMorgan NEIL GREEN overweight 5 N 34 9 month 21.11.2012
S&P Capital IQ JACOB THRANE hold 3 M 32 12 month 16.11.2012
Silvia Quandt Research RALF GROENEMEYER neutral 3 M 29 12 month 16.11.2012
Berenberg Bank KAI MALTE KLOSE buy 5 M 34 Not Provided 15.11.2012
DZ Bank AG ULRICH GEIS hold 3 M 29 12 month 15.11.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 32 12 month 07.11.2012
Baader Bank ANDRE REMKE hold 3 M 33 12 month 05.11.2012
ABN Amro Bank N.V. MICHIEL DE JONGE hold 3 M 32 Not Provided 26.10.2012
Barclays AARON GUY overweight 5 N 37 Not Provided 15.10.2012
Deutsche Bank MARKUS SCHEUFLER buy 5 M 35 12 month 20.08.2012
Holdings By:
GSW Immobilien AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Halma is a health and safety sensor technology group which manufactures products
that detect hazards and also protect assets and people at work in public and
commercial buildings. Halma develops technologies and products that are used for
analysis in safety, environmental and leisure related markets, including water,
to improve personal and public health. Operations are in Europe, USA, and Asia.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (22.02.2013) 500.50
52-Week Low (15.06.2012) 371.00
Daily Volume
496.6
52-Week High % Change -0.78% Dividend Yield 2.02
52-Week Low % Change 33.85% Beta 1.03
% 52 Week Price Range High/Low 96.99% Equity Float 360.68
Shares Out 01.02.2013 377.8 Short Int -
1'876.09 1 Yr Total Return 29.38%
Total Debt 64.01 YTD Return 9.05%
Preferred Stock 0.0 Adjusted BETA 1.032
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 45.31 Consensus Rating 3.250
Enterprise Value 1'950.20
Average Volume 5 Day 414'265
HLMA LN EQUITY YTD Change - Average Volume 30 Day 438'609
HLMA LN EQUITY YTD % CHANGE - Average Volume 3 Month 555'751
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 - -
395.1 455.9 459.1 518.4 579.9 - - 624.6 667.4 - -
1.94x 1.39x 2.11x 2.66x 2.52x - - 3.11x 2.85x - -
84.1 96.1 105.0 120.8 153.7 - - 150.6 162.1 - -
9.10x 6.61x 9.22x 11.42x 9.49x - - 12.95x 12.03x - -
50.3 52.6 60.4 72.4 86.7 - - 99.3 106.0 - -
14.76x 11.05x 16.09x 18.46x 16.54x - - 18.88x 17.49x - -
EBITDA 153.73 Long-Term Rating Date -
EBIT 126.06 Long-Term Rating -
Operating Margin 21.74% Long-Term Outlook -
Pretax Margin 19.31% Short-Term Rating Date -
Return on Assets 14.31% Short-Term Rating -
Return on Common Equity 25.05%
Return on Capital 21.55% EBITDA/Interest Exp. 13.35
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 12.03
Net Debt/EBITDA 0.47
Gross Margin - Total Debt/EBITDA 0.74
EBITDA Margin 26.6%
EBIT Margin 21.7% Total Debt/Equity 16.1%
Net Income Margin 15.0% Total Debt/Capital 13.9%
Asset Turnover 0.89
Current Ratio 2.02 Net Fixed Asset Turnover 8.23
Quick Ratio 1.34 Accounts receivable turnover-days -
Debt to Assets 9.92% Inventory Days -
Tot Debt to Common Equity 16.08% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Halma PLCPrice/Volume
Valuation Analysis
406'383.00
Current Price (2/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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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASSACHUSETTS FINANC Multiple Portfolios REG 24'809'564 6.57 1'493'435 02.01.2013 Investment Advisor
SPRUCEGROVE INVESTME n/a Co File 22'317'670 5.91 - 20.06.2011 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 18'609'469 4.93 (362'779) 02.01.2013 Investment Advisor
BARCLAYS GLOBAL INVE n/a Co File 15'724'354 4.16 - 20.06.2011 Investment Advisor
SANDERSON ASSET MANA n/a Co File 14'891'762 3.94 - 20.06.2011 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 14'106'538 3.73 (273'243) 31.01.2013 Unclassified
NEPTUNE INVESTMENT M Multiple Portfolios REG 13'934'280 3.69 (65'720) 02.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'636'850 3.08 (82'054) 02.01.2013 Investment Advisor
MAWER INVESTMENT MAN Multiple Portfolios REG 10'883'858 2.88 372'842 02.01.2013 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 9'699'028 2.57 33'864 02.01.2013 Other
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'558'344 2.27 (127'655) 31.12.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 8'526'358 2.26 (810'135) 02.01.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 8'508'765 2.25 (523'108) 02.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 8'244'102 2.18 1'803'097 02.01.2013 Unclassified
BLACKROCK n/a ULT-AGG 7'418'935 1.96 1'964'796 26.02.2013 Investment Advisor
WILLIAM BLAIR & COMP Multiple Portfolios REG 6'811'919 1.8 67'376 02.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 6'619'831 1.75 (2'463'143) 02.01.2013 Government
UBS n/a ULT-AGG 6'405'060 1.7 80'371 02.01.2013 Unclassified
Cantillon Capital Multiple Portfolios REG 6'144'514 1.63 231'056 02.01.2013 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 5'878'086 1.56 50'482 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec CHRIS DYETT buy 5 M 550 12 month 22.02.2013
Credit Suisse JONATHAN HURN outperform 5 M 510 Not Provided 15.02.2013
Numis Securities Ltd SCOTT CAGEHIN add 4 M 530 Not Provided 15.02.2013
N+1 Singer Ltd JON LIENARD hold 3 M 491 12 month 14.02.2013
Peel Hunt DOMINIC CONVEY hold 3 M 395 Not Provided 04.02.2013
JPMorgan ANDREW J WILSON neutral 3 M 435 9 month 23.01.2013
Goldman Sachs ADAM PINCKARD neutral/neutral 3 M 484 12 month 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
Arden Partners Ltd CHRIS THOMAS neutral 3 M #N/A N/A Not Provided 01.10.2012
Barclays RICHARD PAIGE equalweight 3 D 430 Not Provided 02.05.2012
Holdings By:
Halma PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Hargreaves Lansdown PLC provides investment management and financial planning
services. The Company's services include fund research, pension management,
financial planning, and currency services.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (22.02.2013) 866.50
52-Week Low (29.02.2012) 422.36
Daily Volume
849
52-Week High % Change -2.02% Dividend Yield 2.00
52-Week Low % Change 101.01% Beta 1.26
% 52 Week Price Range High/Low 96.06% Equity Float 206.63
Shares Out 31.12.2012 474.3 Short Int -
4'026.97 1 Yr Total Return 105.90%
Total Debt 0.00 YTD Return 24.67%
Preferred Stock 0.0 Adjusted BETA 1.260
Minority Interest 0.4 Analyst Recs 12
Cash and Equivalents 159.95 Consensus Rating 3.250
Enterprise Value 3'878.22
Average Volume 5 Day 547'966
HL/ LN EQUITY YTD Change - Average Volume 30 Day 731'460
HL/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 995'718
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 09/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
120.3 132.8 159.0 207.9 238.7 0.0 202.4 285.8 326.5 - -
5.26x 6.63x 9.63x 13.26x 9.85x #DIV/0! 0.00x 13.46x 11.62x - -
59.0 71.6 87.8 126.8 153.0 0.0 0.0 185.3 214.8 - -
10.72x 12.32x 17.44x 21.75x 15.37x 0.00x 0.00x 20.93x 18.05x - -
42.4 52.1 61.3 91.8 113.0 0.0 0.0 141.0 164.4 - -
16.20x 9.16x 25.66x 30.65x 21.90x 0.00x 0.00x 27.56x 23.72x - -
EBITDA 153.03 Long-Term Rating Date -
EBIT 150.61 Long-Term Rating -
Operating Margin 63.09% Long-Term Outlook -
Pretax Margin 64.02% Short-Term Rating Date -
Return on Assets 47.03% Short-Term Rating -
Return on Common Equity 100.15%
Return on Capital 100.23% EBITDA/Interest Exp. -
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.86
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 65.4%
EBIT Margin 64.5% Total Debt/Equity 0.0%
Net Income Margin 47.3% Total Debt/Capital 0.0%
Asset Turnover 0.96
Current Ratio 1.95 Net Fixed Asset Turnover 44.60
Quick Ratio 1.71 Accounts receivable turnover-days 136.80
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 2.68 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
Hargreaves Lansdown PLCPrice/Volume
Valuation Analysis
587'952.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DIRECTOR & RELATED H Multiple Portfolios REG 249'011'024 52.5 - 01.11.2012 Other
HARGREAVES PETER K n/a Co File 152'717'606 32.2 - 30.06.2011 n/a
LANSDOWN STEPHEN PHI n/a Co File 95'500'000 20.13 - 30.06.2011 n/a
HARGREAVES LANSDOWN Multiple Portfolios REG 46'259'909 9.75 2'227'361 01.11.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 23'499'832 4.95 151'230 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'532'831 4.33 (661'005) 26.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 13'675'773 2.88 225'071 31.01.2013 Unclassified
BARRY THERESA n/a RNS-DIR 13'599'781 2.87 - 08.11.2011 n/a
BARCLAYS PRIVATE BAN Multiple Portfolios REG 12'206'757 2.57 - 01.11.2012 Bank
STANDARD LIFE INVEST Multiple Portfolios REG 10'702'308 2.26 1'481'200 01.11.2012 Investment Advisor
LINDSELL TRAIN INVES Multiple Portfolios REG 9'120'991 1.92 58'000 01.11.2012 Unclassified
Cantillon Capital Multiple Portfolios REG 7'993'931 1.69 (319'132) 01.11.2012 Unclassified
Hargreaves Lansdown Multiple Portfolios REG 7'263'396 1.53 (3'951'378) 01.11.2012 Unclassified
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 6'159'432 1.3 4'468 31.12.2012 Mutual Fund Manager
MSD CAPITAL EUROPE L n/a Short (5'976'414) -1.26 (711'478) 06.02.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 5'412'756 1.14 (312'000) 01.11.2012 Government
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'724'342 1 (908'762) 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'248'181 0.9 1'000'629 31.12.2012 Investment Advisor
AEGON n/a ULT-AGG 4'148'042 0.87 - 01.11.2012 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'115'517 0.45 880'226 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JASON STREETS buy 5 N 1'000 12 month 26.02.2013
Peel Hunt STUART DUNCAN hold 3 M 620 Not Provided 26.02.2013
Macquarie NEIL WELCH neutral 3 U 908 12 month 21.02.2013
Oriel Securities Ltd SARAH ING add 4 N 850 Not Provided 11.02.2013
Numis Securities Ltd JAMES HAMILTON hold 3 M 715 Not Provided 08.02.2013
HSBC NITIN ARORA underweight 1 M 600 Not Provided 07.02.2013
Barclays DANIEL R GARROD overweight 5 M 850 Not Provided 07.02.2013
Credit Suisse GURJIT KAMBO underperform 1 M 655 Not Provided 06.02.2013
Canaccord Genuity Corp ROBIN SAVAGE buy 5 M 850 Not Provided 06.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Morgan Stanley JON HOCKING Equalwt/In-Line 3 D 759 12 month 05.12.2012
Holdings By:
Hargreaves Lansdown PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Havas SA offers advertising, and media consultation and production services.
The Company operates in many countries throughout Europe, North America, and
the Asia Pacific Region. Havas provides public relations, sales promotion,
media planning, and advertising services to major corporations.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (06.02.2013) 5.03
52-Week Low (26.06.2012) 3.48
Daily Volume
4.772
52-Week High % Change -5.03% Dividend Yield -
52-Week Low % Change 36.97% Beta 0.88
% 52 Week Price Range High/Low 83.58% Equity Float 232.76
Shares Out 31.12.2012 384.8 Short Int -
1'836.06 1 Yr Total Return 28.41%
Total Debt 729.00 YTD Return 14.46%
Preferred Stock 0.0 Adjusted BETA 0.878
Minority Interest 4.0 Analyst Recs 27
Cash and Equivalents 780.00 Consensus Rating 3.630
Enterprise Value 2'351.06
Average Volume 5 Day 577'602
HAV FP EQUITY YTD Change - Average Volume 30 Day 705'762
HAV FP EQUITY YTD % CHANGE - Average Volume 3 Month 609'847
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 09/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3
1'532.0 1'568.0 1'441.0 1'558.0 1'645.0 0.0 757.0 1'773.9 1'818.2 - -
1.04x 0.41x 0.76x 0.97x 0.80x #DIV/0! 0.00x 1.17x 1.09x - -
204.0 224.0 216.0 239.0 256.0 0.0 0.0 273.7 287.9 - -
7.81x 2.89x 5.06x 6.35x 5.17x 0.00x 0.00x 8.59x 8.16x - -
83.0 104.0 92.0 110.0 120.0 0.0 0.0 139.6 150.4 - -
17.58x 6.12x 13.29x 14.96x 11.36x 0.00x 0.00x 13.91x 12.33x - -
EBITDA 256.00 Long-Term Rating Date -
EBIT 219.00 Long-Term Rating -
Operating Margin 13.31% Long-Term Outlook -
Pretax Margin 10.09% Short-Term Rating Date -
Return on Assets 2.70% Short-Term Rating -
Return on Common Equity 10.95%
Return on Capital 8.15% EBITDA/Interest Exp. 6.10
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 1.33
Net Debt/EBITDA 1.95
Gross Margin - Total Debt/EBITDA 3.52
EBITDA Margin 15.3%
EBIT Margin 13.0% Total Debt/Equity 56.0%
Net Income Margin 7.3% Total Debt/Capital 35.8%
Asset Turnover 0.38
Current Ratio 1.02 Net Fixed Asset Turnover 11.59
Quick Ratio 0.80 Accounts receivable turnover-days 312.89
Debt to Assets 15.00% Inventory Days -
Tot Debt to Common Equity 55.99% Accounts Payable Turnover Day -
Accounts Receivable Turnover 1.17 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Havas SAPrice/Volume
Valuation Analysis
366'078.00
Current Price (2/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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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINANCIERE DE SAINTE n/a Research 114'269'037 29.7 - 13.03.2012 Unclassified
PARVUS ASSET MANAGEM n/a Research 59'708'320 15.52 (11'766'343) 29.06.2012 Investment Advisor
BOLLORE INVESTISSEME n/a Research 20'435'916 5.31 - 13.03.2012 Holding Company
RODES CASTANE LEOPOL n/a Co File 9'393'984 2.44 - 31.12.2011 n/a
FINANCIERE DU LOCH n/a Research 6'855'000 1.78 - 13.03.2012 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'842'233 1.52 - 31.07.2012 Investment Advisor
UBS n/a ULT-AGG 2'933'004 0.76 (49'739'089) 30.03.2012 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'921'985 0.76 19'778 31.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'700'987 0.7 148'215 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'340'407 0.61 161'943 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'217'314 0.58 (3'431) 30.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'059'223 0.54 1'013'458 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'720'938 0.45 (40'034) 31.12.2012 Investment Advisor
KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 1'511'782 0.39 32'270 30.11.2012 Mutual Fund Manager
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 1'217'635 0.32 (4'837) 30.09.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 1'022'721 0.27 (125'200) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG (988'147) -0.26 - 26.02.2013 Investment Advisor
MMA FINANCE Multiple Portfolios MF-AGG 949'983 0.25 (130'017) 29.06.2012 Mutual Fund Manager
BNP ASSET MANAGEMENT BNP PARIBAS SMALLCAP MF-FRA 867'644 0.23 - 30.09.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 762'033 0.2 (276'489) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue VERONIQUE CABIOC'H reduce 2 M 5 6 month 25.02.2013
Societe Generale LAURENT PICARD buy 5 M 5 12 month 20.02.2013
Goldman Sachs RICHARD JONES Buy/Neutral 5 M 6 12 month 20.02.2013
HSBC OLIVIER MORAL neutral 3 D 5 Not Provided 20.02.2013
CM - CIC Securities(ESN) EMMANUEL CHEVALIER accumulate 4 M 6 Not Provided 20.02.2013
Oddo & Cie BRUNO HARENG buy 5 M 6 Not Provided 20.02.2013
Espirito Santo Investment Bank ResearchMARK EVANS buy 5 M 7 Not Provided 20.02.2013
Nomura MATTHEW WALKER neutral 3 M 5 12 month 20.02.2013
Liberum Capital Ltd IAN WHITTAKER hold 3 D 5 Not Provided 20.02.2013
Gilbert Dupont JEAN BAPTISTE SERGEANT add 4 M 5 Not Provided 18.02.2013
Deutsche Bank PATRICK KIRBY buy 5 M 5 12 month 15.02.2013
Exane BNP Paribas CHARLES BEDOUELLE outperform 5 M 6 Not Provided 05.02.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 29.01.2013
Barclays NATASHA BRILLIANT overweight 5 M 5 Not Provided 25.01.2013
Credit Suisse NICK BERTOLOTTI underperform 1 M 3 Not Provided 21.01.2013
Natixis JEROME BODIN buy 5 M 5 Not Provided 14.01.2013
Macquarie TIMOTHY W NOLLEN neutral 3 M 5 12 month 03.01.2013
Equita SIM SpA FABIO FAZZARI buy 5 M 5 12 month 20.12.2012
JPMorgan NICOLAS J DUBOURG neutral 3 M 4 9 month 12.12.2012
CA Cheuvreux THOMAS JORION underperform 1 M 4 Not Provided 07.12.2012
Kepler Capital Markets CONOR O'SHEA hold 3 D 5 Not Provided 11.10.2012
IDMidcaps TEAM COVERAGE buy 5 M 5 6 month 11.09.2012
Morgan Stanley JULIEN ROSSI Underwt/Attractive 1 M 4 12 month 25.04.2012
WYT Ltd ANTHONY DE LARRINAGA hold 3 M 4 12 month 18.03.2012
Holdings By:
Havas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Hays Plc provides specialist recruitment and human resource services for
clients and candidates requiring permanent and temporary, professional and
technical staff.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 99.00
52-Week Low (18.07.2012) 66.00
Daily Volume
96.05
52-Week High % Change -2.98% Dividend Yield 2.60
52-Week Low % Change 45.53% Beta 1.34
% 52 Week Price Range High/Low 91.06% Equity Float 1'233.55
Shares Out 31.12.2012 1'398.8 Short Int -
1'343.57 1 Yr Total Return 21.84%
Total Debt 171.60 YTD Return 16.71%
Preferred Stock 0.0 Adjusted BETA 1.344
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 38.70 Consensus Rating 3.625
Enterprise Value 1'476.47
Average Volume 5 Day 2'722'799
HAS LN EQUITY YTD Change - Average Volume 30 Day 2'884'268
HAS LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'283'397
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 09/11 Q1 12/11 Q2
2'540.0 2'447.7 2'691.1 3'256.0 3'654.6 - - 3'542.4 3'719.8 - -
0.55x 0.51x 0.53x 0.50x 0.33x - - 0.41x 0.38x - -
265.1 169.6 95.1 134.4 151.3 - - 140.4 154.7 - -
5.30x 7.40x 14.93x 12.22x 8.01x - - 10.52x 9.54x - -
188.2 105.8 9.3 80.1 86.5 - - 65.7 78.1 - -
6.77x 11.11x 191.04x 18.10x 13.46x - - 20.44x 17.79x - -
EBITDA 151.30 Long-Term Rating Date -
EBIT 128.10 Long-Term Rating -
Operating Margin 3.51% Long-Term Outlook -
Pretax Margin 3.35% Short-Term Rating Date -
Return on Assets 9.94% Short-Term Rating -
Return on Common Equity 44.70%
Return on Capital 24.20% EBITDA/Interest Exp. 22.92
Asset Turnover 4.20% (EBITDA-Capex)/Interest Exp. 21.00
Net Debt/EBITDA 0.88
Gross Margin 20.1% Total Debt/EBITDA 1.13
EBITDA Margin 4.1%
EBIT Margin 3.5% Total Debt/Equity 90.0%
Net Income Margin 2.4% Total Debt/Capital 47.4%
Asset Turnover 4.20
Current Ratio 1.25 Net Fixed Asset Turnover 153.55
Quick Ratio 0.84 Accounts receivable turnover-days 34.90
Debt to Assets 19.90% Inventory Days -
Tot Debt to Common Equity 90.03% Accounts Payable Turnover Day 13.97
Accounts Receivable Turnover 10.49 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
Hays PLCPrice/Volume
Valuation Analysis
2'945'594.00
Current Price (2/dd/yy) Market Data
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4'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 151'279'781 10.81 (2'045'133) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 91'310'129 6.53 - 31.12.2012 Investment Advisor
VIRTUS TRUST n/a Co File 80'315'146 5.74 - 29.08.2012 Unclassified
FROST RONALD EDWIN n/a PRN 80'000'000 5.72 - 09.06.2011 n/a
CEDAR ROCK CAPITAL L Multiple Portfolios REG 74'021'823 5.29 1'099'191 01.11.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 69'476'770 4.97 (856'536) 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND n/a Co File 69'476'770 4.97 - 29.08.2012 Investment Advisor
TEMPLETON GLOBAL ADV n/a Co File 69'476'770 4.97 - 29.08.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 60'600'441 4.33 2'162'458 31.01.2013 Unclassified
MASSACHUSETTS FINANC Multiple Portfolios REG 50'306'191 3.6 2'516'748 01.11.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 43'283'555 3.09 (13'277'058) 31.12.2012 Investment Advisor
MARATHON ASSET MANAG Multiple Portfolios REG 42'704'229 3.05 14'469'509 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 40'633'279 2.9 (4'789'349) 26.02.2013 Investment Advisor
MAJEDIE ASSET MANAGE Multiple Portfolios REG 35'122'131 2.51 3'903'164 01.11.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 33'362'796 2.39 420'000 01.11.2012 Government
JP MORGAN n/a ULT-AGG 28'027'013 2 3'827'025 01.11.2012 Unclassified
SG ASSET MANAGEMENT/ Multiple Portfolios REG 27'187'429 1.94 3'985'557 01.11.2012 Investment Advisor
HERONBRIDGE INVESTME Multiple Portfolios REG 26'847'960 1.92 2'171'500 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 25'304'917 1.81 (14'423'945) 31.12.2012 Investment Advisor
LIONTRUST n/a ULT-AGG 19'952'199 1.43 (4'981'799) 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd STEVE WOOLF hold 3 M 80 Not Provided 27.02.2013
RBC Capital Markets DAVID GREENALL sector perform 3 M 90 12 month 25.02.2013
Berenberg Bank KONRAD ZOMER hold 3 M 95 Not Provided 21.02.2013
JPMorgan ROBERT PLANT neutral 3 M 71 12 month 18.02.2013
Cantor Fitzgerald KEVIN LAPWOOD buy 5 M 100 Not Provided 11.02.2013
Canaccord Genuity Corp JAMES GILBERT buy 5 M 110 Not Provided 11.02.2013
Investec SEBASTIEN JANTET add 4 D 94 12 month 04.02.2013
Credit Suisse ANDY GROBLER neutral 3 M 95 Not Provided 30.01.2013
Peel Hunt HENRY CARVER buy 5 M 100 Not Provided 25.01.2013
Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 107 Not Provided 23.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Panmure Gordon & Co Limited PAUL JONES hold 3 M 84 Not Provided 16.01.2013
Oriel Securities Ltd HECTOR FORSYTHE hold 3 M #N/A N/A Not Provided 11.01.2013
Barclays PAUL CHECKETTS overweight 5 M 100 Not Provided 11.01.2013
Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 110 12 month 10.01.2013
Jefferies KEAN MARDEN buy 5 M 105 12 month 10.01.2013
Shore Capital Stockbrokers DAVID O'BRIEN hold 3 M #N/A N/A Not Provided 10.01.2013
Espirito Santo Investment Bank ResearchGUY HEWETT neutral 3 N 85 Not Provided 18.10.2012
Deutsche Bank THOMAS SYKES hold 3 M 81 12 month 05.10.2012
HSBC RAJESH KUMAR neutral 3 M 80 Not Provided 11.09.2012
Charles Stanley Securities ANDY SMITH hold 3 M 90 Not Provided 19.07.2012
CA Cheuvreux HANS PLUIJGERS underperform 1 M 95 Not Provided 22.09.2010
Holdings By:
Hays PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Helvetia Holding AG provides a broad range of life, casualty, liability,
accident and transportation insurance. The Company insures individuals,
property such as vehicles and buildings, and consumer goods and personal
belongings during transportation. Helvetia and subsidiaries operate in
Switzerland, in other European countries, and North America.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (25.02.2013) 380.00
52-Week Low (04.06.2012) 259.00
Daily Volume
374.25
52-Week High % Change -1.51% Dividend Yield -
52-Week Low % Change 44.50% Beta 1.22
% 52 Week Price Range High/Low 95.25% Equity Float 6.04
Shares Out 30.06.2012 8.7 Short Int -
3'238.34 1 Yr Total Return 23.61%
Total Debt 182.30 YTD Return 8.01%
Preferred Stock 300.0 Adjusted BETA 1.224
Minority Interest 27.9 Analyst Recs 11
Cash and Equivalents 1'250.50 Consensus Rating 3.727
Enterprise Value 2'498.04
Average Volume 5 Day 14'746
HELN SE EQUITY YTD Change - Average Volume 30 Day 12'648
HELN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'696
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 01/yy 01/yy 12/12 Y 12/13 Y - -
6'372.1 5'559.2 7'279.3 7'366.2 7'496.2 - - 7'337.3 7'564.8 - -
0.53x 0.35x 0.36x 0.36x 0.24x - - 0.32x 0.31x - -
- - - - - - - - - - -
- - - - - - - - - - -
401.0 230.6 323.4 339.0 287.0 - - 334.0 357.0 - -
8.71x 8.52x 8.54x 9.14x 9.06x - - 9.81x 9.17x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 4.82% Long-Term Outlook -
Pretax Margin 4.79% Short-Term Rating Date -
Return on Assets 0.71% Short-Term Rating -
Return on Common Equity 8.56%
Return on Capital - 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 5.5%
Net Income Margin 3.8% Total Debt/Capital 4.8%
Asset Turnover 0.19
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.47% Inventory Days -
Tot Debt to Common Equity 5.48% 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
Helvetia Holding AGPrice/Volume
Valuation Analysis
12'646.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PATRIA GENOSSENSCHAF n/a Co File 2'603'658 30.09 - 31.12.2011 n/a
VONTOBEL BETEILIGUNG n/a Co File 346'116 4 - 31.12.2011 n/a
RAIFFEISEN SWITZERLA n/a Co File 346'116 4 - 31.12.2011 Unclassified
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 164'913 1.91 (735) 31.10.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 136'521 1.58 (1'354) 28.12.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 130'401 1.51 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 126'990 1.47 1'029 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 91'011 1.05 20'422 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 80'975 0.94 (677) 28.12.2012 Mutual Fund Manager
DJE INVESTMENT SA Multiple Portfolios MF-AGG 59'744 0.69 - 31.10.2012 Mutual Fund Manager
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 49'523 0.57 1'550 31.10.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 39'585 0.46 (583) 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 35'013 0.4 (420) 30.11.2012 Mutual Fund Manager
LB SWISS INVESTMENT Multiple Portfolios MF-AGG 31'587 0.37 - 31.12.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 31'140 0.36 6'113 26.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 26'100 0.3 - 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 24'000 0.28 - 28.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 22'132 0.26 943 31.01.2013 Investment Advisor
LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 21'700 0.25 - 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 18'941 0.22 1'560 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MICHAEL KLIEN buy 5 M 430 12 month 12.02.2013
Main First Bank AG RENE LOCHER underperform 1 M 370 12 month 01.02.2013
Helvea DANIEL BISCHOF neutral 3 D 402 12 month 01.02.2013
Mediobanca SpA MARC THIELE neutral 3 M 404 6 month 30.01.2013
Kepler Capital Markets FABRIZIO CROCE buy 5 M 383 Not Provided 29.01.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 410 12 month 28.01.2013
Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Berenberg Bank PETER ELIOT buy 5 M 450 Not Provided 14.01.2013
Credit Suisse RICHARD BURDEN underperform 1 M 371 Not Provided 31.10.2012
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 369 12 month 11.10.2012
Bank Vontobel AG STEFAN SCHUERMANN not rated #N/A N/A M #N/A N/A Not Provided 07.10.2011
Holdings By:
Helvetia Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Henderson Group PLC is a financial services group focused on asset management
operations in Europe, Asia and the United States. The Company provides its
institutional, retail and high net-worth clients with access to investment
advisors representing a broad range of asset classes, including equities, fixed
income, property and private equity.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 170.60
52-Week Low (25.07.2012) 89.45
Daily Volume
153.9
52-Week High % Change -9.79% Dividend Yield 4.65
52-Week Low % Change 72.05% Beta 1.52
% 52 Week Price Range High/Low 79.42% Equity Float 1'066.85
Shares Out 06.11.2012 1'113.7 Short Int -
1'713.99 1 Yr Total Return 37.44%
Total Debt 148.50 YTD Return 16.33%
Preferred Stock 0.0 Adjusted BETA 1.519
Minority Interest 0.6 Analyst Recs 21
Cash and Equivalents 196.90 Consensus Rating 3.238
Enterprise Value 1'666.19
Average Volume 5 Day 3'855'398
HGG LN EQUITY YTD Change - Average Volume 30 Day 2'113'498
HGG LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'892'423
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 12/11 Q4 03/12 Q1
340.7 366.3 488.7 686.1 656.9 - - 458.8 490.5 - -
1.34x 2.97x 2.32x 1.66x 2.17x - - 3.63x 3.29x - -
95.0 83.8 110.5 186.2 153.2 - - 174.2 191.6 - -
4.79x 13.00x 10.25x 6.13x 9.31x - - 9.57x 8.70x - -
(20.9) 13.8 77.9 34.0 99.7 - - 128.5 142.2 - -
- 68.39x 13.71x 28.74x 13.72x - - 13.04x 11.75x - -
EBITDA 153.20 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 12.85% Long-Term Outlook -
Pretax Margin 14.64% Short-Term Rating Date -
Return on Assets 6.27% Short-Term Rating -
Return on Common Equity 12.72%
Return on Capital 9.95% EBITDA/Interest Exp. -
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.32
Gross Margin - Total Debt/EBITDA 0.97
EBITDA Margin 23.3%
EBIT Margin - Total Debt/Equity 19.0%
Net Income Margin 15.2% Total Debt/Capital 16.0%
Asset Turnover 0.41
Current Ratio - Net Fixed Asset Turnover 34.85
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.97% Inventory Days -
Tot Debt to Common Equity 19.02% 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
Henderson Group PLCPrice/Volume
Valuation Analysis
8'515'371.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PERPETUAL LTD n/a RNS-MAJ 119'924'360 10.77 (12'249'753) 07.12.2012 Investment Advisor
AMP LIMITED n/a RNS-MAJ 55'915'469 5.02 - 01.05.2012 Investment Advisor
COMMONWEALTH BANK OF n/a RNS-MAJ 54'612'039 4.9 (653'741) 03.04.2012 Bank
IOOF HOLDINGS LTD n/a RNS-MAJ 49'005'304 4.4 (19'839'511) 15.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 41'670'544 3.74 - 26.02.2013 Investment Advisor
WESTPAC BANKING CORP n/a RNS-MAJ 36'487'919 3.28 5'225'293 25.01.2013 Bank
JCP INVESTMENT PARTN n/a RNS-MAJ 31'064'663 2.79 (11'930'000) 03.02.2012 Investment Advisor
HEND EMPLOYEE TRUST n/a RNS-RUL8 19'125'651 1.72 - 18.01.2011 n/a
HEND EMPLOYY TRUST 2 n/a RNS-RUL8 14'807'210 1.33 - 18.01.2011 n/a
HEND GR EMPLOYEE TR n/a RNS-RUL8 12'129'575 1.09 - 18.01.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'904'449 1.07 238'280 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 3'674'098 0.33 - 31.01.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 2'599'061 0.23 - 31.10.2012 Unclassified
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 2'076'802 0.19 - 30.11.2012 Investment Advisor
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 1'951'949 0.18 528'949 31.12.2012 Mutual Fund Manager
HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 1'801'609 0.16 272'200 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'483'678 0.13 - 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'475'850 0.13 - 31.07.2012 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 1'434'584 0.13 - 31.12.2012 Investment Advisor
UBS SECURITIES AUSTR n/a RNS-RUL8 1'100'258 0.1 - 18.01.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets PETER K LENARDOS sector perform 3 M 160 12 month 28.02.2013
Credit Suisse GURJIT KAMBO outperform 5 M 180 Not Provided 28.02.2013
Barclays DANIEL R GARROD underweight 1 M 145 Not Provided 28.02.2013
Societe Generale MICHAEL SANDERSON sell 1 M 135 12 month 27.02.2013
Morgan Stanley HUBERT LAM Equalwt/In-Line 3 M 154 12 month 27.02.2013
JPMorgan RAE MAILE neutral 3 M 183 9 month 27.02.2013
Cantor Fitzgerald CATHERINE HEATH hold 3 M 179 Not Provided 27.02.2013
Canaccord Genuity Corp ARUN MELMANE hold 3 M 161 12 month 27.02.2013
Numis Securities Ltd DAVID MCCANN hold 3 M 154 Not Provided 27.02.2013
Oriel Securities Ltd SARAH ING reduce 2 M 145 12 month 27.02.2013
Shore Capital Stockbrokers OWEN JONES buy 5 M #N/A N/A Not Provided 26.02.2013
Macquarie NEIL WELCH neutral 3 D 146 12 month 13.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
HSBC NITIN ARORA neutral 3 M 140 Not Provided 14.01.2013
Jefferies JASON STREETS hold 3 M 120 12 month 03.01.2013
Peel Hunt STUART DUNCAN buy 5 M 145 Not Provided 03.12.2012
Espirito Santo Investment Bank ResearchPHILIP DOBBIN buy 5 M 146 Not Provided 08.11.2012
N+1 Singer Ltd ANDREW WATSON hold 3 M 110 12 month 03.10.2012
Holdings By:
Henderson Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Hermes International designs, produces, and distributes personal luxury
accessories and apparel. The Company operates a chain of boutiques under the
Hermes name that sells items such as leather, scarves, men's clothes, ties,
women's fashions, perfume, watches, stationery, shoes, hats, gloves, and
jewelry.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.03.2012) 280.92
52-Week Low (25.10.2012) 207.70
Daily Volume
256.7
52-Week High % Change -8.62% Dividend Yield 2.92
52-Week Low % Change 23.59% Beta 0.55
% 52 Week Price Range High/Low 66.92% Equity Float 13.54
Shares Out 15.01.2013 105.6 Short Int -
27'099.67 1 Yr Total Return -5.86%
Total Debt 38.90 YTD Return 14.10%
Preferred Stock 0.0 Adjusted BETA 0.546
Minority Interest 12.7 Analyst Recs 21
Cash and Equivalents 1'048.20 Consensus Rating 2.095
Enterprise Value 26'689.47
Average Volume 5 Day 24'103
RMS FP EQUITY YTD Change - Average Volume 30 Day 30'889
RMS FP EQUITY YTD % CHANGE - Average Volume 3 Month 28'357
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'625.1 1'764.6 1'914.3 2'400.8 2'841.2 2'724.7 3'292.5 3'458.9 3'793.6 995.8 -
5.37x 5.74x 4.89x 6.54x 8.08x 0.00x 0.00x 7.56x 6.79x - -
483.5 527.6 548.1 769.2 1'004.0 0.0 0.0 1'212.8 1'336.4 - -
18.06x 19.20x 17.08x 20.41x 22.88x 0.00x 0.00x 22.01x 19.97x - -
288.0 290.2 288.8 421.7 594.3 0.0 0.0 710.6 788.9 - -
31.90x 36.23x 33.93x 39.09x 40.55x 0.00x 0.00x 37.82x 34.07x - -
EBITDA 1'004.00 Long-Term Rating Date -
EBIT 885.20 Long-Term Rating -
Operating Margin 31.16% Long-Term Outlook -
Pretax Margin 31.44% Short-Term Rating Date -
Return on Assets 21.50% Short-Term Rating -
Return on Common Equity 30.77%
Return on Capital 29.94% EBITDA/Interest Exp. 2510.00
Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 2098.75
Net Debt/EBITDA -0.38
Gross Margin 68.8% Total Debt/EBITDA 0.10
EBITDA Margin 35.1%
EBIT Margin 31.3% Total Debt/Equity 1.7%
Net Income Margin 20.9% Total Debt/Capital 1.6%
Asset Turnover 1.05
Current Ratio 2.41 Net Fixed Asset Turnover 3.39
Quick Ratio 1.58 Accounts receivable turnover-days 20.01
Debt to Assets 1.20% Inventory Days 219.04
Tot Debt to Common Equity 1.68% Accounts Payable Turnover Day 73.51
Accounts Receivable Turnover 18.29 Cash Conversion Cycle 125.63
Inventory Turnover 1.67
Fiscal Year Ended
Hermes InternationalPrice/Volume
Valuation Analysis
16'834.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FAMILY HERMES n/a Research 66'373'512 62.87 - 20.02.2012 n/a
LVMH MOET HENNESSY L n/a Research 23'518'942 22.28 - 15.12.2011 Holding Company
HERMES INTERNATIONAL n/a Research 1'477'927 1.4 - 31.05.2012 Corporation
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'194'734 1.13 148'481 31.12.2012 Investment Advisor
DUMAS PIERRE-ALEXIS n/a Co File 416'309 0.39 - 31.12.2011 n/a
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 168'783 0.16 168'783 31.12.2012 Investment Advisor
ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 121'216 0.11 16'216 28.12.2012 Investment Advisor
MOMMEJA RENAUD n/a Co File 121'139 0.11 - 31.12.2011 n/a
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 90'880 0.09 (26) 30.11.2012 Investment Advisor
BAUER CHARLES-ERIC n/a Co File 88'948 0.08 - 31.12.2011 n/a
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 79'775 0.08 (32'106) 28.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 67'970 0.06 (2'315) 31.12.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 57'896 0.05 - 28.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 50'919 0.05 - 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 43'937 0.04 (69) 30.09.2012 Investment Advisor
CLARIDEN SICAV Multiple Portfolios MF-AGG 41'000 0.04 (500) 28.12.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 39'978 0.04 (159) 30.09.2012 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 38'400 0.04 38'400 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 34'737 0.03 (39) 26.02.2013 Investment Advisor
SOCIETE GENERALE Multiple Portfolios MF-AGG 34'342 0.03 815 28.09.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue VIRGINIE BLIN sell 1 M 195 6 month 21.02.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA underperform 1 M 224 Not Provided 19.02.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 270 12 month 18.02.2013
Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 295 12 month 14.02.2013
Deutsche Bank FRANCESCA DI PASQUANTONIO sell 1 M 200 12 month 13.02.2013
Raymond James MARC WILLAUME underperform 1 M 225 Not Provided 13.02.2013
Oddo & Cie LEOPOLD AUTHIE reduce 2 M 228 Not Provided 13.02.2013
Natixis JOSEPHINE CHEVALLIER reduce 2 M 192 Not Provided 13.02.2013
Credit Suisse ROGERIO FUJIMORI underperform 1 M 225 Not Provided 12.02.2013
JPMorgan MELANIE A FLOUQUET underweight 1 M 190 9 month 12.02.2013
Aurel - BGC DAVID DA MAIA hold 3 M 233 Not Provided 12.02.2013
Kepler Capital Markets CATHERINE ROLLAND reduce 2 M 200 Not Provided 12.02.2013
Bryan Garnier & Cie LOIC MORVAN neutral 3 M 194 6 month 12.02.2013
S&P Capital IQ MICHAEL SOUERS sell 1 M 240 12 month 12.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.01.2013
HSBC SOPHIE DARGNIES neutral 3 M 260 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Renaissance Capital REY WIUM sell 1 M 175 12 month 03.12.2012
CA Cheuvreux THOMAS MESMIN underperform 1 M 200 Not Provided 09.11.2012
Holdings By:
Hermes International ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Hikma Pharmaceuticals PLC is a multinational pharmaceutical group focused on
developing, manufacturing, and marketing a range of both branded and non-branded
generic and in-licensed pharmaceutical products. The Company's operations are
conducted in the United States, the Middle East, and North Africa region, as
well as Europe.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (20.02.2013) 888.00
52-Week Low (16.05.2012) 598.50
Daily Volume
862.5
52-Week High % Change -2.87% Dividend Yield 1.03
52-Week Low % Change 44.11% Beta 0.99
% 52 Week Price Range High/Low 91.19% Equity Float 126.79
Shares Out 03.01.2013 197.0 Short Int -
1'699.44 1 Yr Total Return 19.13%
Total Debt 472.01 YTD Return 13.34%
Preferred Stock 0.0 Adjusted BETA 0.990
Minority Interest 22.1 Analyst Recs 12
Cash and Equivalents 94.72 Consensus Rating 4.000
Enterprise Value 3'070.76
Average Volume 5 Day 217'517
HIK LN EQUITY YTD Change - Average Volume 30 Day 189'459
HIK LN EQUITY YTD % CHANGE - Average Volume 3 Month 184'472
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 01/yy 01/yy 12/12 Y 12/13 Y - -
448.8 580.7 636.9 730.9 918.0 - - 1'104.3 1'237.7 - -
4.19x 1.82x 2.68x 3.46x 2.49x - - 2.69x 2.43x - -
118.0 127.3 152.4 195.1 182.2 - - 212.4 255.6 - -
15.92x 8.31x 11.19x 12.97x 12.53x - - 14.46x 12.01x - -
62.6 57.1 77.7 98.8 80.1 - - 108.5 141.4 - -
25.37x 16.78x 20.12x 24.61x 23.30x - - 23.33x 18.30x - -
EBITDA 182.19 Long-Term Rating Date -
EBIT 135.19 Long-Term Rating -
Operating Margin 14.73% Long-Term Outlook -
Pretax Margin 10.23% Short-Term Rating Date -
Return on Assets 5.67% Short-Term Rating -
Return on Common Equity 11.25%
Return on Capital 9.01% EBITDA/Interest Exp. 7.80
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 4.84
Net Debt/EBITDA 2.30
Gross Margin 43.1% Total Debt/EBITDA 2.84
EBITDA Margin 19.8%
EBIT Margin 14.6% Total Debt/Equity 60.8%
Net Income Margin 8.7% Total Debt/Capital 37.1%
Asset Turnover 0.69
Current Ratio 1.69 Net Fixed Asset Turnover 2.62
Quick Ratio 0.99 Accounts receivable turnover-days 98.51
Debt to Assets 29.96% Inventory Days 165.47
Tot Debt to Common Equity 60.78% Accounts Payable Turnover Day 64.23
Accounts Receivable Turnover 3.72 Cash Conversion Cycle 193.87
Inventory Turnover 2.21
Fiscal Year Ended
Hikma Pharmaceuticals PLCPrice/Volume
Valuation Analysis
288'614.00
Current Price (2/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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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DARHOLD LTD Multiple Portfolios REG 57'183'028 29.02 - 01.11.2012 Other
FMR LLC n/a ULT-AGG 18'986'992 9.64 1'090'595 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 17'743'904 9.01 1'910'189 31.12.2012 Investment Advisor
HSBC PRIVATE BANKING Multiple Portfolios REG 7'057'920 3.58 (34'149) 01.11.2012 Bank
DUPONT CAPITAL MANAG Multiple Portfolios REG 5'952'422 3.02 - 01.11.2012 Investment Advisor
ARTIO GLOBAL MANAGEM n/a RNS-MAJ 5'874'223 2.98 (1'112'169) 08.03.2012 Investment Advisor
ARTIO GLOBAL INVESTO Multiple Portfolios REG 5'874'223 2.98 - 01.11.2012 Investment Advisor
DUPONT CAPITAL MANAG n/a RNS-MAJ 5'594'936 2.84 (357'486) 06.08.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 4'648'957 2.36 285'000 31.12.2012 Unclassified
PRIVATE INDIVIDUALS Multiple Portfolios REG 4'537'359 2.3 (89'504) 01.11.2012 Other
DIRECTOR & RELATED H Multiple Portfolios REG 4'523'983 2.3 - 01.11.2012 Other
LEGAL & GENERAL n/a ULT-AGG 4'498'904 2.28 (146'760) 31.01.2013 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 3'692'364 1.87 621'801 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios REG 3'029'696 1.54 352'832 01.11.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios REG 2'969'961 1.51 2'278 01.11.2012 Investment Advisor
SECTORAL ASSET MANAG Multiple Portfolios REG 2'967'495 1.51 (867'866) 01.11.2012 Hedge Fund Manager
NORGES BANK INVESTME Multiple Portfolios REG 2'504'813 1.27 - 01.11.2012 Government
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'483'130 1.26 (1'679) 30.11.2012 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 2'373'173 1.2 692'700 30.06.2012 Investment Advisor
DARWAZAH SAMIH TALIB n/a RNS-DIR 2'136'299 1.08 - 15.06.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 930 Not Provided 14.02.2013
Peel Hunt PAUL CUDDON hold 3 M 700 Not Provided 04.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Jefferies JAMES VANE-TEMPEST buy 5 M 900 12 month 15.01.2013
Credit Suisse MARK WADLEY outperform 5 M 820 Not Provided 09.01.2013
Morgan Stanley SIMON MATHER Overwt/Attractive 5 M 850 12 month 13.12.2012
Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 05.12.2012
JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 860 9 month 18.09.2012
HSBC RAJ SINHA neutral 3 N 745 Not Provided 19.07.2012
Holdings By:
Hikma Pharmaceuticals PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Hochtief AG provides construction and construction related services worldwide.
The Company finances, designs, builds, constructs and operates a wide variety
of facilities through its five divisions, Airport, Development, Construction
Services Americas, Construction Services Asia Pacific, and Construction
Services Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 55.54
52-Week Low (06.09.2012) 34.64
Daily Volume
55.54
52-Week High % Change 0.00% Dividend Yield -
52-Week Low % Change 60.33% Beta 1.04
% 52 Week Price Range High/Low 100.00% Equity Float 24.09
Shares Out 31.12.2012 77.0 Short Int -
4'276.58 1 Yr Total Return 5.97%
Total Debt 3'794.39 YTD Return 26.43%
Preferred Stock 0.0 Adjusted BETA 1.040
Minority Interest 1'512.0 Analyst Recs 22
Cash and Equivalents 2'657.65 Consensus Rating 4.182
Enterprise Value 8'204.51
Average Volume 5 Day 215'530
HOT GY EQUITY YTD Change - Average Volume 30 Day 183'806
HOT GY EQUITY YTD % CHANGE - Average Volume 3 Month 174'246
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
18'703.1 18'166.1 20'159.3 23'282.2 25'527.7 23'282.2 25'527.7 26'698.1 27'961.6 5'850.0 6'767.0
0.19x 0.28x 0.29x 0.26x - 1.08x 0.79x 0.27x 0.25x - -
622.0 1'029.1 1'480.3 1'674.2 - 1'604.7 1'122.1 1'667.9 1'796.9 - -
5.79x 4.97x 3.92x 3.55x - 3.70x 0.00x 4.88x 4.53x - -
156.7 191.7 288.0 (160.3) 158.1 (160.3) 158.1 285.1 364.9 - -
15.81x 18.59x 14.74x - 20.43x 0.00x 20.43x 14.62x 12.11x - -
EBITDA 1'674.21 Long-Term Rating Date -
EBIT 696.01 Long-Term Rating -
Operating Margin 2.99% Long-Term Outlook -
Pretax Margin -0.55% Short-Term Rating Date -
Return on Assets -0.07% Short-Term Rating -
Return on Common Equity -0.44%
Return on Capital 4.42% EBITDA/Interest Exp. 6.04
Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 0.61
Net Debt/EBITDA 1.44
Gross Margin - Total Debt/EBITDA 2.76
EBITDA Margin 6.2%
EBIT Margin 2.3% Total Debt/Equity 146.0%
Net Income Margin 0.6% Total Debt/Capital 48.0%
Asset Turnover 1.64
Current Ratio 1.25 Net Fixed Asset Turnover 13.13
Quick Ratio 0.86 Accounts receivable turnover-days 69.53
Debt to Assets 24.02% Inventory Days -
Tot Debt to Common Equity 146.03% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.26 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
Hochtief AGPrice/Volume
Valuation Analysis
188'296.00
Current Price (2/dd/yy) Market Data
'
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10'000.0
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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACS ACTIVIDADES CONS n/a Research 41'794'571 54.28 - 24.07.2012 Corporation
QATAR INVESTMENT AUT n/a Co File 7'700'000 10 - 31.12.2011 Government
SOUTHEASTERN ASSET M n/a Research 3'980'943 5.17 - 20.04.2012 Investment Advisor
HOCHTIEF AG n/a Research 3'418'800 4.44 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 3'012'459 3.91 3'770 26.02.2013 Investment Advisor
SPARINVEST n/a ULT-AGG 709'937 0.92 (65'689) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 610'326 0.79 8'718 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 206'428 0.27 - 30.11.2012 Investment Advisor
LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 189'435 0.25 - 31.01.2013 Mutual Fund Manager
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 145'417 0.19 - 28.09.2012 Investment Advisor
UBS INVEST KAG Multiple Portfolios MF-AGG 131'400 0.17 34'500 31.10.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 99'335 0.13 13'141 30.09.2012 Mutual Fund Manager
LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 93'000 0.12 51'000 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 87'264 0.11 - 31.12.2012 Investment Advisor
COUNSEL PORTFOLIO SE Multiple Portfolios MF-AGG 68'800 0.09 - 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 61'063 0.08 - 31.07.2012 Investment Advisor
RENTA 4 GESTORA SGII Multiple Portfolios MF-AGG 53'550 0.07 5'500 30.11.2011 Investment Advisor
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 50'000 0.06 (2'000) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 49'414 0.06 - 31.12.2012 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 46'946 0.06 (4'004) 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG CHRISTIAN KORTH outperform 5 M 55 12 month 25.02.2013
Goldman Sachs WILL MORGAN Buy/Neutral 5 M 67 12 month 24.02.2013
Commerzbank Corporates & Markets NORBERT KRETLOW hold 3 M 51 6 month 22.02.2013
M.M. Warburg Investment Research FRANK LASER buy 5 M 60 12 month 21.02.2013
Equinet Institutional Services(ESN) INGBERT FAUST buy 5 M 60 12 month 21.02.2013
Bankhaus Metzler STEPHAN BAUER buy 5 M 61 12 month 20.02.2013
DZ Bank AG MARC NETTELBECK buy 5 M 52 12 month 20.02.2013
Societe Generale VICTOR ACITORES hold 3 M 57 12 month 19.02.2013
Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO buy 5 N 65 Not Provided 18.02.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN buy 5 M 58 Not Provided 13.02.2013
Bankhaus Lampe MARC GABRIEL buy 5 M 60 12 month 13.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 50 12 month 14.01.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 42 12 month 13.12.2012
Berenberg Bank CHRIS MOORE buy 5 U 51 Not Provided 12.12.2012
Kepler Capital Markets EMILIO ROTONDO-INCLAN buy 5 U 50 Not Provided 28.11.2012
CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 U 50 Not Provided 26.11.2012
HSBC TOBIAS LOSKAMP overweight 5 M 60 Not Provided 19.11.2012
Nord/LB HEINO HAMMANN buy 5 U 46 12 month 07.11.2012
National Bank AG STEFFEN MANSKE hold 3 M 42 Not Provided 07.11.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 21.08.2012
Deutsche Bank MICHAEL KUHN restricted #N/A N/A M #N/A N/A Not Provided 27.09.2010
Holdings By:
Hochtief AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holmen AB manufactures forest products. The Company owns and manages forest
land and produces sawn timber, pulp, paper, and paperboard. Holmen's main
products are papers for newsprint, magazines, directories, and advertising, and
paperboard for packaging and graphical applications. The Company produces and
markets in Europe, and owns sales offices in United States, Australia, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 199.90
52-Week Low (05.09.2012) 168.00
Daily Volume
199.3
52-Week High % Change -0.30% Dividend Yield -
52-Week Low % Change 18.63% Beta 0.84
% 52 Week Price Range High/Low 98.12% Equity Float -
Shares Out 26.02.2013 62.1 Short Int -
16'889.64 1 Yr Total Return 8.26%
Total Debt 6'612.00 YTD Return 3.59%
Preferred Stock 0.0 Adjusted BETA 0.837
Minority Interest 0.0 Analyst Recs 11
Cash and Equivalents 308.00 Consensus Rating 3.182
Enterprise Value 23'193.64
Average Volume 5 Day 287'713
HOLMB SS EQUITY YTD Change - Average Volume 30 Day 227'530
HOLMB SS EQUITY YTD % CHANGE - Average Volume 3 Month 259'142
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
19'334.0 18'071.0 17'581.0 18'656.0 17'852.0 18'656.0 17'853.0 17'503.0 17'511.3 4'435.6 4'414.5
1.22x 1.15x 1.39x 1.21x 1.27x 4.93x 4.91x 1.35x 1.31x - -
2'136.0 2'686.0 1'964.0 6'750.0 2'588.0 6'750.0 2'591.0 2'859.6 2'994.5 705.8 688.0
11.04x 7.75x 12.43x 3.35x 8.75x 3.35x 8.67x 8.11x 7.75x 8.32x -
642.0 1'006.0 704.0 3'955.0 1'853.0 3'955.0 1'853.0 1'015.4 1'129.4 230.4 227.3
25.41x 15.28x 26.42x 4.20x 8.71x 4.20x 8.76x 16.22x 14.62x 17.41x -
EBITDA 2'588.00 Long-Term Rating Date 09.12.2009
EBIT 1'275.00 Long-Term Rating BBB
Operating Margin 7.14% Long-Term Outlook STABLE
Pretax Margin 7.25% Short-Term Rating Date 15.12.2010
Return on Assets 4.99% Short-Term Rating A-2
Return on Common Equity 9.13%
Return on Capital - EBITDA/Interest Exp. 26.89
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 19.70
Net Debt/EBITDA 2.43
Gross Margin - Total Debt/EBITDA 2.55
EBITDA Margin 14.5%
EBIT Margin 7.2% Total Debt/Equity 31.8%
Net Income Margin 10.4% Total Debt/Capital 24.1%
Asset Turnover 0.48
Current Ratio 0.78 Net Fixed Asset Turnover 1.42
Quick Ratio 0.32 Accounts receivable turnover-days 47.73
Debt to Assets 17.85% Inventory Days -
Tot Debt to Common Equity 31.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.67 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Holmen ABPrice/Volume
Valuation Analysis
416'504.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LE LUNDBERGFORETAGEN n/a Research 19'323'332 31.1 - 31.08.2012 Holding Company
KEMPE FOUNDATIONS n/a Research 4'349'303 7 - 31.08.2012 Other
CARNEGIE FONDER AB/S n/a Research 4'316'000 6.95 - 10.01.2013 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 2'236'784 3.6 - 31.08.2012 Pension Fund (ERISA)
LANNEBO FONDER AB n/a Research 1'863'987 3 - 31.08.2012 Investment Advisor
GOVERNMENT OF NORWAY n/a Research 1'491'190 2.4 - 31.08.2012 Government
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'478'008 2.38 - 31.07.2012 Investment Advisor
DIMENSIONAL FUND ADV n/a Research 1'242'658 2 - 31.08.2012 Investment Advisor
SEB n/a ULT-AGG 1'065'772 1.72 7'750 31.12.2012 Unclassified
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'037'507 1.67 21'925 31.01.2013 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 841'900 1.35 (87'000) 31.12.2012 Investment Advisor
SHB FUNDS n/a Research 807'728 1.3 - 31.08.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 807'217 1.3 5'793 31.12.2012 Investment Advisor
4TH NAT SWEDISH PENS n/a Research 745'595 1.2 - 31.08.2012 Pension Fund (ERISA)
LUNDBERG FREDRIK n/a Co File 734'424 1.18 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 586'699 0.94 (224'695) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 565'915 0.91 590 26.02.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 547'724 0.88 - 31.12.2012 Investment Advisor
LONE PINE CAPITAL LL n/a Short (503'276) -0.81 - 01.11.2012 Hedge Fund Manager
KEMPE CARL n/a Co File 386'000 0.62 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda LINUS LARSSON hold 3 M 199 Not Provided 25.02.2013
AlphaValue SACHIN KUMAR add 4 M 214 6 month 25.02.2013
Credit Suisse LARS KJELLBERG neutral 3 M 210 Not Provided 11.02.2013
Carnegie JOHAN SJOBERG buy 5 M #N/A N/A Not Provided 08.02.2013
Nordea Equity Research HARRI TAITTONEN sell 1 D 190 12 month 08.02.2013
Swedbank MARKO ZIVKOVIC neutral 3 M 200 12 month 08.02.2013
Danske Markets OSKAR LINDSTROM hold 3 M 200 12 month 08.02.2013
ABG Sundal Collier MARTIN MELBYE buy 5 M 215 6 month 07.02.2013
Handelsbanken KARRI RINTA accumulate 4 M 205 12 month 07.02.2013
Goldman Sachs ESHAN TOORABALLY Sell/Neutral 1 M 165 6 month 22.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux MIKAEL JAFS outperform 5 M 225 Not Provided 09.08.2011
Alandsbanken Equities PER HANSSON neutral 3 M 240 12 month 09.05.2011
Prime Predictions PETER LJUNGGREN underperform 1 D 226 12 month 01.02.2011
Holdings By:
Holmen AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Howden Joinery Group PLC designs, manufactures and sells 'fitted' kitchens. The
Company sells its products to small local builders throughout the United Kingdom
via its own network of 'depots'.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (14.02.2013) 202.40
52-Week Low (21.05.2012) 109.40
Daily Volume
190.4
52-Week High % Change -5.93% Dividend Yield 0.42
52-Week Low % Change 74.04% Beta 1.08
% 52 Week Price Range High/Low 87.10% Equity Float 608.70
Shares Out 16.01.2013 642.0 Short Int -
1'222.40 1 Yr Total Return 64.89%
Total Debt 2.30 YTD Return 10.12%
Preferred Stock 0.0 Adjusted BETA 1.082
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 59.40 Consensus Rating 4.000
Enterprise Value 1'185.00
Average Volume 5 Day 2'183'223
HWDN LN EQUITY YTD Change - Average Volume 30 Day 2'083'257
HWDN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'794'620
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 01/yy 01/yy 12/12 Y 12/13 Y - -
976.5 805.7 769.5 807.9 853.8 - - 892.7 935.7 - -
0.60x 0.19x 0.62x 0.73x 0.67x - - 1.31x 1.22x - -
94.9 102.3 109.4 123.3 132.1 - - 135.3 144.3 - -
6.20x 1.51x 4.39x 4.77x 4.35x - - 8.76x 8.21x - -
43.9 (51.2) 45.7 66.9 73.3 - - 87.0 92.9 - -
10.45x 1.58x 9.15x 8.85x 7.44x - - 14.21x 13.50x - -
EBITDA 132.10 Long-Term Rating Date -
EBIT 114.50 Long-Term Rating -
Operating Margin 13.41% Long-Term Outlook -
Pretax Margin 12.88% Short-Term Rating Date -
Return on Assets 19.71% Short-Term Rating -
Return on Common Equity 116.63%
Return on Capital 110.06% EBITDA/Interest Exp. 30.72
Asset Turnover 2.27% (EBITDA-Capex)/Interest Exp. 26.16
Net Debt/EBITDA -0.28
Gross Margin 59.5% Total Debt/EBITDA 0.02
EBITDA Margin 15.3%
EBIT Margin 13.5% Total Debt/Equity 3.3%
Net Income Margin 8.6% Total Debt/Capital 3.2%
Asset Turnover 2.27
Current Ratio 1.74 Net Fixed Asset Turnover 10.93
Quick Ratio 0.84 Accounts receivable turnover-days -
Debt to Assets 0.57% Inventory Days 115.59
Tot Debt to Common Equity 3.28% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 81.13
Inventory Turnover 3.15
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Howden Joinery Group PLCPrice/Volume
Valuation Analysis
3'392'530.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STANDARD LIFE INVEST n/a RNS-MAJ 90'920'250 14.16 1'097'618 08.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 62'354'710 9.71 (756'654) 26.02.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 45'132'865 7.03 (1'704'018) 31.12.2012 Unclassified
JP MORGAN n/a ULT-AGG 43'553'643 6.78 272'102 01.11.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 29'150'000 4.54 (2'149'486) 01.11.2012 Investment Advisor
CAZENOVE CAPITAL MAN Multiple Portfolios REG 26'846'447 4.18 491'800 01.11.2012 Investment Advisor
HOWDEN EMP SHARE TRU n/a Co File 24'595'913 3.83 - 29.02.2012 n/a
JUPITER ASSET MANAGE Multiple Portfolios REG 23'053'381 3.59 (844'841) 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 22'202'404 3.46 2'657'124 01.11.2012 Unclassified
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 21'686'372 3.38 1'814'372 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 20'474'615 3.19 - 11.01.2013 Unclassified
ABERFORTH PARTNERS Multiple Portfolios REG 19'806'351 3.09 (531'000) 01.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 14'648'034 2.28 1'692'309 01.11.2012 Investment Advisor
ODEY ASSET MANAGEMEN Multiple Portfolios REG 14'343'407 2.23 28'182 01.11.2012 Hedge Fund Manager
NORGES BANK INVESTME Multiple Portfolios REG 13'772'986 2.15 (2'139'395) 01.11.2012 Government
ABERFORTH PARTNERS Multiple Portfolios MF-AGG 13'225'865 2.06 (18'500) 31.01.2013 Investment Advisor
JM FINN & CO Multiple Portfolios REG 11'266'892 1.75 (5'533'125) 01.11.2012 Investment Advisor
AEGON n/a ULT-AGG 10'302'594 1.6 3'491'388 01.11.2012 Unclassified
UBS n/a ULT-AGG 10'263'780 1.6 2'491'158 01.11.2012 Unclassified
MARATHON ASSET MANAG Multiple Portfolios REG 9'867'490 1.54 (3'776'313) 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd HOWARD SEYMOUR add 4 M 185 Not Provided 27.02.2013
Panmure Gordon & Co Limited ANDY BROWN sell 1 M 145 Not Provided 25.02.2013
Peel Hunt ANDREW NUSSEY hold 3 M 190 Not Provided 15.02.2013
Goodbody Stockbrokers Ltd SARAH REILLY buy 5 M 225 12 month 13.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 220 Not Provided 31.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 15.01.2013
Jefferies ANTHONY CODLING hold 3 N 160 12 month 07.01.2013
JPMorgan ALEXANDER MEES overweight 5 M 162 3 month 05.12.2012
NFinance PIERRE SCHANG buy 5 N 182 12 month 04.12.2012
N+1 Singer Ltd MATTHEW MCEACHRAN hold 3 M 164 12 month 08.11.2012
Canaccord Genuity Corp GRAHAM BROWN hold 3 N 174 Not Provided 10.10.2012
Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI buy 5 M 165 Not Provided 23.07.2012
Shore Capital Stockbrokers JON BELL hold 3 D #N/A N/A Not Provided 16.11.2011
Holdings By:
Howden Joinery Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Hufvudstaden AB manages, acquires, develops and sells properties in Sweden.
The Company rents out centrally located residential and commercial properties
primarily in the Stockholm area. Hufvudstaden's holdings, which include the
NK-stores, consist of shops, offices, hotels, cinemas, restaurants, warehouses,
garages and apartments.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 90.65
52-Week Low (19.06.2012) 68.40
Daily Volume
89
52-Week High % Change -1.82% Dividend Yield -
52-Week Low % Change 30.12% Beta 0.81
% 52 Week Price Range High/Low 92.58% Equity Float -
Shares Out 26.02.2013 203.0 Short Int -
19'194.61 1 Yr Total Return 25.42%
Total Debt 4'700.00 YTD Return 8.60%
Preferred Stock 0.0 Adjusted BETA 0.811
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 497.20 Consensus Rating 3.071
Enterprise Value 23'397.41
Average Volume 5 Day 254'389
HUFVA SS EQUITY YTD Change - Average Volume 30 Day 257'876
HUFVA SS EQUITY YTD % CHANGE - Average Volume 3 Month 274'502
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
1'364.9 1'374.6 1'409.8 1'450.3 1'541.7 1'437.3 1'541.7 1'613.7 1'628.3 391.5 403.5
10.83x 10.60x 14.56x 12.72x 13.69x 51.76x 52.03x 15.26x 15.08x 63.97x 61.68x
924.2 946.8 961.6 977.6 1'051.1 932.9 1'051.1 1'125.5 1'156.2 264.8 276.3
15.99x 15.39x 21.35x 18.87x 20.08x 19.81x 20.08x 20.79x 20.24x 21.19x 20.83x
(449.2) (357.5) 1'733.3 1'435.3 1'939.4 1'435.3 1'939.4 788.9 815.5 183.7 195.2
- - 9.35x 10.07x 8.72x 10.07x 8.71x 23.16x 22.48x 23.23x 23.09x
EBITDA 1'051.10 Long-Term Rating Date -
EBIT 1'051.10 Long-Term Rating -
Operating Margin 68.18% Long-Term Outlook -
Pretax Margin 96.36% Short-Term Rating Date -
Return on Assets 8.37% Short-Term Rating -
Return on Common Equity 14.69%
Return on Capital 10.93% EBITDA/Interest Exp. 7.23
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 0.22
Net Debt/EBITDA 4.00
Gross Margin - Total Debt/EBITDA 4.47
EBITDA Margin 68.2%
EBIT Margin - Total Debt/Equity 33.8%
Net Income Margin 125.8% Total Debt/Capital 25.2%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 19.87% Inventory Days -
Tot Debt to Common Equity 33.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hufvudstaden ABPrice/Volume
Valuation Analysis
144'834.00
Current Price (2/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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200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LUNDBERGS n/a Co File 85'200'000 41.97 - 31.12.2011 Corporation
STATE STREET n/a ULT-AGG 10'013'586 4.93 - 31.12.2011 Investment Advisor
SEB n/a ULT-AGG 7'785'146 3.84 (201'844) 31.12.2012 Unclassified
MELLON FUNDS n/a Co File 6'241'639 3.07 - 31.12.2011 n/a
SWEDBANK ROBUR FONDE n/a Co File 3'675'825 1.81 - 31.12.2011 Investment Advisor
JP MORGAN FUNDS n/a Co File 3'607'121 1.78 - 31.12.2011 n/a
HANDELSBANKEN FONDER n/a Co File 3'421'652 1.69 - 31.12.2011 Investment Advisor
LANSFORSAKRINGAR FON n/a Co File 2'900'032 1.43 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 2'862'213 1.41 4'733 26.02.2013 Investment Advisor
SIX SIS AG n/a Co File 2'562'742 1.26 - 31.12.2011 Bank
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'788'167 0.88 110'843 31.01.2013 Investment Advisor
LUNDBERG FREDRIK n/a Co File 1'659'412 0.82 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'472'233 0.73 37'462 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'237'195 0.61 (133'604) 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'054'982 0.52 89'269 28.09.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 760'888 0.37 37'067 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 760'565 0.37 - 31.01.2013 Investment Advisor
SKANDIA FONDER AB Multiple Portfolios MF-AGG 752'878 0.37 (253'612) 31.12.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 721'985 0.36 47'005 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 673'500 0.33 - 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda BENGT CLAESSON hold 3 M 84 Not Provided 25.02.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 73 12 month 19.02.2013
Danske Markets PETER TRIGARSZKY hold 3 M 88 12 month 18.02.2013
Kempen & Co ROBERT WOERDEMAN overweight 5 U 89 12 month 15.02.2013
Carnegie TOBIAS KAJ sell 1 M #N/A N/A Not Provided 15.02.2013
Nordea Equity Research JONAS L ANDERSSON buy 5 M 95 12 month 15.02.2013
Handelsbanken ALBIN SANDBERG accumulate 4 M 88 12 month 15.02.2013
ABG Sundal Collier FREDRIC CYON hold 3 M 85 6 month 14.02.2013
DNB Markets SIMEN MORTENSEN sell 1 M 76 Not Provided 14.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Swedbank ANDREAS DAAG buy 5 M 90 12 month 16.01.2013
Pareto Securities JOHAN EDBERG sell 1 M 73 6 month 15.01.2013
ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 75 Not Provided 24.08.2012
Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 19.10.2010
Holdings By:
Hufvudstaden AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Hugo Boss AG designs, produces, and markets brand name clothing. The Company's
products, which are marketed under branded names are sold through subsidiaries,
franchises, and retail outlets throughout the world. Hugo Boss licenses its
name for eyeglass frames, fragrances, watches, shoes, and leather goods.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.02.2013) 90.65
52-Week Low (26.09.2012) 65.00
Daily Volume
88.3
52-Week High % Change -2.59% Dividend Yield -
52-Week Low % Change 35.85% Beta 0.87
% 52 Week Price Range High/Low 90.84% Equity Float 23.72
Shares Out 30.09.2012 70.4 Short Int -
6'216.32 1 Yr Total Return 29.24%
Total Debt 388.51 YTD Return 10.65%
Preferred Stock 0.0 Adjusted BETA 0.868
Minority Interest 23.8 Analyst Recs 32
Cash and Equivalents 212.10 Consensus Rating 3.938
Enterprise Value 6'498.02
Average Volume 5 Day 135'286
BOSS GY EQUITY YTD Change - Average Volume 30 Day 126'950
BOSS GY EQUITY YTD % CHANGE - Average Volume 3 Month 121'771
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'686.1 1'561.9 1'729.4 2'058.8 2'346.0 2'058.8 2'346.0 2'510.3 2'729.3 - -
1.07x 1.15x 2.10x 1.95x - 8.05x 7.17x 2.51x 2.27x - -
251.1 227.6 334.9 467.5 - 467.5 389.0 584.8 657.4 - -
7.16x 7.92x 10.84x 8.58x - 8.58x 0.00x 11.07x 9.85x - -
112.1 104.0 185.9 284.5 307.0 284.5 307.0 359.0 408.0 - -
10.68x 13.48x 18.23x 13.40x 18.30x 13.40x 18.30x 17.13x 15.05x - -
EBITDA 467.51 Long-Term Rating Date -
EBIT 394.09 Long-Term Rating -
Operating Margin 19.14% Long-Term Outlook -
Pretax Margin 18.57% Short-Term Rating Date -
Return on Assets 21.02% Short-Term Rating -
Return on Common Equity 59.35%
Return on Capital - EBITDA/Interest Exp. 11.17
Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. 8.58
Net Debt/EBITDA 0.53
Gross Margin 63.3% Total Debt/EBITDA 0.79
EBITDA Margin 21.6%
EBIT Margin 18.1% Total Debt/Equity 77.8%
Net Income Margin 13.1% Total Debt/Capital 42.6%
Asset Turnover 1.62
Current Ratio 1.99 Net Fixed Asset Turnover 7.76
Quick Ratio 0.83 Accounts receivable turnover-days 40.60
Debt to Assets 26.81% Inventory Days 192.79
Tot Debt to Common Equity 77.79% Accounts Payable Turnover Day 77.93
Accounts Receivable Turnover 9.02 Cash Conversion Cycle 138.71
Inventory Turnover 1.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Hugo Boss AGPrice/Volume
Valuation Analysis
91'684.00
Current Price (2/dd/yy) Market Data
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!2 9
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RED & BLACK LUX SARL n/a Research 46'156'312 65.56 - 15.06.2012 Private Equity
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'049'384 1.49 (171'088) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'018'911 1.45 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 797'489 1.13 71'391 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 544'024 0.77 1'021 26.02.2013 Investment Advisor
HUGO BOSS AG n/a Research 528'555 0.75 - 27.02.2012 Corporation
MEDITOR CAPITAL MANA n/a Short (492'800) -0.7 77'440 08.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 436'031 0.62 8'802 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 433'750 0.62 (25'250) 28.12.2012 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 429'249 0.61 - 31.10.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 381'766 0.54 47'553 31.10.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 280'231 0.4 - 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 211'430 0.3 3'326 31.01.2013 Investment Advisor
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 204'316 0.29 - 30.09.2012 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 175'000 0.25 - 28.12.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 162'788 0.23 98 30.11.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 140'000 0.2 140'000 28.09.2012 Investment Advisor
FIDELITY INVESTMENT Multiple Portfolios MF-AGG 133'056 0.19 - 30.12.2011 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 120'865 0.17 120'865 29.06.2012 Investment Advisor
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 104'950 0.15 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 107 12 month 27.02.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 84 12 month 25.02.2013
Berenberg Bank ANNA PATRICE buy 5 M 106 Not Provided 22.02.2013
Nord/LB WOLFGANG VASTERLING buy 5 M 96 12 month 19.02.2013
Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 D 92 Not Provided 18.02.2013
Barclays JULIAN EASTHOPE underweight 1 M 83 Not Provided 18.02.2013
Landesbank Baden-Wuerttemberg BERND MUELL hold 3 N 93 Not Provided 14.02.2013
Baader Bank VOLKER BOSSE buy 5 U 100 12 month 12.02.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 104 12 month 11.02.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 92 12 month 11.02.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 100 12 month 11.02.2013
Exane BNP Paribas ANDREAS INDERST outperform 5 M 97 Not Provided 11.02.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 94 6 month 08.02.2013
Deutsche Bank WARWICK OKINES buy 5 M 96 12 month 08.02.2013
Morgan Stanley ADRIENNE LIM Overwt/In-Line 5 M 95 12 month 08.02.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 88 Not Provided 08.02.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 85 9 month 08.02.2013
Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER buy 5 M 99 12 month 08.02.2013
Bryan Garnier & Cie PETER FARREN buy 5 M 95 6 month 08.02.2013
Equinet Institutional Services(ESN) INGBERT FAUST hold 3 M 80 12 month 08.02.2013
DZ Bank AG HERBERT STURM buy 5 M 102 12 month 08.02.2013
HSBC ANTOINE BELGE overweight 5 U 105 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Nomura FRASER RAMZAN neutral 3 M 90 12 month 16.01.2013
CA Cheuvreux JUERGEN KOLB outperform 5 M 92 Not Provided 18.12.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.11.2012
BHF-Bank PETER STEINER market weight 3 M 82 12 month 12.11.2012
Close Brothers Equity Markets ANNA VON KLOPMANN hold 3 M 80 12 month 31.10.2012
Hammer Partners SA STEPHAN SEIP sell 1 N 65 Not Provided 02.10.2012
Silvia Quandt Research MARK JOSEFSON not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012
Holdings By:
Hugo Boss AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Hunting PLC is an industrial holding company for a group of companies that
provide oil and gas services. The Group markets, transports and stores crude
oil, processes and markets liquid petroleum gas, and distributes propane.
Hunting also supplies oil process equipment, shipbroking services, shipping
consultancy and data services, in addition to manufacturing industrial coatings.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (16.03.2012) 977.00
52-Week Low (28.06.2012) 680.50
Daily Volume
850
52-Week High % Change -13.00% Dividend Yield 1.82
52-Week Low % Change 24.91% Beta 1.33
% 52 Week Price Range High/Low 57.17% Equity Float 117.00
Shares Out 02.01.2013 147.0 Short Int -
1'249.92 1 Yr Total Return 5.32%
Total Debt 291.50 YTD Return 7.53%
Preferred Stock 0.0 Adjusted BETA 1.327
Minority Interest 16.8 Analyst Recs 17
Cash and Equivalents 71.20 Consensus Rating 3.824
Enterprise Value 1'459.42
Average Volume 5 Day 604'510
HTG LN EQUITY YTD Change - Average Volume 30 Day 318'216
HTG LN EQUITY YTD % CHANGE - Average Volume 3 Month 316'930
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 01/yy 01/yy 12/12 Y 12/13 Y - -
398.7 418.5 359.9 423.3 608.8 - - 820.6 890.2 - -
2.72x 0.45x 1.15x 1.80x 2.18x - - 1.74x 1.58x - -
66.6 74.7 58.3 73.4 105.8 - - 155.0 174.6 - -
16.29x 2.51x 7.08x 10.40x 12.54x - - 9.42x 8.36x - -
57.4 304.2 28.7 21.8 79.1 - - 78.8 89.3 - -
42.07x - 32.01x 46.86x 36.23x - - 15.15x 13.51x - -
EBITDA 105.80 Long-Term Rating Date -
EBIT 69.60 Long-Term Rating -
Operating Margin 11.43% Long-Term Outlook -
Pretax Margin 6.37% Short-Term Rating Date -
Return on Assets 3.82% Short-Term Rating -
Return on Common Equity 6.32%
Return on Capital 6.10% EBITDA/Interest Exp. 18.56
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 11.93
Net Debt/EBITDA 1.15
Gross Margin 33.6% Total Debt/EBITDA 1.68
EBITDA Margin 21.8%
EBIT Margin 14.8% Total Debt/Equity 40.8%
Net Income Margin 13.0% Total Debt/Capital 28.5%
Asset Turnover 0.69
Current Ratio 1.88 Net Fixed Asset Turnover 3.75
Quick Ratio 0.86 Accounts receivable turnover-days -
Debt to Assets 22.54% Inventory Days 142.00
Tot Debt to Common Equity 40.76% Accounts Payable Turnover Day 84.12
Accounts Receivable Turnover - Cash Conversion Cycle 199.63
Inventory Turnover 2.58
Fiscal Year Ended
Hunting PLCPrice/Volume
Valuation Analysis
294'671.00
Current Price (2/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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400.0
600.0
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1'200.0
1'400.0
1'600.0
1'800.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AXA INVESTMENT MANAG n/a RNS-MAJ 17'016'457 11.57 2'296'189 20.02.2013 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 13'862'520 9.43 1'745'530 01.12.2012 Investment Advisor
HUNTING INVESTMENTS Multiple Portfolios REG 10'884'743 7.4 - 01.12.2012 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 10'726'037 7.29 (2'394'948) 01.12.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 8'150'409 5.54 - 31.12.2011 Investment Advisor
SCHRODER INVESTMENT n/a Co File 7'535'972 5.12 - 31.12.2011 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 7'434'297 5.06 453 01.12.2012 Investment Advisor
Mirabaud Asset Manag Multiple Portfolios REG 7'358'050 5 2'004'904 01.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 7'250'294 4.93 - 26.02.2013 Investment Advisor
SLALEY INVESTMENTS L Multiple Portfolios REG 6'411'679 4.36 - 01.12.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 5'221'034 3.55 (150'922) 31.01.2013 Unclassified
HUNTING FAMILY TRUST Multiple Portfolios REG 4'737'296 3.22 - 01.12.2012 Unclassified
OLD MUTUAL n/a ULT-AGG 3'189'896 2.17 (136'213) 31.12.2012 Unclassified
CO-OPERATIVE INSURAN Multiple Portfolios REG 3'151'599 2.14 (357'315) 01.12.2012 Insurance Company
ROYAL LONDON ASSET M Multiple Portfolios REG 3'126'818 2.13 92'649 01.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'900'453 1.97 2'100'000 01.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'574'200 1.75 (3'501) 31.10.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 2'263'487 1.54 - 01.12.2012 Government
ARTEMIS INVESTMENT M Multiple Portfolios REG 2'146'578 1.46 - 01.12.2012 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 2'089'062 1.42 15'000 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets KATHERINE TONKS outperform 5 M 1'050 12 month 01.02.2013
Oriel Securities Ltd DAVID ROUND buy 5 M #N/A N/A Not Provided 30.01.2013
JPMorgan ANDREW DOBBING underweight 1 D 761 9 month 29.01.2013
Nomura CHRISTYAN MALEK neutral 3 M 745 12 month 29.01.2013
Investec KEITH ADAM MORRIS buy 5 R 975 12 month 25.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Arden Partners Ltd BEN THEFAUT neutral 3 D #N/A N/A Not Provided 19.12.2012
HSBC PHILLIP LINDSAY overweight 5 M 1'020 Not Provided 18.12.2012
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 770 Not Provided 18.12.2012
Deutsche Bank SEBASTIAN YOSHIDA buy 5 M 1'000 12 month 17.12.2012
VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 17.12.2012
Finncap DAVID BUXTON buy 5 M 980 12 month 17.12.2012
Clarkson Capital Markets LLC TODD P SCHOLL market perform 3 M 900 12 month 17.12.2012
Barclays MICK PICKUP overweight 5 M 1'060 Not Provided 16.12.2012
Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 1'100 6 month 06.11.2012
Fox-Davies Capital PAUL SINGER buy 5 M 1'025 12 month 12.03.2012
Westhouse Securities ANDREW MATHARU hold 3 M #N/A N/A Not Provided 17.11.2011
Holdings By:
Hunting PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Husqvarna AB manufactures outdoor maintenance and recreational products. The
Company produces chain saws, trimmers, blowers, commercial lawn mowers,
tillers, generators, snow blowers, stump grinders, and utility vehicles.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 42.00
52-Week Low (14.06.2012) 29.38
Daily Volume
39.91
52-Week High % Change -4.98% Dividend Yield -
52-Week Low % Change 35.84% Beta 1.05
% 52 Week Price Range High/Low 83.44% Equity Float -
Shares Out 10.01.2013 448.6 Short Int -
22'930.33 1 Yr Total Return 4.11%
Total Debt 8'081.00 YTD Return 1.84%
Preferred Stock 0.0 Adjusted BETA 1.048
Minority Interest 21.0 Analyst Recs 15
Cash and Equivalents 1'245.00 Consensus Rating 3.067
Enterprise Value 29'787.33
Average Volume 5 Day 1'679'262
HUSQB SS EQUITY YTD Change - Average Volume 30 Day 2'162'960
HUSQB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'758'488
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
32'342.0 34'074.0 32'240.0 30'357.0 30'834.0 30'357.0 30'834.0 30'574.2 31'875.1 9'231.4 10'421.4
0.86x 1.06x 1.18x 0.83x 0.95x 3.93x 3.69x 0.96x 0.90x 3.39x 2.87x
3'570.0 2'888.0 3'627.0 2'659.0 2'677.0 2'663.0 2'677.0 3'593.9 3'969.1 1'166.4 1'579.4
7.84x 12.49x 10.48x 9.46x 11.00x 9.44x 11.00x 8.29x 7.50x 8.48x 8.28x
1'278.0 899.0 1'739.0 990.0 1'018.0 990.0 1'018.0 1'675.3 2'013.4 623.1 912.8
12.38x 32.19x 18.51x 18.34x 22.04x 18.34x 22.04x 13.67x 11.37x 13.98x 12.73x
EBITDA 2'677.00 Long-Term Rating Date -
EBIT 1'615.00 Long-Term Rating -
Operating Margin 5.24% Long-Term Outlook -
Pretax Margin 3.79% Short-Term Rating Date -
Return on Assets 3.56% Short-Term Rating -
Return on Common Equity 8.52%
Return on Capital - EBITDA/Interest Exp. 7.19
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 5.29
Net Debt/EBITDA 2.55
Gross Margin 26.9% Total Debt/EBITDA 3.02
EBITDA Margin 8.7%
EBIT Margin 5.2% Total Debt/Equity 69.9%
Net Income Margin 3.3% Total Debt/Capital 41.1%
Asset Turnover 1.08
Current Ratio 2.02 Net Fixed Asset Turnover 8.29
Quick Ratio 0.63 Accounts receivable turnover-days 39.72
Debt to Assets 28.84% Inventory Days 130.99
Tot Debt to Common Equity 69.88% Accounts Payable Turnover Day 44.79
Accounts Receivable Turnover 9.22 Cash Conversion Cycle 125.91
Inventory Turnover 2.79
Fiscal Year Ended
Husqvarna ABPrice/Volume
Valuation Analysis
1'768'251.00
Current Price (2/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
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTOR AB n/a Research 49'643'014 11.07 - 28.09.2012 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 36'376'350 8.11 - 28.09.2012 Pension Fund (ERISA)
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 30'479'080 6.79 845'978 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 29'703'270 6.62 - 26.10.2012 Investment Advisor
NORDEA FONDER AB n/a Research 28'721'210 6.4 - 06.02.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 11'761'201 2.62 526'105 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 10'319'901 2.3 (53'745) 31.12.2012 Unclassified
DIDNER & GERGE FONDE n/a Research 10'210'000 2.28 - 28.09.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 9'456'892 2.11 68'044 31.01.2013 Investment Advisor
SHB FUNDS n/a Research 8'223'565 1.83 - 28.09.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 7'899'215 1.76 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'366'256 1.64 142'606 31.12.2012 Investment Advisor
DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 7'295'000 1.63 (2'459'000) 31.12.2012 Investment Advisor
GOVERNMENT OF NORWAY n/a Research 6'898'408 1.54 - 28.09.2012 Government
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'490'623 1.45 322'727 31.12.2012 Investment Advisor
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 6'231'184 1.39 258'723 31.12.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (3'050'298) -0.68 224'286 10.12.2012 Hedge Fund Manager
IF P&C INSURANCE LTD n/a Research 2'249'321 0.5 - 28.09.2012 Insurance Company
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'828'112 0.41 - 31.12.2012 Mutual Fund Manager
LANNEBO FONDER AB Multiple Portfolios MF-AGG 1'740'000 0.39 (1'360'444) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HELENE COUMES buy 5 M 51 6 month 22.02.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 20.02.2013
CA Cheuvreux JOHAN ELIASON underperform 1 M 38 Not Provided 15.02.2013
Nordea Equity Research STEFAN STJERNHOLM sell 1 M 37 12 month 15.02.2013
Erik Penser Bankaktiebolag AB JOHAN DAHL buy 5 M 46 Not Provided 15.02.2013
Handelsbanken RASMUS ENGBERG reduce 2 M 34 12 month 15.02.2013
DNB Markets CHRISTER MAGNERGARD buy 5 M 45 Not Provided 15.02.2013
Danske Markets BJORN ENARSON buy 5 M 46 12 month 15.02.2013
ABG Sundal Collier ANDREAS LUNDBERG buy 5 M 45 6 month 14.02.2013
Carnegie KENNETH TOLL JOHANSSON sell 1 M #N/A N/A Not Provided 13.02.2013
SEB Enskilda STEFAN CEDERBERG buy 5 M 44 Not Provided 30.01.2013
Goldman Sachs AARON IBBOTSON Sell/Neutral 1 M 36 12 month 17.01.2013
Pareto Securities DAVID JACOBSSON sell 1 M 35 6 month 26.04.2012
Prime Predictions PETER LJUNGGREN hold 3 M 54 12 month 18.11.2011
Swedbank CLAES RASMUSON neutral 3 M 35 12 month 21.10.2011
Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.09.2011
Holdings By:
Husqvarna AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
ICADE specializes in business real estate. The Company finances and leases
business parks. It offers customized rental design services and other services
such as telecommunication, catering, and maintenance. The Company opted for
the SIIC legal status in 2003.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.11.2012) 71.16
52-Week Low (13.07.2012) 56.00
Daily Volume
67.76
52-Week High % Change -4.78% Dividend Yield -
52-Week Low % Change 21.00% Beta 1.00
% 52 Week Price Range High/Low 77.57% Equity Float 22.64
Shares Out 30.06.2012 52.0 Short Int -
3'523.27 1 Yr Total Return 15.88%
Total Debt 2'999.10 YTD Return 1.26%
Preferred Stock 0.0 Adjusted BETA 0.997
Minority Interest 1.7 Analyst Recs 15
Cash and Equivalents 414.30 Consensus Rating 4.000
Enterprise Value 6'271.87
Average Volume 5 Day 49'878
ICAD FP EQUITY YTD Change - Average Volume 30 Day 40'118
ICAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 44'935
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
1'916.4 2'057.5 2'650.2 1'536.6 1'499.3 348.6 1'499.3 1'463.1 1'556.2 - -
2.82x 2.64x 2.32x 3.72x - 0.00x 0.00x 4.60x 4.41x - -
575.3 789.4 1'511.4 395.1 - 0.0 0.0 429.5 524.8 - -
9.38x 6.88x 4.07x 14.48x - 0.00x 0.00x 14.60x 11.95x - -
312.5 527.1 1'218.0 93.0 52.7 0.0 0.0 239.9 280.8 - -
9.28x 6.17x 3.19x 33.77x 66.00x 0.00x 0.00x 15.25x 14.08x - -
EBITDA 395.10 Long-Term Rating Date -
EBIT 141.10 Long-Term Rating -
Operating Margin 9.18% Long-Term Outlook -
Pretax Margin 9.25% Short-Term Rating Date -
Return on Assets 1.82% Short-Term Rating -
Return on Common Equity 4.63%
Return on Capital 2.34% EBITDA/Interest Exp. 3.75
Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -3.14
Net Debt/EBITDA 5.83
Gross Margin - Total Debt/EBITDA 6.52
EBITDA Margin 28.5%
EBIT Margin - Total Debt/Equity 109.5%
Net Income Margin 3.5% Total Debt/Capital 52.3%
Asset Turnover 0.22
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 41.20% Inventory Days -
Tot Debt to Common Equity 109.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ICADEPrice/Volume
Valuation Analysis
62'002.00
Current Price (2/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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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAISSE DES DEPOTS ET n/a Co File 28'895'228 55.57 - 31.12.2011 Government
EUROPEAN INVESTORS I n/a Research 1'531'645 2.95 130'146 31.12.2012 Investment Advisor
AMBER CAPITAL LP n/a Short (603'157) -1.16 57'196 15.02.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 586'026 1.13 739 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 556'902 1.07 29'645 31.12.2012 Investment Advisor
CM-CIC SECURITIES n/a Short (519'963) -1 - 17.10.2012 Other
ICADE n/a Co File 456'229 0.88 - 31.12.2011 Corporation
BNP PARIBAS INV PART n/a ULT-AGG 426'354 0.82 4'159 31.12.2012 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 412'939 0.79 - 21.08.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 369'568 0.71 (1'643) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 344'771 0.66 (197) 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 326'030 0.63 44'400 31.10.2012 Investment Advisor
ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 318'303 0.61 51'089 17.07.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 266'926 0.51 (138'401) 25.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 262'213 0.5 (52'957) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 230'439 0.44 12'150 31.12.2012 Mutual Fund Manager
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 157'508 0.3 (454) 30.09.2012 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 144'899 0.28 (661) 31.12.2012 Mutual Fund Manager
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 135'328 0.26 (31'225) 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 122'342 0.24 (1'151) 31.10.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 69 12 month 21.02.2013
Oddo & Cie MARINE LAFITTE buy 5 M 84 Not Provided 21.02.2013
Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 M 80 12 month 21.02.2013
Exane BNP Paribas VALERIE GUEZI outperform 5 M 74 Not Provided 21.02.2013
AlphaValue PIERRE-LOUP ETIENNE add 4 M 79 6 month 21.02.2013
ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG sell 1 M 62 Not Provided 21.02.2013
Petercam JOEL GORSELE buy 5 U 78 Not Provided 22.01.2013
HSBC STEPHANIE DOSSMANN overweight 5 M 81 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Kempen & Co BOUDEWIJN SCHOON overweight 5 M 69 12 month 14.01.2013
Kepler Capital Markets SAMUEL HENRY-DIESBACH buy 5 M 73 Not Provided 29.11.2012
Societe Generale HENRI QUADRELLI not rated #N/A N/A M #N/A N/A Not Provided 19.11.2012
Barclays JULIAN CAMPBELL-WOOD overweight 5 M 79 Not Provided 08.08.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 63 12 month 02.07.2012
CA Cheuvreux BRUNO DUCLOS outperform 5 M 84 Not Provided 07.02.2012
Edge Capital Research KONSTANTIN BOYCHINOV neutral 3 N 62 12 month 29.09.2011
Natixis SERGE DEMIRDJIAN buy 5 M 88 Not Provided 27.09.2011
Tradition Securities & Futures LAETITIA D'EPREMESNIL hold 3 M 84 Not Provided 06.07.2011
Holdings By:
ICADE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
IG Group Holdings PLC runs a spread betting market, trades as principal and
market maker for foreign exchange, contracts for difference, and acts as a fixed
odds bookmaker. The Company hedges unmatched bets and trades, and offers
investment products worldwide to a retail and professional client base.
Latest Fiscal Year: 05/2012
LTM as of: 11/yy
52-Week High (06.02.2013) 505.50
52-Week Low (27.11.2012) 413.80
Daily Volume
492.8
52-Week High % Change -2.51% Dividend Yield 4.57
52-Week Low % Change 19.09% Beta 0.95
% 52 Week Price Range High/Low 86.15% Equity Float 349.26
Shares Out 01.02.2013 364.8 Short Int -
1'797.73 1 Yr Total Return 16.99%
Total Debt 0.00 YTD Return 10.88%
Preferred Stock 0.0 Adjusted BETA 0.949
Minority Interest 0.1 Analyst Recs 12
Cash and Equivalents 228.16 Consensus Rating 4.000
Enterprise Value 1'689.50
Average Volume 5 Day 1'055'986
IGG LN EQUITY YTD Change - Average Volume 30 Day 1'614'288
IGG LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'438'641
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4
184.0 257.1 350.2 354.5 410.8 0.0 383.4 349.3 372.7 83.1 87.5
4.24x 1.15x 3.56x 4.24x 3.28x #DIV/0! 0.00x 4.51x 4.06x - -
92.2 157.0 169.2 178.0 195.4 0.0 0.0 180.6 195.3 - -
8.46x 1.88x 7.37x 8.44x 6.88x 0.00x 0.00x 9.36x 8.65x - -
67.3 78.0 101.3 (25.5) 136.8 0.0 0.0 127.4 140.9 - -
18.53x 5.04x 13.48x - 11.43x 0.00x 0.00x 14.33x 13.21x - -
EBITDA 195.43 Long-Term Rating Date -
EBIT 184.67 Long-Term Rating -
Operating Margin 44.96% Long-Term Outlook -
Pretax Margin 45.21% Short-Term Rating Date -
Return on Assets 22.00% Short-Term Rating -
Return on Common Equity 28.25%
Return on Capital 28.64% EBITDA/Interest Exp. 85.60
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 83.54
Net Debt/EBITDA -0.63
Gross Margin 89.6% Total Debt/EBITDA 0.00
EBITDA Margin 45.2%
EBIT Margin 42.4% Total Debt/Equity 0.0%
Net Income Margin 33.3% Total Debt/Capital 0.0%
Asset Turnover 0.70
Current Ratio 2.95 Net Fixed Asset Turnover 24.06
Quick Ratio 2.89 Accounts receivable turnover-days 227.91
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 410.00
Accounts Receivable Turnover 1.61 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
IG Group Holdings PLCPrice/Volume
Valuation Analysis
563'637.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASSACHUSETTS FINANC Multiple Portfolios REG 27'931'135 7.66 8'097'568 03.12.2012 Investment Advisor
Cantillon Capital Multiple Portfolios REG 21'385'396 5.86 (467'793) 03.12.2012 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 20'057'882 5.5 30'690 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 19'650'815 5.39 (743'113) 03.12.2012 Unclassified
CANTILLON CAPITAL MA n/a RNS-MAJ 18'246'245 5 11'000 04.02.2013 Hedge Fund Manager
AMERIPRISE FINANCIAL n/a Co File 17'774'188 4.87 - 17.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'292'297 4.74 658'290 26.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'860'700 4.62 - 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 12'964'441 3.55 309'141 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 12'031'327 3.3 (163'027) 03.12.2012 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 11'646'010 3.19 - 03.12.2012 Investment Advisor
CVC SHAREHOLDER GROU n/a RNS-MAJ 10'616'628 2.91 (3'338'251) 23.07.2010 Holding Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'636'199 2.64 108'701 26.02.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'603'081 2.63 (185'023) 31.12.2012 Investment Advisor
IGNIS ASSET MANAGEME Multiple Portfolios REG 9'268'528 2.54 (1'396'240) 03.12.2012 Investment Advisor
WILLIAM BLAIR & COMP Multiple Portfolios REG 8'680'904 2.38 (4'740) 03.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 8'297'393 2.27 29'032 31.01.2013 Unclassified
INVESCO LTD Multiple Portfolios REG 8'076'918 2.21 652'035 03.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 8'042'973 2.2 1'056'675 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'042'009 2.2 (1'631'426) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 745 6 month 18.02.2013
Oriel Securities Ltd SARAH ING hold 3 N 500 Not Provided 11.02.2013
Numis Securities Ltd JAMES HAMILTON buy 5 M 556 Not Provided 06.02.2013
Canaccord Genuity Corp ROBIN SAVAGE hold 3 M 400 Not Provided 30.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 23.01.2013
Espirito Santo Investment Bank ResearchPHILIP DOBBIN buy 5 M 510 Not Provided 16.01.2013
Barclays RICHARD TAYLOR overweight 5 M 500 Not Provided 16.01.2013
Investec JAMES HOLLINS buy 5 M 560 12 month 15.01.2013
Keefe, Bruyette & Woods TOM MILLS underperform 1 M 357 12 month 17.07.2012
Finncap DUNCAN HALL sell 1 D 470 12 month 18.01.2011
Holdings By:
IG Group Holdings PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Imagination Technologies Group plc develops and licenses silicon and software
intellectual property for system-on-chip devices. The Company's products are
used in multimedia and communication applications. Products include add-in
boards, two and three dimensional graphics accelerators, silicon chips, game
consoles, and digital television set-top boxes.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (19.04.2012) 734.00
52-Week Low (17.12.2012) 378.50
Daily Volume
519
52-Week High % Change -29.29% Dividend Yield 0.00
52-Week Low % Change 37.12% Beta 1.29
% 52 Week Price Range High/Low 39.52% Equity Float 192.67
Shares Out 05.02.2013 265.1 Short Int -
1'375.98 1 Yr Total Return -15.68%
Total Debt 5.53 YTD Return 31.26%
Preferred Stock 0.0 Adjusted BETA 1.292
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 66.26 Consensus Rating 3.737
Enterprise Value 1'326.93
Average Volume 5 Day 651'920
IMG LN EQUITY YTD Change - Average Volume 30 Day 850'002
IMG LN EQUITY YTD % CHANGE - Average Volume 3 Month 914'423
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y - -
60.0 64.1 80.9 98.0 127.5 - - 155.9 195.9 - -
2.58x 3.34x 7.93x 12.72x 13.77x - - 8.39x 6.52x - -
3.4 3.6 11.7 20.4 37.5 - - 46.0 60.4 - -
45.83x 59.69x 54.93x 61.25x 46.82x - - 28.88x 21.96x - -
2.3 8.1 14.2 19.3 20.5 - - 31.8 43.8 - -
71.16x 27.39x 45.89x 64.90x 87.53x - - 41.52x 31.27x - -
EBITDA 37.51 Long-Term Rating Date -
EBIT 31.70 Long-Term Rating -
Operating Margin 24.86% Long-Term Outlook -
Pretax Margin 22.39% Short-Term Rating Date -
Return on Assets 9.98% Short-Term Rating -
Return on Common Equity 12.37%
Return on Capital 12.02% EBITDA/Interest Exp. 326.14
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 249.17
Net Debt/EBITDA -1.36
Gross Margin 83.5% Total Debt/EBITDA 0.15
EBITDA Margin 25.4%
EBIT Margin 21.1% Total Debt/Equity 3.1%
Net Income Margin 16.0% Total Debt/Capital 3.0%
Asset Turnover 0.68
Current Ratio 4.20 Net Fixed Asset Turnover 5.44
Quick Ratio 3.39 Accounts receivable turnover-days 122.17
Debt to Assets 2.60% Inventory Days 146.12
Tot Debt to Common Equity 3.12% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.00 Cash Conversion Cycle 64.07
Inventory Turnover 2.50
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
Imagination Technologies Group PLCPrice/Volume
Valuation Analysis
491'613.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INTEL CORPORATION n/a Co File 38'396'664 14.48 - 07.06.2012 Corporation
INTEL CAPITAL CORP Multiple Portfolios REG 38'396'664 14.48 - 01.11.2012 Corporation
AXA INVESTMENT MGRS #N/A N/A RNS-MAJ 28'141'542 10.61 - 22.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 25'885'805 9.76 (20'128) 01.11.2012 Investment Advisor
APPLE INC Multiple Portfolios REG 23'047'770 8.69 - 01.11.2012 Corporation
AXA FRAMLINGTON INV Multiple Portfolios REG 22'743'465 8.58 254'375 01.11.2012 Investment Advisor
NORGES BANK n/a RNS-MAJ 9'990'160 3.77 (593'304) 30.01.2013 Government
FMR LLC n/a ULT-AGG 6'841'714 2.58 (1'041'542) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 6'788'282 2.56 (1'257'403) 01.11.2012 Unclassified
KILLIK & CO Multiple Portfolios REG 6'085'514 2.3 162'026 01.11.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 5'273'332 1.99 (2'813) 01.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'050'216 1.9 318'587 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 4'623'309 1.74 (41'061) 01.11.2012 Unclassified
BARCLAYS PERSONAL IN Multiple Portfolios REG 4'220'221 1.59 251'099 01.11.2012 Investment Advisor
TD WATERHOUSE GROUP Multiple Portfolios REG 4'189'151 1.58 13'645 01.11.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios REG 3'069'811 1.16 850'197 01.11.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 2'782'972 1.05 (612'208) 26.02.2013 Investment Advisor
AEGON n/a ULT-AGG 2'670'366 1.01 (42'769) 01.11.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'379'508 0.9 61'222 31.12.2012 Investment Advisor
SELFTRADE Multiple Portfolios REG 2'187'416 0.83 313'110 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies LEE SIMPSON buy 5 M 628 12 month 27.02.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 610 Not Provided 26.02.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 570 12 month 18.02.2013
Deutsche Bank JOHANNES SCHALLER buy 5 M 600 12 month 13.02.2013
Peel Hunt ALEXANDRA JARVIS buy 5 M 630 Not Provided 07.02.2013
Numis Securities Ltd NICK JAMES buy 5 M 590 Not Provided 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Barclays YOUSSEF ESSAEGH overweight 5 M 650 Not Provided 14.01.2013
Investec JAMES GOODMAN hold 3 M 490 12 month 07.01.2013
Finncap LORNE DANIEL hold 3 M 375 12 month 17.12.2012
Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 600 12 month 13.12.2012
RBC Capital Markets ANDREW DUNN underperform 1 M 400 12 month 13.12.2012
Credit Suisse JUSTIS MCEVILLY underperform 1 M 347 Not Provided 13.12.2012
Liberum Capital Ltd EOIN LAMBE hold 3 M 415 Not Provided 13.12.2012
JPMorgan SANDEEP S DESHPANDE overweight 5 M 750 9 month 12.12.2012
Berenberg Bank ADNAAN AHMAD sell 1 M 360 Not Provided 29.11.2012
Canaccord Genuity Corp BOB LIAO buy 5 M 570 12 month 07.11.2012
N+1 Singer Ltd PIA TAPLEY buy 5 M 625 12 month 03.10.2012
WH Ireland Ltd ANNE MARGARET CROW sell 1 M 300 Not Provided 17.03.2011
Holdings By:
Imagination Technologies Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Imerys SA processes minerals and manufactures and sells building materials
worldwide. The Company produces pigments and additives such as kaolin, ground
calcium carbonate, and precipitated calcium carbonate, clay roofing tiles,
chimney blocks, bricks, and natural slate, ceramic materials used in tableware,
tiles, and sanitary ware, and minerals for refractories.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (15.02.2013) 53.24
52-Week Low (26.07.2012) 36.37
Daily Volume
51.26
52-Week High % Change -3.72% Dividend Yield -
52-Week Low % Change 40.94% Beta 0.97
% 52 Week Price Range High/Low 88.26% Equity Float 28.52
Shares Out 07.02.2013 75.4 Short Int -
3'863.39 1 Yr Total Return 17.31%
Total Debt 1'463.10 YTD Return 6.37%
Preferred Stock 0.0 Adjusted BETA 0.968
Minority Interest 30.8 Analyst Recs 14
Cash and Equivalents 430.60 Consensus Rating 3.429
Enterprise Value 4'942.39
Average Volume 5 Day 73'521
NK FP EQUITY YTD Change - Average Volume 30 Day 69'888
NK FP EQUITY YTD % CHANGE - Average Volume 3 Month 57'800
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
3'449.2 2'773.7 3'346.7 3'674.8 3'884.8 3'581.7 3'894.8 3'888.1 4'044.2 926.0 -
1.05x 1.50x 1.39x 1.02x - 0.00x 0.00x 1.18x 1.10x - -
590.3 423.9 611.0 679.9 - 0.0 0.0 704.5 742.3 - -
6.14x 9.79x 7.64x 5.49x - 0.00x 0.00x 7.02x 6.66x - -
161.3 41.3 243.7 282.0 300.8 285.0 286.8 301.0 326.8 57.5 -
12.64x 73.71x 15.44x 9.49x 11.67x 9.72x 12.08x 12.79x 11.75x - -
EBITDA 679.90 Long-Term Rating Date -
EBIT 476.70 Long-Term Rating -
Operating Margin 12.97% Long-Term Outlook -
Pretax Margin 11.07% Short-Term Rating Date -
Return on Assets 6.04% Short-Term Rating -
Return on Common Equity 13.45%
Return on Capital 9.40% EBITDA/Interest Exp. 11.50
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 7.66
Net Debt/EBITDA 1.47
Gross Margin - Total Debt/EBITDA 1.95
EBITDA Margin 18.4%
EBIT Margin 12.7% Total Debt/Equity 67.1%
Net Income Margin 7.7% Total Debt/Capital 39.8%
Asset Turnover 0.81
Current Ratio 1.58 Net Fixed Asset Turnover 2.18
Quick Ratio 0.87 Accounts receivable turnover-days 52.42
Debt to Assets 29.52% Inventory Days -
Tot Debt to Common Equity 67.11% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.98 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Imerys SAPrice/Volume
Valuation Analysis
82'989.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BELGIAN SECURITIES n/a Research 42'851'473 56.86 - 04.05.2012 Unclassified
PRUDENTIAL PLC n/a Co File 5'217'507 6.92 - 31.12.2011 Investment Advisor
THE VANGUARD GROUP n/a Co File 3'650'000 4.84 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'428'494 4.55 (231'861) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 886'219 1.18 31'880 28.09.2012 Investment Advisor
PALATINE ASSET MANAG Multiple Portfolios MF-AGG 546'900 0.73 3'200 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 342'126 0.45 8'797 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 327'746 0.43 721 26.02.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 324'280 0.43 18'300 31.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 317'824 0.42 (30'450) 31.12.2012 Investment Advisor
PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 223'383 0.3 69'158 30.09.2012 Investment Advisor
BUFFIERE GERARD n/a Co File 210'539 0.28 - 31.12.2011 n/a
JP MORGAN n/a ULT-AGG 128'100 0.17 (15'048) 31.12.2012 Unclassified
MANDARINE GESTION Multiple Portfolios MF-AGG 111'451 0.15 - 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 104'469 0.14 - 28.09.2012 Mutual Fund Manager
BARING FUND MANAGERS Multiple Portfolios MF-AGG 94'226 0.13 (26'569) 31.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 84'000 0.11 - 28.09.2012 Investment Advisor
HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 82'887 0.11 - 31.12.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 82'059 0.11 18'198 31.12.2012 Mutual Fund Manager
PRUDENTIAL FINANCIAL n/a ULT-AGG 72'899 0.1 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas LUC PEZ outperform 5 M 56 Not Provided 27.02.2013
AlphaValue GAETAN DUPONT add 4 D 60 6 month 21.02.2013
Natixis RAFIC EL HADDAD neutral 3 M 48 Not Provided 19.02.2013
Societe Generale MURIEL FELLOUS hold 3 M 55 12 month 15.02.2013
HSBC PIERRE BOSSET underweight 1 M 47 Not Provided 15.02.2013
Aurel - BGC ERIC LEMARIE hold 3 M 50 Not Provided 15.02.2013
Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 60 Not Provided 14.02.2013
Kepler Capital Markets JOSEP PUJAL hold 3 M 53 Not Provided 14.02.2013
Bryan Garnier & Cie SVEN EDELFELT sell 1 M 44 6 month 14.02.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 55 12 month 12.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Raymond James ARNAUD PALLIEZ outperform 5 M 54 Not Provided 06.11.2012
CA Cheuvreux AMANDINE LATOUR outperform 5 M 51 Not Provided 04.09.2012
Holdings By:
Imerys SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Inchcape PLC is a global automotive distributor and retailer. The Company acts
as a vehicle and parts distributor in multiple markets. In these markets,
Inchcape has exclusive responsibility for managing the value chain on behalf of
a focused portfolio of premium and luxury brand partners. Over two thirds of
the Group profit is derived from Asia Pacific and emerging markets.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.02.2013) 528.00
52-Week Low (01.06.2012) 303.50
Daily Volume
500.5
52-Week High % Change -5.21% Dividend Yield 2.28
52-Week Low % Change 64.91% Beta 1.38
% 52 Week Price Range High/Low 87.75% Equity Float 426.35
Shares Out 01.02.2013 465.5 Short Int -
2'329.58 1 Yr Total Return 37.75%
Total Debt 440.50 YTD Return 16.15%
Preferred Stock 0.0 Adjusted BETA 1.376
Minority Interest 28.4 Analyst Recs 12
Cash and Equivalents 559.40 Consensus Rating 4.333
Enterprise Value 2'250.98
Average Volume 5 Day 644'972
INCH LN EQUITY YTD Change - Average Volume 30 Day 569'605
INCH LN EQUITY YTD % CHANGE - Average Volume 3 Month 619'299
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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
6'056.8 6'259.8 5'583.7 5'885.4 5'826.3 0.0 6'085.7 6'094.8 6'468.0 - -
0.34x 0.12x 0.27x 0.27x 0.22x #DIV/0! 0.00x 0.35x 0.33x - -
289.7 272.0 208.2 259.5 277.8 0.0 0.0 300.0 322.1 - -
7.20x 2.81x 7.14x 6.09x 4.57x 0.00x 0.00x 7.50x 6.99x - -
176.4 51.4 92.0 127.9 142.2 0.0 0.0 179.9 194.6 - -
9.96x 3.28x 13.01x 12.80x 9.48x 0.00x 0.00x 13.14x 12.12x - -
EBITDA 277.80 Long-Term Rating Date -
EBIT 244.30 Long-Term Rating -
Operating Margin 4.19% Long-Term Outlook -
Pretax Margin 3.49% Short-Term Rating Date -
Return on Assets 4.70% Short-Term Rating -
Return on Common Equity 11.01%
Return on Capital 11.44% EBITDA/Interest Exp. 3.87
Asset Turnover 1.90% (EBITDA-Capex)/Interest Exp. 2.75
Net Debt/EBITDA -0.37
Gross Margin 14.7% Total Debt/EBITDA 1.48
EBITDA Margin 4.7%
EBIT Margin 4.2% Total Debt/Equity 33.1%
Net Income Margin 2.4% Total Debt/Capital 24.5%
Asset Turnover 1.90
Current Ratio 1.37 Net Fixed Asset Turnover 9.39
Quick Ratio 0.53 Accounts receivable turnover-days -
Debt to Assets 13.71% Inventory Days 63.99
Tot Debt to Common Equity 33.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 18.71
Inventory Turnover 5.72
Fiscal Year Ended
Inchcape PLCPrice/Volume
Valuation Analysis
860'839.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRUDENTIAL PLC #N/A N/A RNS-MAJ 55'451'508 11.91 - 25.02.2013 Investment Advisor
HORESH GEORGE n/a Co File 36'857'693 7.92 - 12.03.2012 n/a
FMR LLC n/a ULT-AGG 32'474'971 6.98 (2'988'058) 02.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 30'340'380 6.52 3'137'127 02.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 29'366'613 6.31 4'552'167 26.02.2013 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 28'169'791 6.05 250'000 31.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 22'259'821 4.78 1'098'639 31.01.2013 Unclassified
AXA n/a Co File 22'188'424 4.77 - 12.03.2012 Investment Advisor
LEGAL & GENERAL n/a RNS-MAJ 18'474'256 3.97 - 13.08.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'039'075 3.88 84'239 31.12.2012 Investment Advisor
RONIN INVESTMENT MAN Multiple Portfolios REG 16'215'690 3.48 (598'090) 02.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 15'879'165 3.41 (123'561) 02.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'519'347 3.12 - 21.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'425'000 2.67 (1'865'000) 02.01.2013 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios REG 12'186'729 2.62 1'120'605 02.01.2013 Investment Advisor
UNION MOTORS LTD Multiple Portfolios REG 11'420'042 2.45 - 02.01.2013 Corporation
BAILLIE GIFFORD AND Multiple Portfolios REG 10'839'491 2.33 4'822'781 02.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 10'325'352 2.22 (350'000) 02.01.2013 Government
AEGON n/a ULT-AGG 9'724'218 2.09 1'381'762 02.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 9'680'661 2.08 518'317 02.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank CHARLIE MUIR-SANDS buy 5 M 585 12 month 21.02.2013
Numis Securities Ltd MATTHEW TAYLOR hold 3 M 500 Not Provided 21.02.2013
Investec BETHANY HOCKING buy 5 M 580 12 month 20.02.2013
Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 558 Not Provided 20.02.2013
Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 550 Not Provided 18.02.2013
Nomura FRASER RAMZAN neutral 3 M 485 12 month 05.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 23.11.2012
Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI buy 5 M 460 Not Provided 06.09.2012
Holdings By:
Inchcape PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Industrivarden AB is an investment company. The Company's holdings consists of
a portfolio of listed Nordic industrial companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 124.80
52-Week Low (28.06.2012) 87.55
Daily Volume
118.4
52-Week High % Change -5.13% Dividend Yield -
52-Week Low % Change 35.24% Beta 1.15
% 52 Week Price Range High/Low 82.82% Equity Float -
Shares Out 26.02.2013 268.5 Short Int -
45'169.36 1 Yr Total Return 17.22%
Total Debt 18'493.00 YTD Return 6.76%
Preferred Stock 0.0 Adjusted BETA 1.148
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 141.00 Consensus Rating 2.667
Enterprise Value 63'521.36
Average Volume 5 Day 140'990
INDUA SS EQUITY YTD Change - Average Volume 30 Day 127'411
INDUA SS EQUITY YTD % CHANGE - Average Volume 3 Month 152'270
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
(28'587.0) 21'078.0 15'256.0 2'403.0 2'391.0 1'771.0 1'348.0 - - - -
- 2.13x 3.90x 21.01x 25.59x 123.24x 166.52x - - - -
(28'666.0) 19'152.0 16'540.0 - - 0.0 0.0 1'554.0 1'829.0 - -
- 2.34x 3.60x - - 0.00x 0.00x 40.88x 34.73x - -
(29'114.0) 20'699.0 14'870.0 (15'647.0) 11'008.0 (15'745.0) 11'008.0 1'303.0 1'578.0 - -
- 1.65x 3.11x - 3.89x 0.00x 3.89x 38.69x 32.00x - -
EBITDA 16'540.00 Long-Term Rating Date 11.11.2011
EBIT 11'591.00 Long-Term Rating A-
Operating Margin 484.78% Long-Term Outlook STABLE
Pretax Margin 104.99% Short-Term Rating Date 11.11.2011
Return on Assets 17.51% Short-Term Rating A-2
Return on Common Equity 25.14%
Return on Capital - EBITDA/Interest Exp. 30.97
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 38.2%
Net Income Margin 460.4% Total Debt/Capital 27.6%
Asset Turnover -
Current Ratio 0.09 Net Fixed Asset Turnover -
Quick Ratio 0.03 Accounts receivable turnover-days -
Debt to Assets 26.96% Inventory Days -
Tot Debt to Common Equity 38.18% 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
Industrivarden ABPrice/Volume
Valuation Analysis
140'934.00
Current Price (2/dd/yy) Market Data
'
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-30'000.0
-20'000.0
-10'000.0
0.0
10'000.0
20'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LE LUNDBERGFORETAGEN n/a Research 50'000'000 18.62 - 31.12.2012 Holding Company
HANDELSBANKEN PENSIO n/a Research 29'800'000 11.1 - 31.12.2012 Other
HANDELSBANKEN PENSIO n/a Research 29'350'000 10.93 - 31.12.2012 n/a
JAN WALLANDER & TOM n/a Research 25'800'000 9.61 - 31.12.2012 Other
SCA PENSION FOUNDATI n/a Research 17'526'642 6.53 - 31.12.2012 Other
SCA GROUP HOLDING n/a Research 10'525'655 3.92 - 31.12.2012 Holding Company
SCA VORSORGE TREUHAN n/a Research 9'514'630 3.54 - 31.12.2012 Other
GOVERNMENT OF NORWAY n/a Research 8'712'115 3.24 - 31.12.2012 Government
SVENSKA HANDELSBANKE n/a Research 6'823'789 2.54 - 31.12.2012 n/a
LUNDBERG FREDRIK n/a Research 5'260'000 1.96 - 04.02.2013 n/a
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'992'600 0.74 26'484 31.01.2013 Investment Advisor
SEB n/a ULT-AGG 1'958'575 0.73 (6'258) 31.12.2012 Unclassified
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 568'664 0.21 156'781 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 527'196 0.2 9'904 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 405'289 0.15 18'854 26.02.2013 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 370'528 0.14 (5'731) 31.01.2013 Investment Advisor
MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 330'190 0.12 68'530 30.09.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 312'910 0.12 - 28.09.2012 Investment Advisor
E OHMAN J:OR FONDER Multiple Portfolios MF-AGG 248'711 0.09 550 31.12.2012 Investment Advisor
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 208'385 0.08 40'995 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda SVANTE KROKFORS hold 3 M 115 Not Provided 12.02.2013
Goldman Sachs MARKUS IWAR neutral/neutral 3 M 134 12 month 08.02.2013
CA Cheuvreux BJORN GUSTAFSSON outperform 5 M 115 Not Provided 07.02.2013
Swedbank NICLAS HOGLUND reduce 2 D 106 12 month 07.02.2013
Handelsbanken ELIAS PORSE reduce 2 D 106 12 month 25.09.2012
Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 23.03.2012
Carnegie JOHAN SJOBERG hold 3 M #N/A N/A Not Provided 30.09.2011
Holdings By:
Industrivarden AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ingenico manufactures, designs, and distributes electronic terminals, systems,
and related products for electronic payment transactions. The Company's products
include pin pad, countertop, wireless, Payment PDA's, signature capture,
unattended, satellite terminals, and WebPOS.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 49.00
52-Week Low (01.06.2012) 33.14
Daily Volume
47.985
52-Week High % Change -2.07% Dividend Yield -
52-Week Low % Change 44.82% Beta 0.92
% 52 Week Price Range High/Low 93.60% Equity Float 34.10
Shares Out 31.01.2013 52.5 Short Int -
2'518.62 1 Yr Total Return 35.33%
Total Debt 457.25 YTD Return 11.59%
Preferred Stock 0.0 Adjusted BETA 0.918
Minority Interest 7.1 Analyst Recs 18
Cash and Equivalents 347.60 Consensus Rating 3.889
Enterprise Value 2'675.00
Average Volume 5 Day 439'034
ING FP EQUITY YTD Change - Average Volume 30 Day 214'066
ING FP EQUITY YTD % CHANGE - Average Volume 3 Month 183'767
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 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
728.0 700.7 907.0 1'001.1 1'206.0 778.0 1'206.0 1'308.5 1'423.5 262.0 468.5
0.60x 1.37x 1.63x 1.54x - 0.00x 0.00x 1.97x 1.73x - -
97.9 98.0 128.4 162.4 - 0.0 0.0 251.4 283.3 - 90.4
4.44x 9.78x 11.53x 9.50x - 0.00x 0.00x 10.64x 9.44x - -
36.7 26.8 39.6 56.5 97.0 0.0 0.0 130.7 152.0 - 43.0
1.34x 29.24x 33.45x 25.14x 23.12x 0.00x 0.00x 18.78x 16.26x - -
EBITDA 162.38 Long-Term Rating Date -
EBIT 110.82 Long-Term Rating -
Operating Margin 11.07% Long-Term Outlook -
Pretax Margin 8.05% Short-Term Rating Date -
Return on Assets 5.05% Short-Term Rating -
Return on Common Equity 12.69%
Return on Capital 9.31% EBITDA/Interest Exp. 6.11
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 4.81
Net Debt/EBITDA 0.89
Gross Margin 41.6% Total Debt/EBITDA 2.70
EBITDA Margin 15.7%
EBIT Margin 11.0% Total Debt/Equity 73.3%
Net Income Margin 8.0% Total Debt/Capital 42.0%
Asset Turnover 0.72
Current Ratio 1.84 Net Fixed Asset Turnover 34.08
Quick Ratio 1.47 Accounts receivable turnover-days -
Debt to Assets 28.81% Inventory Days 66.10
Tot Debt to Common Equity 73.34% Accounts Payable Turnover Day 133.26
Accounts Receivable Turnover - Cash Conversion Cycle -21.77
Inventory Turnover 5.54
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
IngenicoPrice/Volume
Valuation Analysis
212'219.00
Current Price (2/dd/yy) Market Data
'
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-!1 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MORPHO n/a Co File 11'770'116 22.42 - 31.12.2011 Corporation
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'173'299 6.05 76'315 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'756'460 5.25 (157'898) 25.01.2012 Investment Advisor
JUPITER ASSET MANAGE n/a Co File 2'684'396 5.11 - 31.12.2011 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'390'199 2.65 - 30.11.2012 Investment Advisor
RAIFFEISEN CENTROBAN n/a Research 1'284'912 2.45 - 16.05.2011 Bank
BLACKROCK n/a ULT-AGG 1'185'662 2.26 (537'142) 26.02.2013 Investment Advisor
CONSELLIOR n/a Co File 1'120'000 2.13 - 31.12.2011 Investment Advisor
CANDEL & PARTNERS n/a Research 1'064'684 2.03 - 16.05.2011 Investment Advisor
ALLIANZ GLOBAL INVES n/a Co File 1'039'055 1.98 - 31.12.2011 Other
HSBC BANK PLC n/a Co File 1'011'862 1.93 - 31.12.2011 Bank
CADIAN CAPITAL MANAG n/a Short (897'540) -1.71 (31'493) 22.02.2013 Hedge Fund Manager
INGENICO n/a Co File 868'484 1.65 - 31.12.2011 Corporation
POUTREL THIBAULT n/a Co File 784'619 1.49 - 31.12.2011 n/a
MALHOUITRE MICHEL n/a Co File 659'279 1.26 - 31.12.2011 n/a
WELLINGTON MANAGEMEN n/a Short (524'877) -1 (36'742) 15.02.2013 Investment Advisor
POUTREL NADEGE n/a Co File 517'668 0.99 - 31.12.2011 n/a
POUTREL MAXIME n/a Co File 445'556 0.85 - 31.12.2011 n/a
POUTREL TESSA n/a Co File 443'179 0.84 - 31.12.2011 n/a
ITHAN CREEK MASTER I n/a Short (393'614) -0.75 - 09.10.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays YOUSSEF ESSAEGH overweight 5 M 51 Not Provided 28.02.2013
Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 M 37 12 month 27.02.2013
Pacific Crest Securities JAMES FAUCETTE sector perform 3 M #N/A N/A Not Provided 27.02.2013
Wedbush GIL B LURIA neutral 3 M 45 12 month 27.02.2013
Exane BNP Paribas ALEXANDRE FAURE outperform 5 M 52 Not Provided 26.02.2013
Gilbert Dupont JEAN BAPTISTE SERGEANT buy 5 M 55 Not Provided 25.02.2013
Societe Generale JEAN-BAPTISTE ROUSSILLE sell 1 M 36 12 month 22.02.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 59 6 month 21.02.2013
HSBC CHRISTOPHE QUARANTE overweight 5 M 53 Not Provided 30.01.2013
CM - CIC Securities(ESN) SEBASTIEN LIAGRE accumulate 4 M 52 12 month 30.01.2013
Oddo & Cie EMMANUEL MATOT buy 5 M 55 Not Provided 30.01.2013
Main First Bank AG JUERGEN WAGNER outperform 5 M 54 12 month 30.01.2013
Kepler Capital Markets SEBASTIEN SZTABOWICZ buy 5 M 53 Not Provided 21.01.2013
Berenberg Bank ALI FARID KHWAJA hold 3 D 46 Not Provided 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
Mirabaud Securities SUSAN ANTHONY add 4 M 46 12 month 25.10.2012
Natixis MAXIME MALLET buy 5 M 49 Not Provided 25.10.2012
CA Cheuvreux ODON DE LAPORTE outperform 5 M 49 Not Provided 02.08.2012
IDMidcaps TEAM COVERAGE reduce 2 D 35 6 month 28.02.2012
Arkeon Finance STEPHAN DUBOSQ Under Review #N/A N/A M #N/A N/A Not Provided 28.04.2011
Holdings By:
Ingenico ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Intermediate Capital Group PLC arranges and provides intermediate capital
funding services, which are used to help clients finance buyouts, corporate
reorganizations, expansions and acquisitions. The Group also offers fund
management services that focus on mezzanine opportunities throughout Europe.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 395.90
52-Week Low (21.05.2012) 225.30
Daily Volume
385.9
52-Week High % Change -2.53% Dividend Yield 5.00
52-Week Low % Change 71.28% Beta 1.44
% 52 Week Price Range High/Low 94.14% Equity Float 398.72
Shares Out 12.02.2013 401.3 Short Int -
1'548.43 1 Yr Total Return 53.39%
Total Debt 976.10 YTD Return 22.12%
Preferred Stock 0.0 Adjusted BETA 1.439
Minority Interest 0.1 Analyst Recs 13
Cash and Equivalents 159.30 Consensus Rating 3.769
Enterprise Value 2'528.23
Average Volume 5 Day 1'626'460
ICP LN EQUITY YTD Change - Average Volume 30 Day 1'188'921
ICP LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'045'458
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 06/12 Q1 09/12 Q2
429.1 394.1 424.9 438.7 437.5 - - 355.2 388.4 - -
6.44x 5.87x 5.76x 5.47x 4.52x - - 6.31x 5.55x - -
267.8 28.8 168.2 245.5 306.7 - - 134.6 146.4 - -
10.32x 80.31x 14.56x 9.77x 6.44x - - 18.79x 17.27x - -
154.8 (73.2) 81.7 128.2 188.3 - - 115.9 143.3 - -
7.33x - 10.83x 10.03x 6.08x - - 14.29x 11.09x - -
EBITDA 306.70 Long-Term Rating Date 01.06.2011
EBIT - Long-Term Rating BBB-
Operating Margin 64.38% Long-Term Outlook STABLE
Pretax Margin 55.73% Short-Term Rating Date 01.06.2011
Return on Assets 5.07% Short-Term Rating A-3
Return on Common Equity 10.07%
Return on Capital 5.41% 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 67.3%
Net Income Margin 43.0% Total Debt/Capital 40.2%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover 71.89
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 36.75% Inventory Days -
Tot Debt to Common Equity 67.29% 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
Intermediate Capital Group PLCPrice/Volume
Valuation Analysis
3'657'614.00
Current Price (2/dd/yy) Market Data
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0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AVIVA PLC n/a RNS-MAJ 29'489'961 7.35 (2'282'509) 20.09.2012 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios REG 26'507'003 6.61 (310'055) 01.10.2012 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 26'049'778 6.49 (3'732'648) 01.10.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 24'274'555 6.05 - 26.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 23'418'424 5.84 - 30.11.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 17'550'873 4.37 (2'637'157) 01.10.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 15'696'147 3.91 391'197 31.01.2013 Unclassified
LSV ASSET MANAGEMENT Multiple Portfolios REG 13'706'893 3.42 1'420'927 01.10.2012 Investment Advisor
INTERMEDIATE CAPITAL Multiple Portfolios REG 13'336'076 3.32 840'560 01.10.2012 Unclassified
AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 10'100'790 2.52 (495'000) 31.01.2013 Mutual Fund Manager
NORGES BANK INVESTME Multiple Portfolios REG 10'078'597 2.51 - 01.10.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 9'737'736 2.43 (1'262'264) 01.10.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios REG 9'209'562 2.3 (4'489'543) 01.10.2012 Mutual Fund Manager
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 8'214'273 2.05 2'409'273 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 8'116'636 2.02 - 31.07.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios REG 7'020'883 1.75 (408'064) 01.10.2012 Investment Advisor
PRINCIPAL GLOBAL INV Multiple Portfolios REG 6'332'288 1.58 1'961'096 01.10.2012 Corporation
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 6'063'620 1.51 419'689 31.10.2012 Investment Advisor
CAZENOVE CAPITAL MAN Multiple Portfolios REG 5'733'106 1.43 943'700 01.10.2012 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios REG 5'484'839 1.37 2'030'737 01.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie NEIL WELCH neutral 3 U 355 12 month 21.02.2013
Numis Securities Ltd JAMES HAMILTON hold 3 M 323 Not Provided 24.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 16.01.2013
Societe Generale BILL BARNARD hold 3 M 345 12 month 15.01.2013
Deutsche Bank MATT SPICK hold 3 M 322 12 month 15.01.2013
JPMorgan RAE MAILE neutral 3 M #N/A N/A Not Provided 15.01.2013
Jefferies JASON STREETS buy 5 M 370 12 month 15.01.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 360 6 month 19.12.2012
HSBC NITIN ARORA overweight 5 U 360 Not Provided 27.11.2012
Canaccord Genuity Corp ROBIN SAVAGE buy 5 M 400 Not Provided 21.11.2012
Holdings By:
Intermediate Capital Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Jardine Lloyd Thompson Group plc is an international group engaged in risk
management advice, insurance and reinsurance broking, underwriting services and
the provision of employee benefit services. JLT International Network enables
services to be provided in 135 countries.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (06.02.2013) 821.00
52-Week Low (23.05.2012) 657.00
Daily Volume
800
52-Week High % Change -2.56% Dividend Yield 3.05
52-Week Low % Change 21.77% Beta 0.79
% 52 Week Price Range High/Low 87.20% Equity Float 126.02
Shares Out 01.02.2013 218.8 Short Int -
1'750.66 1 Yr Total Return 17.89%
Total Debt 190.18 YTD Return 1.27%
Preferred Stock 0.0 Adjusted BETA 0.787
Minority Interest 12.3 Analyst Recs 8
Cash and Equivalents 573.77 Consensus Rating 3.750
Enterprise Value 1'335.03
Average Volume 5 Day 68'968
JLT LN EQUITY YTD Change - Average Volume 30 Day 72'302
JLT LN EQUITY YTD % CHANGE - Average Volume 3 Month 85'045
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 01/yy 01/yy 12/12 Y 12/13 Y - -
473.2 536.1 612.9 740.7 812.0 - - 874.1 944.3 - -
0.86x 0.93x 1.04x 1.30x 1.40x - - 2.23x 2.08x - -
91.7 105.8 133.0 152.5 166.9 - - 196.0 217.0 - -
4.42x 4.73x 4.79x 6.30x 6.83x - - 6.81x 6.15x - -
72.4 63.6 70.9 90.7 88.7 - - 117.3 131.4 - -
9.86x 14.78x 14.53x 15.03x 16.95x - - 16.26x 14.52x - -
EBITDA 166.94 Long-Term Rating Date -
EBIT 139.62 Long-Term Rating -
Operating Margin 17.19% Long-Term Outlook -
Pretax Margin 16.56% Short-Term Rating Date -
Return on Assets 6.47% Short-Term Rating -
Return on Common Equity 30.06%
Return on Capital 19.67% EBITDA/Interest Exp. 22.63
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 21.41
Net Debt/EBITDA -2.44
Gross Margin - Total Debt/EBITDA 1.43
EBITDA Margin 20.8%
EBIT Margin 17.4% Total Debt/Equity 66.5%
Net Income Margin 10.9% Total Debt/Capital 38.9%
Asset Turnover 0.58
Current Ratio 1.21 Net Fixed Asset Turnover 32.20
Quick Ratio 1.09 Accounts receivable turnover-days 96.72
Debt to Assets 14.18% Inventory Days -
Tot Debt to Common Equity 66.47% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.78 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Jardine Lloyd Thompson Group PLCPrice/Volume
Valuation Analysis
61'054.00
Current Price (2/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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100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JMH INVESTMENTS LTD n/a Co File 87'701'454 40.08 - 16.03.2012 Holding Company
SILCHESTER INTL INVE n/a RNS-MAJ 15'266'479 6.98 (993'783) 22.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 13'145'335 6.01 (435'389) 03.12.2012 Unclassified
MASSACHUSETTS FINANC Multiple Portfolios REG 11'539'323 5.27 (240'660) 03.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'344'651 4.73 (993'701) 31.12.2012 Investment Advisor
JARDINE LLOYD THOMPS Multiple Portfolios REG 9'038'939 4.13 86'975 03.12.2012 Unclassified
ROYAL BANK OF CANADA n/a ULT-AGG 8'692'411 3.97 - 16.03.2012 Bank
M&G INVESTMENT MANAG Multiple Portfolios REG 6'655'085 3.04 936'603 03.12.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 6'576'619 3.01 (44'306) 03.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 6'386'346 2.92 276'175 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 5'968'138 2.73 531'018 03.12.2012 Unclassified
AMERIPRISE FINANCIAL n/a RNS-RUL8 5'826'172 2.66 23'406 10.10.2011 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 4'103'500 1.88 584'664 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 3'877'308 1.77 (84'483) 03.12.2012 Government
COLUMBIA WANGER ASSE Multiple Portfolios REG 3'647'682 1.67 388'752 03.12.2012 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 3'542'443 1.62 (121'289) 03.12.2012 Mutual Fund Manager
UBS n/a ULT-AGG 3'359'010 1.53 221'694 03.12.2012 Unclassified
TROY ASSET MANAGEMEN Multiple Portfolios REG 2'800'000 1.28 569'524 03.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 2'791'704 1.28 16'179 03.12.2012 Investment Advisor
TROY ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'400'000 1.1 496'159 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Panmure Gordon & Co Limited BARRIE CORNES hold 3 M 760 Not Provided 27.02.2013
Numis Securities Ltd NICHOLAS JOHNSON hold 3 M 775 12 month 11.02.2013
Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Investec KEVIN RYAN hold 3 M 758 12 month 07.01.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 750 12 month 19.10.2012
Canaccord Genuity Corp BEN COHEN hold 3 M 730 Not Provided 19.10.2012
JPMorgan ANDREAS VAN EMBDEN overweight 5 M #N/A N/A Not Provided 16.10.2012
Holdings By:
Jardine Lloyd Thompson Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
JC Decaux SA offers advertising services. The Company sells advertising on
street furniture such as bus shelters, free standing panels, columns, and
automatic toilets, billboards, and posters on buses, trains, and subways, and at
railroad stations and airports.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (27.03.2012) 23.48
52-Week Low (24.10.2012) 15.75
Daily Volume
20.535
52-Week High % Change -12.52% Dividend Yield -
52-Week Low % Change 30.38% Beta 0.92
% 52 Week Price Range High/Low 61.94% Equity Float 62.54
Shares Out 19.12.2012 222.2 Short Int -
4'562.03 1 Yr Total Return 1.03%
Total Debt 438.60 YTD Return 14.18%
Preferred Stock 0.0 Adjusted BETA 0.921
Minority Interest (24.3) Analyst Recs 22
Cash and Equivalents 288.70 Consensus Rating 3.273
Enterprise Value 4'738.73
Average Volume 5 Day 133'063
DEC FP EQUITY YTD Change - Average Volume 30 Day 198'775
DEC FP EQUITY YTD % CHANGE - Average Volume 3 Month 195'280
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 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3
2'106.6 2'168.6 1'918.8 2'350.0 2'463.0 1'110.6 1'876.2 2'620.2 2'716.5 - -
3.20x 1.57x 2.29x 2.31x 1.65x 0.00x 0.00x 1.75x 1.64x - -
533.5 526.4 545.6 766.5 557.3 0.0 0.0 573.1 593.7 - -
12.63x 6.47x 8.06x 7.09x 7.31x 0.00x 0.00x 8.27x 7.98x - -
221.0 108.1 24.5 173.3 212.6 0.0 0.0 215.4 233.5 - -
27.06x 25.25x 154.86x 29.44x 18.56x 0.00x 0.00x 21.21x 19.50x - -
EBITDA 557.30 Long-Term Rating Date 22.09.2009
EBIT 327.10 Long-Term Rating BBB
Operating Margin 13.28% Long-Term Outlook STABLE
Pretax Margin 12.56% Short-Term Rating Date 13.10.2010
Return on Assets 4.76% Short-Term Rating A-2
Return on Common Equity 8.30%
Return on Capital - EBITDA/Interest Exp. 18.96
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 12.81
Net Debt/EBITDA 0.38
Gross Margin 39.1% Total Debt/EBITDA 0.91
EBITDA Margin 22.4%
EBIT Margin 12.8% Total Debt/Equity 17.6%
Net Income Margin 8.6% Total Debt/Capital 15.1%
Asset Turnover 0.60
Current Ratio 1.17 Net Fixed Asset Turnover 2.27
Quick Ratio 0.91 Accounts receivable turnover-days -
Debt to Assets 10.37% Inventory Days 26.54
Tot Debt to Common Equity 17.59% Accounts Payable Turnover Day 196.17
Accounts Receivable Turnover - Cash Conversion Cycle -85.81
Inventory Turnover 13.79
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
JCDecaux SAPrice/Volume
Valuation Analysis
130'146.00
Current Price (2/dd/yy) Market Data
'
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2'500.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JC DECAUX HOLDING n/a Co File 156'030'573 70.23 - 31.12.2011 Corporation
ING BANK NV n/a Research 11'090'203 4.99 (2'337'174) 25.07.2012 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 8'537'000 3.84 158'300 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 8'446'271 3.8 - 31.12.2012 Investment Advisor
DECAUX JEAN-CHARLES n/a Co File 1'712'210 0.77 - 31.12.2011 n/a
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 1'394'000 0.63 (790'578) 30.06.2012 Pension Fund (ERISA)
FIL FUND MANAGEMENT n/a Short (1'288'522) -0.58 - 13.02.2013 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 1'248'440 0.56 12'404 31.12.2012 Hedge Fund Manager
DECAUX JEAN-FRANCOIS n/a Co File 1'156'179 0.52 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'120'610 0.5 8'684 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 989'375 0.45 (934'865) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 850'363 0.38 11'904 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 592'215 0.27 1'813 26.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 445'295 0.2 1'691 31.12.2012 Investment Advisor
DECAUX JEAN SEBASTIE n/a Co File 435'000 0.2 - 31.12.2011 n/a
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 329'398 0.15 61'898 28.09.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 261'037 0.12 (30'600) 28.12.2012 Investment Advisor
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 227'822 0.1 - 31.08.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 210'000 0.09 10'000 31.07.2012 Mutual Fund Manager
BARING FUND MANAGERS Multiple Portfolios MF-AGG 195'754 0.09 195'754 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue VERONIQUE CABIOC'H add 4 M 23 6 month 21.02.2013
Kepler Capital Markets CONOR O'SHEA buy 5 M 24 Not Provided 19.02.2013
Exane BNP Paribas CHARLES BEDOUELLE underperform 1 M 17 Not Provided 05.02.2013
CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 20 12 month 29.01.2013
Berenberg Bank SARAH SIMON buy 5 M 22 Not Provided 28.01.2013
Societe Generale LAURENT PICARD hold 3 M 18 12 month 25.01.2013
HSBC OLIVIER MORAL underweight 1 M 19 Not Provided 25.01.2013
Gilbert Dupont JEAN BAPTISTE SERGEANT add 4 M 22 Not Provided 25.01.2013
Oddo & Cie BRUNO HARENG buy 5 M 24 Not Provided 25.01.2013
Natixis PAVEL GOVCIYAN buy 5 M 22 Not Provided 25.01.2013
Nomura MATTHEW WALKER neutral 3 M 22 Not Provided 25.01.2013
Barclays JULIEN ROCH equalweight 3 M 20 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank PATRICK KIRBY buy 5 M 25 12 month 08.11.2012
Morgan Stanley JULIEN ROSSI Equalwt/Attractive 3 M 19 12 month 08.11.2012
JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 23 3 month 08.11.2012
Goldman Sachs RICHARD JONES Sell/Neutral 1 M 16 12 month 30.10.2012
Credit Suisse OMAR SHEIKH neutral 3 M 18 Not Provided 31.07.2012
CA Cheuvreux THOMAS JORION underperform 1 M 17 Not Provided 31.07.2012
Holdings By:
JCDecaux SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
JM AB manages property and constructs buildings. The Company projects, builds
and markets single-family housing, apartment houses and office buildings. JM
owns and manages commercial buildings primarily in and around the cities of
Stockholm, Gothenburg, Malmo and Uppsala in Sweden. The Company also owns
properties in Norway, Belgium and Portugal.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 154.50
52-Week Low (21.11.2012) 106.75
Daily Volume
147.75
52-Week High % Change -4.37% Dividend Yield -
52-Week Low % Change 38.41% Beta 1.33
% 52 Week Price Range High/Low 85.86% Equity Float -
Shares Out 10.01.2013 83.7 Short Int -
12'361.24 1 Yr Total Return 28.96%
Total Debt 877.00 YTD Return 27.37%
Preferred Stock 0.0 Adjusted BETA 1.334
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 2'475.00 Consensus Rating 4.167
Enterprise Value 10'763.24
Average Volume 5 Day 371'462
JM SS EQUITY YTD Change - Average Volume 30 Day 512'483
JM SS EQUITY YTD % CHANGE - Average Volume 3 Month 408'591
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
12'229.0 8'778.0 9'136.0 12'001.0 12'480.0 12'001.0 12'480.0 12'898.3 13'726.5 3'086.3 3'202.5
0.32x 1.08x 1.29x 0.65x 0.62x 3.21x 2.73x 0.87x 0.78x - -
1'660.0 762.0 886.0 1'492.0 - 0.0 0.0 1'465.0 1'624.8 333.5 353.0
2.36x 12.44x 13.28x 5.19x - 0.00x 0.00x 7.35x 6.62x 7.25x 6.88x
818.0 379.0 594.0 1'042.0 961.0 1'042.0 961.0 1'053.8 1'168.8 236.1 334.7
4.52x 27.01x 22.07x 8.95x 9.95x 8.95x 9.97x 11.40x 10.21x 11.28x 10.95x
EBITDA 1'492.00 Long-Term Rating Date -
EBIT 1'469.00 Long-Term Rating -
Operating Margin 11.77% Long-Term Outlook -
Pretax Margin 10.56% Short-Term Rating Date -
Return on Assets 8.41% Short-Term Rating -
Return on Common Equity 20.74%
Return on Capital - EBITDA/Interest Exp. 17.15
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 17.09
Net Debt/EBITDA -
Gross Margin 17.7% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 11.8% Total Debt/Equity 18.8%
Net Income Margin 7.7% Total Debt/Capital 15.8%
Asset Turnover 1.09
Current Ratio 2.53 Net Fixed Asset Turnover -
Quick Ratio 0.55 Accounts receivable turnover-days -
Debt to Assets 7.59% Inventory Days -
Tot Debt to Common Equity 18.79% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 1.47
Inventory Turnover -
Fiscal Year Ended
JM ABPrice/Volume
Valuation Analysis
330'176.00
Current Price (2/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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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SWEDBANK ROBUR FONDE n/a Research 8'955'668 10.7 - 31.10.2012 Investment Advisor
SEB n/a ULT-AGG 8'525'187 10.19 902'682 31.12.2012 Unclassified
AMF PENSION INSURANC n/a Research 8'175'477 9.77 (573'500) 15.02.2013 Insurance Company
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 7'707'016 9.21 36'591 31.01.2013 Investment Advisor
NORDEA FONDER AB n/a Research 7'077'987 8.46 - 31.10.2012 Investment Advisor
AFA INSURANCE n/a Research 5'612'970 6.71 - 31.10.2012 Insurance Company
AMF FONDER AB Multiple Portfolios MF-AGG 3'948'977 4.72 (193'000) 31.12.2012 Investment Advisor
HEIRLOOM ASSET MGMT n/a Research 3'188'870 3.81 - 31.10.2012 Other
KYNIKOS ASSOCIATES L n/a Short (2'878'014) -3.44 (134'399) 12.02.2013 Hedge Fund Manager
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'565'024 3.07 763'239 31.01.2013 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 2'262'582 2.7 (5'979) 31.12.2012 Investment Advisor
FJARDE AP-FONDEN n/a Research 2'251'651 2.69 - 31.10.2012 Pension Fund (ERISA)
JM AB n/a Research 2'233'056 2.67 - 31.10.2012 n/a
ENTER FONDER AB n/a Research 2'166'900 2.59 - 31.10.2012 Investment Advisor
ANDRA AP FONDEN n/a Research 1'930'494 2.31 - 31.10.2012 Pension Fund (ERISA)
HANDELSBANKEN FONDER n/a Research 1'685'386 2.01 - 31.10.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'119'683 1.34 94'654 31.10.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 880'817 1.05 (1'242'452) 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 875'980 1.05 - 31.12.2012 Mutual Fund Manager
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 843'401 1.01 147'394 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda STEFAN ANDERSSON sell 1 M 125 Not Provided 25.02.2013
Carnegie TOBIAS KAJ buy 5 M #N/A N/A Not Provided 13.02.2013
Nordea Equity Research JONAS L ANDERSSON buy 5 U 165 12 month 13.02.2013
Swedbank NICLAS HOGLUND buy 5 M 165 12 month 13.02.2013
DNB Markets SIMEN MORTENSEN sell 1 M 130 Not Provided 13.02.2013
Danske Markets PETER TRIGARSZKY buy 5 U 168 12 month 13.02.2013
ABG Sundal Collier FREDRIC CYON buy 5 M 157 6 month 12.02.2013
Handelsbanken ALBIN SANDBERG accumulate 4 M 150 12 month 12.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux BJORN GUSTAFSSON outperform 5 M 125 Not Provided 17.12.2012
Evli Bank Plc ERIC RITZEN accumulate 4 M 125 12 month 22.11.2012
Holdings By:
JM AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Jupiter Fund Management plc. manages open-ended funds directed toward retail
investors. The Company also offers investment management services to
institutional clients, private clients, investment trusts and hedge funds.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (20.02.2013) 350.60
52-Week Low (18.05.2012) 193.70
Daily Volume
329.5
52-Week High % Change -6.02% Dividend Yield 2.37
52-Week Low % Change 70.11% Beta 1.34
% 52 Week Price Range High/Low 86.55% Equity Float 322.12
Shares Out 30.06.2012 457.7 Short Int -
1'508.12 1 Yr Total Return 36.23%
Total Debt 141.40 YTD Return 18.31%
Preferred Stock 0.0 Adjusted BETA 1.344
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 190.40 Consensus Rating 3.706
Enterprise Value 1'456.52
Average Volume 5 Day 458'172
JUP LN EQUITY YTD Change - Average Volume 30 Day 773'653
JUP LN EQUITY YTD % CHANGE - Average Volume 3 Month 676'678
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 01/yy 01/yy 12/12 Y 12/13 Y - -
273.4 237.0 214.6 318.8 346.9 - - 244.1 274.4 - -
- - - 4.34x 2.72x - - 5.95x 5.01x - -
105.4 91.6 91.3 116.8 125.3 - - 124.0 140.7 - -
- - - 11.85x 7.54x - - 11.75x 10.35x - -
41.8 (15.6) 8.6 32.5 51.4 - - 88.1 103.8 - -
- - - 18.90x 13.88x - - 17.25x 14.39x - -
EBITDA 125.30 Long-Term Rating Date -
EBIT 84.80 Long-Term Rating -
Operating Margin 24.45% Long-Term Outlook -
Pretax Margin 20.27% Short-Term Rating Date -
Return on Assets 5.95% Short-Term Rating -
Return on Common Equity 11.18%
Return on Capital 9.45% EBITDA/Interest Exp. 8.76
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 8.69
Net Debt/EBITDA -0.44
Gross Margin - Total Debt/EBITDA 0.96
EBITDA Margin 32.2%
EBIT Margin 21.0% Total Debt/Equity 33.3%
Net Income Margin 14.8% Total Debt/Capital 25.0%
Asset Turnover 0.46
Current Ratio 1.69 Net Fixed Asset Turnover 279.00
Quick Ratio 1.66 Accounts receivable turnover-days -
Debt to Assets 18.40% Inventory Days -
Tot Debt to Common Equity 33.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Jupiter Fund Management PLCPrice/Volume
Valuation Analysis
361'389.00
Current Price (2/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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100.0
150.0
200.0
250.0
300.0
350.0
400.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TA ASSOCIATES INC Multiple Portfolios REG 87'079'760 19.03 - 03.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 44'938'420 9.82 (645'825) 26.02.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios REG 39'591'003 8.65 (500'468) 03.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 35'723'743 7.81 - 21.06.2012 Bank
Jupiter Fund Managem Multiple Portfolios REG 35'397'826 7.73 (249'502) 03.12.2012 Unclassified
DIRECTOR & RELATED H Multiple Portfolios REG 22'643'375 4.95 (264'550) 03.12.2012 Other
PRIVATE INDIVIDUALS Multiple Portfolios REG 19'426'326 4.24 13'398 03.12.2012 Other
F&C ASSET MANAGEMENT Multiple Portfolios REG 15'968'843 3.49 3'702'654 03.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 14'876'981 3.25 184'556 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 14'873'999 3.25 1'782'202 31.01.2013 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 14'309'663 3.13 13'261 03.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 13'900'000 3.04 725'000 03.12.2012 Investment Advisor
CARTER EDWARD BONHAM n/a RNS-DIR 13'750'000 3 (250'000) 02.04.2012 n/a
CAZENOVE CAPITAL MAN Multiple Portfolios REG 13'404'165 2.93 2'592'924 03.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 11'508'721 2.51 3'102'172 31.12.2012 Investment Advisor
ROYCE AND ASSOCIATES Multiple Portfolios REG 10'300'249 2.25 (2'564'500) 03.12.2012 Investment Advisor
LANDSDOWNE PARTNERS n/a Co File 9'592'715 2.1 - 14.03.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 9'498'029 2.08 279'985 03.12.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 9'418'968 2.06 (560'282) 31.12.2012 Investment Advisor
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 9'323'549 2.04 (2'515'500) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets PETER K LENARDOS sector perform 3 M 330 12 month 27.02.2013
Numis Securities Ltd DAVID MCCANN add 4 M 390 Not Provided 27.02.2013
Societe Generale MICHAEL SANDERSON hold 3 M 315 12 month 26.02.2013
Shore Capital Stockbrokers OWEN JONES corporate #N/A N/A M #N/A N/A Not Provided 26.02.2013
Cantor Fitzgerald CATHERINE HEATH buy 5 M 389 Not Provided 25.02.2013
Macquarie NEIL WELCH outperform 5 U 387 12 month 21.02.2013
Oriel Securities Ltd SARAH ING add 4 N 360 Not Provided 11.02.2013
Barclays DANIEL R GARROD overweight 5 M 390 Not Provided 05.02.2013
Canaccord Genuity Corp ARUN MELMANE hold 3 D 324 Not Provided 22.01.2013
Credit Suisse GURJIT KAMBO neutral 3 M 320 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan RAE MAILE overweight 5 M 361 9 month 16.01.2013
Peel Hunt STUART DUNCAN hold 3 D 350 Not Provided 16.01.2013
HSBC NITIN ARORA neutral 3 M 320 Not Provided 14.01.2013
Jefferies JASON STREETS buy 5 M 330 12 month 03.01.2013
Keefe, Bruyette & Woods TOM MILLS market perform 3 M 250 12 month 06.08.2012
Holdings By:
Jupiter Fund Management PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Jyske Bank A/S offers commercial banking services and investment services. The
Bank attracts deposits and offers commercial and mortgage loans, investment
advisory services, lease financing, securities brokerage services, foreign
exchange services, and manages mutual funds and portfolios. Jyske Bank operates
in Denmark, Switzerland, the United Kingdom, Spain, and Gibraltar.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 202.70
52-Week Low (21.05.2012) 144.00
Daily Volume
187
52-Week High % Change -7.75% Dividend Yield -
52-Week Low % Change 29.86% Beta 1.07
% 52 Week Price Range High/Low 73.25% Equity Float -
Shares Out 23.08.2012 71.3 Short Int -
13'329.36 1 Yr Total Return -6.59%
Total Debt 76'481.00 YTD Return 19.03%
Preferred Stock 0.0 Adjusted BETA 1.067
Minority Interest 36.0 Analyst Recs 10
Cash and Equivalents 15'405.00 Consensus Rating 3.800
Enterprise Value -
Average Volume 5 Day 264'073
JYSK DC EQUITY YTD Change - Average Volume 30 Day 198'640
JYSK DC EQUITY YTD % CHANGE - Average Volume 3 Month 190'894
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
13'649.1 10'386.0 8'632.7 9'058.0 9'489.0 9'094.0 6'989.0 7'172.5 7'385.2 1'754.5 1'753.5
- - - - - 0.00x 0.00x -29.40x -28.58x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
972.9 463.9 757.2 490.0 593.0 490.0 593.0 1'398.6 1'767.4 331.7 369.3
6.61x 23.54x 22.12x 18.58x 18.49x 18.59x 19.32x 9.27x 7.35x 9.84x -
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating A-
Operating Margin 10.94% Long-Term Outlook STABLE
Pretax Margin 11.09% Short-Term Rating Date 01.12.2011
Return on Assets 0.20% Short-Term Rating A-2
Return on Common Equity 3.36%
Return on Capital 0.59% 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 490.1%
Net Income Margin 7.7% Total Debt/Capital 83.0%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 3.34
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 29.62% Inventory Days -
Tot Debt to Common Equity 490.07% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Jyske Bank A/SPrice/Volume
Valuation Analysis
190'290.00
Current Price (2/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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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASSACHUSETTS FINANC n/a Research 3'666'270 5.14 - 18.10.2012 Investment Advisor
BAILLIE GIFFORD AND n/a Co File 3'278'880 4.6 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'274'332 1.79 13'329 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 1'247'455 1.75 6'000 31.01.2013 Investment Advisor
DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 780'712 1.1 16'407 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 721'697 1.01 - 31.01.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 679'878 0.95 (16'850) 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 649'200 0.91 (90'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 648'166 0.91 (22'301) 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 429'749 0.6 207'445 31.12.2012 Unclassified
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 390'000 0.55 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 312'000 0.44 - 28.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 279'530 0.39 - 31.07.2012 Investment Advisor
JYSKE BANK n/a Co File 249'699 0.35 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 158'049 0.22 (1'024) 26.02.2013 Investment Advisor
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 149'360 0.21 - 30.09.2012 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 146'550 0.21 12'190 28.12.2012 Mutual Fund Manager
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 112'431 0.16 - 31.01.2013 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 111'169 0.16 - 31.12.2012 Mutual Fund Manager
UBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 104'000 0.15 104'000 26.03.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Alm Brand Markets STIG NYMANN buy 5 M 220 Not Provided 27.02.2013
Nordea Equity Research SIMON CHRISTENSEN hold 3 M 205 12 month 27.02.2013
ABG Sundal Collier JAKOB BRINK buy 5 M 215 6 month 26.02.2013
Carnegie ASBJORN MORK hold 3 M #N/A N/A Not Provided 26.02.2013
Danske Markets LARS HOLM hold 3 M 195 12 month 26.02.2013
NYKREDIT MADS THINGGAARD neutral 3 M #N/A N/A Not Provided 05.02.2013
SEB Enskilda CLAUS GROEN THERP buy 5 M 210 Not Provided 28.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
JPMorgan SOFIE PETERZENS neutral 3 M 200 18 month 19.10.2012
Handelsbanken PETER GRABE buy 5 M 215 Not Provided 18.10.2012
Swedbank ROBERT MATULIN neutral 3 M 185 12 month 23.08.2011
LD Invest Markets TORSTEN BECH buy 5 M 270 Not Provided 26.10.2010
Holdings By:
Jyske Bank A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Kaba Holding AG provides mechanical and electronic security systems. The
Company offers individually tailored "Total Access Control" including
high-security locking devices for heavy safes, modular access and time
management applications, as well as no-contact identification technology.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 408.25
52-Week Low (04.06.2012) 312.04
Daily Volume
403.5
52-Week High % Change -1.16% Dividend Yield -
52-Week Low % Change 29.31% Beta 0.87
% 52 Week Price Range High/Low 95.06% Equity Float 2.98
Shares Out 10.08.2012 3.8 Short Int -
1'539.36 1 Yr Total Return 12.71%
Total Debt 113.80 YTD Return 4.13%
Preferred Stock 0.0 Adjusted BETA 0.873
Minority Interest 0.8 Analyst Recs 7
Cash and Equivalents 125.60 Consensus Rating 3.714
Enterprise Value 1'528.36
Average Volume 5 Day 5'428
KABN SE EQUITY YTD Change - Average Volume 30 Day 6'508
KABN SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'852
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 - -
1'303.7 1'166.1 952.1 945.2 947.5 - - 986.1 1'012.0 - -
1.22x 0.94x 1.40x 1.50x 1.43x - - 1.50x 1.40x - -
206.3 174.6 166.8 122.7 153.7 - - 162.9 172.6 - -
7.73x 6.25x 7.96x 11.59x 8.83x - - 9.38x 8.86x - -
97.1 70.7 86.9 221.6 88.2 - - 93.2 100.4 - -
12.15x 10.86x 13.94x 25.54x 16.00x - - 16.81x 15.64x - -
EBITDA 153.70 Long-Term Rating Date -
EBIT 122.60 Long-Term Rating -
Operating Margin 12.94% Long-Term Outlook -
Pretax Margin 12.38% Short-Term Rating Date -
Return on Assets 9.69% Short-Term Rating -
Return on Common Equity 17.48%
Return on Capital - EBITDA/Interest Exp. 31.37
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 27.86
Net Debt/EBITDA -0.08
Gross Margin - Total Debt/EBITDA 0.74
EBITDA Margin 16.2%
EBIT Margin 12.9% Total Debt/Equity 20.6%
Net Income Margin 9.3% Total Debt/Capital 17.1%
Asset Turnover 1.04
Current Ratio 1.47 Net Fixed Asset Turnover 5.96
Quick Ratio 0.90 Accounts receivable turnover-days 62.21
Debt to Assets 11.92% Inventory Days -
Tot Debt to Common Equity 20.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.88 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
Kaba Holding AGPrice/Volume
Valuation Analysis
2'298.00
Current Price (2/dd/yy) Market Data
'2'
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400.0
600.0
800.0
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1'200.0
1'400.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 172'780 4.53 (5'253) 26.02.2013 Investment Advisor
FORRER KARIN n/a Co File 153'020 4.01 - 30.06.2012 n/a
GEKLA AG n/a Co File 140'000 3.67 - 30.06.2012 Corporation
BREMI ULRICH n/a Co File 138'228 3.62 - 30.06.2012 n/a
KUENZLE CREED n/a Co File 127'452 3.34 - 30.06.2012 n/a
HARRIS ASSOCIATES LP n/a EXCH 113'000 2.96 - 07.09.2011 Investment Advisor
NG KIN SHEK n/a EXCH 112'815 2.96 (60'274) 27.07.2009 n/a
COLLEGE RETIREMENT E n/a EXCH 101'785 2.67 (15'539) 08.10.2009 Other
PICTET & CIE Multiple Portfolios MF-AGG 88'117 2.31 392 30.11.2012 Mutual Fund Manager
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 72'400 1.9 8'100 31.12.2012 Investment Advisor
SARASIN n/a ULT-AGG 67'350 1.77 (1'300) 30.11.2012 Unclassified
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 55'691 1.46 (683) 28.12.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 51'128 1.34 (2'517) 31.10.2012 Investment Advisor
DUBS-KUENZLE KARINA n/a Co File 35'744 0.94 - 30.06.2012 n/a
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 35'261 0.92 (988) 28.12.2012 Mutual Fund Manager
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 33'500 0.88 - 31.10.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 31'457 0.82 (751) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'244 0.82 135 31.12.2012 Investment Advisor
IST FUND MANAGERS Multiple Portfolios MF-AGG 27'844 0.73 (39) 31.12.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 24'983 0.65 - 30.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 425 12 month 25.02.2013
Helvea PATRICK APPENZELLER accumulate 4 M 420 12 month 08.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Credit Suisse PATRICK LAAGER neutral 3 M 400 Not Provided 05.12.2012
Bank Vontobel AG SERGE ROTZER hold 3 M 370 Not Provided 31.10.2012
Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 20.09.2012
CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 410 Not Provided 24.11.2011
Holdings By:
Kaba Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Kemira Oyj a global water chemistry company serving customers in
water-intensive industries. The Company offers chemical products and integrated
systems that help customers in the water-intensive pulp and paper industry,
water treatment chemicals for municipalities and industrial customers,
and chemical extraction and process solutions for oil and mining industries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.01.2013) 12.46
52-Week Low (01.06.2012) 8.00
Daily Volume
11.23
52-Week High % Change -9.87% Dividend Yield -
52-Week Low % Change 40.37% Beta 1.11
% 52 Week Price Range High/Low 72.42% Equity Float -
Shares Out 26.02.2013 155.3 Short Int -
1'744.50 1 Yr Total Return 10.18%
Total Debt 664.70 YTD Return -4.91%
Preferred Stock 0.0 Adjusted BETA 1.113
Minority Interest 13.2 Analyst Recs 16
Cash and Equivalents 132.70 Consensus Rating 2.875
Enterprise Value 2'289.70
Average Volume 5 Day 316'491
KRA1V FH EQUITY YTD Change - Average Volume 30 Day 305'643
KRA1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 262'599
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
2'832.7 1'969.9 2'160.9 2'207.2 2'240.9 2'207.2 2'240.9 2'242.0 2'293.9 552.3 558.6
0.63x 1.15x 1.08x 0.87x 1.04x 3.77x 3.87x 0.98x 0.94x - -
217.7 225.5 258.0 248.7 178.5 259.6 178.5 281.3 315.8 56.5 67.8
8.19x 10.06x 9.06x 7.74x 13.11x 7.41x 13.11x 8.14x 7.25x 9.08x -
(1.8) 85.5 646.9 135.6 16.8 135.6 16.8 129.9 151.3 17.9 30.5
- 24.28x 15.31x 10.29x 106.88x 10.29x 106.86x 13.34x 11.34x 13.95x -
EBITDA 178.50 Long-Term Rating Date -
EBIT 31.70 Long-Term Rating -
Operating Margin 1.41% Long-Term Outlook -
Pretax Margin 1.21% Short-Term Rating Date -
Return on Assets 0.65% Short-Term Rating -
Return on Common Equity 1.26%
Return on Capital - EBITDA/Interest Exp. 9.75
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 2.98
Gross Margin 10.7% Total Debt/EBITDA 3.72
EBITDA Margin 8.0%
EBIT Margin 1.4% Total Debt/Equity 51.1%
Net Income Margin 0.7% Total Debt/Capital 33.6%
Asset Turnover 0.87
Current Ratio 1.21 Net Fixed Asset Turnover 3.42
Quick Ratio 0.21 Accounts receivable turnover-days -
Debt to Assets 26.71% Inventory Days -
Tot Debt to Common Equity 51.07% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 58.49
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
Kemira OYJPrice/Volume
Valuation Analysis
240'900.00
Current Price (2/dd/yy) Market Data
'
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1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ORAS INVEST LTD n/a Research 28'278'217 18.2 - 30.11.2012 Holding Company
SOLIDIUM OY n/a Research 25'896'087 16.67 - 30.11.2012 Holding Company
VARMA MUTUAL PENSION n/a Research 11'585'836 7.46 - 30.11.2012 Insurance Company
ILMARINEN MUTUAL PEN n/a Research 7'418'582 4.78 - 10.12.2012 Insurance Company
KEMIRA PLC n/a Research 3'301'769 2.13 - 30.11.2012 Other
TAPIOLA MUTUAL PENSI n/a Research 2'600'000 1.67 - 30.11.2012 Insurance Company
MANDATUM LIFE INSURA n/a Research 2'591'613 1.67 - 30.11.2012 Insurance Company
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'150'857 1.38 - 31.07.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'021'314 1.3 - 31.08.2012 Mutual Fund Manager
ODEY ASSET MANAGEMEN n/a Short (1'755'371) -1.13 (201'945) 26.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'654'100 1.06 - 31.12.2012 Investment Advisor
DANSKE INVEST FUNDS n/a Research 1'575'304 1.01 - 30.11.2012 Investment Advisor
FINLAND STATE PENSIO n/a Research 1'040'000 0.67 - 30.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'016'490 0.65 3'706 31.12.2012 Investment Advisor
NORDEA FONDENE AS n/a Research 940'993 0.61 - 30.11.2012 Mutual Fund Manager
KALEVA MUTUAL INSURA n/a Research 878'337 0.57 - 30.11.2012 Insurance Company
GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 851'297 0.55 161'200 30.11.2012 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 806'198 0.52 (141'601) 31.12.2012 Investment Advisor
GYLLENBERG FINLANDIA n/a Research 795'397 0.51 - 30.11.2012 Mutual Fund Manager
SIGRID JUSELIUS FOUN n/a Research 730'000 0.47 - 30.11.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Pohjola Bank Plc (ESN) ANTTI SAARI reduce 2 D 11 12 month 15.02.2013
Nordea Equity Research RAULI JUVA sell 1 M 11 12 month 15.02.2013
SEB Enskilda ARTEM BELETSKI buy 5 M 13 Not Provided 14.02.2013
Evli Bank Plc MARKKU JARVINEN accumulate 4 M 12 12 month 14.02.2013
INDERES ANTTI-PEKKA VILJAKAINEN reduce 2 M 11 Not Provided 14.02.2013
JPMorgan MARTIN EVANS neutral 3 M 9 9 month 12.02.2013
Carnegie CARL-HENRIK FREJBORG hold 3 M #N/A N/A Not Provided 07.02.2013
Handelsbanken MIKAEL DOEPEL reduce 2 M 11 12 month 07.02.2013
FIM MARKUS LIIMATAINEN hold 3 M 12 12 month 07.02.2013
Danske Markets PANU LAITINMAKI hold 3 M 12 12 month 07.02.2013
Morgan Stanley PETER MACKEY Underwt/In-Line 1 M 11 12 month 06.02.2013
Main First Bank AG HOLGER OCHS underperform 1 M 12 12 month 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank OLIVER REIFF buy 5 M 14 12 month 06.12.2012
Swedbank TOMI TIILOLA buy 5 M 13 12 month 25.10.2012
Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 M 11 12 month 02.11.2011
Holdings By:
Kemira OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Kesko Oyj, through subsidiaries, operates wholesale and retail stores. The
Company provides trading sector services such as hardware and builders' supplies
building and home improvement trade, interior decoration and home goods,
delivery sales and wholesale services, an animal feeds, chemicals and machinery,
import and market of passenger cars and commercial vehicles, and sporting goods.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.01.2013) 25.87
52-Week Low (25.07.2012) 18.08
Daily Volume
23.81
52-Week High % Change -7.96% Dividend Yield -
52-Week Low % Change 31.69% Beta 0.91
% 52 Week Price Range High/Low 73.56% Equity Float -
Shares Out 10.02.2013 67.0 Short Int -
2'402.69 1 Yr Total Return -0.84%
Total Debt 624.00 YTD Return -3.88%
Preferred Stock 0.0 Adjusted BETA 0.911
Minority Interest 67.0 Analyst Recs 12
Cash and Equivalents 352.00 Consensus Rating 2.667
Enterprise Value 2'741.69
Average Volume 5 Day 164'964
KESBV FH EQUITY YTD Change - Average Volume 30 Day 151'772
KESBV FH EQUITY YTD % CHANGE - Average Volume 3 Month 170'463
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
9'591.5 8'446.8 8'776.8 9'460.4 9'686.0 9'460.4 9'686.0 9'880.9 10'189.5 2'235.5 2'533.3
0.20x 0.27x 0.38x 0.29x 0.29x 1.23x 1.09x 0.27x 0.26x - -
265.1 255.8 370.5 406.6 372.0 406.6 372.0 427.8 465.8 61.0 117.0
7.37x 8.95x 9.09x 6.67x 7.45x 6.72x 7.44x 6.41x 5.89x 6.45x -
219.7 125.2 204.5 181.5 128.0 181.5 129.0 175.3 199.3 12.0 49.1
9.78x 18.03x 16.83x 14.05x 18.91x 14.05x 18.92x 13.67x 12.33x 14.15x -
EBITDA 372.00 Long-Term Rating Date -
EBIT 217.00 Long-Term Rating -
Operating Margin 2.24% Long-Term Outlook -
Pretax Margin 2.22% Short-Term Rating Date -
Return on Assets 3.01% Short-Term Rating -
Return on Common Equity 5.90%
Return on Capital 5.49% EBITDA/Interest Exp. 21.88
Asset Turnover 2.26% (EBITDA-Capex)/Interest Exp. -2.29
Net Debt/EBITDA 0.73
Gross Margin 13.6% Total Debt/EBITDA 1.68
EBITDA Margin 3.8%
EBIT Margin 2.2% Total Debt/Equity 28.4%
Net Income Margin 1.3% Total Debt/Capital 21.6%
Asset Turnover 2.26
Current Ratio 1.40 Net Fixed Asset Turnover 6.11
Quick Ratio 0.68 Accounts receivable turnover-days 26.58
Debt to Assets 14.26% Inventory Days 36.88
Tot Debt to Common Equity 28.36% Accounts Payable Turnover Day 37.39
Accounts Receivable Turnover 13.81 Cash Conversion Cycle 26.07
Inventory Turnover 9.95
Fiscal Year Ended
Kesko OYJPrice/Volume
Valuation Analysis
157'969.00
Current Price (2/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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-!1 9
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAHITTAISKAUPAN TAKA n/a Research 3'491'771 5.21 - 30.11.2012 Other
ILMARINEN MUTUAL PEN n/a Research 3'472'774 5.19 - 30.11.2012 Insurance Company
KRUUNUVUOREN SATAMA n/a Research 3'438'885 5.13 - 30.11.2012 Corporation
VALLUGA SIJOITUS OY n/a Research 1'340'439 2 - 30.11.2012 Other
BLACKROCK n/a ULT-AGG 1'156'593 1.73 19'698 26.02.2013 Investment Advisor
VARMA MUTUAL PENSION n/a Research 1'130'986 1.69 - 30.11.2012 Insurance Company
TAPIOLA MUTUAL PENSI n/a Research 1'100'000 1.64 - 30.11.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'094'691 1.63 14'533 31.12.2012 Investment Advisor
FOUNDATION FOR VOCAT n/a Research 1'009'948 1.51 - 30.11.2012 Other
OY THE ENGLISH TEARO n/a Research 1'000'000 1.49 - 30.11.2012 Other
FINLAND STATE PENSIO n/a Research 776'049 1.16 - 30.11.2012 Government
ETERA MUTUAL PENSION n/a Research 644'823 0.96 - 30.11.2012 Insurance Company
KESKO OYJ n/a Research 608'591 0.91 - 30.11.2012 Corporation
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 576'494 0.86 (9'387) 31.12.2012 Investment Advisor
KESKO PENSION FUND n/a Research 483'195 0.72 - 30.11.2012 Pension Fund (ERISA)
ADELPHI CAPITAL LLP n/a Short (435'339) -0.65 87'068 06.02.2013 Investment Advisor
SKAGEN FUNDS n/a Research 420'000 0.63 - 30.11.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 420'000 0.63 - 31.01.2013 Mutual Fund Manager
SIGRID JUSELIUS FOUN n/a Research 409'110 0.61 - 30.11.2012 Other
HEIMO VALINEN OY n/a Research 400'000 0.6 - 30.11.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue VIRGINIE BLIN sell 1 M 21 6 month 14.02.2013
FIM MONA GRANNENFELT accumulate 4 M 29 12 month 07.02.2013
Pohjola Bank Plc (ESN) JARI RAISANEN accumulate 4 M 26 12 month 06.02.2013
Nordea Equity Research RAULI JUVA hold 3 M 25 12 month 06.02.2013
Handelsbanken ROBIN SANTAVIRTA accumulate 4 M 27 12 month 06.02.2013
Evli Bank Plc MIKA KARPPINEN accumulate 4 M 25 12 month 06.02.2013
Danske Markets KALLE KARPPINEN hold 3 M 25 12 month 06.02.2013
SEB Enskilda JUTTA RAHIKAINEN hold 3 M 25 Not Provided 05.02.2013
Carnegie TOMMY ILMONI sell 1 M #N/A N/A Not Provided 05.02.2013
INDERES SAULI VILEN sell 1 M 23 Not Provided 05.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux DANIEL OVIN suspended coverage #N/A N/A M #N/A N/A Not Provided 19.11.2012
Swedbank PETRI KARHUNKOSKI neutral 3 M 25 12 month 25.10.2012
Holdings By:
Kesko OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Konecranes Oyj is an engineering group that specializes in overhead lifting
equipment and maintenance services. The Company's product line includes
workstation cranes, industrial cranes, cranes for shipyards and ports, including
tailor made products, light lifting systems, and monorail systems. Konecranes
Oyj sells toindustrial companies, and to harbors and shipyards around the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.02.2013) 28.89
52-Week Low (04.06.2012) 17.50
Daily Volume
27.98
52-Week High % Change -3.15% Dividend Yield -
52-Week Low % Change 59.89% Beta 1.30
% 52 Week Price Range High/Low 92.01% Equity Float -
Shares Out 26.02.2013 63.3 Short Int -
1'770.36 1 Yr Total Return 23.35%
Total Debt 327.30 YTD Return 9.51%
Preferred Stock 0.0 Adjusted BETA 1.298
Minority Interest 6.2 Analyst Recs 19
Cash and Equivalents 145.10 Consensus Rating 2.947
Enterprise Value 1'958.76
Average Volume 5 Day 248'997
KCR1V FH EQUITY YTD Change - Average Volume 30 Day 257'714
KCR1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 247'715
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
2'102.5 1'671.3 1'546.3 1'896.4 2'170.2 1'896.4 2'170.1 2'145.4 2'237.4 463.4 542.3
0.33x 0.60x 1.11x 0.56x 0.76x 3.12x 2.77x 0.91x 0.86x 4.12x 3.60x
274.6 129.8 143.0 148.1 175.6 147.8 175.5 187.6 210.1 35.4 45.0
2.54x 7.67x 12.02x 7.14x 9.41x 7.15x 9.41x 10.44x 9.32x 10.44x 9.90x
166.4 63.6 79.4 65.5 84.0 65.5 84.0 100.0 115.8 16.3 22.6
4.26x 17.67x 22.92x 13.10x 17.41x 13.10x 17.46x 16.29x 13.91x 18.09x 17.47x
EBITDA 175.60 Long-Term Rating Date -
EBIT 132.10 Long-Term Rating -
Operating Margin 6.09% Long-Term Outlook -
Pretax Margin 5.71% Short-Term Rating Date -
Return on Assets 5.58% Short-Term Rating -
Return on Common Equity 18.94%
Return on Capital - EBITDA/Interest Exp. 13.72
Asset Turnover 1.44% (EBITDA-Capex)/Interest Exp. 8.78
Net Debt/EBITDA 1.04
Gross Margin - Total Debt/EBITDA 1.86
EBITDA Margin 8.1%
EBIT Margin 6.1% Total Debt/Equity 72.1%
Net Income Margin 3.9% Total Debt/Capital 41.6%
Asset Turnover 1.44
Current Ratio 1.44 Net Fixed Asset Turnover 16.76
Quick Ratio 0.78 Accounts receivable turnover-days 71.50
Debt to Assets 20.93% Inventory Days -
Tot Debt to Common Equity 72.11% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.12 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Konecranes OYJPrice/Volume
Valuation Analysis
267'426.00
Current Price (2/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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-!1 9
-!3 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HTT 2 HOLDING LTD n/a Research 6'870'568 10.86 - 30.11.2012 Other
KONECRANES PLC n/a Research 6'014'072 9.51 - 30.11.2012 Corporation
BLACKROCK n/a ULT-AGG 5'605'460 8.86 611'139 26.02.2013 Investment Advisor
ILMARINEN MUTUAL PEN n/a Research 2'928'671 4.63 - 30.11.2012 Insurance Company
VARMA MUTUAL PENSION n/a Research 2'365'275 3.74 - 30.11.2012 Insurance Company
GUSTAVSON STIG GUNNA n/a Research 2'069'778 3.27 - 30.11.2012 n/a
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'519'496 2.4 73'136 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN n/a Research 1'462'198 2.31 - 30.11.2012 Investment Advisor
BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 1'023'387 1.62 24'600 31.01.2013 Investment Advisor
FINLAND STATE PENSIO n/a Research 918'000 1.45 - 30.11.2012 Government
MANDATUM LIFE INSURA n/a Co File 792'522 1.25 - 31.12.2011 Insurance Company
NORDSTJERNAN AB n/a Co File 709'356 1.12 - 31.12.2011 Venture Capital
SIGRID JUSELIUS FOUN n/a Research 638'500 1.01 - 30.11.2012 Other
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 634'817 1 (144'728) 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 628'998 0.99 38'789 31.12.2012 Unclassified
FONDITA FUNDS n/a Research 595'000 0.94 - 30.11.2012 Mutual Fund Manager
FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 580'500 0.92 15'500 31.01.2013 Investment Advisor
FOLKHALSAN n/a Research 535'600 0.85 - 30.11.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 528'148 0.83 5'192 31.12.2012 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 523'500 0.83 - 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FIM SANNA KAJE hold 3 M 26 12 month 04.02.2013
Pohjola Bank Plc (ESN) PEKKA SPOLANDER reduce 2 M 24 12 month 01.02.2013
SEB Enskilda TOMI RAILO buy 5 U 29 Not Provided 01.02.2013
Carnegie TIMO HEINONEN hold 3 M #N/A N/A Not Provided 01.02.2013
Nordea Equity Research JAN KAIJALA hold 3 M 26 12 month 01.02.2013
Handelsbanken TOM SKOGMAN accumulate 4 M 27 12 month 01.02.2013
DNB Markets CHRISTER MAGNERGARD sell 1 M 20 Not Provided 01.02.2013
Evli Bank Plc ELINA RIUTTA reduce 2 M 23 12 month 01.02.2013
ABG Sundal Collier JOHAN EDVARDSSON hold 3 M 23 6 month 31.01.2013
Pareto Securities JARI HARJUNPAA hold 3 M 26 6 month 31.01.2013
INDERES JUHA KINNUNEN reduce 2 M 24 Not Provided 31.01.2013
Deutsche Bank ANETTE LUOMANPERA hold 3 M 24 12 month 22.01.2013
Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 31 6 month 22.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 28 Not Provided 25.10.2012
Swedbank ERKKI VESOLA reduce 2 M 23 12 month 25.10.2012
Danske Markets ANTTI SUTTELIN hold 3 M 24 12 month 24.10.2012
HSBC JUERGEN SIEBRECHT underweight 1 N 21 Not Provided 17.10.2012
ICECAPITAL Markets LAURI LEINO hold 3 M 22 6 month 22.07.2010
Holdings By:
Konecranes OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ladbrokes PLC has diversified interests in betting ventures. The Company
operates betting shops and call centers in the UK, Ireland, and Belgium.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 233.70
52-Week Low (06.03.2012) 147.90
Daily Volume
223
52-Week High % Change -4.58% Dividend Yield 3.99
52-Week Low % Change 50.78% Beta 0.89
% 52 Week Price Range High/Low 87.53% Equity Float 885.65
Shares Out 01.02.2013 908.7 Short Int -
2'026.42 1 Yr Total Return 55.89%
Total Debt 406.30 YTD Return 12.46%
Preferred Stock 0.0 Adjusted BETA 0.893
Minority Interest 1.3 Analyst Recs 25
Cash and Equivalents 19.40 Consensus Rating 3.040
Enterprise Value 2'414.62
Average Volume 5 Day 3'881'471
LAD LN EQUITY YTD Change - Average Volume 30 Day 2'658'644
LAD LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'229'709
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 - -
1'151.2 1'032.2 980.1 976.1 1'084.4 - - 1'149.7 1'214.3 - -
1.91x 1.87x 1.64x 1.67x 2.02x - - 2.07x 1.90x - -
376.4 271.6 230.7 237.7 288.2 - - 260.1 277.5 - -
5.86x 7.11x 6.96x 6.88x 7.60x - - 9.28x 8.70x - -
200.7 74.4 348.3 118.2 190.3 - - 160.6 177.4 - -
5.93x 7.05x 2.96x 10.00x 9.44x - - 12.97x 11.80x - -
EBITDA 288.20 Long-Term Rating Date 23.02.2006
EBIT 233.20 Long-Term Rating BB
Operating Margin 21.50% Long-Term Outlook STABLE
Pretax Margin 18.51% Short-Term Rating Date -
Return on Assets 18.12% Short-Term Rating -
Return on Common Equity 52.35%
Return on Capital 27.08% EBITDA/Interest Exp. 9.61
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 7.92
Net Debt/EBITDA 1.34
Gross Margin 34.3% Total Debt/EBITDA 1.41
EBITDA Margin 26.6%
EBIT Margin 21.5% Total Debt/Equity 96.5%
Net Income Margin 17.5% Total Debt/Capital 49.0%
Asset Turnover 1.03
Current Ratio 0.64 Net Fixed Asset Turnover 5.21
Quick Ratio 0.13 Accounts receivable turnover-days -
Debt to Assets 38.23% Inventory Days -
Tot Debt to Common Equity 96.51% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ladbrokes PLCPrice/Volume
Valuation Analysis
5'262'063.00
Current Price (2/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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0.0
2'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCHRODER INVESTMENT Multiple Portfolios REG 127'659'086 14.05 426'374 02.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 101'039'696 11.12 (4'549'312) 02.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 88'085'339 9.69 (3'169'113) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 78'140'719 8.6 (1'399'797) 02.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 38'920'765 4.28 8'363'025 26.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 38'485'124 4.24 80'359 31.01.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 36'688'912 4.04 - 02.01.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios REG 36'503'358 4.02 - 02.01.2013 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios REG 28'135'623 3.1 - 02.01.2013 Investment Advisor
INVESCO LTD Multiple Portfolios REG 27'073'853 2.98 (588'626) 02.01.2013 Investment Advisor
JP MORGAN PRIVATE BA Multiple Portfolios REG 26'755'461 2.94 - 02.01.2013 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 26'565'476 2.92 (3'869'048) 02.01.2013 Investment Advisor
IGNIS INVESTMENT SER n/a RNS-MAJ 26'522'404 2.92 (1) 13.04.2012 Investment Advisor
AXA INVESTMENT MANAG Multiple Portfolios REG 19'108'604 2.1 (151'000) 02.01.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 18'495'188 2.04 506'756 02.01.2013 Investment Advisor
LIONTRUST n/a ULT-AGG 18'050'067 1.99 - 02.01.2013 Unclassified
AVIVA INVESTORS Multiple Portfolios REG 16'638'110 1.83 1'180'871 02.01.2013 Investment Advisor
BANK OF NEW YORK MEL n/a RNS-RUL8 15'840'152 1.74 100 04.10.2011 Investment Advisor
MELLON CAPITAL MANAG Multiple Portfolios REG 15'575'935 1.71 647'755 02.01.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 12'982'820 1.43 2'826'889 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs NICK EDELMAN Sell/Neutral 1 M 197 12 month 27.02.2013
Nomura RICHARD STUBER neutral 3 M 203 Not Provided 26.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 26.02.2013
Morgan Stanley VAUGHAN LEWIS Underwt/In-Line 1 M 175 12 month 22.02.2013
Goodbody Stockbrokers Ltd GAVIN KELLEHER hold 3 M 215 12 month 22.02.2013
Natixis MATTHIEU DETROYAT reduce 2 M 175 Not Provided 22.02.2013
Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 22.02.2013
Barclays ED BIRKIN equalweight 3 M 216 Not Provided 22.02.2013
Investec JAMES HOLLINS buy 5 M 250 12 month 21.02.2013
Shore Capital Stockbrokers KARL BURNS hold 3 M #N/A N/A Not Provided 21.02.2013
Canaccord Genuity Corp SIMON DAVIES buy 5 M 255 Not Provided 21.02.2013
Daniel Stewart & Co MICHAEL CAMPBELL sell 1 M 225 12 month 21.02.2013
Numis Securities Ltd IVOR JONES add 4 M 265 Not Provided 21.02.2013
Oriel Securities Ltd JEFFREY HARWOOD hold 3 M #N/A N/A Not Provided 21.02.2013
Panmure Gordon & Co Limited SIMON FRENCH hold 3 M 195 Not Provided 21.02.2013
AlphaValue BERENICE LACROIX reduce 2 D 235 6 month 21.02.2013
JPMorgan MATTHEW WEBB underweight 1 M 160 6 month 19.02.2013
Deutsche Bank RICHARD CARTER buy 5 M 256 12 month 28.01.2013
Peel Hunt NICHOLAS BATRAM hold 3 M 179 Not Provided 25.01.2013
Credit Suisse MATTHEW GERARD underperform 1 M 147 Not Provided 24.01.2013
Exane BNP Paribas ROBERTA CIACCIA neutral 3 M 168 Not Provided 28.08.2012
Jefferies JAMES WHEATCROFT hold 3 M 160 12 month 03.08.2012
Davy DAVID JENNINGS neutral 3 D #N/A N/A Not Provided 06.07.2012
Prosdocimi TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.04.2010
Holdings By:
Ladbrokes PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Logitech International S.A. manufactures personal computer input devices. The
Company produces computer mice which help the user move the cursor around the
computer screen quickly, trackballs, game controllers, keyboards, PC video
cameras, and multimedia speakers. The Company sells its products worldwide.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (22.05.2012) 9.91
52-Week Low (01.02.2013) 6.03
Daily Volume
6.36
52-Week High % Change -35.83% Dividend Yield -
52-Week Low % Change 5.47% Beta 1.19
% 52 Week Price Range High/Low 8.50% Equity Float 145.52
Shares Out 31.12.2012 173.1 Short Int -
1'100.96 1 Yr Total Return -9.86%
Total Debt 0.00 YTD Return -8.23%
Preferred Stock 0.0 Adjusted BETA 1.191
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 478.37 Consensus Rating 2.563
Enterprise Value 862.50
Average Volume 5 Day 717'224
LOGN SE EQUITY YTD Change - Average Volume 30 Day 1'294'272
LOGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'080'147
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
2'370.5 2'208.8 1'966.7 2'362.9 2'316.2 2'331.9 2'162.8 2'145.9 2'054.5 475.7 442.5
2.14x 0.61x 1.31x 1.17x 0.35x 2.80x 2.32x 0.39x 0.39x 1.82x 2.06x
335.9 182.4 151.0 218.6 144.5 119.5 116.7 125.3 144.0 21.9 (4.3)
15.09x 7.44x 17.02x 12.61x 5.56x 8.15x 8.50x 6.88x 5.99x 10.81x 10.03x
231.0 107.0 65.0 128.5 71.5 45.9 (163.9) 64.2 82.1 8.0 (11.0)
19.95x 17.19x 44.61x 24.74x 19.02x 28.94x 0.00x 21.93x 14.59x - -
EBITDA 144.48 Long-Term Rating Date -
EBIT 71.98 Long-Term Rating -
Operating Margin 3.11% Long-Term Outlook -
Pretax Margin 3.94% Short-Term Rating Date -
Return on Assets -9.42% Short-Term Rating -
Return on Common Equity -16.72%
Return on Capital - EBITDA/Interest Exp. 323.23
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 216.28
Net Debt/EBITDA -2.76
Gross Margin 33.5% Total Debt/EBITDA 0.00
EBITDA Margin 5.4%
EBIT Margin -7.5% Total Debt/Equity 0.0%
Net Income Margin 3.1% Total Debt/Capital 0.0%
Asset Turnover 1.24
Current Ratio 2.18 Net Fixed Asset Turnover 25.87
Quick Ratio 1.44 Accounts receivable turnover-days 49.35
Debt to Assets 0.00% Inventory Days 73.95
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 93.63
Accounts Receivable Turnover 7.42 Cash Conversion Cycle 36.24
Inventory Turnover 4.95
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
Logitech International SAPrice/Volume
Valuation Analysis
774'663.00
Current Price (2/dd/yy) Market Data
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1'500.0
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2'500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LOGITECH INTERNATION n/a EXCH 15'111'187 8.73 (25'743) 04.01.2013 Unclassified
MORGAN STANLEY n/a ULT-AGG 12'754'367 7.37 (169'415) 31.12.2012 Investment Advisor
BOREL DANIEL n/a Form 4 11'397'944 6.58 - 06.09.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 9'619'094 5.56 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'524'642 4.92 33'492 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'986'336 3.46 (257'959) 26.02.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 4'231'897 2.44 676'059 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'185'433 2.42 910'366 31.12.2012 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 4'148'006 2.4 1'381'719 31.01.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 3'476'391 2.01 (55'871) 28.12.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'280'000 1.89 1'280'000 30.12.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 3'164'411 1.83 (101'412) 31.12.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'400'000 1.39 900'000 30.06.2012 Pension Fund (ERISA)
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'817'333 1.05 (9'370) 31.12.2012 Investment Advisor
THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 1'761'859 1.02 (928'547) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'637'468 0.95 (230'617) 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'372'688 0.79 (174'809) 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'369'484 0.79 842'271 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'348'600 0.78 (59'800) 31.12.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'294'100 0.75 7'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ALEXANDER PETERC outperform 5 M 9 Not Provided 26.02.2013
AlphaValue HEINZ STEFFEN reduce 2 D 7 6 month 21.02.2013
Goldman Sachs ALEXANDER DUVAL neutral/neutral 3 M 7 12 month 30.01.2013
Credit Suisse FELIX REMMERS underperform 1 M 5 Not Provided 30.01.2013
CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 5 Not Provided 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 29.01.2013
Zuercher Kantonalbank ANDREAS MUELLER market perform 3 M #N/A N/A Not Provided 25.01.2013
Avondale Partners LLC JOHN F BRIGHT market perform 3 D 6 Not Provided 25.01.2013
Bank Vontobel AG MICHAEL FOETH hold 3 M 7 Not Provided 25.01.2013
Helvea STEFAN GAECHTER neutral 3 M 7 12 month 25.01.2013
Barclays ANDREW M GARDINER underweight 1 M 6 Not Provided 25.01.2013
Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 M 8 12 month 24.01.2013
JPMorgan PAUL T COSTER underweight 1 M 7 9 month 24.01.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 24.01.2013
Raymond James TAVIS C MCCOURT market perform 3 M #N/A N/A Not Provided 24.01.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 10.01.2013
Holdings By:
Logitech International SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
London Stock Exchange Group plc is the United Kingdom's primary stock exchange.
The LSE provides markets that facilitate the raising of capital and the trading
of corporate securities, access to a trading environment, as well as real-time
pricing and reference information services worldwide. Market coverage includes
equities, derivatives and fixed-interest securities.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 1'403.00
52-Week Low (06.03.2012) 864.00
Daily Volume
1321
52-Week High % Change -5.84% Dividend Yield 2.17
52-Week Low % Change 52.89% Beta 1.17
% 52 Week Price Range High/Low 84.79% Equity Float 173.84
Shares Out 30.09.2012 271.1 Short Int -
3'581.35 1 Yr Total Return 50.90%
Total Debt 262.10 YTD Return 21.42%
Preferred Stock 0.0 Adjusted BETA 1.173
Minority Interest 72.9 Analyst Recs 18
Cash and Equivalents 216.00 Consensus Rating 3.167
Enterprise Value 4'128.55
Average Volume 5 Day 340'767
LSE LN EQUITY YTD Change - Average Volume 30 Day 420'421
LSE LN EQUITY YTD % CHANGE - Average Volume 3 Month 369'420
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
546.4 671.4 621.8 667.2 806.7 701.4 733.6 819.9 903.3 209.0 212.0
7.18x 3.14x 3.88x 3.88x 3.62x 0.00x 0.00x 4.95x 4.49x - -
337.4 424.4 347.4 387.6 478.8 0.0 0.0 467.0 468.2 - -
11.63x 4.96x 6.94x 6.68x 6.10x 0.00x 0.00x 8.84x 8.82x - -
168.3 (338.0) 90.4 151.6 522.0 0.0 0.0 290.1 241.5 - -
17.07x - 21.03x 14.75x 5.34x 0.00x 0.00x 14.27x 14.81x - -
EBITDA 478.80 Long-Term Rating Date 13.03.2012
EBIT 383.50 Long-Term Rating A- *-
Operating Margin 47.54% Long-Term Outlook -
Pretax Margin 79.30% Short-Term Rating Date 01.07.2011
Return on Assets 0.40% Short-Term Rating A-2
Return on Common Equity 42.48%
Return on Capital 29.83% EBITDA/Interest Exp. 8.31
Asset Turnover 0.01% (EBITDA-Capex)/Interest Exp. 8.02
Net Debt/EBITDA 0.99
Gross Margin 94.3% Total Debt/EBITDA 1.47
EBITDA Margin 57.6%
EBIT Margin 43.2% Total Debt/Equity 19.0%
Net Income Margin 64.7% Total Debt/Capital 15.3%
Asset Turnover 0.01
Current Ratio 1.00 Net Fixed Asset Turnover 11.87
Quick Ratio 0.00 Accounts receivable turnover-days 36.09
Debt to Assets 0.26% Inventory Days -
Tot Debt to Common Equity 19.04% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.14 Cash Conversion Cycle -145.09
Inventory Turnover -
Fiscal Year Ended
London Stock Exchange Group PLCPrice/Volume
Valuation Analysis
273'919.00
Current Price (2/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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800.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BORSE DUBAI LTD Multiple Portfolios REG 55'966'856 20.64 - 01.11.2012 Holding Company
FMR LLC n/a ULT-AGG 41'598'251 15.34 2'094'659 31.12.2012 Investment Advisor
QATAR INVESTMENT AUT Multiple Portfolios REG 40'883'184 15.08 - 01.11.2012 Government
Paulson Partners LP Multiple Portfolios REG 8'750'265 3.23 (157'380) 01.11.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 8'365'296 3.09 (469'643) 01.11.2012 Unclassified
ROYAL BANK OF CANADA n/a ULT-AGG 7'886'155 2.91 758'882 01.11.2012 Bank
LINDSELL TRAIN INVES Multiple Portfolios REG 5'775'283 2.13 (2'644'640) 01.11.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 5'103'279 1.88 500'000 01.11.2012 Government
BLACKROCK n/a ULT-AGG 4'809'653 1.77 (810'225) 26.02.2013 Investment Advisor
Societe Generale Sec Multiple Portfolios REG 4'485'305 1.65 (1'050) 01.11.2012 Unclassified
UBS n/a ULT-AGG 3'607'847 1.33 2'266'426 01.11.2012 Unclassified
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 3'363'543 1.24 14'732 31.12.2012 Mutual Fund Manager
DEKABANK DEUTSCHE GI Multiple Portfolios REG 3'306'477 1.22 3'244'082 01.11.2012 Bank
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 3'279'313 1.21 3'279'313 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'181'882 1.17 54'825 31.12.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios REG 3'075'077 1.13 823'373 01.11.2012 Mutual Fund Manager
JP MORGAN n/a ULT-AGG 2'995'311 1.1 (992'107) 31.12.2012 Unclassified
HENDERSON GLOBAL INV Multiple Portfolios REG 2'942'552 1.09 1'130'513 01.11.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios REG 2'474'302 0.91 231'695 01.11.2012 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 2'430'723 0.9 51'136 01.11.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets PETER K LENARDOS outperform 5 M 1'300 12 month 27.02.2013
BMO Capital Markets JILLIAN MILLER market perform 3 M 1'100 Not Provided 25.02.2013
Macquarie NEIL WELCH neutral 3 M 1'267 12 month 21.02.2013
AlphaValue CHRISTOPHE NIJDAM reduce 2 M 1'182 6 month 21.02.2013
Numis Securities Ltd JAMES HAMILTON hold 3 M 1'136 Not Provided 18.02.2013
Barclays DANIEL R GARROD overweight 5 M 1'500 Not Provided 15.02.2013
HSBC JOHANNES THORMANN neutral 3 D 1'300 Not Provided 29.01.2013
Espirito Santo Investment Bank ResearchPHILIP DOBBIN buy 5 M 1'315 Not Provided 25.01.2013
Goldman Sachs CHRIS M. TURNER Sell/Neutral 1 M 1'110 12 month 24.01.2013
JPMorgan RAE MAILE underweight 1 M 1'050 9 month 24.01.2013
Berenberg Bank RICHARD PERROTT hold 3 M 1'150 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Credit Suisse GURJIT KAMBO outperform 5 M 1'030 Not Provided 19.11.2012
Morgan Stanley BRUCE HAMILTON restricted #N/A N/A M #N/A N/A Not Provided 16.11.2012
Keefe, Bruyette & Woods TOM MILLS market perform 3 M 1'010 12 month 16.11.2012
Nomura TEAM COVERAGE neutral 3 M 967 Not Provided 12.03.2012
Holdings By:
London Stock Exchange Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Lonmin PLC is a mineral resources group. The Group produces Platinum and other
Platinum group metals such as Palladium and Rhodium. The Company's operations
are located in the district of Marikana, near Rustenberg, in the North West
Province of South Africa.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (29.02.2012) 607.43
52-Week Low (09.11.2012) 226.96
Daily Volume
345.2
52-Week High % Change -43.17% Dividend Yield 0.00
52-Week Low % Change 52.10% Beta 1.40
% 52 Week Price Range High/Low 31.08% Equity Float 511.81
Shares Out 04.02.2013 568.6 Short Int -
1'962.65 1 Yr Total Return -41.16%
Total Debt 736.00 YTD Return 21.46%
Preferred Stock 0.0 Adjusted BETA 1.398
Minority Interest 257.0 Analyst Recs 24
Cash and Equivalents 315.00 Consensus Rating 2.750
Enterprise Value 3'655.73
Average Volume 5 Day 1'701'327
LMI LN EQUITY YTD Change - Average Volume 30 Day 3'007'987
LMI LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'512'153
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 - -
2'231.0 1'062.0 1'585.0 1'992.0 1'614.0 - - 1'611.5 2'009.9 - -
3.16x 5.35x 3.82x 2.00x 1.55x - - 1.90x 1.52x - -
1'046.0 (2.0) 383.0 409.0 776.0 - - 167.1 410.8 - -
6.75x 2841.63x 15.82x 9.73x 3.23x - - 21.88x 8.90x - -
455.0 (285.0) 112.0 273.0 (410.0) - - 19.3 171.8 - -
13.91x - 46.10x 12.20x - - - 654.67x 19.62x - -
EBITDA 776.00 Long-Term Rating Date -
EBIT 50.00 Long-Term Rating -
Operating Margin 3.10% Long-Term Outlook -
Pretax Margin -43.25% Short-Term Rating Date -
Return on Assets -8.65% Short-Term Rating -
Return on Common Equity -15.13%
Return on Capital - EBITDA/Interest Exp. 17.24
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 8.27
Net Debt/EBITDA 0.54
Gross Margin - Total Debt/EBITDA 0.95
EBITDA Margin 48.1%
EBIT Margin 3.1% Total Debt/Equity 29.6%
Net Income Margin -25.4% Total Debt/Capital 21.1%
Asset Turnover 0.34
Current Ratio 1.37 Net Fixed Asset Turnover 0.59
Quick Ratio 0.73 Accounts receivable turnover-days 13.04
Debt to Assets 15.92% Inventory Days -
Tot Debt to Common Equity 29.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover 28.07 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
Lonmin PLCPrice/Volume
Valuation Analysis
1'113'087.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
XSTRATA PLC Multiple Portfolios REG 49'826'225 8.76 - 01.12.2012 Corporation
OLD MUTUAL n/a ULT-AGG 17'658'006 3.11 (6'456'174) 01.12.2012 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 16'558'975 2.91 1'649'773 01.12.2012 Investment Advisor
OLD MUTUAL INVESTMEN n/a RNS-MAJ 14'826'599 2.61 (3'068'233) 23.11.2012 Investment Advisor
INVESTEC ASSET MANAG n/a RNS-MAJ 10'427'028 1.83 - 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 6'994'440 1.23 549'729 31.01.2013 Unclassified
BOCAGE CAPITAL LLC n/a Short (5'969'820) -1.05 (397'988) 18.01.2013 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'413'037 0.95 1'241'833 31.12.2012 Investment Advisor
NOMURA INTERNATIONAL n/a Short (4'775'862) -0.84 (1'705'665) 05.12.2012 Investment Advisor
SUNRISE PARTNERS LP n/a Short (4'377'874) -0.77 (1'080'255) 07.11.2012 Hedge Fund Manager
GUEVOURA FUND LTD n/a Short (3'809'319) -0.67 - 06.12.2012 Mutual Fund Manager
ODEY ASSET MANAGEMEN n/a Short (3'411'326) -0.6 (284'277) 25.02.2013 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (2'899'627) -0.51 (113'711) 25.02.2013 Hedge Fund Manager
INVESTEC FUND GROUP Multiple Portfolios MF-AGG 2'531'389 0.45 1'176'289 30.09.2012 Investment Advisor
OCCITAN MASTER FUND n/a Short (2'501'639) -0.44 397'988 11.01.2013 Investment Advisor
NEDCOR BANK MGMT CO Multiple Portfolios MF-AGG 2'380'621 0.42 474'241 30.09.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 2'253'376 0.4 713'817 01.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 2'198'640 0.39 2'169'296 01.12.2012 Government
SARASIN n/a ULT-AGG 2'047'739 0.36 534'773 28.12.2012 Unclassified
UBS n/a ULT-AGG 1'768'712 0.31 688'620 01.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ROMY KRUGER neutral 3 M 270 Not Provided 27.02.2013
AlphaValue SACHIN KUMAR sell 1 M 240 6 month 21.02.2013
Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 395 12 month 11.02.2013
SBG Securities JUSTIN FRONEMAN buy 5 M 400 12 month 11.02.2013
Credit Suisse NIHAL SHAH neutral 3 D 350 Not Provided 08.02.2013
Deutsche Bank GRANT SPORRE hold 3 U 361 12 month 06.02.2013
NOAH Capital Markets MICHAEL KAVANAGH hold 3 N 345 12 month 01.02.2013
BMO Capital Markets EDWARD STERCK market perform 3 M 300 Not Provided 31.01.2013
Societe Generale ABHISHEK SHUKLA sell 1 M 38 12 month 31.01.2013
RBC Capital Markets TIMOTHY HUFF underperform 1 M 260 12 month 31.01.2013
JPMorgan STEVE SHEPHERD overweight 5 U 410 9 month 31.01.2013
Panmure Gordon & Co Limited ALISON TURNER buy 5 M 506 Not Provided 31.01.2013
Morgan Stanley CHRISTOPHER NICHOLSON Equalwt/In-Line 3 M 336 12 month 24.01.2013
CIBC World Markets LEON ESTERHUIZEN sector underperform 1 M 117 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 17.01.2013
Goldman Sachs EUGENE KING sell/attractive 1 M 200 12 month 10.01.2013
Barclays ANDREW BYRNE equalweight 3 M 275 Not Provided 22.11.2012
Nomura TYLER BRODA buy 5 U 457 Not Provided 19.11.2012
Liberum Capital Ltd BEN DAVIS sell 1 M #N/A N/A Not Provided 09.11.2012
Investec MARC ELLIOTT not rated #N/A N/A M #N/A N/A Not Provided 06.11.2012
BNP Paribas Cadiz Securities NIC DINHAM hold 3 M 271 12 month 01.11.2012
Redburn Partners SIMON TOYNE sell 1 M #N/A N/A Not Provided 31.10.2012
Renaissance Capital EMMA TOWNSHEND hold 3 M 1'037 Not Provided 10.11.2011
Holdings By:
Lonmin PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
L E Lundbergforetagen AB is a real estate and investment company. The Company
owns, develops, rents out, and manages commercial and residential properties
located in central Sweden. Lundbergs is also a long term investor in mostly
publicly traded Swedish companies. The Company takes an active ownership role
in the companies. Moreover Lundbergs is engaged in securities trading.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 274.80
52-Week Low (14.06.2012) 194.60
Daily Volume
267.4
52-Week High % Change -2.69% Dividend Yield -
52-Week Low % Change 37.41% Beta 0.82
% 52 Week Price Range High/Low 90.77% Equity Float -
Shares Out 30.09.2012 76.0 Short Int -
33'157.60 1 Yr Total Return 18.87%
Total Debt 14'136.00 YTD Return 16.31%
Preferred Stock 0.0 Adjusted BETA 0.816
Minority Interest 21'650.0 Analyst Recs 3
Cash and Equivalents 1'198.00 Consensus Rating 3.333
Enterprise Value 66'610.60
Average Volume 5 Day 119'196
LUNDB SS EQUITY YTD Change - Average Volume 30 Day 57'886
LUNDB SS EQUITY YTD % CHANGE - Average Volume 3 Month 62'953
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
22'350.0 21'073.0 21'171.0 22'604.0 21'618.0 22'603.0 21'617.0 20'719.0 20'871.0 - -
2.22x 2.46x 2.97x 2.59x - 2.59x 0.00x - - - -
3'971.0 4'586.0 3'529.0 4'876.0 4'751.0 6'066.0 4'940.0 5'517.0 5'608.0 - -
12.49x 11.29x 17.82x 12.02x - 9.66x 0.00x 12.07x 11.88x - -
(2'244.0) 1'588.0 2'483.0 5'116.0 3'241.0 5'117.0 3'241.0 1'243.0 988.0 - -
- 14.17x 12.48x 4.92x 8.80x 4.93x 8.80x 38.53x 45.40x - -
EBITDA 4'751.00 Long-Term Rating Date 08.06.2007
EBIT 3'225.00 Long-Term Rating A+
Operating Margin 14.92% Long-Term Outlook STABLE
Pretax Margin 20.17% Short-Term Rating Date 24.01.2001
Return on Assets 3.69% Short-Term Rating A-1
Return on Common Equity 9.70%
Return on Capital - EBITDA/Interest Exp. 9.17
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 2.47
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin 22.9%
EBIT Margin 16.7% Total Debt/Equity 0.0%
Net Income Margin 15.0% Total Debt/Capital 21.5%
Asset Turnover 0.25
Current Ratio 0.74 Net Fixed Asset Turnover 0.56
Quick Ratio 0.42 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
Lundbergforetagen ABPrice/Volume
Valuation Analysis
61'497.00
Current Price (2/dd/yy) Market Data
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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LUNDBERG FREDRIK n/a Co File 66'158'000 87.05 - 23.02.2012 n/a
MARTINSON KATARINA n/a Co File 9'338'602 12.29 - 23.02.2012 n/a
LINDH LOUISE n/a Co File 9'338'602 12.29 - 23.02.2012 n/a
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 2'399'783 3.16 190'052 31.01.2013 Investment Advisor
CARNEGIE FONDER AB/S n/a Co File 1'748'000 2.3 - 23.02.2012 Investment Advisor
SEB FONDER AB n/a Co File 1'748'000 2.3 - 23.02.2012 Mutual Fund Manager
ALECTA PENSIONSFORSA n/a Co File 1'672'000 2.2 - 23.02.2012 Pension Fund (ERISA)
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'632'148 2.15 (250'000) 31.12.2012 Investment Advisor
PLACERINGSFOND SMABO n/a Co File 1'216'000 1.6 - 23.02.2012 n/a
SEB n/a ULT-AGG 1'070'416 1.41 (173'265) 31.12.2012 Unclassified
HANDELSBANKEN FONDER n/a Co File 1'064'000 1.4 - 23.02.2012 Investment Advisor
SKANDIA FONDER AB n/a Co File 608'000 0.8 - 23.02.2012 Mutual Fund Manager
PRI FORSAKRINGSBOLAG n/a Co File 608'000 0.8 - 23.02.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 404'645 0.53 8'740 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 265'730 0.35 5'807 31.12.2012 Investment Advisor
BENNET CARL n/a Co File 200'000 0.26 - 23.02.2012 n/a
CATELLA FONDFORVALTN Multiple Portfolios MF-AGG 122'070 0.16 800 31.12.2012 Investment Advisor
CARLSON FONDER AB Multiple Portfolios MF-AGG 110'994 0.15 125 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 95'760 0.13 - 31.12.2012 Investment Advisor
SPILTAN FONDER AB Multiple Portfolios MF-AGG 95'754 0.13 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs MARKUS IWAR Sell/Neutral 1 M 239 12 month 22.02.2013
Handelsbanken ELIAS PORSE accumulate 4 M 250 12 month 15.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Carnegie JOHAN SJOBERG hold 3 M #N/A N/A Not Provided 30.09.2011
Holdings By:
Lundbergforetagen AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Mapfre SA offers insurance services. Through subsidiaries, the Company offers
health, life, homeowner's, commercial, industrial risk, burial, accident,
automobile, and third-party liability insurance policies. Mapfre operates in
Europe and the Americas.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 2.64
52-Week Low (25.07.2012) 1.29
Daily Volume
2.454
52-Week High % Change -6.94% Dividend Yield -
52-Week Low % Change 90.82% Beta 0.97
% 52 Week Price Range High/Low 86.45% Equity Float 1'086.41
Shares Out 31.12.2012 3'079.6 Short Int -
7'557.22 1 Yr Total Return 1.60%
Total Debt 5'225.76 YTD Return 6.00%
Preferred Stock 0.0 Adjusted BETA 0.967
Minority Interest 2'325.8 Analyst Recs 22
Cash and Equivalents 1'018.04 Consensus Rating 2.636
Enterprise Value 14'090.78
Average Volume 5 Day 8'713'176
MAP SQ EQUITY YTD Change - Average Volume 30 Day 8'508'184
MAP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 11'809'300
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
14'844.0 16'011.4 17'165.6 19'867.6 20'030.3 16'500.2 20'049.1 20'878.7 21'774.3 - -
0.66x 0.69x 0.49x 0.57x 0.68x 2.78x 2.35x 0.55x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
900.7 926.9 933.5 963.0 665.7 963.0 665.7 970.5 1'018.1 - -
7.15x 8.97x 6.63x 7.75x 10.51x 7.85x 10.47x 7.69x 7.46x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating BBB-
Operating Margin 8.25% Long-Term Outlook NEG
Pretax Margin 6.85% Short-Term Rating Date -
Return on Assets 1.19% Short-Term Rating -
Return on Common Equity 8.96%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 66.9%
Net Income Margin 3.3% Total Debt/Capital 34.0%
Asset Turnover 0.36
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.17% Inventory Days -
Tot Debt to Common Equity 66.91% 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
Mapfre SAPrice/Volume
Valuation Analysis
6'480'694.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FUNDACION MAPFRE n/a Research 1'990'232'865 64.63 - 06.02.2012 Other
BANCO FINANCIERO Y D n/a Research 461'691'489 14.99 - 06.02.2012 Bank
STEADFAST CAPITAL MA n/a Short (18'477'319) -0.6 - 02.11.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'081'575 0.46 304'556 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 13'051'147 0.42 1'556'262 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'529'791 0.31 55'419 26.02.2013 Investment Advisor
ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 6'056'185 0.2 1'028'514 31.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'496'231 0.15 474'315 31.12.2012 Investment Advisor
SHELTER INSURANCE GR n/a ULT-AGG 4'128'000 0.13 - 30.09.2012 Insurance Company
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'883'405 0.09 - 28.09.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'692'660 0.09 (2'026'700) 31.12.2012 Investment Advisor
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 2'642'837 0.09 - 31.08.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 2'107'305 0.07 - 30.11.2012 Bank
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 1'964'812 0.06 (19'369) 29.02.2012 Investment Advisor
OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'643'815 0.05 - 31.10.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'597'011 0.05 636'605 27.02.2013 Investment Advisor
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 1'496'050 0.05 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'436'543 0.05 (156'889) 31.01.2013 Investment Advisor
ABANTE ASESORES GEST Multiple Portfolios MF-AGG 1'206'958 0.04 - 31.12.2012 Investment Advisor
LA FRANCAISE AM INTE Multiple Portfolios MF-AGG 1'198'630 0.04 856'630 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 26.02.2013
Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ buy 5 M 3 12 month 18.02.2013
NMAS 1 Agencia de Valores RODRIGO VAZQUEZ strong buy 5 M 3 6 month 13.02.2013
Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 2 Not Provided 12.02.2013
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 3 12 month 11.02.2013
CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 2 Not Provided 07.02.2013
Oddo & Cie NAZIH BOUGUECHA neutral 3 M 3 Not Provided 07.02.2013
Berenberg Bank SAMI TAIPALUS hold 3 M 3 Not Provided 07.02.2013
Banesto Bolsa SA Sociedad ALFREDO DEL CERRO neutral 3 M 3 12 month 07.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 2 12 month 07.02.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 2 12 month 06.02.2013
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 2 3 month 05.02.2013
Barclays CLAUDIA GASPARI equalweight 3 M 3 Not Provided 04.02.2013
Credit Suisse RICHARD BURDEN neutral 3 M 3 Not Provided 14.01.2013
Raymond James RAPHAEL CARUSO underperform 1 M 2 Not Provided 27.12.2012
Banco Sabadell MARIA PAZ OJEDA sell 1 D 2 Not Provided 07.11.2012
La Caixa DAVID FERNANDEZ underweight 1 D 2 Not Provided 13.09.2012
BBVA SILVIA RIGOL CARNEIRO outperform 5 U 3 Not Provided 20.07.2012
Societe Generale EMMANUELLE CALES sell 1 N 2 12 month 31.05.2012
Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 3 Not Provided 04.08.2010
Nomura TEAM COVERAGE reduce 2 M 3 Not Provided 06.11.2008
Holdings By:
Mapfre SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Marine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic
salmon. The Company operates hatcheries, processes and packages fish, as well
as sells and markets the products. Marine Harvest operates in Canada, Norway
and Scotland. The Company sells salmon worldwide through its sales companies in
Norway, Canada, the United Kingdom and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 6.00
52-Week Low (06.03.2012) 2.62
Daily Volume
5.98
52-Week High % Change -0.25% Dividend Yield -
52-Week Low % Change 128.24% Beta 1.08
% 52 Week Price Range High/Low 99.56% Equity Float 2'271.05
Shares Out 31.12.2012 3'581.1 Short Int -
21'415.22 1 Yr Total Return 99.33%
Total Debt 5'716.30 YTD Return 16.80%
Preferred Stock 0.0 Adjusted BETA 1.077
Minority Interest 69.0 Analyst Recs 16
Cash and Equivalents 335.30 Consensus Rating 4.625
Enterprise Value 26'865.22
Average Volume 5 Day 12'679'580
MHG NO EQUITY YTD Change - Average Volume 30 Day 14'703'340
MHG NO EQUITY YTD % CHANGE - Average Volume 3 Month 16'069'600
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
13'486.9 14'500.2 15'191.4 16'132.8 15'463.5 16'132.9 15'463.6 16'750.0 19'617.5 3'670.9 4'153.4
0.85x 1.40x 1.80x 0.98x 1.59x 5.08x 5.38x 1.64x 1.39x 7.27x 6.35x
2'599.5 2'566.8 3'849.4 3'560.2 1'215.3 3'562.1 1'215.5 3'058.9 4'125.2 654.3 852.6
4.40x 7.89x 7.10x 4.44x 20.27x 4.44x 20.27x 8.78x 6.51x 8.90x 7.82x
(2'852.6) 1'296.3 3'078.0 1'115.7 408.6 1'116.7 408.8 1'571.2 2'399.3 311.3 473.9
- 11.54x 7.17x 8.30x 46.56x 8.21x 47.24x 14.20x 9.49x 14.69x 12.15x
EBITDA 1'215.30 Long-Term Rating Date -
EBIT 537.60 Long-Term Rating -
Operating Margin 3.48% Long-Term Outlook -
Pretax Margin 5.10% Short-Term Rating Date -
Return on Assets 1.77% Short-Term Rating -
Return on Common Equity 3.65%
Return on Capital 3.50% EBITDA/Interest Exp. 3.17
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA 4.43
Gross Margin 37.5% Total Debt/EBITDA 4.70
EBITDA Margin 7.9%
EBIT Margin 3.5% Total Debt/Equity 49.2%
Net Income Margin 2.6% Total Debt/Capital 32.8%
Asset Turnover 0.67
Current Ratio 2.94 Net Fixed Asset Turnover 3.74
Quick Ratio 0.10 Accounts receivable turnover-days -
Debt to Assets 24.55% Inventory Days 30.34
Tot Debt to Common Equity 49.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 12.75
Inventory Turnover 12.06
Fiscal Year Ended
Marine Harvest ASAPrice/Volume
Valuation Analysis
17'677'143.00
Current Price (2/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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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GEVERAN TRADING CO L n/a EXCH 872'993'302 24.38 - 18.02.2013 Corporation
STATE STREET n/a ULT-AGG 317'333'268 8.86 - 27.02.2013 Investment Advisor
GOVERNMENT PENSION F n/a EXCH 313'216'895 8.75 - 18.02.2013 Government
MORGAN STANLEY n/a ULT-AGG 257'072'196 7.18 - 18.02.2013 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 105'263'137 2.94 - 18.02.2013 Bank
ALLIANZ ASSET MANAGE n/a ULT-AGG 87'784'022 2.45 16'368'248 31.10.2012 Investment Advisor
FRIENDMALL LTD n/a EXCH 80'524'404 2.25 - 18.02.2013 Unclassified
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 67'417'708 1.88 4'574'325 31.01.2013 Investment Advisor
DNB NORBANK ASA n/a EXCH 66'835'227 1.87 - 18.02.2013 Bank
BANK OF NEW YORK MEL n/a EXCH 40'143'840 1.12 - 18.02.2013 Investment Advisor
GOLDMAN SACHS & CO n/a EXCH 37'618'452 1.05 - 18.02.2013 Investment Advisor
STATOILS PENSJONSKAS n/a EXCH 36'782'996 1.03 - 18.02.2013 Pension Fund (ERISA)
JP MORGAN CHASE BANK n/a EXCH 33'164'013 0.93 - 18.02.2013 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 32'202'972 0.9 (317'864) 31.01.2013 Investment Advisor
VARMA MUTUAL PENSION n/a EXCH 31'500'000 0.88 - 18.02.2013 Insurance Company
DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 30'354'935 0.85 23'800 28.09.2012 Investment Advisor
WEST COAST INVEST AS n/a EXCH 30'012'000 0.84 - 18.02.2013 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'700'578 0.83 617'064 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 27'972'159 0.78 - 18.02.2013 Unclassified
EUROCLEAR BANK SA n/a EXCH 26'490'191 0.74 - 18.02.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Pareto Securities HENNING LUND buy 5 M 7 6 month 21.02.2013
ABG Sundal Collier GEORG LIASJO buy 5 M 6 6 month 07.02.2013
Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 07.02.2013
Fondsfinans AS BENT ROLLAND buy 5 M 6 Not Provided 07.02.2013
Nordea Equity Research KOLBJORN GISKEODEGARD buy 5 M 6 12 month 07.02.2013
SEB Enskilda PEDER STRAND hold 3 M 6 Not Provided 06.02.2013
Rabobank International PATRICK ROQUAS buy 5 M 6 Not Provided 06.02.2013
Handelsbanken KJETIL LYE buy 5 M 6 12 month 06.02.2013
SpareBank 1 Markets AS GEIR KRISTIANSEN buy 5 M 6 12 month 06.02.2013
DNB Markets KNUT-IVAR BAKKEN buy 5 M 7 Not Provided 06.02.2013
Arctic Securities ASA THOMAS LORCK buy 5 M 7 Not Provided 06.02.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 U 7 12 month 06.02.2013
Swedbank First Securities HENNING C STEFFENRUD buy 5 M 6 Not Provided 06.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Equita SIM SpA GIANMARCO BONAICNA buy 5 N 7 12 month 16.01.2013
Norne Securities AS ANDERS GJENDEMSJO buy 5 M 6 12 month 10.01.2013
Holdings By:
Marine Harvest ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Meda AB is a specialty pharmaceutical company. The Company imports and markets
pharmaceuticals, nutritional, and health-care products, and offers services
including clinical research, registration, and logistics. Meda's products are
sold in the Nordic countries and in the Baltic states on behalf of foreign
manufacturers. The Company markets to wholesale dealers and hospitals.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.01.2013) 76.45
52-Week Low (11.04.2012) 59.60
Daily Volume
73.45
52-Week High % Change -3.92% Dividend Yield -
52-Week Low % Change 23.24% Beta 0.84
% 52 Week Price Range High/Low 82.20% Equity Float -
Shares Out 26.02.2013 302.2 Short Int -
22'199.75 1 Yr Total Return 21.48%
Total Debt 14'947.00 YTD Return 9.71%
Preferred Stock 0.0 Adjusted BETA 0.839
Minority Interest (4.0) Analyst Recs 11
Cash and Equivalents 194.00 Consensus Rating 4.000
Enterprise Value 36'952.75
Average Volume 5 Day 772'602
MEDAA SS EQUITY YTD Change - Average Volume 30 Day 981'424
MEDAA SS EQUITY YTD % CHANGE - Average Volume 3 Month 870'050
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
10'675.0 13'178.0 11'571.0 12'856.0 12'991.0 12'857.0 12'991.0 13'345.1 14'094.0 3'361.7 3'406.3
2.91x 2.44x 2.44x 2.97x 2.69x 11.01x 10.76x 2.68x 2.38x 10.98x 10.77x
3'425.0 4'387.0 4'306.0 4'683.0 3'935.0 4'649.0 3'935.0 4'027.8 4'572.1 1'027.3 989.2
9.08x 7.32x 6.55x 8.16x 8.89x 8.22x 8.89x 9.17x 8.08x 9.41x -
954.0 1'539.0 1'444.0 1'616.0 1'209.0 1'616.0 1'209.0 2'389.9 2'665.8 447.0 458.0
15.06x 12.67x 10.72x 13.39x 16.74x 13.39x 16.74x 9.97x 8.24x 21.32x -
EBITDA 3'935.00 Long-Term Rating Date -
EBIT 1'791.00 Long-Term Rating -
Operating Margin 13.79% Long-Term Outlook -
Pretax Margin 9.57% Short-Term Rating Date -
Return on Assets 3.21% Short-Term Rating -
Return on Common Equity 8.04%
Return on Capital - EBITDA/Interest Exp. 7.79
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 7.59
Net Debt/EBITDA 3.75
Gross Margin 61.2% Total Debt/EBITDA 3.80
EBITDA Margin 30.3%
EBIT Margin 13.8% Total Debt/Equity 98.9%
Net Income Margin 9.3% Total Debt/Capital 49.7%
Asset Turnover 0.35
Current Ratio 0.98 Net Fixed Asset Turnover 16.18
Quick Ratio 0.04 Accounts receivable turnover-days -
Debt to Assets 40.89% Inventory Days 134.72
Tot Debt to Common Equity 98.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 123.62
Inventory Turnover 2.72
Fiscal Year Ended
Meda ABPrice/Volume
Valuation Analysis
504'283.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STENA SESSAN REDERI n/a Research 68'741'898 22.74 779'000 29.06.2012 Corporation
SWEDBANK ROBUR FONDE n/a Research 15'423'140 5.1 - 23.01.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 8'985'791 2.97 26'900 31.12.2012 Investment Advisor
AMF PENSION n/a Research 8'590'634 2.84 - 29.06.2012 Pension Fund (ERISA)
SEB FONDER AB n/a Research 8'485'123 2.81 - 29.06.2012 Mutual Fund Manager
ALECTA PENSIONSFORSA n/a Research 8'000'000 2.65 - 29.06.2012 Pension Fund (ERISA)
AMF FONDER AB Multiple Portfolios MF-AGG 7'290'634 2.41 (50'000) 31.12.2012 Investment Advisor
SSB CL OMNIBUS FUNDS n/a Research 7'287'741 2.41 - 29.06.2012 n/a
B&E PARTICIPATION AB n/a Research 6'955'000 2.3 - 29.06.2012 Other
SKANDIA FONDER AB n/a Research 6'588'545 2.18 - 29.06.2012 Mutual Fund Manager
HANDELSBANKEN FONDER n/a Research 5'890'695 1.95 - 29.06.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'059'318 1.67 (933'573) 31.01.2013 Investment Advisor
LONNER ANDERS n/a Research 4'950'000 1.64 80'000 29.06.2012 n/a
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 4'605'482 1.52 1'513'446 31.12.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 4'403'439 1.46 35'709 31.12.2012 Investment Advisor
ENTER FONDER AB Multiple Portfolios MF-AGG 3'547'100 1.17 150'300 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 3'373'126 1.12 (536'774) 31.01.2013 Investment Advisor
CATELLA FONDFORVALTN Multiple Portfolios MF-AGG 3'147'728 1.04 1'008'304 31.12.2012 Investment Advisor
MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 3'076'500 1.02 174'211 30.11.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'768'905 0.92 - 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda LARS HEVRENG hold 3 M 76 Not Provided 25.02.2013
Credit Suisse LUISA HECTOR outperform 5 M 88 Not Provided 20.02.2013
Carnegie KRISTOFER LILJEBERG buy 5 M #N/A N/A Not Provided 20.02.2013
Nordea Equity Research ERIK HULTGARD sell 1 M 64 12 month 20.02.2013
Handelsbanken HANS MAHLER buy 5 M 100 12 month 20.02.2013
Pareto Securities YILMAZ MAHSHID buy 5 M 90 6 month 20.02.2013
Danske Markets MATTIAS HAGGBLOM buy 5 M 85 12 month 20.02.2013
ABG Sundal Collier PETER HUGREFFE buy 5 M 100 6 month 19.02.2013
Swedbank JOHAN UNNERUS reduce 2 D 69 12 month 24.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Meda AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Mediaset S.p.A. operates television broadcasting, television production, signal
broadcasting management, and music production businesses. The Company owns and
operates Italian television stations Canale 5, Italia 1, and Retequattro.
Mediaset also produces and markets music record albums, sells advertising time,
and operates Internet portals and a library of television rights.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.03.2012) 2.35
52-Week Low (14.06.2012) 1.14
Daily Volume
1.657
52-Week High % Change -29.61% Dividend Yield -
52-Week Low % Change 44.84% Beta 1.13
% 52 Week Price Range High/Low 42.40% Equity Float 636.42
Shares Out 30.09.2012 1'181.2 Short Int -
1'957.29 1 Yr Total Return -19.91%
Total Debt 1'906.30 YTD Return 6.49%
Preferred Stock 0.0 Adjusted BETA 1.127
Minority Interest 817.4 Analyst Recs 28
Cash and Equivalents 209.40 Consensus Rating 2.214
Enterprise Value 4'408.89
Average Volume 5 Day 27'609'990
MS IM EQUITY YTD Change - Average Volume 30 Day 22'928'850
MS IM EQUITY YTD % CHANGE - Average Volume 3 Month 24'809'960
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
4'032.8 4'146.9 3'815.0 4'253.6 4'208.2 4'258.1 3'841.3 3'727.9 3'594.0 1'046.3 -
2.32x 1.50x 2.15x 1.76x 1.17x 6.22x 3.64x 1.22x 1.21x 4.33x -
2'143.1 2'143.7 1'782.1 1'995.1 1'827.3 1'881.3 1'328.1 1'344.9 1'348.9 160.0 -
4.36x 2.89x 4.61x 3.75x 2.71x 2.80x 0.00x 3.28x 3.27x - -
506.8 459.0 272.4 352.2 225.0 326.2 13.1 (12.1) 12.1 (4.0) -
15.34x 10.20x 23.84x 14.60x 10.69x 8.17x 97.40x - 97.47x - -
EBITDA 1'827.30 Long-Term Rating Date -
EBIT 539.60 Long-Term Rating -
Operating Margin 12.82% Long-Term Outlook -
Pretax Margin 10.91% Short-Term Rating Date -
Return on Assets 1.41% Short-Term Rating -
Return on Common Equity 4.30%
Return on Capital - EBITDA/Interest Exp. 41.53
Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 37.61
Net Debt/EBITDA 1.01
Gross Margin - Total Debt/EBITDA 1.16
EBITDA Margin 41.0%
EBIT Margin 8.7% Total Debt/Equity 76.9%
Net Income Margin 5.3% Total Debt/Capital 36.6%
Asset Turnover 0.54
Current Ratio 0.53 Net Fixed Asset Turnover 6.67
Quick Ratio 0.43 Accounts receivable turnover-days 96.03
Debt to Assets 24.83% Inventory Days -
Tot Debt to Common Equity 76.92% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.81 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
Mediaset SpAPrice/Volume
Valuation Analysis
10'962'259.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FININVEST SPA n/a EXCH 472'573'702 40.01 - 20.11.2012 Corporation
MEDIASET SPA n/a EXCH 44'827'585 3.79 - 20.11.2012 Corporation
MACKENZIE FINANCIAL n/a EXCH 40'634'227 3.44 - 20.11.2012 Investment Advisor
GRANTHAM MAYO VAN OT n/a EXCH 24'026'168 2.03 - 20.11.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 18'260'240 1.55 169'760 30.06.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (13'111'626) -1.11 (236'246) 10.01.2013 Hedge Fund Manager
EGERTON CAPITAL LIMI n/a Short (12'166'644) -1.03 (2'244'333) 26.02.2013 Hedge Fund Manager
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 12'044'851 1.02 - 31.12.2012 Investment Advisor
MARSHALL WACE LLP n/a Short (10'276'680) -0.87 (1'299'350) 26.02.2013 Hedge Fund Manager
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 9'270'774 0.78 (18'024) 31.01.2013 Mutual Fund Manager
SUNRISE PARTNERS LP n/a Short (9'095'452) -0.77 - 07.11.2012 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'268'812 0.7 (2'679'136) 31.12.2012 Investment Advisor
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 6'867'400 0.58 (7'582) 31.12.2012 Investment Advisor
OXFORD ASSET MANAGEM n/a Short (5'906'138) -0.5 - 15.11.2012 Investment Advisor
HEADWATERS HOLDINGS n/a Short (5'906'138) -0.5 1'181'227 27.11.2012 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 5'576'335 0.47 - 31.03.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 5'144'402 0.44 5'144'402 31.01.2013 Investment Advisor
ODEY ASSET MANAGEMEN n/a Short (4'606'787) -0.39 - 17.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'580'000 0.39 - 31.12.2012 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (3'779'928) -0.32 (3'189'314) 22.02.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Liberum Capital Ltd IAN WHITTAKER sell 1 M 1 Not Provided 21.02.2013
Nomura WILLIAM MAIRS reduce 2 M 1 12 month 15.02.2013
AlphaValue VERONIQUE CABIOC'H add 4 M 2 6 month 14.02.2013
Berenberg Bank SARAH SIMON buy 5 M 3 Not Provided 13.02.2013
Mediobanca SpA FABIO PAVAN neutral 3 M 1 6 month 07.02.2013
Banca IMI LAURA CARMIGNANI reduce 2 M 1 12 month 07.02.2013
Equita SIM SpA STEFANO GAMBERINI reduce 2 M 2 12 month 06.02.2013
Exane BNP Paribas ADRIEN DE SAINT HILAIRE neutral 3 M 2 Not Provided 05.02.2013
Barclays JULIEN ROCH underweight 1 M 2 Not Provided 24.01.2013
Deutsche Bank LAURIE DAVISON hold 3 D 2 12 month 18.01.2013
Societe Generale LAURENT PICARD sell 1 M 2 12 month 17.01.2013
Credit Suisse OMAR SHEIKH outperform 5 U 3 Not Provided 17.01.2013
Banca Akros(ESN) ANDREA DEVITA hold 3 M 1 12 month 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 D 2 9 month 15.01.2013
Goldman Sachs LISA YANG Sell/Neutral 1 M 1 12 month 09.01.2013
Espirito Santo Investment Bank ResearchGIASONE SALATI buy 5 M 2 Not Provided 08.01.2013
Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 1 12 month 07.01.2013
Kepler Capital Markets DANIELE RIDOLFI reduce 2 M 1 Not Provided 29.11.2012
S&P Capital IQ ALEXANDER WISCH sell 1 M 1 12 month 15.11.2012
Centrobanca ORIANA CARDANI sell 1 M 1 12 month 14.11.2012
Natixis JEROME BODIN reduce 2 M 1 Not Provided 13.11.2012
ICBPI STEFANO VULPIANI not rated #N/A N/A M #N/A N/A Not Provided 25.10.2012
HSBC LUIGI MINERVA underweight 1 M 1 Not Provided 06.08.2012
Morgan Stanley JULIEN ROSSI Underwt/Attractive 1 M 1 12 month 03.08.2012
CA Cheuvreux MARCO BACCAGLIO underperform 1 M 1 Not Provided 06.06.2012
Holdings By:
Mediaset SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Mediobanca S.p.A. is an investment bank in Italy, offering advisory services to
domestic and international customers, and providing finance in its various forms
from more traditional bank credit to the most sophisticated solutions available
on capital markets. Banking activities on the retail side include consumer
credit and mortgages offered alongside deposit gathering and wealth management.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 5.66
52-Week Low (25.07.2012) 2.34
Daily Volume
4.75
52-Week High % Change -16.08% Dividend Yield -
52-Week Low % Change 102.99% Beta 1.04
% 52 Week Price Range High/Low 72.59% Equity Float 758.58
Shares Out 31.12.2012 861.1 Short Int -
4'090.36 1 Yr Total Return -1.75%
Total Debt 54'736.87 YTD Return 1.89%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 109.4 Analyst Recs 13
Cash and Equivalents 29.74 Consensus Rating 3.308
Enterprise Value 49'064.06
Average Volume 5 Day 8'960'054
MB IM EQUITY YTD Change - Average Volume 30 Day 5'865'471
MB IM EQUITY YTD % CHANGE - Average Volume 3 Month 6'428'371
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
3'429.9 3'879.2 3'451.7 3'394.6 3'440.6 3'344.6 3'003.6 1'816.1 1'922.4 - -
16.39x 15.70x 17.73x 17.79x 16.78x 70.79x 73.91x - - - -
2'810.0 3'079.5 2'633.2 2'511.7 2'605.0 2'478.0 2'110.3 715.0 764.0 - -
20.00x 19.78x 23.25x 24.04x 22.17x 23.10x 23.21x 68.62x 64.22x - -
1'014.8 2.4 400.9 368.6 80.9 169.1 141.3 392.0 520.8 - -
8.64x 2828.33x 12.81x 16.24x 34.74x 23.39x 26.31x 10.22x 7.55x - -
EBITDA 2'605.05 Long-Term Rating Date 10.02.2012
EBIT - Long-Term Rating BBB+
Operating Margin 12.21% Long-Term Outlook NEG
Pretax Margin 5.98% Short-Term Rating Date 10.02.2012
Return on Assets 0.20% Short-Term Rating A-2
Return on Common Equity 2.13%
Return on Capital 0.23% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 21.26
Gross Margin - Total Debt/EBITDA 25.58
EBITDA Margin 70.3%
EBIT Margin - Total Debt/Equity 829.5%
Net Income Margin 2.4% Total Debt/Capital 89.1%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 5.93
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 69.57% Inventory Days -
Tot Debt to Common Equity 829.50% 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
Mediobanca SpAPrice/Volume
Valuation Analysis
13'008'262.00
Current Price (2/dd/yy) Market Data
'
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1'000.0
1'500.0
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4'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNICREDIT SPA n/a Research 74'616'846 8.67 - 30.01.2013 Bank
FINANCIERE DU PERGUE n/a Research 43'306'188 5.03 - 30.01.2013 Corporation
GROUPAMA VIE n/a Research 27'073'902 3.14 - 30.01.2013 Insurance Company
FONDIARIA-SAI SPA n/a Research 27'056'680 3.14 - 30.01.2013 Insurance Company
MEDIOLANUM SPA n/a Research 22'673'532 2.63 - 30.01.2013 Other
ITALMOBILIARE SPA n/a Research 22'570'197 2.62 - 30.01.2013 Holding Company
FONDAZIONE CASSA RIS n/a Research 22'010'463 2.56 - 30.01.2013 Other
EDIZIONE HOLDING SPA n/a Research 18'626'225 2.16 - 30.01.2013 Holding Company
FININVEST SPA n/a Research 17'739'262 2.06 - 30.01.2013 Corporation
FONDAZIONE CASSA RIS n/a Research 17'222'584 2 (9'782'428) 31.01.2013 Bank
GROUPAMA SA n/a Research 15'362'545 1.78 - 30.01.2013 Insurance Company
BLACKROCK n/a ULT-AGG 9'991'431 1.16 17'894 26.02.2013 Investment Advisor
PROTO ORGANIZATION n/a Research 9'472'421 1.1 - 17.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'248'825 1.07 157'966 31.12.2012 Investment Advisor
MEDIOLANUM VITA SPA n/a Research 6'458'469 0.75 - 30.01.2013 Unclassified
MILANO ASSICURAZIONI n/a Research 3'108'676 0.36 - 30.01.2013 Insurance Company
FINSAI INTERNATIONAL n/a Research 2'858'949 0.33 - 30.01.2013 Insurance Company
ARCA SGR SPA Multiple Portfolios MF-AGG 1'711'887 0.2 160'273 28.12.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 891'687 0.1 - 31.07.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 799'595 0.09 (107'200) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banca IMI MANUELA MERONI add 4 M 5 12 month 27.02.2013
Keefe, Bruyette & Woods RONNY REHN market perform 3 M 5 12 month 27.02.2013
CA Cheuvreux ALDO COMI underperform 1 M 4 Not Provided 27.02.2013
Equita SIM SpA MATTEO GHILOTTI hold 3 D 6 12 month 27.02.2013
Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 6 12 month 27.02.2013
ICBPI MARCO SALLUSTIO neutral 3 M 6 Not Provided 27.02.2013
Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 6 Not Provided 27.02.2013
Nomura DOMENICO SANTORO neutral 3 M 6 12 month 26.02.2013
Centrobanca GUGLIELMO MARCO OPIPARI hold 3 D 5 12 month 22.02.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 8 6 month 21.02.2013
Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 6 12 month 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Main First Bank AG ALBERTO SEGAFREDO buy 5 M 10 12 month 12.05.2011
Holdings By:
Mediobanca SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Michael Page International plc provides recruitment consultancy services. The
Group places candidates in permanent, contract, temporary, and interim
positions. Michael Page conducts operations in the United Kingdom, Europe,
Asia-Pacific, and the Americas, focusing on the areas of finance, marketing,
retail, sales, legal, technology, human resources, and various others.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (16.03.2012) 505.00
52-Week Low (13.07.2012) 337.50
Daily Volume
426.4
52-Week High % Change -15.56% Dividend Yield 2.35
52-Week Low % Change 26.34% Beta 1.17
% 52 Week Price Range High/Low 53.07% Equity Float 269.39
Shares Out 01.02.2013 304.4 Short Int -
1'297.79 1 Yr Total Return -3.57%
Total Debt 6.25 YTD Return 7.95%
Preferred Stock 0.0 Adjusted BETA 1.170
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 64.42 Consensus Rating 3.000
Enterprise Value 1'265.38
Average Volume 5 Day 823'289
MPI LN EQUITY YTD Change - Average Volume 30 Day 697'099
MPI LN EQUITY YTD % CHANGE - Average Volume 3 Month 769'601
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 01/yy 01/yy 12/12 Y 12/13 Y - -
831.6 972.8 716.7 832.3 1'019.1 - - 977.4 994.6 - -
1.12x 0.61x 1.52x 2.05x 1.03x - - 1.27x 1.23x - -
156.9 146.6 32.0 82.6 97.8 - - 78.8 89.2 - -
5.94x 4.07x 34.01x 20.64x 10.70x - - 16.06x 14.19x - -
101.7 97.3 12.4 67.5 56.9 - - 42.7 49.1 - -
9.27x 7.09x 98.05x 25.64x 18.68x - - 30.68x 27.33x - -
EBITDA 97.78 Long-Term Rating Date -
EBIT 86.12 Long-Term Rating -
Operating Margin 8.45% Long-Term Outlook -
Pretax Margin 8.45% Short-Term Rating Date -
Return on Assets 12.54% Short-Term Rating -
Return on Common Equity 25.92%
Return on Capital 22.16% EBITDA/Interest Exp. 116.26
Asset Turnover 2.83% (EBITDA-Capex)/Interest Exp. 96.86
Net Debt/EBITDA -0.37
Gross Margin 54.3% Total Debt/EBITDA 0.28
EBITDA Margin 8.7%
EBIT Margin 7.5% Total Debt/Equity 3.5%
Net Income Margin 5.6% Total Debt/Capital 3.3%
Asset Turnover 2.83
Current Ratio 1.59 Net Fixed Asset Turnover 32.01
Quick Ratio 1.34 Accounts receivable turnover-days 61.00
Debt to Assets 1.79% Inventory Days -
Tot Debt to Common Equity 3.46% Accounts Payable Turnover Day 4.64
Accounts Receivable Turnover 6.00 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
Michael Page International PLCPrice/Volume
Valuation Analysis
702'504.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 65'627'987 21.56 (10'774'771) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 33'850'040 11.12 5'270'670 01.02.2013 Investment Advisor
NOMAD INVESTMENT PAR n/a RNS-MAJ 21'552'513 7.08 3'285'000 11.04.2012 Investment Advisor
SLEEP ZAKARIA & COMP Multiple Portfolios REG 21'552'513 7.08 - 03.12.2012 Unclassified
ARTISAN PARTNERS HOL Multiple Portfolios REG 20'674'075 6.79 1'123'626 03.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'719'500 5.49 (3'944'919) 31.12.2012 Investment Advisor
LONE PINE CAPITAL LL Multiple Portfolios REG 15'935'738 5.24 - 03.12.2012 Hedge Fund Manager
MPI EMPLOYEE BENEFIT n/a RNS-MAJ 15'412'764 5.06 3'083'014 12.07.2012 n/a
BLACKROCK n/a ULT-AGG 15'279'215 5.02 - 26.02.2013 Investment Advisor
CAUSEWAY CAPITAL MAN n/a RNS-MAJ 15'218'870 5 - 30.01.2013 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 15'108'375 4.96 41'681 03.12.2012 Investment Advisor
MICHAEL PAGE INTERNA Multiple Portfolios REG 13'788'535 4.53 (207'319) 03.12.2012 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 13'152'378 4.32 1'323'215 03.12.2012 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 12'985'079 4.27 (1'867'057) 28.03.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 10'597'862 3.48 (276'357) 31.01.2013 Unclassified
KAMES CAPITAL PLC n/a RNS-MAJ 10'381'105 3.41 (1'844'808) 28.09.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios REG 10'239'271 3.36 398'910 03.12.2012 Mutual Fund Manager
AEGON n/a ULT-AGG 9'954'493 3.27 (2'836'791) 03.12.2012 Unclassified
LANSDOWNE PARTNERS n/a Short (9'496'019) -3.12 (304'359) 20.02.2013 Investment Advisor
UBS AG/LONDON #N/A N/A RNS-MAJ 9'450'522 3.11 - 21.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DAVID GREENALL outperform 5 M 500 12 month 25.02.2013
JPMorgan ROBERT PLANT neutral 3 M 375 12 month 18.02.2013
Investec SEBASTIEN JANTET sell 1 D 394 12 month 04.02.2013
Peel Hunt HENRY CARVER hold 3 M 390 Not Provided 04.02.2013
Credit Suisse ANDY GROBLER underperform 1 M 375 Not Provided 30.01.2013
Exane BNP Paribas LAURENT BRUNELLE neutral 3 U 400 Not Provided 23.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Berenberg Bank KONRAD ZOMER hold 3 M 400 Not Provided 16.01.2013
Natixis OLIVIER LEBRUN reduce 2 M 270 Not Provided 16.01.2013
Numis Securities Ltd STEVE WOOLF add 4 M 450 Not Provided 16.01.2013
Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 530 Not Provided 16.01.2013
Shore Capital Stockbrokers DAVID O'BRIEN sell 1 M #N/A N/A Not Provided 15.01.2013
Canaccord Genuity Corp JAMES GILBERT hold 3 M 375 Not Provided 15.01.2013
Panmure Gordon & Co Limited PAUL JONES sell 1 M 294 Not Provided 15.01.2013
Goldman Sachs CHARLES WILSON neutral/neutral 3 U 453 12 month 18.12.2012
Espirito Santo Investment Bank ResearchGUY HEWETT neutral 3 N 375 Not Provided 18.10.2012
Deutsche Bank THOMAS SYKES hold 3 M 350 12 month 17.10.2012
Barclays PAUL CHECKETTS underweight 1 M 340 Not Provided 09.10.2012
Jefferies KEAN MARDEN buy 5 M 460 12 month 08.10.2012
HSBC MATTHEW LLOYD overweight 5 M 450 Not Provided 11.09.2012
Charles Stanley Securities ANDY SMITH buy 5 M 500 Not Provided 19.07.2012
CA Cheuvreux HANS PLUIJGERS underperform 1 M 420 Not Provided 22.09.2010
Holdings By:
Michael Page International PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Mitie Group plc provides a variety of services to both owners and occupiers
of commercial and industrial properties. The Group divides its business into
two areas, building services and support services. Their building operations
encompass air conditioning, industrial painting, and engineering services, while
their support services include catering, cleaning, security, and waste services.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (08.11.2012) 303.00
52-Week Low (28.06.2012) 252.50
Daily Volume
281.7
52-Week High % Change -7.03% Dividend Yield 3.48
52-Week Low % Change 11.56% Beta 0.76
% 52 Week Price Range High/Low 57.82% Equity Float 365.08
Shares Out 01.02.2013 369.7 Short Int -
1'041.45 1 Yr Total Return 9.79%
Total Debt 168.40 YTD Return 7.15%
Preferred Stock 0.0 Adjusted BETA 0.762
Minority Interest 4.2 Analyst Recs 17
Cash and Equivalents 60.80 Consensus Rating 3.000
Enterprise Value 1'178.75
Average Volume 5 Day 651'418
MTO LN EQUITY YTD Change - Average Volume 30 Day 599'648
MTO LN EQUITY YTD % CHANGE - Average Volume 3 Month 648'548
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 - -
1'407.2 1'521.9 1'720.1 1'891.4 2'002.5 - - 2'174.0 2'324.6 - -
0.57x 0.40x 0.47x 0.43x 0.56x - - 0.58x 0.53x - -
86.8 98.0 114.9 136.9 141.7 - - 144.8 164.2 - -
9.16x 6.19x 7.02x 5.93x 7.93x - - 8.14x 7.18x - -
45.0 53.1 57.1 65.2 71.9 - - 85.0 94.3 - -
16.90x 11.21x 13.55x 10.56x 13.66x - - 11.89x 10.75x - -
EBITDA 141.70 Long-Term Rating Date -
EBIT 111.80 Long-Term Rating -
Operating Margin 5.58% Long-Term Outlook -
Pretax Margin 4.72% Short-Term Rating Date -
Return on Assets 6.15% Short-Term Rating -
Return on Common Equity 16.86%
Return on Capital 12.20% EBITDA/Interest Exp. 18.64
Asset Turnover 1.88% (EBITDA-Capex)/Interest Exp. 15.79
Net Debt/EBITDA 0.93
Gross Margin 15.8% Total Debt/EBITDA 1.34
EBITDA Margin 7.0%
EBIT Margin 5.5% Total Debt/Equity 40.9%
Net Income Margin 3.6% Total Debt/Capital 28.8%
Asset Turnover 1.88
Current Ratio 1.19 Net Fixed Asset Turnover 30.71
Quick Ratio 0.95 Accounts receivable turnover-days -
Debt to Assets 15.41% Inventory Days 1.28
Tot Debt to Common Equity 40.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 26.43
Inventory Turnover 285.66
Fiscal Year Ended
Mitie Group PLCPrice/Volume
Valuation Analysis
874'218.00
Current Price (2/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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1'500.0
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 82'358'608 22.28 (2'298'246) 02.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 35'411'000 9.58 - 02.01.2013 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 28'056'949 7.59 (1'421'053) 02.01.2013 Other
MASSACHUSETTS FINANC Multiple Portfolios REG 25'209'806 6.82 (354'398) 02.01.2013 Investment Advisor
MAJEDIE ASSET MANAGE n/a RNS-MAJ 18'473'652 5 362'180 15.02.2013 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 17'965'859 4.86 - 02.01.2013 Investment Advisor
CO-OPERATIVE INSURAN n/a RNS-MAJ 17'752'112 4.8 - 19.11.2010 Insurance Company
LEGAL & GENERAL n/a ULT-AGG 14'696'133 3.98 (295'426) 31.01.2013 Unclassified
NEWTON INV MGMT Multiple Portfolios REG 9'289'784 2.51 1'081'033 02.01.2013 Mutual Fund Manager
NORGES BANK INVESTME Multiple Portfolios REG 8'237'659 2.23 (516'760) 02.01.2013 Government
DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 8'110'641 2.19 4'902'038 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 6'520'213 1.76 (1'272'378) 02.01.2013 Investment Advisor
BAE SYSTEMS PENSION Multiple Portfolios REG 6'389'355 1.73 - 02.01.2013 Pension Fund (ERISA)
HERONBRIDGE INVESTME Multiple Portfolios REG 6'212'253 1.68 (984'656) 02.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 4'387'628 1.19 (783'165) 02.01.2013 Investment Advisor
STATE TEACHERS RETIR Multiple Portfolios REG 4'250'791 1.15 - 02.01.2013 Pension Fund (ERISA)
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'017'999 1.09 100'564 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'903'600 1.06 574'630 26.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'808'632 1.03 322'085 26.02.2013 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios REG 3'799'692 1.03 (9'100) 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC ALEX MAGNI neutral 3 M 280 Not Provided 27.02.2013
Goldman Sachs MAYAN UTHAYAKUMAR neutral/neutral 3 M 360 6 month 20.02.2013
Investec ANDREW GIBB buy 5 M 330 12 month 28.01.2013
Oriel Securities Ltd HECTOR FORSYTHE add 4 M 315 Not Provided 28.01.2013
Panmure Gordon & Co Limited ANDY BROWN buy 5 M 310 Not Provided 28.01.2013
Peel Hunt CHRISTOPHER BAMBERRY sell 1 M 250 Not Provided 25.01.2013
Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 245 Not Provided 25.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Credit Suisse EUGENE KLERK underperform 1 D 250 Not Provided 15.01.2013
Liberum Capital Ltd WILLIAM SHIRLEY sell 1 M 240 Not Provided 09.01.2013
RBC Capital Markets ANDREW BROOKE sector perform 3 U 260 12 month 05.12.2012
Jefferies KEAN MARDEN hold 3 M 300 12 month 28.11.2012
Barclays JANE SPARROW overweight 5 M 320 Not Provided 22.11.2012
Canaccord Genuity Corp JAMES GILBERT hold 3 M 270 Not Provided 21.11.2012
Arden Partners Ltd BEN THEFAUT buy 5 M #N/A N/A Not Provided 01.07.2010
Holdings By:
Mitie Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Mobimo Holding AG builds and renovates residential real estate and invests in
commercial real estate.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (06.08.2012) 228.00
52-Week Low (05.03.2012) 205.56
Daily Volume
211.2
52-Week High % Change -7.37% Dividend Yield -
52-Week Low % Change 2.75% Beta 0.59
% 52 Week Price Range High/Low 25.15% Equity Float 5.58
Shares Out 31.12.2012 6.2 Short Int -
1'311.32 1 Yr Total Return 1.34%
Total Debt 1'062.91 YTD Return -3.52%
Preferred Stock 0.0 Adjusted BETA 0.590
Minority Interest 3.5 Analyst Recs 5
Cash and Equivalents 97.65 Consensus Rating 2.600
Enterprise Value 2'280.05
Average Volume 5 Day 15'765
MOBN SE EQUITY YTD Change - Average Volume 30 Day 12'762
MOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'857
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 01/yy 01/yy 12/13 Y 12/14 Y - -
197.2 258.7 177.3 230.0 252.4 - - 125.3 129.7 - -
6.14x 6.61x 10.81x 9.10x 9.22x - - 19.13x 19.26x - -
69.3 74.4 69.6 81.1 83.7 - - 96.2 97.0 - -
17.48x 22.97x 27.52x 25.80x 27.78x - - 23.69x 23.51x - -
45.0 62.5 66.0 80.5 76.3 - - 59.1 58.0 - -
13.65x 12.50x 15.35x 13.45x 17.75x - - 23.89x 24.59x - -
EBITDA 83.72 Long-Term Rating Date -
EBIT 81.44 Long-Term Rating -
Operating Margin 21.39% Long-Term Outlook -
Pretax Margin 37.11% Short-Term Rating Date -
Return on Assets 3.05% Short-Term Rating -
Return on Common Equity 6.44%
Return on Capital 3.38% EBITDA/Interest Exp. 3.05
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -1.29
Net Debt/EBITDA 11.53
Gross Margin - Total Debt/EBITDA 12.70
EBITDA Margin 33.2%
EBIT Margin - Total Debt/Equity 88.8%
Net Income Margin 30.2% Total Debt/Capital 47.0%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.20% Inventory Days -
Tot Debt to Common Equity 88.76% 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
Mobimo Holding AGPrice/Volume
Valuation Analysis
24'176.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PENSIONSKASSE DES KA n/a Co File 209'861 3.38 - 31.12.2012 Other
MIGROS COOPERATIVE A n/a Co File 204'894 3.3 - 31.12.2012 Other
BLACKROCK n/a ULT-AGG 190'613 3.07 - 26.02.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 185'671 2.99 (23'328) 28.12.2012 Mutual Fund Manager
MEILI ALFRED n/a EXCH 134'560 2.17 (13'762) 01.02.2011 n/a
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 83'235 1.34 871 31.10.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 80'463 1.3 (26) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 77'897 1.25 2'196 31.12.2012 Investment Advisor
REICHMUTH & CO n/a EXCH 41'500 0.67 - 09.07.2010 Investment Advisor
LEDERMANN URS n/a Co File 34'650 0.56 - 31.12.2012 n/a
IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 30'754 0.5 - 31.10.2012 Investment Advisor
FMR LLC n/a ULT-AGG 29'687 0.48 9'524 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 26'514 0.43 - 31.07.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 26'350 0.42 (188) 30.11.2012 Mutual Fund Manager
MIRABAUD & CIE Multiple Portfolios MF-AGG 25'622 0.41 (1'486) 29.06.2012 Mutual Fund Manager
SARASIN n/a ULT-AGG 20'154 0.32 20 30.11.2012 Unclassified
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 19'000 0.31 (6'000) 28.09.2012 Investment Advisor
JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 12'147 0.2 - 31.12.2012 Mutual Fund Manager
PETERCAM SA Multiple Portfolios MF-AGG 11'800 0.19 1'800 30.12.2011 Mutual Fund Manager
KBC GROUP NV Multiple Portfolios MF-AGG 11'107 0.18 30 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 16.01.2013
Kempen & Co ROBERT WOERDEMAN underweight 1 M 210 12 month 13.01.2013
Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 210 Not Provided 27.11.2012
Holdings By:
Mobimo Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Modern Times Group is an international entertainment broadcasting group in
Europe. The Company broadcasts free TV, satellite premium pay TV, and commercial
radio.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 371.30
52-Week Low (26.10.2012) 195.80
Daily Volume
271.1
52-Week High % Change -26.99% Dividend Yield -
52-Week Low % Change 38.46% Beta 1.10
% 52 Week Price Range High/Low 42.91% Equity Float -
Shares Out 26.02.2013 60.9 Short Int -
18'296.85 1 Yr Total Return -13.81%
Total Debt 1'024.00 YTD Return 19.64%
Preferred Stock 0.0 Adjusted BETA 1.098
Minority Interest 188.0 Analyst Recs 19
Cash and Equivalents 748.00 Consensus Rating 3.579
Enterprise Value 18'760.85
Average Volume 5 Day 367'300
MTGB SS EQUITY YTD Change - Average Volume 30 Day 479'982
MTGB SS EQUITY YTD % CHANGE - Average Volume 3 Month 479'824
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
13'166.0 12'427.0 13'101.0 13'473.0 13'336.0 13'473.0 13'336.0 13'552.8 14'105.0 3'217.3 3'528.6
1.13x 2.04x 2.44x 1.73x 1.17x 8.04x 6.29x 1.34x 1.24x 5.77x 5.34x
2'260.0 5'158.0 2'266.0 (943.0) 1'842.0 0.0 571.0 1'845.3 2'085.8 287.0 507.0
6.56x 4.92x 14.13x - 8.45x 0.00x 0.00x 10.17x 8.99x 12.42x -
2'851.0 (2'033.0) 3'522.0 (1'327.0) 1'526.0 (1'327.0) 1'527.0 1'381.1 1'587.7 335.0 391.0
3.90x - 16.96x - 9.88x 0.00x 9.88x 13.08x 11.31x 13.02x -
EBITDA 1'842.00 Long-Term Rating Date 14.09.2006
EBIT 1'695.00 Long-Term Rating NR
Operating Margin 12.71% Long-Term Outlook -
Pretax Margin 15.25% Short-Term Rating Date -
Return on Assets 13.29% Short-Term Rating -
Return on Common Equity 33.66%
Return on Capital - EBITDA/Interest Exp. 54.18
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. -9.41
Net Debt/EBITDA -
Gross Margin 40.8% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 12.7% Total Debt/Equity 20.7%
Net Income Margin 11.4% Total Debt/Capital 16.6%
Asset Turnover 1.16
Current Ratio 1.16 Net Fixed Asset Turnover 44.01
Quick Ratio 0.16 Accounts receivable turnover-days -
Debt to Assets 8.76% Inventory Days 74.51
Tot Debt to Common Equity 20.70% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 59.49
Inventory Turnover 4.91
Fiscal Year Ended
Modern Times Group ABPrice/Volume
Valuation Analysis
385'555.00
Current Price (2/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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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KINNEVIK INVESTMENT n/a 13G 8'384'365 13.77 - 31.12.2012 Holding Company
CAPITAL GROUP COMPAN n/a ULT-AGG 3'674'300 6.03 (55'700) 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 3'569'994 5.86 - 30.11.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 3'226'405 5.3 86'895 31.01.2013 Investment Advisor
LANNEBO FONDER AB n/a Research 2'552'798 4.19 (178'500) 29.06.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 2'535'500 4.16 631'200 31.12.2012 Investment Advisor
AMF PENSION n/a Research 2'191'200 3.6 - 29.06.2012 Pension Fund (ERISA)
NORDEA FONDER AB n/a Research 2'169'477 3.56 - 29.06.2012 Investment Advisor
SHB/SPP FUNDS n/a Research 1'750'090 2.87 - 29.06.2012 Investment Advisor
1ST SWEDISH NATIONAL n/a Research 1'698'783 2.79 - 29.06.2012 Pension Fund (ERISA)
FMR LLC n/a ULT-AGG 1'288'945 2.12 (556'307) 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'226'288 2.01 (471'291) 31.01.2013 Investment Advisor
SEB FONDER AB n/a Research 1'206'657 1.98 - 29.06.2012 Mutual Fund Manager
GOVERNMENT OF NORWAY n/a Research 1'142'647 1.88 - 29.06.2012 Government
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'003'855 1.65 151'971 31.12.2012 Investment Advisor
ANDRA AP FONDEN n/a Research 1'000'575 1.64 - 29.06.2012 Pension Fund (ERISA)
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 918'626 1.51 - 31.07.2012 Investment Advisor
SKANDIA FONDER AB n/a Research 898'560 1.48 - 29.06.2012 Mutual Fund Manager
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 817'776 1.34 257'118 31.12.2012 Investment Advisor
4TH NAT SWEDISH PENS n/a Research 803'975 1.32 - 29.06.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue VERONIQUE CABIOC'H buy 5 M 363 6 month 21.02.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 20.02.2013
S&P Capital IQ ALEXANDER WISCH hold 3 M 280 12 month 15.02.2013
Carnegie MIKAEL LASEEN buy 5 M #N/A N/A Not Provided 14.02.2013
Nordea Equity Research JOHAN GRABE buy 5 M 290 12 month 14.02.2013
Handelsbanken RASMUS ENGBERG reduce 2 M 258 12 month 14.02.2013
Exane BNP Paribas ADRIEN DE SAINT HILAIRE outperform 5 M 310 Not Provided 14.02.2013
Danske Markets BILE DAAR buy 5 M 300 12 month 14.02.2013
Goldman Sachs LISA YANG Buy/Neutral 5 M 322 12 month 13.02.2013
JPMorgan FILIPPO PIETRO LO FRANCO underweight 1 M 271 9 month 13.02.2013
Jefferies WILL SMITH buy 5 M 300 12 month 13.02.2013
Pareto Securities SERGEJ KAZATCHENKO hold 3 D 270 6 month 13.02.2013
SEB Enskilda STEFAN NELSON buy 5 M 265 Not Provided 04.02.2013
Prime Predictions PETER LJUNGGREN strong buy 5 U 287 12 month 14.01.2013
CA Cheuvreux NIKLAS KRISTOFFERSSONN underperform 1 M 190 Not Provided 14.11.2012
Swedbank CHRISTIAN ANDERSON neutral 3 M 210 12 month 19.10.2012
ABG Sundal Collier ANDERS HILLERBORG hold 3 M 370 6 month 20.04.2012
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 N 343 12 month 14.11.2011
Alandsbanken Equities HUGO PETERSON neutral 3 M 472 12 month 20.10.2010
Holdings By:
Modern Times Group AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
National Bank of Greece S.A. offers retail and corporate banking services. The
Bank accepts deposits and offers loans, lease financing, mortgages, and
investing and insurance services to industrial, commercial, and consumer
clients. National Bank of Greece operates domestically and overseas.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (09.03.2012) 2.71
52-Week Low (26.02.2013) 0.89
Daily Volume
0.939
52-Week High % Change -65.35% Dividend Yield -
52-Week Low % Change 5.51% Beta 1.34
% 52 Week Price Range High/Low 2.69% Equity Float 870.13
Shares Out 30.09.2012 956.1 Short Int -
897.77 1 Yr Total Return -60.04%
Total Debt 37'573.71 YTD Return -27.21%
Preferred Stock - Adjusted BETA 1.336
Minority Interest 83.6 Analyst Recs 7
Cash and Equivalents 8'718.00 Consensus Rating 2.000
Enterprise Value -
Average Volume 5 Day 5'528'382
ETE GA EQUITY YTD Change - Average Volume 30 Day 4'309'703
ETE GA EQUITY YTD % CHANGE - Average Volume 3 Month 4'777'704
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
7'331.7 8'339.1 7'744.0 6'993.7 7'328.4 7'249.5 5'951.1 3'917.7 4'479.5 1'097.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'625.3 1'546.0 922.6 405.5 (12'344.0) (1'199.4) (13'261.5) (296.8) (41.0) - -
16.15x 4.83x 12.23x 13.15x - 0.00x 0.00x - - - -
EBITDA - Long-Term Rating Date 15.06.2011
EBIT - Long-Term Rating CCC
Operating Margin -35.73% Long-Term Outlook NEG
Pretax Margin -35.70% Short-Term Rating Date 15.06.2011
Return on Assets -12.13% Short-Term Rating C
Return on Common Equity -
Return on Capital -32.32% 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 -
Net Income Margin -269.2% Total Debt/Capital 100.7%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 2.95
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.16% Inventory Days -
Tot Debt to Common Equity - Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
National Bank of Greece SAPrice/Volume
Valuation Analysis
6'613'960.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GREEK GOVERNMENT n/a EXCH 85'378'883 8.93 - 03.08.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'577'777 1 29'315 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'840'172 0.61 15'627 26.02.2013 Investment Advisor
ALPHA MUTUAL FUND MA Multiple Portfolios MF-AGG 4'155'861 0.43 (1'483'952) 31.12.2012 Investment Advisor
DIETHNIKI MUTUAL FUN Multiple Portfolios MF-AGG 3'773'696 0.39 515'666 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'100'930 0.22 - 31.07.2012 Investment Advisor
ALICO MFC Multiple Portfolios MF-AGG 1'307'000 0.14 (96'000) 31.12.2012 Investment Advisor
ATE MUTUAL FUND MANA Multiple Portfolios MF-AGG 830'000 0.09 (697'000) 31.12.2012 Mutual Fund Manager
ING PIRAEUS FUND MAN Multiple Portfolios MF-AGG 714'622 0.07 94'287 30.12.2011 Investment Advisor
MARFIN MUTUAL FUND M Multiple Portfolios MF-AGG 635'000 0.07 635'000 30.03.2012 Investment Advisor
ALPHA TRUST FUNDS Multiple Portfolios MF-AGG 588'617 0.06 (103'000) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 583'598 0.06 5'538 27.02.2013 Investment Advisor
SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 497'853 0.05 248'320 30.06.2011 Mutual Fund Manager
LEGAL & GENERAL n/a ULT-AGG 464'894 0.05 - 28.12.2012 Unclassified
ALLIANZ HELLENIC MUT Multiple Portfolios MF-AGG 455'011 0.05 50'000 31.12.2012 Investment Advisor
GAESCO GESTION SA SG Multiple Portfolios MF-AGG 396'300 0.04 - 31.10.2012 Investment Advisor
TT ELTA AEDAK Multiple Portfolios MF-AGG 350'000 0.04 63'000 28.09.2012 Mutual Fund Manager
BPVI FONDI SGR SPA Multiple Portfolios MF-AGG 248'826 0.03 248'826 30.11.2012 Mutual Fund Manager
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 234'506 0.02 1'743 30.09.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 217'355 0.02 53'769 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Euroxx Securities MARIA KANELLOPOULOU equalweight 3 M #N/A N/A Not Provided 27.02.2013
National Securities SA PANAGIOTIS KLADIS restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013
Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013
Goldman Sachs PAWEL DZIEDZIC Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012
Keefe, Bruyette & Woods ANTONIO RAMIREZ underperform 1 M 0 12 month 03.12.2012
Mediobanca SpA ALEX TSIRIGOTIS underperform 1 D 1 Not Provided 26.11.2012
Piraeus Securities S.A. NATASHA ROUMANTZI neutral 3 M #N/A N/A Not Provided 10.10.2012
Nomura DARAGH QUINN reduce 2 D 1 Not Provided 26.06.2012
Eurobank EFG NICK KOSKOLETOS Under Review #N/A N/A M #N/A N/A Not Provided 05.06.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012
Deutsche Bank CARLOS BERASTAIN GONZALEZ restricted #N/A N/A M #N/A N/A Not Provided 06.02.2012
JPMorgan PAUL FORMANKO underweight 1 M 1 Not Provided 17.01.2012
Natixis ALEX KOAGNE reduce 2 D 1 Not Provided 18.10.2011
ATE Securities S.A. ANTHONY CHRISTOFIDIS overweight 5 M 14 Not Provided 12.10.2010
Holdings By:
National Bank of Greece SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
National Express Group plc provides mass passenger transport services. The
Group operates express coaches, buses, and trains.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (19.03.2012) 256.20
52-Week Low (28.11.2012) 162.90
Daily Volume
195.3
52-Week High % Change -23.77% Dividend Yield 4.94
52-Week Low % Change 19.89% Beta 0.96
% 52 Week Price Range High/Low 34.73% Equity Float 405.95
Shares Out 30.06.2012 511.7 Short Int -
999.41 1 Yr Total Return -12.48%
Total Debt 773.20 YTD Return -4.31%
Preferred Stock 0.0 Adjusted BETA 0.959
Minority Interest 7.9 Analyst Recs 19
Cash and Equivalents 92.50 Consensus Rating 4.000
Enterprise Value 1'869.61
Average Volume 5 Day 1'345'253
NEX LN EQUITY YTD Change - Average Volume 30 Day 1'296'725
NEX LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'119'816
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 01/yy 01/yy 12/12 Y 12/13 Y - -
2'612.3 2'767.0 2'711.1 2'125.9 2'238.0 - - 1'807.1 1'775.1 - -
1.08x 0.70x 0.61x 0.89x 0.82x - - 1.01x 1.01x - -
289.8 347.9 269.7 304.0 329.8 - - 317.2 307.8 - -
9.71x 5.59x 6.09x 6.24x 5.54x - - 5.89x 6.07x - -
105.1 118.8 (53.5) 61.4 101.2 - - 123.3 111.8 - -
16.94x 5.70x - 20.74x 11.21x - - 8.17x 8.92x - -
EBITDA 329.80 Long-Term Rating Date -
EBIT 173.50 Long-Term Rating -
Operating Margin 7.75% Long-Term Outlook -
Pretax Margin 5.78% Short-Term Rating Date -
Return on Assets 3.23% Short-Term Rating -
Return on Common Equity 8.33%
Return on Capital 6.85% EBITDA/Interest Exp. 6.21
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 4.24
Net Debt/EBITDA 2.70
Gross Margin - Total Debt/EBITDA 2.97
EBITDA Margin 15.6%
EBIT Margin 7.8% Total Debt/Equity 80.8%
Net Income Margin 4.5% Total Debt/Capital 44.5%
Asset Turnover 0.84
Current Ratio 0.66 Net Fixed Asset Turnover 2.73
Quick Ratio 0.41 Accounts receivable turnover-days 38.32
Debt to Assets 31.98% Inventory Days -
Tot Debt to Common Equity 80.75% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.55 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
National Express Group PLCPrice/Volume
Valuation Analysis
761'784.00
Current Price (2/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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1'500.0
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2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ELLIOTT CAPITAL ADVI n/a ULT-AGG 108'470'737 21.2 5'726'270 01.11.2012 Investment Advisor
EUROPEAN EXPRESS ENT Multiple Portfolios REG 88'845'591 17.36 (9'744) 01.11.2012 Unclassified
PRUDENTIAL PLC n/a RNS-MAJ 66'764'762 13.05 4'973'653 09.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 17'356'251 3.39 (1'664'718) 31.01.2013 Unclassified
JUPITER ASSET MANAGE Multiple Portfolios REG 16'716'138 3.27 (1'718'118) 01.11.2012 Investment Advisor
UBS n/a ULT-AGG 15'701'163 3.07 1'504'547 01.11.2012 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 13'989'690 2.73 (3'894'267) 01.11.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 12'231'904 2.39 - 01.11.2012 Government
ABERFORTH PARTNERS Multiple Portfolios REG 9'798'825 1.91 (643'900) 01.11.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 9'714'591 1.9 4'922'748 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'866'511 1.73 (276'478) 26.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 8'747'045 1.71 - 01.11.2012 Investment Advisor
ABERFORTH PARTNERS Multiple Portfolios MF-AGG 8'700'679 1.7 237'200 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 8'383'431 1.64 (1'725'735) 01.11.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 7'964'901 1.56 - 31.07.2012 Investment Advisor
AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 7'697'686 1.5 - 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'451'277 1.26 (117'730) 31.12.2012 Investment Advisor
CORUS UK LTD (BRITIS Multiple Portfolios REG 5'988'277 1.17 - 01.11.2012 Pension Fund (ERISA)
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'600'000 1.09 (4'700'000) 31.07.2012 Investment Advisor
MARATHON ASSET MANAG Multiple Portfolios REG 4'922'354 0.96 - 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 215 12 month 28.02.2013
HSBC JOSEPH P THOMAS overweight 5 M 230 Not Provided 22.02.2013
RBC Capital Markets DAMIAN BREWER outperform 5 M 230 12 month 07.02.2013
Oriel Securities Ltd EDWARD STANFORD add 4 M #N/A N/A Not Provided 07.02.2013
Espirito Santo Investment Bank ResearchGERALD KHOO neutral 3 M 210 Not Provided 23.01.2013
Nomura ANDREW EVANS neutral 3 M 206 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
JPMorgan DAVID PITURA neutral 3 M 219 9 month 14.12.2012
Investec JOHN LAWSON hold 3 M 180 12 month 13.12.2012
Jefferies JOSEPH SPOONER buy 5 M 300 12 month 13.12.2012
Shore Capital Stockbrokers KARL BURNS buy 5 M #N/A N/A Not Provided 13.12.2012
Panmure Gordon & Co Limited GERT ZONNEVELD hold 3 M 220 Not Provided 13.12.2012
Deutsche Bank ANAND DATE hold 3 M 210 12 month 10.12.2012
Barclays ADRIAN YANOSHIK equalweight 3 M 190 Not Provided 03.12.2012
Liberum Capital Ltd ALEXIA DOGANI hold 3 M #N/A N/A Not Provided 25.10.2012
Charles Stanley Securities DOUGLAS MCNEILL hold 3 M 210 Not Provided 24.10.2012
Goldman Sachs OLIVER NEAL not rated #N/A N/A M #N/A N/A Not Provided 14.09.2011
Holdings By:
National Express Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
NCC AB is a construction company. The Company plans, develops, constructs, and
renovates commercial buildings, schools, sports facilities, car parks, roads,
bridges, airports, and others. NCC also conducts surfacing work for roads and
produces asphalt mix, aggregates, and concrete and operates a machinery unit.
The Company also sells investment properties. NCC is active in northern Europe.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (20.02.2013) 170.60
52-Week Low (14.06.2012) 110.30
Daily Volume
167.6
52-Week High % Change -1.76% Dividend Yield -
52-Week Low % Change 51.95% Beta 1.15
% 52 Week Price Range High/Low 95.02% Equity Float -
Shares Out 26.02.2013 78.3 Short Int -
18'137.32 1 Yr Total Return 22.83%
Total Debt 9'243.00 YTD Return 23.05%
Preferred Stock 0.0 Adjusted BETA 1.153
Minority Interest 15.0 Analyst Recs 11
Cash and Equivalents 2'802.00 Consensus Rating 3.727
Enterprise Value 24'593.32
Average Volume 5 Day 601'040
NCCB SS EQUITY YTD Change - Average Volume 30 Day 508'669
NCCB SS EQUITY YTD % CHANGE - Average Volume 3 Month 392'169
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
57'465.0 56'005.0 49'420.0 52'535.0 57'227.0 52'536.0 57'226.0 55'940.6 58'204.7 9'958.3 14'451.1
0.16x 0.27x 0.34x 0.33x 0.37x 1.45x 1.52x 0.45x 0.42x - -
2'806.0 3'213.0 2'751.0 2'532.0 3'156.0 2'600.0 3'155.0 3'006.8 3'143.0 (47.3) 917.8
3.19x 4.64x 6.10x 6.91x 6.70x 6.75x 6.70x 8.18x 7.82x 8.16x 8.32x
1'809.0 1'654.0 1'524.0 1'310.0 1'894.0 1'310.0 1'894.0 1'695.0 1'824.3 (170.1) 549.9
2.99x 7.73x 10.47x 10.06x 7.77x 10.05x 7.76x 10.56x 9.90x 10.03x 9.85x
EBITDA 3'156.00 Long-Term Rating Date -
EBIT 2'525.00 Long-Term Rating -
Operating Margin 4.41% Long-Term Outlook -
Pretax Margin 3.95% Short-Term Rating Date -
Return on Assets 5.27% Short-Term Rating -
Return on Common Equity 21.95%
Return on Capital - EBITDA/Interest Exp. 11.06
Asset Turnover 1.59% (EBITDA-Capex)/Interest Exp. 7.82
Net Debt/EBITDA 2.04
Gross Margin 9.6% Total Debt/EBITDA 2.93
EBITDA Margin 5.5%
EBIT Margin 4.4% Total Debt/Equity 103.0%
Net Income Margin 3.3% Total Debt/Capital 50.7%
Asset Turnover 1.59
Current Ratio 1.69 Net Fixed Asset Turnover 19.53
Quick Ratio 0.56 Accounts receivable turnover-days 47.94
Debt to Assets 23.73% Inventory Days 4.29
Tot Debt to Common Equity 103.01% Accounts Payable Turnover Day 31.04
Accounts Receivable Turnover 7.64 Cash Conversion Cycle 21.18
Inventory Turnover 85.36
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
NCC ABPrice/Volume
Valuation Analysis
612'929.00
Current Price (2/dd/yy) Market Data
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60'000.0
70'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SWEDBANK ROBUR FONDE n/a Research 4'904'737 6.26 - 31.10.2012 Investment Advisor
SEB n/a ULT-AGG 3'993'711 5.1 9'741 31.12.2012 Unclassified
LANNEBO FONDER AB n/a Research 3'580'000 4.57 - 31.10.2012 Investment Advisor
AFA INSURANCE n/a Research 3'330'833 4.25 - 31.10.2012 Insurance Company
FJARDE AP-FONDEN n/a Research 2'647'981 3.38 - 31.10.2012 Pension Fund (ERISA)
SHB FUNDS n/a Research 2'364'541 3.02 - 31.10.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 2'291'300 2.93 (15'000) 31.12.2012 Investment Advisor
AMF PENSION INSURANC n/a Research 2'291'300 2.93 - 31.10.2012 Insurance Company
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 2'259'107 2.89 739'226 31.12.2012 Investment Advisor
GOVERNMENT OF NORWAY n/a Research 2'058'588 2.63 - 31.03.2012 Government
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'769'354 2.26 104'665 31.01.2013 Investment Advisor
LANSFORSAKRINGAR FON n/a Research 1'705'626 2.18 - 31.10.2012 Insurance Company
BLACKROCK n/a ULT-AGG 1'638'468 2.09 - 26.02.2013 Investment Advisor
NORDEA FONDER AB n/a Research 1'394'880 1.78 - 31.03.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 1'099'190 1.4 (23'148) 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1'012'092 1.29 930'403 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 829'948 1.06 16'450 31.12.2012 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 705'000 0.9 - 31.01.2013 Mutual Fund Manager
DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 638'000 0.81 55'000 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 592'750 0.76 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda STEFAN ANDERSSON hold 3 M 157 Not Provided 25.02.2013
Carnegie TOBIAS KAJ hold 3 M #N/A N/A Not Provided 31.01.2013
Nordea Equity Research JONAS L ANDERSSON hold 3 U 155 12 month 31.01.2013
DNB Markets SIMEN MORTENSEN buy 5 M 170 Not Provided 31.01.2013
ABG Sundal Collier FREDRIC CYON buy 5 M 166 6 month 30.01.2013
Handelsbanken ALBIN SANDBERG accumulate 4 M 160 12 month 30.01.2013
Danske Markets PETER TRIGARSZKY buy 5 M 180 12 month 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux BJORN GUSTAFSSON underperform 1 M 125 Not Provided 17.12.2012
Swedbank NICLAS HOGLUND strong buy 5 M 160 12 month 27.11.2012
Evli Bank Plc ERIC RITZEN accumulate 4 M 140 12 month 30.10.2012
Holdings By:
NCC AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Neopost SA manufactures mailing and shipping equipment. The Company produces
electronic mailing systems, electronic postal scales, computerized shipping and
mail accounting systems, folders and inserters, letter openers, mailroom
furnishings, addressing printers, and software and mailroom supplies. Neopost
markets its machines worldwide.
Latest Fiscal Year: 01/2012
LTM as of: 10/yy
52-Week High (02.03.2012) 53.16
52-Week Low (14.06.2012) 36.18
Daily Volume
44.335
52-Week High % Change -16.60% Dividend Yield -
52-Week Low % Change 22.56% Beta 0.68
% 52 Week Price Range High/Low 48.04% Equity Float 26.55
Shares Out 30.01.2013 34.4 Short Int -
1'526.29 1 Yr Total Return -5.34%
Total Debt 837.00 YTD Return 15.62%
Preferred Stock 0.0 Adjusted BETA 0.676
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 171.80 Consensus Rating 3.800
Enterprise Value 2'291.59
Average Volume 5 Day 63'537
NEO FP EQUITY YTD Change - Average Volume 30 Day 100'567
NEO FP EQUITY YTD % CHANGE - Average Volume 3 Month 124'272
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2008 31.01.2009 31.01.2010 31.01.2011 31.01.2012 10/yy 10/yy 01/13 Y 01/14 Y 01/13 Q4 04/13 Q1
907.1 918.1 913.1 965.6 1'002.6 986.6 1'047.2 1'080.0 1'111.5 295.0 -
2.81x 2.83x 2.74x 2.91x 2.46x 0.00x 0.00x 2.12x 2.06x - -
302.5 301.2 297.1 313.7 319.1 0.0 0.0 336.5 345.5 - -
8.42x 8.61x 8.42x 8.96x 7.73x 0.00x 0.00x 6.81x 6.63x - -
135.7 157.0 147.9 155.7 153.6 0.0 0.0 168.5 172.1 - -
15.59x 12.37x 11.88x 13.33x 11.47x 0.00x 0.00x 8.93x 8.78x - -
EBITDA 319.10 Long-Term Rating Date -
EBIT 256.50 Long-Term Rating -
Operating Margin 25.58% Long-Term Outlook -
Pretax Margin 20.95% Short-Term Rating Date -
Return on Assets 7.50% Short-Term Rating -
Return on Common Equity 24.65%
Return on Capital 12.31% EBITDA/Interest Exp. 9.91
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 8.41
Net Debt/EBITDA 2.37
Gross Margin 77.8% Total Debt/EBITDA 2.78
EBITDA Margin 31.4%
EBIT Margin 25.1% Total Debt/Equity 120.1%
Net Income Margin 15.3% Total Debt/Capital 54.6%
Asset Turnover 0.45
Current Ratio 0.67 Net Fixed Asset Turnover 7.36
Quick Ratio 0.33 Accounts receivable turnover-days 63.14
Debt to Assets 37.46% Inventory Days 118.33
Tot Debt to Common Equity 120.12% Accounts Payable Turnover Day 103.30
Accounts Receivable Turnover 5.80 Cash Conversion Cycle 64.73
Inventory Turnover 3.09
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
Neopost SAPrice/Volume
Valuation Analysis
54'278.00
Current Price (2/dd/yy) Market Data
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200.0
400.0
600.0
800.0
1'000.0
1'200.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIRST EAGLE INVESTME n/a Research 3'443'329 10 52'108 15.02.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 2'632'941 7.65 (361'125) 26.02.2013 Investment Advisor
MASSACHUSETTS FINANC n/a Research 2'163'079 6.28 438'807 10.08.2012 Investment Advisor
MONDRIAN INVESTMENT n/a Co File 1'906'442 5.54 - 31.01.2012 Hedge Fund Manager
MARATHON ASSET MANAG n/a Co File 1'894'891 5.5 - 31.01.2012 Investment Advisor
AMERIPRISE FINANCIAL #N/A N/A Research 1'745'795 5.07 - 25.02.2013 Investment Advisor
ALKEN LUXEMBOURG SAR n/a Research 1'737'952 5.05 - 12.11.2012 Investment Advisor
JUPITER ASSET MGMT L n/a Research 1'595'248 4.63 (428'868) 14.02.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 1'591'956 4.62 (175'952) 06.02.2012 Unclassified
UBS n/a ULT-AGG 1'553'242 4.51 (365'884) 18.12.2012 Unclassified
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'214'526 3.53 - 31.07.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (1'138'484) -3.31 (13'758) 27.12.2012 Investment Advisor
MFS INVESTMENT MGMT n/a Co File 1'110'684 3.23 - 31.01.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 1'108'576 3.22 - 31.12.2012 Investment Advisor
CAPITAL RESEARCH INT n/a Co File 1'104'150 3.21 - 31.01.2012 Unclassified
COLUMBIA WANGER ASSE n/a Co File 1'057'571 3.07 - 31.01.2012 Investment Advisor
FRANKLIN EQUITY GROU n/a Co File 1'053'419 3.06 - 31.01.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 887'327 2.58 102'661 31.12.2012 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 614'399 1.78 86'151 30.11.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 586'857 1.7 79'133 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale PATRICK JOUSSEAUME hold 3 M 42 12 month 27.02.2013
Kepler Capital Markets CLAIRE DERAY buy 5 M 62 Not Provided 26.02.2013
Gilbert Dupont DENISE BOUCHET buy 5 M 52 Not Provided 25.02.2013
AlphaValue LIONEL PELLICER buy 5 M 69 6 month 21.02.2013
CM - CIC Securities(ESN) CHRISTIAN AUZANNEAU buy 5 M 54 12 month 01.02.2013
Oddo & Cie JEAN-FRANCOIS GRANJON buy 5 M 50 12 month 29.01.2013
Natixis ARNAUD SCHMIT buy 5 M 49 Not Provided 24.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
Main First Bank AG MOURAD LAHMIDI underperform 1 M 40 12 month 04.01.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 43 6 month 19.12.2012
Exane BNP Paribas PIERRE BERNARDIN outperform 5 M 54 Not Provided 04.12.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.11.2012
HSBC CHRISTOPHE QUARANTE underweight 1 M 40 Not Provided 03.10.2012
CA Cheuvreux DAVID CERDAN outperform 5 M 63 Not Provided 02.04.2012
Redburn Partners PASCAL HAUTCOEUR sell 1 M #N/A N/A Not Provided 12.08.2009
Holdings By:
Neopost SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Neste Oil OYJ is an independent northern European oil refining and marketing
company that focuses on high-quality traffic fuels and other high value-added
petroleum products with reduced environmental impact.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 12.23
52-Week Low (04.06.2012) 7.11
Daily Volume
11.52
52-Week High % Change -5.81% Dividend Yield -
52-Week Low % Change 62.03% Beta 1.23
% 52 Week Price Range High/Low 86.13% Equity Float -
Shares Out 26.02.2013 256.4 Short Int -
2'953.77 1 Yr Total Return 29.43%
Total Debt 2'334.00 YTD Return 17.91%
Preferred Stock 0.0 Adjusted BETA 1.227
Minority Interest 16.0 Analyst Recs 24
Cash and Equivalents 409.00 Consensus Rating 2.875
Enterprise Value 4'894.77
Average Volume 5 Day 803'946
NES1V FH EQUITY YTD Change - Average Volume 30 Day 1'132'630
NES1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 986'566
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
15'043.0 9'636.0 11'892.0 15'420.0 17'853.0 15'420.0 17'853.0 17'134.5 17'106.5 4'320.4 4'322.3
0.25x 0.53x 0.41x 0.27x 0.25x 1.22x 1.05x 0.27x 0.26x 1.10x 1.11x
396.0 549.0 567.0 562.0 656.0 562.0 656.0 781.1 810.2 207.8 183.3
9.39x 9.31x 8.59x 7.28x 6.77x 7.28x 6.77x 6.27x 6.04x 6.17x 6.42x
97.0 221.0 229.0 158.0 157.0 158.0 157.0 278.8 305.6 74.8 63.1
27.91x 14.38x 13.35x 12.64x 15.93x 12.64x 15.93x 10.49x 9.59x 9.84x 9.97x
EBITDA 656.00 Long-Term Rating Date -
EBIT 324.00 Long-Term Rating -
Operating Margin 1.81% Long-Term Outlook -
Pretax Margin 1.31% Short-Term Rating Date -
Return on Assets 2.14% Short-Term Rating -
Return on Common Equity 6.26%
Return on Capital - EBITDA/Interest Exp. 7.59
Asset Turnover 2.44% (EBITDA-Capex)/Interest Exp. 2.99
Net Debt/EBITDA 2.93
Gross Margin - Total Debt/EBITDA 3.56
EBITDA Margin 3.7%
EBIT Margin 1.8% Total Debt/Equity 91.1%
Net Income Margin 0.9% Total Debt/Capital 47.5%
Asset Turnover 2.44
Current Ratio 1.31 Net Fixed Asset Turnover 4.56
Quick Ratio 0.17 Accounts receivable turnover-days -
Debt to Assets 31.60% Inventory Days -
Tot Debt to Common Equity 91.10% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Neste Oil OYJPrice/Volume
Valuation Analysis
523'481.00
Current Price (2/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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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
20'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
REPUBLIC OF FINLAND n/a Research 128'458'247 50.1 - 30.11.2012 Government
ILMARINEN MUTUAL PEN n/a Research 8'806'390 3.43 (678'200) 30.11.2012 Insurance Company
VARMA MUTUAL PENSION n/a Research 4'128'970 1.61 - 30.11.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'694'745 1.05 249'829 31.12.2012 Investment Advisor
SOCIAL INSUR INSTITU n/a Research 2'648'424 1.03 - 30.11.2012 Government
FINLAND STATE PENSIO n/a Research 2'540'000 0.99 - 30.11.2012 Government
SAC CAPITAL ADVISORS n/a Short (2'307'633) -0.9 (25'640) 07.02.2013 Hedge Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'875'324 0.73 54'528 31.12.2012 Investment Advisor
CITY OF KURIKKA n/a Research 1'550'875 0.6 - 30.11.2012 Government
MARSHALL WACE LLP n/a Short (1'410'220) -0.55 - 14.01.2013 Hedge Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'327'628 0.52 - 31.07.2012 Investment Advisor
GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 1'228'700 0.48 (297'000) 30.11.2012 Mutual Fund Manager
DANSKE INVESTMENT SU n/a Research 1'225'000 0.48 - 30.11.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 1'176'864 0.46 3'317 26.02.2013 Investment Advisor
OP DELTA FUND n/a Research 1'155'000 0.45 - 30.11.2012 Investment Advisor
FENNIA MUTUAL INSURA n/a Research 1'053'000 0.41 - 30.11.2012 Insurance Company
BLACKROCK INVESTMENT n/a Short (1'051'255) -0.41 282'044 30.01.2013 Investment Advisor
NORDEA FENNIA FUND n/a Research 990'000 0.39 - 30.11.2012 n/a
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 931'100 0.36 285'050 31.10.2012 Investment Advisor
WIPUNEN VARAINHALLIN n/a Research 925'000 0.36 - 30.11.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ALEXANDRE ANDLAUER sell 1 M 9 6 month 21.02.2013
Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 12 Not Provided 11.02.2013
Exane BNP Paribas ALEX TOPOUZOGLOU neutral 3 M 10 Not Provided 11.02.2013
Evli Bank Plc MARKKU JARVINEN accumulate 4 M 12 12 month 08.02.2013
Jefferies IAIN REID hold 3 M 10 12 month 07.02.2013
Societe Generale MEHDI ENNEBATI hold 3 M 11 12 month 06.02.2013
Pohjola Bank Plc (ESN) HENRI PARKKINEN accumulate 4 M 12 12 month 06.02.2013
SEB Enskilda JUHA ISO-HERTTUA buy 5 U 12 Not Provided 06.02.2013
CA Cheuvreux MATTEO BONIZZONI underperform 1 M 10 Not Provided 06.02.2013
Nordea Equity Research PASI VAISANEN buy 5 M 14 12 month 06.02.2013
Nomura MATTHEW LOFTING reduce 2 M 10 Not Provided 06.02.2013
Barclays LYDIA RAINFORTH equalweight 3 M 12 Not Provided 06.02.2013
ABG Sundal Collier PETTER NYSTROM hold 3 M 10 6 month 05.02.2013
Carnegie TIMO HEINONEN hold 3 D #N/A N/A Not Provided 05.02.2013
Handelsbanken KARRI RINTA accumulate 4 M 13 12 month 05.02.2013
Pareto Securities TEEMU VAINIO hold 3 U 11 6 month 05.02.2013
INDERES JUHA KINNUNEN reduce 2 M 11 Not Provided 05.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs HENRY MORRIS Sell/Cautious 1 M 10 12 month 07.01.2013
Danske Markets ANTTI KOSKIVUORI hold 3 U 11 12 month 07.01.2013
Swedbank PETRI KARHUNKOSKI neutral 3 M 10 12 month 26.10.2012
Natixis HAGER BOUALI suspended coverage #N/A N/A M 8 Not Provided 29.07.2011
Holdings By:
Neste Oil OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Nutreco NV, through subsidiaries, breeds livestock and manufactures animal and
fish feeds. The Company produces compound feeds for pigs, poultry, salmon and
trout, and breeds poultry and produces eggs. Nutreco operates throughout
Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 70.93
52-Week Low (14.06.2012) 49.62
Daily Volume
70.77
52-Week High % Change -0.23% Dividend Yield 2.90
52-Week Low % Change 42.62% Beta 0.72
% 52 Week Price Range High/Low 99.25% Equity Float 34.01
Shares Out 31.12.2012 34.6 Short Int -
2'448.64 1 Yr Total Return 30.19%
Total Debt 524.80 YTD Return 10.41%
Preferred Stock 0.0 Adjusted BETA 0.721
Minority Interest 9.1 Analyst Recs 12
Cash and Equivalents 263.00 Consensus Rating 3.167
Enterprise Value 2'719.54
Average Volume 5 Day 94'146
NUO NA EQUITY YTD Change - Average Volume 30 Day 113'818
NUO NA EQUITY YTD % CHANGE - Average Volume 3 Month 107'731
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
4'943.1 4'511.7 4'166.4 4'721.1 5'229.1 5'659.2 5'229.1 5'506.1 5'731.4 - -
0.24x 0.36x 0.53x 0.43x 0.48x 0.00x 0.00x 0.49x 0.45x - -
203.7 231.8 243.6 271.7 307.0 0.0 0.0 345.0 367.1 - -
5.88x 6.94x 9.04x 7.46x 8.11x 0.00x 0.00x 7.88x 7.41x - -
114.8 90.3 111.4 130.5 176.8 0.0 0.0 187.3 203.8 - -
7.79x 15.05x 18.99x 14.16x 14.15x 0.00x 0.00x 13.09x 11.85x - -
EBITDA 307.00 Long-Term Rating Date -
EBIT 234.60 Long-Term Rating -
Operating Margin 4.49% Long-Term Outlook -
Pretax Margin 4.06% Short-Term Rating Date -
Return on Assets 6.59% Short-Term Rating -
Return on Common Equity 19.15%
Return on Capital 14.31% EBITDA/Interest Exp. 9.50
Asset Turnover 1.95% (EBITDA-Capex)/Interest Exp. 5.84
Net Debt/EBITDA 0.85
Gross Margin - Total Debt/EBITDA 1.71
EBITDA Margin 5.9%
EBIT Margin 4.5% Total Debt/Equity 54.0%
Net Income Margin 3.4% Total Debt/Capital 34.8%
Asset Turnover 1.95
Current Ratio 1.27 Net Fixed Asset Turnover 8.55
Quick Ratio 0.78 Accounts receivable turnover-days 49.57
Debt to Assets 18.62% Inventory Days -
Tot Debt to Common Equity 53.99% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.38 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Nutreco NVPrice/Volume
Valuation Analysis
172'648.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ING GROEP NV n/a Research 3'499'935 10.12 (462'903) 25.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'786'689 5.16 7'318 26.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 738'918 2.14 50'542 31.01.2013 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 660'621 1.91 81'000 31.10.2012 Investment Advisor
DJE INVESTMENT SA Multiple Portfolios MF-AGG 659'016 1.9 7'150 30.11.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 516'570 1.49 (2'662) 26.02.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 479'460 1.39 (92'943) 31.12.2012 Mutual Fund Manager
ASR NEDERLAND NV n/a Research 377'105 1.09 - 31.12.2010 Government
DWS INVESTMENT S A Multiple Portfolios MF-AGG 375'720 1.09 7'620 28.12.2012 Mutual Fund Manager
ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 375'000 1.08 50'000 28.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 368'903 1.07 (20'482) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 349'775 1.01 (2'113) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 305'308 0.88 (273) 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 299'050 0.86 - 28.12.2012 Mutual Fund Manager
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 243'048 0.7 - 31.01.2013 Mutual Fund Manager
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 225'350 0.65 13'680 31.12.2011 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 224'842 0.65 19'185 31.01.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 163'128 0.47 - 31.10.2012 Investment Advisor
FRANKEN INVEST KAPIT Multiple Portfolios MF-AGG 160'000 0.46 - 28.12.2012 Investment Advisor
NUTRECO NV n/a Research 155'882 0.45 - 09.03.2011 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equita SIM SpA GIANMARCO BONACINA hold 3 M 67 12 month 25.02.2013
Rabobank International PATRICK ROQUAS hold 3 M 63 12 month 25.02.2013
AlphaValue SOPHIE CABO-BROSETA add 4 M 74 6 month 21.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 20.02.2013
KBC Securities PASCALE WEBER accumulate 4 M 71 Not Provided 14.02.2013
ING Bank MARCO GULPERS hold 3 M 68 12 month 12.02.2013
Kempen & Co ERWIN DUT hold 3 M 70 12 month 08.02.2013
SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 67 12 month 08.02.2013
ABN Amro Bank N.V. MAARTEN BAKKER hold 3 M 72 12 month 08.02.2013
Petercam FERNAND DE BOER hold 3 M 68 Not Provided 07.02.2013
Theodoor Gilissen Securities TOM MULLER hold 3 M 60 Not Provided 15.01.2013
Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 69 12 month 09.01.2013
CA Cheuvreux HANS PLUIJGERS suspended coverage #N/A N/A M #N/A N/A Not Provided 10.05.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 57 Not Provided 16.08.2011
Holdings By:
Nutreco NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
OC Oerlikon Corporation AG manufactures industrial equipment. The Company
produces equipment to manufacture solar energy modules, place coatings on tools
and components, extract processing gases using vacuum devices, manufacture
textiles, and transmit power using mechanatronic driveline components. OC
Oerlikon provides products internationally.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.02.2013) 11.85
52-Week Low (29.02.2012) 6.64
Daily Volume
11.55
52-Week High % Change -2.53% Dividend Yield -
52-Week Low % Change 74.02% Beta 1.33
% 52 Week Price Range High/Low 94.24% Equity Float 165.46
Shares Out 30.06.2012 323.1 Short Int -
3'732.08 1 Yr Total Return 72.50%
Total Debt 856.00 YTD Return 11.59%
Preferred Stock 0.0 Adjusted BETA 1.330
Minority Interest 24.0 Analyst Recs 10
Cash and Equivalents 750.00 Consensus Rating 4.600
Enterprise Value 3'822.08
Average Volume 5 Day 1'516'004
OERL SE EQUITY YTD Change - Average Volume 30 Day 1'066'918
OERL SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'252'500
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
5'404.0 4'632.0 2'877.0 3'601.0 4'182.0 0.0 957.0 2'958.1 2'969.6 968.3 936.8
1.39x 0.55x 0.73x 0.53x 0.42x #DIV/0! 0.00x 1.16x 0.96x - -
703.0 512.0 (71.0) 298.0 597.0 0.0 0.0 533.1 526.0 - -
10.67x 4.97x - 6.36x 2.94x 0.00x 0.00x 7.17x 7.27x - -
314.0 (425.0) (592.0) 3.0 220.0 0.0 0.0 241.1 240.6 62.0 -
20.58x - - 490.00x 7.40x 0.00x 0.00x 16.74x 15.48x - -
EBITDA 597.00 Long-Term Rating Date -
EBIT 422.00 Long-Term Rating -
Operating Margin 10.09% Long-Term Outlook -
Pretax Margin 7.53% Short-Term Rating Date -
Return on Assets 5.70% Short-Term Rating -
Return on Common Equity 16.72%
Return on Capital - EBITDA/Interest Exp. 8.18
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 6.25
Net Debt/EBITDA 0.10
Gross Margin 25.8% Total Debt/EBITDA 1.04
EBITDA Margin 16.3%
EBIT Margin 12.3% Total Debt/Equity 54.0%
Net Income Margin 5.3% Total Debt/Capital 34.7%
Asset Turnover 0.93
Current Ratio 1.51 Net Fixed Asset Turnover 4.85
Quick Ratio 0.93 Accounts receivable turnover-days 58.29
Debt to Assets 18.72% Inventory Days 72.12
Tot Debt to Common Equity 53.97% Accounts Payable Turnover Day 49.28
Accounts Receivable Turnover 6.28 Cash Conversion Cycle 65.44
Inventory Turnover 5.07
Fiscal Year Ended
OC Oerlikon Corp AGPrice/Volume
Valuation Analysis
1'677'785.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VEKSELBERG VIKTOR F n/a EXCH 156'210'954 48.34 (1'100'000) 29.08.2012 n/a
BLACKROCK n/a ULT-AGG 9'720'390 3.01 162'850 26.02.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'411'952 1.37 44'517 28.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 3'922'326 1.21 (7'731) 30.11.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 3'151'969 0.98 (422'042) 31.10.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'266'149 0.7 (47'939) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'842'380 0.57 6'680 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'390'000 0.43 (75'000) 31.10.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 917'706 0.28 - 31.12.2012 Investment Advisor
ACATIS Multiple Portfolios MF-AGG 845'506 0.26 - 28.09.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 801'777 0.25 82'904 31.10.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 737'733 0.23 - 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 631'946 0.2 (41'838) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 619'403 0.19 - 31.07.2012 Investment Advisor
BANK HOFMANN AG Multiple Portfolios MF-AGG 605'000 0.19 (42'000) 28.12.2012 Investment Advisor
OC OERLIKON CORP n/a Co File 589'011 0.18 - 31.12.2011 Corporation
LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 525'000 0.16 (50'000) 31.12.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 517'500 0.16 264'700 30.06.2012 Investment Advisor
ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 514'000 0.16 (34'000) 31.10.2012 Mutual Fund Manager
MIRABAUD & CIE Multiple Portfolios MF-AGG 511'445 0.16 (383'555) 29.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue PIERRE-YVES GAUTHIER add 4 M 13 6 month 21.02.2013
Helvea RETO AMSTALDEN accumulate 4 M 11 12 month 11.02.2013
Bank Vontobel AG MICHAEL FOETH buy 5 M 13 Not Provided 30.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Credit Suisse PATRICK LAAGER outperform 5 M 14 Not Provided 10.01.2013
Berenberg Bank BENJAMIN GLAESER buy 5 M 11 Not Provided 08.01.2013
Kepler Capital Markets CHRISTOPH LADNER buy 5 M 13 Not Provided 17.12.2012
Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 11 12 month 04.12.2012
Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 U #N/A N/A Not Provided 02.05.2012
Holdings By:
OC Oerlikon Corp AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
OPAP SA accepts bets on sporting events and lottery games. The Company
organizes and manages bets on soccer games.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.02.2013) 7.76
52-Week Low (13.06.2012) 3.50
Daily Volume
6.78
52-Week High % Change -12.63% Dividend Yield -
52-Week Low % Change 93.71% Beta 0.79
% 52 Week Price Range High/Low 77.00% Equity Float 213.73
Shares Out 30.09.2012 319.0 Short Int -
2'162.82 1 Yr Total Return 21.21%
Total Debt 292.92 YTD Return 25.56%
Preferred Stock 0.0 Adjusted BETA 0.793
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 195.89 Consensus Rating 3.462
Enterprise Value 2'109.18
Average Volume 5 Day 1'758'700
OPAP GA EQUITY YTD Change - Average Volume 30 Day 1'634'201
OPAP GA EQUITY YTD % CHANGE - Average Volume 3 Month 1'398'149
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'065.8 5'519.6 5'440.9 5'140.0 4'358.5 4'457.5 4'108.4 3'998.1 4'171.4 1'023.0 -
1.66x 1.08x 0.78x 0.67x 0.52x 2.72x 1.78x 0.50x 0.52x - -
814.4 1'056.9 966.8 911.3 734.2 764.6 684.6 650.8 317.9 151.0 -
10.31x 5.65x 4.37x 3.80x 3.10x 2.34x 1.79x 3.24x 6.64x - -
571.4 728.5 593.8 575.8 537.5 571.8 500.0 481.9 151.4 100.5 -
15.31x 9.06x 8.24x 7.17x 4.05x 5.07x 2.55x 4.55x 14.27x - -
EBITDA 734.22 Long-Term Rating Date -
EBIT 690.47 Long-Term Rating -
Operating Margin 15.84% Long-Term Outlook -
Pretax Margin 16.05% Short-Term Rating Date -
Return on Assets 35.56% Short-Term Rating -
Return on Common Equity 55.78%
Return on Capital - EBITDA/Interest Exp. 82.04
Asset Turnover 2.92% (EBITDA-Capex)/Interest Exp. 79.77
Net Debt/EBITDA -0.08
Gross Margin 19.5% Total Debt/EBITDA 0.42
EBITDA Margin 16.7%
EBIT Margin 15.6% Total Debt/Equity 32.9%
Net Income Margin 12.3% Total Debt/Capital 24.8%
Asset Turnover 2.92
Current Ratio 1.50 Net Fixed Asset Turnover 46.96
Quick Ratio 1.31 Accounts receivable turnover-days 4.31
Debt to Assets 19.47% Inventory Days 0.07
Tot Debt to Common Equity 32.93% Accounts Payable Turnover Day 8.88
Accounts Receivable Turnover 84.98 Cash Conversion Cycle -5.36
Inventory Turnover 5250.46
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
OPAP SAPrice/Volume
Valuation Analysis
1'205'882.00
Current Price (2/dd/yy) Market Data
'-.0123456
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HELLENIC REPUBLIC AS #N/A N/A EXCH 105'270'000 33 - 22.02.2013 Government
BAUPOST GROUP LLC #N/A N/A EXCH 16'556'100 5.19 - 22.02.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 16'144'371 5.06 - 22.02.2013 Investment Advisor
SILCHESTER INTL INVE #N/A N/A EXCH 15'981'900 5.01 - 22.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'188'270 1.94 2'080 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'026'691 1.58 55'208 31.12.2012 Investment Advisor
ALPHA MUTUAL FUND MA Multiple Portfolios MF-AGG 3'440'397 1.08 523'484 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'201'540 1 (8'741'054) 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'667'031 0.52 536'074 28.09.2012 Investment Advisor
SEB n/a ULT-AGG 1'521'141 0.48 135'658 31.12.2012 Unclassified
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1'404'829 0.44 - 30.09.2012 Unclassified
ROYAL BANK OF CANADA n/a ULT-AGG 1'353'454 0.42 54'637 28.09.2012 Bank
DIETHNIKI MUTUAL FUN Multiple Portfolios MF-AGG 1'176'953 0.37 (307'300) 28.09.2012 Mutual Fund Manager
ALPHA TRUST FUNDS Multiple Portfolios MF-AGG 1'035'447 0.32 585'500 31.12.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 970'553 0.3 - 28.09.2012 Investment Advisor
EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 966'800 0.3 (730'850) 31.05.2012 Investment Advisor
HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 871'337 0.27 - 30.09.2011 Investment Advisor
ATE MUTUAL FUND MANA Multiple Portfolios MF-AGG 780'000 0.24 349'000 31.12.2012 Mutual Fund Manager
STARCAP AG Multiple Portfolios MF-AGG 700'000 0.22 - 28.12.2012 Investment Advisor
ALICO MFC Multiple Portfolios MF-AGG 644'800 0.2 5'500 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Euroxx Securities YIANNIS SINAPIS overweight 5 M #N/A N/A Not Provided 26.02.2013
National Securities SA IAKOVOS KOURTESIS restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013
Marfin Analysis (ESN) DIMITRIS BIRBOS buy 5 M 8 12 month 26.02.2013
Piraeus Securities S.A. JOHN ARAPOGLOU neutral 3 M 7 12 month 22.02.2013
AlphaValue BERENICE LACROIX sell 1 M 6 6 month 21.02.2013
Goldman Sachs NICK EDELMAN neutral/neutral 3 M 8 12 month 19.02.2013
Eurobank EFG STAMATIOS DRAZIOTIS buy 5 M 8 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Exane BNP Paribas ROBERTA CIACCIA neutral 3 U 6 Not Provided 11.01.2013
Morgan Stanley VAUGHAN LEWIS Equalwt/In-Line 3 U 6 12 month 07.01.2013
Credit Suisse MATTHEW GERARD restricted #N/A N/A M #N/A N/A Not Provided 11.12.2012
Alpha Finance ANGELOS CHORAFAS neutral 1 3 D 7 Not Provided 05.09.2012
Nomura TEAM COVERAGE suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012
Deutsche Bank RICHARD CARTER restricted #N/A N/A M #N/A N/A Not Provided 18.05.2011
ATE Securities S.A. ANTHONY CHRISTOFIDIS overweight 5 M 16 12 month 24.11.2010
Holdings By:
OPAP SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ophir Energy PLC is an international oil and gas exploration company. The
Company has an extensive portfolio of interests spread across the Continent of
Africa with the majority of these interests lying offshore in deep water
depths.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (18.06.2012) 655.00
52-Week Low (23.03.2012) 391.30
Daily Volume
473.9
52-Week High % Change -27.65% Dividend Yield 0.00
52-Week Low % Change 21.11% Beta -
% 52 Week Price Range High/Low 31.32% Equity Float 315.84
Shares Out 01.02.2013 400.2 Short Int -
1'896.57 1 Yr Total Return 11.77%
Total Debt 0.00 YTD Return -6.07%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 396.59 Consensus Rating 4.476
Enterprise Value 2'423.15
Average Volume 5 Day 1'391'438
OPHR LN EQUITY YTD Change - Average Volume 30 Day 1'558'660
OPHR LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'155'434
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 06/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4
- - - - - 0.0 0.1 1.3 0.7 - -
- - - - - #DIV/0! 0.00x 2103.96x 4463.17x - -
- - (28.8) (18.6) (18.0) 0.0 (11.3) (60.7) (52.2) - -
- - - - - 0.00x 0.00x - - - -
- - (43.3) (19.3) (19.1) 0.0 (1.6) (73.6) (82.3) - -
- - - - - 0.00x 0.00x - - - -
EBITDA -18.00 Long-Term Rating Date -
EBIT -18.87 Long-Term Rating -
Operating Margin - Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets -3.29% Short-Term Rating -
Return on Common Equity -3.57%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin - Total Debt/Capital 0.0%
Asset Turnover -
Current Ratio 14.45 Net Fixed Asset Turnover -
Quick Ratio 13.90 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 -
Fiscal Year Ended
Ophir Energy PLCPrice/Volume
Valuation Analysis
1'182'734.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 56'105'773 14.02 - 14.02.2013 Investment Advisor
KULCZYK INVESTMENT H Multiple Portfolios REG 40'433'833 10.1 - 01.11.2012 Investment Advisor
KULCZYK GROUP n/a Co File 40'433'833 10.1 - 19.04.2012 Holding Company
FMR LLC n/a ULT-AGG 38'671'852 9.66 (8'668'572) 31.12.2012 Investment Advisor
OZ MANAGEMENT LP Multiple Portfolios REG 35'414'896 8.85 (162'474) 01.11.2012 Investment Advisor
MITTAL INVESTMENTS S n/a RNS-MAJ 18'081'895 4.52 (18'081'895) 07.02.2013 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 17'212'167 4.3 244'971 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 16'177'434 4.04 3'897'812 31.01.2013 Unclassified
RS GLOBAL NATURAL RE n/a RNS-MAJ 12'163'223 3.04 - 08.02.2013 n/a
BLACKROCK n/a ULT-AGG 11'411'211 2.85 (5'063'807) 26.02.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 10'709'497 2.68 307'000 31.12.2012 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 10'381'107 2.59 1'542'112 01.11.2012 Investment Advisor
RS INVESTMENT MANAGE Multiple Portfolios REG 9'387'989 2.35 979'691 01.11.2012 Investment Advisor
RS INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'598'166 2.15 1'254'663 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 8'128'985 2.03 1'184'993 01.11.2012 Investment Advisor
DIRECTOR & RELATED H Multiple Portfolios REG 7'428'852 1.86 - 01.11.2012 Other
LANSDOWNE PARTNERS n/a Short (7'203'675) -1.8 (946'539) 11.02.2013 Investment Advisor
CREDIT SUISSE PRIVAT Multiple Portfolios REG 7'024'795 1.76 (1'052'400) 01.11.2012 Bank
TAYLOR JONATHAN MARK n/a Co File 6'836'320 1.71 - 31.12.2011 n/a
ROYAL LONDON ASSET M Multiple Portfolios REG 6'425'173 1.61 421'684 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
VSA Capital Ltd DOUGIE YOUNGSON buy 5 M 800 12 month 26.02.2013
FirstEnergy Capital Corp KINGSLEY JIBUNOH outperform 5 M 645 12 month 19.02.2013
Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 19.02.2013
Societe Generale DAVID MIRZAI buy 5 M 600 12 month 14.02.2013
Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 930 Not Provided 11.02.2013
Exane BNP Paribas ALEX TOPOUZOGLOU neutral 3 M 650 Not Provided 11.02.2013
Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 M 735 12 month 08.02.2013
RBC Capital Markets AL STANTON outperform 5 M 700 12 month 07.02.2013
JPMorgan JAMES THOMPSON overweight 5 M 770 9 month 07.02.2013
Ambrian Partners Ltd STUART AMOR speculative buy 4 M 809 Not Provided 07.02.2013
Nomura TOM ROBINSON buy 5 M 750 Not Provided 04.02.2013
Investec STUART JOYNER hold 3 M 667 12 month 01.02.2013
Jefferies LAURA LOPPACHER buy 5 M 800 12 month 11.01.2013
Deutsche Bank PHIL CORBETT hold 3 M 495 12 month 10.01.2013
HSBC PETER HITCHENS overweight 5 M 656 Not Provided 03.01.2013
Goldman Sachs CHRISTOPHOR JOST buy/attractive 5 M 860 12 month 17.12.2012
Tudor Pickering & Co ANISH KAPADIA buy 5 M 870 Not Provided 13.12.2012
Canaccord Genuity Corp CHARLIE SHARP hold 3 D 550 Not Provided 29.10.2012
SBG Securities LIONEL THEROND buy 5 M 800 12 month 29.10.2012
Holdings By:
Ophir Energy PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Oriflame Cosmetics SA markets a range of cosmetic products through an
independant sales force. The Company's products include skincare, color
cosmetics, fragrances, toiletries and fashion accessories.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.04.2012) 278.30
52-Week Low (13.11.2012) 178.30
Daily Volume
221.8
52-Week High % Change -20.30% Dividend Yield -
52-Week Low % Change 24.40% Beta 0.92
% 52 Week Price Range High/Low 43.50% Equity Float -
Shares Out 31.01.2013 57.1 Short Int -
12'669.47 1 Yr Total Return 3.97%
Total Debt 318.89 YTD Return 7.36%
Preferred Stock 0.0 Adjusted BETA 0.924
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 106.25 Consensus Rating 2.842
Enterprise Value 1'710.78
Average Volume 5 Day 208'665
ORI SS EQUITY YTD Change - Average Volume 30 Day 348'471
ORI SS EQUITY YTD % CHANGE - Average Volume 3 Month 321'903
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
1'319.7 1'316.6 1'513.6 1'493.8 1'489.3 1'493.8 1'489.3 1'484.7 1'531.2 374.1 355.0
1.03x 1.92x 1.62x 1.09x 1.06x 5.30x 4.69x 1.20x 1.16x - -
209.0 168.3 183.3 184.9 202.0 184.9 202.0 202.0 216.6 52.0 48.9
6.47x 15.00x 13.36x 8.77x 7.84x 8.77x 7.84x 8.47x 7.90x 8.54x -
124.4 100.3 117.5 99.8 121.5 99.8 121.5 119.2 124.6 30.0 26.9
9.25x 23.51x 19.11x 13.92x 11.27x 13.92x 11.27x 11.95x 11.18x 12.50x -
EBITDA 202.00 Long-Term Rating Date -
EBIT 175.12 Long-Term Rating -
Operating Margin 11.76% Long-Term Outlook -
Pretax Margin 10.27% Short-Term Rating Date -
Return on Assets 14.96% Short-Term Rating -
Return on Common Equity 50.93%
Return on Capital - EBITDA/Interest Exp. 10.27
Asset Turnover 1.83% (EBITDA-Capex)/Interest Exp. 7.67
Net Debt/EBITDA 1.05
Gross Margin 70.7% Total Debt/EBITDA 1.58
EBITDA Margin 13.6%
EBIT Margin 11.8% Total Debt/Equity 126.1%
Net Income Margin 8.2% Total Debt/Capital 55.8%
Asset Turnover 1.83
Current Ratio 2.26 Net Fixed Asset Turnover 6.57
Quick Ratio 0.49 Accounts receivable turnover-days -
Debt to Assets 40.19% Inventory Days 200.13
Tot Debt to Common Equity 126.11% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 174.43
Inventory Turnover 1.83
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
Oriflame Cosmetics SAPrice/Volume
Valuation Analysis
372'344.00
Current Price (2/dd/yy) Market Data
'
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200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LAZARD ASSET MANAGEM n/a ULT-AGG 9'781'655 17.12 6'560 31.01.2013 Unclassified
STICHTING AF JOCHNIC n/a Co File 6'327'001 11.08 - 31.12.2011 Other
JOCHNICK ROBERT AF n/a Co File 4'473'851 7.83 - 31.12.2011 n/a
JP MORGAN CHASE BANK n/a Co File 4'470'312 7.83 - 31.12.2011 Investment Advisor
JOCHNICK JONAS AF n/a Co File 4'303'500 7.53 - 31.12.2011 n/a
BAILLIE GIFFORD AND n/a Co File 2'472'512 4.33 - 31.12.2011 Investment Advisor
SWEDBANK ROBUR FONDE n/a Co File 2'128'594 3.73 - 31.12.2011 Investment Advisor
SEB n/a ULT-AGG 1'924'246 3.37 642'161 31.12.2012 Unclassified
CANTILLON CAPITAL MA n/a Co File 1'895'440 3.32 - 31.12.2011 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'535'425 2.69 635 31.12.2012 Investment Advisor
NORGES BANK INVESTME n/a Co File 1'472'633 2.58 - 31.12.2011 Government
FINANCIERE DE L'ECHI n/a Co File 1'388'600 2.43 - 31.12.2011 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'283'320 2.25 150'540 31.12.2012 Investment Advisor
MORTON HOLDINGS INC n/a Short (1'118'115) -1.96 - 01.11.2012 Corporation
PELHAM CAPITAL LONG/ n/a Short (995'734) -1.74 - 01.11.2012 Other
JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 946'509 1.66 - 30.06.2012 Mutual Fund Manager
AKO CAPITAL LLP n/a Short (662'605) -1.16 142'803 14.02.2013 Investment Advisor
DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 598'500 1.05 223'500 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 489'723 0.86 114'223 31.12.2012 Investment Advisor
JOCHNICK ALEXANDER A n/a Co File 418'884 0.73 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse NICOLAS SOCHOVSKY underperform 1 M 170 Not Provided 20.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 20.02.2013
Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 220 12 month 18.02.2013
Goldman Sachs ROSIE EDWARDS sell/attractive 1 M 173 12 month 18.02.2013
Berenberg Bank SETH PETERSON buy 5 M 366 Not Provided 18.02.2013
ABG Sundal Collier ANDREAS LUNDBERG sell 1 M 177 6 month 15.02.2013
SEB Enskilda STEFAN NELSON buy 5 M 235 Not Provided 15.02.2013
CA Cheuvreux DANIEL OVIN underperform 1 M 200 Not Provided 15.02.2013
Nordea Equity Research STELLAN HELLSTROM sell 1 M 190 12 month 15.02.2013
Handelsbanken ERIK SANDSTEDT reduce 2 M 225 12 month 15.02.2013
Nomura GUILLAUME DELMAS reduce 2 M 250 Not Provided 15.02.2013
Danske Markets ANDERS HANSSON buy 5 M 235 12 month 15.02.2013
JPMorgan CELINE PANNUTI underweight 1 M 210 9 month 14.02.2013
Carnegie NIKLAS EKMAN hold 3 M #N/A N/A Not Provided 14.02.2013
Pareto Securities SERGEJ KAZATCHENKO hold 3 M 220 6 month 14.02.2013
AlphaValue ARMELLE MOULIN add 4 D 255 6 month 14.02.2013
DNB Markets OLE-ANDREAS KROHN hold 3 M 230 Not Provided 11.02.2013
Swedbank CHRISTIAN ANDERSON neutral 3 M 200 12 month 07.02.2013
Wood & Company ERIK HEGEDUS buy 5 M 232 12 month 31.10.2012
Holdings By:
Oriflame Cosmetics SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Orion Oyj develops and manufactures pharmaceuticals and diagnostic kits. The
Company produces hormone therapies and drugs to treat central nervous system
disorders, cardiovascular diseases and urological disorders, and in vitro
diagnostic kits used in doctor's offices and small laboratories.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.01.2013) 23.79
52-Week Low (05.06.2012) 13.31
Daily Volume
22.89
52-Week High % Change -3.78% Dividend Yield -
52-Week Low % Change 71.98% Beta 0.74
% 52 Week Price Range High/Low 91.41% Equity Float -
Shares Out 15.01.2013 98.0 Short Int -
3'225.17 1 Yr Total Return 55.05%
Total Debt 136.70 YTD Return 3.20%
Preferred Stock 0.0 Adjusted BETA 0.743
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 145.20 Consensus Rating 1.615
Enterprise Value 3'216.67
Average Volume 5 Day 394'351
ORNBV FH EQUITY YTD Change - Average Volume 30 Day 437'621
ORNBV FH EQUITY YTD % CHANGE - Average Volume 3 Month 369'199
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
710.7 771.5 849.9 917.9 980.4 917.9 980.4 973.6 941.3 249.5 239.8
2.35x 2.70x 2.65x 2.27x 3.18x 9.92x 9.93x 3.31x 3.43x - -
207.3 241.5 293.9 324.4 320.9 325.4 320.8 297.5 264.9 87.1 76.5
8.06x 8.62x 7.66x 6.43x 9.71x 6.41x 9.72x 10.81x 12.14x 10.76x -
136.3 151.4 184.7 209.5 208.9 209.5 208.9 190.9 169.3 56.7 48.9
12.49x 14.01x 12.49x 10.12x 14.96x 10.12x 14.96x 16.93x 19.17x 17.43x -
EBITDA 320.90 Long-Term Rating Date -
EBIT 280.90 Long-Term Rating -
Operating Margin 28.65% Long-Term Outlook -
Pretax Margin 28.49% Short-Term Rating Date -
Return on Assets 25.85% Short-Term Rating -
Return on Common Equity 41.32%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.03
Gross Margin 64.3% Total Debt/EBITDA 0.43
EBITDA Margin 32.7%
EBIT Margin 28.6% Total Debt/Equity 26.7%
Net Income Margin 21.3% Total Debt/Capital 21.1%
Asset Turnover 1.21
Current Ratio 2.94 Net Fixed Asset Turnover 4.95
Quick Ratio 1.71 Accounts receivable turnover-days 57.27
Debt to Assets 16.33% Inventory Days 172.86
Tot Debt to Common Equity 26.74% Accounts Payable Turnover Day 60.84
Accounts Receivable Turnover 6.39 Cash Conversion Cycle 169.28
Inventory Turnover 2.12
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
Orion OYJPrice/Volume
Valuation Analysis
464'661.00
Current Price (2/dd/yy) Market Data
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-!1 9
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 8'313'900 8.48 - 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 1'660'805 1.69 240'484 31.12.2012 Unclassified
SOCIAL INSURANCE INS n/a Research 1'658'368 1.69 - 30.11.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'643'108 1.68 50'588 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'171'521 1.2 57'015 31.12.2012 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'110'000 1.13 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 950'056 0.97 1'875 26.02.2013 Investment Advisor
LOCAL GOVERNMENT PEN n/a Research 612'336 0.62 - 30.11.2012 Pension Fund (ERISA)
SWISS NATIONAL BANK n/a Research 578'526 0.59 - 30.11.2012 Government
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 502'826 0.51 (1'184) 31.01.2013 Mutual Fund Manager
EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 472'044 0.48 25'889 31.12.2012 Mutual Fund Manager
FINNISH CULTURAL FOU n/a Research 405'570 0.41 - 30.11.2012 Other
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 398'045 0.41 790 31.12.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (342'967) -0.35 215'579 28.01.2013 Investment Advisor
BRADE JOUKO n/a Research 336'665 0.34 - 30.11.2012 n/a
INVESCO LTD Multiple Portfolios MF-AGG 330'666 0.34 181'277 27.02.2013 Investment Advisor
ORION OYJ n/a Research 325'991 0.33 - 30.11.2012 Other
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 325'700 0.33 (10'400) 28.12.2012 Mutual Fund Manager
ORION PENSION FUND n/a Research 292'699 0.3 - 30.11.2012 Pension Fund (ERISA)
YLPPO JUKKA n/a Research 292'520 0.3 - 30.11.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 12.02.2013
Jefferies JAMES VANE-TEMPEST underperform 1 M 17 12 month 08.02.2013
Pohjola Bank Plc (ESN) KIMMO STENVALL sell 1 D 18 12 month 06.02.2013
Credit Suisse KERRY HOLFORD underperform 1 M 19 Not Provided 06.02.2013
SEB Enskilda LARS HEVRENG hold 3 D 23 Not Provided 06.02.2013
Nordea Equity Research SAMI SARKAMIES strong sell 1 M 18 12 month 06.02.2013
Danske Markets MATTIAS HAGGBLOM sell 1 M 11 12 month 06.02.2013
INDERES PETRI KAJAANI sell 1 D 18 Not Provided 06.02.2013
ABG Sundal Collier PETER HUGREFFE sell 1 M 14 6 month 05.02.2013
Carnegie TIMO HEINONEN hold 3 M #N/A N/A Not Provided 29.01.2013
Goldman Sachs ELEANOR FUNG Sell/Neutral 1 D 17 12 month 28.01.2013
AlphaValue ARMELLE MOULIN sell 1 M 12 6 month 01.11.2012
Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 30.01.2009
Holdings By:
Orion OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Outotec Oyj provides technology solutions for the sustainable use of Earth's
natural resources. The Company designs, develops, and supplies tailored plants,
processes and equipment for the minerals and metals processing industries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 52.10
52-Week Low (04.06.2012) 30.31
Daily Volume
50.9
52-Week High % Change -2.30% Dividend Yield -
52-Week Low % Change 67.93% Beta 1.27
% 52 Week Price Range High/Low 94.49% Equity Float -
Shares Out 26.02.2013 45.8 Short Int -
2'330.22 1 Yr Total Return 13.03%
Total Debt 97.90 YTD Return 20.13%
Preferred Stock 0.0 Adjusted BETA 1.267
Minority Interest 1.2 Analyst Recs 21
Cash and Equivalents 358.60 Consensus Rating 3.476
Enterprise Value 2'070.72
Average Volume 5 Day 277'762
OTE1V FH EQUITY YTD Change - Average Volume 30 Day 307'418
OTE1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 293'782
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
1'217.9 877.7 969.6 1'385.6 2'087.4 1'385.6 2'087.4 2'172.9 2'182.3 460.3 556.4
0.11x 1.07x 1.97x 0.96x 0.79x 3.92x 2.76x 0.90x 0.86x 4.49x 3.77x
141.7 71.3 82.5 133.9 215.9 133.9 215.8 234.6 236.8 43.5 54.3
0.99x 13.13x 23.17x 9.89x 7.67x 9.89x 7.68x 8.83x 8.74x 8.57x 8.43x
94.0 42.3 26.7 79.3 127.8 79.3 127.7 146.2 151.9 23.5 31.5
4.80x 24.47x 78.55x 20.83x 15.18x 20.96x 15.16x 15.90x 15.40x 16.21x 15.82x
EBITDA 215.90 Long-Term Rating Date -
EBIT 184.50 Long-Term Rating -
Operating Margin 8.84% Long-Term Outlook -
Pretax Margin 8.61% Short-Term Rating Date -
Return on Assets 8.37% Short-Term Rating -
Return on Common Equity 29.04%
Return on Capital - EBITDA/Interest Exp. 60.86
Asset Turnover 1.37% (EBITDA-Capex)/Interest Exp. 52.86
Net Debt/EBITDA -1.21
Gross Margin 20.8% Total Debt/EBITDA 0.45
EBITDA Margin 10.3%
EBIT Margin 8.8% Total Debt/Equity 20.4%
Net Income Margin 6.1% Total Debt/Capital 16.9%
Asset Turnover 1.37
Current Ratio 1.20 Net Fixed Asset Turnover 30.30
Quick Ratio 0.37 Accounts receivable turnover-days -
Debt to Assets 6.01% Inventory Days 36.45
Tot Debt to Common Equity 20.35% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 62.72
Inventory Turnover 10.04
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
Outotec OYJPrice/Volume
Valuation Analysis
272'810.00
Current Price (2/dd/yy) Market Data
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1'000.0
1'500.0
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2'500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOLIDIUM OY n/a Research 3'801'373 8.3 - 30.11.2012 Holding Company
ILMARINEN MUTUAL PEN n/a Research 2'938'343 6.42 - 30.11.2012 Insurance Company
TAMARES NORDIC INVES n/a Research 2'511'419 5.49 - 30.11.2012 Other
BLACKROCK n/a ULT-AGG 2'491'489 5.44 - 26.02.2013 Investment Advisor
VARMA MUTUAL PENSION n/a Research 2'205'785 4.82 - 30.11.2012 Insurance Company
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'788'847 3.91 44'015 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'051'616 2.3 (13'200) 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD n/a Short (1'030'059) -2.25 (64'093) 22.02.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'010'330 2.21 (147'221) 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 936'608 2.05 122'122 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 744'330 1.63 201'051 31.12.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 702'797 1.54 (84) 28.09.2012 Investment Advisor
CARLSON CAPITAL UK L n/a Short (700'440) -1.53 (27'468) 19.02.2013 Corporation
FINLAND STATE PENSIO n/a Research 669'138 1.46 - 30.11.2012 Government
LOCAL GOVERNMENT PEN n/a Research 576'421 1.26 - 30.11.2012 Pension Fund (ERISA)
SEB n/a ULT-AGG 542'661 1.19 282'816 31.12.2012 Unclassified
OUTOTEC OYJ n/a Research 500'000 1.09 - 30.11.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 477'566 1.04 8'305 31.12.2012 Investment Advisor
MANDATUM LIFE INSURA n/a Co File 466'478 1.02 - 31.12.2011 Insurance Company
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 429'554 0.94 146'500 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda TOMI RAILO buy 5 M 56 Not Provided 18.02.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 57 Not Provided 15.02.2013
FIM SANNA KAJE accumulate 4 M 55 12 month 12.02.2013
Deutsche Bank ANETTE LUOMANPERA buy 5 M 55 12 month 08.02.2013
ABG Sundal Collier JOHANNES GRUNSELIUS buy 5 M 56 6 month 08.02.2013
Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 U 56 Not Provided 08.02.2013
JPMorgan ALEXANDER WHIGHT underweight 1 D 43 9 month 08.02.2013
Carnegie TIMO HEINONEN buy 5 M #N/A N/A Not Provided 08.02.2013
Nordea Equity Research JAN KAIJALA buy 5 M 55 12 month 08.02.2013
Handelsbanken TOM SKOGMAN accumulate 4 M 55 12 month 08.02.2013
DNB Markets SAMPSA KARHUNEN sell 1 D 46 Not Provided 08.02.2013
Danske Markets ANTTI SUTTELIN buy 5 M 58 12 month 08.02.2013
INDERES JUHA KINNUNEN accumulate 4 M 52 Not Provided 08.02.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 62 12 month 07.02.2013
Evli Bank Plc ELINA RIUTTA accumulate 4 M 44 12 month 07.02.2013
Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 29 12 month 17.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 56 Not Provided 30.10.2012
Swedbank ERKKI VESOLA reduce 2 M 33 12 month 26.10.2012
ICECAPITAL Markets LAURI LEINO buy 5 M 33 6 month 24.05.2010
Pohjola Bank Plc (ESN) JARI RAISANEN reduce 2 M 22 Not Provided 10.02.2010
Holdings By:
Outotec OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Pargesa Holding SA acquires, sells, operates and manages investments in the
financial, commercial, and industrial sectors in Switzerland and other European
countries. The Company has a portfolio of a limited number of major long-term
holdings. Pargesa seeks to exercise control over or influence the activities of
its holdings as a strategic shareholder.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 68.95
52-Week Low (04.06.2012) 51.05
Daily Volume
66.6
52-Week High % Change -3.41% Dividend Yield -
52-Week Low % Change 30.46% Beta 1.20
% 52 Week Price Range High/Low 86.87% Equity Float 36.82
Shares Out 30.06.2012 77.2 Short Int -
5'656.75 1 Yr Total Return 3.75%
Total Debt 4'983.40 YTD Return 6.30%
Preferred Stock 0.0 Adjusted BETA 1.204
Minority Interest 8'970.5 Analyst Recs 7
Cash and Equivalents 1'846.70 Consensus Rating 3.714
Enterprise Value 16'324.95
Average Volume 5 Day 66'923
PARG SE EQUITY YTD Change - Average Volume 30 Day 55'022
PARG SE EQUITY YTD % CHANGE - Average Volume 3 Month 51'046
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'588.7 5'475.2 4'189.5 4'625.4 4'729.1 3'148.0 7'356.8 5'808.0 6'064.0 - -
5.16x 3.64x 5.31x 4.21x 3.66x 6.23x 0.00x 2.92x 2.75x - -
1'360.4 799.9 1'077.2 888.7 915.2 0.0 0.0 383.5 445.0 - -
21.19x 24.95x 20.64x 21.93x 18.92x 0.00x 0.00x 42.57x 36.69x - -
722.3 (520.8) 791.7 465.9 (64.9) 821.3 344.4 665.0 498.0 - -
14.83x - 4.83x 14.44x - 0.00x 0.00x 17.06x 11.32x - -
EBITDA 915.20 Long-Term Rating Date -
EBIT -193.40 Long-Term Rating -
Operating Margin -4.09% Long-Term Outlook -
Pretax Margin 5.92% Short-Term Rating Date -
Return on Assets 0.64% Short-Term Rating -
Return on Common Equity 1.92%
Return on Capital - EBITDA/Interest Exp. 4.79
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 3.25
Net Debt/EBITDA 1.44
Gross Margin - Total Debt/EBITDA 3.09
EBITDA Margin 28.8%
EBIT Margin 5.6% Total Debt/Equity 66.6%
Net Income Margin -1.4% Total Debt/Capital 23.2%
Asset Turnover 0.21
Current Ratio 2.16 Net Fixed Asset Turnover 2.26
Quick Ratio 1.46 Accounts receivable turnover-days 53.63
Debt to Assets 21.50% Inventory Days -
Tot Debt to Common Equity 66.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.82 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Pargesa Holding SAPrice/Volume
Valuation Analysis
93'575.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PARJOINTCO NV n/a Co File 40'076'000 51.9 - 31.12.2011 Holding Company
BNP PARIBAS SA n/a EXCH 9'586'556 12.42 - 05.09.2012 Bank
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'109'439 7.91 - 30.09.2012 Hedge Fund Manager
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'351'855 1.75 (2'620) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 573'417 0.74 (6'904) 28.12.2012 Mutual Fund Manager
THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 469'645 0.61 - 31.10.2012 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 440'190 0.57 8'331 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 435'371 0.56 6'134 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 318'098 0.41 103'411 26.02.2013 Investment Advisor
PARGESA HOLDING SA n/a EXCH 297'800 0.39 - 12.03.2012 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 227'716 0.29 30'600 31.12.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 208'884 0.27 - 28.09.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 180'873 0.23 (5'257) 28.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 116'599 0.15 (1'855) 30.11.2012 Mutual Fund Manager
LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 116'444 0.15 (192'482) 31.12.2012 Investment Advisor
LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 93'500 0.12 (11'500) 28.12.2012 Mutual Fund Manager
UBS ETF Multiple Portfolios MF-AGG 55'024 0.07 654 31.10.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 48'000 0.06 - 30.12.2011 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 47'566 0.06 33'724 31.12.2012 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 29'150 0.04 (275) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue PIERRE-YVES GAUTHIER add 4 M 70 6 month 21.02.2013
Goldman Sachs MARKUS IWAR neutral/neutral 3 M 82 12 month 25.01.2013
Bank Vontobel AG RENE WEBER hold 3 M 70 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Petercam MARC DEBROUWER not rated #N/A N/A M #N/A N/A Not Provided 18.12.2012
KBC Securities TOM SIMONTS hold 3 M 68 Not Provided 10.12.2012
Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 12.11.2012
BMO Capital Markets JOHN REUCASSEL not rated #N/A N/A M #N/A N/A Not Provided 22.02.2011
Holdings By:
Pargesa Holding SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Partners Group Holding AG is a global private markets asset management firm
in private equity, private debt, private real estate and private
infrastructure. The firm manages a broad range of funds, structured products
and customized portfolios for an international clientele of institutional
investors, private banks and other financial institutions.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (11.01.2013) 223.70
52-Week Low (04.06.2012) 157.20
Daily Volume
212
52-Week High % Change -5.23% Dividend Yield -
52-Week Low % Change 34.86% Beta 0.87
% 52 Week Price Range High/Low 82.41% Equity Float 15.76
Shares Out 09.11.2012 26.7 Short Int -
5'660.40 1 Yr Total Return 30.05%
Total Debt 0.00 YTD Return 0.38%
Preferred Stock 0.0 Adjusted BETA 0.873
Minority Interest 0.8 Analyst Recs 10
Cash and Equivalents 96.67 Consensus Rating 3.300
Enterprise Value 5'565.10
Average Volume 5 Day 32'101
PGHN SE EQUITY YTD Change - Average Volume 30 Day 47'817
PGHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 57'210
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 01/yy 01/yy 12/12 Y 12/13 Y - -
350.1 270.7 329.4 447.3 448.8 - - 424.7 511.6 - -
10.59x 6.16x 9.30x 9.31x 9.06x - - 13.08x 10.79x - -
270.8 182.5 231.9 320.8 236.2 - - 266.8 327.3 - -
13.69x 9.14x 13.21x 12.98x 17.21x - - 20.86x 17.00x - -
255.0 170.8 204.8 296.3 202.1 - - 250.6 306.5 - -
14.99x 10.90x 15.75x 14.86x 20.51x - - 21.94x 18.02x - -
EBITDA 236.19 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 48.76% Long-Term Outlook -
Pretax Margin 49.22% Short-Term Rating Date -
Return on Assets 33.99% Short-Term Rating -
Return on Common Equity 43.99%
Return on Capital 43.93% EBITDA/Interest Exp. -
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.38
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 52.0%
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 45.0% Total Debt/Capital 0.0%
Asset Turnover 0.76
Current Ratio - Net Fixed Asset Turnover 35.61
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 -
Fiscal Year Ended
Partners Group Holding AGPrice/Volume
Valuation Analysis
26'048.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUP OF SHAREHOLDER n/a EXCH 8'188'476 30.67 - 08.11.2012 n/a
PARTNERS GROUP n/a EXCH 1'318'831 4.94 (19'412) 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'104'516 4.14 15'912 26.02.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 711'040 2.66 (108'287) 31.12.2012 Investment Advisor
MEISTER STEFFEN n/a Co File 534'000 2 - 31.12.2011 n/a
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 494'578 1.85 68'380 28.12.2012 Mutual Fund Manager
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 470'853 1.76 (24'915) 31.12.2012 Investment Advisor
HALDNER FELIX n/a Co File 347'100 1.3 - 31.12.2011 n/a
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 331'373 1.24 50 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 300'836 1.13 44'942 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 297'589 1.11 (23'941) 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 220'610 0.83 15'212 30.11.2012 Mutual Fund Manager
ALLIANCE BERNSTEIN n/a ULT-AGG 212'954 0.8 (5'634) 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 182'818 0.68 2'536 28.12.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 180'483 0.68 (3'979) 31.12.2012 Investment Advisor
SCHALI STEPHEN n/a Co File 154'200 0.58 - 31.12.2011 n/a
WENGER JURG n/a Co File 153'333 0.57 - 31.12.2011 n/a
NAF STEFAN n/a Co File 110'361 0.41 - 31.12.2011 n/a
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 101'512 0.38 (2'088) 31.10.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 91'520 0.34 3'955 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 238 12 month 05.02.2013
Bank Vontobel AG TERESA NIELSEN hold 3 M 210 Not Provided 25.01.2013
Goldman Sachs CHRIS M. TURNER Sell/Neutral 1 M 210 12 month 24.01.2013
Helvea TIM DAWSON accumulate 4 M 230 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Credit Suisse GURJIT KAMBO outperform 5 M 235 Not Provided 16.01.2013
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 16.01.2013
Main First Bank AG KILIAN MAIER underperform 1 D 200 12 month 14.01.2013
CA Cheuvreux CHRISTIAN STARK outperform 5 M 220 Not Provided 08.10.2012
Holdings By:
Partners Group Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Petropavlovsk PLC is a gold and iron ore mining and exploration company in
Russia. The Company holds interests in exploration and production assets in a
number of regions across the Russian Federation with its core assets located in
the Amur Region.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (29.02.2012) 753.50
52-Week Low (22.02.2013) 297.80
Daily Volume
307.2
52-Week High % Change -59.23% Dividend Yield 2.57
52-Week Low % Change 3.16% Beta 1.27
% 52 Week Price Range High/Low 2.06% Equity Float 156.34
Shares Out 30.06.2012 187.9 Short Int -
577.11 1 Yr Total Return -56.06%
Total Debt 1'006.84 YTD Return -14.90%
Preferred Stock 0.0 Adjusted BETA 1.272
Minority Interest 275.1 Analyst Recs 21
Cash and Equivalents 213.56 Consensus Rating 4.000
Enterprise Value 2'276.19
Average Volume 5 Day 1'819'148
POG LN EQUITY YTD Change - Average Volume 30 Day 1'861'816
POG LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'595'759
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 01/yy 01/yy 12/12 Y 12/13 Y - -
226.4 381.7 472.3 612.0 1'262.5 - - 1'334.7 1'414.3 - -
9.37x 2.10x 6.33x 6.19x 2.27x - - 1.72x 1.65x - -
89.6 136.0 221.8 198.1 541.2 - - 500.7 590.2 - -
23.69x 5.89x 13.48x 19.13x 5.29x - - 4.55x 3.86x - -
38.7 22.0 143.2 19.8 230.9 - - 132.2 205.4 - -
50.98x 20.32x 16.97x 165.78x 7.70x - - 7.18x 4.54x - -
EBITDA 541.19 Long-Term Rating Date -
EBIT 408.99 Long-Term Rating -
Operating Margin 32.40% Long-Term Outlook -
Pretax Margin 28.62% Short-Term Rating Date -
Return on Assets 4.30% Short-Term Rating -
Return on Common Equity 8.87%
Return on Capital 6.00% EBITDA/Interest Exp. 10.09
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -4.85
Net Debt/EBITDA 1.98
Gross Margin - Total Debt/EBITDA 2.31
EBITDA Margin 42.9%
EBIT Margin 28.4% Total Debt/Equity 61.7%
Net Income Margin 18.3% Total Debt/Capital 34.5%
Asset Turnover 0.41
Current Ratio 1.96 Net Fixed Asset Turnover 0.73
Quick Ratio 0.79 Accounts receivable turnover-days 20.66
Debt to Assets 30.76% Inventory Days -
Tot Debt to Common Equity 61.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 17.71 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
Petropavlovsk PLCPrice/Volume
Valuation Analysis
1'546'660.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 16'776'225 8.93 (8'736) 26.02.2013 Investment Advisor
MASLOVSKIY PAVEL ALE n/a RNS-DIR 14'903'486 7.93 105'000 26.05.2011 n/a
VANGUARD GROUP INC #N/A N/A RNS-MAJ 13'500'000 7.19 2'115'678 21.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 9'797'907 5.22 311'224 01.11.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 9'524'898 5.07 (839'144) 01.11.2012 Unclassified
DIRECTOR & RELATED H Multiple Portfolios REG 9'042'648 4.81 - 01.11.2012 Other
HAMBRO PETER C P n/a Co File 8'672'558 4.62 - 27.03.2012 n/a
UBS n/a ULT-AGG 8'309'411 4.42 5'820'542 01.11.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 7'534'114 4.01 - 31.12.2012 Investment Advisor
NORGES BANK n/a RNS-MAJ 7'523'884 4.01 1'610'897 28.11.2012 Government
SCHRODER INVESTMENT Multiple Portfolios REG 6'733'069 3.58 708'300 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 6'548'906 3.49 61'618 31.01.2013 Unclassified
BNP PARIBAS INVESTME n/a RNS-MAJ 5'600'369 2.98 (79'130) 04.02.2011 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'482'545 2.39 (1'250'334) 31.12.2012 Investment Advisor
ROTHSCHILD PRIVATE M Multiple Portfolios REG 4'338'268 2.31 392'589 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'056'600 2.16 (375'829) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN Multiple Portfolios REG 3'970'866 2.11 3'750'567 01.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'868'111 1.53 618'490 31.12.2012 Investment Advisor
OXFORD ASSET MANAGEM n/a Short (2'817'902) -1.5 (18'786) 26.02.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 2'679'849 1.43 (274'348) 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets DAVID HAUGHTON market perform 3 M 475 Not Provided 26.02.2013
Uralsib VALENTINA BOGOMOLOVA buy 5 M 588 Not Provided 25.02.2013
Societe Generale BRUCE ALWAY buy 5 M 470 12 month 22.02.2013
Westhouse Securities NICK HATCH buy 5 M 480 Not Provided 22.02.2013
VTB Capital NIKOLAY SOSNOVSKIY buy 5 M 480 12 month 18.02.2013
RBC Capital Markets JONATHAN GUY underperform 1 M 400 12 month 15.02.2013
JPMorgan ROGER BELL overweight 5 M 500 9 month 15.02.2013
HSBC PATRICK CHIDLEY overweight 5 M 540 Not Provided 31.01.2013
Raiffeisenbank AG IRYNA TRYGUB-KAINZ hold 3 D 430 12 month 28.01.2013
Goldman Sachs YULIA CHEKUNAEVA sell/attractive 1 D 365 12 month 24.01.2013
Credit Suisse MIKHAIL PRIKLONSKY underperform 1 M 340 Not Provided 23.01.2013
Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 800 12 month 22.01.2013
Sberbank CIB MIKHAIL STISKIN buy 5 M 560 Not Provided 18.01.2013
Numis Securities Ltd CAILEY BARKER add 4 M 480 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Alfa-Bank BARRY EHRLICH equalweight 3 D 440 Not Provided 16.01.2013
Liberum Capital Ltd KATE CRAIG buy 5 M #N/A N/A Not Provided 16.01.2013
Otkritie Capital ANDY JONES Under Review #N/A N/A M #N/A N/A Not Provided 13.12.2012
Nomura TYLER BRODA buy 5 M 760 Not Provided 10.10.2012
Aton LLC ILYA MAKAROV buy 5 M 561 12 month 28.06.2012
Holdings By:
Petropavlovsk PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Peugeot SA manufactures automobiles and light comercial vehicles. The company,
through subsidiaries, also manufactures automobile components and motorcycles,
and provides logistics and financing services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 14.02
52-Week Low (09.11.2012) 4.32
Daily Volume
5.778
52-Week High % Change -58.80% Dividend Yield -
52-Week Low % Change 33.75% Beta 1.29
% 52 Week Price Range High/Low 15.02% Equity Float 222.97
Shares Out 31.12.2012 354.8 Short Int -
2'050.32 1 Yr Total Return -55.99%
Total Debt 32'553.00 YTD Return 5.61%
Preferred Stock 0.0 Adjusted BETA 1.287
Minority Interest 735.0 Analyst Recs 32
Cash and Equivalents 7'678.00 Consensus Rating 1.844
Enterprise Value 27'660.32
Average Volume 5 Day 3'969'418
UG FP EQUITY YTD Change - Average Volume 30 Day 4'798'594
UG FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'056'238
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
54'356.0 48'417.0 56'061.0 58'509.0 55'446.0 59'912.0 55'446.0 54'936.9 56'920.2 - -
0.49x 0.57x 0.51x 0.48x 0.50x 0.00x 0.00x 0.14x 0.14x - -
3'742.0 2'443.0 4'839.0 4'039.0 2'310.0 0.0 0.0 2'493.3 3'188.3 - -
7.06x 11.25x 5.95x 7.02x 11.90x 0.00x 0.00x 11.09x 8.68x - -
(363.0) (1'161.0) 1'134.0 588.0 (5'010.0) 0.0 0.0 (510.7) 43.4 - -
- - 5.68x 6.16x - 0.00x 0.00x - 81.38x - -
EBITDA 2'310.00 Long-Term Rating Date 14.02.2013
EBIT -576.00 Long-Term Rating BB-
Operating Margin -1.04% Long-Term Outlook NEG
Pretax Margin -8.94% Short-Term Rating Date 06.08.2009
Return on Assets -7.49% Short-Term Rating B
Return on Common Equity -42.35%
Return on Capital - EBITDA/Interest Exp. 5.23
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 0.07
Net Debt/EBITDA 10.77
Gross Margin 14.2% Total Debt/EBITDA 14.09
EBITDA Margin 4.2%
EBIT Margin -1.0% Total Debt/Equity 331.4%
Net Income Margin -9.0% Total Debt/Capital 75.5%
Asset Turnover 0.83
Current Ratio 1.04 Net Fixed Asset Turnover 4.18
Quick Ratio 0.23 Accounts receivable turnover-days 13.36
Debt to Assets 50.20% Inventory Days 49.24
Tot Debt to Common Equity 331.43% Accounts Payable Turnover Day 70.34
Accounts Receivable Turnover 27.40 Cash Conversion Cycle -7.74
Inventory Turnover 7.43
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
Peugeot SAPrice/Volume
Valuation Analysis
2'651'347.00
Current Price (2/dd/yy) Market Data
'
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PEUGEOT FAMILY n/a Research 89'685'297 25.27 17'057'191 29.03.2012 Other
GENERAL MOTORS AUTOM n/a Research 24'839'429 7 - 29.03.2012 Corporation
PEUGEOT SA n/a Co File 17'187'450 4.84 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 14'001'968 3.95 3'264 26.02.2013 Investment Advisor
ODEY ASSET MANAGEMEN n/a Short (8'055'072) -2.27 1'383'911 06.02.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 6'700'000 1.89 - 31.12.2011 Pension Fund (ERISA)
D E SHAW & COMPANY I n/a Short (5'748'554) -1.62 (425'819) 06.02.2013 Hedge Fund Manager
EGERTON CAPITAL LIMI n/a Short (4'613'037) -1.3 (887'123) 13.02.2013 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'283'966 1.21 100'258 31.12.2012 Investment Advisor
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 3'195'000 0.9 125'000 31.12.2012 Investment Advisor
SPARINVEST n/a ULT-AGG 3'149'267 0.89 (32'122) 31.01.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (2'483'943) -0.7 (248'394) 26.02.2013 Hedge Fund Manager
OXFORD ASSET MANAGEM n/a Short (2'129'094) -0.6 (35'485) 08.11.2012 Investment Advisor
OXAM QUANT FUND LTD n/a Short (1'841'666) -0.52 - 30.10.2012 Mutual Fund Manager
MAGNETAR FINANCIAL L n/a Short (1'791'987) -0.5 - 20.03.2012 Hedge Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 1'687'300 0.48 1'671'200 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'627'527 0.46 25'796 31.12.2012 Mutual Fund Manager
HIGHBRIDGE CAPITAL M n/a Short (1'419'396) -0.4 354'849 21.11.2012 Hedge Fund Manager
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 1'241'612 0.35 190'814 31.12.2012 Investment Advisor
BNP PARIBAS SA n/a Short (1'206'487) -0.34 674'213 14.01.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 5 12 month 21.02.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 4 Not Provided 21.02.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 2 6 month 21.02.2013
Kepler Capital Markets XAVIER CAROEN hold 3 M 6 Not Provided 18.02.2013
Barclays KRISTINA CHURCH underweight 1 M 2 Not Provided 18.02.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 U 7 12 month 15.02.2013
Societe Generale STEPHEN REITMAN hold 3 M 7 12 month 14.02.2013
Commerzbank Corporates & Markets SASCHA GOMMEL reduce 2 M 5 6 month 14.02.2013
JPMorgan JOSE ASUMENDI underweight 1 M 5 9 month 14.02.2013
Macquarie JENS SCHATTNER underperform 1 M 5 12 month 14.02.2013
CM - CIC Securities(ESN) FLORENT COUVREUR sell 1 M 4 12 month 14.02.2013
Natixis GEORGES DIENG neutral 3 M 6 Not Provided 14.02.2013
S&P Capital IQ RODERICK BRIDGE sell 1 M 5 12 month 14.02.2013
Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 13.02.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 7 Not Provided 08.02.2013
Morgan Stanley LAURA LEMBKE Underwt/In-Line 1 M 3 12 month 07.02.2013
Landesbank Baden-Wuerttemberg Fabian Suessenguth sell 1 N 5 Not Provided 04.02.2013
HSBC HORST SCHNEIDER underweight 1 M 4 Not Provided 01.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 24.01.2013
Credit Suisse ERICH HAUSER underperform 1 M 5 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 12 12 month 03.01.2013
Main First Bank AG BRUNO LAPIERRE underperform 1 M 4 Not Provided 12.12.2012
CA Cheuvreux THOMAS BESSON underperform 1 M 4 Not Provided 26.11.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M #N/A N/A Not Provided 16.11.2012
Cyrrus JIRI SIMARA sell 1 M 5 Not Provided 29.10.2012
Deutsche Bank GAETAN TOULEMONDE hold 3 M #N/A N/A Not Provided 26.10.2012
Hammer Partners SA ALBERTO ROLLA sell 1 M 4 Not Provided 23.10.2012
National Bank AG MANFRED JAISFELD sell 1 M #N/A N/A Not Provided 06.03.2012
DZ Bank AG MICHAEL PUNZET buy 5 M 14 12 month 29.02.2012
Holdings By:
Peugeot SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Pirelli & C. SpA manufactures tires. The Company produces consumer tires for
automobiles, sports utility vehicles, light commercial vehicles and
motorcycles, and industrial tires for buses, heavy trucks, and agricultural
machinery. Pirelli also manufactures steel cord, the strengthening element for
radial tires.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (04.05.2012) 9.83
52-Week Low (23.07.2012) 6.88
Daily Volume
8.86
52-Week High % Change -9.87% Dividend Yield -
52-Week Low % Change 28.87% Beta 0.95
% 52 Week Price Range High/Low 67.17% Equity Float 308.86
Shares Out 30.09.2012 475.7 Short Int -
4'290.53 1 Yr Total Return 16.93%
Total Debt 1'771.95 YTD Return 2.37%
Preferred Stock 0.0 Adjusted BETA 0.948
Minority Interest 45.5 Analyst Recs 22
Cash and Equivalents 717.49 Consensus Rating 3.318
Enterprise Value 6'524.55
Average Volume 5 Day 3'391'568
PC IM EQUITY YTD Change - Average Volume 30 Day 2'532'692
PC IM EQUITY YTD % CHANGE - Average Volume 3 Month 2'487'439
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
6'504.5 4'660.2 4'067.5 4'848.4 5'654.8 5'410.9 5'963.1 6'100.4 6'449.5 1'530.2 -
0.64x 0.72x 0.88x 0.76x 0.76x 3.05x 3.80x 0.91x 0.85x 3.65x -
585.6 264.8 469.0 636.4 812.8 785.0 981.3 1'072.1 1'200.1 283.5 -
7.16x 12.76x 7.62x 5.77x 5.25x 4.92x 6.33x 6.09x 5.44x - -
164.5 (347.5) 22.7 21.8 451.6 364.1 502.6 417.1 495.5 91.6 -
30.73x - 18.32x 12.01x 7.02x 5.42x 8.01x 10.28x 8.64x - -
EBITDA 812.78 Long-Term Rating Date -
EBIT 581.87 Long-Term Rating -
Operating Margin 10.29% Long-Term Outlook -
Pretax Margin 8.40% Short-Term Rating Date -
Return on Assets 7.60% Short-Term Rating -
Return on Common Equity 24.20%
Return on Capital 14.38% EBITDA/Interest Exp. 10.87
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 2.61
Net Debt/EBITDA 2.35
Gross Margin - Total Debt/EBITDA 2.57
EBITDA Margin 16.0%
EBIT Margin 11.8% Total Debt/Equity 82.6%
Net Income Margin 8.0% Total Debt/Capital 44.7%
Asset Turnover 0.88
Current Ratio 1.07 Net Fixed Asset Turnover 2.56
Quick Ratio 0.55 Accounts receivable turnover-days 57.55
Debt to Assets 25.33% Inventory Days -
Tot Debt to Common Equity 82.57% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.36 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
Pirelli & C. SpAPrice/Volume
Valuation Analysis
2'148'116.00
Current Price (2/dd/yy) Market Data
'
.
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5
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0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAMFIN CAM FINANZIAR n/a EXCH 96'670'409 20.32 - 24.10.2012 Other
CAM 2012 SPA n/a EXCH 27'830'802 5.85 - 24.10.2012 Other
EDIZIONE HOLDING SPA n/a EXCH 22'707'080 4.77 - 24.10.2012 Holding Company
ALLIANZ SPA n/a EXCH 21'493'942 4.52 - 24.10.2012 Insurance Company
FONDIARIA-SAI SPA n/a EXCH 21'189'469 4.45 - 24.10.2012 Insurance Company
MEDIOBANCA SPA n/a EXCH 18'810'768 3.95 - 24.10.2012 Bank
BLACKROCK n/a ULT-AGG 14'873'705 3.13 7'121 26.02.2013 Investment Advisor
RUANE CUNNIFF & GOLD n/a EXCH 11'208'439 2.36 - 24.10.2012 Investment Advisor
INA ASSITALIA SPA n/a EXCH 9'538'591 2 - 24.10.2012 Insurance Company
ASSICURAZIONI GENERA n/a EXCH 8'235'063 1.73 - 24.10.2012 Insurance Company
AKO CAPITAL LLP n/a Short (5'899'179) -1.24 (570'889) 19.12.2012 Investment Advisor
GENERALI VIE n/a EXCH 5'218'870 1.1 - 24.10.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'510'961 0.95 131'026 31.12.2012 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (4'234'088) -0.89 475'740 13.02.2013 Hedge Fund Manager
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 3'601'259 0.76 2'276 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 3'550'248 0.75 66'308 31.01.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 3'302'070 0.69 (291'625) 29.06.2012 Investment Advisor
MARSHALL WACE LLP n/a Short (2'806'867) -0.59 47'574 28.11.2012 Hedge Fund Manager
ALTAIRIS INVESTMENTS n/a Short (2'759'293) -0.58 - 20.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'925'200 0.4 (3'116'064) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ICBPI STEFANO VULPIANI neutral 3 M 10 12 month 22.02.2013
Mediobanca SpA MASSIMO VECCHIO underperform 1 M 8 6 month 21.02.2013
HSBC NIELS FEHRE overweight 5 M 11 Not Provided 21.02.2013
AlphaValue HANS-PETER WODNIOK reduce 2 M 9 6 month 21.02.2013
Societe Generale PHILIPPE BARRIER hold 3 M 10 12 month 05.02.2013
Kepler Capital Markets GIANANTONIO VILLANI hold 3 M 9 Not Provided 28.01.2013
Deutsche Bank GAETAN TOULEMONDE hold 3 D 11 12 month 25.01.2013
Exane BNP Paribas MICHELE BALDELLI outperform 5 M 11 Not Provided 25.01.2013
Banca IMI MONICA BOSIO not rated #N/A N/A M 9 12 month 22.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs STEPHAN PUETTER sell/attractive 1 D 9 12 month 10.01.2013
Main First Bank AG BRUNO LAPIERRE underperform 1 M 9 12 month 21.12.2012
Morgan Stanley EDOARDO SPINA Overwt/In-Line 5 M 11 12 month 28.11.2012
Equita SIM SpA MARTINO DEAMBROGGI buy 5 M 10 12 month 23.11.2012
Banca Akros(ESN) GABRIELE GAMBAROVA hold 3 D 10 12 month 19.11.2012
CA Cheuvreux GIORGIO IANNELLA outperform 5 M 10 Not Provided 14.11.2012
Natixis MICHAEL FOUNDOUKIDIS buy 5 M 10 Not Provided 13.11.2012
Centrobanca ORIANA CARDANI hold 3 M 10 12 month 31.10.2012
Barclays KRISTINA CHURCH underweight 1 M 8 Not Provided 06.09.2012
Banca Profilo CARLO CAMPAGNA buy 5 M 11 12 month 09.08.2012
Ricerca Finanza FRANCESCO MANZI outperform 5 M #N/A N/A Not Provided 24.06.2010
Holdings By:
Pirelli & C. SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Pohjola Bank PLC provides non-life insurance and banking services. Non-life
insurance services include household, motor liability, accident, medical, and
travel insurance. Banking services include corporate and investment banking.
The Company also offers asset management services for institutions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 12.81
52-Week Low (10.04.2012) 7.46
Daily Volume
12.08
52-Week High % Change -5.70% Dividend Yield -
52-Week Low % Change 61.93% Beta 1.01
% 52 Week Price Range High/Low 86.36% Equity Float -
Shares Out 26.02.2013 251.9 Short Int -
3'860.48 1 Yr Total Return 46.20%
Total Debt 20'884.00 YTD Return 7.19%
Preferred Stock 0.0 Adjusted BETA 1.015
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 14'458.00 Consensus Rating 2.750
Enterprise Value -
Average Volume 5 Day 582'275
POH1S FH EQUITY YTD Change - Average Volume 30 Day 475'929
POH1S FH EQUITY YTD % CHANGE - Average Volume 3 Month 390'644
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
3'620.0 2'643.0 2'321.0 3'011.0 1'291.0 3'011.0 1'455.0 1'018.5 1'044.0 236.0 273.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
88.0 194.0 229.0 215.0 285.0 215.0 285.0 339.0 357.8 61.1 89.0
22.53x 9.04x 12.52x 11.16x 12.64x 11.16x 12.64x 11.22x 10.67x 12.72x -
EBITDA - Long-Term Rating Date 27.07.2005
EBIT - Long-Term Rating AA-
Operating Margin 36.51% Long-Term Outlook NEG
Pretax Margin 36.42% Short-Term Rating Date 27.07.2005
Return on Assets 0.66% Short-Term Rating A-1+
Return on Common Equity 11.17%
Return on Capital 1.18% 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 754.2%
Net Income Margin 27.8% Total Debt/Capital 88.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 19.27
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 46.80% Inventory Days -
Tot Debt to Common Equity 754.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Pohjola Bank PLCPrice/Volume
Valuation Analysis
506'641.00
Current Price (2/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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3
5
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OP-POHJOLA GROUP CEN n/a Research 58'351'020 23.16 - 30.11.2012 Bank
ILMARINEN MUTUAL PEN n/a Research 31'955'142 12.68 - 30.11.2012 Insurance Company
NORDEA BANK FINLAND n/a Research 24'418'720 9.69 - 30.11.2012 Bank
OP-ELAKEKASSA n/a Research 3'455'529 1.37 - 30.11.2012 Pension Fund (ERISA)
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'251'260 1.29 - 31.07.2012 Investment Advisor
VARMA MUTUAL PENSION n/a Research 2'881'569 1.14 - 30.11.2012 Insurance Company
OULUN OSUUSPANKKI n/a Research 2'777'969 1.1 - 30.11.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'631'324 1.04 80'781 31.12.2012 Investment Advisor
OP-ELAKESAATIO n/a Research 2'328'568 0.92 - 30.11.2012 Pension Fund (ERISA)
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 2'238'232 0.89 (36'415) 31.12.2012 Investment Advisor
FINLAND STATE PENSIO n/a Research 2'200'000 0.87 - 30.11.2012 Government
TURUN SEUDUN OSUUSPA n/a Research 1'800'990 0.71 - 30.11.2012 n/a
BLACKROCK n/a ULT-AGG 1'670'557 0.66 1'840 26.02.2013 Investment Advisor
NORDEA FENNIA n/a Research 1'545'000 0.61 - 30.11.2012 n/a
TAMPEREEN SEUDUN OSU n/a Research 1'514'338 0.6 - 30.11.2012 Other
SUUR-SAVON OSUUSPANK n/a Research 1'348'036 0.54 - 30.11.2012 Bank
ETELA-KARJALAN OSUUS n/a Research 1'329'318 0.53 - 30.11.2012 Bank
OP-DELTA FUND n/a Research 1'285'000 0.51 - 30.11.2012 n/a
AMUNDI Multiple Portfolios MF-AGG 1'247'847 0.5 (79'103) 28.09.2012 Mutual Fund Manager
PIELISEN OSUUSPANKKI n/a Research 1'232'140 0.49 - 30.11.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda MIKA KOSKINEN hold 3 M 11 Not Provided 07.02.2013
Carnegie GIANANDREA ROBERTI hold 3 M #N/A N/A Not Provided 07.02.2013
Nordea Equity Research PAAVO AHONEN sell 1 M 12 12 month 07.02.2013
Handelsbanken MATTI AHOKAS reduce 2 M 12 12 month 06.02.2013
Evli Bank Plc KIMMO RAMA accumulate 4 M 12 12 month 06.02.2013
Danske Markets PER GRONBORG hold 3 M 13 12 month 06.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 23.01.2013
ABG Sundal Collier RICKARD HENZE buy 5 M 10 6 month 04.05.2012
JPMorgan ANDREAS VAN EMBDEN neutral 3 M 10 Not Provided 23.02.2012
Holdings By:
Pohjola Bank PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Polyus Gold International Ltd is a gold mining company. The Company operates
mines and development/exploration projects located in gold mining regions of
Russia - the Krasnoyarsk Territory, the Irkutsk, Magadan, Amur regions, the
Republic of Sakha (Yakutia), as well as in the Republic of Kazakhstan, Romania
and Kyrgyzstan.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (13.02.2013) 233.00
52-Week Low (28.08.2012) 180.50
Daily Volume
220
52-Week High % Change -5.58% Dividend Yield 0.00
52-Week Low % Change 21.88% Beta -
% 52 Week Price Range High/Low 75.24% Equity Float 385.40
Shares Out 30.09.2012 3'032.2 Short Int -
6'670.73 1 Yr Total Return -
Total Debt 798.68 YTD Return 7.45%
Preferred Stock - Adjusted BETA -
Minority Interest 235.3 Analyst Recs 17
Cash and Equivalents 657.45 Consensus Rating 4.176
Enterprise Value 9'834.20
Average Volume 5 Day 1'606'133
PGIL LN EQUITY YTD Change - Average Volume 30 Day 1'639'757
PGIL LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'830'161
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 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
177.0 54.3 60.4 1'748.8 2'402.7 - - 2'799.3 3'100.9 - -
7.63x 8.14x 11.13x 0.22x 3.60x - - 3.53x 3.28x - -
74.4 (220.8) (52.6) 714.6 1'130.0 - - 1'371.9 1'573.2 - -
18.14x - - 0.54x 7.66x - - 7.17x 6.25x - -
19.4 (257.0) (142.9) 332.2 469.0 - - 825.2 948.8 - -
65.54x - - 35.27x 18.62x - - 12.32x 10.94x - -
EBITDA 1'130.02 Long-Term Rating Date -
EBIT 942.07 Long-Term Rating -
Operating Margin 39.21% Long-Term Outlook -
Pretax Margin 31.84% Short-Term Rating Date -
Return on Assets 14.27% Short-Term Rating -
Return on Common Equity 21.54%
Return on Capital 21.73% EBITDA/Interest Exp. 15.83
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 11.02
Net Debt/EBITDA -0.39
Gross Margin 49.7% Total Debt/EBITDA 0.23
EBITDA Margin 53.9%
EBIT Margin 43.9% Total Debt/Equity 30.8%
Net Income Margin 19.5% Total Debt/Capital 22.0%
Asset Turnover 0.60
Current Ratio 1.63 Net Fixed Asset Turnover 1.24
Quick Ratio 0.73 Accounts receivable turnover-days -
Debt to Assets 18.93% Inventory Days 122.45
Tot Debt to Common Equity 30.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 141.59
Inventory Turnover 2.99
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
Polyus Gold International LtdPrice/Volume
Valuation Analysis
807'456.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NAFTA MOSKVA n/a RNS-RUL8 1'219'680'676 40.22 - 18.09.2012 Investment Advisor
RECEZA LTD n/a Research 585'204'931 19.3 - 22.02.2013 n/a
LIZARAZU LTD n/a Research 560'947'732 18.5 - 22.02.2013 n/a
JENNINGTON INTERNATI n/a Co File 227'411'243 7.5 - 31.12.2011 n/a
CHENGDONG INVESTMENT n/a RNS-RUL8 151'607'496 5 - 12.09.2012 Investment Advisor
VTB CAPITAL PLC n/a RNS-RUL8 101'577'689 3.35 (500'000) 21.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 72'983'498 2.41 (50'000) 26.02.2013 Investment Advisor
BENVOLIO HOLDING LTD n/a RNS-RUL8 53'475'052 1.76 - 25.09.2012 Other
DWS INVESTMENT SA Multiple Portfolios MF-AGG 5'964'921 0.2 662'399 28.12.2012 Mutual Fund Manager
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 5'018'000 0.17 5'018'000 31.12.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'881'064 0.13 - 26.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'700'909 0.06 - 31.12.2012 Investment Advisor
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 1'568'685 0.05 (2'345'088) 31.01.2013 Investment Advisor
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'093'500 0.04 1'093'500 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 1'061'396 0.04 - 31.10.2012 Unclassified
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'000'000 0.03 - 30.12.2012 Investment Advisor
JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 990'100 0.03 - 30.06.2012 Mutual Fund Manager
SOCIETE GENERALE n/a RNS-RUL8 663'368 0.02 (37'554) 21.02.2013 Bank
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 597'226 0.02 - 31.12.2012 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 533'860 0.02 10'900 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan YURIY A VLASOV overweight 5 M 270 Not Provided 27.02.2013
Morgan Stanley DMITRIY KOLOMYTSYN Equalwt/In-Line 3 M 265 12 month 26.02.2013
BMO Capital Markets DAVID HAUGHTON market perform 3 M 250 Not Provided 25.02.2013
Uralsib VALENTINA BOGOMOLOVA buy 5 M 264 Not Provided 25.02.2013
Credit Suisse MIKHAIL PRIKLONSKY outperform 5 M 240 Not Provided 22.02.2013
Alfa-Bank BARRY EHRLICH equalweight 3 M 225 Not Provided 06.02.2013
Sberbank CIB MIKHAIL STISKIN buy 5 M 303 Not Provided 29.01.2013
VTB Capital ALEXANDER PUKHAEV buy 5 M 300 12 month 28.01.2013
Liberum Capital Ltd KATE CRAIG hold 3 D #N/A N/A Not Provided 11.01.2013
Deutsche Bank ERIK DANEMAR buy 5 M 285 12 month 19.12.2012
Otkritie Capital ANDY JONES Under Review #N/A N/A M #N/A N/A Not Provided 13.12.2012
Veles Capital AIRAT KHALIKOV buy 5 M 247 Not Provided 19.09.2012
Goldman Sachs YULIA CHEKUNAEVA not rated #N/A N/A M #N/A N/A Not Provided 12.09.2012
ING Bank BIRAJ BORKHATARIA hold 3 M 280 Not Provided 10.09.2012
Aton LLC ILYA MAKAROV hold 3 M 187 12 month 28.06.2012
RMG Securities ANDREY TRETELNIKOV hold 3 M 209 Not Provided 26.06.2012
Holdings By:
Polyus Gold International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
PostNL NV collects, transports, stores, sorts, and distributes letters, printed
matter, parcels, documents, and freight items. The Company provides mail and
logistics services domestically and internationally.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 4.32
52-Week Low (14.01.2013) 1.70
Daily Volume
1.845
52-Week High % Change -57.34% Dividend Yield -
52-Week Low % Change 8.53% Beta 1.34
% 52 Week Price Range High/Low 5.52% Equity Float 418.59
Shares Out 31.12.2012 440.0 Short Int -
811.75 1 Yr Total Return -53.45%
Total Debt 1'618.00 YTD Return -36.77%
Preferred Stock 0.0 Adjusted BETA 1.335
Minority Interest 11.0 Analyst Recs 23
Cash and Equivalents 391.00 Consensus Rating 3.391
Enterprise Value 2'049.75
Average Volume 5 Day 9'155'633
PNL NA EQUITY YTD Change - Average Volume 30 Day 7'024'369
PNL NA EQUITY YTD % CHANGE - Average Volume 3 Month 6'209'901
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
10'983.0 10'278.0 4'274.0 4'283.0 4'330.0 4'283.0 4'330.0 4'364.4 4'418.6 - -
0.60x 0.88x 2.10x 0.46x 0.58x 3.71x 2.37x 0.45x 0.43x - -
1'381.0 1'138.0 600.0 529.0 541.0 529.0 331.0 475.4 509.4 - -
4.74x 7.99x 14.95x 3.74x 4.66x 3.74x 0.00x 4.31x 4.02x - -
556.0 281.0 347.0 1'736.0 677.0 1'736.0 677.0 223.5 244.7 - -
9.00x 28.03x 26.55x - 1.90x 0.00x 1.96x 4.11x 3.49x - -
EBITDA 541.00 Long-Term Rating Date 16.01.2013
EBIT 293.00 Long-Term Rating BBB
Operating Margin 6.77% Long-Term Outlook NEG
Pretax Margin 17.51% Short-Term Rating Date 10.03.2006
Return on Assets 15.43% Short-Term Rating A-2
Return on Common Equity 92.17%
Return on Capital 32.36% EBITDA/Interest Exp. 5.06
Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 3.42
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 6.8% Total Debt/Equity 151.4%
Net Income Margin 15.6% Total Debt/Capital 60.0%
Asset Turnover 0.99
Current Ratio 2.05 Net Fixed Asset Turnover 8.77
Quick Ratio 0.69 Accounts receivable turnover-days 35.88
Debt to Assets 34.75% Inventory Days -
Tot Debt to Common Equity 151.36% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.20 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
PostNL NVPrice/Volume
Valuation Analysis
6'165'088.00
Current Price (2/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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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MACKENZIE FINANCIAL n/a Research 37'323'303 8.48 - 18.11.2011 Investment Advisor
CAUSEWAY CAPITAL MAN n/a 13G 33'943'546 7.71 - 31.12.2011 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 28'514'573 6.48 5'504'882 30.11.2012 Investment Advisor
MANNING & NAPIER ADV n/a Research 23'995'285 5.45 - 15.03.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 21'876'251 4.97 (525'149) 26.02.2013 Investment Advisor
ALBERTA INVESTMENT M n/a Research 21'081'417 4.79 - 24.02.2012 Government
MORGAN STANLEY n/a ULT-AGG 20'148'658 4.58 4'654 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 18'816'297 4.28 (289'095) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'988'100 2.95 2'038'242 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC n/a Research 10'317'188 2.34 - 23.09.2010 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'760'076 1.76 (2) 30.09.2012 Hedge Fund Manager
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 5'000'000 1.14 - 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'760'903 1.08 72'100 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 3'141'982 0.71 2'865'642 27.02.2013 Investment Advisor
OXFORD ASSET MANAGEM n/a Short (3'079'813) -0.7 (879'947) 25.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'520'142 0.57 (2'335'823) 31.10.2012 Investment Advisor
BARCLAYS PLC n/a Research 2'379'798 0.54 - 24.02.2011 Investment Advisor
FMR LLC n/a ULT-AGG 2'200'620 0.5 - 31.12.2012 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (2'155'869) -0.49 43'997 31.12.2012 Hedge Fund Manager
WORLDQUANT LLC n/a Short (2'111'872) -0.48 483'970 29.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 2 12 month 26.02.2013
KBC Securities DIETER FURNIERE hold 3 M 2 Not Provided 26.02.2013
Rabobank International PHILIP SCHOLTE hold 3 M 2 12 month 26.02.2013
Kepler Capital Markets ANDRE MULDER Under Review #N/A N/A M #N/A N/A Not Provided 26.02.2013
RBC Capital Markets DAMIAN BREWER sector perform 3 M 2 12 month 25.02.2013
SNS Securities(ESN) GERT STEENS accumulate 4 M 3 12 month 25.02.2013
Berenberg Bank WILLIAM FOGGON hold 3 M 3 Not Provided 25.02.2013
ING Bank MARC ZWARTSENBURG buy 5 M 3 12 month 25.02.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 3 Not Provided 25.02.2013
Nomura MARK MCVICAR reduce 2 M 2 12 month 22.02.2013
Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 M 2 12 month 13.02.2013
Barclays DAVID E FINTZEN overweight 5 M 2 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux ROBERT VAN OVERBEEK underperform 1 M 2 Not Provided 16.01.2013
HSBC JULIA WINARSO neutral 3 M 2 Not Provided 15.01.2013
Petercam MARCEL ACHTERBERG reduce 2 D 2 Not Provided 14.01.2013
Davy JOSHUA GOLDMAN underperform 1 D #N/A N/A Not Provided 14.01.2013
Credit Suisse NEIL GLYNN neutral 3 M 3 Not Provided 11.01.2013
Kempen & Co ARUN RAMBOCUS buy 5 M 4 12 month 06.01.2013
Main First Bank AG TOBIAS SITTIG outperform 5 M 4 12 month 09.11.2012
JPMorgan CHRISTOPHER G COMBE overweight 5 M 5 9 month 02.11.2012
Theodoor Gilissen Securities JOS VERSTEEG Under Review #N/A N/A M #N/A N/A Not Provided 27.10.2011
AlphaValue HELENE COUMES sell 1 M 6 6 month 19.05.2011
Societe Generale MATTHEW O'KEEFFE hold 3 M 8 12 month 21.02.2011
Holdings By:
PostNL NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
ProSiebenSat.1 Media AG is a pan-European broadcasting group. The Company
produces and broadcasts television programming. ProSiebenSat.1's portfolio
ranges from TV station brands to online video store, digital pay-TV programs,
and mobile services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (01.02.2013) 26.11
52-Week Low (04.06.2012) 15.60
Daily Volume
24.725
52-Week High % Change -5.29% Dividend Yield -
52-Week Low % Change 58.49% Beta 1.17
% 52 Week Price Range High/Low 86.86% Equity Float 82.81
Shares Out 30.09.2012 109.4 Short Int -
5'484.15 1 Yr Total Return 35.47%
Total Debt 2'662.20 YTD Return 16.08%
Preferred Stock 0.0 Adjusted BETA 1.172
Minority Interest 10.0 Analyst Recs 30
Cash and Equivalents 517.90 Consensus Rating 3.567
Enterprise Value 7'939.95
Average Volume 5 Day 654'309
PSM GY EQUITY YTD Change - Average Volume 30 Day 544'982
PSM GY EQUITY YTD % CHANGE - Average Volume 3 Month 543'578
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'710.4 3'054.2 2'760.8 2'601.0 2'756.2 2'711.4 2'868.7 2'910.3 2'721.7 887.8 -
2.69x 1.44x 1.97x 3.16x 1.90x 10.66x 8.54x 2.49x 2.52x 8.19x -
522.6 833.8 652.5 684.9 726.3 764.5 779.8 858.1 798.7 314.3 -
13.96x 5.29x 8.34x 11.99x 7.22x 6.87x 8.66x 9.25x 9.94x - -
89.4 (129.1) 146.6 312.7 637.5 689.0 325.9 393.0 398.6 170.5 60.6
39.71x - - 20.64x 11.48x 10.13x 12.60x 13.42x 13.32x - -
EBITDA 726.30 Long-Term Rating Date -
EBIT 606.70 Long-Term Rating -
Operating Margin 22.01% Long-Term Outlook -
Pretax Margin 13.30% Short-Term Rating Date -
Return on Assets 6.48% Short-Term Rating -
Return on Common Equity 24.38%
Return on Capital 10.88% EBITDA/Interest Exp. 3.50
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 3.07
Net Debt/EBITDA 3.15
Gross Margin 45.5% Total Debt/EBITDA 3.79
EBITDA Margin 27.2%
EBIT Margin 22.7% Total Debt/Equity 186.0%
Net Income Margin 23.1% Total Debt/Capital 64.9%
Asset Turnover 0.57
Current Ratio 1.51 Net Fixed Asset Turnover 12.89
Quick Ratio 1.39 Accounts receivable turnover-days 35.03
Debt to Assets 52.89% Inventory Days 0.37
Tot Debt to Common Equity 185.99% Accounts Payable Turnover Day 89.44
Accounts Receivable Turnover 10.45 Cash Conversion Cycle -29.07
Inventory Turnover 976.50
Fiscal Year Ended
ProSiebenSat.1 Media AGPrice/Volume
Valuation Analysis
611'204.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LAVENA HOLDING 5 n/a Research 19'691'748 18 - 31.08.2012 Holding Company
PROSIEBEN SAT1 MEDIA n/a Research 6'901'250 6.31 (738'750) 31.08.2012 Other
FMR LLC n/a ULT-AGG 6'538'304 5.98 299'157 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'819'360 2.58 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'449'786 2.24 (82'246) 26.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'675'000 1.53 315'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'510'811 1.38 33'947 31.12.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 940'700 0.86 - 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 914'799 0.84 (69'305) 31.12.2012 Investment Advisor
CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 553'800 0.51 (85'000) 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 434'862 0.4 15'469 31.12.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 433'012 0.4 - 31.10.2012 Investment Advisor
EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 404'872 0.37 (108'868) 31.12.2012 Hedge Fund Manager
VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 392'200 0.36 (59'900) 30.11.2012 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 384'276 0.35 370'000 31.10.2012 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 330'865 0.3 (108'044) 31.12.2012 Mutual Fund Manager
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 310'400 0.28 (4'900) 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 270'087 0.25 442 30.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 258'956 0.24 33'352 27.02.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 250'000 0.23 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Liberum Capital Ltd IAN WHITTAKER buy 5 M 32 Not Provided 22.02.2013
AlphaValue VERONIQUE CABIOC'H reduce 2 M 24 6 month 21.02.2013
Deutsche Bank LAURIE DAVISON buy 5 M 29 12 month 18.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 25 12 month 18.02.2013
Nomura WILLIAM MAIRS buy 5 M 30 Not Provided 15.02.2013
DZ Bank AG HARALD HEIDER hold 3 M 22 12 month 15.02.2013
Commerzbank Corporates & Markets SONIA RABUSSIER hold 3 M 25 6 month 14.02.2013
Exane BNP Paribas ADRIEN DE SAINT HILAIRE underperform 1 M 22 Not Provided 14.02.2013
JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 26 9 month 13.02.2013
Credit Suisse OMAR SHEIKH outperform 5 M 30 Not Provided 04.02.2013
Barclays JULIEN ROCH overweight 5 U 28 Not Provided 24.01.2013
Societe Generale CHRISTOPHE CHERBLANC hold 3 M 25 12 month 17.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Berenberg Bank SARAH SIMON hold 3 M 24 Not Provided 11.01.2013
Goldman Sachs RICHARD JONES Buy/Neutral 5 M 29 12 month 09.01.2013
Bankhaus Metzler STEFAN WIMMER buy 5 M 26 12 month 09.01.2013
Main First Bank AG STEPHAN VOLLERT outperform 5 M 26 12 month 19.12.2012
Kepler Capital Markets CONOR O'SHEA hold 3 M 23 Not Provided 18.12.2012
Natixis JEROME BODIN neutral 3 M 22 Not Provided 18.12.2012
Hammer Partners SA STEPHAN SEIP sell 1 M 19 Not Provided 18.12.2012
Morgan Stanley JULIEN ROSSI Equalwt/Attractive 3 D 26 12 month 17.12.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 24 Not Provided 17.12.2012
Espirito Santo Investment Bank ResearchMARK EVANS sell 1 M 15 Not Provided 17.12.2012
HSBC CHRISTOPHER JOHNEN neutral 3 D 26 Not Provided 14.12.2012
Close Brothers Equity Markets MARCUS SILBE hold 3 M 18 12 month 20.11.2012
Jefferies WILL SMITH hold 3 M 23 12 month 08.11.2012
Silvia Quandt Research JACQUES ABRAMOWICZ neutral 3 M 22 12 month 08.11.2012
CS Capital CHRISTOPHER PARKINSON buy 5 M 26 Not Provided 15.08.2011
Holdings By:
ProSiebenSat.1 Media AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Provident Financial plc is a financial services group specialising in the
provision of personal credit products for consumers in the United Kingdom non
standard lending market. The Company's Consumer Credit division provides small,
unsecured loans, which they collect in weekly installments. The Company's
Credit Cards business is operated through Vanquis Bank.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 1'527.00
52-Week Low (25.05.2012) 1'064.00
Daily Volume
1460
52-Week High % Change -4.39% Dividend Yield 5.29
52-Week Low % Change 37.22% Beta 0.72
% 52 Week Price Range High/Low 85.53% Equity Float 91.04
Shares Out 31.01.2013 138.4 Short Int -
2'021.27 1 Yr Total Return 36.97%
Total Debt 1'201.40 YTD Return 7.51%
Preferred Stock 0.0 Adjusted BETA 0.724
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 79.10 Consensus Rating 3.250
Enterprise Value 3'143.57
Average Volume 5 Day 181'641
PFG LN EQUITY YTD Change - Average Volume 30 Day 134'819
PFG LN EQUITY YTD % CHANGE - Average Volume 3 Month 156'969
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 - -
751.2 815.6 866.4 910.8 980.0 - - 1'057.3 1'136.2 - -
2.58x 2.60x 2.45x 2.52x 3.06x - - 2.94x 2.85x - -
184.0 196.2 227.8 246.7 269.4 - - 266.3 284.3 - -
10.55x 10.79x 9.31x 9.29x 11.14x - - 11.81x 11.06x - -
92.1 88.6 101.5 119.8 148.0 - - 151.4 166.7 - -
12.13x 13.74x 11.39x 10.50x 12.30x - - 12.95x 11.85x - -
EBITDA 269.40 Long-Term Rating Date -
EBIT 255.80 Long-Term Rating -
Operating Margin 26.10% Long-Term Outlook -
Pretax Margin 20.07% Short-Term Rating Date -
Return on Assets 9.35% Short-Term Rating -
Return on Common Equity 42.19%
Return on Capital 13.83% EBITDA/Interest Exp. 3.61
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 3.51
Net Debt/EBITDA 4.17
Gross Margin - Total Debt/EBITDA 4.46
EBITDA Margin 27.5%
EBIT Margin 26.1% Total Debt/Equity 320.0%
Net Income Margin 15.1% Total Debt/Capital 76.2%
Asset Turnover 0.62
Current Ratio 5.62 Net Fixed Asset Turnover 38.66
Quick Ratio 0.29 Accounts receivable turnover-days -
Debt to Assets 71.24% Inventory Days -
Tot Debt to Common Equity 320.03% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Provident Financial PLCPrice/Volume
Valuation Analysis
241'271.00
Current Price (2/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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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD Multiple Portfolios REG 35'591'182 25.71 (590'435) 01.11.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 10'127'121 7.32 (38'693) 31.07.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 8'951'588 6.47 (104'306) 01.11.2012 Investment Advisor
MARATHON ASSET MANAG n/a RNS-MAJ 8'159'871 5.89 (432'136) 12.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'695'979 4.11 - 26.02.2013 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios REG 5'550'156 4.01 (583'280) 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 5'131'774 3.71 (153'821) 31.01.2013 Unclassified
Cantillon Capital Multiple Portfolios REG 4'514'221 3.26 450'979 01.11.2012 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 4'205'378 3.04 163'122 01.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios REG 3'855'639 2.79 62'689 01.11.2012 Mutual Fund Manager
LANSDOWNE PARTNERS n/a Short (3'578'121) -2.58 68'955 01.11.2012 Investment Advisor
OLD MUTUAL n/a ULT-AGG 3'373'856 2.44 118'395 31.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 3'330'695 2.41 (19'690) 01.11.2012 Government
FMR LLC n/a ULT-AGG 2'955'423 2.13 (4'273) 01.11.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 2'527'225 1.83 (365'700) 31.01.2013 Unclassified
LIONTRUST n/a ULT-AGG 2'521'585 1.82 22'571 31.12.2012 Unclassified
JP MORGAN n/a ULT-AGG 2'402'606 1.74 404'122 01.11.2012 Unclassified
JUPITER ASSET MANAGE Multiple Portfolios REG 2'350'967 1.7 650'000 01.11.2012 Investment Advisor
PROVIDENT FINANCIAL Multiple Portfolios REG 1'991'242 1.44 - 01.11.2012 Unclassified
RWC PARTNERS LTD Multiple Portfolios REG 1'924'707 1.39 - 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets PETER K LENARDOS outperform 5 M 1'600 12 month 27.02.2013
Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 27.02.2013
Espirito Santo Investment Bank ResearchPHILIP DOBBIN neutral 3 M 1'494 Not Provided 27.02.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'700 6 month 26.02.2013
JPMorgan RAE MAILE overweight 5 M 1'678 9 month 26.02.2013
Canaccord Genuity Corp ARUN MELMANE hold 3 M 1'250 12 month 26.02.2013
Peel Hunt STUART DUNCAN hold 3 D 1'570 Not Provided 26.02.2013
Numis Securities Ltd JAMES HAMILTON hold 3 M 1'601 Not Provided 26.02.2013
Berenberg Bank PRAS JEYANANDHAN hold 3 M 1'290 Not Provided 21.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Societe Generale BILL BARNARD hold 3 M 1'335 12 month 15.01.2013
Keefe, Bruyette & Woods TOM MILLS market perform 3 M 1'460 12 month 15.01.2013
HSBC NITIN ARORA neutral 3 M 1'390 Not Provided 12.11.2012
Charles Stanley Securities ANDREW MITCHELL hold 3 M 1'250 Not Provided 04.05.2012
Holdings By:
Provident Financial PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Qinetiq Group PLC is a science and technology research company formed from the
British Governments defense research and development organization.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 214.60
52-Week Low (21.05.2012) 141.50
Daily Volume
206.1
52-Week High % Change -3.96% Dividend Yield 1.50
52-Week Low % Change 45.65% Beta 0.83
% 52 Week Price Range High/Low 88.37% Equity Float 600.62
Shares Out 30.09.2012 660.5 Short Int -
1'361.24 1 Yr Total Return 38.89%
Total Debt 249.30 YTD Return 13.01%
Preferred Stock 0.0 Adjusted BETA 0.826
Minority Interest 0.1 Analyst Recs 10
Cash and Equivalents 118.90 Consensus Rating 3.800
Enterprise Value 1'347.34
Average Volume 5 Day 822'630
QQ/ LN EQUITY YTD Change - Average Volume 30 Day 1'909'660
QQ/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'430'233
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 - -
1'366.0 1'617.3 1'625.4 1'702.6 1'469.6 - - 1'357.0 1'338.5 - -
1.23x 0.88x 0.84x 0.63x 0.80x - - 0.95x 0.92x - -
187.2 225.2 245.8 216.9 220.9 - - 192.8 168.2 - -
8.96x 6.33x 5.53x 4.95x 5.35x - - 6.99x 8.01x - -
47.4 93.6 (63.3) 5.0 257.9 - - 113.2 97.3 - -
26.72x 9.22x - 159.33x 4.02x - - 12.12x 13.93x - -
EBITDA 220.90 Long-Term Rating Date -
EBIT 159.10 Long-Term Rating -
Operating Margin 10.83% Long-Term Outlook -
Pretax Margin 22.56% Short-Term Rating Date -
Return on Assets 18.39% Short-Term Rating -
Return on Common Equity 49.82%
Return on Capital 43.08% EBITDA/Interest Exp. 1.96
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 1.76
Net Debt/EBITDA -0.06
Gross Margin - Total Debt/EBITDA 0.70
EBITDA Margin 16.6%
EBIT Margin 13.0% Total Debt/Equity 41.6%
Net Income Margin 17.5% Total Debt/Capital 29.4%
Asset Turnover 1.02
Current Ratio 0.94 Net Fixed Asset Turnover 5.69
Quick Ratio 0.71 Accounts receivable turnover-days 79.13
Debt to Assets 17.44% Inventory Days -
Tot Debt to Common Equity 41.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.63 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
QinetiQ Group PLCPrice/Volume
Valuation Analysis
520'142.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 100'889'213 15.28 (37'816'485) 30.11.2012 Investment Advisor
ARTISAN PARTNERS HOL n/a RNS-MAJ 92'608'147 14.02 2'602'589 05.10.2012 Investment Advisor
RUANE CUNNIFF & GOLD n/a RNS-MAJ 64'117'000 9.71 (8'535'402) 06.07.2012 Investment Advisor
Ruane Cunniff & Gold Multiple Portfolios REG 55'751'638 8.44 (7'621'530) 01.10.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 48'945'895 7.41 6'838'732 01.10.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios REG 36'357'943 5.5 (873'174) 01.10.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 30'347'644 4.59 (571'999) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 29'027'398 4.39 1'744'557 31.01.2013 Unclassified
NORGES BANK n/a RNS-MAJ 27'181'242 4.12 7'330'734 26.11.2012 Government
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 26'585'581 4.03 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 23'974'040 3.63 - 26.02.2013 Investment Advisor
RUANE CUNNIFF & GOLD Multiple Portfolios MF-AGG 23'161'200 3.51 - 31.12.2011 Investment Advisor
QINETIQ GROUP EMPLOY Multiple Portfolios REG 19'153'952 2.9 (1'103'579) 01.10.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'978'940 2.72 851'059 31.12.2012 Investment Advisor
QINETIQ GROUP PLC SH Multiple Portfolios REG 17'533'890 2.65 (599'153) 01.10.2012 Unclassified
JUPITER ASSET MANAGE Multiple Portfolios REG 12'273'431 1.86 1'290'609 01.10.2012 Investment Advisor
CHISHOLM JOHN n/a RNS-DIR 11'501'026 1.74 4 19.02.2010 n/a
JP MORGAN n/a ULT-AGG 10'007'236 1.52 578'202 31.10.2012 Unclassified
WELLINGTON MANAGEMEN Multiple Portfolios REG 9'313'304 1.41 (1'974'463) 01.10.2012 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios REG 9'287'768 1.41 4'084'972 01.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec ANDREW GOLLAN hold 3 M 180 12 month 22.02.2013
JPMorgan DAVID H. PERRY neutral 3 M 210 9 month 11.02.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 230 Not Provided 08.02.2013
Liberum Capital Ltd WILLIAM SHIRLEY hold 3 M 180 Not Provided 05.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 17.01.2013
Barclays RICHARD PAIGE equalweight 3 M 160 Not Provided 02.05.2012
Canaccord Genuity Corp PAUL BRANT buy 5 M 155 Not Provided 26.03.2012
Holdings By:
QinetiQ Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Raiffeisen Bank International AG is a bank holding company. The Bank offers
corporate, structured and trade financing, investment banking, factoring, lease
financing, and payment and custody services. Raiffeisen operates in Austria
and Central and Eastern Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 33.95
52-Week Low (01.06.2012) 21.65
Daily Volume
28.59
52-Week High % Change -15.79% Dividend Yield -
52-Week Low % Change 32.06% Beta 1.47
% 52 Week Price Range High/Low 56.42% Equity Float -
Shares Out 31.12.2012 195.5 Short Int -
5'589.49 1 Yr Total Return 9.74%
Total Debt 56'509.36 YTD Return -9.11%
Preferred Stock 0.0 Adjusted BETA 1.466
Minority Interest 1'142.9 Analyst Recs 24
Cash and Equivalents 37'149.79 Consensus Rating 2.750
Enterprise Value -
Average Volume 5 Day 192'936
RBI AV EQUITY YTD Change - Average Volume 30 Day 150'093
RBI AV EQUITY YTD % CHANGE - Average Volume 3 Month 157'115
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
8'425.6 7'546.9 9'551.5 9'971.7 - 9'971.7 7'465.0 5'254.3 5'448.0 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
982.0 212.2 1'087.5 967.7 725.0 967.7 725.0 703.7 842.8 - -
3.02x 39.90x 8.99x 5.08x 8.48x 4.51x 10.66x 7.92x 6.61x 5.63x -
EBITDA - Long-Term Rating Date 25.01.2012
EBIT - Long-Term Rating A
Operating Margin 19.72% Long-Term Outlook NEG
Pretax Margin 19.55% Short-Term Rating Date 25.01.2012
Return on Assets 0.72% Short-Term Rating A-1
Return on Common Equity 10.90%
Return on Capital 1.67% EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 577.0%
Net Income Margin 13.8% Total Debt/Capital 83.8%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 7.98
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 38.45% Inventory Days -
Tot Debt to Common Equity 577.04% 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
Raiffeisen Bank International AGPrice/Volume
Valuation Analysis
170'947.00
Current Price (2/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RAIFFEISEN ZENTRALBA n/a Co File 153'471'501 78.5 - 31.12.2011 Bank
FRANKLIN RESOURCES n/a ULT-AGG 1'146'500 0.59 100'753 30.09.2012 Investment Advisor
WELLINGTON MANAGEMEN n/a Short (1'055'728) -0.54 - 02.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 948'314 0.49 21'265 31.12.2012 Investment Advisor
FONDUL PROPRIETATEA Multiple Portfolios MF-AGG 853'564 0.44 (232'042) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 713'109 0.36 (2'708) 26.02.2013 Investment Advisor
RINGTURM KAG Multiple Portfolios MF-AGG 660'000 0.34 (50'000) 31.10.2012 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 484'628 0.25 (16'351) 28.12.2012 Mutual Fund Manager
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 415'895 0.21 (294'985) 31.12.2012 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 374'900 0.19 - 31.05.2011 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 254'120 0.13 4'831 31.10.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 154'748 0.08 (13'105) 31.01.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 140'416 0.07 (6'151) 28.12.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 126'694 0.06 (25'938) 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 110'000 0.06 - 28.09.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 108'355 0.06 - 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 100'895 0.05 - 31.07.2012 Investment Advisor
SUNTRUST BANKS INC n/a ULT-AGG 98'410 0.05 (780) 31.01.2013 Bank
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 95'686 0.05 (2'519) 31.05.2012 Investment Advisor
BPH TFI SA Multiple Portfolios MF-AGG 85'252 0.04 (7'334) 30.06.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wood & Company MARK MACRAE hold 3 D 32 12 month 25.02.2013
Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 33 6 month 22.02.2013
Macquarie THOMAS STOEGNER underperform 1 M 30 12 month 21.02.2013
Berenberg Bank ELENI PAPOULA sell 1 M 27 Not Provided 21.02.2013
AlphaValue DIETER HEIN buy 5 M 50 6 month 21.02.2013
Banca IMI MANUELA MERONI hold 3 M 29 12 month 20.02.2013
HSBC JOHANNES THORMANN neutral 3 M 36 Not Provided 20.02.2013
Nomura DOMENICO SANTORO reduce 2 M 26 12 month 20.02.2013
Exane BNP Paribas ANDREA VERCELLONE underperform 1 M 31 Not Provided 20.02.2013
VTB Capital MIKHAIL SHLEMOV sell 1 M 27 12 month 18.02.2013
Societe Generale ALAN WEBBORN hold 3 M 35 12 month 01.02.2013
Barclays CRISTINA MARZEA underweight 1 M 30 Not Provided 01.02.2013
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 28 12 month 31.01.2013
Goldman Sachs PAWEL DZIEDZIC neutral/neutral 3 M 39 12 month 28.01.2013
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 29 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Credit Suisse HUGO SWANN outperform 5 M 35 Not Provided 15.01.2013
Deutsche Bank ALEXANDER HENDRICKS hold 3 M 29 12 month 29.11.2012
Kepler Capital Markets DIRK BECKER hold 3 U 30 Not Provided 28.11.2012
Erste Bank GUENTER HOHBERGER buy 5 M 36 12 month 04.11.2012
Mediobanca SpA RICCARDO ROVERE neutral 3 M 29 Not Provided 24.08.2012
JPMorgan PAUL FORMANKO overweight 5 M 35 9 month 02.07.2012
J&T Banka MILAN LAVICKA hold 3 M 44 12 month 22.08.2011
KBC Securities MARTA CZAJKOWSKA-BALDYGA hold 3 D 45 Not Provided 21.12.2010
Holdings By:
Raiffeisen Bank International AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ratos AB is an equity company that operates in the Nordic private equity market
for investments in unlisted companies. The Company focuses on middle-segment
buyouts.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 93.00
52-Week Low (23.10.2012) 53.75
Daily Volume
65.75
52-Week High % Change -29.30% Dividend Yield -
52-Week Low % Change 22.33% Beta 1.09
% 52 Week Price Range High/Low 30.57% Equity Float -
Shares Out 26.02.2013 239.5 Short Int -
21'794.70 1 Yr Total Return -17.98%
Total Debt 10'426.00 YTD Return 5.20%
Preferred Stock 0.0 Adjusted BETA 1.091
Minority Interest 802.0 Analyst Recs 9
Cash and Equivalents 3'203.00 Consensus Rating 2.000
Enterprise Value 29'819.69
Average Volume 5 Day 800'233
RATOB SS EQUITY YTD Change - Average Volume 30 Day 665'591
RATOB SS EQUITY YTD % CHANGE - Average Volume 3 Month 744'519
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
27'337.0 26'862.0 28'582.0 30'039.0 27'425.0 30'039.0 27'425.0 23'612.3 25'174.5 - -
1.12x 1.49x 3.27x 1.25x 1.02x 7.25x 4.79x - - - -
3'064.0 3'143.0 3'300.0 2'789.0 2'440.0 2'789.0 2'440.0 2'972.0 3'557.0 - -
10.03x 12.69x 28.31x 13.46x 11.46x 13.46x 11.85x 10.03x 8.38x - -
5'172.0 842.0 2'255.0 521.0 606.0 521.0 606.0 835.0 1'269.0 - -
4.14x 34.74x 17.56x 49.45x 32.90x 49.56x 36.36x 23.48x 16.52x - -
EBITDA 2'440.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin -1.93% Long-Term Outlook -
Pretax Margin 2.80% Short-Term Rating Date -
Return on Assets 1.65% Short-Term Rating -
Return on Common Equity 4.65%
Return on Capital 2.08% EBITDA/Interest Exp. -
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 2.96
Gross Margin - Total Debt/EBITDA 4.27
EBITDA Margin 8.9%
EBIT Margin - Total Debt/Equity 84.0%
Net Income Margin 2.2% Total Debt/Capital 44.1%
Asset Turnover 0.75
Current Ratio - Net Fixed Asset Turnover 7.08
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 31.06% Inventory Days -
Tot Debt to Common Equity 84.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ratos ABPrice/Volume
Valuation Analysis
615'465.00
Current Price (2/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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15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TORSTEN SOEDERBERGS n/a Co File 15'759'900 6.58 - 31.12.2011 n/a
RAGNAR SOEDERBERGS F n/a Co File 12'633'340 5.27 - 31.12.2011 Other
SOEDERBERG FAMILY n/a Co File 11'602'951 4.84 - 31.12.2011 n/a
SWEDBANK ROBUR FONDE n/a Co File 8'663'728 3.62 - 31.12.2011 Investment Advisor
AMF PENSION n/a Co File 6'185'000 2.58 - 31.12.2011 Pension Fund (ERISA)
RATOS AB n/a Co File 5'144'127 2.15 - 31.12.2011 Private Equity
HANDELSBANKEN FONDER n/a Co File 4'923'294 2.06 - 31.12.2011 Investment Advisor
JPMORGAN CHASE FUNDI n/a Co File 4'032'776 1.68 - 31.12.2011 Investment Advisor
ANDRA AP FONDEN n/a Co File 3'683'402 1.54 - 31.12.2011 Pension Fund (ERISA)
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'602'228 1.5 51'506 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 3'175'916 1.33 (381'038) 31.12.2012 Unclassified
STENHAMMAR OLOF n/a Co File 2'955'404 1.23 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 1'666'164 0.7 9'726 26.02.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'286'588 0.54 6'246 27.02.2013 Investment Advisor
YORK CAPITAL MANAGEM n/a Short (1'005'916) -0.42 502'958 30.01.2013 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 740'000 0.31 (175'000) 31.12.2012 Investment Advisor
OMNIBUS FOR KU CLIEN n/a Co File 488'000 0.2 - 31.12.2011 Other
SPP FONDER AB Multiple Portfolios MF-AGG 464'291 0.19 52'501 31.01.2013 Investment Advisor
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 371'013 0.15 42'070 31.12.2012 Investment Advisor
ALPS MUTUAL FUNDS SE Multiple Portfolios MF-AGG 370'700 0.15 177'700 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 86 12 month 20.02.2013
Handelsbanken ELIAS PORSE reduce 2 M 60 12 month 20.02.2013
SEB Enskilda SVANTE KROKFORS sell 1 M 57 Not Provided 18.02.2013
Nordea Equity Research CATRIN JANSSON sell 1 M 58 12 month 18.02.2013
Swedbank NICLAS HOGLUND neutral 3 U 65 12 month 18.02.2013
ABG Sundal Collier RICKARD HENZE sell 1 M 58 6 month 17.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Carnegie CHRISTIAN HELLMAN hold 3 D #N/A N/A Not Provided 09.01.2013
CA Cheuvreux BJORN GUSTAFSSON underperform 1 N 67 Not Provided 18.01.2012
Holdings By:
Ratos AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Remy Cointreau SA manufactures and distributes premium wines and spirits
worldwide. The Company produces Remy Martin cognac, Cointreau, Passoa, Mount
Gay rum, Metaxa. Through its wholly-owned sales company, Remy sells throughout
the world.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (22.02.2013) 101.55
52-Week Low (29.02.2012) 72.12
Daily Volume
97
52-Week High % Change -4.48% Dividend Yield -
52-Week Low % Change 34.50% Beta 0.51
% 52 Week Price Range High/Low 84.54% Equity Float 21.27
Shares Out 11.12.2012 50.9 Short Int -
4'938.26 1 Yr Total Return 35.12%
Total Debt 378.70 YTD Return 17.25%
Preferred Stock 0.0 Adjusted BETA 0.508
Minority Interest 1.2 Analyst Recs 25
Cash and Equivalents 190.10 Consensus Rating 3.200
Enterprise Value 5'205.56
Average Volume 5 Day 74'061
RCO FP EQUITY YTD Change - Average Volume 30 Day 70'677
RCO FP EQUITY YTD % CHANGE - Average Volume 3 Month 72'782
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
817.8 714.1 807.6 907.8 1'026.1 1'033.9 1'169.4 1'214.4 1'338.2 - -
2.96x 1.92x 2.92x 3.26x 3.76x 0.00x 0.00x 4.25x 3.82x - -
173.1 151.8 158.1 228.8 226.3 0.0 0.0 279.7 317.9 - -
13.99x 9.05x 14.91x 12.92x 17.07x 0.00x 0.00x 18.61x 16.37x - -
98.4 86.1 86.3 70.5 110.8 0.0 0.0 165.4 195.3 - -
21.08x 9.70x 20.33x 35.43x 30.91x 0.00x 0.00x 28.35x 24.45x - -
EBITDA 226.30 Long-Term Rating Date 10.12.2012
EBIT 207.70 Long-Term Rating BB+
Operating Margin 20.24% Long-Term Outlook POS
Pretax Margin 16.47% Short-Term Rating Date -
Return on Assets 7.16% Short-Term Rating -
Return on Common Equity 14.65%
Return on Capital 11.83% EBITDA/Interest Exp. 7.57
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 6.99
Net Debt/EBITDA 1.03
Gross Margin 61.4% Total Debt/EBITDA 1.69
EBITDA Margin 22.5%
EBIT Margin 21.2% Total Debt/Equity 38.8%
Net Income Margin 10.8% Total Debt/Capital 28.0%
Asset Turnover 0.55
Current Ratio 2.20 Net Fixed Asset Turnover 7.53
Quick Ratio 0.64 Accounts receivable turnover-days 80.81
Debt to Assets 19.04% Inventory Days 664.60
Tot Debt to Common Equity 38.85% Accounts Payable Turnover Day 300.58
Accounts Receivable Turnover 4.53 Cash Conversion Cycle 419.22
Inventory Turnover 0.55
Fiscal Year Ended
Remy Cointreau SAPrice/Volume
Valuation Analysis
91'402.00
Current Price (2/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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400.0
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ORPAR n/a Co File 21'252'815 41.75 - 31.03.2012 Other
RECOPART BV n/a Co File 6'937'889 13.63 - 31.03.2012 Other
FMR LLC n/a ULT-AGG 1'844'286 3.62 220'490 31.12.2012 Investment Advisor
REMY COINTREAU SA n/a Co File 1'428'653 2.81 - 31.03.2012 Corporation
GROUPAMA SA n/a Co File 1'400'296 2.75 - 31.03.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 373'313 0.73 6'212 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 354'648 0.7 (47) 30.11.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 296'302 0.58 14'037 31.12.2012 Investment Advisor
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 289'908 0.57 (107'259) 28.09.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 268'860 0.53 81'020 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 224'893 0.44 (430) 28.09.2012 Unclassified
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 203'010 0.4 56'000 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 195'185 0.38 (48'200) 26.02.2013 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 183'519 0.36 (390) 31.01.2013 Mutual Fund Manager
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 178'311 0.35 (115'600) 31.10.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 169'827 0.33 53'670 31.12.2012 Mutual Fund Manager
PRUDENTIAL FINANCIAL n/a ULT-AGG 161'010 0.32 - 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 147'834 0.29 (648) 28.09.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 140'783 0.28 - 28.12.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 134'730 0.26 134'730 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James HERMINE DE BENTZMANN outperform 5 M 103 Not Provided 28.02.2013
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 93 12 month 22.02.2013
HSBC SOPHIE DARGNIES neutral 3 M 110 Not Provided 22.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 83 Not Provided 22.02.2013
Deutsche Bank JAMES ISENWATER sell 1 D 80 12 month 08.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 01.02.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013
Gilbert Dupont CHRISTINE ROPERT reduce 2 M 92 Not Provided 24.01.2013
Barclays SIMON HALES equalweight 3 M 85 Not Provided 23.01.2013
Societe Generale NICOLAS CERON hold 3 U 100 12 month 22.01.2013
Nomura IAN SHACKLETON neutral 3 M 88 12 month 22.01.2013
Kepler Capital Markets LAETITIA DELAYE buy 5 M 103 Not Provided 18.01.2013
Natixis JOSEPHINE CHEVALLIER neutral 3 M 93 Not Provided 18.01.2013
JPMorgan MIKE J GIBBS neutral 3 M 77 9 month 17.01.2013
Aurel - BGC JEAN-MARIE L'HOME sell 1 M 60 6 month 17.01.2013
CM - CIC Securities(ESN) FRANCIS PRETRE buy 5 M 105 12 month 17.01.2013
Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 109 6 month 17.01.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 148 12 month 09.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 N 99 Not Provided 08.01.2013
Berenberg Bank PHILIP MORRISEY hold 3 M 92 Not Provided 29.11.2012
Jefferies DIRK VAN VLAANDEREN hold 3 M 77 12 month 22.10.2012
Redburn Partners CHRISTIAN DE ROUALLE buy 5 M #N/A N/A Not Provided 24.07.2012
Portzamparc Societe de Bourse ARNAUD GUERIN hold 3 M 27 Not Provided 22.01.2009
Holdings By:
Remy Cointreau SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Rexel SA distributes low voltage electrical equipment. The Company distributes
wires, cables, ducts, heating, light and ventilation equipment, security
equipment, household appliances, and products which connect computer peripherals
to networks. Rexel sells its products to electrical contractors, industrial and
service sector companies, homeowners, and government agencies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 17.92
52-Week Low (27.06.2012) 12.70
Daily Volume
17.605
52-Week High % Change -1.76% Dividend Yield -
52-Week Low % Change 38.62% Beta 1.12
% 52 Week Price Range High/Low 93.97% Equity Float 105.78
Shares Out 31.12.2012 271.9 Short Int -
4'787.16 1 Yr Total Return 11.36%
Total Debt 2'921.50 YTD Return 14.02%
Preferred Stock 0.0 Adjusted BETA 1.119
Minority Interest 8.3 Analyst Recs 18
Cash and Equivalents 291.80 Consensus Rating 4.000
Enterprise Value 7'425.16
Average Volume 5 Day 499'895
RXL FP EQUITY YTD Change - Average Volume 30 Day 546'417
RXL FP EQUITY YTD % CHANGE - Average Volume 3 Month 415'054
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
12'864.5 11'307.3 11'960.1 12'717.1 13'449.2 12'717.1 13'449.2 13'754.6 14'264.1 3'144.0 3'357.0
0.32x 0.45x 0.54x 0.44x 0.51x 1.96x 1.98x 0.53x 0.50x 2.34x 2.26x
655.9 418.7 692.0 794.8 841.2 842.8 806.6 877.3 960.4 191.0 207.0
6.36x 12.04x 9.40x 7.07x 8.09x 6.67x 8.43x 8.46x 7.73x 8.79x -
230.2 80.6 228.5 315.3 318.1 316.1 318.8 394.0 454.4 84.6 93.1
5.29x 32.90x 18.68x 11.19x 13.08x 11.00x 12.91x 12.13x 10.35x 12.14x -
EBITDA 841.20 Long-Term Rating Date 10.11.2011
EBIT 708.40 Long-Term Rating BB
Operating Margin 5.27% Long-Term Outlook STABLE
Pretax Margin 3.35% Short-Term Rating Date 12.05.2010
Return on Assets 3.18% Short-Term Rating B
Return on Common Equity 7.83%
Return on Capital 6.56% EBITDA/Interest Exp. 4.70
Asset Turnover 1.34% (EBITDA-Capex)/Interest Exp. 4.20
Net Debt/EBITDA 3.26
Gross Margin 24.6% Total Debt/EBITDA 3.62
EBITDA Margin 6.0%
EBIT Margin 5.2% Total Debt/Equity 71.1%
Net Income Margin 2.4% Total Debt/Capital 41.5%
Asset Turnover 1.34
Current Ratio 1.34 Net Fixed Asset Turnover 49.41
Quick Ratio 0.74 Accounts receivable turnover-days 57.79
Debt to Assets 28.32% Inventory Days 48.17
Tot Debt to Common Equity 71.09% Accounts Payable Turnover Day 68.10
Accounts Receivable Turnover 6.33 Cash Conversion Cycle 37.85
Inventory Turnover 7.60
Fiscal Year Ended
Rexel SAPrice/Volume
Valuation Analysis
445'581.00
Current Price (2/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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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RAY INVESTMENTS n/a Research 160'268'736 58.94 (24'813'521) 29.02.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 19'004'360 6.99 (1'602'309) 26.02.2013 Investment Advisor
REXEL SA n/a Co File 2'590'773 0.95 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'860'994 0.68 23'802 31.12.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'477'181 0.54 48'099 31.01.2013 Investment Advisor
REXEL FCPE n/a Co File 1'337'496 0.49 - 31.12.2011 Other
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'172'106 0.43 (15'858) 31.12.2012 Mutual Fund Manager
PAUZE JEAN-CHARLES n/a Co File 1'086'754 0.4 - 31.12.2011 n/a
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 686'299 0.25 5'485 31.12.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 639'340 0.24 323'340 31.12.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 634'970 0.23 80'000 28.09.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 598'213 0.22 (6'145) 31.01.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 523'638 0.19 (199'307) 31.12.2012 Investment Advisor
MEDITOR CAPITAL MANA n/a Short (516'649) -0.19 1'114'875 14.02.2013 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 499'883 0.18 (1'767) 30.09.2012 Investment Advisor
MARTIN PASCAL n/a Co File 489'616 0.18 - 31.12.2011 n/a
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 468'223 0.17 (1'860) 30.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 433'730 0.16 (185'051) 28.09.2012 Mutual Fund Manager
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 380'000 0.14 - 31.07.2012 Mutual Fund Manager
BANQUE DEGROOF Multiple Portfolios MF-AGG 366'500 0.13 6'500 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura KLAS BERGELIND buy 5 U 22 Not Provided 20.02.2013
Main First Bank AG CAROLE ROZEN outperform 5 N 21 12 month 18.02.2013
Exane BNP Paribas ARNAUD BROSSARD outperform 5 M 19 Not Provided 14.02.2013
Societe Generale PATRICK JOUSSEAUME hold 3 M 17 12 month 13.02.2013
Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 19 12 month 13.02.2013
HSBC PIERRE BOSSET neutral 3 M 18 Not Provided 13.02.2013
CM - CIC Securities(ESN) CHRISTIAN DEVISMES hold 3 D 16 12 month 13.02.2013
Kepler Capital Markets PIERRE BOUCHENY buy 5 M 18 Not Provided 13.02.2013
Natixis LUDOVIC DEBAILLEUX buy 5 M 19 Not Provided 13.02.2013
JPMorgan ANDREAS WILLI overweight 5 M 19 9 month 12.02.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 18 Not Provided 12.02.2013
Deutsche Bank MILENE KERNER buy 5 M 18 12 month 22.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 18 12 month 18.12.2012
CA Cheuvreux ANTOINE AZAR underperform 1 M 15 Not Provided 31.10.2012
Redburn Partners PASCAL HAUTCOEUR neutral 3 D #N/A N/A Not Provided 31.10.2012
Holdings By:
Rexel SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Rheinmetall AG is an automotive, electronics, defense, and engineering group.
The Company produces automotive pumps and components to supply air, reduce
emissions, and supply fuel, pistons for gasoline and diesel vehicle and
stationary engines, bearings for engines and other applications and aluminum
engine blocks, and offers aftermarket service to engine repair shops.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.03.2012) 47.60
52-Week Low (05.06.2012) 31.00
Daily Volume
41.855
52-Week High % Change -12.07% Dividend Yield -
52-Week Low % Change 35.02% Beta 1.19
% 52 Week Price Range High/Low 65.39% Equity Float 38.04
Shares Out 30.09.2012 39.6 Short Int -
1'657.42 1 Yr Total Return -3.32%
Total Debt 665.00 YTD Return 14.99%
Preferred Stock 0.0 Adjusted BETA 1.188
Minority Interest 137.0 Analyst Recs 28
Cash and Equivalents 535.00 Consensus Rating 3.750
Enterprise Value 2'373.42
Average Volume 5 Day 206'277
RHM GY EQUITY YTD Change - Average Volume 30 Day 204'333
RHM GY EQUITY YTD % CHANGE - Average Volume 3 Month 203'578
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
4'005.0 3'869.0 3'420.0 3'989.0 4'454.0 4'374.0 4'624.0 4'757.9 4'869.0 1'378.0 -
0.54x 0.27x 0.51x 0.62x 0.35x 2.35x 1.73x 0.45x 0.42x - -
405.0 407.0 178.0 445.0 521.0 494.0 504.0 489.0 493.8 327.0 -
5.38x 2.58x 9.83x 5.55x 3.03x 4.20x 4.17x 4.87x 4.82x - -
145.0 134.0 (58.0) 162.0 213.0 184.0 213.0 184.1 181.7 53.3 -
13.10x 5.89x - 14.22x 6.17x 7.42x 6.56x 8.84x 8.99x - -
EBITDA 521.00 Long-Term Rating Date 12.12.2008
EBIT 337.00 Long-Term Rating NR
Operating Margin 7.57% Long-Term Outlook -
Pretax Margin 6.62% Short-Term Rating Date 12.12.2008
Return on Assets 4.61% Short-Term Rating NR
Return on Common Equity 16.02%
Return on Capital 11.88% EBITDA/Interest Exp. 8.02
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 4.98
Net Debt/EBITDA 1.18
Gross Margin - Total Debt/EBITDA 1.38
EBITDA Margin 10.9%
EBIT Margin 6.7% Total Debt/Equity 47.2%
Net Income Margin 4.8% Total Debt/Capital 30.1%
Asset Turnover 1.00
Current Ratio 1.48 Net Fixed Asset Turnover 4.11
Quick Ratio 0.90 Accounts receivable turnover-days 86.08
Debt to Assets 13.76% Inventory Days -
Tot Debt to Common Equity 47.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.25 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
Rheinmetall AGPrice/Volume
Valuation Analysis
133'670.00
Current Price (2/dd/yy) Market Data
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1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
5'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 2'723'279 6.88 13'737 26.02.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'485'800 6.28 (20'000) 31.12.2012 Investment Advisor
RHEINMETALL AG n/a Co File 1'547'842 3.91 - 09.02.2012 Corporation
FMR LLC n/a ULT-AGG 1'497'779 3.78 (621'067) 30.06.2012 Investment Advisor
DWS INVESTMENT GMBH n/a Research 1'173'000 2.96 - 01.11.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 698'804 1.76 (34'219) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a Research 590'573 1.49 - 18.05.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 522'511 1.32 - 31.07.2012 Investment Advisor
BANKHAUS LAMPE n/a Research 352'302 0.89 - 18.05.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 345'697 0.87 (57'807) 31.12.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 249'210 0.63 (11'753) 31.01.2013 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 245'800 0.62 (33'800) 28.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 245'477 0.62 (5'100) 31.01.2013 Investment Advisor
VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 245'260 0.62 15'000 30.11.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 232'900 0.59 - 31.01.2013 Investment Advisor
NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 200'400 0.51 15'700 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 174'433 0.44 (1'000) 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 150'000 0.38 20'000 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 148'598 0.38 (16'693) 31.10.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 139'000 0.35 (65'270) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC RICHARD SCHRAMM neutral 3 D 49 Not Provided 21.02.2013
AlphaValue EILEEN RYAN add 4 D 50 6 month 21.02.2013
CA Cheuvreux HANS-JOACHIM HEIMBUERGER outperform 5 M 47 Not Provided 15.02.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 55 12 month 15.02.2013
Close Brothers Equity Markets DANIEL KUKALJ hold 3 M 43 12 month 15.02.2013
Commerzbank Corporates & Markets STEPHAN BOEHM hold 3 M 33 6 month 14.02.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL sell 1 M 34 Not Provided 14.02.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 45 12 month 14.02.2013
Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 54 12 month 14.02.2013
Bankhaus Lampe GORDON SCHOENELL hold 3 M 44 12 month 14.02.2013
M.M. Warburg Investment Research CHRISTIAN COHRS buy 5 M 45 12 month 14.02.2013
Berenberg Bank BENJAMIN GLAESER buy 5 M 45 Not Provided 14.02.2013
Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 M 40 12 month 14.02.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 55 12 month 14.02.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 42 12 month 14.02.2013
Montega THOMAS RAU hold 3 M 39 12 month 14.02.2013
LFG Kronos Investment Services GmbH THOMAS ANEY neutral 3 M 43 6 month 14.02.2013
Exane BNP Paribas OLIVIER BROCHET neutral 3 M 34 Not Provided 13.02.2013
National Bank AG MANFRED JAISFELD buy 5 M 46 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank TIM ROKOSSA hold 3 M 35 12 month 09.01.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 53 12 month 09.01.2013
Nord/LB FRANK SCHWOPE buy 5 M 41 12 month 19.11.2012
JPMorgan GLEN H LIDDY neutral 3 M 38 9 month 12.11.2012
S&P Capital IQ MARNIE COHEN hold 3 M 36 12 month 12.11.2012
Kepler Capital Markets MICHAEL RAAB buy 5 M 54 Not Provided 19.01.2012
Holdings By:
Rheinmetall AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Rightmove PLC operates a website that lists properties across Britain. The
Company also publishes the House Price Index, which shows changes in house
prices both annually and monthly and provides a view on the current state of the
property market in England and Wales.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (20.02.2013) 1'777.00
52-Week Low (06.03.2012) 1'334.00
Daily Volume
1738
52-Week High % Change -2.19% Dividend Yield 1.15
52-Week Low % Change 30.28% Beta 0.81
% 52 Week Price Range High/Low 91.20% Equity Float 97.83
Shares Out 22.01.2013 103.3 Short Int -
1'794.64 1 Yr Total Return 21.76%
Total Debt 0.00 YTD Return 21.03%
Preferred Stock 0.0 Adjusted BETA 0.812
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 21.77 Consensus Rating 4.077
Enterprise Value 1'780.00
Average Volume 5 Day 273'957
RMV LN EQUITY YTD Change - Average Volume 30 Day 326'718
RMV LN EQUITY YTD % CHANGE - Average Volume 3 Month 341'015
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 01/yy 01/yy 12/12 Y 12/13 Y - -
56.7 74.0 64.5 81.6 97.0 - - 116.3 130.7 - -
10.75x 3.26x 9.25x 10.68x 13.61x - - 15.26x 13.44x - -
30.7 40.1 38.5 53.0 63.6 - - 82.9 95.2 - -
19.86x 6.02x 15.48x 16.44x 20.76x - - 21.48x 18.70x - -
18.6 25.5 30.0 58.0 46.5 - - 60.5 69.9 - -
30.61x 7.83x 18.92x 21.84x 28.31x - - 28.97x 24.83x - -
EBITDA 63.61 Long-Term Rating Date -
EBIT 62.67 Long-Term Rating -
Operating Margin 64.59% Long-Term Outlook -
Pretax Margin 64.66% Short-Term Rating Date -
Return on Assets 108.81% Short-Term Rating -
Return on Common Equity 281.71%
Return on Capital 282.19% EBITDA/Interest Exp. 525.68
Asset Turnover 2.17% (EBITDA-Capex)/Interest Exp. 522.69
Net Debt/EBITDA -0.20
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 68.4%
EBIT Margin 67.4% Total Debt/Equity 0.0%
Net Income Margin 47.9% Total Debt/Capital 0.0%
Asset Turnover 2.17
Current Ratio 1.37 Net Fixed Asset Turnover 77.32
Quick Ratio 1.30 Accounts receivable turnover-days 46.25
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.91 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Rightmove PLCPrice/Volume
Valuation Analysis
242'453.00
Current Price (2/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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40.0
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80.0
100.0
120.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
Cantillon Capital Multiple Portfolios REG 9'357'759 9.06 (6'243) 01.11.2012 Unclassified
MARATHON ASSET MANAG Multiple Portfolios REG 8'357'094 8.09 (780'457) 01.11.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 8'081'840 7.83 308'989 01.11.2012 Investment Advisor
CALEDONIA INVESTMENT n/a Co File 6'431'468 6.23 - 24.02.2012 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 6'339'692 6.14 885'180 07.02.2013 Investment Advisor
AXA INVESTMENT MGRS n/a Co File 5'510'468 5.34 - 24.02.2012 Investment Advisor
AEGON n/a ULT-AGG 5'359'946 5.19 (116'082) 01.11.2012 Unclassified
KAMES CAPITAL PLC #N/A N/A RNS-MAJ 5'196'495 5.03 - 12.11.2012 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 5'115'932 4.95 (9'230) 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'777'310 4.63 - 26.02.2013 Investment Advisor
CANTILLON CAPITAL MA n/a RNS-MAJ 4'408'924 4.27 (3'431'080) 08.01.2013 Hedge Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 4'104'518 3.97 725'768 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 4'027'617 3.9 69'268 31.01.2013 Unclassified
RIGHTMOVE ESOP Multiple Portfolios REG 3'450'525 3.34 (813'747) 01.11.2012 Unclassified
OLD MUTUAL n/a ULT-AGG 3'303'931 3.2 409'345 31.12.2012 Unclassified
UBS n/a ULT-AGG 2'760'963 2.67 (402'825) 01.11.2012 Unclassified
TREMBLANT CAPITAL GR n/a PRN 2'574'057 2.49 (725'810) 06.04.2011 Hedge Fund Manager
NORGES BANK INVESTME Multiple Portfolios REG 2'507'767 2.43 - 01.11.2012 Government
LIONTRUST n/a ULT-AGG 1'863'672 1.8 347'343 31.12.2012 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'480'284 1.43 (116'919) 26.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Westhouse Securities RODDY DAVIDSON neutral 3 M 1'505 Not Provided 25.02.2013
Numis Securities Ltd GARETH R DAVIES buy 5 M 1'915 Not Provided 22.02.2013
Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 2'000 Not Provided 20.02.2013
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 2'000 6 month 18.02.2013
Barclays NICK DEMPSEY overweight 5 M 1'950 Not Provided 24.01.2013
Jefferies ANTHONY CODLING underperform 1 M 1'200 12 month 18.01.2013
JPMorgan MARCUS DIEBEL overweight 5 U 1'802 9 month 06.12.2012
NFinance PIERRE SCHANG buy 5 N 1'791 12 month 27.11.2012
Peel Hunt MALCOLM MORGAN sell 1 M 1'180 Not Provided 21.11.2012
Canaccord Genuity Corp ROBIN SAVAGE buy 5 M 1'800 Not Provided 08.11.2012
N+1 Singer Ltd MARK C FLEETWOOD buy 5 M 1'835 12 month 03.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 N #N/A N/A Not Provided 13.01.2012
Holdings By:
Rightmove PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Royal Imtech NV offers technical services. The Company offers systems
integration, industrial automation, and electrical and mechanical engineering
services. Imtech operates in the Netherlands, Germany, Belgium, the United
Kingdom, and Spain.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (29.02.2012) 25.34
52-Week Low (27.02.2013) 8.01
Daily Volume
8.606
52-Week High % Change -66.04% Dividend Yield -
52-Week Low % Change 7.44% Beta 1.19
% 52 Week Price Range High/Low 3.44% Equity Float 89.57
Shares Out 30.06.2012 94.1 Short Int -
809.48 1 Yr Total Return -64.65%
Total Debt 798.70 YTD Return -50.51%
Preferred Stock 0.0 Adjusted BETA 1.190
Minority Interest 6.3 Analyst Recs 14
Cash and Equivalents 278.10 Consensus Rating 3.286
Enterprise Value 1'581.18
Average Volume 5 Day 2'671'960
IM NA EQUITY YTD Change - Average Volume 30 Day 3'381'491
IM NA EQUITY YTD % CHANGE - Average Volume 3 Month 2'108'253
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 01/yy 01/yy 12/12 Y 12/13 Y - -
3'346.3 3'859.4 4'323.3 4'480.9 5'113.8 - - 5'662.4 5'883.7 - -
0.43x 0.36x 0.44x 0.65x 0.45x - - 0.29x 0.26x - -
180.5 226.5 266.7 291.7 323.7 - - 253.2 328.9 - -
7.88x 6.08x 7.19x 10.03x 7.07x - - 6.25x 4.81x - -
91.9 113.3 126.2 140.4 150.4 - - 134.1 162.9 - -
14.48x 8.22x 11.63x 16.70x 11.64x - - 5.41x 4.61x - -
EBITDA 323.70 Long-Term Rating Date -
EBIT 259.40 Long-Term Rating -
Operating Margin 5.07% Long-Term Outlook -
Pretax Margin 4.06% Short-Term Rating Date -
Return on Assets 4.12% Short-Term Rating -
Return on Common Equity 17.13%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.48% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 2.24
Gross Margin - Total Debt/EBITDA 3.17
EBITDA Margin 6.2%
EBIT Margin 4.9% Total Debt/Equity 86.2%
Net Income Margin 2.9% Total Debt/Capital 46.1%
Asset Turnover 1.48
Current Ratio 1.24 Net Fixed Asset Turnover 33.57
Quick Ratio 0.85 Accounts receivable turnover-days 133.82
Debt to Assets 21.48% Inventory Days -
Tot Debt to Common Equity 86.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover 2.74 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
Royal Imtech NVPrice/Volume
Valuation Analysis
6'481'592.00
Current Price (2/dd/yy) Market Data
'
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2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DELTA LLOYD NV n/a ULT-AGG 5'483'693 5.83 - 21.11.2012 Bank
AMERIPRISE FINANCIAL n/a Research 4'709'413 5.01 32'666 04.12.2012 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 4'482'524 4.77 480'787 31.12.2012 Investment Advisor
WAM ACQUISITIONS GP n/a Co File 4'227'537 4.49 - 31.12.2009 Other
MORTON HOLDINGS INC n/a Short (3'038'135) -3.23 - 04.02.2013 Corporation
FMR LLC n/a ULT-AGG 2'225'768 2.37 (100'000) 30.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'814'413 1.93 98'632 31.12.2012 Investment Advisor
GMT CAPITAL CORP n/a Short (1'608'424) -1.71 (103'466) 22.02.2013 Hedge Fund Manager
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'371'156 1.46 - 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'234'050 1.31 (277'400) 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'134'172 1.21 581'921 28.12.2012 Investment Advisor
MARSHALL WACE LLP n/a Short (837'133) -0.89 (28'218) 25.02.2013 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 766'251 0.81 6'094 31.12.2012 Investment Advisor
NAYA MASTER FUND LP n/a Short (752'479) -0.8 (56'436) 18.02.2013 Corporation
BNP PARIBAS INV PART n/a ULT-AGG 704'881 0.75 45'633 31.12.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 701'000 0.75 43'000 28.09.2012 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 681'772 0.72 - 31.01.2013 Mutual Fund Manager
THIRD POINT LLC n/a Short (658'419) -0.7 - 04.02.2013 Hedge Fund Manager
SEB n/a ULT-AGG 590'924 0.63 147'103 31.12.2012 Unclassified
PARVEST INVESTMENT M Multiple Portfolios MF-AGG 574'879 0.61 83'175 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KBC Securities MICHAEL ROEG buy 5 M #N/A N/A Not Provided 27.02.2013
SNS Securities(ESN) EDWIN DE JONG hold 3 M 11 12 month 27.02.2013
Kepler Capital Markets ANDRE MULDER hold 3 M 11 Not Provided 27.02.2013
ING Bank TIJS HOLLESTELLE hold 3 M 11 12 month 27.02.2013
ABN Amro Bank N.V. TEUN TEEUWISSE sell 1 M 10 Not Provided 27.02.2013
Exane BNP Paribas DAVID VAGMAN neutral 3 M 8 Not Provided 11.02.2013
CA Cheuvreux ROBERT VAN OVERBEEK outperform 5 U 13 Not Provided 08.02.2013
Rabobank International HANS SLOB hold 3 M 11 12 month 08.02.2013
Kempen & Co DIRK VERBIESEN hold 3 D 13 12 month 06.02.2013
Petercam LUUK VAN BEEK hold 3 M 12 Not Provided 06.02.2013
Credit Suisse EUGENE KLERK underperform 1 M 11 Not Provided 05.02.2013
HSBC TOBIAS LOSKAMP overweight 5 M 16 Not Provided 05.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 05.02.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 31 Not Provided 11.09.2012
Holdings By:
Royal Imtech NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Rubis distributes liquefied petroleum gas and stores bulk liquids. The Company
stores hydrocarbons, chemicals, fertilizers and edible oils. Rubis also
distributes liquefied petroleum gas (LPG) in Europe.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (04.02.2013) 54.65
52-Week Low (01.06.2012) 37.55
Daily Volume
53.04
52-Week High % Change -2.95% Dividend Yield -
52-Week Low % Change 41.27% Beta 0.81
% 52 Week Price Range High/Low 90.59% Equity Float 27.56
Shares Out 19.02.2013 32.8 Short Int -
1'738.76 1 Yr Total Return 30.72%
Total Debt 483.73 YTD Return 2.39%
Preferred Stock 0.0 Adjusted BETA 0.814
Minority Interest 18.4 Analyst Recs 12
Cash and Equivalents 231.77 Consensus Rating 4.750
Enterprise Value 2'139.79
Average Volume 5 Day 53'600
RUI FP EQUITY YTD Change - Average Volume 30 Day 82'874
RUI FP EQUITY YTD % CHANGE - Average Volume 3 Month 108'597
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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
851.9 1'192.3 951.9 1'449.8 2'123.0 1'116.0 2'633.9 2'768.1 3'116.4 - -
0.91x 0.55x 0.91x 0.96x 0.71x 0.00x 0.00x 0.77x 0.69x - -
123.8 112.0 113.1 147.4 298.5 0.0 0.0 218.5 251.0 - -
6.24x 5.83x 7.63x 9.44x 5.02x 0.00x 0.00x 9.79x 8.53x - -
37.5 42.7 47.2 56.4 71.8 0.0 0.0 93.2 106.1 - -
16.71x 10.69x 13.77x 17.68x 16.63x 0.00x 0.00x 18.25x 15.99x - -
EBITDA 298.54 Long-Term Rating Date -
EBIT 120.30 Long-Term Rating -
Operating Margin 5.67% Long-Term Outlook -
Pretax Margin 5.09% Short-Term Rating Date -
Return on Assets 4.71% Short-Term Rating -
Return on Common Equity 10.31%
Return on Capital 7.24% EBITDA/Interest Exp. 22.95
Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. 15.78
Net Debt/EBITDA 1.12
Gross Margin - Total Debt/EBITDA 1.94
EBITDA Margin 13.6%
EBIT Margin 5.5% Total Debt/Equity 57.7%
Net Income Margin 3.4% Total Debt/Capital 36.1%
Asset Turnover 1.39
Current Ratio 1.52 Net Fixed Asset Turnover 3.49
Quick Ratio 1.03 Accounts receivable turnover-days -
Debt to Assets 27.53% Inventory Days -
Tot Debt to Common Equity 57.66% 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
Rubis SCAPrice/Volume
Valuation Analysis
47'232.00
Current Price (2/dd/yy) Market Data
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2'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DASSAULT BELGIQUE AV n/a Research 1'680'500 5.13 - 10.12.2012 Corporation
HALISOL n/a Research 1'618'759 4.94 302'281 19.11.2012 Private Equity
ORFIM n/a Research 1'605'552 4.9 392'000 21.06.2012 Private Equity
AMERIPRISE FINANCIAL n/a Research 1'511'024 4.61 - 28.09.2011 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 666'000 2.03 97'000 31.10.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 477'663 1.46 (8'075) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 324'150 0.99 (38'500) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 315'907 0.96 11'464 31.12.2012 Investment Advisor
FCP RUBIS-AVENIR n/a Co File 271'366 0.83 - 31.12.2009 n/a
SEB n/a ULT-AGG 247'819 0.76 69'758 31.12.2012 Unclassified
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 242'660 0.74 (400) 30.09.2012 Investment Advisor
NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 219'428 0.67 - 30.12.2011 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 159'079 0.49 15'000 31.10.2012 Investment Advisor
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 150'961 0.46 - 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 141'005 0.43 (560) 30.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 132'885 0.41 (1'569) 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 122'578 0.37 21'250 31.12.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 117'656 0.36 (367) 27.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 111'768 0.34 1'454 26.02.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 104'475 0.32 29'019 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Portzamparc Societe de Bourse NICOLAS ROYOT add 4 M 52 12 month 15.02.2013
Societe Generale JEAN-BAPTISTE ROUSSILLE buy 5 M 69 12 month 12.02.2013
HSBC MURIELLE ANDRE-PINARD overweight 5 M 61 Not Provided 12.02.2013
Gilbert Dupont CHRISTINE ROPERT buy 5 M 63 Not Provided 12.02.2013
Oddo & Cie EMMANUEL MATOT buy 5 M 63 Not Provided 12.02.2013
Exane BNP Paribas CHARLES-HENRI DE MORTEMART neutral 3 M 54 Not Provided 12.02.2013
Arkeon Finance MATHIEU JASMIN buy 5 M 53 Not Provided 12.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Natixis JULIEN LAURENT buy 5 M 59 Not Provided 09.01.2013
Day by Day VALERIE GASTALDY buy 5 M 58 3 month 04.01.2013
Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 64 6 month 31.10.2012
IDMidcaps TEAM COVERAGE buy 5 M 52 12 month 10.09.2012
Holdings By:
Rubis SCA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Salzgitter AG produces and trades a wide range of steel products and tubes.
The product spectrum includes flat rolled steel products, beams, plates and
tubes, both seamless and welded, as well as processed steel products. The
Company also provides industrial services such as research and development,
information technology and other services to group companies and third parties.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 46.82
52-Week Low (26.07.2012) 27.03
Daily Volume
37.165
52-Week High % Change -20.62% Dividend Yield -
52-Week Low % Change 37.52% Beta 1.16
% 52 Week Price Range High/Low 51.23% Equity Float 54.09
Shares Out 31.12.2012 60.1 Short Int -
2'233.51 1 Yr Total Return -18.06%
Total Debt 747.90 YTD Return -5.73%
Preferred Stock 0.0 Adjusted BETA 1.160
Minority Interest 9.0 Analyst Recs 32
Cash and Equivalents 1'023.20 Consensus Rating 3.156
Enterprise Value 1'836.01
Average Volume 5 Day 433'426
SZG GY EQUITY YTD Change - Average Volume 30 Day 369'912
SZG GY EQUITY YTD % CHANGE - Average Volume 3 Month 316'909
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
12'499.2 7'818.0 8'304.6 9'839.5 10'397.2 9'839.5 10'397.2 10'544.4 10'811.4 2'628.3 2'636.0
0.20x 0.28x 0.23x 0.19x - 0.77x 0.42x 0.18x 0.17x 0.65x 0.73x
1'297.7 97.2 121.3 602.9 - 602.9 242.4 508.9 615.1 106.0 137.0
1.97x 22.27x 15.69x 3.02x - 3.02x 0.00x 3.60x 2.97x 4.03x -
674.3 (383.7) (331.9) 233.0 (99.8) 233.0 (99.8) 71.3 152.9 2.0 17.5
4.54x - 105.04x 8.96x - 9.05x 0.00x 27.53x 12.77x 37.77x -
EBITDA 602.90 Long-Term Rating Date -
EBIT 240.60 Long-Term Rating -
Operating Margin 2.45% Long-Term Outlook -
Pretax Margin 2.05% Short-Term Rating Date -
Return on Assets 0.76% Short-Term Rating -
Return on Common Equity 1.75%
Return on Capital - EBITDA/Interest Exp. 9.55
Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 3.80
Net Debt/EBITDA -1.00
Gross Margin - Total Debt/EBITDA 1.94
EBITDA Margin 3.9%
EBIT Margin 0.4% Total Debt/Equity 18.7%
Net Income Margin -1.0% Total Debt/Capital 15.8%
Asset Turnover 1.17
Current Ratio 2.92 Net Fixed Asset Turnover 4.13
Quick Ratio 1.41 Accounts receivable turnover-days 57.83
Debt to Assets 8.50% Inventory Days -
Tot Debt to Common Equity 18.74% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.33 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
Salzgitter AGPrice/Volume
Valuation Analysis
776'650.00
Current Price (2/dd/yy) Market Data
'2
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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SALZGITTER AG n/a Co File 6'009'700 10 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 2'386'616 3.97 (12'556) 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 722'309 1.2 7'142 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 620'816 1.03 43'816 31.12.2012 Unclassified
SPARINVEST n/a ULT-AGG 534'493 0.89 - 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 450'400 0.75 165'400 28.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 279'386 0.46 (11'828) 27.02.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 266'018 0.44 266'018 31.10.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 235'119 0.39 18'889 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 208'000 0.35 200'000 28.12.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 154'465 0.26 - 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 140'000 0.23 (84'800) 31.10.2012 Investment Advisor
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 129'960 0.22 - 30.09.2012 Unclassified
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 121'426 0.2 115'400 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 121'365 0.2 - 31.07.2012 Investment Advisor
SEB FUND SERVICES SA Multiple Portfolios MF-AGG 112'613 0.19 - 31.01.2013 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 111'100 0.18 5'400 28.12.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 107'790 0.18 (2'838) 31.05.2012 Investment Advisor
UBS INVEST KAG Multiple Portfolios MF-AGG 85'000 0.14 (74'000) 31.10.2012 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 74'764 0.12 38'749 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 35 12 month 27.02.2013
Goldman Sachs STEPHEN BENSON Sell/Neutral 1 M 29 12 month 27.02.2013
JPMorgan ALESSANDRO ABATE overweight 5 U 43 9 month 27.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 37 12 month 27.02.2013
Bankhaus Lampe MARC GABRIEL hold 3 M 36 12 month 27.02.2013
M.M. Warburg Investment Research BJOERN VOSS hold 3 M 34 12 month 27.02.2013
Nomura NEIL SAMPAT neutral 3 M 34 12 month 27.02.2013
Equinet Institutional Services(ESN) STEFAN FREUDENREICH hold 3 M 34 12 month 27.02.2013
DZ Bank AG DIRK SCHLAMP buy 5 M 36 12 month 27.02.2013
Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 31 Not Provided 27.02.2013
Baader Bank CHRISTIAN OBST hold 3 M 35 12 month 21.02.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 31 6 month 21.02.2013
Credit Suisse MICHAEL SHILLAKER neutral 3 M 42 Not Provided 01.02.2013
Nord/LB HOLGER FECHNER sell 1 M 30 12 month 31.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 D 37 Not Provided 30.01.2013
Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 35 Not Provided 30.01.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL reduce 2 M 34 6 month 25.01.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 26 12 month 22.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank BASTIAN SYNAGOWITZ hold 3 D 41 12 month 15.01.2013
Jefferies SETH ROSENFELD hold 3 M 40 12 month 10.01.2013
Societe Generale ABHISHEK SHUKLA buy 5 M 44 12 month 04.12.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 19.11.2012
S&P Capital IQ JOHNSON IMODE hold 3 M 33 12 month 14.11.2012
Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 41 12 month 06.11.2012
Davy TIM CAHILL underperform 1 M #N/A N/A Not Provided 03.10.2012
HSBC JUERGEN SIEBRECHT neutral 3 M 32 Not Provided 05.09.2012
BHF-Bank HERMANN REITH overweight 5 M 56 12 month 14.08.2012
Steubing AG MICHAEL BROEKER buy 5 M 68 12 month 21.03.2012
Cyrrus JIRI SIMARA buy 5 M 57 12 month 30.01.2012
Prosdocimi TEAM COVERAGE sell 1 M #N/A N/A Not Provided 10.06.2010
Holdings By:
Salzgitter AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
SEB SA manufactures small household appliances. The Company produces cookware,
electric cookers, food and beverage preparation equipment, vacuum cleaners, and
personal care items. SEB's brand names include Tefal/T-Fal, Rowenta, Calor,
Arno, SEB, Moulinex, Krups and Samurai, and are sold in Europe, the Americas,
India, Egypt, Australia, New Zealand, Thailand, Korea, and elsewhere in Asia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.03.2012) 64.08
52-Week Low (16.07.2012) 46.72
Daily Volume
57.46
52-Week High % Change -10.33% Dividend Yield -
52-Week Low % Change 22.99% Beta 0.84
% 52 Week Price Range High/Low 61.87% Equity Float 22.15
Shares Out 30.06.2012 50.0 Short Int -
2'870.23 1 Yr Total Return -6.58%
Total Debt 866.20 YTD Return 3.14%
Preferred Stock 0.0 Adjusted BETA 0.842
Minority Interest 123.4 Analyst Recs 17
Cash and Equivalents 196.00 Consensus Rating 4.118
Enterprise Value 3'655.43
Average Volume 5 Day 79'346
SK FP EQUITY YTD Change - Average Volume 30 Day 96'189
SK FP EQUITY YTD % CHANGE - Average Volume 3 Month 83'692
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 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
3'230.2 3'176.3 3'651.8 3'963.3 4'060.0 730.3 3'356.5 4'163.5 4'378.6 969.3 1'366.0
0.55x 0.70x 1.11x 0.90x - 0.00x 0.00x 0.82x 0.75x - -
394.1 415.8 486.8 510.5 - 0.0 0.0 501.2 541.2 - -
4.52x 5.38x 8.29x 6.98x - 0.00x 0.00x 7.29x 6.75x - -
151.6 146.0 220.4 234.6 194.0 0.0 0.0 231.3 257.5 - -
6.71x 12.64x 16.72x 11.86x 13.69x 0.00x 0.00x 12.15x 10.86x - -
EBITDA 510.50 Long-Term Rating Date -
EBIT 409.40 Long-Term Rating -
Operating Margin 10.33% Long-Term Outlook -
Pretax Margin 9.42% Short-Term Rating Date 13.11.1998
Return on Assets 6.77% Short-Term Rating A-2
Return on Common Equity 16.22%
Return on Capital 11.24% EBITDA/Interest Exp. 26.73
Asset Turnover 1.27% (EBITDA-Capex)/Interest Exp. 20.87
Net Debt/EBITDA 1.30
Gross Margin 39.6% Total Debt/EBITDA 1.63
EBITDA Margin 12.5%
EBIT Margin 9.9% Total Debt/Equity 69.9%
Net Income Margin 4.8% Total Debt/Capital 38.9%
Asset Turnover 1.27
Current Ratio 1.51 Net Fixed Asset Turnover 8.55
Quick Ratio 0.83 Accounts receivable turnover-days 50.25
Debt to Assets 25.76% Inventory Days 110.17
Tot Debt to Common Equity 69.95% Accounts Payable Turnover Day 60.67
Accounts Receivable Turnover 7.28 Cash Conversion Cycle 98.99
Inventory Turnover 3.32
Fiscal Year Ended
SEB SAPrice/Volume
Valuation Analysis
91'166.00
Current Price (2/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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500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FEDERACTIVE n/a Co File 11'781'221 23.59 - 31.12.2011 Unclassified
VENELLE INVESTISSEME n/a Co File 9'531'889 19.08 - 31.12.2011 Unclassified
SOCIETE FONCIERE FIN n/a Co File 2'521'522 5.05 - 31.12.2011 Holding Company
SEB SA n/a Co File 2'331'797 4.67 - 31.12.2011 Corporation
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'114'728 2.23 - 30.12.2012 Investment Advisor
FEVRE HUBERT n/a Co File 533'503 1.07 - 31.12.2011 n/a
LESCURE CEDRIC n/a Co File 530'356 1.06 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 254'606 0.51 4'694 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 234'089 0.47 (42'923) 30.09.2012 Investment Advisor
HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 211'420 0.42 11'930 30.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 191'549 0.38 (400'956) 31.12.2012 Investment Advisor
BRAIDA-VALERI ANNE-D n/a Co File 187'194 0.37 - 31.12.2011 n/a
AMUNDI Multiple Portfolios MF-AGG 185'587 0.37 - 28.09.2012 Mutual Fund Manager
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 183'145 0.37 (5'682) 31.12.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 148'251 0.3 52'330 31.12.2012 Mutual Fund Manager
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 144'631 0.29 5'000 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 141'744 0.28 (15'832) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 131'720 0.26 (86'760) 31.12.2012 Mutual Fund Manager
D'ARTAISE THIERRY DE n/a Co File 125'417 0.25 - 31.12.2011 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 123'160 0.25 - 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale MARIE-LINE FORT hold 3 M 63 12 month 27.02.2013
Gilbert Dupont STEPHANIE LEFEBVRE add 4 M 67 Not Provided 27.02.2013
CM - CIC Securities(ESN) JEAN-PASCAL BRIVADY buy 5 M 67 12 month 27.02.2013
Oddo & Cie CHRISTOPHE CHAPUT neutral 3 M 58 Not Provided 27.02.2013
Kepler Capital Markets LAETITIA DELAYE buy 5 M 70 Not Provided 27.02.2013
Main First Bank AG MOURAD LAHMIDI outperform 5 M 68 12 month 27.02.2013
Exane BNP Paribas CHARLES-HENRI DE MORTEMART outperform 5 M 63 Not Provided 27.02.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 70 6 month 26.02.2013
Portzamparc Societe de Bourse LAURENT VALLEE add 4 M 67 Not Provided 21.02.2013
AlphaValue HELENE COUMES add 4 M 69 6 month 21.02.2013
HSBC CHRISTOPHE QUARANTE overweight 5 M 69 Not Provided 24.01.2013
BPI HUBERT D'AILLIERES buy 5 M 64 Not Provided 23.01.2013
Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 75 6 month 23.01.2013
Natixis NICOLAS LANGLET neutral 3 M 59 Not Provided 23.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux AMANDINE LATOUR underperform 1 D 49 Not Provided 24.10.2012
Holdings By:
SEB SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
SGL Carbon SE produces carbon and graphite materials, specialty graphite,
corrosion protection products, and fibers and composites. The Company
manufactures graphite and carbon electrodes, cathodes, mold stock, mechanical
carbons, corrosion resistant products and systems, composites, and
carbon-ceramic brake discs. SGL markets its products worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.02.2012) 37.20
52-Week Low (04.06.2012) 29.75
Daily Volume
32.93
52-Week High % Change -11.48% Dividend Yield -
52-Week Low % Change 10.69% Beta 0.50
% 52 Week Price Range High/Low 42.68% Equity Float 47.95
Shares Out 02.01.2013 70.6 Short Int -
2'326.06 1 Yr Total Return -8.97%
Total Debt 556.60 YTD Return 9.58%
Preferred Stock 0.0 Adjusted BETA 0.496
Minority Interest 14.0 Analyst Recs 20
Cash and Equivalents 241.70 Consensus Rating 1.550
Enterprise Value 2'836.76
Average Volume 5 Day 91'507
SGL GY EQUITY YTD Change - Average Volume 30 Day 97'582
SGL GY EQUITY YTD % CHANGE - Average Volume 3 Month 100'359
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'373.0 1'611.5 1'225.8 1'381.8 1'540.2 1'499.1 1'676.6 1'704.9 1'793.7 426.6 439.0
1.90x 1.14x 1.35x 1.55x 1.94x 7.42x 6.71x 1.70x 1.60x 6.62x 6.49x
320.1 361.9 172.8 197.4 239.4 182.3 198.1 243.9 258.9 48.3 75.6
8.13x 5.08x 9.61x 10.85x 12.51x 0.00x 13.72x 11.66x 10.98x 9.72x 9.46x
133.5 189.6 (60.4) 52.2 73.2 64.7 17.2 59.1 86.6 7.4 29.6
17.66x 8.13x - 33.77x 34.95x 40.51x 125.06x 38.79x 28.00x 21.05x 19.37x
EBITDA 239.40 Long-Term Rating Date 23.03.2007
EBIT 165.50 Long-Term Rating BB
Operating Margin 10.75% Long-Term Outlook STABLE
Pretax Margin 5.43% Short-Term Rating Date -
Return on Assets 0.74% Short-Term Rating -
Return on Common Equity 1.68%
Return on Capital 1.68% EBITDA/Interest Exp. 4.91
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 2.06
Net Debt/EBITDA 2.50
Gross Margin 27.2% Total Debt/EBITDA 3.90
EBITDA Margin 11.8%
EBIT Margin 7.0% Total Debt/Equity 53.5%
Net Income Margin 4.8% Total Debt/Capital 34.5%
Asset Turnover 0.72
Current Ratio 3.16 Net Fixed Asset Turnover 1.95
Quick Ratio 1.54 Accounts receivable turnover-days 63.95
Debt to Assets 24.51% Inventory Days 159.15
Tot Debt to Common Equity 53.46% Accounts Payable Turnover Day 39.13
Accounts Receivable Turnover 5.72 Cash Conversion Cycle 167.92
Inventory Turnover 2.30
Fiscal Year Ended
SGL Carbon SEPrice/Volume
Valuation Analysis
61'378.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BAYERISCHE MOTOREN W n/a Co File 10'749'037 15.22 - 31.12.2011 Corporation
VOITH AG n/a Co File 6'249'758 8.85 - 31.12.2011 Corporation
VOLKSWAGEN AG n/a Co File 5'593'328 7.92 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 437'046 0.62 - 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 394'266 0.56 10'025 31.12.2012 Investment Advisor
HIGHSIDE CAPITAL MAN n/a Short (324'669) -0.46 151'828 26.09.2012 Hedge Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 179'000 0.25 (49'000) 28.12.2012 Mutual Fund Manager
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 117'674 0.17 (6'503) 28.09.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 100'000 0.14 (35'400) 31.10.2012 Investment Advisor
SGL CARBON SE n/a Co File 85'217 0.12 - 31.12.2011 Corporation
PETERCAM SA Multiple Portfolios MF-AGG 55'000 0.08 (62'000) 30.12.2011 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 53'322 0.08 - 31.07.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 47'000 0.07 (27'000) 30.09.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 40'539 0.06 (1'067) 31.05.2012 Investment Advisor
HABBEL, POHLIG & PAR Multiple Portfolios MF-AGG 40'000 0.06 - 28.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 36'507 0.05 - 27.02.2013 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 35'000 0.05 - 28.12.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 34'436 0.05 - 31.12.2012 Investment Advisor
WARBURG INVEST Multiple Portfolios MF-AGG 32'700 0.05 - 30.04.2012 Mutual Fund Manager
GENERALI INVESTMENTS Multiple Portfolios MF-AGG 32'000 0.05 - 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe MARC GABRIEL sell 1 M 22 12 month 27.02.2013
AlphaValue HEINZ STEFFEN sell 1 M 21 6 month 21.02.2013
Berenberg Bank GUNNAR COHRS sell 1 M 18 Not Provided 18.02.2013
Baader Bank CHRISTIAN OBST hold 3 M 33 12 month 05.02.2013
DZ Bank AG DIRK SCHLAMP sell 1 M 25 12 month 23.01.2013
Goldman Sachs AARON IBBOTSON Sell/Neutral 1 M 27 12 month 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Kepler Capital Markets ULRICH SCHOLZ reduce 2 M 24 Not Provided 21.11.2012
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 25 6 month 15.11.2012
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 15.11.2012
Nord/LB THORSTEN STRAUSS sell 1 M 26 12 month 12.11.2012
S&P Capital IQ JOHNSON IMODE sell 1 M 25 12 month 09.11.2012
JPMorgan GLEN H LIDDY underweight 1 M 13 9 month 08.11.2012
Landesbank Baden-Wuerttemberg ULLE WORNER sell 1 M 28 Not Provided 08.11.2012
Credit Suisse JONATHAN HURN neutral 3 M 30 Not Provided 11.10.2012
HSBC JUERGEN SIEBRECHT underweight 1 D 30 Not Provided 05.09.2012
Bankhaus Metzler LARS HETTCHE sell 1 M 22 12 month 30.07.2012
Deutsche Bank GUNNAR ROMER hold 3 M 31 12 month 20.03.2012
CA Cheuvreux HANS-JOACHIM HEIMBUERGER underperform 1 M 25 Not Provided 19.08.2011
Solventis WPH-Bank GmbH KLAUS SOER sell 1 M 20 12 month 09.11.2010
National Bank AG STEFFEN MANSKE buy 5 M 27 Not Provided 06.08.2009
Holdings By:
SGL Carbon SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Shaftesbury plc is a real estate company. The Company invests in commercial
properties and improves them through refurbishment and active management,
holding them for rental income and capital appreciation. Shaftesbury operates
in the United Kingdom.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (15.02.2013) 585.00
52-Week Low (17.04.2012) 473.90
Daily Volume
574
52-Week High % Change -1.88% Dividend Yield 2.09
52-Week Low % Change 21.12% Beta 0.88
% 52 Week Price Range High/Low 90.10% Equity Float 229.81
Shares Out 27.02.2013 251.7 Short Int -
1'444.66 1 Yr Total Return 19.83%
Total Debt 561.60 YTD Return 3.23%
Preferred Stock 0.0 Adjusted BETA 0.879
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 5.30 Consensus Rating 3.000
Enterprise Value 2'000.96
Average Volume 5 Day 352'408
SHB LN EQUITY YTD Change - Average Volume 30 Day 330'585
SHB LN EQUITY YTD % CHANGE - Average Volume 3 Month 302'582
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 - -
65.4 67.8 71.2 81.4 87.0 - - 79.4 83.4 - -
16.77x 18.22x 21.12x 20.46x 21.66x - - 25.65x 24.73x - -
46.2 47.8 49.5 57.2 59.6 - - 63.1 67.2 - -
23.72x 25.84x 30.37x 29.12x 31.61x - - 31.73x 29.79x - -
(216.1) (58.4) 167.1 113.8 93.0 - - 40.6 44.1 - -
- - 5.88x 9.83x 14.25x - - 45.20x 42.21x - -
EBITDA 59.60 Long-Term Rating Date -
EBIT 59.40 Long-Term Rating -
Operating Margin 68.28% Long-Term Outlook -
Pretax Margin 108.97% Short-Term Rating Date -
Return on Assets 5.23% Short-Term Rating -
Return on Common Equity 8.56%
Return on Capital 7.56% EBITDA/Interest Exp. 1.99
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -0.07
Net Debt/EBITDA 9.33
Gross Margin 81.6% Total Debt/EBITDA 9.42
EBITDA Margin 68.5%
EBIT Margin 68.3% Total Debt/Equity 50.2%
Net Income Margin 106.9% Total Debt/Capital 33.4%
Asset Turnover 0.05
Current Ratio 0.66 Net Fixed Asset Turnover 0.05
Quick Ratio 0.51 Accounts receivable turnover-days 47.96
Debt to Assets 30.27% Inventory Days -
Tot Debt to Common Equity 50.17% Accounts Payable Turnover Day 466.65
Accounts Receivable Turnover 7.63 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
Shaftesbury PLCPrice/Volume
Valuation Analysis
230'601.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 19'413'657 7.71 - 26.02.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 18'693'167 7.43 301'000 01.01.2013 Government
SCOTTISH WIDOWS n/a ULT-AGG 13'299'337 5.28 1'421'169 01.01.2013 Unclassified
AMERIPRISE FINANCIAL n/a RNS-MAJ 12'574'964 5 45'478 07.08.2012 Investment Advisor
CO-OPERATIVE INSURAN n/a RNS-MAJ 12'400'442 4.93 - 26.03.2012 Insurance Company
FMR LLC n/a ULT-AGG 10'648'285 4.23 518'987 01.01.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 10'477'400 4.16 (75'705) 01.01.2013 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 10'320'550 4.1 - 28.11.2011 Investment Advisor
STICHTING PENSIOEN F n/a Co File 8'917'757 3.54 - 28.11.2011 Pension Fund (ERISA)
LEGAL & GENERAL n/a ULT-AGG 8'786'721 3.49 (477'681) 01.01.2013 Unclassified
F&C ASSET MANAGEMENT Multiple Portfolios REG 7'913'398 3.14 144'697 01.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'013'870 2.79 484'170 01.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 6'085'279 2.42 563'508 27.02.2013 Investment Advisor
APG ALGEMENE PENSIOE Multiple Portfolios REG 4'971'958 1.98 250'000 01.01.2013 Pension Fund (ERISA)
MONTANARO INVESTMENT Multiple Portfolios REG 4'965'000 1.97 1'070'000 01.01.2013 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios REG 4'784'026 1.9 316'561 01.01.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 4'748'860 1.89 (382'992) 01.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'240'743 1.68 569'621 30.11.2012 Investment Advisor
OLD MUTUAL n/a ULT-AGG 3'752'000 1.49 - 01.01.2013 Unclassified
DIRECTOR & RELATED H Multiple Portfolios REG 3'430'958 1.36 - 01.01.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies ROBERT DUNCAN hold 3 M 514 12 month 25.02.2013
Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 590 Not Provided 25.02.2013
JPMorgan TIM LECKIE neutral 3 M 630 9 month 21.02.2013
Peel Hunt KEITH CRAWFORD hold 3 M 550 Not Provided 04.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 04.02.2013
Exane BNP Paribas NICK WEBB underperform 1 M 520 Not Provided 01.02.2013
Investec ALAN CARTER hold 3 M 550 12 month 21.01.2013
Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 561 Not Provided 18.12.2012
Oriel Securities Ltd LI SUN hold 3 M #N/A N/A Not Provided 06.12.2012
Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 M 590 12 month 25.10.2012
Credit Suisse STEVE BRAMLEY-JACKSON underperform 1 M 515 Not Provided 26.09.2012
Barclays AARON GUY overweight 5 M 675 Not Provided 15.08.2012
Liberum Capital Ltd ALISON WATSON hold 3 M 501 Not Provided 01.02.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 481 12 month 16.01.2012
Holdings By:
Shaftesbury PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Sky Deutschland AG offers pay television subscription services in Germany. The
Company offers wide range of programming, including feature films, new series
and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions
League in Germany and Austria. Sky Deutschland distributes its pay-TV channel
bouquet primarily via cable and satellite.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 5.02
52-Week Low (11.04.2012) 1.68
Daily Volume
4.922
52-Week High % Change -1.99% Dividend Yield -
52-Week Low % Change 192.51% Beta 1.22
% 52 Week Price Range High/Low 97.01% Equity Float 410.47
Shares Out 05.02.2013 877.2 Short Int -
4'317.58 1 Yr Total Return 138.06%
Total Debt 669.25 YTD Return 19.11%
Preferred Stock 0.0 Adjusted BETA 1.216
Minority Interest (0.1) Analyst Recs 28
Cash and Equivalents 54.78 Consensus Rating 3.571
Enterprise Value 4'929.49
Average Volume 5 Day 1'886'651
SKYD GY EQUITY YTD Change - Average Volume 30 Day 2'326'221
SKYD GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'443'235
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
937.2 941.1 902.1 977.8 1'138.7 1'094.1 1'284.3 1'335.3 1'565.5 362.6 359.0
1.80x 0.82x 1.48x 1.66x 1.41x 8.20x 7.49x 3.68x 3.06x - -
69.8 (77.2) (311.4) (317.7) (155.1) (97.0) (57.1) (47.2) 51.2 (48.1) 6.6
24.16x - - - - 0.00x 0.00x - 96.22x 6047.26x 141.45x
(51.5) (269.3) (676.2) (407.5) (277.5) (326.7) (193.5) (173.6) (95.8) (77.0) (31.5)
- - - - - 0.00x 0.00x - - - -
EBITDA -155.11 Long-Term Rating Date -
EBIT -219.51 Long-Term Rating -
Operating Margin -19.28% Long-Term Outlook -
Pretax Margin -23.97% Short-Term Rating Date -
Return on Assets -17.13% Short-Term Rating -
Return on Common Equity -123.60%
Return on Capital - EBITDA/Interest Exp. -1.41
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. -2.29
Net Debt/EBITDA -
Gross Margin 8.4% Total Debt/EBITDA -10.79
EBITDA Margin -4.4%
EBIT Margin -9.7% Total Debt/Equity 751.3%
Net Income Margin -24.4% Total Debt/Capital 88.3%
Asset Turnover 1.14
Current Ratio 0.56 Net Fixed Asset Turnover 8.54
Quick Ratio 0.29 Accounts receivable turnover-days 21.08
Debt to Assets 59.92% Inventory Days 11.80
Tot Debt to Common Equity 751.25% Accounts Payable Turnover Day 85.83
Accounts Receivable Turnover 17.36 Cash Conversion Cycle -33.57
Inventory Turnover 31.02
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
Sky Deutschland AGPrice/Volume
Valuation Analysis
1'468'297.00
Current Price (2/dd/yy) Market Data
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400.0
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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NEWS CORP n/a Research 466'566'947 53.19 - 15.01.2013 Corporation
ODEY ASSET MANAGEMEN n/a Research 116'480'283 13.28 - 13.06.2012 Investment Advisor
ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 33'081'541 3.77 1'334'956 31.01.2013 Investment Advisor
TAUBE HODSON STONEX n/a Research 25'980'077 2.96 - 07.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'508'947 1.88 1'882'119 31.12.2012 Investment Advisor
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 14'285'000 1.63 110'000 31.01.2013 Mutual Fund Manager
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 10'991'068 1.25 (1'500'353) 28.09.2012 Mutual Fund Manager
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 9'700'014 1.11 (477'390) 30.11.2012 Investment Advisor
PENNANT CAPITAL MANA n/a Short (7'399'643) -0.84 - 01.11.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'267'389 0.71 3'235'424 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'762'596 0.66 (621) 26.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'760'000 0.54 945'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'412'684 0.5 101'052 31.12.2012 Investment Advisor
ODEY ASSET MANAGEMEN Multiple Portfolios MF-AGG 3'804'975 0.43 - 28.09.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (3'508'803) -0.4 3'157'922 23.01.2013 Hedge Fund Manager
PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 3'124'367 0.36 (812'236) 31.01.2013 Insurance Company
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 2'505'000 0.29 - 30.11.2012 Investment Advisor
SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 2'432'051 0.28 (29'534) 31.12.2012 Mutual Fund Manager
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 2'392'751 0.27 (1'906'904) 31.12.2012 Investment Advisor
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 2'237'692 0.26 (292'073) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
M.M. Warburg Investment Research JOCHEN REICHERT buy 5 M 5 12 month 26.02.2013
Bankhaus Lampe WOLFGANG SPECHT hold 3 M 4 Not Provided 22.02.2013
AlphaValue VERONIQUE CABIOC'H sell 1 M 3 6 month 21.02.2013
Commerzbank Corporates & Markets SONIA RABUSSIER buy 5 M 6 6 month 18.02.2013
Kepler Capital Markets CONOR O'SHEA buy 5 M 5 Not Provided 11.02.2013
DZ Bank AG HARALD HEIDER buy 5 M 5 12 month 06.02.2013
Barclays NATASHA BRILLIANT equalweight 3 D 5 Not Provided 24.01.2013
Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 5 12 month 23.01.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 5 12 month 23.01.2013
Nord/LB HOLGER FECHNER sell 1 M 4 12 month 22.01.2013
Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 6 12 month 21.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Berenberg Bank SARAH SIMON buy 5 M 5 Not Provided 16.01.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 5 Not Provided 15.01.2013
Main First Bank AG STEPHAN VOLLERT outperform 5 M 6 12 month 15.01.2013
Bankhaus Metzler STEFAN WIMMER sell 1 M 3 12 month 14.01.2013
Nomura MATTHEW WALKER buy 5 M 5 12 month 14.01.2013
Espirito Santo Investment Bank ResearchMARK EVANS buy 5 M 5 Not Provided 14.12.2012
Deutsche Bank LAURIE DAVISON hold 3 M 5 12 month 27.11.2012
HSBC CHRISTOPHER JOHNEN overweight 5 U 5 Not Provided 20.11.2012
CA Cheuvreux THOMAS JORION outperform 5 M 4 Not Provided 15.11.2012
Silvia Quandt Research KLAUS KRAENZLE avoid 1 M 2 12 month 14.11.2012
JPMorgan MARK O'DONNELL neutral 3 M 3 9 month 12.09.2012
Equita SIM SpA STEFANO GAMBERINI buy 5 M 3 12 month 08.08.2012
Sphene Capital SUSANNE HASLER sell 1 M 1 12 month 23.04.2012
Credit Suisse OMAR SHEIKH underperform 1 D 1 Not Provided 15.12.2011
Viscardi AG PETER-THILO HASLER sell 1 M 0 12 month 17.02.2009
Holdings By:
Sky Deutschland AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Smurfit Kappa Group PLC manufactures containerboards, solid boards, graphic
boards, corrugated and solid board packaging products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 11.98
52-Week Low (26.06.2012) 4.75
Daily Volume
11.755
52-Week High % Change -1.88% Dividend Yield 1.74
52-Week Low % Change 147.47% Beta 1.54
% 52 Week Price Range High/Low 96.89% Equity Float 205.49
Shares Out 01.02.2013 227.9 Short Int -
2'678.50 1 Yr Total Return 58.82%
Total Debt 3'254.00 YTD Return 30.61%
Preferred Stock 0.0 Adjusted BETA 1.542
Minority Interest 212.0 Analyst Recs 9
Cash and Equivalents 447.00 Consensus Rating 5.000
Enterprise Value 5'697.50
Average Volume 5 Day 982'868
SKG ID EQUITY YTD Change - Average Volume 30 Day 1'933'356
SKG ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'393'526
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
7'062.0 6'057.0 6'677.0 7'357.0 7'335.0 7'357.0 7'334.0 8'040.7 8'366.6 1'913.0 1'933.0
0.45x 0.69x 0.74x 0.54x 0.69x 2.49x 2.51x 0.67x 0.60x - -
935.0 726.0 874.0 1'000.0 969.0 998.0 969.0 1'120.9 1'185.7 - -
3.43x 5.72x 5.62x 3.99x 5.23x 4.00x 5.23x 5.08x 4.81x - -
(50.0) (122.0) 50.0 206.0 249.0 206.0 250.0 293.9 353.1 53.3 64.1
- - 31.97x 5.03x 8.10x 5.03x 8.09x 8.57x 7.36x 8.46x -
EBITDA 969.00 Long-Term Rating Date 13.02.2012
EBIT 616.00 Long-Term Rating BB
Operating Margin 8.40% Long-Term Outlook POS
Pretax Margin 4.51% Short-Term Rating Date -
Return on Assets 2.97% Short-Term Rating -
Return on Common Equity 11.76%
Return on Capital 9.94% EBITDA/Interest Exp. 2.50
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 1.69
Net Debt/EBITDA 2.90
Gross Margin 28.6% Total Debt/EBITDA 3.36
EBITDA Margin 13.2%
EBIT Margin 8.4% Total Debt/Equity 144.2%
Net Income Margin 3.4% Total Debt/Capital 56.9%
Asset Turnover 0.87
Current Ratio 1.59 Net Fixed Asset Turnover 2.42
Quick Ratio 1.12 Accounts receivable turnover-days 68.57
Debt to Assets 38.60% Inventory Days 50.14
Tot Debt to Common Equity 144.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.34 Cash Conversion Cycle 51.89
Inventory Turnover 7.30
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
Smurfit Kappa Group PLCPrice/Volume
Valuation Analysis
256'093.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORGES BANK n/a Co File 20'025'712 8.79 - 05.03.2012 Government
GMT CAPITAL CORP n/a RNS-MAJ 15'916'535 6.99 2'463'354 12.11.2012 Hedge Fund Manager
CAUSEWAY CAPITAL MAN n/a RNS-MAJ 9'010'473 3.95 (2'336'754) 19.02.2013 Investment Advisor
POLARIS CAPITAL MANA n/a RNS-MAJ 8'571'449 3.76 - 14.01.2013 Investment Advisor
BESTINVER GESTION SG n/a RNS-MAJ 6'506'656 2.86 (2'147'501) 30.04.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'102'303 2.68 (31'295) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'000'000 2.19 5'000'000 31.12.2012 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 2'250'300 0.99 2'250'300 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'948'584 0.86 - 31.07.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 1'468'678 0.64 207'821 31.01.2013 Investment Advisor
PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 1'459'010 0.64 - 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'083'875 0.48 89'505 26.02.2013 Investment Advisor
CALIFORNIA STATE TEA CALIFORNIA STATE TEA 13F 1'045'942 0.46 1'045'942 31.12.2012 Pension Fund (ERISA)
TEACHERS INS & ANNUI TEACHERS INSURANCE & Sch-D 1'031'736 0.45 - 30.09.2012 Insurance Company
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'020'000 0.45 - 31.01.2013 Mutual Fund Manager
SMURFIT ANTHONY P J n/a RNS-DIR 1'013'497 0.44 67'567 03.12.2012 n/a
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 962'193 0.42 - 26.02.2013 Investment Advisor
HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 895'099 0.39 - 30.09.2011 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 890'093 0.39 69'456 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 883'130 0.39 (945'158) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goodbody Stockbrokers Ltd DAVID O'BRIEN buy 5 M 14 12 month 13.02.2013
Credit Suisse LARS KJELLBERG outperform 5 M 16 Not Provided 11.02.2013
CA Cheuvreux MIKAEL JAFS outperform 5 M 11 Not Provided 07.02.2013
Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 13 6 month 22.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 24.09.2012
Imperial Capital LLC KEVIN COHEN outperform 5 M 14 12 month 20.07.2011
Holdings By:
Smurfit Kappa Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Software AG provides business infrastructure software solutions. The Company's
products include solutions for managing data, enabling Service-Oriented
Architecture (SOA) and improving business processes.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 35.45
52-Week Low (12.07.2012) 21.80
Daily Volume
30.045
52-Week High % Change -15.25% Dividend Yield -
52-Week Low % Change 37.82% Beta 0.93
% 52 Week Price Range High/Low 60.40% Equity Float 61.65
Shares Out 30.11.2012 86.9 Short Int -
2'611.43 1 Yr Total Return 7.28%
Total Debt 277.37 YTD Return -6.42%
Preferred Stock 0.0 Adjusted BETA 0.934
Minority Interest 0.7 Analyst Recs 29
Cash and Equivalents 216.48 Consensus Rating 3.310
Enterprise Value 2'601.66
Average Volume 5 Day 361'780
SOW GY EQUITY YTD Change - Average Volume 30 Day 483'459
SOW GY EQUITY YTD % CHANGE - Average Volume 3 Month 319'881
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 03/13 Q1 06/13 Q2
720.6 847.4 1'119.5 1'098.3 1'047.3 1'098.3 1'047.3 1'057.7 1'120.6 247.7 255.0
1.69x 2.93x 2.94x 2.31x - 10.80x 6.68x 2.30x 2.04x 10.04x 9.75x
190.0 240.6 312.9 304.5 - 304.5 205.3 289.2 314.5 - -
6.40x 10.33x 10.52x 8.33x - 8.33x 0.00x 9.01x 8.28x - -
115.9 141.0 175.4 177.0 164.7 177.0 164.6 175.4 194.1 34.8 41.5
9.88x 15.53x 17.77x 13.93x 16.90x 13.93x 16.99x 14.49x 13.01x 15.10x 14.93x
EBITDA 304.50 Long-Term Rating Date -
EBIT 258.22 Long-Term Rating -
Operating Margin 23.51% Long-Term Outlook -
Pretax Margin 22.61% Short-Term Rating Date -
Return on Assets 9.77% Short-Term Rating -
Return on Common Equity 17.46%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.04
Gross Margin 59.7% Total Debt/EBITDA 0.91
EBITDA Margin 27.2%
EBIT Margin 22.5% Total Debt/Equity 29.2%
Net Income Margin 15.7% Total Debt/Capital 22.6%
Asset Turnover 0.63
Current Ratio 1.51 Net Fixed Asset Turnover 16.74
Quick Ratio 1.37 Accounts receivable turnover-days 107.52
Debt to Assets 16.50% Inventory Days 0.12
Tot Debt to Common Equity 29.17% Accounts Payable Turnover Day 42.82
Accounts Receivable Turnover 3.40 Cash Conversion Cycle 58.51
Inventory Turnover 3070.74
Fiscal Year Ended
Software AGPrice/Volume
Valuation Analysis
392'666.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOFTWARE AG STIFTUNG n/a Research 25'206'045 29 - 31.12.2012 Other
FMR LLC n/a ULT-AGG 9'003'975 10.36 381'047 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH n/a Research 4'237'282 4.88 - 30.01.2013 Mutual Fund Manager
AIKEN ASSET MGMT LLP n/a Research 3'650'531 4.2 - 31.12.2012 Other
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'776'450 3.19 (1'500) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor
DWS INVESTMENT GMBH n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor
TEMPLETON INVEST COU n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'265'489 2.61 (163'924) 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 1'450'000 1.67 (50'000) 28.12.2012 Unclassified
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 911'850 1.05 20'000 28.09.2012 Investment Advisor
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 821'423 0.95 178'958 28.09.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 648'809 0.75 45'011 31.10.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 628'000 0.72 50'000 28.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 530'149 0.61 (2) 26.02.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 521'450 0.6 - 28.12.2012 Mutual Fund Manager
MASON STREET ADVISOR Multiple Portfolios MF-AGG 519'740 0.6 217'980 31.12.2012 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 425'900 0.49 233'000 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 365'107 0.42 (5'342) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale DERRIC MARCON buy 5 M 38 12 month 27.02.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 M 33 6 month 27.02.2013
Baader Bank KNUT WOLLER buy 5 M 34 12 month 27.02.2013
M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 34 12 month 27.02.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 33 12 month 27.02.2013
DZ Bank AG OLIVER FINGER buy 5 M 33 12 month 27.02.2013
Exane BNP Paribas JOSEP BORI outperform 5 M 35 Not Provided 27.02.2013
Morgan Stanley ADAM WOOD Underwt/In-Line 1 M 29 12 month 26.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 20.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 13.02.2013
Mirabaud Securities SUSAN ANTHONY buy 5 M 47 12 month 12.02.2013
JPMorgan STACY E POLLARD underweight 1 M 27 12 month 08.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 33 12 month 08.02.2013
Bryan Garnier & Cie GREGORY RAMIREZ sell 1 M 30 6 month 08.02.2013
Kepler Capital Markets SEBASTIEN SZTABOWICZ reduce 2 M 29 Not Provided 06.02.2013
Matelan Research GmbH ADRIAN HOPKINSON hold 3 N 39 12 month 06.02.2013
Berenberg Bank DAUD KHAN hold 3 M 24 Not Provided 01.02.2013
Credit Suisse CHARLES BRENNAN neutral 3 M 31 Not Provided 30.01.2013
HSBC ANTONIN BAUDRY neutral 3 D 33 Not Provided 30.01.2013
Natixis GWENAEL GIARD reduce 2 M 27 Not Provided 30.01.2013
Barclays GERARDUS VOS equalweight 3 M 29 Not Provided 30.01.2013
Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 D 34 12 month 29.01.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 35 Not Provided 29.01.2013
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 36 12 month 11.01.2013
Deutsche Bank UWE SCHUPP buy 5 M 38 12 month 31.10.2012
CA Cheuvreux MICHAEL BEUCHER underperform 1 M 25 Not Provided 30.05.2012
Holdings By:
Software AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Spirax-Sarco Engineering plc provides consultation, service and products for the
control and efficient management of steam and industrial fluids. The Company
and its subsidiaries produce boiler controls, pressure controls, temperature
controls, steam traps, flowmeters, monitors, safety valves, humidifiers,
strainers, separators and fluid pumps. Spirax-Sarco sells its products globally
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (25.02.2013) 2'450.00
52-Week Low (24.07.2012) 1'888.00
Daily Volume
2400
52-Week High % Change -2.04% Dividend Yield 2.09
52-Week Low % Change 27.12% Beta 0.96
% 52 Week Price Range High/Low 91.10% Equity Float 75.59
Shares Out 05.02.2013 78.1 Short Int -
1'874.16 1 Yr Total Return 19.51%
Total Debt 47.90 YTD Return 5.82%
Preferred Stock 0.0 Adjusted BETA 0.964
Minority Interest 0.8 Analyst Recs 12
Cash and Equivalents 60.17 Consensus Rating 3.417
Enterprise Value 1'865.60
Average Volume 5 Day 75'018
SPX LN EQUITY YTD Change - Average Volume 30 Day 154'079
SPX LN EQUITY YTD % CHANGE - Average Volume 3 Month 114'919
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 01/yy 01/yy 12/12 Y 12/13 Y - -
417.3 502.3 518.7 589.7 650.0 - - 663.3 694.7 - -
1.59x 1.36x 1.83x 2.46x 2.22x - - 2.76x 2.58x - -
82.6 100.9 95.1 141.7 154.8 - - 155.6 169.2 - -
8.03x 6.79x 10.00x 10.23x 9.32x - - 11.99x 11.02x - -
49.1 59.5 53.0 86.5 93.0 - - 96.5 102.0 - -
13.57x 11.64x 17.82x 17.20x 15.61x - - 19.40x 18.36x - -
EBITDA 154.79 Long-Term Rating Date -
EBIT 133.96 Long-Term Rating -
Operating Margin 20.61% Long-Term Outlook -
Pretax Margin 20.36% Short-Term Rating Date -
Return on Assets 13.43% Short-Term Rating -
Return on Common Equity 21.44%
Return on Capital 21.10% EBITDA/Interest Exp. 8.84
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 6.39
Net Debt/EBITDA -0.06
Gross Margin - Total Debt/EBITDA 0.44
EBITDA Margin 23.6%
EBIT Margin 20.3% Total Debt/Equity 12.0%
Net Income Margin 14.3% Total Debt/Capital 10.7%
Asset Turnover 1.01
Current Ratio 2.39 Net Fixed Asset Turnover 3.85
Quick Ratio 1.43 Accounts receivable turnover-days 73.65
Debt to Assets 7.44% Inventory Days -
Tot Debt to Common Equity 12.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.97 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
Spirax-Sarco Engineering PLCPrice/Volume
Valuation Analysis
85'714.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'701'161 8.58 (978'032) 26.02.2013 Investment Advisor
SCHRODERS PLC n/a RNS-MAJ 5'088'147 6.52 (39'718) 12.11.2012 Investment Advisor
SPRUCEGROVE INVESTME Multiple Portfolios REG 3'582'887 4.59 (464'495) 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'993'016 3.83 171'011 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 2'934'853 3.76 (283'101) 31.01.2013 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 2'761'624 3.54 (54'167) 01.11.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 2'383'412 3.05 (60'668) 31.12.2012 Unclassified
CAPITAL GROUP INTERN n/a RNS-MAJ 2'338'803 3 (64'656) 05.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'290'366 2.93 337'181 01.11.2012 Investment Advisor
CO-OPERATIVE INSURAN Multiple Portfolios REG 1'950'664 2.5 29'649 01.11.2012 Insurance Company
NORGES BANK INVESTME Multiple Portfolios REG 1'823'868 2.34 - 01.11.2012 Government
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'735'999 2.22 71'448 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'691'520 2.17 (124'459) 31.12.2012 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 1'665'068 2.13 - 01.11.2012 Hedge Fund Manager
LIONTRUST n/a ULT-AGG 1'598'683 2.05 - 31.12.2012 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 1'566'418 2.01 98'580 31.12.2012 Investment Advisor
Cantillon Capital Multiple Portfolios REG 1'360'992 1.74 (17'339) 01.11.2012 Unclassified
PRIVATE INDIVIDUALS Multiple Portfolios REG 1'352'795 1.73 (575) 01.11.2012 Other
M&G INVESTMENT MANAG Multiple Portfolios REG 1'324'138 1.7 (28'753) 01.11.2012 Investment Advisor
WILLIAM BLAIR & COMP Multiple Portfolios REG 1'315'469 1.68 (49'670) 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec MICHAEL BLOGG hold 3 M 2'315 12 month 22.02.2013
Arden Partners Ltd DAVID LARKAM neutral 3 M 2'300 12 month 29.01.2013
Peel Hunt DOMINIC CONVEY hold 3 M 1'850 Not Provided 28.01.2013
Goldman Sachs ADAM PINCKARD Buy/Neutral 5 M 2'856 12 month 17.01.2013
Credit Suisse JONATHAN HURN neutral 3 M 2'340 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Jefferies ANDREW DOUGLAS hold 3 M 2'045 12 month 08.11.2012
Numis Securities Ltd SCOTT CAGEHIN add 4 M 2'300 Not Provided 07.11.2012
Liberum Capital Ltd BENJAMIN BOURNE hold 3 M 1'940 Not Provided 07.11.2012
Holdings By:
Spirax-Sarco Engineering PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Spirent Communications plc provides electronic solutions for the technology
industry, including businesses in the telecommunications and medical sectors.
The Group specializes in telecommunications testing systems, including computer
software and hardware systems, cable management systems, and transmitters.
Spirent operates in the Americas, Europe and the Asia Pacific region.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.05.2012) 176.30
52-Week Low (08.11.2012) 134.10
Daily Volume
165.8
52-Week High % Change -5.96% Dividend Yield 1.22
52-Week Low % Change 23.64% Beta 0.88
% 52 Week Price Range High/Low 75.12% Equity Float 648.85
Shares Out 01.02.2013 650.5 Short Int -
1'078.50 1 Yr Total Return 19.22%
Total Debt 0.00 YTD Return 10.02%
Preferred Stock 0.0 Adjusted BETA 0.881
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 236.50 Consensus Rating 4.214
Enterprise Value 1'401.60
Average Volume 5 Day 1'322'847
SPT LN EQUITY YTD Change - Average Volume 30 Day 1'266'298
SPT LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'256'673
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 10/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
474.2 477.6 427.2 482.2 528.2 522.3 511.4 496.1 537.0 127.7 116.5
1.87x 0.71x 2.21x 2.76x 1.85x 5.20x 4.71x 2.82x 2.50x - -
74.2 108.2 107.8 126.6 136.5 0.0 0.0 136.5 155.8 34.0 23.0
11.92x 3.15x 8.75x 10.52x 7.16x 0.00x 0.00x 10.27x 9.00x 11.04x 9.73x
35.2 138.5 91.2 79.1 94.6 86.6 91.9 86.8 99.5 - -
20.88x 3.58x 12.05x 19.58x 12.90x 14.81x 17.98x 18.63x 16.23x 19.20x 16.88x
EBITDA 136.50 Long-Term Rating Date -
EBIT 120.40 Long-Term Rating -
Operating Margin 22.79% Long-Term Outlook -
Pretax Margin 23.34% Short-Term Rating Date -
Return on Assets 16.10% Short-Term Rating -
Return on Common Equity 21.52%
Return on Capital 21.57% EBITDA/Interest Exp. 341.25
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 289.25
Net Debt/EBITDA -1.65
Gross Margin 66.1% Total Debt/EBITDA 0.00
EBITDA Margin 26.9%
EBIT Margin 23.5% Total Debt/Equity 0.0%
Net Income Margin 17.9% Total Debt/Capital 0.0%
Asset Turnover 0.90
Current Ratio 2.92 Net Fixed Asset Turnover 16.03
Quick Ratio 2.51 Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days 86.70
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 93.05
Inventory Turnover 4.26
Fiscal Year Ended
Spirent Communications PLCPrice/Volume
Valuation Analysis
806'411.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
M&G INVESTMENT MANAG Multiple Portfolios REG 74'482'073 11.45 (1'170'707) 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 56'866'309 8.74 (5'211'526) 26.02.2013 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 47'446'272 7.29 (15'725) 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 46'665'533 7.17 2'752'832 01.11.2012 Unclassified
FMR LLC n/a ULT-AGG 39'640'718 6.09 61'600 01.11.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 38'520'235 5.92 - 31.12.2011 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 37'106'272 5.7 873'896 01.11.2012 Investment Advisor
AEGON UK GROUP n/a RNS-MAJ 27'310'447 4.2 367'012 12.08.2011 Other
ARTEMIS INVESTMENT M Multiple Portfolios REG 25'903'979 3.98 10'226'722 01.11.2012 Investment Advisor
SUN LIFE ASSURANCE C n/a Co File 23'382'347 3.59 - 31.12.2011 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 18'978'008 2.92 (1'583'122) 01.11.2012 Unclassified
KAMES CAPITAL PLC n/a RNS-MAJ 18'507'514 2.85 (7'261'806) 02.02.2012 Investment Advisor
OLD MUTUAL n/a ULT-AGG 17'372'000 2.67 (5'438'525) 31.12.2012 Unclassified
HERMES EQUITY OWNERS n/a RNS-MAJ 16'804'058 2.58 (5'311'975) 18.01.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 15'433'512 2.37 576'293 01.11.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 15'000'000 2.31 (1'832'779) 01.11.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 14'272'476 2.19 3'072'979 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 13'825'289 2.13 60'042 01.11.2012 Government
F&C ASSET MANAGEMENT Multiple Portfolios REG 13'255'380 2.04 272'377 01.11.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 12'422'541 1.91 (451'800) 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd NICK JAMES add 4 M 165 Not Provided 27.02.2013
Panmure Gordon & Co Limited GEORGE O'CONNOR buy 5 M 192 Not Provided 26.02.2013
Jefferies LEE SIMPSON buy 5 M 196 12 month 21.02.2013
N+1 Singer Ltd PIA TAPLEY hold 3 D 165 12 month 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank JOHANNES SCHALLER hold 3 D 155 12 month 14.01.2013
Barclays JOHN KING overweight 5 M 195 Not Provided 14.01.2013
Goldman Sachs ALEXANDER DUVAL Buy/Neutral 5 M 205 12 month 13.01.2013
Investec JAMES GOODMAN buy 5 M 185 12 month 08.01.2013
JPMorgan ALEXANDER MEES neutral 3 M 153 9 month 15.11.2012
Canaccord Genuity Corp JONATHAN IMLAH buy 5 R 180 12 month 08.11.2012
Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 170 12 month 06.08.2012
Holdings By:
Spirent Communications PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
SSAB AB manufactures sheet and plate steel. The Company's main products
include hot-rolled, cold-rolled and organic-coated steel sheet. SSAB sells its
products to the automotive, engineering, and construction industries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 70.90
52-Week Low (11.10.2012) 45.10
Daily Volume
50.85
52-Week High % Change -28.28% Dividend Yield -
52-Week Low % Change 12.75% Beta 1.50
% 52 Week Price Range High/Low 22.29% Equity Float -
Shares Out 26.02.2013 240.8 Short Int -
15'903.21 1 Yr Total Return -24.37%
Total Debt 19'382.00 YTD Return -10.08%
Preferred Stock 0.0 Adjusted BETA 1.505
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 3'004.00 Consensus Rating 2.304
Enterprise Value 32'281.21
Average Volume 5 Day 3'038'414
SSABA SS EQUITY YTD Change - Average Volume 30 Day 3'209'282
SSABA SS EQUITY YTD % CHANGE - Average Volume 3 Month 3'090'045
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
54'329.0 29'838.0 39'883.0 44'640.0 38'923.0 44'640.0 38'923.0 39'454.9 41'646.4 9'664.0 10'235.1
0.72x 1.84x 1.36x 0.86x 0.89x 3.94x 3.58x 0.79x 0.70x - -
10'784.0 290.0 3'409.0 4'813.0 2'458.0 4'813.0 2'458.0 3'828.2 4'842.9 797.3 1'096.1
3.64x 189.44x 15.87x 8.01x 14.12x 8.01x 14.12x 8.43x 6.67x 8.54x 7.33x
6'935.0 (1'002.0) 552.0 1'560.0 15.0 1'560.0 15.0 600.1 1'513.3 77.3 288.2
3.42x - 51.12x 12.59x 1221.09x 12.59x 1221.09x 25.97x 10.87x 24.17x 14.53x
EBITDA 2'458.00 Long-Term Rating Date 06.12.2010
EBIT -128.00 Long-Term Rating BB+
Operating Margin -0.33% Long-Term Outlook NEG
Pretax Margin -1.78% Short-Term Rating Date 06.12.2010
Return on Assets 0.02% Short-Term Rating B
Return on Common Equity 0.05%
Return on Capital - EBITDA/Interest Exp. 10.07
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 3.56
Net Debt/EBITDA 6.66
Gross Margin 7.2% Total Debt/EBITDA 7.89
EBITDA Margin 6.3%
EBIT Margin -0.3% Total Debt/Equity 67.4%
Net Income Margin 0.0% Total Debt/Capital 40.3%
Asset Turnover 0.64
Current Ratio 2.62 Net Fixed Asset Turnover 2.14
Quick Ratio 1.06 Accounts receivable turnover-days 47.57
Debt to Assets 33.06% Inventory Days 106.99
Tot Debt to Common Equity 67.37% Accounts Payable Turnover Day 41.95
Accounts Receivable Turnover 7.69 Cash Conversion Cycle 112.60
Inventory Turnover 3.42
Fiscal Year Ended
SSAB ABPrice/Volume
Valuation Analysis
2'833'397.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INDUSTRIVARDEN AB n/a Co File 56'860'957 23.62 - 31.12.2011 Holding Company
SWEDBANK ROBUR FONDE n/a Co File 23'234'047 9.65 - 31.12.2011 Investment Advisor
NORDEA FONDER AB n/a Co File 12'520'631 5.2 - 31.12.2011 Investment Advisor
LKAB n/a Co File 12'344'064 5.13 - 31.12.2011 Government
ALECTA PENSIONSFORSA n/a Co File 8'513'500 3.54 - 31.12.2011 Pension Fund (ERISA)
KYNIKOS ASSOCIATES L n/a Short (5'802'456) -2.41 - 01.11.2012 Hedge Fund Manager
FOLKSAM LO FOND AB n/a Co File 5'604'125 2.33 - 31.12.2011 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'526'014 2.3 (1'058'927) 31.01.2013 Investment Advisor
AMF PENSION n/a Co File 5'209'000 2.16 - 31.12.2011 Pension Fund (ERISA)
SEB n/a ULT-AGG 4'354'814 1.81 116'425 31.12.2012 Unclassified
SKANDIA FONDER AB Multiple Portfolios MF-AGG 4'082'137 1.7 1'424'542 31.12.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'041'568 1.68 - 31.07.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'849'721 1.6 (41'618) 31.12.2012 Investment Advisor
ANDRA AP FONDEN n/a Co File 3'842'615 1.6 - 31.12.2011 Pension Fund (ERISA)
AMF FONDER AB Multiple Portfolios MF-AGG 3'684'400 1.53 2'785'000 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'276'684 1.36 - 31.12.2012 Investment Advisor
DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 2'570'000 1.07 (670'000) 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 2'237'762 0.93 (3'161'689) 31.01.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 2'198'288 0.91 561'659 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'019'064 0.84 (642'280) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura NEIL SAMPAT buy 5 M 55 12 month 22.02.2013
AlphaValue FABRICE FARIGOULE add 4 M 55 6 month 21.02.2013
Jefferies SETH ROSENFELD hold 3 M 55 12 month 11.02.2013
Carnegie ALEXANDER VILVAL hold 3 M #N/A N/A Not Provided 11.02.2013
Nordea Equity Research CHRISTIAN KOPFER sell 1 M 50 12 month 11.02.2013
Handelsbanken FREDRIK AGARDH reduce 2 M 42 12 month 11.02.2013
Swedbank MATS LISS neutral 3 M 55 12 month 11.02.2013
DNB Markets SAMPSA KARHUNEN hold 3 M 50 Not Provided 11.02.2013
Danske Markets CARL GUSTAFSSON hold 3 M 52 12 month 11.02.2013
ABG Sundal Collier JOHANNES GRUNSELIUS sell 1 M 42 6 month 10.02.2013
Erik Penser Bankaktiebolag AB GUSTAV SANDSTROM sell 1 M 42 Not Provided 10.02.2013
JPMorgan ALESSANDRO ABATE underweight 1 M 51 9 month 08.02.2013
SEB Enskilda JULIAN BEER hold 3 M 54 Not Provided 08.02.2013
Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 53 12 month 28.01.2013
Credit Suisse MICHAEL SHILLAKER underperform 1 M 52 Not Provided 25.01.2013
Goldman Sachs STEPHEN BENSON Sell/Neutral 1 M 43 12 month 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank BASTIAN SYNAGOWITZ sell 1 D 42 12 month 15.01.2013
CA Cheuvreux JOAKIM AHLBERG select list 5 U 70 Not Provided 19.12.2012
S&P Capital IQ JOHNSON IMODE sell 1 M 41 12 month 24.10.2012
VTB Capital WIKTOR BIELSKI hold 3 M 48 12 month 15.10.2012
Cyrrus JIRI SIMARA sell 1 M 69 12 month 30.01.2012
Alandsbanken Equities PER HANSSON reduce 2 M 105 12 month 02.05.2011
Prime Predictions PETER LJUNGGREN underperform 1 D 104 12 month 09.10.2010
Holdings By:
SSAB AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces
generics (products whose patents have expired), brand-name products, and cancer
therapy and other special pharmaceuticals. Stada avoids cost-intensive
research on active ingredients and concentrates on multi-source products. The
Company markets its products worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 29.74
52-Week Low (07.03.2012) 20.93
Daily Volume
28.975
52-Week High % Change -2.57% Dividend Yield -
52-Week Low % Change 38.47% Beta 0.91
% 52 Week Price Range High/Low 91.32% Equity Float 58.85
Shares Out 31.01.2013 59.3 Short Int -
1'719.18 1 Yr Total Return 28.17%
Total Debt 1'221.06 YTD Return 18.70%
Preferred Stock 0.0 Adjusted BETA 0.914
Minority Interest 10.0 Analyst Recs 30
Cash and Equivalents 354.60 Consensus Rating 3.733
Enterprise Value 2'957.70
Average Volume 5 Day 244'871
SAZ GY EQUITY YTD Change - Average Volume 30 Day 336'232
SAZ GY EQUITY YTD % CHANGE - Average Volume 3 Month 319'256
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'570.5 1'646.2 1'568.8 1'627.0 1'715.4 1'700.9 1'796.2 1'834.7 1'953.0 504.0 -
2.19x 1.35x 1.48x 1.44x 1.17x 5.37x 5.51x 1.60x 1.46x - -
316.9 256.0 278.7 268.5 222.1 220.0 323.5 357.2 394.2 104.0 -
10.86x 8.71x 8.36x 8.75x 9.05x 8.04x 7.99x 8.28x 7.50x - -
104.2 76.2 100.4 68.4 22.0 23.1 96.9 148.4 168.0 39.0 -
23.46x 15.77x 14.15x 21.88x 52.03x 39.64x 13.93x 11.43x 10.22x 11.50x 11.41x
EBITDA 222.12 Long-Term Rating Date -
EBIT 120.06 Long-Term Rating -
Operating Margin 7.00% Long-Term Outlook -
Pretax Margin 4.05% Short-Term Rating Date -
Return on Assets 3.57% Short-Term Rating -
Return on Common Equity 11.28%
Return on Capital 7.94% EBITDA/Interest Exp. 1.78
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 1.60
Net Debt/EBITDA 3.79
Gross Margin 48.2% Total Debt/EBITDA 4.13
EBITDA Margin 18.0%
EBIT Margin 11.7% Total Debt/Equity 143.0%
Net Income Margin 1.3% Total Debt/Capital 58.6%
Asset Turnover 0.66
Current Ratio 1.86 Net Fixed Asset Turnover 6.29
Quick Ratio 1.18 Accounts receivable turnover-days 87.53
Debt to Assets 43.61% Inventory Days 174.62
Tot Debt to Common Equity 143.00% Accounts Payable Turnover Day 81.77
Accounts Receivable Turnover 4.18 Cash Conversion Cycle 160.34
Inventory Turnover 2.10
Fiscal Year Ended
Stada Arzneimittel AGPrice/Volume
Valuation Analysis
199'453.00
Current Price (2/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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400.0
600.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GRYPHON INTERNATIONA n/a Co File 1'884'109 3.18 - 31.12.2011 Investment Advisor
DEUTSCHE BANK AG/LON n/a Research 1'576'000 2.66 - 24.10.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'394'000 2.35 - 28.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 892'270 1.5 - 26.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 655'000 1.1 50'000 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 624'946 1.05 10'424 31.12.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (605'200) -1.02 (53'410) 11.02.2013 Hedge Fund Manager
ADELPHI CAPITAL LLP n/a Short (427'193) -0.72 (65'265) 24.01.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 359'452 0.61 (2'357) 30.11.2012 Investment Advisor
SKAGEN AS n/a Research 349'622 0.59 - 24.08.2012 Mutual Fund Manager
OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 263'523 0.44 (15'747) 31.10.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 258'156 0.44 - 31.12.2012 Investment Advisor
DJE INVESTMENT SA Multiple Portfolios MF-AGG 247'230 0.42 178'130 30.11.2012 Mutual Fund Manager
KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 237'520 0.4 1'500 30.11.2012 Mutual Fund Manager
BANQUE DEGROOF Multiple Portfolios MF-AGG 236'000 0.4 13'000 01.02.2013 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 231'239 0.39 231'239 31.12.2012 Investment Advisor
TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 207'800 0.35 7'800 31.07.2011 Mutual Fund Manager
CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 200'000 0.34 (27'000) 31.01.2013 Mutual Fund Manager
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 145'724 0.25 - 31.01.2013 Mutual Fund Manager
DEGROOF GESTION INST Multiple Portfolios MF-AGG 145'600 0.25 95'100 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue FABRICE FARIGOULE add 4 M 33 6 month 21.02.2013
DZ Bank AG THOMAS MAUL buy 5 M 33 12 month 14.02.2013
Bankhaus Lampe THERESA DICK buy 5 M 32 12 month 13.02.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 37 6 month 04.02.2013
Nomura MARTIN BRUNNINGER reduce 2 M 15 12 month 04.02.2013
Exane BNP Paribas FLORENT CESPEDES neutral 3 M 27 Not Provided 04.02.2013
Kepler Capital Markets MARTIN VOEGTLI hold 3 D 29 Not Provided 30.01.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 D 30 12 month 29.01.2013
Natixis PHILIPPE LANONE buy 5 M 31 Not Provided 29.01.2013
Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 20 12 month 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
Jefferies JAMES VANE-TEMPEST hold 3 M 23 12 month 15.01.2013
JPMorgan DAVID J ADLINGTON neutral 3 M 31 9 month 03.01.2013
Morgan Stanley SIMON MATHER Equalwt/Attractive 3 M 24 12 month 13.12.2012
Helvea ODILE RUNDQUIST neutral 3 M 26 12 month 29.11.2012
HSBC JAN KEPPELER neutral 3 M 25 Not Provided 16.11.2012
Main First Bank AG MARCUS WIEPRECHT outperform 5 U 28 12 month 13.11.2012
Nord/LB THORSTEN STRAUSS hold 3 M 23 12 month 12.11.2012
S&P Capital IQ JACOB THRANE buy 5 M 27 12 month 12.11.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 25 12 month 09.11.2012
Close Brothers Equity Markets IGOR KIM buy 5 U 26 12 month 09.11.2012
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 28 Not Provided 08.11.2012
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 08.11.2012
Berenberg Bank SCOTT BARDO hold 3 M 27 Not Provided 08.11.2012
Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 23 12 month 08.11.2012
Deutsche Bank HOLGER BLUM buy 5 M 30 12 month 09.08.2012
CA Cheuvreux OLIVER REINBERG outperform 5 M 28 Not Provided 09.08.2012
Equinet Institutional Services(ESN) MARTIN POSSIENKE hold 3 M 20 12 month 22.09.2011
KD Banka d.d. BOJAN IVANC buy 5 U 28 12 month 29.09.2010
Holdings By:
Stada Arzneimittel AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Stagecoach Group plc provides and operates public transport services in the
United Kingdom, USA and overseas. The Group supplies bus and train services, in
addition to owning a rolling stock company which provides stock to train
companies. Stagecoach also owns overseas bus and ferry operations in Hong Kong,
Australia, USA and New Zealand.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (04.01.2013) 321.50
52-Week Low (13.06.2012) 227.90
Daily Volume
299.3
52-Week High % Change -6.91% Dividend Yield 2.67
52-Week Low % Change 31.33% Beta 0.81
% 52 Week Price Range High/Low 76.28% Equity Float 426.04
Shares Out 01.02.2013 576.1 Short Int -
1'724.27 1 Yr Total Return 14.58%
Total Debt 776.90 YTD Return -1.73%
Preferred Stock 0.0 Adjusted BETA 0.806
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 241.00 Consensus Rating 4.000
Enterprise Value 2'299.27
Average Volume 5 Day 631'050
SGC LN EQUITY YTD Change - Average Volume 30 Day 496'851
SGC LN EQUITY YTD % CHANGE - Average Volume 3 Month 643'574
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y - -
1'763.6 2'103.3 2'164.4 2'389.8 2'590.7 - - 2'830.5 2'992.6 - -
1.23x 0.62x 0.79x 0.87x 0.76x - - 0.83x 0.76x - -
247.6 345.5 243.2 281.8 303.3 - - 350.0 353.3 - -
8.79x 3.75x 7.07x 7.36x 6.48x - - 6.57x 6.51x - -
249.1 133.5 111.7 176.4 188.3 - - 164.3 159.2 - -
8.07x 7.02x 13.05x 11.22x 8.41x - - 10.54x 10.92x - -
EBITDA 303.30 Long-Term Rating Date 15.03.2007
EBIT 203.40 Long-Term Rating BBB-
Operating Margin 7.85% Long-Term Outlook STABLE
Pretax Margin 9.26% Short-Term Rating Date 27.06.2005
Return on Assets 11.78% Short-Term Rating NR
Return on Common Equity -
Return on Capital 51.09% EBITDA/Interest Exp. 7.94
Asset Turnover 1.55% (EBITDA-Capex)/Interest Exp. 3.33
Net Debt/EBITDA 1.66
Gross Margin - Total Debt/EBITDA 2.44
EBITDA Margin 12.8%
EBIT Margin 8.9% Total Debt/Equity -
Net Income Margin 7.3% Total Debt/Capital 108.0%
Asset Turnover 1.55
Current Ratio 0.72 Net Fixed Asset Turnover 2.73
Quick Ratio 0.51 Accounts receivable turnover-days -
Debt to Assets 46.52% Inventory Days -
Tot Debt to Common Equity - 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
Stagecoach Group PLCPrice/Volume
Valuation Analysis
731'483.00
Current Price (2/dd/yy) Market Data
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1'500.0
2'000.0
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3'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HIGHLAND GLOBAL TRAN n/a RNS-MAJ 149'397'730 25.93 - 28.09.2012 Other
DIRECTOR & RELATED H Multiple Portfolios REG 135'189'654 23.47 509'140 01.11.2012 Other
STANDARD LIFE INVEST n/a RNS-MAJ 40'972'773 7.11 6'406'774 07.11.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 34'978'083 6.07 (1'335'379) 01.11.2012 Unclassified
AEGON n/a ULT-AGG 29'008'051 5.04 (1'982'301) 01.11.2012 Unclassified
AMERIPRISE FINANCIAL n/a Co File 28'804'999 5 - 26.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 28'228'899 4.9 - 26.02.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 26'536'543 4.61 (1'852'145) 01.11.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 26'396'064 4.58 1'814'524 01.11.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 22'968'448 3.99 15'232 31.10.2012 Investment Advisor
KAMES CAPITAL PLC #N/A N/A RNS-MAJ 21'252'371 3.69 (7'430'155) 20.02.2013 Investment Advisor
UBS n/a ULT-AGG 18'236'477 3.17 (1'016'888) 01.11.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 17'624'352 3.06 (828'514) 31.01.2013 Unclassified
ELLIOTT MANAGEMENT C n/a Short (15'266'649) -2.65 - 01.11.2012 Hedge Fund Manager
NORGES BANK INVESTME Multiple Portfolios REG 13'271'671 2.3 (133'929) 01.11.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 11'471'859 1.99 1'254'484 01.11.2012 Unclassified
AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 11'285'455 1.96 - 31.01.2013 Mutual Fund Manager
UNIVERSITIES SUPERAN Multiple Portfolios REG 9'940'658 1.73 149'656 01.11.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'725'000 1.34 (763'924) 01.11.2012 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios REG 7'715'755 1.34 6'533'196 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC JOSEPH P THOMAS neutral 3 D 315 Not Provided 04.02.2013
Oriel Securities Ltd EDWARD STANFORD buy 5 M 302 Not Provided 31.01.2013
Goldman Sachs OLIVER NEAL neutral/neutral 3 M 340 12 month 28.01.2013
Espirito Santo Investment Bank ResearchGERALD KHOO buy 5 M 345 Not Provided 23.01.2013
Nomura ANDREW EVANS buy 5 M 310 12 month 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Panmure Gordon & Co Limited GERT ZONNEVELD buy 5 M 350 Not Provided 11.01.2013
Jefferies JOSEPH SPOONER hold 3 D 330 12 month 08.01.2013
JPMorgan DAVID PITURA neutral 3 M 324 12 month 14.12.2012
RBC Capital Markets DAMIAN BREWER sector perform 3 M 320 12 month 12.12.2012
Morgan Stanley JAIME ROWBOTHAM Equalwt/In-Line 3 D 310 12 month 10.12.2012
Barclays ADRIAN YANOSHIK overweight 5 M 345 Not Provided 06.12.2012
Investec JOHN LAWSON buy 5 M 320 12 month 05.12.2012
Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 05.12.2012
Liberum Capital Ltd ALEXIA DOGANI buy 5 M 327 Not Provided 23.10.2012
Charles Stanley Securities DOUGLAS MCNEILL hold 3 M 280 Not Provided 09.07.2012
Deutsche Bank ANAND DATE buy 5 M 310 12 month 04.07.2012
Holdings By:
Stagecoach Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Storebrand ASA offers insurance, asset management, and banking services. The
Company offers life insurance and pension plans, manages equity and fixed-income
funds, and attracts deposits and offers residential mortgages, other credit, and
Internet and telephone banking services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 31.43
52-Week Low (13.06.2012) 16.37
Daily Volume
26.03
52-Week High % Change -17.18% Dividend Yield -
52-Week Low % Change 59.01% Beta 1.61
% 52 Week Price Range High/Low 64.14% Equity Float 317.83
Shares Out 27.02.2013 449.9 Short Int -
11'711.15 1 Yr Total Return -2.84%
Total Debt 25'108.00 YTD Return -2.95%
Preferred Stock 0.0 Adjusted BETA 1.610
Minority Interest 98.0 Analyst Recs 19
Cash and Equivalents - Consensus Rating 4.158
Enterprise Value 29'041.15
Average Volume 5 Day 2'750'606
STB NO EQUITY YTD Change - Average Volume 30 Day 3'074'271
STB NO EQUITY YTD % CHANGE - Average Volume 3 Month 2'494'919
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
24'542.0 46'443.0 50'118.0 38'157.0 52'432.0 38'137.0 52'433.0 21'025.0 22'354.0 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'228.0) 928.0 1'471.0 674.0 1'006.0 674.0 1'007.0 1'852.6 2'047.9 388.8 395.6
- 19.67x 13.23x 18.91x 11.94x 18.50x 11.92x 6.08x 5.43x 6.06x 5.81x
EBITDA - Long-Term Rating Date 15.12.2008
EBIT - Long-Term Rating BBB
Operating Margin 4.93% Long-Term Outlook STABLE
Pretax Margin 2.97% Short-Term Rating Date -
Return on Assets 0.25% Short-Term Rating -
Return on Common Equity 5.23%
Return on Capital 3.42% EBITDA/Interest Exp. -
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 126.6%
Net Income Margin 1.9% Total Debt/Capital 55.7%
Asset Turnover 0.13
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.98% Inventory Days -
Tot Debt to Common Equity 126.57% 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
Storebrand ASAPrice/Volume
Valuation Analysis
3'746'117.00
Current Price (2/dd/yy) Market Data
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GJENSIDIGE FORSIKRIN n/a EXCH 109'458'254 24.33 - 18.02.2013 Insurance Company
GOVERNMENT PENSION F n/a EXCH 22'156'365 4.92 - 18.02.2013 Government
STATE STREET n/a ULT-AGG 18'647'756 4.14 - 27.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 14'495'794 3.22 (11'421'765) 30.09.2012 Investment Advisor
NORTHERN TRUST CO n/a EXCH 14'368'322 3.19 - 18.02.2013 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 12'867'504 2.86 - 18.02.2013 Bank
VARMA MUTUAL PENSION n/a EXCH 12'064'314 2.68 - 18.02.2013 Insurance Company
SEB n/a ULT-AGG 8'816'096 1.96 (152'817) 18.02.2013 Unclassified
TAPIOLA MUTUAL PENSI n/a EXCH 8'000'000 1.78 - 18.02.2013 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'816'907 1.52 94'915 31.12.2012 Investment Advisor
NORDEA FONDENE AS Multiple Portfolios MF-AGG 6'223'510 1.38 (128'315) 28.09.2012 Mutual Fund Manager
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 6'172'868 1.37 869'585 31.01.2013 Investment Advisor
PRUDENTIAL ASSURANCE n/a EXCH 5'971'013 1.33 - 18.02.2013 Investment Advisor
DWP BANK n/a EXCH 5'042'178 1.12 - 18.02.2013 Bank
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'977'674 1.11 4'964'153 31.12.2012 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 4'942'801 1.1 (1'801'635) 31.01.2013 Investment Advisor
JP MORGAN CHASE BANK n/a EXCH 4'000'000 0.89 - 18.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'397'316 0.76 3'100 28.12.2012 Investment Advisor
SEB LONDON n/a EXCH 3'308'133 0.74 - 18.02.2013 Unclassified
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'993'410 0.67 (570'000) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEROME CASSAGNE buy 5 M 42 6 month 21.02.2013
Macquarie HADLEY COHEN neutral 3 M 30 12 month 18.02.2013
Berenberg Bank PETER ELIOT buy 5 M 45 Not Provided 15.02.2013
Credit Suisse CHRIS ESSON outperform 5 M 34 Not Provided 14.02.2013
Carnegie GIANANDREA ROBERTI hold 3 M #N/A N/A Not Provided 14.02.2013
Nordea Equity Research THOMAS SVENDSEN buy 5 M 33 12 month 14.02.2013
Handelsbanken MATTI AHOKAS buy 5 M 39 12 month 14.02.2013
Pareto Securities VEGARD EID MEDIAS buy 5 M 35 6 month 14.02.2013
Arctic Securities ASA FRIDTJOF BERENTS buy 5 U 32 Not Provided 14.02.2013
ABG Sundal Collier RICKARD HENZE buy 5 M 38 6 month 13.02.2013
Keefe, Bruyette & Woods KARL MORRIS outperform 5 M 30 12 month 13.02.2013
SpareBank 1 Markets AS NILS CHRISTIAN OYEN sell 1 D 24 6 month 13.02.2013
Norne Securities AS ANDRIUS VALIVONIS hold 3 M 33 12 month 13.02.2013
Swedbank First Securities BENGT KIRKOEN buy 5 M 34 Not Provided 13.02.2013
SEB Enskilda CHRISTOFFER J ADAMS buy 5 U 33 Not Provided 04.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank ROBIN BUCKLEY buy 5 M 34 12 month 08.01.2013
Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 35 12 month 05.12.2012
JPMorgan ANDREAS VAN EMBDEN neutral 3 M 34 Not Provided 23.02.2012
DNB Markets JAN ERIK GJERLAND hold 3 M 36 Not Provided 27.10.2011
Holdings By:
Storebrand ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Suedzucker AG operates in the traditional sugar industry in Eastern and Western
Europe. The Company, through its subsidiaries, produces functional food,
chilled frozen and starch and fruit concentrates. Suedzucker's other business
includes bioethanol activities.
Latest Fiscal Year: 02/2012
LTM as of: 11/yy
52-Week High (20.02.2013) 33.41
52-Week Low (29.02.2012) 21.59
Daily Volume
33.16
52-Week High % Change -0.73% Dividend Yield -
52-Week Low % Change 53.63% Beta 0.53
% 52 Week Price Range High/Low 97.93% Equity Float 79.26
Shares Out 02.01.2013 204.2 Short Int -
6'770.72 1 Yr Total Return 56.34%
Total Debt 2'189.30 YTD Return 7.00%
Preferred Stock 0.0 Adjusted BETA 0.531
Minority Interest 669.1 Analyst Recs 19
Cash and Equivalents 609.60 Consensus Rating 3.947
Enterprise Value 8'738.82
Average Volume 5 Day 316'493
SZU GY EQUITY YTD Change - Average Volume 30 Day 327'578
SZU GY EQUITY YTD % CHANGE - Average Volume 3 Month 367'696
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 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1
5'779.6 5'871.3 5'718.2 6'160.8 6'991.9 6'737.2 7'794.7 7'783.5 7'788.6 1'851.7 1'887.0
0.96x 0.94x 0.99x 0.98x 0.91x 3.85x 3.75x 1.08x 1.04x - -
466.9 470.2 658.5 782.0 1'026.5 975.0 1'271.9 1'241.1 1'183.9 - -
11.86x 11.73x 8.62x 7.73x 6.20x 6.75x 6.41x 7.03x 7.37x - -
19.6 162.2 200.1 250.4 376.3 316.7 629.6 576.5 518.8 94.4 145.0
145.20x 15.93x 16.13x 15.23x 10.95x 14.10x 9.07x 11.39x 13.05x - -
EBITDA 1'026.50 Long-Term Rating Date 05.06.2012
EBIT 762.10 Long-Term Rating BBB+
Operating Margin 10.90% Long-Term Outlook POS
Pretax Margin 9.07% Short-Term Rating Date 30.09.2010
Return on Assets 7.14% Short-Term Rating A-2
Return on Common Equity 21.97%
Return on Capital - EBITDA/Interest Exp. 8.76
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 6.40
Net Debt/EBITDA 0.93
Gross Margin - Total Debt/EBITDA 1.49
EBITDA Margin 16.3%
EBIT Margin 12.9% Total Debt/Equity 83.7%
Net Income Margin 5.4% Total Debt/Capital 40.0%
Asset Turnover 0.88
Current Ratio 1.69 Net Fixed Asset Turnover 3.04
Quick Ratio 0.56 Accounts receivable turnover-days 50.46
Debt to Assets 26.41% Inventory Days -
Tot Debt to Common Equity 83.68% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.25 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Suedzucker AGPrice/Volume
Valuation Analysis
190'366.00
Current Price (2/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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0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZUCKER INVEST GMBH n/a Research 124'847'782 61.14 - 01.02.2013 Investment Advisor
OVERLAND ADVISORS LL n/a Short (1'893'536) -0.93 - 07.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'688'974 0.83 5'865 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'341'724 0.66 119'089 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 740'672 0.36 (87'000) 31.10.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 591'710 0.29 (1'183) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 482'592 0.24 49'376 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 352'217 0.17 21'622 28.12.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 345'857 0.17 (515) 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 319'332 0.16 (2'134) 27.02.2013 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 277'878 0.14 11'450 31.12.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 269'809 0.13 11'000 01.02.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 262'450 0.13 (12'090) 28.12.2012 Mutual Fund Manager
VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 258'000 0.13 258'000 30.11.2012 Mutual Fund Manager
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 256'959 0.13 62'898 31.10.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 237'455 0.12 (6'251) 31.05.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 226'000 0.11 (6'834) 31.12.2012 Unclassified
STATE STREET BANQUE Multiple Portfolios MF-AGG 217'739 0.11 801 31.01.2013 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 216'634 0.11 195'354 24.08.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 211'300 0.1 33'600 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nord/LB WOLFGANG VASTERLING hold 3 D 34 12 month 20.02.2013
Hauck & Aufhaeuser NILS-PETER FITZL hold 3 M 33 12 month 14.02.2013
DZ Bank AG HEINZ MUELLER buy 5 M 38 12 month 30.01.2013
Berenberg Bank JAMES TARGETT hold 3 M 30 Not Provided 21.01.2013
Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 38 Not Provided 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC JESKO MAYER-WEGELIN overweight 5 M 35 Not Provided 14.01.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 37 12 month 11.01.2013
Bankhaus Lampe MARC GABRIEL buy 5 M 41 12 month 11.01.2013
Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 33 12 month 11.01.2013
Commerzbank Corporates & Markets DENNIS SCHMITT buy 5 M 35 6 month 10.01.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 31 12 month 10.01.2013
Barclays LIAM ROWLEY underweight 1 M 28 Not Provided 10.01.2013
Goldman Sachs ROSIE EDWARDS neutral/neutral 3 M 30 12 month 09.01.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 31 12 month 18.12.2012
CA Cheuvreux KLAUS RINGEL select list 5 M 35 Not Provided 26.11.2012
Silvia Quandt Research KLAUS KRAENZLE buy 5 M 40 12 month 19.11.2012
Mirabaud Securities JULIAN LAKIN hold 3 M 29 12 month 22.10.2012
Exane BNP Paribas JAMES BUSHNELL neutral 3 M 28 Not Provided 19.10.2012
Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012
Holdings By:
Suedzucker AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Sydbank A/S attracts deposits and offers commercial banking services. The Bank
offers mortgages, automobile and other consumer loans, agricultural loans,
investment and private banking, interest rate hedging, cash management
services, and life insurance. Sydbank operates throughout Denmark, in northern
Germany, and Switzerland.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (22.02.2013) 115.70
52-Week Low (21.05.2012) 89.05
Daily Volume
114.9
52-Week High % Change -0.69% Dividend Yield -
52-Week Low % Change 29.03% Beta 0.94
% 52 Week Price Range High/Low 97.00% Equity Float -
Shares Out 26.02.2013 74.3 Short Int -
8'531.33 1 Yr Total Return 7.18%
Total Debt 48'392.00 YTD Return 15.25%
Preferred Stock 0.0 Adjusted BETA 0.943
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 9'465.00 Consensus Rating 3.444
Enterprise Value -
Average Volume 5 Day 251'531
SYDB DC EQUITY YTD Change - Average Volume 30 Day 160'444
SYDB DC EQUITY YTD % CHANGE - Average Volume 3 Month 157'086
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
9'002.0 7'530.0 5'984.0 5'717.0 - 5'559.0 6'032.0 4'583.6 4'651.0 1'113.2 1'107.5
- - - - - 0.00x 0.00x -27.64x -27.28x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
606.0 781.0 411.0 188.0 467.0 111.0 475.0 894.0 1'161.6 25.0 203.3
6.73x 11.46x 27.07x 34.65x 15.58x 63.90x 16.91x 9.43x 7.15x 12.71x 9.66x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 8.43% Long-Term Outlook -
Pretax Margin 6.72% Short-Term Rating Date -
Return on Assets 0.32% Short-Term Rating -
Return on Common Equity 4.86%
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 504.3%
Net Income Margin 4.2% Total Debt/Capital 83.5%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 5.49
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 31.54% Inventory Days -
Tot Debt to Common Equity 504.35% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Sydbank A/SPrice/Volume
Valuation Analysis
83'815.00
Current Price (2/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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0.0
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2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SILCHESTER INTL INVE n/a Research 7'451'793 10.04 - 21.03.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'202'543 2.97 84'197 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'492'610 2.01 1'899 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'434'283 1.93 150'000 31.12.2012 Investment Advisor
DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 1'229'198 1.66 - 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 857'127 1.15 (47'092) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 311'356 0.42 2'590 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 286'571 0.39 - 31.07.2012 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 214'335 0.29 3'970 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 204'634 0.28 (1'339) 26.02.2013 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 200'653 0.27 - 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 200'000 0.27 - 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 191'800 0.26 - 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 145'000 0.2 6'000 30.06.2012 Investment Advisor
SEB n/a ULT-AGG 137'300 0.18 137'300 31.12.2012 Unclassified
HANDELSINVEST INVEST Multiple Portfolios MF-AGG 107'336 0.14 10'000 05.02.2013 Mutual Fund Manager
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 97'000 0.13 - 30.09.2012 Mutual Fund Manager
VALIC CO I Multiple Portfolios MF-AGG 81'098 0.11 (722) 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 76'112 0.1 100 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 74'877 0.1 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jyske Bank CHRISTIAN HEDE reduce 2 M 120 Not Provided 21.02.2013
Nordea Equity Research SIMON CHRISTENSEN buy 5 U 135 12 month 21.02.2013
Alm Brand Markets STIG NYMANN neutral 3 M 110 Not Provided 20.02.2013
ABG Sundal Collier JAKOB BRINK hold 3 M 120 6 month 20.02.2013
Carnegie ASBJORN MORK hold 3 M #N/A N/A Not Provided 20.02.2013
Danske Markets LARS HOLM hold 3 M 120 12 month 20.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
SEB Enskilda CLAUS GROEN THERP hold 3 M 110 Not Provided 19.12.2012
Handelsbanken PETER GRABE accumulate 4 M 117 Not Provided 18.12.2012
NYKREDIT MADS THINGGAARD underperform 1 N #N/A N/A Not Provided 23.02.2012
Swedbank ROBERT MATULIN buy 5 M 125 12 month 17.08.2011
Holdings By:
Sydbank A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Taylor Wimpey plc, through its subsidiaries, conducts business in the housing,
construction and engineering, and property development and investment sectors.
The Group has international housing activities in the United Kingdom and Spain.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (25.02.2013) 80.80
52-Week Low (16.05.2012) 40.00
Daily Volume
80.2
52-Week High % Change -0.74% Dividend Yield 0.71
52-Week Low % Change 100.50% Beta 1.21
% 52 Week Price Range High/Low 98.53% Equity Float 3'145.59
Shares Out 01.02.2013 3'230.6 Short Int -
2'590.92 1 Yr Total Return 63.23%
Total Debt 264.60 YTD Return 21.88%
Preferred Stock 0.0 Adjusted BETA 1.208
Minority Interest 1.5 Analyst Recs 19
Cash and Equivalents 147.70 Consensus Rating 3.632
Enterprise Value 2'727.52
Average Volume 5 Day 9'419'997
TW/ LN EQUITY YTD Change - Average Volume 30 Day 9'058'217
TW/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 9'345'724
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 01/yy 01/yy 12/12 Y 12/13 Y - -
4'142.8 3'467.7 2'595.6 1'767.7 1'808.0 - - 1'977.7 2'123.2 - -
0.86x 0.48x 0.77x 0.94x 0.72x - - 1.36x 1.25x - -
479.5 204.8 41.9 104.9 160.0 - - 225.2 272.2 - -
7.41x 8.18x 47.63x 15.85x 8.19x - - 12.11x 10.02x - -
(197.9) (1'841.3) (640.4) 259.3 99.0 - - 147.3 176.4 - -
- - - 5.73x 20.83x - - 19.56x 15.42x - -
EBITDA 160.00 Long-Term Rating Date 09.05.2012
EBIT 158.30 Long-Term Rating BB-
Operating Margin 8.76% Long-Term Outlook STABLE
Pretax Margin 4.35% Short-Term Rating Date -
Return on Assets 5.99% Short-Term Rating -
Return on Common Equity 12.63%
Return on Capital - EBITDA/Interest Exp. 2.18
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 2.16
Net Debt/EBITDA 0.70
Gross Margin 32.6% Total Debt/EBITDA 1.35
EBITDA Margin 10.1%
EBIT Margin 10.1% Total Debt/Equity 14.4%
Net Income Margin 5.5% Total Debt/Capital 12.6%
Asset Turnover 0.49
Current Ratio 3.45 Net Fixed Asset Turnover 318.72
Quick Ratio 0.23 Accounts receivable turnover-days -
Debt to Assets 7.85% Inventory Days 626.13
Tot Debt to Common Equity 14.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 659.92
Inventory Turnover 0.58
Fiscal Year Ended
Taylor Wimpey PLCPrice/Volume
Valuation Analysis
7'284'029.00
Current Price (2/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'-'.'0'1'2'3'4'5'6'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCHRODERS PLC n/a RNS-MAJ 386'654'426 11.97 160'387 11.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 319'122'050 9.88 95'123'919 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 304'550'662 9.43 (5'171'047) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 170'516'957 5.28 (2'644'837) 31.12.2012 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 141'855'641 4.39 (9'315'412) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 139'339'223 4.31 (737'290) 31.01.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios REG 125'599'013 3.89 6'777'805 03.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 121'358'178 3.76 (12'340'405) 26.02.2013 Investment Advisor
THIRD AVENUE MANAGEM Multiple Portfolios REG 117'917'692 3.65 (48'275'509) 03.12.2012 Hedge Fund Manager
LEGAL & GENERAL n/a RNS-MAJ 103'437'214 3.2 - 29.11.2012 Investment Advisor
STANDARD LIFE INVEST n/a Co File 96'850'301 3 - 28.02.2012 Investment Advisor
POLARIS CAPITAL MANA Multiple Portfolios REG 92'226'910 2.85 4'616'277 03.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 79'761'426 2.47 - 31.07.2012 Investment Advisor
IGNIS ASSET MANAGEME Multiple Portfolios REG 74'453'355 2.3 (1'151'213) 03.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 72'073'931 2.23 (1'091'476) 03.12.2012 Government
AEGON n/a ULT-AGG 66'552'706 2.06 49'182'785 03.12.2012 Unclassified
TD WATERHOUSE GROUP Multiple Portfolios REG 66'053'229 2.04 251'641 03.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 65'587'745 2.03 1'326'638 03.12.2012 Unclassified
UBS n/a ULT-AGG 50'193'209 1.55 2'664'155 03.12.2012 Unclassified
TAYLOR WIMPEY ESOP2 n/a RNS-DIR 40'874'717 1.27 6'117'831 03.08.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Panmure Gordon & Co Limited RACHAEL APPLEGATE hold 3 M 67 Not Provided 21.02.2013
Numis Securities Ltd CHRISTOPHER MILLINGTON hold 3 M 77 Not Provided 20.02.2013
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 75 6 month 18.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 83 Not Provided 05.02.2013
Northland Capital Partners Ltd SIMON BROWN hold 3 M 75 Not Provided 05.02.2013
Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 01.02.2013
Peel Hunt ROBIN HARDY sell 1 M 39 Not Provided 28.01.2013
JPMorgan EMILY BIDDULPH neutral 3 D 78 9 month 22.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank GLYNIS JOHNSON buy 5 M 78 12 month 15.01.2013
Jefferies ANTHONY CODLING buy 5 M 85 12 month 14.01.2013
Credit Suisse HARRY GOAD outperform 5 M 75 Not Provided 17.12.2012
HSBC JEFFREY G DAVIS overweight 5 M 82 Not Provided 28.11.2012
Investec MIKE BESSELL buy 5 M 58 12 month 13.08.2012
Shore Capital Stockbrokers JON BELL hold 3 M #N/A N/A Not Provided 19.07.2012
Canaccord Genuity Corp ALASTAIR STEWART sell 1 M 37 12 month 16.05.2012
Davy ROBERT GARDINER neutral 3 M #N/A N/A Not Provided 17.05.2011
Holdings By:
Taylor Wimpey PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Tecnicas Reunidas SA offers engineering and construction services. The Company
primarily designs and constructs a variety of industrial plants as well as
power.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 39.61
52-Week Low (23.04.2012) 27.23
Daily Volume
38.89
52-Week High % Change -1.82% Dividend Yield -
52-Week Low % Change 42.82% Beta 0.97
% 52 Week Price Range High/Low 94.18% Equity Float 32.93
Shares Out 30.09.2012 55.9 Short Int -
2'173.80 1 Yr Total Return 33.80%
Total Debt 35.29 YTD Return 12.90%
Preferred Stock 0.0 Adjusted BETA 0.974
Minority Interest 8.7 Analyst Recs 25
Cash and Equivalents 783.05 Consensus Rating 3.520
Enterprise Value 1'462.70
Average Volume 5 Day 474'922
TRE SQ EQUITY YTD Change - Average Volume 30 Day 568'740
TRE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 496'433
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'005.2 2'478.5 2'634.3 2'771.4 2'612.6 2'700.2 2'565.6 2'685.5 2'904.4 716.5 -
1.01x 0.19x 0.52x 0.77x 0.29x 2.23x 1.71x 0.53x 0.46x - -
113.3 148.3 155.9 162.9 159.5 163.4 154.0 160.4 174.0 42.8 -
17.92x 3.11x 8.78x 13.08x 4.72x 4.19x 8.51x 9.12x 8.41x - -
104.7 137.1 145.8 103.9 129.5 109.2 131.3 136.4 146.7 34.8 -
23.41x 7.39x 14.97x 24.93x 11.52x 12.32x 15.33x 15.73x 14.63x - -
EBITDA 159.53 Long-Term Rating Date -
EBIT 151.28 Long-Term Rating -
Operating Margin 5.79% Long-Term Outlook -
Pretax Margin 5.94% Short-Term Rating Date -
Return on Assets 4.58% Short-Term Rating -
Return on Common Equity 31.32%
Return on Capital - EBITDA/Interest Exp. 37.41
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 35.39
Net Debt/EBITDA -4.62
Gross Margin - Total Debt/EBITDA 0.21
EBITDA Margin 6.0%
EBIT Margin 5.7% Total Debt/Equity 10.4%
Net Income Margin 5.0% Total Debt/Capital 9.2%
Asset Turnover 0.89
Current Ratio 1.14 Net Fixed Asset Turnover 28.91
Quick Ratio 1.04 Accounts receivable turnover-days 276.22
Debt to Assets 1.30% Inventory Days -
Tot Debt to Common Equity 10.36% Accounts Payable Turnover Day -
Accounts Receivable Turnover 1.33 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
Tecnicas Reunidas SAPrice/Volume
Valuation Analysis
349'856.00
Current Price (2/dd/yy) Market Data
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ARALTEC SL n/a Co File 17'882'564 31.99 - 31.12.2011 Corporation
ARAGONESAS PROM OBRA n/a Co File 2'848'383 5.1 - 31.12.2011 Unclassified
CAUSEWAY CAPITAL MAN n/a EXCH 2'797'034 5 - 14.02.2012 Investment Advisor
TECNICAS REUNIDAS SA n/a Co File 2'154'324 3.85 - 31.12.2011 Corporation
SCHRODERS PLC n/a EXCH 1'700'435 3.04 17'359 21.04.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 1'680'806 3.01 - 26.02.2013 Investment Advisor
BILBAO VIZCAYA HOLDI n/a Co File 1'262'070 2.26 - 31.12.2011 Bank
BBVA ELCANO EMPRESAR n/a Co File 1'213'533 2.17 - 31.12.2011 Venture Capital
BBVA ELCANO EMPRESAR n/a Co File 1'213'533 2.17 - 31.12.2011 Venture Capital
FRANKLIN RESOURCES n/a ULT-AGG 443'949 0.79 (19'840) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 425'187 0.76 (17'611) 31.12.2012 Investment Advisor
HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 292'231 0.52 - 30.09.2011 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 290'141 0.52 11'163 31.01.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 285'980 0.51 2'108 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 285'911 0.51 744 31.12.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 241'698 0.43 (125'640) 30.09.2012 Mutual Fund Manager
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 240'143 0.43 (9'713) 31.05.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 189'938 0.34 24'212 31.12.2012 Investment Advisor
EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 187'374 0.34 2'294 31.12.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 167'742 0.3 (975'342) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Espirito Santo Investment Bank ResearchNUNO ESTACIO neutral 3 M 38 Not Provided 27.02.2013
BPI MANUEL DIAS COELHO buy 5 M 47 Not Provided 25.02.2013
JPMorgan ANDREW DOBBING neutral 3 M 44 9 month 21.02.2013
AlphaValue GAETAN DUPONT buy 5 M 53 6 month 20.02.2013
Bankia Bolsa (ESN) INIGO RECIO PASCUAL accumulate 4 M 44 12 month 15.02.2013
Banco Sabadell JAVIER ESTEBAN buy 5 M 45 12 month 15.02.2013
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 41 Not Provided 15.02.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 38 6 month 14.02.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON buy 5 M 42 12 month 12.02.2013
Exane BNP Paribas ANTONIO LOPEZ SILVESTRE outperform 5 M 45 Not Provided 12.02.2013
Grupo Santander PATRICIA LOPEZ DEL RIO buy 5 M 42 Not Provided 07.02.2013
Natixis ALAIN PARENT neutral 3 M 37 Not Provided 07.02.2013
Nomura CHRISTYAN MALEK reduce 2 M 31 12 month 29.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MICHAEL RAE neutral/neutral 3 M 41 12 month 08.01.2013
Interdin Bolsa JAIME OJEDA DE DIEGO neutral 3 D 39 Not Provided 10.12.2012
Barclays MICK PICKUP equalweight 3 M 44 Not Provided 15.11.2012
Link Securities JUAN JOSE FERNANDEZ FIGARES accumulate 4 D 41 Not Provided 22.10.2012
La Caixa ICIAR GOMEZ BOTAS underweight 1 D 39 Not Provided 10.10.2012
BBVA LUIS DE TOLEDO outperform 5 M 40 Not Provided 27.09.2012
Morgan Stanley ROBERT PULLEYN Underwt/Attractive 1 M 41 12 month 12.09.2012
Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 43 Not Provided 10.09.2012
CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS underperform 1 M 34 Not Provided 01.08.2012
Mirabaud Finanzas Sociedad de Valores SENRIQUE YAGUEZ AVILES overweight 5 M 39 12 month 26.06.2012
Intermoney Valores ESTHER MARTIN buy 5 U 36 12 month 12.12.2011
Renta 4 SA SVB NATALIA AGUIRRE overweight 5 M 37 Not Provided 16.09.2011
Holdings By:
Tecnicas Reunidas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Telecity Group PLC designs, builds, and manages technical, web, and Internet
infrastructure for corporate clients.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (16.10.2012) 963.50
52-Week Low (01.03.2012) 684.00
Daily Volume
934.5
52-Week High % Change -3.01% Dividend Yield 0.80
52-Week Low % Change 36.62% Beta 0.81
% 52 Week Price Range High/Low 89.62% Equity Float 168.88
Shares Out 31.01.2013 201.5 Short Int -
1'882.57 1 Yr Total Return 35.91%
Total Debt 277.29 YTD Return 18.82%
Preferred Stock 0.0 Adjusted BETA 0.808
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 20.97 Consensus Rating 4.000
Enterprise Value 2'138.89
Average Volume 5 Day 715'748
TCY LN EQUITY YTD Change - Average Volume 30 Day 834'770
TCY LN EQUITY YTD % CHANGE - Average Volume 3 Month 745'051
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 - -
133.0 169.4 196.4 239.8 283.0 - - 331.0 380.5 - -
2.84x 4.85x 5.04x 6.05x 6.50x - - 6.46x 5.52x - -
31.0 63.9 83.4 106.2 129.5 - - 157.6 185.5 - -
12.16x 12.84x 11.85x 13.67x 14.22x - - 13.57x 11.53x - -
25.3 34.7 38.0 42.6 58.1 - - 75.2 91.2 - -
13.58x 21.57x 27.26x 29.86x 27.07x - - 25.33x 20.86x - -
EBITDA 129.46 Long-Term Rating Date -
EBIT 87.30 Long-Term Rating -
Operating Margin 30.85% Long-Term Outlook -
Pretax Margin 26.91% Short-Term Rating Date -
Return on Assets 8.12% Short-Term Rating -
Return on Common Equity 17.74%
Return on Capital 11.44% EBITDA/Interest Exp. 9.90
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -3.42
Net Debt/EBITDA 1.98
Gross Margin 57.5% Total Debt/EBITDA 2.14
EBITDA Margin 45.8%
EBIT Margin 30.9% Total Debt/Equity 77.7%
Net Income Margin 20.5% Total Debt/Capital 43.7%
Asset Turnover 0.40
Current Ratio 0.45 Net Fixed Asset Turnover 0.55
Quick Ratio 0.17 Accounts receivable turnover-days -
Debt to Assets 34.61% Inventory Days -
Tot Debt to Common Equity 77.68% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Telecity Group PLCPrice/Volume
Valuation Analysis
434'601.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALLIANCE BERNSTEIN n/a ULT-AGG 17'732'110 8.8 (136'327) 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 16'731'224 8.31 (454'798) 03.12.2012 Government
LEGAL & GENERAL n/a ULT-AGG 12'342'864 6.13 (3'444'102) 31.01.2013 Unclassified
STANDARD LIFE INVEST n/a RNS-MAJ 12'061'844 5.99 (1'578'063) 14.02.2013 Investment Advisor
PIONEER ASSET MANAGE n/a RNS-MAJ 9'494'587 4.71 (555'444) 22.08.2011 Other
BUTTERFIELD PRIVATE Multiple Portfolios REG 8'718'151 4.33 - 03.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 7'233'487 3.59 - 26.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 6'697'615 3.32 (131'530) 03.12.2012 Investment Advisor
KAMES CAPITAL PLC n/a Co File 6'189'975 3.07 - 10.02.2012 Investment Advisor
GRACE JR OLIVER R n/a Research 5'498'893 2.73 - 24.10.2012 n/a
AEGON n/a ULT-AGG 5'085'666 2.52 (95'840) 03.12.2012 Unclassified
OLD MUTUAL n/a ULT-AGG 5'077'195 2.52 (3'416'675) 31.12.2012 Unclassified
DWS INVESTMENT SA Multiple Portfolios REG 4'097'550 2.03 361'000 03.12.2012 Unclassified
PICTET & CIE Multiple Portfolios REG 4'011'378 1.99 522'831 03.12.2012 Mutual Fund Manager
CREDIT SUISSE SECURI Multiple Portfolios REG 3'534'957 1.75 1'984'977 03.12.2012 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios REG 3'342'196 1.66 (73'300) 03.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'158'416 1.57 5'000 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios REG 2'776'557 1.38 333'101 03.12.2012 Investment Advisor
NEWSMITH CAPITAL PAR Multiple Portfolios REG 2'737'942 1.36 (409'404) 03.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'733'926 1.36 20'770 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 940 12 month 21.02.2013
Goldman Sachs SIVA KRISHNA PRASAD BORRA Buy/Neutral 5 M 1'160 12 month 18.02.2013
RBC Capital Markets JONATHAN ATKIN outperform 5 M 1'030 12 month 15.02.2013
Investec JAMES GOODMAN buy 5 M 1'000 12 month 14.02.2013
Berenberg Bank ALI FARID KHWAJA buy 5 M 990 Not Provided 14.02.2013
Liberum Capital Ltd WILLIAM SHIRLEY sell 1 M 720 Not Provided 14.02.2013
JPMorgan CARL MURDOCK-SMITH overweight 5 M #N/A N/A Not Provided 13.02.2013
Jefferies MILAN RADIA buy 5 M 1'020 12 month 13.02.2013
Canaccord Genuity Corp JONATHAN IMLAH hold 3 M 870 Not Provided 13.02.2013
Peel Hunt PAUL GILMER MORLAND sell 1 M 740 Not Provided 13.02.2013
Numis Securities Ltd WILL WALLIS add 4 M 1'000 Not Provided 13.02.2013
Barclays MAURICE PATRICK overweight 5 M 1'100 Not Provided 13.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Espirito Santo Investment Bank ResearchVIJAY ANAND neutral 3 M 760 Not Provided 23.11.2012
HSBC ADAM M RUMLEY overweight 5 M 990 Not Provided 07.11.2012
Deutsche Bank MATTHEW BLOXHAM buy 5 M 1'055 12 month 05.11.2012
Cenkos Securities Ltd ANDREW BRYANT buy 5 M 500 Not Provided 19.07.2010
Holdings By:
Telecity Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Telekom Austria AG offers telecommunications services. The Company offers fixed
-line and mobile telephone, Internet access, and data transmission services.
Telekom Austria also offers Internet access and mobile services in Liechtenstein
, Slovenia, Bulgaria, Belarus and Croatia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 8.95
52-Week Low (12.11.2012) 4.51
Daily Volume
4.86
52-Week High % Change -45.67% Dividend Yield -
52-Week Low % Change 7.76% Beta 0.67
% 52 Week Price Range High/Low 7.89% Equity Float -
Shares Out 30.09.2012 443.0 Short Int -
2'152.98 1 Yr Total Return -41.48%
Total Debt 3'949.24 YTD Return -15.33%
Preferred Stock 0.0 Adjusted BETA 0.670
Minority Interest 0.9 Analyst Recs 22
Cash and Equivalents 625.92 Consensus Rating 2.500
Enterprise Value 5'364.18
Average Volume 5 Day 533'611
TKA AV EQUITY YTD Change - Average Volume 30 Day 402'958
TKA AV EQUITY YTD % CHANGE - Average Volume 3 Month 609'107
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
5'170.3 4'802.0 4'650.8 4'454.6 4'329.7 4'454.6 4'329.7 4'131.9 4'096.1 1'013.0 1'024.0
1.55x 1.57x 1.72x 1.66x - 6.63x 4.53x 1.36x 1.31x 5.53x 5.46x
1'300.4 1'794.1 1'645.9 1'527.4 - 1'527.4 1'136.6 1'269.0 1'258.3 311.0 307.0
6.15x 4.21x 4.87x 4.85x - 4.85x 0.00x 4.23x 4.26x 4.33x -
(48.8) 95.1 195.4 (252.0) 103.8 (252.0) 103.7 104.8 122.9 26.4 22.5
- 45.23x 23.91x - 24.43x 0.00x 24.12x 18.84x 14.51x - -
EBITDA 1'527.36 Long-Term Rating Date 30.03.2010
EBIT 226.08 Long-Term Rating BBB
Operating Margin 5.08% Long-Term Outlook STABLE
Pretax Margin -5.71% Short-Term Rating Date 25.06.2003
Return on Assets -1.95% Short-Term Rating A-2
Return on Common Equity -16.75%
Return on Capital - EBITDA/Interest Exp. 7.05
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 3.64
Net Debt/EBITDA 2.18
Gross Margin - Total Debt/EBITDA 2.61
EBITDA Margin 34.0%
EBIT Margin 4.7% Total Debt/Equity 447.7%
Net Income Margin 2.4% Total Debt/Capital 81.7%
Asset Turnover 0.60
Current Ratio 0.73 Net Fixed Asset Turnover 1.82
Quick Ratio 0.55 Accounts receivable turnover-days 62.64
Debt to Assets 53.02% Inventory Days -
Tot Debt to Common Equity 447.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.84 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
Telekom Austria AGPrice/Volume
Valuation Analysis
499'131.00
Current Price (2/dd/yy) Market Data
'-.0123456
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2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OSTERREICHISCHE INDU n/a Research 125'917'735 28.42 - 15.06.2012 Government
AMERICA MOVIL SAB DE n/a Research 100'826'800 22.76 - 25.09.2012 Corporation
INMOBILIARIA CARSO n/a Research 13'910'200 3.14 - 15.06.2012 Corporation
DODGE & COX Multiple Portfolios MF-AGG 13'722'690 3.1 307'581 29.01.2013 Investment Advisor
RINGTURM KAG Multiple Portfolios MF-AGG 4'450'000 1 50'000 31.10.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'402'099 0.99 29'382 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'214'160 0.95 (134'891) 26.02.2013 Investment Advisor
SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 2'655'281 0.6 - 31.12.2012 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 1'839'000 0.42 (225'000) 31.05.2011 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'299'323 0.29 389'180 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'273'238 0.29 382'672 30.06.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 1'150'937 0.26 1'284 31.10.2012 Investment Advisor
GAMCO n/a ULT-AGG 1'078'000 0.24 15'000 28.09.2012 Unclassified
IBERCAJA GESTION, S. Multiple Portfolios MF-AGG 707'000 0.16 (263'000) 31.12.2012 Mutual Fund Manager
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 661'579 0.15 - 30.09.2012 Investment Advisor
MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 633'470 0.14 169'523 30.09.2012 Investment Advisor
FIRST TRUST n/a ULT-AGG 492'912 0.11 - 26.02.2013 Investment Advisor
TELEKOM AUSTRIA AG n/a Co File 436'031 0.1 - 31.12.2011 Corporation
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 412'472 0.09 - 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 344'745 0.08 2'391 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 6 12 month 28.02.2013
Erste Bank VERA SUTEDJA sell 1 M 5 12 month 27.02.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 6 Not Provided 27.02.2013
Berenberg Bank USMAN GHAZI sell 1 M 5 Not Provided 25.02.2013
Exane BNP Paribas MICHAEL ZORKO neutral 3 M 6 Not Provided 25.02.2013
AlphaValue HEINZ STEFFEN buy 5 M 6 6 month 21.02.2013
Goldman Sachs TIMOTHY BODDY Sell/Neutral 1 M 5 12 month 25.01.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 7 Not Provided 24.01.2013
Barclays MICHAEL BISHOP equalweight 3 M 5 Not Provided 24.01.2013
JPMorgan HANNES C WITTIG neutral 3 U 6 9 month 21.01.2013
Raiffeisenbank AG BERND MAURER hold 3 M 6 12 month 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Nomura VIKRAM KARNANY reduce 2 M 5 12 month 16.01.2013
HSBC DOMINIK KLARMANN neutral 3 M 7 Not Provided 14.01.2013
Deutsche Bank CAROLA BARDELLI hold 3 M 7 12 month 09.01.2013
Macquarie ALEX GRANT underperform 1 M 4 12 month 07.01.2013
Societe Generale OTTAVIO ADORISIO hold 3 M 9 12 month 04.12.2012
Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 3 Not Provided 19.11.2012
Kepler Capital Markets JAVIER BORRACHERO hold 3 M 6 Not Provided 04.10.2012
Gabelli & Co EVAN D MILLER hold 3 M #N/A N/A Not Provided 14.09.2012
Holdings By:
Telekom Austria AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Telenet Group Holding NV provides telephone and internet services through a
network of fiber-optic and coaxial cable. The company offers customized
packages to businesses and individual clients in Belgium.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.02.2013) 38.91
52-Week Low (07.03.2012) 25.87
Daily Volume
38.495
52-Week High % Change -1.07% Dividend Yield -
52-Week Low % Change 48.80% Beta 0.71
% 52 Week Price Range High/Low 96.82% Equity Float -
Shares Out 31.12.2012 113.3 Short Int -
4'364.05 1 Yr Total Return 48.26%
Total Debt 3'843.00 YTD Return 7.98%
Preferred Stock 0.0 Adjusted BETA 0.708
Minority Interest 6.2 Analyst Recs 27
Cash and Equivalents 906.30 Consensus Rating 3.444
Enterprise Value 7'306.95
Average Volume 5 Day 187'562
TNET BB EQUITY YTD Change - Average Volume 30 Day 200'328
TNET BB EQUITY YTD % CHANGE - Average Volume 3 Month 176'967
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
1'018.8 1'197.4 1'299.0 1'376.3 1'488.8 1'376.3 1'488.8 1'640.0 1'744.8 406.0 410.0
3.70x 3.69x 4.27x 4.33x 4.69x 17.08x 17.91x 4.69x 4.41x - -
500.3 600.5 658.3 679.0 768.3 679.0 768.3 834.0 886.2 204.0 206.0
7.53x 7.36x 8.43x 8.78x 9.08x 8.78x 9.08x 8.76x 8.25x 8.74x -
(15.2) 233.1 89.3 16.8 33.2 16.8 33.2 122.1 151.9 - -
- 9.54x 36.85x 196.60x 122.93x 196.60x 118.83x 33.71x 25.68x 113.22x -
EBITDA 768.30 Long-Term Rating Date 14.08.2012
EBIT 389.70 Long-Term Rating B+
Operating Margin 26.18% Long-Term Outlook STABLE
Pretax Margin 4.52% Short-Term Rating Date -
Return on Assets 0.87% Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 3.40
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 2.31
Net Debt/EBITDA 3.82
Gross Margin 42.7% Total Debt/EBITDA 5.00
EBITDA Margin 51.6%
EBIT Margin 26.2% Total Debt/Equity -
Net Income Margin 2.2% Total Debt/Capital 122.8%
Asset Turnover 0.39
Current Ratio 1.52 Net Fixed Asset Turnover 1.13
Quick Ratio 1.38 Accounts receivable turnover-days 25.09
Debt to Assets 93.71% Inventory Days 5.78
Tot Debt to Common Equity - Accounts Payable Turnover Day 62.79
Accounts Receivable Turnover 14.59 Cash Conversion Cycle -31.92
Inventory Turnover 63.38
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
Telenet Group Holding NVPrice/Volume
Valuation Analysis
326'434.00
Current Price (2/dd/yy) Market Data
'2
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400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BINAN INVESTMENTS n/a Research 56'844'400 50.18 - 06.04.2012 Other
BNP PARIBAS INVESTME n/a Research 5'592'018 4.94 - 06.04.2012 Investment Advisor
NORGES BANK n/a Research 4'695'152 4.15 - 06.04.2012 Government
AXA SA n/a Research 3'791'020 3.35 - 06.04.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'682'527 3.25 257'332 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'393'065 1.23 103'836 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'039'784 0.92 13'439 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 820'767 0.72 (309'469) 28.09.2012 Bank
PETERCAM SA Multiple Portfolios MF-AGG 602'976 0.53 (155'270) 30.12.2011 Mutual Fund Manager
TELENET GROUP HOLDIN n/a Research 509'691 0.45 - 06.04.2012 Corporation
BLACKROCK n/a ULT-AGG 506'231 0.45 (714'397) 26.02.2013 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 427'787 0.38 (28'653) 30.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 347'333 0.31 50'706 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 328'173 0.29 (28'378) 30.09.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 321'965 0.28 6'842 31.12.2012 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 300'000 0.26 - 31.01.2013 Investment Advisor
GAMCO n/a ULT-AGG 294'000 0.26 294'000 31.10.2012 Unclassified
STATE STREET n/a ULT-AGG 281'513 0.25 - 27.02.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 273'565 0.24 - 31.10.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 250'000 0.22 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley PATRICK WELLINGTON Equalwt/In-Line 3 M 35 12 month 27.02.2013
Berenberg Bank USMAN GHAZI hold 3 M 26 Not Provided 21.02.2013
New Street Research FRANK KNOWLES reduce 2 D 33 Not Provided 21.02.2013
Barclays MICHAEL BISHOP overweight 5 M 38 Not Provided 19.02.2013
Kempen & Co SANDER VAN OORT hold 3 M 38 12 month 15.02.2013
Kepler Capital Markets MATTHIJS VAN LEIJENHORST hold 3 D 38 Not Provided 14.02.2013
ABN Amro Bank N.V. MARC HESSELINK buy 5 M 40 Not Provided 13.02.2013
Raymond James STEPHANE BEYAZIAN outperform 5 U 43 Not Provided 12.02.2013
KBC Securities TOM SIMONTS accumulate 4 M 39 Not Provided 12.02.2013
Petercam STEFAAN GENOE buy 5 M 40 Not Provided 12.02.2013
Rabobank International FRANK CLAASSEN hold 3 M 38 12 month 12.02.2013
ING Bank EMMANUEL CARLIER buy 5 M 40 12 month 12.02.2013
Exane BNP Paribas ANTOINE PRADAYROL neutral 3 M 37 Not Provided 12.02.2013
Nomura HENRIK NYBLOM buy 5 M 41 12 month 11.02.2013
JPMorgan AKHIL DATTANI overweight 5 M 40 9 month 21.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank DAVID A WRIGHT hold 3 M 35 12 month 16.01.2013
HSBC NICOLAS COTE-COLISSON neutral 3 M 40 Not Provided 15.01.2013
Goldman Sachs MARK WALKER neutral/neutral 3 M 42 12 month 14.01.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 37 Not Provided 10.01.2013
Credit Suisse PAUL SIDNEY outperform 5 M 34 Not Provided 19.12.2012
Macquarie ALEX GRANT neutral 3 M 35 12 month 05.12.2012
CA Cheuvreux ROBERT VAN OVERBEEK underperform 1 D 35 Not Provided 17.10.2012
Grupo Santander JOHN DAVIES hold 3 U 31 Not Provided 20.09.2012
Bank Degroof(ESN) SIDDY JOBE suspended coverage #N/A N/A M #N/A N/A Not Provided 13.08.2012
Holdings By:
Telenet Group Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Teleperformance offers customer relationship management services. The Company
operates call centers, conducts programs to attract new customers, offers
customer service and technical support services, collects debts, offers market
research services, conducts telemarketing, and develops customer relationship
management software.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (25.01.2013) 31.45
52-Week Low (27.06.2012) 16.06
Daily Volume
30.11
52-Week High % Change -4.26% Dividend Yield -
52-Week Low % Change 87.54% Beta 0.81
% 52 Week Price Range High/Low 91.30% Equity Float 47.83
Shares Out 30.06.2012 56.6 Short Int -
1'704.17 1 Yr Total Return 53.67%
Total Debt 134.54 YTD Return 9.79%
Preferred Stock 0.0 Adjusted BETA 0.814
Minority Interest 4.4 Analyst Recs 18
Cash and Equivalents 159.61 Consensus Rating 4.667
Enterprise Value 1'694.40
Average Volume 5 Day 169'385
RCF FP EQUITY YTD Change - Average Volume 30 Day 213'875
RCF FP EQUITY YTD % CHANGE - Average Volume 3 Month 194'094
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
1'784.8 1'847.7 2'058.5 2'126.2 2'347.1 425.5 2'197.8 2'434.5 2'533.2 624.3 -
0.63x 0.69x 0.70x 0.44x - 0.00x 0.00x 0.63x 0.57x - -
250.7 206.9 210.8 249.8 - 0.0 0.0 324.8 346.5 - -
4.45x 6.16x 6.80x 3.73x - 0.00x 0.00x 5.22x 4.89x - -
116.4 88.2 71.9 92.3 127.5 0.0 0.0 143.7 155.7 - -
9.53x 14.54x 19.88x 10.47x 11.92x 0.00x 0.00x 11.64x 10.81x - -
EBITDA 249.83 Long-Term Rating Date -
EBIT 152.91 Long-Term Rating -
Operating Margin 7.19% Long-Term Outlook -
Pretax Margin 6.93% Short-Term Rating Date -
Return on Assets 5.58% Short-Term Rating -
Return on Common Equity 8.26%
Return on Capital 7.88% EBITDA/Interest Exp. 30.06
Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 18.37
Net Debt/EBITDA -0.06
Gross Margin - Total Debt/EBITDA 0.50
EBITDA Margin 12.2%
EBIT Margin 7.7% Total Debt/Equity 10.6%
Net Income Margin 5.4% Total Debt/Capital 9.5%
Asset Turnover 1.17
Current Ratio 1.46 Net Fixed Asset Turnover 8.73
Quick Ratio 1.19 Accounts receivable turnover-days 78.26
Debt to Assets 7.19% Inventory Days -
Tot Debt to Common Equity 10.57% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.68 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
TeleperformancePrice/Volume
Valuation Analysis
342'169.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INTERNATIONAL VALUE n/a Research 5'701'848 10.07 (398'582) 15.11.2012 Investment Advisor
PARTICIPANTEN DOCHTE n/a Co File 3'959'087 7 - 31.12.2011 Other
GRYPHON INT INVT COR n/a Co File 2'266'900 4.01 - 31.12.2011 Other
TELEPERFORMANCE n/a Co File 1'131'961 2 - 31.12.2011 Corporation
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 737'535 1.3 - 30.11.2012 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 736'769 1.3 6'420 31.03.2012 Investment Advisor
DOUCE OLIVIER n/a Co File 735'774 1.3 - 31.12.2011 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 700'241 1.24 - 31.07.2012 Investment Advisor
JULIEN DANIEL n/a Co File 658'314 1.16 - 31.12.2011 n/a
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 653'975 1.16 - 31.12.2012 Investment Advisor
EDINBURGH PARTNERS L n/a Co File 622'578 1.1 - 31.12.2011 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 604'289 1.07 72'900 31.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 565'596 1 2'934 31.12.2012 Investment Advisor
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 537'144 0.95 - 28.09.2012 Mutual Fund Manager
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 496'000 0.88 (30'000) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 416'488 0.74 (67'892) 30.06.2012 Investment Advisor
MMA FINANCE Multiple Portfolios MF-AGG 391'191 0.69 32'536 29.06.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 370'776 0.66 (13'260) 30.06.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 369'828 0.65 (131'952) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 286'128 0.51 48'270 26.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale PATRICK JOUSSEAUME buy 5 M 34 12 month 27.02.2013
HSBC ANTONIN BAUDRY overweight 5 M 34 Not Provided 27.02.2013
Gilbert Dupont STEPHANIE LEFEBVRE add 4 M 35 Not Provided 27.02.2013
CM - CIC Securities(ESN) EMMANUEL CHEVALIER accumulate 4 M 34 12 month 27.02.2013
Oddo & Cie CHRISTOPHE CHAPUT buy 5 M 35 Not Provided 27.02.2013
Kepler Capital Markets FELIX LEVIOUS reduce 2 M 33 Not Provided 27.02.2013
Exane BNP Paribas LAURENT GELEBART outperform 5 M 31 Not Provided 27.02.2013
Portzamparc Societe de Bourse LAURENT VALLEE buy 5 M 34 Not Provided 21.02.2013
AlphaValue VERONIQUE CABIOC'H add 4 M 32 6 month 21.02.2013
Main First Bank AG MOURAD LAHMIDI outperform 5 M 35 12 month 24.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Natixis CELINE CHERUBIN buy 5 M 34 Not Provided 09.01.2013
Day by Day VALERIE GASTALDY buy 5 U 31 3 month 14.12.2012
BPI PIERRE BUCAILLE buy 5 M 37 Not Provided 15.11.2012
IDMidcaps TEAM COVERAGE buy 5 M 29 12 month 14.11.2012
CA Cheuvreux DAVID CERDAN outperform 5 U 28 Not Provided 09.11.2012
NFinance TEAM COVERAGE buy 5 M 27 12 month 09.11.2012
Holdings By:
Teleperformance ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
ThromboGenics NV is a biopharmaceutical company focused on the development of
therapeutics for conditions related to the vascular system. The Company is
focused on developing medicines to treat visual disorders, cardiovascular
diseases, and cancer, conditions which result from abnormalities to the
vascular system.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (09.01.2013) 47.82
52-Week Low (05.06.2012) 17.10
Daily Volume
40.2
52-Week High % Change -15.93% Dividend Yield -
52-Week Low % Change 135.09% Beta 1.12
% 52 Week Price Range High/Low 75.20% Equity Float -
Shares Out 01.11.2012 35.9 Short Int -
1'441.58 1 Yr Total Return 85.25%
Total Debt 0.00 YTD Return -4.40%
Preferred Stock 0.0 Adjusted BETA 1.118
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 80.38 Consensus Rating 4.333
Enterprise Value 1'255.51
Average Volume 5 Day 149'756
THR BB EQUITY YTD Change - Average Volume 30 Day 232'812
THR BB EQUITY YTD % CHANGE - Average Volume 3 Month 192'019
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 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
1.5 30.4 4.2 6.1 2.4 3.6 75.7 75.2 131.6 - -
134.11x 3.98x 76.45x 103.62x 217.94x 0.00x 0.00x 17.16x 9.39x - -
(17.1) 11.0 (14.5) (14.2) (24.4) 0.0 0.0 33.2 76.9 - -
- 11.00x - - - 0.00x 0.00x 37.85x 16.33x - -
(16.0) 12.1 (14.1) (13.9) (21.6) 0.0 0.0 35.0 71.2 - -
- 14.89x - - - 0.00x 0.00x 39.26x 19.92x - -
EBITDA -24.39 Long-Term Rating Date -
EBIT -24.77 Long-Term Rating -
Operating Margin -1013.17% Long-Term Outlook -
Pretax Margin -884.91% Short-Term Rating Date -
Return on Assets 22.84% Short-Term Rating -
Return on Common Equity 23.63%
Return on Capital - EBITDA/Interest Exp. -813.00
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -845.77
Net Debt/EBITDA -4.47
Gross Margin 91.2% Total Debt/EBITDA 0.00
EBITDA Margin 55.5%
EBIT Margin 54.8% Total Debt/Equity 0.0%
Net Income Margin -884.9% Total Debt/Capital 0.0%
Asset Turnover 0.38
Current Ratio 7.94 Net Fixed Asset Turnover 49.21
Quick Ratio 7.49 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 -
Fiscal Year Ended
ThromboGenics NVPrice/Volume
Valuation Analysis
102'530.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CLAY LANDON THOMAS n/a Research 2'337'035 6.52 - 29.03.2012 n/a
BIGGAR LTD n/a Research 1'828'138 5.1 - 29.03.2012 Unclassified
BAKER BROS ADVISORS n/a Research 1'471'586 4.1 - 29.03.2012 Hedge Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'167'900 3.26 - 30.12.2012 Investment Advisor
OPPENHEIMER FUNDS IN n/a Research 1'121'517 3.13 - 29.03.2012 Unclassified
CLAY MATHEMATICS INS n/a Research 995'104 2.77 - 29.03.2012 Unclassified
PERCEPTIVE ADVISORS n/a Short (735'134) -2.05 (60'962) 19.02.2013 Hedge Fund Manager
ADAGE CAPITAL PARTNE n/a Short (616'795) -1.72 (139'854) 22.02.2013 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 603'266 1.68 (6'105) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 597'841 1.67 319'432 31.12.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 446'072 1.24 (10'980) 30.12.2011 Mutual Fund Manager
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 430'000 1.2 25'000 31.01.2013 Investment Advisor
ORBIMED ADVISORS LLC n/a Short (347'844) -0.97 (35'860) 20.02.2013 Hedge Fund Manager
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 336'034 0.94 (43'676) 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 324'542 0.91 2'025 31.12.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 305'457 0.85 (20'000) 30.12.2011 Investment Advisor
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 238'300 0.66 25'000 31.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 194'863 0.54 194'863 31.12.2012 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 180'000 0.5 - 31.12.2012 Investment Advisor
BANK DELEN SA Multiple Portfolios MF-AGG 172'000 0.48 1'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Petercam Roderick Verhelst buy 5 M 50 Not Provided 11.02.2013
KBC Securities JAN DE KERPEL buy 5 M 48 Not Provided 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 31.01.2013
Nomura Code Securities SAMIR DEVANI sell 1 M 26 6 month 28.01.2013
Kempen & Co MARK POSPISILIK buy 5 M 48 12 month 15.01.2013
Jefferies PETER WELFORD buy 5 M 56 12 month 15.01.2013
Holdings By:
ThromboGenics NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Tod's S.p.A. manufactures and retails men's, women's, and sports shoes. The
Company's signature shoe is a loafer with rubber spikes on the sole and heel.
Brand names include Tod's, Hogan, and Fay. The Company operates owned and
franchised stores in Europe, the United States, Asia, and the Middle East.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 109.70
52-Week Low (16.07.2012) 68.55
Daily Volume
109
52-Week High % Change -0.64% Dividend Yield -
52-Week Low % Change 59.01% Beta 0.78
% 52 Week Price Range High/Low 98.30% Equity Float 12.18
Shares Out 30.09.2012 30.6 Short Int -
3'336.42 1 Yr Total Return 45.57%
Total Debt 77.01 YTD Return 13.96%
Preferred Stock 0.0 Adjusted BETA 0.785
Minority Interest 5.6 Analyst Recs 24
Cash and Equivalents 187.76 Consensus Rating 3.000
Enterprise Value 3'262.22
Average Volume 5 Day 158'964
TOD IM EQUITY YTD Change - Average Volume 30 Day 130'510
TOD IM EQUITY YTD % CHANGE - Average Volume 3 Month 126'698
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
657.1 707.6 713.1 787.5 893.6 877.5 944.5 965.7 1'046.1 213.7 -
2.11x 1.20x 1.99x 2.76x 2.04x 3.15x 4.41x 3.31x 3.01x - -
154.4 160.3 164.4 197.9 234.2 191.6 169.2 248.9 274.5 49.1 -
9.00x 5.30x 8.61x 10.98x 7.79x 0.00x 0.00x 13.11x 11.89x - -
77.3 82.8 85.7 109.1 135.0 0.0 0.0 147.6 163.8 73.9 -
18.83x 11.10x 18.53x 20.76x 14.30x 0.00x 0.00x 22.64x 20.35x 19.29x 21.12x
EBITDA 234.22 Long-Term Rating Date -
EBIT 194.63 Long-Term Rating -
Operating Margin 21.78% Long-Term Outlook -
Pretax Margin 22.03% Short-Term Rating Date -
Return on Assets 14.26% Short-Term Rating -
Return on Common Equity 22.20%
Return on Capital - EBITDA/Interest Exp. 144.49
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 120.27
Net Debt/EBITDA -0.33
Gross Margin - Total Debt/EBITDA 0.31
EBITDA Margin 25.9%
EBIT Margin 21.5% Total Debt/Equity 11.3%
Net Income Margin 15.1% Total Debt/Capital 10.1%
Asset Turnover 0.93
Current Ratio 2.41 Net Fixed Asset Turnover 5.05
Quick Ratio 1.35 Accounts receivable turnover-days 54.72
Debt to Assets 7.37% Inventory Days -
Tot Debt to Common Equity 11.27% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.69 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Tod's SpAPrice/Volume
Valuation Analysis
130'771.00
Current Price (2/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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100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DI VI FINANZIARIA SA n/a EXCH 16'426'228 53.66 - 18.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 2'283'347 7.46 - 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC n/a EXCH 1'520'981 4.97 - 18.12.2012 Investment Advisor
DELPHINE SAS n/a EXCH 1'059'697 3.46 - 18.12.2012 Other
DIEGO DELLA VALLE & n/a EXCH 696'364 2.27 - 18.12.2012 Other
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 489'488 1.6 112'725 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 376'895 1.23 45'524 31.12.2012 Investment Advisor
VALLE DIEGO DELLA n/a EXCH 251'915 0.82 - 18.12.2012 n/a
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 186'967 0.61 - 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 155'333 0.51 817 31.12.2012 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (149'986) -0.49 3'061 12.02.2013 Hedge Fund Manager
GCIC LTD/CANADA Multiple Portfolios MF-AGG 142'100 0.46 142'100 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 138'757 0.45 9'350 28.12.2012 Investment Advisor
ODEY ASSET MANAGEMEN n/a Short (137'742) -0.45 82'646 04.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 126'604 0.41 504 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 126'498 0.41 (17'229) 31.12.2012 Investment Advisor
SCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 100'250 0.33 100'250 31.12.2012 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 93'000 0.3 (1'389) 31.12.2012 Investment Advisor
SOCIETE GENERALE Multiple Portfolios MF-AGG 83'704 0.27 493 28.09.2012 Bank
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 79'732 0.26 (427) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC SOPHIE DARGNIES overweight 5 M 130 Not Provided 25.02.2013
Nomura CHRISTOPHER WALKER neutral 3 M 112 Not Provided 19.02.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 96 Not Provided 13.02.2013
Telsey Advisory Group DAVID WU no rating system #N/A N/A M 95 Not Provided 10.02.2013
Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 117 12 month 05.02.2013
Mediobanca SpA CHIARA ROTELLI neutral 3 M 102 6 month 04.02.2013
Banca Akros(ESN) GIADA MARIA CABRINO hold 3 M 101 12 month 04.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 30.01.2013
Banca IMI GIAN LUCA PACINI reduce 2 M 93 12 month 29.01.2013
Barclays HELEN NORRIS underweight 1 M 81 Not Provided 28.01.2013
Raymond James MARC WILLAUME market perform 3 M #N/A N/A Not Provided 25.01.2013
Aurel - BGC DAVID DA MAIA hold 3 N 100 Not Provided 25.01.2013
Oddo & Cie LEOPOLD AUTHIE reduce 2 M 95 Not Provided 25.01.2013
Bryan Garnier & Cie PETER FARREN sell 1 M 80 6 month 24.01.2013
Deutsche Bank FRANCESCA DI PASQUANTONIO hold 3 M 90 12 month 14.01.2013
Kepler Capital Markets DANIELE RIDOLFI hold 3 M 87 Not Provided 21.12.2012
Morgan Stanley LOUISE SINGLEHURST Equalwt/In-Line 3 M 97 12 month 14.12.2012
JPMorgan MELANIE A FLOUQUET neutral 3 M 86 9 month 14.11.2012
CA Cheuvreux THOMAS MESMIN outperform 5 M 93 Not Provided 14.11.2012
Equita SIM SpA PAOLA CARBONI hold 3 M 88 12 month 10.08.2012
Centrobanca SIMONE RAGAZZI sell 1 D 73 12 month 09.08.2012
Natixis OLIVIER DELAHOUSSE neutral 3 M 88 Not Provided 15.03.2012
Banca Profilo MELANIA GRIPPO hold 3 M 77 12 month 23.01.2012
Holdings By:
Tod's SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Topdanmark A/S provides non-life and life insurance products to in Denmark.
The Company's product line includes property insurance, commercial, industrial,
and marine insurance, as well as health and disability insurance, accident
policies, flexible life insurance schemes, pension funds, and reinsurance
products. Topdanmark sells to individuals, businesses, and corporations.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.02.2013) 1'321.00
52-Week Low (06.03.2012) 914.50
Daily Volume
1321
52-Week High % Change 0.00% Dividend Yield -
52-Week Low % Change 44.45% Beta 0.62
% 52 Week Price Range High/Low 100.00% Equity Float -
Shares Out 26.02.2013 13.8 Short Int -
18'163.75 1 Yr Total Return 39.35%
Total Debt 7'219.00 YTD Return 8.90%
Preferred Stock 0.0 Adjusted BETA 0.619
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 241.00 Consensus Rating 2.905
Enterprise Value 24'391.75
Average Volume 5 Day 20'773
TOP DC EQUITY YTD Change - Average Volume 30 Day 27'864
TOP DC EQUITY YTD % CHANGE - Average Volume 3 Month 29'780
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
11'799.0 8'380.0 14'460.0 13'725.0 12'284.0 11'631.0 14'412.0 12'668.8 12'495.8 2'883.0 -
1.08x 2.28x 1.24x 1.10x 1.54x 6.22x 5.49x 1.39x 1.41x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'271.0 (189.0) 1'446.0 1'168.0 1'023.0 1'161.0 1'719.0 1'682.5 1'243.2 313.2 274.8
9.79x - 7.63x 9.55x 12.02x 8.13x 8.36x 10.03x 12.66x 12.71x 12.66x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 11.67% Long-Term Outlook -
Pretax Margin 10.98% Short-Term Rating Date -
Return on Assets 2.78% Short-Term Rating -
Return on Common Equity 36.07%
Return on Capital 14.90% EBITDA/Interest Exp. -
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 158.1%
Net Income Margin 8.3% Total Debt/Capital 61.3%
Asset Turnover 0.23
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 11.83% Inventory Days -
Tot Debt to Common Equity 158.07% 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
Topdanmark A/SPrice/Volume
Valuation Analysis
23'480.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
IF P&C INSURANCE LTD n/a Co File 2'312'840 16.82 - 31.12.2011 Insurance Company
TOPDANMARK n/a Co File 1'482'590 10.78 - 29.02.2012 Unclassified
IF P&C INSURANCE LTD n/a Co File 845'076 6.15 - 31.12.2011 Insurance Company
ATP n/a Co File 741'295 5.39 - 31.12.2011 Government
DANSKE INVEST A/S Multiple Portfolios MF-AGG 148'905 1.08 (2'600) 31.01.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 146'180 1.06 (10'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 124'002 0.9 (370) 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 104'667 0.76 1'249 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 96'958 0.71 - 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 78'062 0.57 8'244 26.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 65'177 0.47 23'061 31.01.2013 Investment Advisor
SEB n/a ULT-AGG 52'553 0.38 (8'238) 31.12.2012 Unclassified
DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 50'441 0.37 - 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 46'100 0.34 (5'100) 30.11.2012 Investment Advisor
OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 41'071 0.3 (5'500) 31.10.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 37'808 0.27 - 31.12.2012 Investment Advisor
THOMAS WHITE INTERNA Multiple Portfolios MF-AGG 28'200 0.21 - 31.12.2012 Investment Advisor
DIGITAL FUNDS Multiple Portfolios MF-AGG 27'937 0.2 - 31.10.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 24'684 0.18 (1'121) 31.12.2012 Unclassified
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 23'025 0.17 - 30.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jyske Bank CHRISTIAN HEDE reduce 2 M 1'350 Not Provided 22.02.2013
Carnegie GIANANDREA ROBERTI hold 3 M #N/A N/A Not Provided 22.02.2013
Danske Markets PER GRONBORG hold 3 M 1'400 12 month 21.02.2013
Handelsbanken MATTI AHOKAS accumulate 4 M 1'300 12 month 17.02.2013
Keefe, Bruyette & Woods KARL MORRIS outperform 5 U 1'411 12 month 12.02.2013
Nordea Equity Research SIMON CHRISTENSEN hold 3 D 1'300 12 month 05.02.2013
Barclays CLAUDIA GASPARI underweight 1 M 1'091 Not Provided 04.02.2013
ABG Sundal Collier JAKOB BRINK buy 5 M 1'326 6 month 28.01.2013
Credit Suisse CHRIS ESSON underperform 1 D 1'250 Not Provided 24.01.2013
DNB Markets HAKON FURE buy 5 M 1'350 Not Provided 23.01.2013
Goldman Sachs VINIT MALHOTRA Sell/Neutral 1 M 1'182 12 month 18.01.2013
JPMorgan ANDREAS VAN EMBDEN underweight 1 D 933 3 month 18.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
SEB Enskilda CLAUS GROEN THERP hold 3 D 1'300 Not Provided 16.01.2013
Morgan Stanley ADRIENNE LIM Equalwt/In-Line 3 M 1'177 12 month 05.12.2012
Alm Brand Markets STIG NYMANN neutral 3 M 1'250 Not Provided 21.11.2012
Macquarie HADLEY COHEN neutral 3 M 1'240 12 month 17.11.2012
CA Cheuvreux HANS PLUIJGERS underperform 1 M 1'125 Not Provided 14.11.2012
Berenberg Bank SAMI TAIPALUS hold 3 M 1'096 Not Provided 14.11.2012
NYKREDIT RICKY S RASMUSSEN outperform 5 M #N/A N/A Not Provided 12.10.2012
Sydbank BJORN SCHWARZ overweight 5 M #N/A N/A Not Provided 17.05.2011
LD Invest Markets TORSTEN BECH buy 5 M 780 Not Provided 26.08.2010
Holdings By:
Topdanmark A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Trelleborg AB manufactures and distributes industrial products. The Company
produces noise supression and anti-vibration systems for the automobile industry
and complete wheel systems for forest and farm machines and other equipment.
Trelleborg also develops and makes industrial fluid systems and polymer and
bitumen based building products. The Company markets worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 93.10
52-Week Low (28.06.2012) 58.75
Daily Volume
90.8
52-Week High % Change -2.47% Dividend Yield -
52-Week Low % Change 54.55% Beta 1.31
% 52 Week Price Range High/Low 93.30% Equity Float -
Shares Out 26.02.2013 242.6 Short Int -
24'613.32 1 Yr Total Return 32.17%
Total Debt 7'375.00 YTD Return 12.73%
Preferred Stock 0.0 Adjusted BETA 1.307
Minority Interest 35.0 Analyst Recs 15
Cash and Equivalents 660.00 Consensus Rating 3.867
Enterprise Value 31'363.32
Average Volume 5 Day 865'735
TRELB SS EQUITY YTD Change - Average Volume 30 Day 1'183'027
TRELB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'165'967
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
31'263.0 24'769.0 27'196.0 29'106.0 21'262.0 27'102.0 23'363.0 23'213.0 24'334.3 5'695.5 5'770.7
0.55x 0.93x 0.96x 0.80x 1.34x 3.46x 4.56x 1.28x 1.20x 5.35x 5.43x
2'688.0 1'974.0 3'097.0 3'302.0 3'015.0 3'211.0 3'312.0 3'319.2 3'764.4 795.8 859.0
6.45x 11.71x 8.42x 7.04x 9.48x 7.24x 8.63x 9.45x 8.33x 9.74x 9.30x
(258.0) 409.0 1'162.0 1'819.0 2'042.0 1'819.0 2'042.0 1'898.1 2'236.9 442.5 491.2
- 32.92x 15.29x 10.39x 12.32x 10.58x 11.88x 12.94x 10.98x 13.29x 12.33x
EBITDA 3'015.00 Long-Term Rating Date -
EBIT 2'339.00 Long-Term Rating -
Operating Margin 11.00% Long-Term Outlook -
Pretax Margin 10.86% Short-Term Rating Date -
Return on Assets 7.31% Short-Term Rating -
Return on Common Equity 14.87%
Return on Capital - EBITDA/Interest Exp. 13.93
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 9.40
Net Debt/EBITDA 2.03
Gross Margin 32.3% Total Debt/EBITDA 2.23
EBITDA Margin 14.2%
EBIT Margin 11.0% Total Debt/Equity 52.2%
Net Income Margin 9.6% Total Debt/Capital 34.2%
Asset Turnover 0.84
Current Ratio 1.33 Net Fixed Asset Turnover 4.30
Quick Ratio 0.09 Accounts receivable turnover-days -
Debt to Assets 27.16% Inventory Days 81.84
Tot Debt to Common Equity 52.18% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 62.55
Inventory Turnover 4.47
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
Trelleborg ABPrice/Volume
Valuation Analysis
571'461.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
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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
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DUNKER FUNDS & FOUND n/a Research 29'000'000 11.96 - 28.09.2012 n/a
DIDNER & GERGE FONDE n/a Research 17'300'000 7.13 - 28.09.2012 Investment Advisor
LANNEBO FONDER AB n/a Research 11'027'462 4.55 - 28.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 9'658'612 3.98 - 28.09.2012 Investment Advisor
HANDELSBANKEN/SPP&FU n/a Research 8'492'428 3.5 - 28.09.2012 n/a
CITIBANK NA n/a Research 8'282'318 3.41 - 28.09.2012 Bank
SEB n/a ULT-AGG 7'509'819 3.1 327'800 31.12.2012 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 7'210'651 2.97 - 31.07.2012 Investment Advisor
SEB FONDER AB n/a Research 6'904'967 2.85 - 28.09.2012 Mutual Fund Manager
JP MORGAN CHASE BANK n/a Research 6'741'901 2.78 - 28.09.2012 Investment Advisor
UNIONEN n/a Research 6'143'858 2.53 - 28.09.2012 Corporation
STATE STREET BANK n/a Research 5'787'366 2.39 - 28.09.2012 Unclassified
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 4'704'704 1.94 (957'990) 31.01.2013 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 3'226'695 1.33 105'622 31.01.2013 Investment Advisor
DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 2'859'000 1.18 345'000 31.12.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 2'847'574 1.17 110'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'539'896 1.05 34'696 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'103'469 0.87 2'103'469 31.12.2012 Investment Advisor
CATELLA FONDFORVALTN Multiple Portfolios MF-AGG 1'805'047 0.74 (295'776) 31.12.2012 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 1'749'084 0.72 (85'399) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Pareto Securities ERIK PAULSSON buy 5 M 100 6 month 26.02.2013
Erik Penser Bankaktiebolag AB JOHAN DAHL buy 5 M 105 Not Provided 19.02.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 18.02.2013
Carnegie AGNIESZKA VILELA buy 5 M #N/A N/A Not Provided 14.02.2013
Nordea Equity Research ANDREAS BROCK buy 5 M 100 12 month 14.02.2013
DNB Markets LARS BRORSON sell 1 M 82 Not Provided 14.02.2013
Danske Markets BJORN ENARSON hold 3 M 93 12 month 14.02.2013
ABG Sundal Collier ERIK PETTERSSON-GOLRANG hold 3 M 86 6 month 13.02.2013
SEB Enskilda DANIEL SCHMIDT buy 5 M 88 Not Provided 13.02.2013
Handelsbanken HAMPUS ENGELLAU reduce 2 M 85 12 month 13.02.2013
Berenberg Bank FREDERIK BITTER hold 3 M 85 Not Provided 13.02.2013
CA Cheuvreux JOAKIM HOGLUND underperform 1 M 60 Not Provided 29.01.2013
Deutsche Bank JOHAN WETTERGREN buy 5 U 100 12 month 21.01.2013
Swedbank MATS LISS buy 5 M 88 12 month 06.12.2012
Evli Bank Plc MAGNUS AXEN buy 5 M 80 12 month 15.02.2012
Holdings By:
Trelleborg AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Tryg A/S offers general insurance services. The Company operates in Sweden,
Denmark, Norway, and Finland. Tryg sells general insurance products in private
lines, commercial and corporate. The Company's subsidiary sells guarantee
insurances in the Nordic region.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (07.02.2013) 467.00
52-Week Low (29.02.2012) 293.50
Daily Volume
447.7
52-Week High % Change -4.13% Dividend Yield -
52-Week Low % Change 52.54% Beta 0.59
% 52 Week Price Range High/Low 88.88% Equity Float -
Shares Out 26.02.2013 61.3 Short Int -
27'451.22 1 Yr Total Return 52.81%
Total Debt 1'611.00 YTD Return 4.97%
Preferred Stock 0.0 Adjusted BETA 0.592
Minority Interest 0.0 Analyst Recs 22
Cash and Equivalents 504.00 Consensus Rating 2.318
Enterprise Value 28'558.22
Average Volume 5 Day 76'913
TRYG DC EQUITY YTD Change - Average Volume 30 Day 112'913
TRYG DC EQUITY YTD % CHANGE - Average Volume 3 Month 93'349
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
16'372.0 18'571.0 19'517.0 19'498.0 20'217.0 19'498.0 20'217.0 20'561.3 21'073.2 5'238.5 5'830.5
1.39x 1.26x 1.06x 1.06x 1.35x 4.66x 4.78x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
846.0 2'008.0 593.0 1'140.0 2'208.0 1'140.0 2'208.0 1'872.8 1'990.9 343.8 542.5
25.63x 10.95x 23.84x 16.79x 11.85x 16.79x 11.84x 14.27x 13.22x 14.62x 13.40x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 15.39% Long-Term Outlook -
Pretax Margin 14.92% Short-Term Rating Date -
Return on Assets 4.11% Short-Term Rating -
Return on Common Equity 22.10%
Return on Capital 20.54% EBITDA/Interest Exp. -
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 14.7%
Net Income Margin 10.9% Total Debt/Capital 12.8%
Asset Turnover 0.38
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.97% Inventory Days -
Tot Debt to Common Equity 14.67% 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
Tryg A/SPrice/Volume
Valuation Analysis
66'594.00
Current Price (2/dd/yy) Market Data
'2'
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TRYGHEDSGRUPPEN SMBA n/a Co File 36'789'661 60 - 31.12.2011 Corporation
DANSKE INVEST A/S Multiple Portfolios MF-AGG 554'053 0.9 (5'000) 31.01.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 469'128 0.77 (10'350) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 444'386 0.72 5'340 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 317'308 0.52 14'185 26.02.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 291'279 0.48 - 31.01.2013 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 177'233 0.29 1'100 31.12.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 109'111 0.18 - 31.10.2012 Investment Advisor
UBS n/a ULT-AGG 104'855 0.17 (31'182) 31.10.2012 Unclassified
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 101'048 0.16 - 31.12.2012 Mutual Fund Manager
UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 94'142 0.15 - 31.10.2012 Mutual Fund Manager
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 90'844 0.15 1'908 31.01.2013 Investment Advisor
SPARINVEST n/a ULT-AGG 75'883 0.12 11'393 31.01.2013 Investment Advisor
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 70'050 0.11 - 30.09.2012 Mutual Fund Manager
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 54'932 0.09 1'880 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 46'000 0.08 (24'700) 30.06.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 37'480 0.06 14'100 28.12.2012 Investment Advisor
VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 36'591 0.06 - 31.01.2013 Investment Advisor
HANDELSINVEST INVEST Multiple Portfolios MF-AGG 36'322 0.06 - 05.02.2013 Mutual Fund Manager
WORLD INVEST ADVISOR Multiple Portfolios MF-AGG 35'773 0.06 (5'435) 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 330 3 month 20.02.2013
Danske Markets PER GRONBORG buy 5 M 560 12 month 14.02.2013
Macquarie HADLEY COHEN underperform 1 M 405 12 month 09.02.2013
Jyske Bank CHRISTIAN HEDE buy 5 M 500 Not Provided 08.02.2013
ABG Sundal Collier JAKOB BRINK hold 3 M 450 6 month 08.02.2013
CA Cheuvreux HANS PLUIJGERS underperform 1 M 400 Not Provided 08.02.2013
Carnegie GIANANDREA ROBERTI buy 5 M #N/A N/A Not Provided 08.02.2013
Nordea Equity Research SIMON CHRISTENSEN buy 5 M 515 12 month 08.02.2013
Handelsbanken MATTI AHOKAS reduce 2 M 450 12 month 08.02.2013
Berenberg Bank SAMI TAIPALUS hold 3 M 429 Not Provided 08.02.2013
Barclays CLAUDIA GASPARI underweight 1 M 372 Not Provided 08.02.2013
Alm Brand Markets STIG NYMANN neutral 3 D 490 Not Provided 07.02.2013
Goldman Sachs VINIT MALHOTRA Sell/Neutral 1 M 374 12 month 07.02.2013
Credit Suisse CHRIS ESSON underperform 1 M 415 Not Provided 07.02.2013
Keefe, Bruyette & Woods KARL MORRIS underperform 1 D 454 12 month 07.02.2013
DNB Markets HAKON FURE sell 1 M 350 Not Provided 06.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
SEB Enskilda CLAUS GROEN THERP sell 1 D 386 Not Provided 16.01.2013
NYKREDIT RICKY S RASMUSSEN underperform 1 M #N/A N/A Not Provided 11.01.2013
Pareto Securities VEGARD EID MEDIAS hold 3 M 400 6 month 13.12.2012
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 430 12 month 06.12.2012
LD Invest Markets TORSTEN BECH buy 5 M 370 Not Provided 16.08.2010
Holdings By:
Tryg A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Tui Travel PLC operates as an international leisure travel group in the
European and North American market. The Company offers accommodations in
flights, hotels, tours, cruises, car hire, and retail shops. Tui services
business and personal travelers.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 334.60
52-Week Low (14.06.2012) 156.50
Daily Volume
317
52-Week High % Change -5.26% Dividend Yield 3.69
52-Week Low % Change 102.56% Beta 1.18
% 52 Week Price Range High/Low 90.12% Equity Float 409.47
Shares Out 17.01.2013 1'118.0 Short Int -
3'544.09 1 Yr Total Return 69.59%
Total Debt 938.00 YTD Return 12.21%
Preferred Stock 0.0 Adjusted BETA 1.176
Minority Interest 44.0 Analyst Recs 23
Cash and Equivalents 849.00 Consensus Rating 3.522
Enterprise Value 3'677.09
Average Volume 5 Day 1'960'040
TT/ LN EQUITY YTD Change - Average Volume 30 Day 2'552'486
TT/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'078'091
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
13'931.8 13'851.0 13'514.0 14'687.0 14'460.0 14'818.0 14'333.0 14'789.6 15'129.5 - -
0.18x 0.23x 0.20x 0.12x 0.19x 0.36x 0.43x 0.24x 0.22x - -
837.4 644.0 649.0 685.0 709.0 0.0 0.0 729.8 770.4 - -
3.01x 4.89x 4.07x 2.47x 3.88x 0.00x 0.00x 5.04x 4.77x - -
(270.7) (67.0) (123.0) 85.0 138.0 67.0 122.0 322.7 354.1 - -
- - - 19.44x 18.80x 27.57x 25.63x 11.49x 10.53x - -
EBITDA 709.00 Long-Term Rating Date -
EBIT 490.00 Long-Term Rating -
Operating Margin 3.39% Long-Term Outlook -
Pretax Margin 1.39% Short-Term Rating Date -
Return on Assets 1.56% Short-Term Rating -
Return on Common Equity 7.99%
Return on Capital 10.05% EBITDA/Interest Exp. 3.62
Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 2.15
Net Debt/EBITDA 0.13
Gross Margin 10.3% Total Debt/EBITDA 1.32
EBITDA Margin 4.9%
EBIT Margin 3.4% Total Debt/Equity 59.9%
Net Income Margin 1.0% Total Debt/Capital 36.8%
Asset Turnover 1.64
Current Ratio 0.42 Net Fixed Asset Turnover 13.79
Quick Ratio 0.27 Accounts receivable turnover-days 12.77
Debt to Assets 10.88% Inventory Days 1.83
Tot Debt to Common Equity 59.94% Accounts Payable Turnover Day 81.79
Accounts Receivable Turnover 28.66 Cash Conversion Cycle -67.19
Inventory Turnover 199.46
Fiscal Year Ended
TUI Travel PLCPrice/Volume
Valuation Analysis
2'089'643.00
Current Price (2/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
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14'000.0
16'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TUI AG n/a RNS-MAJ 630'988'003 56.44 (17'260) 06.02.2013 Unclassified
Monteray Enterprises Multiple Portfolios REG 60'053'493 5.37 819'254 01.01.2013 Unclassified
BLACKROCK n/a ULT-AGG 35'802'936 3.2 (2'577) 26.02.2013 Investment Advisor
M&G INVESTMENT MANAG n/a RNS-RUL8 30'510'998 2.73 (2'450) 17.01.2013 Investment Advisor
MARATHON ASSET MANAG n/a RNS-RUL8 25'931'986 2.32 (617'237) 21.01.2013 Investment Advisor
KAMES CAPITAL PLC n/a RNS-RUL8 23'703'451 2.12 - 16.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 23'509'046 2.1 894'551 27.02.2013 Investment Advisor
AEGON n/a ULT-AGG 23'375'256 2.09 18'894'499 01.01.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 20'331'627 1.82 142'817 31.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 18'262'417 1.63 (3'490'097) 21.01.2013 Unclassified
D E SHAW & CO UK LTD n/a Short (14'422'339) -1.29 670'806 13.02.2013 Other
LLOYDS BANKING GROUP n/a ULT-AGG 13'550'880 1.21 (59'021) 22.01.2013 Investment Advisor
NORGES BANK n/a RNS-RUL8 12'460'188 1.11 25'800 25.01.2013 Government
DIMENSIONAL FUND ADV n/a RNS-RUL8 12'336'641 1.1 - 16.01.2013 Investment Advisor
BNP PARIBAS SA n/a Short (11'739'113) -1.05 (1'341'613) 20.02.2013 Bank
JO HAMBRO CAPITAL MA n/a RNS-RUL8 11'664'890 1.04 115'000 17.01.2013 Investment Advisor
MORTON HOLDINGS INC n/a Short (9'838'495) -0.88 - 01.11.2012 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios REG 9'745'527 0.87 (1'139'789) 01.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'002'854 0.81 171'020 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 8'137'046 0.73 3'201'597 01.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue BERENICE LACROIX add 4 D 378 6 month 21.02.2013
HSBC LENA THAKKAR neutral 3 M 290 Not Provided 19.02.2013
Panmure Gordon & Co Limited SIMON FRENCH hold 3 U 303 Not Provided 15.02.2013
Day by Day VALERIE GASTALDY buy 5 U 347 3 month 14.02.2013
Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 280 12 month 08.02.2013
Goldman Sachs NICK EDELMAN neutral/neutral 3 M 310 6 month 08.02.2013
JPMorgan JAAFAR MESTARI overweight 5 M 350 9 month 08.02.2013
Natixis GEOFFREY D'HALLUIN neutral 3 M 300 Not Provided 08.02.2013
Deutsche Bank GEOF COLLYER hold 3 M 275 12 month 07.02.2013
Peel Hunt NICHOLAS BATRAM hold 3 M 321 Not Provided 07.02.2013
Nomura RICHARD STUBER neutral 3 M 168 12 month 07.02.2013
Numis Securities Ltd WYN ELLIS hold 3 M 310 Not Provided 07.02.2013
Oriel Securities Ltd JEFFREY HARWOOD add 4 M #N/A N/A Not Provided 07.02.2013
Exane BNP Paribas MATTHIAS DESMARAIS underperform 1 M 280 Not Provided 07.02.2013
Barclays ED BIRKIN overweight 5 M 325 Not Provided 07.02.2013
Investec JAMES HOLLINS hold 3 M 270 12 month 17.01.2013
Jefferies IAN RENNARDSON hold 3 M 300 12 month 16.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 04.12.2012
Credit Suisse TIM RAMSKILL neutral 3 M 210 Not Provided 13.09.2012
Charles Stanley Securities DOUGLAS MCNEILL buy 5 M 240 Not Provided 30.11.2011
Holdings By:
TUI Travel PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
UBM PLC is a global business information service provider. The Company provides
news distribution, events, online, business information and publishing services
to the technology, healthcare, built environment, trade & transportation, pulp
& paper and many other industries worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (22.02.2013) 795.00
52-Week Low (01.06.2012) 509.00
Daily Volume
765
52-Week High % Change -3.77% Dividend Yield 3.49
52-Week Low % Change 50.29% Beta 1.17
% 52 Week Price Range High/Low 89.51% Equity Float 243.35
Shares Out 01.02.2013 245.5 Short Int -
1'877.83 1 Yr Total Return 37.00%
Total Debt 633.10 YTD Return 6.25%
Preferred Stock 0.0 Adjusted BETA 1.174
Minority Interest 27.0 Analyst Recs 26
Cash and Equivalents 106.70 Consensus Rating 3.692
Enterprise Value 2'443.93
Average Volume 5 Day 673'266
UBM LN EQUITY YTD Change - Average Volume 30 Day 828'861
UBM LN EQUITY YTD % CHANGE - Average Volume 3 Month 693'576
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
801.6 887.0 847.6 889.2 972.3 0.0 264.2 961.1 978.7 - -
2.18x 1.71x 1.62x 2.47x 1.77x #DIV/0! 0.00x 2.53x 2.33x - -
193.7 184.6 181.7 184.6 215.1 0.0 0.0 219.5 226.5 - -
9.01x 8.23x 7.54x 11.89x 8.01x 0.00x 0.00x 11.13x 10.79x - -
108.8 76.4 75.2 90.8 75.7 0.0 0.0 139.9 145.3 - -
16.12x 16.05x 15.01x 18.50x 15.36x 0.00x 0.00x 13.37x 12.97x - -
EBITDA 215.10 Long-Term Rating Date 02.03.2005
EBIT 160.80 Long-Term Rating BBB-
Operating Margin 16.54% Long-Term Outlook STABLE
Pretax Margin 10.49% Short-Term Rating Date 02.03.2005
Return on Assets 4.85% Short-Term Rating A-3
Return on Common Equity 20.44%
Return on Capital 11.18% EBITDA/Interest Exp. 7.32
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 6.64
Net Debt/EBITDA 2.37
Gross Margin - Total Debt/EBITDA 2.85
EBITDA Margin 22.5%
EBIT Margin 17.2% Total Debt/Equity 164.4%
Net Income Margin 7.8% Total Debt/Capital 60.6%
Asset Turnover 0.60
Current Ratio 0.63 Net Fixed Asset Turnover 26.16
Quick Ratio 0.47 Accounts receivable turnover-days -
Debt to Assets 37.57% Inventory Days -
Tot Debt to Common Equity 164.44% 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
UBM PLCPrice/Volume
Valuation Analysis
537'158.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 44'003'352 17.93 1'267'241 26.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 24'530'627 9.99 4'000'496 30.09.2012 Investment Advisor
MASSACHUSETTS FINANC n/a RNS-MAJ 12'678'727 5.17 501'073 17.07.2012 Investment Advisor
STANDARD LIFE INVEST n/a Co File 12'249'815 4.99 - 31.12.2011 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 11'727'687 4.78 - 31.12.2011 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 9'876'720 4.02 - 16.09.2011 Investment Advisor
PRUDENTIAL PLC n/a RNS-MAJ 8'965'583 3.65 - 03.10.2011 Investment Advisor
SANDERSON ASSET MANA n/a RNS-MAJ 7'383'690 3.01 - 04.10.2011 Investment Advisor
AVIVA PLC n/a RNS-MAJ 7'261'965 2.96 (4'922'412) 14.02.2012 Investment Advisor
KAMES CAPITAL PLC n/a RNS-RUL8 7'150'713 2.91 - 03.12.2012 Investment Advisor
IGNIS INVESTMENT SER n/a RNS-MAJ 7'118'247 2.9 (2'531'308) 24.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'600'000 1.87 - 31.07.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'111'291 1.27 (30'804) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'719'430 1.11 48'225 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 2'296'671 0.94 - 31.07.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 2'259'533 0.92 (344'212) 31.10.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 2'224'080 0.91 (384'370) 31.12.2012 Investment Advisor
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'674'600 0.68 - 31.12.2011 Investment Advisor
HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 1'536'000 0.63 214'422 30.11.2012 Investment Advisor
SAEMOR CAPITAL BV n/a Short (1'497'357) -0.61 - 20.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec STEVEN LIECHTI hold 3 M 745 12 month 22.02.2013
Liberum Capital Ltd IAN WHITTAKER buy 5 M 890 Not Provided 22.02.2013
AlphaValue VERONIQUE CABIOC'H reduce 2 M 793 6 month 21.02.2013
Numis Securities Ltd GARETH R DAVIES hold 3 M 766 Not Provided 20.02.2013
Exane BNP Paribas WILLIAM PACKER outperform 5 M 870 Not Provided 19.02.2013
Canaccord Genuity Corp SIMON DAVIES hold 3 M 745 Not Provided 18.02.2013
Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 900 Not Provided 18.02.2013
Peel Hunt PATRICK YAU hold 3 M 791 Not Provided 15.02.2013
Nomura MATTHEW WALKER buy 5 M 900 12 month 13.02.2013
JPMorgan MARK O'DONNELL neutral 3 D 770 9 month 08.02.2013
Deutsche Bank MARK BRALEY buy 5 M 840 12 month 06.02.2013
Macquarie ANGUS TWEEDIE neutral 3 M 700 12 month 06.02.2013
Espirito Santo Investment Bank ResearchMARK EVANS sell 1 M 480 Not Provided 06.02.2013
Barclays NICK DEMPSEY overweight 5 M 830 Not Provided 06.02.2013
Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 850 12 month 05.02.2013
Westhouse Securities RODDY DAVIDSON add 4 M 829 12 month 05.02.2013
Credit Suisse JOSEPH BARNET-LAMB outperform 5 M 800 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 910 12 month 09.01.2013
HSBC DAN GRAHAM overweight 5 M 725 Not Provided 23.10.2012
N+1 Singer Ltd JOHNATHAN BARRETT hold 3 M 744 12 month 16.10.2012
Berenberg Bank SARAH SIMON buy 5 M 670 Not Provided 06.08.2012
CA Cheuvreux ANDREA BENEVENTI underperform 1 M 600 Not Provided 14.05.2012
Holdings By:
UBM PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Ultra Electronics Holdings plc designs, manufactures, and supports electronic
and electromechanical systems, sub-systems, and products for defense, security,
and aerospace applications worldwide. The Group focuses on sensing, control,
communication, and display systems which an emphasis on integrated information
technology solutions.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (03.04.2012) 1'787.00
52-Week Low (01.08.2012) 1'420.00
Daily Volume
1684
52-Week High % Change -5.76% Dividend Yield 2.32
52-Week Low % Change 18.59% Beta 0.87
% 52 Week Price Range High/Low 71.93% Equity Float 65.61
Shares Out 12.02.2013 69.4 Short Int -
1'169.30 1 Yr Total Return 2.29%
Total Debt 87.20 YTD Return 1.20%
Preferred Stock 0.0 Adjusted BETA 0.868
Minority Interest 0.4 Analyst Recs 13
Cash and Equivalents 41.05 Consensus Rating 3.308
Enterprise Value 1'237.51
Average Volume 5 Day 97'028
ULE LN EQUITY YTD Change - Average Volume 30 Day 100'215
ULE LN EQUITY YTD % CHANGE - Average Volume 3 Month 92'838
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 01/yy 01/yy 12/12 Y 12/13 Y - -
412.9 515.3 651.0 710.0 731.7 - - 771.4 789.3 - -
2.30x 1.62x 1.49x 1.62x 1.46x - - 1.58x 1.49x - -
65.2 85.1 139.6 120.9 135.1 - - 131.7 134.3 - -
14.53x 9.83x 6.94x 9.49x 7.89x - - 9.40x 9.21x - -
41.2 1.8 78.5 66.3 65.9 - - 83.7 86.0 - -
22.58x 435.77x 11.95x 17.52x 15.36x - - 13.84x 13.35x - -
EBITDA 135.09 Long-Term Rating Date -
EBIT 96.52 Long-Term Rating -
Operating Margin 13.19% Long-Term Outlook -
Pretax Margin 12.46% Short-Term Rating Date -
Return on Assets 8.54% Short-Term Rating -
Return on Common Equity 22.71%
Return on Capital 18.75% EBITDA/Interest Exp. 16.21
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 14.76
Net Debt/EBITDA 0.49
Gross Margin 29.6% Total Debt/EBITDA 0.97
EBITDA Margin 18.1%
EBIT Margin 12.4% Total Debt/Equity 30.6%
Net Income Margin 9.0% Total Debt/Capital 23.4%
Asset Turnover 1.03
Current Ratio 0.83 Net Fixed Asset Turnover 15.68
Quick Ratio 0.62 Accounts receivable turnover-days 74.12
Debt to Assets 11.24% Inventory Days 32.35
Tot Debt to Common Equity 30.62% Accounts Payable Turnover Day 91.01
Accounts Receivable Turnover 4.92 Cash Conversion Cycle 12.90
Inventory Turnover 11.28
Fiscal Year Ended
Ultra Electronics Holdings PLCPrice/Volume
Valuation Analysis
109'089.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCHRODER INVESTMENT Multiple Portfolios REG 5'160'968 7.43 396'188 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'487'079 6.46 31'176 31.12.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 3'588'390 5.17 151'178 01.11.2012 Investment Advisor
ARTEMIS INVESTMENT M n/a RNS-MAJ 3'460'241 4.98 (30'652) 23.01.2013 Hedge Fund Manager
LEGAL & GENERAL n/a ULT-AGG 3'386'854 4.88 103'240 31.01.2013 Unclassified
F&C ASSET MANAGEMENT n/a RNS-MAJ 3'298'333 4.75 (673'002) 23.04.2010 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 3'253'409 4.69 22'627 01.11.2012 Hedge Fund Manager
M&G INVESTMENT MANAG Multiple Portfolios REG 3'207'283 4.62 (16'556) 01.11.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 3'128'739 4.51 250'581 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'910'296 4.19 - 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'769'566 3.99 (1'014) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'740'965 3.95 (226'464) 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 2'240'676 3.23 72'772 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 1'987'299 2.86 (82'707) 01.11.2012 Unclassified
IGNIS ASSET MANAGEME Multiple Portfolios REG 1'892'360 2.73 (93'820) 01.11.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 1'848'595 2.66 (138'010) 01.11.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios REG 1'734'877 2.5 (214'265) 01.11.2012 Mutual Fund Manager
NORGES BANK INVESTME Multiple Portfolios REG 1'649'407 2.38 - 01.11.2012 Government
AEGON n/a ULT-AGG 1'512'474 2.18 224'136 01.11.2012 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'485'359 2.14 412'472 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec ANDREW GOLLAN hold 3 M 1'480 12 month 22.02.2013
JPMorgan DAVID H. PERRY neutral 3 M 1'820 9 month 11.02.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 D 1'700 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank BEN FIDLER sell 1 D 1'400 12 month 12.12.2012
Kepler Capital Markets CHRISTOPHE MENARD buy 5 N 1'830 Not Provided 28.11.2012
Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 1'850 Not Provided 16.11.2012
Arden Partners Ltd GRAHAM J WEBSTER neutral 3 M #N/A N/A Not Provided 01.10.2012
Barclays RICHARD PAIGE equalweight 3 U 1'840 Not Provided 02.05.2012
Canaccord Genuity Corp PAUL BRANT hold 3 M 1'530 Not Provided 26.03.2012
Holdings By:
Ultra Electronics Holdings PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
United Internet AG offers Internet access services. The Company serves home
users, small offices and home offices, and small-to medium-sized companies.
United Internet also offers hotline and help desk services to international
corporations.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (13.02.2013) 18.00
52-Week Low (04.06.2012) 12.49
Daily Volume
17.735
52-Week High % Change -1.44% Dividend Yield -
52-Week Low % Change 42.05% Beta 0.78
% 52 Week Price Range High/Low 95.28% Equity Float 102.86
Shares Out 06.02.2013 194.0 Short Int -
3'440.59 1 Yr Total Return 25.25%
Total Debt 524.59 YTD Return 8.74%
Preferred Stock 0.0 Adjusted BETA 0.776
Minority Interest 9.6 Analyst Recs 23
Cash and Equivalents 64.87 Consensus Rating 4.000
Enterprise Value 3'823.68
Average Volume 5 Day 198'203
UTDI GY EQUITY YTD Change - Average Volume 30 Day 269'892
UTDI GY EQUITY YTD % CHANGE - Average Volume 3 Month 363'784
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'487.4 1'570.4 1'658.9 1'907.1 2'094.1 2'035.3 2'323.5 2'384.7 2'634.7 628.5 -
2.83x 1.24x 1.45x 1.55x 1.50x 6.04x 5.54x 1.59x 1.41x - -
308.8 359.6 420.3 371.6 371.1 386.7 322.9 338.9 409.8 100.8 -
13.62x 5.40x 5.74x 7.95x 8.47x 7.70x 10.73x 11.35x 9.38x - -
220.2 (120.2) 279.9 129.1 162.3 156.8 101.7 137.3 203.1 52.4 -
17.88x - 7.56x 20.97x 17.47x 0.00x 38.73x 23.40x 16.51x - -
EBITDA 371.05 Long-Term Rating Date -
EBIT 276.02 Long-Term Rating -
Operating Margin 13.18% Long-Term Outlook -
Pretax Margin 11.97% Short-Term Rating Date -
Return on Assets 8.69% Short-Term Rating -
Return on Common Equity 58.66%
Return on Capital - EBITDA/Interest Exp. 14.68
Asset Turnover 1.98% (EBITDA-Capex)/Interest Exp. 12.53
Net Debt/EBITDA 1.16
Gross Margin 34.3% Total Debt/EBITDA 1.30
EBITDA Margin 13.9%
EBIT Margin 7.5% Total Debt/Equity 361.5%
Net Income Margin 7.8% Total Debt/Capital 77.2%
Asset Turnover 1.98
Current Ratio 0.53 Net Fixed Asset Turnover 21.89
Quick Ratio 0.29 Accounts receivable turnover-days 16.50
Debt to Assets 44.19% Inventory Days 5.06
Tot Debt to Common Equity 361.48% Accounts Payable Turnover Day 44.78
Accounts Receivable Turnover 22.19 Cash Conversion Cycle -36.41
Inventory Turnover 72.29
Fiscal Year Ended
United Internet AGPrice/Volume
Valuation Analysis
231'000.00
Current Price (2/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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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DOMMERMUTH RALPH n/a Co File 90'000'000 46.39 - 31.12.2011 n/a
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'349'651 5.33 109'127 31.12.2012 Investment Advisor
DWS INVESTMENT GMBH #N/A N/A Research 9'708'975 5 - 19.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'185'777 4.22 34'733 26.02.2013 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 6'503'582 3.35 - 20.07.2012 Investment Advisor
OPPENHEIMERFUNDS INC n/a Research 5'873'094 3.03 - 12.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'580'040 2.36 (210'033) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'676'451 0.86 28'096 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'606'128 0.83 (48'987) 31.12.2012 Investment Advisor
MARBLE ARCH INVESTME n/a Short (1'420'000) -0.73 (1'000) 09.01.2013 Hedge Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 917'984 0.47 46'777 28.12.2012 Mutual Fund Manager
SCHEEREN MICHAEL n/a Co File 700'000 0.36 - 31.12.2011 n/a
DWS INVESTMENT SA Multiple Portfolios MF-AGG 675'000 0.35 (25'000) 28.12.2012 Mutual Fund Manager
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 491'500 0.25 (41'600) 31.08.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 444'730 0.23 371'166 28.12.2012 Mutual Fund Manager
LANG NORBERT n/a Co File 442'877 0.23 - 31.12.2011 n/a
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 394'927 0.2 (212'112) 31.03.2012 Investment Advisor
MADISON SQUARE INVES Multiple Portfolios MF-AGG 376'113 0.19 - 31.12.2012 Investment Advisor
METZLER INVESTMENT G Multiple Portfolios MF-AGG 355'100 0.18 500 31.08.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 350'000 0.18 150'000 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Matelan Research GmbH ADRIAN HOPKINSON buy 5 N 23 12 month 07.02.2013
HSBC DOMINIK KLARMANN overweight 5 M 20 Not Provided 05.02.2013
Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 22 6 month 04.02.2013
AlphaValue HEINZ STEFFEN sell 1 M 15 6 month 04.02.2013
Goldman Sachs TIMOTHY BODDY Sell/Neutral 1 M 15 12 month 25.01.2013
Bankhaus Lampe WOLFGANG SPECHT buy 5 N 20 12 month 23.01.2013
JPMorgan TORSTEN ACHTMANN neutral 3 M 17 9 month 21.01.2013
Macquarie ALEX GRANT outperform 5 M 21 12 month 21.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 17 12 month 08.01.2013
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 18 12 month 08.01.2013
DZ Bank AG KARSTEN OBLINGER buy 5 M 19 12 month 05.12.2012
Berenberg Bank USMAN GHAZI buy 5 M 20 Not Provided 04.12.2012
Deutsche Bank BENJAMIN KOHNKE buy 5 M 19 12 month 23.11.2012
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 18 Not Provided 22.11.2012
Bankhaus Metzler ULRICH TRABERT buy 5 M 18 12 month 22.11.2012
Nomura HENRIK NYBLOM neutral 3 M 11 12 month 22.11.2012
Exane BNP Paribas MICHAEL ZORKO neutral 3 M 15 Not Provided 22.11.2012
M.M. Warburg Investment Research JOCHEN REICHERT buy 5 M 21 12 month 24.10.2012
Kepler Capital Markets THOMAS KARLOVITS hold 3 M 14 Not Provided 23.05.2012
Close Brothers Equity Markets MARCUS SILBE hold 3 M 14 12 month 10.02.2012
Equita SIM SpA GIANMARCO BONACINA hold 3 D 13 12 month 17.08.2011
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 M 17 12 month 22.03.2011
Holdings By:
United Internet AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Valiant Holding AG, through its subsidiaries, provides financial services in
Switzerland. The company offers a range of products and services in the areas
of retail banking, business banking, private banking, and asset management.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (02.03.2012) 111.64
52-Week Low (31.08.2012) 74.35
Daily Volume
85.1
52-Week High % Change -23.77% Dividend Yield -
52-Week Low % Change 14.46% Beta 0.62
% 52 Week Price Range High/Low 28.83% Equity Float 15.44
Shares Out 30.06.2012 15.8 Short Int -
1'343.94 1 Yr Total Return -22.15%
Total Debt 6'379.30 YTD Return -2.07%
Preferred Stock 0.0 Adjusted BETA 0.615
Minority Interest 0.0 Analyst Recs 2
Cash and Equivalents 1'946.12 Consensus Rating 3.000
Enterprise Value -
Average Volume 5 Day 16'327
VATN SE EQUITY YTD Change - Average Volume 30 Day 21'171
VATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 40'395
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 01/yy 01/yy 12/12 Y 12/13 Y - -
669.8 731.7 731.2 707.1 693.4 - - 386.0 391.0 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
152.5 148.6 148.5 122.5 127.6 - - 114.0 107.0 - -
19.71x 21.96x 22.77x 16.88x 14.72x - - 11.69x 12.44x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 30.02% Long-Term Outlook -
Pretax Margin 36.50% Short-Term Rating Date -
Return on Assets 0.50% Short-Term Rating -
Return on Common Equity 6.93%
Return on Capital 1.52% 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 351.2%
Net Income Margin 29.5% Total Debt/Capital 77.8%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 3.44
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 25.30% Inventory Days -
Tot Debt to Common Equity 351.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Valiant HoldingPrice/Volume
Valuation Analysis
21'290.00
Current Price (2/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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28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 219'696 1.39 131'976 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 165'729 1.05 2'645 31.12.2012 Investment Advisor
VALIANT HOLDING AG n/a EXCH 145'350 0.92 - 28.06.2011 Corporation
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 135'678 0.86 617 28.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 72'023 0.46 (1'403) 30.11.2012 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 64'985 0.41 2'180 30.11.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 60'020 0.38 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 40'105 0.25 - 26.02.2013 Investment Advisor
HAEUSERRMANN MARKUS n/a Co File 36'272 0.23 - 31.12.2010 n/a
STREIT KURT n/a Co File 31'598 0.2 - 31.12.2010 n/a
BEYELER ROLF n/a Co File 27'445 0.17 - 31.12.2010 n/a
HOBMEIER MICHAEL n/a Co File 26'149 0.17 - 31.12.2010 n/a
NYFFELER PAUL n/a Co File 19'638 0.12 - 31.12.2010 n/a
ZGRAGGEN EDUARD n/a Co File 16'576 0.1 - 31.12.2010 n/a
UBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 16'305 0.1 16'305 31.10.2012 Investment Advisor
GAFNER MARTIN n/a Co File 15'430 0.1 - 31.12.2010 n/a
ADVISORY RESEARCH IN Multiple Portfolios MF-AGG 12'330 0.08 5'927 31.10.2012 Investment Advisor
SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 11'484 0.07 - 30.11.2012 Investment Advisor
GERIFONDS SA Multiple Portfolios MF-AGG 11'105 0.07 5'124 30.09.2012 Mutual Fund Manager
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 8'760 0.06 (3'594) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG KILIAN MAIER outperform 5 M 100 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Valiant Holding ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Vedanta Resources Plc mines and processes metals. The Company mines copper,
aluminum, and zinc in India and Australia and operates refineries and smelters.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 1'519.00
52-Week Low (26.07.2012) 821.00
Daily Volume
1180
52-Week High % Change -22.32% Dividend Yield 3.13
52-Week Low % Change 43.73% Beta 1.90
% 52 Week Price Range High/Low 51.43% Equity Float 81.48
Shares Out 31.01.2013 266.3 Short Int -
3'142.41 1 Yr Total Return -15.02%
Total Debt 16'955.40 YTD Return 1.99%
Preferred Stock 0.0 Adjusted BETA 1.899
Minority Interest 13'768.9 Analyst Recs 12
Cash and Equivalents 6'885.30 Consensus Rating 3.417
Enterprise Value 28'854.76
Average Volume 5 Day 965'973
VED LN EQUITY YTD Change - Average Volume 30 Day 873'234
VED LN EQUITY YTD % CHANGE - Average Volume 3 Month 785'480
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
8'203.7 6'578.9 7'930.5 11'427.2 14'005.3 8'194.9 17'631.3 14'789.6 17'353.3 3'605.0 3'892.0
1.86x 1.13x 2.54x 1.87x 2.12x 0.00x 0.00x 1.90x 1.56x - -
3'003.9 1'856.1 2'035.7 3'490.6 4'465.0 0.0 0.0 4'959.8 5'893.9 - -
5.07x 4.01x 9.90x 6.14x 6.64x 0.00x 0.00x 5.82x 4.90x - -
879.0 219.4 602.3 770.8 59.8 0.0 0.0 396.8 705.9 - -
13.63x 12.64x 19.21x 13.50x 89.55x 0.00x 0.00x 11.97x 7.11x - -
EBITDA 4'465.00 Long-Term Rating Date 15.02.2011
EBIT 3'056.60 Long-Term Rating -
Operating Margin 21.82% Long-Term Outlook NEG
Pretax Margin 12.46% Short-Term Rating Date -
Return on Assets 0.53% Short-Term Rating -
Return on Common Equity 4.40%
Return on Capital 8.19% EBITDA/Interest Exp. 3.81
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 1.43
Net Debt/EBITDA 1.85
Gross Margin 25.4% Total Debt/EBITDA 3.20
EBITDA Margin 35.7%
EBIT Margin 22.0% Total Debt/Equity 364.6%
Net Income Margin 0.4% Total Debt/Capital 47.9%
Asset Turnover 0.39
Current Ratio 1.30 Net Fixed Asset Turnover 0.58
Quick Ratio 0.95 Accounts receivable turnover-days -
Debt to Assets 36.91% Inventory Days 64.34
Tot Debt to Common Equity 364.59% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 18.10
Inventory Turnover 5.69
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
Vedanta Resources PLCPrice/Volume
Valuation Analysis
537'971.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VOLCAN INVESTMENTS L n/a RNS-DIR 173'042'443 64.98 2'590'562 07.02.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 11'096'207 4.17 900'910 03.12.2012 Government
BLACKROCK n/a ULT-AGG 10'058'168 3.78 960'688 26.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'877'904 2.96 (1'273'111) 31.12.2012 Investment Advisor
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 4'978'482 1.87 (1'422) 03.12.2012 Unclassified
HANSBERGER GLOBAL IN Multiple Portfolios REG 4'277'050 1.61 510'753 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 4'063'012 1.53 (17'729) 31.01.2013 Unclassified
HSBC Investment Fund Multiple Portfolios REG 3'535'160 1.33 868'840 03.12.2012 Unclassified
UBS n/a ULT-AGG 2'225'915 0.84 (40'875) 03.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'035'503 0.76 60'853 31.12.2012 Investment Advisor
Gorey Investments Lt Multiple Portfolios REG 1'704'333 0.64 - 03.12.2012 Unclassified
BLACKROCK INVESTMENT n/a Short (1'674'505) -0.63 - 01.11.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (1'570'720) -0.59 265'950 22.01.2013 Hedge Fund Manager
BARCLAYS PERSONAL IN Multiple Portfolios REG 1'234'024 0.46 (58'797) 03.12.2012 Investment Advisor
HSBC ASSET MANAGEMEN Multiple Portfolios REG 1'092'318 0.41 (298'390) 03.12.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'091'394 0.41 - 26.02.2013 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 1'082'995 0.41 (203'234) 03.12.2012 Investment Advisor
TD WATERHOUSE GROUP Multiple Portfolios REG 1'072'462 0.4 (94'824) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 1'057'436 0.4 92'937 03.12.2012 Investment Advisor
HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 947'280 0.36 280'048 12.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 27.02.2013
RBC Capital Markets TIMOTHY HUFF sector perform 3 D 1'300 12 month 25.02.2013
AlphaValue SACHIN KUMAR reduce 2 D 1'281 6 month 14.02.2013
Jefferies Christopher LaFemina hold 3 M 1'150 12 month 08.02.2013
HSBC THORSTEN ZIMMERMANN neutral 3 M 1'310 Not Provided 07.02.2013
Deutsche Bank GRANT SPORRE buy 5 M 1'485 12 month 04.02.2013
Morgan Stanley ALAIN GABRIEL Equalwt/In-Line 3 M 1'320 12 month 31.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Credit Suisse LIAM FITZPATRICK outperform 5 M 1'500 Not Provided 14.01.2013
Barclays DAVID BUTLER overweight 5 M 1'445 Not Provided 14.01.2013
JPMorgan ROGER BELL restricted #N/A N/A M #N/A N/A Not Provided 09.08.2012
Goldman Sachs FAWZI HANANO not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012
Nomura PATRICK JONES suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012
KD Banka d.d. MATJAZ MALETIC accumulate 4 N 2'541 12 month 11.02.2010
Holdings By:
Vedanta Resources PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Verbund AG provides integrated electric generations, transmission, and
distribution services. The Company produces power through the operation of
hydro-electric, thermal, and wind power generators. Verbund transmits and
distributes power to customers both domestically and internationally.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (21.03.2012) 23.20
52-Week Low (25.07.2012) 14.50
Daily Volume
15.72
52-Week High % Change -32.24% Dividend Yield -
52-Week Low % Change 8.41% Beta 0.84
% 52 Week Price Range High/Low 14.02% Equity Float -
Shares Out 30.09.2012 170.2 Short Int -
5'461.38 1 Yr Total Return -23.28%
Total Debt 4'233.69 YTD Return -16.20%
Preferred Stock 0.0 Adjusted BETA 0.836
Minority Interest 605.9 Analyst Recs 22
Cash and Equivalents 333.24 Consensus Rating 2.136
Enterprise Value 10'053.87
Average Volume 5 Day 187'562
VER AV EQUITY YTD Change - Average Volume 30 Day 235'894
VER AV EQUITY YTD % CHANGE - Average Volume 3 Month 207'670
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'038.3 3'744.7 3'483.1 3'307.9 3'865.4 3'107.7 3'351.4 3'651.1 3'584.4 1'237.0 -
5.69x 3.50x 3.91x 4.24x 3.03x 18.00x 13.58x 2.78x 2.80x - -
1'098.1 1'280.3 1'244.2 1'057.6 1'240.1 1'093.0 1'611.6 1'181.3 1'166.8 - -
15.74x 10.24x 10.96x 13.27x 9.44x 10.88x 6.32x 8.51x 8.62x - -
579.2 686.6 644.4 400.8 352.6 381.6 355.9 403.6 376.8 - -
25.47x 14.60x 14.22x 21.78x 20.53x 19.53x 15.78x 13.32x 14.30x - -
EBITDA 1'240.07 Long-Term Rating Date 21.09.2009
EBIT 998.40 Long-Term Rating A-
Operating Margin 25.83% Long-Term Outlook STABLE
Pretax Margin 16.58% Short-Term Rating Date -
Return on Assets 3.01% Short-Term Rating -
Return on Common Equity 8.24%
Return on Capital 6.82% EBITDA/Interest Exp. 5.95
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 3.24
Net Debt/EBITDA 2.47
Gross Margin - Total Debt/EBITDA 2.50
EBITDA Margin 48.1%
EBIT Margin 31.4% Total Debt/Equity 97.9%
Net Income Margin 9.1% Total Debt/Capital 46.2%
Asset Turnover 0.28
Current Ratio 1.49 Net Fixed Asset Turnover 0.51
Quick Ratio 0.59 Accounts receivable turnover-days -
Debt to Assets 35.70% Inventory Days -
Tot Debt to Common Equity 97.92% 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
Verbund AGPrice/Volume
Valuation Analysis
392'541.00
Current Price (2/dd/yy) Market Data
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3'000.0
3'500.0
4'000.0
4'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
REPUBLIC OF AUSTRIA n/a Research 86'819'189 51 - 23.01.2013 Government
EVN & WIENER STADTWE n/a Research 42'558'426 25 - 23.01.2013 Corporation
TIWAG n/a Research 8'511'685 5 - 23.01.2013 Other
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'991'329 1.17 16'400 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'796'874 1.06 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'272'360 0.75 27'955 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'204'383 0.71 (354'447) 26.02.2013 Investment Advisor
RINGTURM KAG Multiple Portfolios MF-AGG 960'000 0.56 (110'000) 31.10.2012 Mutual Fund Manager
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 676'097 0.4 268 31.10.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 507'536 0.3 (109) 31.08.2012 Mutual Fund Manager
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 494'173 0.29 - 31.05.2011 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 468'902 0.28 - 28.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 324'544 0.19 - 31.10.2012 Unclassified
MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 249'612 0.15 82'695 30.09.2012 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 242'565 0.14 - 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 151'000 0.09 (21'000) 30.11.2012 Mutual Fund Manager
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 144'260 0.08 - 30.06.2012 Investment Advisor
DZ BANK INTERNATIONA Multiple Portfolios MF-AGG 130'653 0.08 - 28.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 117'146 0.07 (100'183) 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 115'990 0.07 - 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James EMMANUEL RETIF underperform 1 D 16 Not Provided 27.02.2013
Morgan Stanley ANNE N AZZOLA Underwt/In-Line 1 D 15 12 month 26.02.2013
AlphaValue EILEEN RYAN add 4 M 20 6 month 21.02.2013
Berenberg Bank LAWSON STEELE sell 1 N 15 Not Provided 05.02.2013
Erste Bank CHRISTOPH SCHULTES hold 3 D 16 12 month 28.01.2013
Barclays PETER BISZTYGA underweight 1 D 15 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Exane BNP Paribas PHILIP GOTTSCHALK outperform 5 M 22 Not Provided 14.01.2013
Kepler Capital Markets INGO BECKER reduce 2 D 17 Not Provided 08.01.2013
Deutsche Bank ALEXANDER KARNICK sell 1 M 15 12 month 07.01.2013
Goldman Sachs DEBORAH WILKENS buy/attractive 5 M 24 12 month 18.12.2012
Raiffeisenbank AG TERESA SCHINWALD buy 5 M 21 12 month 12.12.2012
Nomura MARTIN YOUNG reduce 2 M 18 Not Provided 12.12.2012
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 18 6 month 05.12.2012
M.M. Warburg Investment Research STEPHAN WULF hold 3 M 18 12 month 05.12.2012
HSBC ADAM DICKENS underweight 1 M 16 Not Provided 27.11.2012
Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 15 12 month 22.11.2012
Credit Suisse VINCENT GILLES underperform 1 M 15 Not Provided 21.11.2012
Main First Bank AG ANDREAS THIELEN neutral 3 M 25 12 month 30.03.2012
Natixis PHILIPPE OURPATIAN neutral 3 M 23 Not Provided 28.10.2011
GSC Research ROLAND PUMBERGER hold 3 M #N/A N/A Not Provided 14.04.2011
Holdings By:
Verbund AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Victrex plc manufactures and sells a thermoplastic, under the trade mark PEEK.
Their PEEK products are used primarily by compounders and processors, in order
to manufacture products in a range of industrial applications.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (19.12.2012) 1'670.00
52-Week Low (17.07.2012) 1'164.00
Daily Volume
1604
52-Week High % Change -3.95% Dividend Yield 2.33
52-Week Low % Change 37.80% Beta 1.07
% 52 Week Price Range High/Low 86.96% Equity Float 75.17
Shares Out 31.01.2013 84.6 Short Int -
1'357.25 1 Yr Total Return 24.05%
Total Debt 0.00 YTD Return 0.94%
Preferred Stock 0.0 Adjusted BETA 1.068
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 83.90 Consensus Rating 3.000
Enterprise Value 1'273.35
Average Volume 5 Day 144'367
VCT LN EQUITY YTD Change - Average Volume 30 Day 175'749
VCT LN EQUITY YTD % CHANGE - Average Volume 3 Month 194'669
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 03/11 Q2 06/11 Q3
141.1 103.8 189.5 215.8 219.8 - - 227.4 244.6 - -
4.03x 5.93x 5.22x 3.92x 4.70x - - 5.58x 5.16x - -
62.3 34.1 83.6 102.6 103.6 - - 108.2 118.2 - -
9.13x 18.08x 11.84x 8.25x 9.97x - - 11.77x 10.77x - -
39.1 17.8 54.0 71.2 71.9 - - 73.6 80.4 - -
14.95x 35.24x 19.61x 12.80x 15.42x - - 18.33x 16.69x - -
EBITDA 103.60 Long-Term Rating Date -
EBIT 94.00 Long-Term Rating -
Operating Margin 42.77% Long-Term Outlook -
Pretax Margin 42.99% Short-Term Rating Date -
Return on Assets 23.44% Short-Term Rating -
Return on Common Equity 29.19%
Return on Capital - EBITDA/Interest Exp. 1036.00
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 766.00
Net Debt/EBITDA -0.81
Gross Margin 66.3% Total Debt/EBITDA 0.00
EBITDA Margin 47.1%
EBIT Margin 42.8% Total Debt/Equity 0.0%
Net Income Margin 32.7% Total Debt/Capital 0.0%
Asset Turnover 0.72
Current Ratio 4.51 Net Fixed Asset Turnover 1.63
Quick Ratio 2.92 Accounts receivable turnover-days 37.47
Debt to Assets 0.00% Inventory Days 231.16
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 26.61
Accounts Receivable Turnover 9.77 Cash Conversion Cycle 242.01
Inventory Turnover 1.58
Fiscal Year Ended
Victrex PLCPrice/Volume
Valuation Analysis
184'809.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 12'298'606 14.53 103'424 26.02.2013 Investment Advisor
SCHRODERS PLC n/a Co File 4'424'382 5.23 - 30.09.2012 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 4'304'022 5.09 420'798 01.01.2013 Hedge Fund Manager
LEGAL & GENERAL n/a ULT-AGG 3'727'763 4.41 107'672 01.01.2013 Unclassified
AEGON n/a ULT-AGG 3'563'133 4.21 (2'821) 01.01.2013 Unclassified
MONTANARO ASSET MGMT n/a RNS-MAJ 3'447'557 4.07 (44'007) 25.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'412'694 4.03 (293'515) 31.12.2012 Investment Advisor
DIRECTOR & RELATED H Multiple Portfolios REG 3'310'462 3.91 (449'749) 01.01.2013 Other
HUMMEL DAVID RICHARD n/a RNS-DIR 3'280'582 3.88 (448'665) 18.12.2012 n/a
KAMES CAPITAL PLC n/a RNS-MAJ 2'796'839 3.31 (1'370'156) 03.01.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 2'661'581 3.15 130'359 01.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'488'669 2.94 340'763 31.12.2012 Investment Advisor
CO-OPERATIVE INSURAN Multiple Portfolios REG 2'098'740 2.48 (344'334) 01.01.2013 Insurance Company
ABERDEEN n/a ULT-AGG 2'088'161 2.47 (150'689) 31.01.2013 Unclassified
FMR LLC n/a ULT-AGG 2'061'345 2.44 (2'292'738) 01.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 2'055'624 2.43 - 01.01.2013 Government
WILLIAM BLAIR & COMP Multiple Portfolios REG 2'045'081 2.42 307'391 01.01.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 2'035'868 2.41 35'008 01.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'635'843 1.93 189'962 30.11.2012 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 1'587'100 1.88 (15'250) 01.01.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 1'850 12 month 27.02.2013
Morgan Stanley PAUL R WALSH Underwt/In-Line 1 M 1'550 12 month 22.02.2013
Peel Hunt DOMINIC CONVEY hold 3 M 1'500 Not Provided 07.02.2013
N+1 Singer Ltd JAMES TETLEY buy 5 U 1'645 12 month 07.02.2013
Numis Securities Ltd CHARLES PICK hold 3 M 1'593 Not Provided 06.02.2013
JPMorgan MARTIN EVANS neutral 3 M 1'400 9 month 05.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Main First Bank AG HOLGER OCHS underperform 1 D 1'550 12 month 12.12.2012
Deutsche Bank MARTIN DUNWOODIE buy 5 U 1'825 12 month 05.12.2012
WH Ireland Ltd MATTHEW DAVIS outperform 5 U 1'430 Not Provided 07.12.2010
Holdings By:
Victrex PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Vienna Insurance Group AG Wiener Versicherung Gruppe is an Austrian insurance
company. The Company offers property and casualty, life, healthcare, and
reinsurance. Vienna Insurance operates through a network of offices in
Austria and Eastern Europe.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (07.01.2013) 41.22
52-Week Low (16.05.2012) 26.78
Daily Volume
38.6
52-Week High % Change -6.36% Dividend Yield -
52-Week Low % Change 44.14% Beta 1.02
% 52 Week Price Range High/Low 81.86% Equity Float -
Shares Out 30.09.2012 128.0 Short Int -
4'940.80 1 Yr Total Return 20.93%
Total Debt 3'232.79 YTD Return -4.40%
Preferred Stock 0.0 Adjusted BETA 1.021
Minority Interest 419.0 Analyst Recs 19
Cash and Equivalents 568.12 Consensus Rating 3.316
Enterprise Value 8'253.41
Average Volume 5 Day 58'148
VIG AV EQUITY YTD Change - Average Volume 30 Day 52'003
VIG AV EQUITY YTD % CHANGE - Average Volume 3 Month 72'058
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
7'111.2 8'141.0 8'419.7 9'179.9 9'285.7 9'206.7 10'044.5 9'678.9 9'857.0 2'151.5 -
1.11x 0.60x 0.81x 0.86x 0.75x 3.26x 2.69x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
312.6 408.5 340.5 379.8 406.7 402.1 434.8 431.8 461.1 107.5 -
18.46x 7.07x 13.53x 13.10x 9.64x 2.91x 2.72x 11.67x 10.86x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A+
Operating Margin 7.27% Long-Term Outlook STABLE
Pretax Margin 6.02% Short-Term Rating Date -
Return on Assets 1.06% Short-Term Rating -
Return on Common Equity 8.83%
Return on Capital 6.01% EBITDA/Interest Exp. -
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 69.8%
Net Income Margin 4.4% Total Debt/Capital 39.0%
Asset Turnover 0.25
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.13% Inventory Days -
Tot Debt to Common Equity 69.81% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Vienna Insurance Group AG Wiener Versicherung GruppePrice/Volume
Valuation Analysis
50'444.00
Current Price (2/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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2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WIENER STAEDTISCHE W n/a Co File 89'600'000 70 - 31.12.2011 Insurance Company
BNP PARIBAS INV PART n/a ULT-AGG 2'663'817 2.08 446'318 31.12.2012 Investment Advisor
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1'411'279 1.1 - 30.09.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'289'028 1.01 68'411 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 998'082 0.78 5'347 28.09.2012 Investment Advisor
RINGTURM KAG Multiple Portfolios MF-AGG 810'467 0.63 (50'000) 31.10.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 752'094 0.59 19'584 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 584'265 0.46 (1'214) 26.02.2013 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 472'265 0.37 (26'572) 30.09.2012 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 401'600 0.31 (5'000) 31.05.2011 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 400'000 0.31 - 30.06.2012 Pension Fund (ERISA)
ABERDEEN n/a ULT-AGG 339'500 0.27 (14'300) 31.12.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 329'133 0.26 - 30.09.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 310'797 0.24 4'502 31.10.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 299'187 0.23 (26'423) 30.09.2012 Investment Advisor
PARVEST INVESTMENT M Multiple Portfolios MF-AGG 271'272 0.21 14'681 30.11.2012 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 226'022 0.18 - 31.10.2012 Investment Advisor
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 186'226 0.15 18'818 31.12.2011 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 158'073 0.12 374 27.02.2013 Investment Advisor
FORTIS INVESTMENT MG Multiple Portfolios MF-AGG 156'840 0.12 - 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raiffeisenbank AG BERND MAURER hold 3 M 42 12 month 04.02.2013
Barclays CLAUDIA GASPARI equalweight 3 M 42 Not Provided 04.02.2013
Komercni Banka AS MIROSLAV ADAMKOVIC hold 3 D 42 12 month 01.02.2013
Main First Bank AG MICHAEL HAID underperform 1 M 37 12 month 01.02.2013
Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 28.01.2013
Deutsche Bank ROBIN BUCKLEY hold 3 D 40 12 month 24.01.2013
Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 D 39 12 month 24.01.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 42 12 month 24.01.2013
J&T Banka MILAN LAVICKA buy 5 M 43 12 month 24.01.2013
Nomura MICHAEL KLIEN buy 5 M 45 12 month 24.01.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 39 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC DHRUV GAHLAUT neutral 3 D 45 Not Provided 16.01.2013
Credit Suisse RICHARD BURDEN underperform 1 D 40 Not Provided 14.01.2013
Erste Bank CHRISTOPH SCHULTES buy 5 M 42 12 month 28.11.2012
Berenberg Bank SAMI TAIPALUS buy 5 M 43 Not Provided 28.11.2012
Kepler Capital Markets THOMAS NEUHOLD buy 5 M 39 Not Provided 27.11.2012
JPMorgan ANDREAS VAN EMBDEN neutral 3 M 35 9 month 21.11.2012
CA Cheuvreux FRANK KOPFINGER suspended coverage #N/A N/A M 50 Not Provided 24.01.2012
UniCredit Research RADENA GEORGIEVA buy 5 M 45 12 month 30.07.2010
Holdings By:
Vienna Insurance Group AG Wiener Versicherung Gruppe ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Viscofan, S.A., manufactures artificial casings made of cellulose, collagen, and
plastic for use in the meat industry. The Company also processes and cans
olives, asparagus, other vegetables, and fruit byproducts. Viscofan operates
in Europe, Asia, and the Americas.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.01.2013) 43.00
52-Week Low (05.06.2012) 30.12
Daily Volume
39.9
52-Week High % Change -7.21% Dividend Yield -
52-Week Low % Change 32.47% Beta 0.40
% 52 Week Price Range High/Low 75.93% Equity Float 41.69
Shares Out 30.09.2012 46.6 Short Int -
1'859.49 1 Yr Total Return 31.99%
Total Debt 86.26 YTD Return -6.80%
Preferred Stock 0.0 Adjusted BETA 0.398
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 26.27 Consensus Rating 3.474
Enterprise Value 1'924.70
Average Volume 5 Day 155'242
VIS SQ EQUITY YTD Change - Average Volume 30 Day 209'653
VIS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 242'324
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
506.0 551.8 583.4 633.7 666.8 653.2 736.1 751.6 797.4 189.5 -
1.53x 1.44x 1.57x 2.18x 2.09x 8.28x 8.71x 2.56x 2.39x - -
98.6 105.3 129.0 154.2 162.2 155.8 182.3 185.8 199.1 46.8 -
7.88x 7.54x 7.12x 8.98x 8.61x 8.45x 9.46x 10.36x 9.67x - -
46.2 51.4 64.3 81.3 101.2 94.9 104.4 107.1 113.4 28.7 -
14.82x 12.78x 12.88x 16.25x 13.19x 13.27x 15.90x 17.46x 16.29x - -
EBITDA 162.18 Long-Term Rating Date -
EBIT 120.13 Long-Term Rating -
Operating Margin 18.02% Long-Term Outlook -
Pretax Margin 19.18% Short-Term Rating Date -
Return on Assets 14.25% Short-Term Rating -
Return on Common Equity 22.95%
Return on Capital - EBITDA/Interest Exp. 46.46
Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 27.55
Net Debt/EBITDA 0.45
Gross Margin - Total Debt/EBITDA 0.63
EBITDA Margin 24.3%
EBIT Margin 18.1% Total Debt/Equity 19.2%
Net Income Margin 15.2% Total Debt/Capital 16.1%
Asset Turnover 0.99
Current Ratio 2.10 Net Fixed Asset Turnover 2.22
Quick Ratio 0.91 Accounts receivable turnover-days 69.66
Debt to Assets 12.37% Inventory Days -
Tot Debt to Common Equity 19.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.25 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Viscofan SAPrice/Volume
Valuation Analysis
135'116.00
Current Price (2/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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-!. 9
-!1 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ONCHENA SL n/a Co File 2'366'070 5.08 - 31.12.2011 Other
MARATHON ASSET MANAG n/a EXCH 2'297'473 4.93 - 11.10.2012 Investment Advisor
GOVERNANCE FOR OWNER n/a EXCH 2'236'061 4.8 - 03.01.2013 Other
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'802'434 3.87 (42'034) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP n/a Co File 1'700'103 3.65 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 1'660'131 3.56 - 26.02.2013 Investment Advisor
BNP PARIBAS SA n/a EXCH 1'411'837 3.03 (47'982) 21.12.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 502'023 1.08 6'095 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 425'430 0.91 38'691 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 270'270 0.58 23'737 31.12.2012 Unclassified
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 226'486 0.49 70'000 31.01.2013 Mutual Fund Manager
ABERDEEN n/a ULT-AGG 219'900 0.47 - 31.12.2012 Unclassified
DANSKE INVEST A/S Multiple Portfolios MF-AGG 218'169 0.47 1'364 31.01.2013 Investment Advisor
BASTERRA LARROUDE NE n/a EXCH 212'452 0.46 - 13.12.2012 n/a
BNP PARIBAS INV PART n/a ULT-AGG 186'581 0.4 (6'377) 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 184'400 0.4 - 28.12.2012 Mutual Fund Manager
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 171'323 0.37 (35'903) 29.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 165'032 0.35 33'498 31.12.2012 Investment Advisor
OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 144'407 0.31 7'300 30.11.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 133'901 0.29 49'872 27.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
NMAS 1 Agencia de Valores ANA FUENTES neutral 3 M 38 12 month 26.02.2013
BPI JOAO SAFARA SILVA neutral 3 M 42 Not Provided 25.02.2013
Espirito Santo Investment Bank ResearchNUNO ESTACIO buy 5 M 44 Not Provided 25.02.2013
Grupo Santander JOSE MANUEL ARROYAS hold 3 M 42 Not Provided 22.02.2013
Exane BNP Paribas FRANCISCO RUIZ outperform 5 M 45 Not Provided 21.02.2013
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO buy 5 M 40 12 month 18.02.2013
Societe Generale ALEX SLOANE hold 3 M 42 12 month 08.02.2013
Ahorro Corporacion Financiera SA ELENA FERNANDEZ hold 3 M 39 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS hold 3 D 40 Not Provided 11.01.2013
Bankia Bolsa (ESN) DAVID CABEZA JARENO hold 3 D 41 12 month 10.01.2013
Link Securities INIGO ISARDO accumulate 4 U 42 Not Provided 03.12.2012
CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS underperform 1 M 39 Not Provided 28.11.2012
La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 D 38 Not Provided 27.11.2012
Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 U 55 6 month 23.11.2012
Banco Sabadell MARTA DIAZ sell 1 M 34 12 month 25.10.2012
BBVA ISABEL CARBALLO market perform 3 M 32 Not Provided 08.10.2012
Mirabaud Finanzas Sociedad de Valores SENRIQUE YAGUEZ AVILES overweight 5 U 38 12 month 19.09.2012
Holdings By:
Viscofan SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Wereldhave N.V. is an investment company qualifying as an Investment Institution
under Dutch Law . The Company develops, invests in, and manages commercial real
estate properties. Wereldhave NV invests in office buildings, shopping centers,
industrial property and apartment buildings. Properties are located in Belgium,
France, the Netherlands, Spain, the United Kingdom, and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 61.35
52-Week Low (24.08.2012) 40.03
Daily Volume
53.3
52-Week High % Change -13.12% Dividend Yield -
52-Week Low % Change 33.15% Beta 0.91
% 52 Week Price Range High/Low 62.24% Equity Float 21.67
Shares Out 31.12.2012 21.7 Short Int -
1'155.52 1 Yr Total Return 3.43%
Total Debt 1'288.78 YTD Return 11.04%
Preferred Stock 0.0 Adjusted BETA 0.911
Minority Interest 147.2 Analyst Recs 16
Cash and Equivalents 44.41 Consensus Rating 3.750
Enterprise Value 2'547.08
Average Volume 5 Day 97'756
WHA NA EQUITY YTD Change - Average Volume 30 Day 146'034
WHA NA EQUITY YTD % CHANGE - Average Volume 3 Month 138'466
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
219.5 212.3 232.5 240.6 179.2 243.4 227.8 164.9 158.4 45.3 39.4
9.77x 10.50x 12.06x 10.39x 13.58x 43.31x 44.83x 12.79x 13.81x 46.30x 55.14x
146.6 128.4 145.8 148.6 109.4 151.4 124.3 116.9 115.8 32.6 27.9
14.62x 17.36x 19.24x 16.82x 22.24x 16.51x 19.56x 21.80x 22.00x 21.80x 22.67x
0.5 (107.1) 88.7 51.3 (98.4) 51.3 (98.5) 82.4 75.8 22.0 19.5
3150.00x - 17.60x 21.56x 44.04x 21.56x 0.00x 15.68x 14.77x 14.03x 14.52x
EBITDA 109.39 Long-Term Rating Date -
EBIT 79.08 Long-Term Rating -
Operating Margin 44.14% Long-Term Outlook -
Pretax Margin 5.28% Short-Term Rating Date -
Return on Assets -3.15% Short-Term Rating -
Return on Common Equity -6.60%
Return on Capital -2.99% EBITDA/Interest Exp. 3.61
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -3.27
Net Debt/EBITDA 10.01
Gross Margin - Total Debt/EBITDA 10.37
EBITDA Margin 54.6%
EBIT Margin - Total Debt/Equity 92.7%
Net Income Margin -54.9% Total Debt/Capital 45.6%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.90% Inventory Days -
Tot Debt to Common Equity 92.75% 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
Wereldhave NVPrice/Volume
Valuation Analysis
102'050.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NIKKO ASSET MANAGEME n/a ULT-AGG 1'075'013 4.96 - 27.09.2011 Unclassified
SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 929'090 4.29 - 31.12.2012 Investment Advisor
APG ALGEMENE PENSIOE n/a Research 896'736 4.14 - 09.06.2011 Pension Fund (ERISA)
ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 701'764 3.24 149'271 17.07.2012 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 700'257 3.23 26'018 21.08.2012 Investment Advisor
COLONIAL FIRST STATE Multiple Portfolios MF-AGG 450'142 2.08 (128'858) 08.05.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 444'751 2.05 (3'428) 26.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 352'968 1.63 (15'609) 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 294'936 1.36 (1'136) 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 264'105 1.22 7'587 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 245'025 1.13 1'928 27.02.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 241'707 1.11 - 31.01.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 226'816 1.05 198'316 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 195'594 0.9 (6'464) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 157'572 0.73 (384) 31.12.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 133'831 0.62 - 29.06.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 122'235 0.56 7'300 01.02.2013 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 105'770 0.49 (35'111) 31.10.2012 Mutual Fund Manager
PETERCAM SA Multiple Portfolios MF-AGG 105'000 0.48 (8'000) 30.12.2011 Mutual Fund Manager
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 104'320 0.48 (3'295) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue PIERRE-LOUP ETIENNE add 4 M 56 6 month 21.02.2013
Societe Generale MICHEL VARALDO buy 5 M 59 12 month 12.02.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 53 12 month 12.02.2013
JPMorgan HARM M MEIJER overweight 5 M 61 9 month 11.02.2013
Petercam STEPHAN VAN WEEREN add 4 M 59 Not Provided 11.02.2013
Rabobank International MARTIJN TER LAAK buy 5 M 53 Not Provided 11.02.2013
ING Bank JAAP KUIN buy 5 M 60 12 month 11.02.2013
ABN Amro Bank N.V. RUUD VAN MAANEN buy 5 M 58 12 month 11.02.2013
Natixis SERGE DEMIRDJIAN buy 5 M 61 Not Provided 29.01.2013
Kempen & Co ROBERT WOERDEMAN neutral 3 D 52 12 month 13.01.2013
HSBC THOMAS MARTIN underweight 1 M 41 Not Provided 27.11.2012
CA Cheuvreux BRUNO DUCLOS underperform 1 M 45 Not Provided 03.10.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 D 43 12 month 25.07.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 12.06.2012
Holdings By:
Wereldhave NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
William Demant Holding A/S, through subsidiaries, develops, manufactures, and
sells hearing aids, audiometers, tympanometers, diagnostic instruments for
respiratory irregularities, and wireless communication equipment for the
hearing-impaired, as well as telephone headsets for professional use. The
Company sells the products in selected countries worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (19.07.2012) 596.50
52-Week Low (27.02.2013) 448.00
Daily Volume
450.5
52-Week High % Change -24.48% Dividend Yield -
52-Week Low % Change 0.56% Beta 0.79
% 52 Week Price Range High/Low 1.68% Equity Float -
Shares Out 26.02.2013 58.3 Short Int -
26'286.62 1 Yr Total Return -13.03%
Total Debt 2'713.00 YTD Return -6.90%
Preferred Stock 0.0 Adjusted BETA 0.788
Minority Interest (2.0) Analyst Recs 28
Cash and Equivalents 307.00 Consensus Rating 3.107
Enterprise Value 28'690.62
Average Volume 5 Day 208'680
WDH DC EQUITY YTD Change - Average Volume 30 Day 102'595
WDH DC EQUITY YTD % CHANGE - Average Volume 3 Month 98'898
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 - -
5'373.7 5'701.2 6'892.4 8'041.0 8'555.0 - - 9'250.2 9'867.8 - -
2.77x 4.30x 3.82x 3.68x 3.49x - - 3.00x 2.76x - -
1'214.3 1'317.0 1'621.0 1'905.0 - - - 2'174.0 2'378.0 - -
12.24x 18.61x 16.22x 15.52x - - - 13.20x 12.07x - -
682.4 794.9 988.4 1'198.0 1'153.0 - - 1'362.8 1'514.5 - -
18.83x 28.79x 24.34x 23.20x 24.47x - - 18.32x 16.14x - -
EBITDA - Long-Term Rating Date -
EBIT 1'641.00 Long-Term Rating -
Operating Margin 19.18% Long-Term Outlook -
Pretax Margin 17.78% Short-Term Rating Date -
Return on Assets 14.04% Short-Term Rating -
Return on Common Equity 31.33%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 71.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 19.2% Total Debt/Equity 66.8%
Net Income Margin 13.5% Total Debt/Capital 40.1%
Asset Turnover 1.04
Current Ratio 0.81 Net Fixed Asset Turnover 6.46
Quick Ratio 0.49 Accounts receivable turnover-days 74.12
Debt to Assets 30.91% Inventory Days 157.98
Tot Debt to Common Equity 66.81% Accounts Payable Turnover Day 58.62
Accounts Receivable Turnover 4.94 Cash Conversion Cycle 173.47
Inventory Turnover 2.32
Fiscal Year Ended
William Demant Holding A/SPrice/Volume
Valuation Analysis
362'346.00
Current Price (2/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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 3'481'771 5.97 (160'602) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'000'944 5.14 - 31.12.2012 Investment Advisor
ATP INVESTMENT MANAG n/a Research 838'464 1.44 - 31.12.2011 Unclassified
THREADNEEDLE ASSET M n/a Research 703'351 1.21 - 28.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC n/a Research 684'245 1.17 - 31.08.2012 Investment Advisor
NORGES BANK n/a Research 516'011 0.88 - 31.12.2011 Government
DANSKE BANK A/S n/a Research 401'467 0.69 - 31.08.2012 Bank
FONDSMGLERSELSKABET n/a Research 392'427 0.67 - 31.12.2011 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 249'787 0.43 - 31.10.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 248'420 0.43 (146'000) 31.01.2013 Investment Advisor
VANGUARD GROUP INC n/a Research 227'337 0.39 - 30.09.2012 Investment Advisor
NORDEA INV MANAGEMEN n/a Research 182'896 0.31 - 31.08.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 178'743 0.31 (20'896) 26.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 170'038 0.29 (915) 31.12.2012 Unclassified
APG ASSET MANAGEMENT n/a Research 169'444 0.29 - 30.06.2012 Pension Fund (ERISA)
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 132'900 0.23 (21'343) 28.12.2012 Mutual Fund Manager
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 115'859 0.2 40'000 31.01.2013 Investment Advisor
GAMCO n/a ULT-AGG 110'000 0.19 (2'000) 28.09.2012 Unclassified
FIDELITY INVESTMENT Multiple Portfolios MF-AGG 80'005 0.14 - 30.12.2011 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 70'000 0.12 - 31.07.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank YI-DAN WANG sell 1 D 370 12 month 27.02.2013
Morgan Stanley MICHAEL K JUNGLING Equalwt/Attractive 3 M 442 12 month 27.02.2013
Jyske Bank JANNE VINCENT KJAER reduce 2 U 500 Not Provided 27.02.2013
ABG Sundal Collier MORTEN LARSEN hold 3 U 425 6 month 27.02.2013
Credit Suisse CHRISTOPH GRETLER neutral 3 M 475 Not Provided 27.02.2013
JPMorgan DAVID J ADLINGTON neutral 3 M 450 12 month 27.02.2013
Carnegie CLAUS ALMER hold 3 D #N/A N/A Not Provided 27.02.2013
Nordea Equity Research SOREN V HOLM SORENSEN hold 3 M 490 12 month 27.02.2013
Kepler Capital Markets MAJA PATAKI hold 3 D 500 Not Provided 27.02.2013
Danske Markets MARTIN PARKHOI buy 5 U 520 12 month 27.02.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 U 480 Not Provided 26.02.2013
SEB Enskilda NIELS GRANHOLM-LETH buy 5 M 525 Not Provided 26.02.2013
DNB Markets RUNE MAJLUND DAHL sell 1 M 430 Not Provided 26.02.2013
Exane BNP Paribas ROMAIN ZANA neutral 3 M 440 Not Provided 26.02.2013
Helvea SIMON GOETSCHMANN reduce 2 M 433 12 month 26.02.2013
Swedbank JOHAN UNNERUS reduce 2 M 465 12 month 25.02.2013
Handelsbanken KLAUS MADSEN accumulate 4 M 530 12 month 22.02.2013
Commerzbank Corporates & Markets OLIVER METZGER buy 5 M 600 6 month 19.02.2013
AlphaValue KAMLA SINGH add 4 M 539 6 month 14.02.2013
Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 550 12 month 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
HSBC HENDRIK LOFRUTHE neutral 3 U 510 Not Provided 14.01.2013
CA Cheuvreux DANIEL JELOVCAN outperform 5 M 540 Not Provided 08.11.2012
NYKREDIT KRESTEN JOHNSEN neutral 3 M #N/A N/A Not Provided 07.11.2012
Jefferies INGEBORG OIE underperform 1 M 465 12 month 16.08.2012
Sydbank MORTEN IMSGARD neutral 3 M #N/A N/A Not Provided 12.05.2011
Holdings By:
William Demant Holding A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Wincor Nixdorf AG manufactures banking machines and cash registers.
The Company's products include ATMs, cash deposit systems, and Automated Teller
Safes.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (20.03.2012) 41.79
52-Week Low (28.06.2012) 26.41
Daily Volume
38.815
52-Week High % Change -7.12% Dividend Yield -
52-Week Low % Change 47.00% Beta 0.88
% 52 Week Price Range High/Low 80.66% Equity Float 29.78
Shares Out 31.12.2012 33.1 Short Int -
1'284.19 1 Yr Total Return -2.23%
Total Debt 237.27 YTD Return 12.47%
Preferred Stock 0.0 Adjusted BETA 0.877
Minority Interest 4.7 Analyst Recs 24
Cash and Equivalents 38.43 Consensus Rating 3.042
Enterprise Value 1'414.66
Average Volume 5 Day 104'583
WIN GY EQUITY YTD Change - Average Volume 30 Day 144'200
WIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 138'361
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
2'318.6 2'250.2 2'239.5 2'328.2 2'343.0 2'301.6 2'404.4 2'417.1 2'491.5 592.5 552.5
0.65x 0.69x 0.73x 0.51x 0.48x 2.55x 1.85x 0.61x 0.57x - -
240.4 224.7 214.5 217.0 165.3 205.8 165.0 191.9 216.5 38.9 35.9
6.31x 6.90x 7.63x 5.48x 6.73x 5.63x 7.19x 7.38x 6.54x 6.72x 6.45x
126.6 113.6 106.2 107.1 62.6 98.7 64.1 86.5 101.9 20.3 18.2
10.44x 12.26x 14.24x 9.71x 14.55x 10.76x 16.41x 13.00x 11.46x 12.66x 12.50x
EBITDA 165.32 Long-Term Rating Date -
EBIT 100.36 Long-Term Rating -
Operating Margin 4.28% Long-Term Outlook -
Pretax Margin 3.83% Short-Term Rating Date -
Return on Assets 4.51% Short-Term Rating -
Return on Common Equity 18.25%
Return on Capital - EBITDA/Interest Exp. 15.43
Asset Turnover 1.69% (EBITDA-Capex)/Interest Exp. 11.14
Net Debt/EBITDA 0.76
Gross Margin 20.9% Total Debt/EBITDA 1.17
EBITDA Margin 6.9%
EBIT Margin 4.2% Total Debt/Equity 73.1%
Net Income Margin 2.7% Total Debt/Capital 41.9%
Asset Turnover 1.69
Current Ratio 1.02 Net Fixed Asset Turnover 17.13
Quick Ratio 0.57 Accounts receivable turnover-days 62.83
Debt to Assets 16.91% Inventory Days 57.19
Tot Debt to Common Equity 73.10% Accounts Payable Turnover Day 61.38
Accounts Receivable Turnover 5.83 Cash Conversion Cycle 64.12
Inventory Turnover 6.40
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
Wincor Nixdorf AGPrice/Volume
Valuation Analysis
74'311.00
Current Price (2/dd/yy) Market Data
'2
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WINCOR NIXDORF AG n/a Co File 3'308'500 10 - 30.09.2012 Corporation
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'655'128 8.03 - 31.12.2012 Investment Advisor
DWS INVESTMENT GMBH n/a Co File 1'654'250 5 - 30.09.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'242'741 3.76 (96'723) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'179'199 3.56 4'773 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'111'032 3.36 121'579 31.12.2012 Investment Advisor
AMUNDI n/a Co File 992'550 3 - 30.09.2012 Investment Advisor
POLARIS CAPITAL MANA n/a Co File 992'550 3 - 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 714'367 2.16 153'796 26.02.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 618'069 1.87 9'074 28.09.2012 Investment Advisor
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 488'414 1.48 - 28.09.2012 Mutual Fund Manager
DWS INVESTMENT SA Multiple Portfolios MF-AGG 411'500 1.24 (949) 28.12.2012 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 406'750 1.23 (53'900) 30.11.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 397'600 1.2 2'600 28.09.2012 Investment Advisor
PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 287'250 0.87 25'900 30.09.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 265'600 0.8 - 30.06.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 242'395 0.73 242'395 30.06.2012 Investment Advisor
TREMBLANT CAPITAL LP n/a Short (231'595) -0.7 (6'617) 01.02.2013 Other
PARVEST INVESTMENT M Multiple Portfolios MF-AGG 231'546 0.7 - 30.04.2012 Investment Advisor
UBS INVEST KAG Multiple Portfolios MF-AGG 160'300 0.48 - 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Matelan Research GmbH ADRIAN HOPKINSON neutral 3 N 47 12 month 07.02.2013
Landesbank Baden-Wuerttemberg THOMAS HOFMANN hold 3 M 41 Not Provided 29.01.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 42 12 month 23.01.2013
Bankhaus Metzler STEPHAN BAUER sell 1 M 33 12 month 23.01.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 39 6 month 22.01.2013
M.M. Warburg Investment Research BJOERN VOSS hold 3 D 44 12 month 22.01.2013
DZ Bank AG THORSTEN REIGBER sell 1 M 34 12 month 22.01.2013
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 29 6 month 21.01.2013
Nord/LB WOLFGANG DONIE hold 3 M 40 12 month 21.01.2013
Wedbush GIL B LURIA neutral 3 M 44 12 month 21.01.2013
HSBC JOERG-ANDRE FINKE overweight 5 M 40 Not Provided 21.01.2013
Hauck & Aufhaeuser TORBEN TEICHLER hold 3 M 42 12 month 21.01.2013
Bankhaus Lampe HEIKO FEBER sell 1 M 37 12 month 21.01.2013
National Bank AG STEFFEN MANSKE buy 5 M 49 Not Provided 21.01.2013
Berenberg Bank FREDERIK BITTER hold 3 M 33 Not Provided 21.01.2013
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 44 Not Provided 21.01.2013
Kepler Capital Markets STEFAN AUGUSTIN hold 3 D 41 Not Provided 17.01.2013
Deutsche Bank UWE SCHUPP buy 5 M 50 12 month 16.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 38 12 month 14.01.2013
Silvia Quandt Research EERIK KD BUDARZ buy 5 M 38 12 month 07.12.2012
CA Cheuvreux HANS-JOACHIM HEIMBUERGER underperform 1 M 29 Not Provided 24.04.2012
Holdings By:
Wincor Nixdorf AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Wirecard AG offers Internet payment and processing services. The Company
provides software and systems for online payment, electronic funds transfer,
fraud protection and enterprise solutions. Wirecard also offers call center
services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 20.31
52-Week Low (07.05.2012) 12.82
Daily Volume
19.72
52-Week High % Change -2.90% Dividend Yield -
52-Week Low % Change 53.88% Beta 0.62
% 52 Week Price Range High/Low 92.13% Equity Float 101.07
Shares Out 30.09.2012 112.2 Short Int -
2'212.43 1 Yr Total Return 34.02%
Total Debt 86.02 YTD Return 6.02%
Preferred Stock 0.0 Adjusted BETA 0.618
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 222.40 Consensus Rating 4.111
Enterprise Value 1'856.54
Average Volume 5 Day 366'961
WDI GY EQUITY YTD Change - Average Volume 30 Day 536'312
WDI GY EQUITY YTD % CHANGE - Average Volume 3 Month 365'669
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
134.2 196.8 228.5 271.6 324.8 308.5 372.0 393.8 472.2 113.3 100.0
6.43x 1.19x 3.13x 3.20x 3.47x 12.99x 14.82x 5.08x 4.11x - -
40.5 52.4 60.3 73.1 84.4 79.1 104.0 108.8 126.2 31.6 27.2
21.32x 4.46x 11.86x 11.90x 13.37x 12.80x 15.76x 17.13x 14.77x 14.81x 13.81x
30.5 42.3 45.5 54.0 61.2 56.1 71.8 75.7 88.0 21.8 18.7
30.16x 9.83x 21.44x 19.34x 20.70x 21.26x 26.54x 28.58x 24.87x 25.28x 22.93x
EBITDA 84.40 Long-Term Rating Date -
EBIT 75.91 Long-Term Rating -
Operating Margin 23.37% Long-Term Outlook -
Pretax Margin 22.76% Short-Term Rating Date -
Return on Assets 9.00% Short-Term Rating -
Return on Common Equity 17.02%
Return on Capital 16.03% EBITDA/Interest Exp. 56.27
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 31.46
Net Debt/EBITDA -3.42
Gross Margin - Total Debt/EBITDA 0.55
EBITDA Margin 28.0%
EBIT Margin 24.1% Total Debt/Equity 25.2%
Net Income Margin 18.8% Total Debt/Capital 20.2%
Asset Turnover 0.47
Current Ratio 1.59 Net Fixed Asset Turnover 62.76
Quick Ratio 0.86 Accounts receivable turnover-days -
Debt to Assets 12.17% Inventory Days -
Tot Debt to Common Equity 25.24% 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
Wirecard AGPrice/Volume
Valuation Analysis
238'105.00
Current Price (2/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MB BETEILGUNGSGESELL n/a Co File 7'737'036 6.9 - 31.12.2011 Unclassified
JUPITER ASSET MANAGE n/a Co File 6'372'874 5.68 - 31.12.2011 Investment Advisor
ALKEN FUND SICAV n/a Co File 5'090'155 4.54 - 31.12.2011 n/a
MANNING & NAPIER GRO n/a Research 3'385'024 3.02 - 03.01.2013 n/a
AMERIPRISE FINANCIAL n/a Research 3'349'664 2.99 - 16.08.2012 Investment Advisor
WASATCH ADVISORS INC n/a Research 3'336'766 2.97 - 25.01.2013 Investment Advisor
COLUMBIA WANGER ASSE n/a Co File 3'135'535 2.79 - 31.12.2011 Investment Advisor
FMR LLC n/a ULT-AGG 2'876'958 2.56 224'780 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'569'276 2.29 (38'526) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'562'889 2.28 (185'083) 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'313'464 2.06 2'313'464 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'611'101 1.44 (90'464) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'598'960 1.43 79'451 31.01.2013 Investment Advisor
DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 1'424'833 1.27 834'864 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'254'378 1.12 (167'383) 31.12.2012 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 1'223'810 1.09 302'480 31.01.2013 Mutual Fund Manager
GCIC LTD/CANADA Multiple Portfolios MF-AGG 1'010'821 0.9 895'200 31.10.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 955'628 0.85 (976'235) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 860'241 0.77 - 26.02.2013 Investment Advisor
QVT FUND V LP n/a Short (806'281) -0.72 - 26.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 21 Not Provided 27.02.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 16 12 month 25.02.2013
DZ Bank AG THORSTEN REIGBER buy 5 M 22 12 month 25.02.2013
Berenberg Bank ALEXANDRA SCHLEGEL buy 5 U 25 Not Provided 12.02.2013
Matelan Research GmbH ADRIAN HOPKINSON buy 5 N 23 12 month 07.02.2013
Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 21 6 month 04.02.2013
Landesbank Baden-Wuerttemberg THOMAS HOFMANN buy 5 M 21 Not Provided 04.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 19 12 month 04.02.2013
Equita SIM SpA GIANMARCO BONACINA buy 5 M 22 12 month 31.01.2013
Hauck & Aufhaeuser SASCHA BERRESCH hold 3 M 20 12 month 31.01.2013
Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 17 12 month 31.01.2013
Barclays GERARDUS VOS overweight 5 M 21 Not Provided 31.01.2013
Deutsche Bank BENJAMIN KOHNKE hold 3 M 16 12 month 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
Main First Bank AG JUERGEN WAGNER outperform 5 N 23 12 month 13.12.2012
Natixis MAXIME MALLET buy 5 M 21 Not Provided 15.11.2012
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 21 6 month 31.10.2012
Holdings By:
Wirecard AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
YIT Oyj (YIT) offers construction, installation, and fixed and mobile network
services. The Company's services include construction, renovations, and
maintenance of commercial and residential buildings, water treatment plants,
roads and bridges, pipelines, alarm systems, and telecommunications networks.
YIT is primarily active in the Nordic countries, the Baltic rim, and Russia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 17.88
52-Week Low (14.06.2012) 11.87
Daily Volume
17.15
52-Week High % Change -4.08% Dividend Yield -
52-Week Low % Change 44.48% Beta 1.12
% 52 Week Price Range High/Low 87.85% Equity Float -
Shares Out 26.02.2013 127.2 Short Int -
2'181.88 1 Yr Total Return 7.95%
Total Debt 922.00 YTD Return 16.04%
Preferred Stock 0.0 Adjusted BETA 1.122
Minority Interest 3.3 Analyst Recs 17
Cash and Equivalents 175.70 Consensus Rating 3.882
Enterprise Value 2'931.48
Average Volume 5 Day 380'485
YTY1V FH EQUITY YTD Change - Average Volume 30 Day 370'266
YTY1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 331'091
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
3'939.7 3'485.6 3'787.6 4'382.1 4'705.9 4'382.1 4'705.8 4'729.3 4'947.8 1'116.8 1'207.6
0.31x 0.66x 0.78x 0.52x 0.55x 2.41x 2.25x 0.60x 0.56x 2.48x 2.38x
287.4 201.7 256.2 233.0 303.9 233.0 303.8 329.9 380.8 71.2 85.9
4.29x 11.44x 11.46x 9.84x 8.56x 9.84x 8.57x 8.89x 7.70x 8.91x 8.19x
132.9 68.4 140.3 124.4 178.7 124.4 178.8 192.9 230.5 40.2 50.9
4.38x 26.46x 16.62x 12.46x 10.37x 12.46x 10.40x 11.17x 9.35x 10.93x 10.04x
EBITDA 303.90 Long-Term Rating Date -
EBIT 259.00 Long-Term Rating -
Operating Margin 5.50% Long-Term Outlook -
Pretax Margin 5.06% Short-Term Rating Date -
Return on Assets 4.98% Short-Term Rating -
Return on Common Equity 18.33%
Return on Capital - EBITDA/Interest Exp. 12.20
Asset Turnover 1.31% (EBITDA-Capex)/Interest Exp. 10.63
Net Debt/EBITDA 2.46
Gross Margin - Total Debt/EBITDA 3.03
EBITDA Margin 6.5%
EBIT Margin 5.5% Total Debt/Equity 89.3%
Net Income Margin 3.8% Total Debt/Capital 47.1%
Asset Turnover 1.31
Current Ratio 1.61 Net Fixed Asset Turnover 42.51
Quick Ratio 0.09 Accounts receivable turnover-days -
Debt to Assets 25.04% Inventory Days -
Tot Debt to Common Equity 89.34% 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
YIT OYJPrice/Volume
Valuation Analysis
282'551.00
Current Price (2/dd/yy) Market Data
'.135
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4'000.0
4'500.0
5'000.0
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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STRUCTOR SA n/a Research 15'430'000 12.13 - 31.12.2011 Corporation
VARMA MUTUAL PENSION n/a Research 10'000'000 7.86 - 31.12.2011 Insurance Company
ILMARINEN MUTUAL PEN n/a Research 4'841'255 3.81 - 31.12.2011 Insurance Company
MANDATUM LIFE INSURA n/a Research 4'594'606 3.61 - 31.12.2011 Insurance Company
SOCIETY OF SWEDISH L n/a Research 1'859'200 1.46 - 31.12.2011 Mutual Fund Manager
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'803'611 1.42 - 31.01.2013 Mutual Fund Manager
TAPIOLA MUTUAL PENSI n/a Research 1'685'541 1.32 - 31.12.2011 Insurance Company
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'604'008 1.26 (84'115) 31.12.2012 Investment Advisor
BROTHERUS ILKKA n/a Research 1'324'740 1.04 - 31.12.2011 n/a
FINLAND STATE PENSIO n/a Research 1'321'807 1.04 - 31.12.2011 Government
KALEVA MUTUAL INSURA n/a Research 1'247'348 0.98 - 31.12.2011 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'159'702 0.91 17'460 31.12.2012 Investment Advisor
OP DELTA FUND n/a Research 1'065'000 0.84 - 31.12.2011 Investment Advisor
NORDEA FENNIA FUND n/a Research 1'010'000 0.79 - 31.12.2011 n/a
FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 937'000 0.74 65'000 31.01.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 922'146 0.72 - 31.01.2013 Investment Advisor
GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 722'300 0.57 (101'350) 30.11.2012 Mutual Fund Manager
DANSKE FINNISH INSTL n/a Research 676'743 0.53 - 31.12.2011 n/a
ETERA MUTUAL PENSION n/a Research 662'500 0.52 - 31.12.2011 Insurance Company
AKTIA FUND MANAGEMEN Multiple Portfolios MF-AGG 661'000 0.52 (50'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 20 6 month 12.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 12.02.2013
Berenberg Bank CHRIS MOORE hold 3 M 17 Not Provided 08.02.2013
Pareto Securities JONI GRONQVIST buy 5 M 19 6 month 07.02.2013
Deutsche Bank MANU RIMPELA buy 5 M 20 12 month 06.02.2013
ABG Sundal Collier ROBERT REDIN hold 3 M 17 6 month 06.02.2013
Pohjola Bank Plc (ESN) MATIAS RAUTIONMAA hold 3 D 19 12 month 06.02.2013
SEB Enskilda JUTTA RAHIKAINEN buy 5 M 20 Not Provided 06.02.2013
Carnegie TOMMY ILMONI sell 1 D #N/A N/A Not Provided 06.02.2013
Nordea Equity Research PAAVO AHONEN suspended coverage #N/A N/A M #N/A N/A Not Provided 06.02.2013
Evli Bank Plc MIKA KARPPINEN buy 5 M 20 12 month 06.02.2013
Danske Markets ARI JARVINEN hold 3 M 19 12 month 06.02.2013
Handelsbanken ALBIN SANDBERG accumulate 4 M 16 12 month 05.02.2013
INDERES SAULI VILEN accumulate 4 M 20 Not Provided 05.02.2013
CA Cheuvreux BJORN GUSTAFSSON outperform 5 M 15 Not Provided 17.12.2012
Swedbank TOMI TIILOLA strong buy 5 M 19 12 month 31.10.2012
FIM JAAKKO TYRVAINEN accumulate 4 M 15 12 month 26.07.2012
Holdings By:
YIT OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Zardoya Otis SA manufactures, installs and services elevators and elevator
equipment. The Company also exports manufactured elevator equipment to be
installed by Otis Elevator subsidiaries around the world.
Latest Fiscal Year: 12/2012
LTM as of: 11/yy
52-Week High (10.01.2013) 11.73
52-Week Low (27.06.2012) 8.09
Daily Volume
10.69
52-Week High % Change -8.87% Dividend Yield -
52-Week Low % Change 32.14% Beta 0.62
% 52 Week Price Range High/Low 71.43% Equity Float 145.70
Shares Out 31.12.2012 385.2 Short Int -
4'118.23 1 Yr Total Return 16.51%
Total Debt 32.82 YTD Return -1.02%
Preferred Stock 0.0 Adjusted BETA 0.615
Minority Interest 24.1 Analyst Recs 11
Cash and Equivalents 37.56 Consensus Rating 1.364
Enterprise Value 4'137.57
Average Volume 5 Day 283'333
ZOT SQ EQUITY YTD Change - Average Volume 30 Day 208'999
ZOT SQ EQUITY YTD % CHANGE - Average Volume 3 Month 320'389
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 11/yy 11/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
936.6 885.1 862.8 819.1 809.1 819.1 809.1 863.8 905.3 - -
4.54x 5.16x 4.32x 4.63x 5.17x 0.00x 0.00x 4.78x 4.55x - -
296.6 299.5 305.5 289.2 278.0 0.0 0.0 292.3 304.3 - -
14.32x 15.24x 12.20x 13.10x 15.04x 0.00x 0.00x 14.16x 13.60x - -
201.1 202.1 205.1 193.6 181.1 194.0 181.1 191.0 199.3 - -
20.65x 22.89x 18.46x 19.78x 22.04x 19.65x 22.40x 21.91x 20.84x - -
EBITDA 277.98 Long-Term Rating Date -
EBIT 261.22 Long-Term Rating -
Operating Margin 32.28% Long-Term Outlook -
Pretax Margin 32.26% Short-Term Rating Date -
Return on Assets 32.35% Short-Term Rating -
Return on Common Equity 77.49%
Return on Capital - EBITDA/Interest Exp. 737.67
Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 730.54
Net Debt/EBITDA -0.02
Gross Margin - Total Debt/EBITDA 0.12
EBITDA Margin 34.4%
EBIT Margin 32.3% Total Debt/Equity 13.8%
Net Income Margin 22.4% Total Debt/Capital 11.1%
Asset Turnover 1.45
Current Ratio 1.13 Net Fixed Asset Turnover 15.53
Quick Ratio 0.93 Accounts receivable turnover-days 48.57
Debt to Assets 5.85% Inventory Days -
Tot Debt to Common Equity 13.78% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.17 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Zardoya Otis SAPrice/Volume
Valuation Analysis
255'848.00
Current Price (2/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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100.0
200.0
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900.0
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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 |
28.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNITED TECHNOLOGIES n/a EXCH 192'659'576 50.01 - 02.08.2012 Corporation
EURO SYNS SA n/a EXCH 41'683'407 10.82 1'984'925 20.08.2012 Other
CENON INVESTMENTS SL n/a EXCH 3'816'325 0.99 181'730 20.08.2012 Corporation
DALTON STRATEGIC PAR n/a Short (2'658'166) -0.69 38'524 15.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'578'189 0.67 32'419 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'467'406 0.64 80'155 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'732'937 0.45 4'034 26.02.2013 Investment Advisor
ABAJO GARCIA MARIO n/a EXCH 1'125'649 0.29 - 11.09.2012 n/a
LBPAM Multiple Portfolios MF-AGG 353'605 0.09 73'295 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 231'066 0.06 73'688 30.11.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 228'501 0.06 - 28.12.2012 Mutual Fund Manager
LOIZAGA VIGURI JOSE n/a EXCH 208'291 0.05 9'918 02.08.2012 n/a
STATE STREET BANQUE Multiple Portfolios MF-AGG 207'101 0.05 264 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 136'113 0.04 - 31.12.2012 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 115'637 0.03 11'074 31.01.2013 Investment Advisor
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 114'365 0.03 (8'102) 29.02.2012 Investment Advisor
GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 79'827 0.02 - 30.11.2012 Mutual Fund Manager
LEGAL & GENERAL n/a ULT-AGG 74'937 0.02 - 28.12.2012 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 71'958 0.02 - 31.07.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 71'680 0.02 - 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI MANUEL DIAS COELHO sell 1 M 8 Not Provided 25.02.2013
Goldman Sachs MAYAN UTHAYAKUMAR Sell/Neutral 1 M 9 6 month 18.02.2013
La Caixa BORJA PAGOAGA sell 1 D 9 Not Provided 07.02.2013
AlphaValue LIONEL PELLICER reduce 2 M 11 6 month 07.02.2013
Exane BNP Paribas FRANCISCO RUIZ underperform 1 M 7 Not Provided 05.02.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ sell 1 M 9 12 month 30.01.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON sell 1 M 11 12 month 30.01.2013
Grupo Santander JAVIER ECHANOVE hold 3 M 10 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Bankia Bolsa (ESN) INIGO RECIO PASCUAL reduce 2 M 9 12 month 28.12.2012
BBVA LURDES SAIZ DE QUEVEDO underperform 1 M 8 Not Provided 05.10.2012
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 M 8 Not Provided 30.01.2012
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 9 12 month 30.01.2012
Intermoney Valores ESTHER MARTIN hold 3 M 12 12 month 13.04.2011
Holdings By:
Zardoya Otis SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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