fundamental equity analysis & analyst recommendations - stoxx europe mid 200 index components
DESCRIPTION
Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Mid 200 Index ComponentsIII LN Equity 3i Group PLCADN LN Equity Aberdeen Asset Management PLCABE SQ Equity Abertis Infraestructuras SAAC FP Equity Accor SAACS SQ Equity ACS Actividades de Construccion y ServicATLN VX Equity Actelion LtdADEN VX Equity Adecco SAADM LN Equity Admiral Group PLCAGS LN Equity Aegis Group PLCADP FP Equity Aeroports de ParisAGS BB Equity AgeasAKSO NO Equity Aker Solutions ASAALU FP Equity Alcatel-Lucent/FranceALFA SS Equity Alfa Laval ABAMS SQ Equity Amadeus IT Holding SAAMEC LN Equity AMEC PLCAML LN Equity Amlin PLCANDR AV Equity Andritz AGAKE FP Equity Arkema SAARYN SE Equity Aryzta AGATL IM Equity Atlantia SpAATO FP Equity AtoSBAB LN Equity Babcock International Group PLCBBY LN Equity Balfour Beatty PLCBALN VX Equity Baloise Holding AGSAB SQ Equity Banco de Sabadell SABP IM Equity Banco Popolare SCPOP SQ Equity Banco Popular Espanol SABEI GY Equity Beiersdorf AGBELG BB Equity Belgacom SABKG LN Equity Berkeley Group Holdings PLCGBF GY Equity Bilfinger SEBOL SS Equity Boliden ABEN FP Equity Bouygues SABNR GY Equity Brenntag AGBNZL LN Equity Bunzl PLCBVI FP Equity Bureau Veritas SACNE LN Equity Cairn Energy PLCCABK SQ Equity CaixaBankCCL LN Equity Carnival PLCCO FP Equity Casino Guichard Perrachon SACHR DC Equity Chr Hansen Holding A/SCGG FP Equity Cie Generale de Geophysique - VeritasCLN VX Equity Clariant AGCOB LN Equity Cobham PLCEEEK GA Equity Coca Cola Hellenic Bottling Co SACOLOB DC Equity Coloplast A/SCOLR BB Equity Colruyt SACORA NA Equity Corio NVCRDA LN Equity Croda International PLCDSY FP Equity Dassault Systemes SADE NA Equity DE Master Blenders 1753 NVDELB BB Equity Delhaize Group SADLN LN Equity Derwent London PLCLHA GY Equity Deutsche Lufthansa AGDIA SQ Equity Distribuidora Internacional de AlimentacDRX LN Equity Drax Group PLCSMDS LN Equity DS Smith PLCDSV DC Equity DSV A/SEDEN FP Equity EdenredEDP PL Equity EDP - Energias de Portugal SAELN ID Equity Elan Corp PLCEDF FP Equity Electricite de France SAELUXB SS Equity Electrolux ABEKTAB SS Equity Elekta ABELI1V FH Equity Elisa OYJENG SQ Equity Enagas SAEGPW IM Equity Enel Green Power SpAEBS AV Equity Erste Group Bank AGETL FP Equity Eutelsat Communications SAFER SQ Equity Ferrovial SAF IM Equity Fiat SpAFLS DC Equity FLSmidth & Co A/SFRES LN Equity Fresnillo PLCFUR NA Equity Fugro NVGFS LN Equity G4S PLCGALN SE Equity Galenica AGGALP PL Equity Galp Energia SGPS SAGAS SQ Equity Gas Natural SDG SAG1A GY Equity GEA Group AGGTO FP Equity Gemalto NVGETIB SS Equity Getinge ABGKN LN Equity GKN PLCGRF SQ Equity Grifols SAGBLB BB Equity Groupe Bruxelles Lambert SAGET FP Equity Groupe Eurotunnel SAHMSO LN Equity Hammerson PLCHNR1 GY Equity Hannover Rueckversicherung AGHEIO NA Equity Heineken Holding NVHEXAB SS Equity Hexagon ABIAP LN Equity ICAP PLCILD FP Equity Iliad SAIMI LN Equity IMI PLCIIA AV Equity IMMOFINANZ AGINF LN Equity Informa PLCISAT LN Equity Inmarsat PLCIHG LN Equity InterContinental Hotels Group PLCIAG LN Equity International Consolidated Airlines GrouITRK LN Equity Intertek Group PLCINTU LN Equity Intu Properties PLCISYS LN Equity Invensys PLCINVP LN Equity Investec PLCKINVB SS Equity Investment AB KinnevikITV LN Equity ITV PLCSBRY LN Equity J Sainsbury PLCJMT PL Equity Jeronimo Martins SGPS SAWG/ LN Equity John Wood Group PLCKD8 GY Equity Kabel Deutschland Holding AGKAZ LN Equity Kazakhmys PLCKBC BB Equity KBC Groep NVKYG ID Equity Kerry Group PLCLI FP Equity KlepierreBOKA NA Equity Koninklijke Boskalis Westminster NVVPK NA Equity Koninklijke Vopak NVKNIN VX Equity Kuehne + Nagel International AGMMB FP Equity Lagardere SCALXS GY Equity Lanxess AGLISN SE Equity Lindt & Spruengli AGLONN VX Equity Lonza Group AGLUPE SS Equity LTRANSCRIPT
&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinIMEOO 7pnjmX 9dT .'' 8iTXr
March 2012
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
efo h!pbnf!g albo ilp Tliopfprpb fisbophbip !asfTb !ia oelrga ilp .b sfbtba !o ! Trnnbip ln m!op nbTlhhbia!pfli ln ! olgfTfp!pfli lc !i lccbn pl .ru ln obgg !iu obTrnfpfbo ln pl !almp !iu fisbophbip opn!pbdu.
27.02.2013
3i Group plc is an international investor focused on private equity,
infrastructure and debt management. The Company's investments are located across
multiple continents through local investment teams in Europe, Asia and North
America.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (27.02.2013) 318.50
52-Week Low (31.05.2012) 168.20
Daily Volume
317.9
52-Week High % Change -0.19% Dividend Yield 2.55
52-Week Low % Change 89.00% Beta 1.26
% 52 Week Price Range High/Low 92.52% Equity Float 938.04
Shares Out 14.02.2013 971.4 Short Int -
3'088.03 1 Yr Total Return 71.08%
Total Debt 1'589.00 YTD Return 46.36%
Preferred Stock 0.0 Adjusted BETA 1.262
Minority Interest 0.0 Analyst Recs 11
Cash and Equivalents 718.00 Consensus Rating 3.545
Enterprise Value 3'700.03
Average Volume 5 Day 2'825'703
III LN EQUITY YTD Change - Average Volume 30 Day 3'438'012
III LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'556'031
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 06/11 Q1 09/11 Q2
1'250.0 (2'097.0) 942.0 705.0 (243.0) - - 494.0 546.5 - -
3.73x - 3.92x 5.51x - - - 7.00x 5.77x - -
- - - - - - - 240.0 373.7 - -
- - - - - - - 15.42x 9.90x - -
828.0 (1'948.0) 154.0 186.0 (783.0) - - 163.5 374.8 - -
4.10x - 16.91x 15.28x - - - 21.48x 9.41x - -
EBITDA - Long-Term Rating Date 27.03.2012
EBIT - Long-Term Rating BBB
Operating Margin - Long-Term Outlook STABLE
Pretax Margin - Short-Term Rating Date 28.01.2009
Return on Assets -10.02% Short-Term Rating A-2
Return on Common Equity -16.69%
Return on Capital -10.86% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 60.5%
Net Income Margin - Total Debt/Capital 37.7%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 22.58
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 34.54% Inventory Days -
Tot Debt to Common Equity 60.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
3i Group PLCPrice/Volume
Valuation Analysis
3'588'412.00
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
'
2'
-''
-2'
.''
.2'
0''
02'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-2'500.0
-2'000.0
-1'500.0
-1'000.0
-500.0
0.0
500.0
1'000.0
1'500.0
2'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 97'623'518 10.05 8'182'632 25.02.2013 Investment Advisor
UBS n/a ULT-AGG 44'668'625 4.6 (748'890) 01.11.2012 Unclassified
FMR LLC n/a ULT-AGG 40'193'438 4.14 (3'142'759) 31.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 34'501'983 3.55 (104'707) 01.11.2012 Investment Advisor
3I GROUP PLC ESOP Multiple Portfolios REG 32'778'181 3.37 41'202 01.11.2012 Unclassified
MAJEDIE ASSET MANAGE Multiple Portfolios REG 30'462'192 3.14 (3'300) 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 29'204'206 3.01 - 12.02.2013 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 27'408'645 2.82 - 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 21'798'292 2.24 (61'728) 01.11.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 20'303'336 2.09 (1'853'591) 01.11.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios REG 18'484'034 1.9 (6'021'169) 01.11.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 18'137'300 1.87 677'131 31.10.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 16'170'266 1.66 1'895'857 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'902'532 1.64 495'731 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 15'257'945 1.57 - 01.11.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 14'964'804 1.54 - 01.11.2012 Government
ROYAL LONDON ASSET M Multiple Portfolios REG 14'722'305 1.52 1'919'107 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 14'514'496 1.49 (606'607) 01.11.2012 Unclassified
SARASIN n/a ULT-AGG 13'127'218 1.35 9'270 28.12.2012 Unclassified
KUWAIT INVESTMENT AU Multiple Portfolios REG 10'354'125 1.07 1'070'400 01.11.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oriel Securities Ltd IAIN SCOULLER sell 1 M 250 Not Provided 27.02.2013
Macquarie NEIL WELCH neutral 3 U 293 12 month 21.02.2013
Societe Generale BILL BARNARD hold 3 M 305 12 month 14.02.2013
Barclays DANIEL R GARROD overweight 5 M 340 Not Provided 13.02.2013
JPMorgan CHRISTOPHER BROWN neutral 3 M #N/A N/A Not Provided 12.02.2013
Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 291 12 month 05.02.2013
Investec HENRY FREEMAN hold 3 D 278 12 month 01.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Keefe, Bruyette & Woods TOM MILLS outperform 5 M 230 12 month 15.11.2012
Holdings By:
3i Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Aberdeen Asset Management PLC operates an investment management group, which
manages unit trusts, investment trusts, and institutional funds for retail and
institutional clients. The Group's funds under management are mainly United
Kingdom funds, but also include an assortment from the Far East, Japan, Europe,
and the United States.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 442.30
52-Week Low (31.05.2012) 232.70
Daily Volume
425.6
52-Week High % Change -3.78% Dividend Yield 2.70
52-Week Low % Change 82.90% Beta 1.06
% 52 Week Price Range High/Low 91.60% Equity Float 918.68
Shares Out 01.02.2013 1'198.4 Short Int -
5'100.41 1 Yr Total Return 76.66%
Total Debt 81.50 YTD Return 15.94%
Preferred Stock 0.0 Adjusted BETA 1.057
Minority Interest 212.1 Analyst Recs 23
Cash and Equivalents 406.40 Consensus Rating 4.174
Enterprise Value 4'987.61
Average Volume 5 Day 3'329'283
ADN LN EQUITY YTD Change - Average Volume 30 Day 4'051'840
ADN LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'811'913
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 - -
430.1 421.9 638.2 784.0 869.2 - - 996.2 1'119.2 - -
2.84x 4.39x 3.16x 2.56x 4.12x - - 4.93x 4.21x - -
114.9 132.0 226.4 313.2 361.0 - - 414.4 476.4 - -
10.64x 14.02x 8.90x 6.40x 9.91x - - 12.04x 10.47x - -
35.2 (8.1) 92.6 169.7 208.7 - - 324.1 370.3 - -
27.55x - 18.72x 11.51x 16.46x - - 16.06x 13.82x - -
EBITDA 361.00 Long-Term Rating Date -
EBIT 274.60 Long-Term Rating -
Operating Margin 31.59% Long-Term Outlook -
Pretax Margin 31.03% Short-Term Rating Date -
Return on Assets 6.00% Short-Term Rating -
Return on Common Equity 19.80%
Return on Capital 17.03% EBITDA/Interest Exp. 48.78
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 47.76
Net Debt/EBITDA -0.90
Gross Margin - Total Debt/EBITDA 0.23
EBITDA Margin 41.5%
EBIT Margin 31.6% Total Debt/Equity 7.5%
Net Income Margin 24.0% Total Debt/Capital 5.9%
Asset Turnover 0.25
Current Ratio 1.10 Net Fixed Asset Turnover 44.35
Quick Ratio 0.15 Accounts receivable turnover-days -
Debt to Assets 2.00% Inventory Days -
Tot Debt to Common Equity 7.49% 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
Aberdeen Asset Management PLCPrice/Volume
Valuation Analysis
2'028'902.00
Current Price (2/dd/yy) Market Data
'2'
-''-2'.''.2'0''02'1''12'2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
-''!''
'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MITSUBISHI UFJ FINAN n/a ULT-AGG 226'032'919 18.86 1'646'457 05.12.2012 Holding Company
BLACKROCK n/a ULT-AGG 57'119'257 4.77 - 25.02.2013 Investment Advisor
APPLEBY TRUST (JERSE n/a RNS-MAJ 47'936'218 4 - 21.12.2012 Unclassified
MASSACHUSETTS FINANC Multiple Portfolios REG 43'320'397 3.61 (753'989) 01.11.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios REG 42'009'653 3.51 - 01.11.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 41'521'633 3.46 1'392'097 31.01.2013 Unclassified
NEWTON INV MGMT Multiple Portfolios REG 40'703'100 3.4 7'067'513 01.11.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 33'107'285 2.76 (2'947'145) 25.02.2013 Investment Advisor
UBS n/a ULT-AGG 32'040'599 2.67 639'539 01.11.2012 Unclassified
FMR LLC n/a ULT-AGG 28'046'325 2.34 1'389'402 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 25'526'935 2.13 - 01.11.2012 Government
OLD MUTUAL n/a ULT-AGG 18'919'308 1.58 2'034'629 31.12.2012 Unclassified
ROYAL BANK OF CANADA n/a ULT-AGG 18'578'175 1.55 6'833'979 01.11.2012 Bank
HANSBERGER GLOBAL IN Multiple Portfolios REG 18'034'335 1.5 (102'894) 01.11.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 17'811'055 1.49 571'724 01.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'153'600 1.35 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'735'842 1.31 398'285 31.12.2012 Investment Advisor
SKAGEN FUNDS Multiple Portfolios REG 14'584'554 1.22 (21'994'650) 01.11.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'603'020 1.05 (329'609) 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 12'154'070 1.01 (6'042'690) 01.11.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shore Capital Stockbrokers OWEN JONES buy 5 M #N/A N/A Not Provided 26.02.2013
Macquarie NEIL WELCH neutral 3 M 455 12 month 21.02.2013
Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 460 12 month 20.02.2013
Societe Generale MICHAEL SANDERSON hold 3 M 420 12 month 19.02.2013
Cantor Fitzgerald CATHERINE HEATH buy 5 N 489 Not Provided 19.02.2013
Numis Securities Ltd DAVID MCCANN add 4 M 475 Not Provided 19.02.2013
RBC Capital Markets PETER K LENARDOS outperform 5 M 465 12 month 15.02.2013
Jefferies JASON STREETS hold 3 M 400 12 month 15.02.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 M 460 Not Provided 15.02.2013
Exane BNP Paribas ABHISHEK PARTHASARATHY outperform 5 M 505 Not Provided 15.02.2013
Barclays DANIEL R GARROD overweight 5 M 490 Not Provided 15.02.2013
Credit Suisse GURJIT KAMBO outperform 5 M 470 Not Provided 14.02.2013
JPMorgan RAE MAILE overweight 5 M 498 9 month 14.02.2013
Oriel Securities Ltd SARAH ING buy 5 M 460 Not Provided 14.02.2013
Goldman Sachs CHRIS M. TURNER Buy/Neutral 5 U 510 12 month 24.01.2013
Espirito Santo Investment Bank ResearchPHILIP DOBBIN neutral 3 M 385 Not Provided 22.01.2013
Peel Hunt STUART DUNCAN hold 3 M 365 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
HSBC NITIN ARORA neutral 3 D 390 Not Provided 14.01.2013
Keefe, Bruyette & Woods TOM MILLS outperform 5 U 310 12 month 23.07.2012
Holdings By:
Aberdeen Asset Management PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Abertis Infraestructuras S.A. is an international group which manages mobility
and telecommunications infrastructures through three business areas: tollroads,
telecommunications infrastructures and airports. The group is present in Europe
and the Americas.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 13.49
52-Week Low (24.07.2012) 9.33
Daily Volume
13.275
52-Week High % Change -1.93% Dividend Yield -
52-Week Low % Change 42.36% Beta 0.88
% 52 Week Price Range High/Low 92.80% Equity Float 332.59
Shares Out 31.12.2012 814.8 Short Int -
10'816.33 1 Yr Total Return 16.15%
Total Debt 16'512.00 YTD Return 6.88%
Preferred Stock 0.0 Adjusted BETA 0.876
Minority Interest 1'351.4 Analyst Recs 31
Cash and Equivalents 2'636.00 Consensus Rating 3.871
Enterprise Value 24'692.33
Average Volume 5 Day 2'182'075
ABE SQ EQUITY YTD Change - Average Volume 30 Day 3'011'680
ABE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 2'642'806
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
3'575.1 3'836.7 3'802.3 3'810.7 4'039.0 3'772.7 4'039.0 4'845.6 5'120.1 1'272.0 1'272.0
6.72x 7.08x 6.86x 6.49x 5.94x 13.73x 22.82x 5.38x 4.97x - -
2'255.8 2'435.1 2'407.0 2'453.7 2'459.0 2'453.9 3'200.8 2'984.3 3'171.8 - -
10.64x 11.15x 10.83x 10.07x 9.75x 10.07x 7.49x 8.27x 7.78x - -
618.4 653.1 661.6 720.1 1'024.0 720.3 1'024.0 704.6 807.5 202.0 201.0
14.16x 16.55x 17.13x 13.64x 9.87x 13.74x 9.81x 15.31x 13.67x 16.43x -
EBITDA 2'459.00 Long-Term Rating Date 10.09.2012
EBIT 1'290.00 Long-Term Rating BBB
Operating Margin 31.94% Long-Term Outlook NEG
Pretax Margin 29.12% Short-Term Rating Date -
Return on Assets 3.95% Short-Term Rating -
Return on Common Equity 20.43%
Return on Capital 10.82% EBITDA/Interest Exp. 4.17
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 3.72
Net Debt/EBITDA 5.64
Gross Margin - Total Debt/EBITDA 6.71
EBITDA Margin 60.9%
EBIT Margin 31.9% Total Debt/Equity 237.2%
Net Income Margin 25.4% Total Debt/Capital 70.3%
Asset Turnover 0.16
Current Ratio 1.33 Net Fixed Asset Turnover 2.28
Quick Ratio 1.33 Accounts receivable turnover-days 72.24
Debt to Assets 56.77% Inventory Days -
Tot Debt to Common Equity 237.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.05 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
Abertis Infraestructuras SAPrice/Volume
Valuation Analysis
1'041'916.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
-3
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9-''!' 9
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
4'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAJA AHORROS PENSION n/a Research 243'621'966 29.9 (8'962'929) 05.07.2012 Unclassified
OBRASCON HUARTE LAIN n/a EXCH 124'622'434 15.3 442'718 11.02.2013 Corporation
INMOBILIARIA ESPACIO n/a EXCH 124'279'716 15.25 - 21.01.2013 Holding Company
TREBOL HOLDINGS SARL n/a EXCH 120'681'879 14.81 - 25.04.2012 Corporation
ADMIRABLIA SL n/a Co File 79'772'767 9.79 - 31.12.2011 Other
INVERSIONES AUTOPIST n/a Co File 60'161'580 7.38 - 31.12.2011 Other
VILLA AUREA SL n/a EXCH 33'071'941 4.06 1'571'941 01.07.2010 Holding Company
ABERTIS INFRAESTRUCT n/a Co File 29'885'288 3.67 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'667'909 0.82 35'073 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'902'157 0.6 46'850 25.02.2013 Investment Advisor
NATEXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'423'421 0.42 3'423'421 31.12.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 2'899'511 0.36 13'000 31.12.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 2'289'276 0.28 - 30.06.2012 Investment Advisor
G3T SL n/a Co File 2'236'959 0.27 - 31.12.2011 Unclassified
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'712'632 0.21 59'695 31.08.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'559'394 0.19 (152'866) 31.05.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1'442'455 0.18 (4'255) 31.10.2012 Bank
MACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 1'261'593 0.15 160'902 31.08.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'232'650 0.15 104'650 28.09.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 905'639 0.11 - 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura PETER LARKIN buy 5 M 15 Not Provided 26.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013
BPI BRUNO ALMEIDA DA SILVA neutral 3 M 13 Not Provided 25.02.2013
Equita SIM SpA STEFANO GAMBERINI hold 3 N 13 12 month 25.02.2013
Societe Generale VICTOR ACITORES buy 5 M 14 12 month 20.02.2013
Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 14 12 month 20.02.2013
Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO neutral 3 M 13 Not Provided 20.02.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 14 12 month 20.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013
Exane BNP Paribas NICOLAS MORA neutral 3 M 14 Not Provided 20.02.2013
RBC Capital Markets ANDREW JONES outperform 5 M 14 12 month 19.02.2013
Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 19.02.2013
Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA buy 5 M 14 12 month 19.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 14 12 month 19.02.2013
Ahorro Corporacion Financiera SA RAFAEL CAVANILLAS buy 5 M 15 Not Provided 19.02.2013
Banesto Bolsa SA Sociedad MARTA OLBA neutral 3 M 13 12 month 19.02.2013
AlphaValue MYRIAM COHEN add 4 M 14 6 month 14.02.2013
Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M 14 Not Provided 13.02.2013
CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 15 Not Provided 06.02.2013
Barclays SUSANNA INVERNIZZI underweight 1 M 13 Not Provided 23.01.2013
Natixis GREGOIRE THIBAULT neutral 3 M 12 Not Provided 16.01.2013
Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 14 12 month 14.12.2012
Kepler Capital Markets EMILIO ROTONDO-INCLAN buy 5 M 14 Not Provided 20.11.2012
La Caixa BORJA PAGOAGA buy 5 M 14 Not Provided 06.11.2012
JPMorgan ELODIE RALL overweight 5 M 16 6 month 18.10.2012
Macquarie ROBERT JOYNSON outperform 5 M 17 12 month 27.09.2012
Grupo Santander JOAQUIN FERRER buy 5 M 13 Not Provided 25.06.2012
Oddo & Cie OLIVIER BECKER neutral 3 M 13 Not Provided 05.06.2012
Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO underweight 1 M 12 12 month 21.05.2012
BBVA ANTONIO RODRIGUEZ VICENS market perform 3 M 11 Not Provided 12.09.2011
Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 15 Not Provided 18.05.2011
Iberian Equities DAVID STIX buy 5 M 16 Not Provided 12.11.2010
Holdings By:
Abertis Infraestructuras SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Accor SA operates hotel chains and offers human resources, marketing, and
expense management services. The Company operates hotels ranging from budget
to upscale worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.02.2013) 29.63
52-Week Low (14.06.2012) 21.98
Daily Volume
27.5
52-Week High % Change -7.17% Dividend Yield -
52-Week Low % Change 25.14% Beta 1.18
% 52 Week Price Range High/Low 70.65% Equity Float 167.37
Shares Out 31.12.2012 227.3 Short Int -
6'250.14 1 Yr Total Return 10.64%
Total Debt 2'381.00 YTD Return 3.02%
Preferred Stock 0.0 Adjusted BETA 1.178
Minority Interest 230.0 Analyst Recs 29
Cash and Equivalents 1'878.00 Consensus Rating 3.862
Enterprise Value 6'983.14
Average Volume 5 Day 1'184'694
AC FP EQUITY YTD Change - Average Volume 30 Day 718'414
AC FP EQUITY YTD % CHANGE - Average Volume 3 Month 638'630
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
7'610.0 5'490.0 5'948.0 6'100.0 5'649.0 5'636.0 6'116.0 5'553.1 5'451.8 1'592.5 1'469.8
1.20x 1.92x 1.46x 0.82x 1.20x 0.00x 0.00x 1.22x 1.20x - -
1'376.0 808.0 1'046.0 983.0 1'046.0 0.0 0.0 859.1 889.2 - -
6.61x 13.08x 8.31x 5.12x 6.50x 0.00x 0.00x 8.12x 7.84x - -
575.0 (282.0) 3'600.0 27.0 (599.0) 0.0 0.0 317.7 360.0 - -
13.50x - - 152.05x 76.78x 0.00x 0.00x 19.73x 17.26x - -
EBITDA 1'046.00 Long-Term Rating Date 05.04.2011
EBIT 526.00 Long-Term Rating BBB-
Operating Margin 9.31% Long-Term Outlook STABLE
Pretax Margin 4.21% Short-Term Rating Date 05.04.2011
Return on Assets -7.70% Short-Term Rating A-3
Return on Common Equity -19.03%
Return on Capital -10.14% EBITDA/Interest Exp. 12.45
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 0.85
Net Debt/EBITDA 0.48
Gross Margin - Total Debt/EBITDA 2.28
EBITDA Margin 18.5%
EBIT Margin 9.3% Total Debt/Equity 86.3%
Net Income Margin -10.6% Total Debt/Capital 44.3%
Asset Turnover 0.73
Current Ratio 1.07 Net Fixed Asset Turnover 1.93
Quick Ratio 0.83 Accounts receivable turnover-days 24.81
Debt to Assets 31.49% Inventory Days -
Tot Debt to Common Equity 86.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.75 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Accor SAPrice/Volume
Valuation Analysis
494'314.00
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
'
2
-'
-2
.'
.2
0'
02
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COLDAY SARL n/a Research 25'506'869 11.22 - 06.12.2012 Unclassified
LEGENDRE HOLDING 19 n/a Research 23'061'291 10.15 - 06.12.2012 Unclassified
MANNING & NAPIER ADV n/a Research 11'374'332 5 - 15.11.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Research 11'333'481 4.99 - 26.11.2012 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'028'426 4.85 - 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 9'119'385 4.01 (269'130) 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 6'628'710 2.92 1'221'050 31.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 4'958'051 2.18 - 29.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'373'486 1.92 (228'030) 31.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'901'677 1.28 55'972 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'501'900 0.66 - 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'356'460 0.6 2'852 25.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'155'241 0.51 97'299 28.09.2012 Mutual Fund Manager
SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 1'040'673 0.46 (75'853) 30.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'003'355 0.44 128'661 26.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 771'574 0.34 7'982 31.07.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 705'717 0.31 (21'387) 30.11.2012 Mutual Fund Manager
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 680'153 0.3 - 31.12.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 671'616 0.3 35'207 31.01.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 656'980 0.29 100'649 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 32 Not Provided 27.02.2013
Raymond James JULIEN RICHER outperform 5 M 33 Not Provided 26.02.2013
Goldman Sachs OLIVER NEAL neutral/neutral 3 M 31 12 month 25.02.2013
Societe Generale SABRINA BLANC buy 5 M 32 12 month 21.02.2013
CA Cheuvreux MARCO BACCAGLIO outperform 5 M 31 Not Provided 21.02.2013
Cantor Fitzgerald ROBIN BYDE buy 5 M 33 Not Provided 21.02.2013
Kepler Capital Markets CATHERINE ROLLAND reduce 2 M 26 Not Provided 21.02.2013
Natixis ANDRE JUILLARD buy 5 M 33 Not Provided 21.02.2013
Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 33 Not Provided 21.02.2013
Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 30 12 month 21.02.2013
CM - CIC Securities(ESN) ANNICK THEVENON hold 3 M 31 12 month 20.02.2013
Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD buy 5 M 32 6 month 20.02.2013
Nomura TIM BARRETT reduce 2 M 20 12 month 20.02.2013
S&P Capital IQ WILLIAM MACK strong buy 5 M 32 12 month 20.02.2013
JPMorgan KOMAL DHILLON overweight 5 U 32 9 month 18.02.2013
Deutsche Bank GEOF COLLYER sell 1 D 25 12 month 16.02.2013
Day by Day VALERIE GASTALDY buy 5 M 34 3 month 14.02.2013
AlphaValue BERENICE LACROIX add 4 M 31 6 month 14.02.2013
Barclays VICTORIA LEE overweight 5 M 32 Not Provided 07.02.2013
Morgan Stanley VAUGHAN LEWIS Equalwt/In-Line 3 M 28 12 month 04.02.2013
Jefferies IAN RENNARDSON buy 5 M 31 Not Provided 01.02.2013
HSBC LENA THAKKAR underweight 1 M 27 Not Provided 31.01.2013
Main First Bank AG LOIC SABATIER outperform 5 M 35 12 month 24.01.2013
Credit Suisse TIM RAMSKILL outperform 5 M 29 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Redburn Partners PASCAL HAUTCOEUR buy 5 M #N/A N/A Not Provided 18.09.2012
Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 23.05.2012
Aurel - BGC JEAN-MARIE L'HOME suspended coverage #N/A N/A M #N/A N/A Not Provided 21.10.2010
Holdings By:
Accor SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
ACS, Actividades de Construccion y Servicios, S.A. is an engineering and
contracting company that develops civil and industrial infrastructures. The
Company provides Civil Works Construction, Greenfield Concession Development,
Industrial Services (electricity, oil and gas) and Environmental Services
(waste treatment and facility management).
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (28.02.2012) 23.13
52-Week Low (25.07.2012) 10.38
Daily Volume
18.42
52-Week High % Change -20.35% Dividend Yield -
52-Week Low % Change 77.46% Beta 1.08
% 52 Week Price Range High/Low 61.51% Equity Float 205.72
Shares Out 30.09.2012 314.7 Short Int -
5'796.12 1 Yr Total Return -12.85%
Total Debt 16'495.58 YTD Return -3.26%
Preferred Stock 0.0 Adjusted BETA 1.085
Minority Interest 2'872.2 Analyst Recs 26
Cash and Equivalents 7'161.40 Consensus Rating 2.885
Enterprise Value 18'302.12
Average Volume 5 Day 1'463'646
ACS SQ EQUITY YTD Change - Average Volume 30 Day 1'877'982
ACS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'209'114
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
15'344.9 16'010.0 15'605.9 14'328.5 28'471.9 21'306.5 38'730.9 37'397.9 38'029.7 9'048.5 9'365.0
2.36x 1.64x 1.29x 1.30x 0.66x 3.89x 1.88x 0.43x 0.41x - -
1'948.9 1'587.7 1'011.7 1'411.4 2'247.0 1'817.4 3'052.0 2'857.6 3'019.6 735.8 -
18.58x 16.55x 19.95x 13.21x 8.40x 11.60x 5.75x 6.40x 6.06x - -
1'551.1 1'805.0 1'951.5 1'312.6 961.9 919.6 (876.1) (451.3) 759.7 (295.7) -
40.06x 52.96x 16.08x 8.54x 7.42x 9.11x 0.00x - 7.41x 28.61x -
EBITDA 2'246.97 Long-Term Rating Date -
EBIT 1'293.02 Long-Term Rating -
Operating Margin 4.54% Long-Term Outlook -
Pretax Margin 4.37% Short-Term Rating Date -
Return on Assets -1.86% Short-Term Rating -
Return on Common Equity -30.05%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 3.14
Gross Margin - Total Debt/EBITDA 4.97
EBITDA Margin 7.9%
EBIT Margin 3.9% Total Debt/Equity 497.0%
Net Income Margin 3.4% Total Debt/Capital 72.7%
Asset Turnover 0.82
Current Ratio 0.99 Net Fixed Asset Turnover 12.19
Quick Ratio 0.59 Accounts receivable turnover-days 105.10
Debt to Assets 34.37% Inventory Days -
Tot Debt to Common Equity 496.99% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.48 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
ACS Actividades de Construccion y Servicios SAPrice/Volume
Valuation Analysis
500'106.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALBA PARTICIPACIONES n/a Co File 56'050'975 17.81 - 31.12.2011 Other
INVERSIONES VESAN SA n/a EXCH 39'537'469 12.56 - 31.05.2012 Corporation
INVERNELIN PATRIMONI n/a EXCH 27'306'595 8.68 - 30.07.2012 Other
SOUTHEASTERN ASSET M n/a Co File 23'527'063 7.48 - 31.12.2011 Investment Advisor
IBEROSTAR HTLS Y APA n/a Co File 17'643'657 5.61 - 31.12.2011 Other
BANCO BILBAO VIZCAYA n/a EXCH 6'252'323 1.99 (3'497'676) 02.05.2011 Bank
BATUECAS TORREGO AGU n/a EXCH 3'611'212 1.15 - 31.05.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'732'861 0.87 51'682 31.12.2012 Investment Advisor
AMBER CAPITAL LP n/a Short (2'422'918) -0.77 314'664 11.02.2013 Hedge Fund Manager
ONTARIO TEACHERS PEN n/a Research 2'100'000 0.67 300'000 31.12.2010 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 1'625'431 0.52 1'702 25.02.2013 Investment Advisor
BALBOA PARTICIPACION n/a Co File 1'548'257 0.49 - 31.12.2011 Holding Company
LBPAM Multiple Portfolios MF-AGG 1'446'774 0.46 1'235'193 31.12.2012 Mutual Fund Manager
CORPORACION FINANCIE n/a EXCH 932'880 0.3 - 30.07.2012 Unclassified
LOPEZ JIMENEZ PEDRO n/a EXCH 903'797 0.29 (4'990) 21.09.2012 n/a
CINAINVEST HOLDING S n/a Co File 477'162 0.15 - 31.12.2011 Holding Company
AGUIRRE GONZALE JOSE n/a EXCH 421'500 0.13 - 14.04.2011 n/a
LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 399'000 0.13 - 31.01.2013 Mutual Fund Manager
VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 300'022 0.1 (6'800) 31.01.2013 Investment Advisor
DEL VALLE PEREZ JOSE n/a Co File 278'902 0.09 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander ARANZAZU BUENO hold 3 M 19 Not Provided 27.02.2013
Ahorro Corporacion Financiera SA JUAN MORENO hold 3 M 19 Not Provided 27.02.2013
Banesto Bolsa SA Sociedad MARTA OLBA neutral 3 M 19 12 month 26.02.2013
Exane BNP Paribas ANTONIO LOPEZ SILVESTRE underperform 1 M 18 Not Provided 26.02.2013
BPI FLORA TRINDADE neutral 3 M 21 Not Provided 25.02.2013
Banco Sabadell MARIA CEBOLLERO sell 1 M #N/A N/A Not Provided 21.02.2013
AlphaValue GAETAN DUPONT buy 5 M 25 6 month 21.02.2013
Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO neutral 3 M 19 Not Provided 18.02.2013
Interdin Bolsa PABLO ORTIZ DE JUAN neutral 3 M 20 Not Provided 29.01.2013
Day by Day VALERIE GASTALDY buy 5 U 20 3 month 28.01.2013
Bankia Bolsa (ESN) VICTOR PEIRO PEREZ accumulate 4 M 24 12 month 24.01.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA sell 1 M 21 12 month 24.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 M 19 12 month 14.01.2013
Deutsche Bank LUIS PRIETO hold 3 M 18 12 month 19.12.2012
S&P Capital IQ JAWAHAR HINGORANI sell 1 M 14 12 month 13.12.2012
Kepler Capital Markets EMILIO ROTONDO-INCLAN buy 5 M 21 Not Provided 26.11.2012
La Caixa SANTIAGO MOLINA buy 5 M 21 Not Provided 16.11.2012
Societe Generale VICTOR ACITORES buy 5 M 20 12 month 12.11.2012
CA Cheuvreux BORJA CASTRO PEREZ MANZUCO underperform 1 M 17 Not Provided 05.11.2012
HSBC TOBIAS LOSKAMP neutral 3 N 17 Not Provided 19.09.2012
BBVA ANTONIO RODRIGUEZ VICENS market perform 3 M 14 Not Provided 02.08.2012
RBC Capital Markets OLIVIA PETERS sector perform 3 M 39 12 month 05.07.2012
Renta 4 SA SVB NURIA ALVAREZ hold 3 M 37 Not Provided 18.04.2012
Holdings By:
ACS Actividades de Construccion y Servicios SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Actelion Ltd. is a pharmaceutical company that develops and markets synthetic
small-molecule drugs against diseases related to the endothelium. The Company's
drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary
conditions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 48.88
52-Week Low (23.04.2012) 31.24
Daily Volume
47.37
52-Week High % Change -3.09% Dividend Yield -
52-Week Low % Change 51.62% Beta 1.15
% 52 Week Price Range High/Low 93.08% Equity Float 104.03
Shares Out 31.12.2012 126.8 Short Int -
6'005.24 1 Yr Total Return 39.11%
Total Debt 235.43 YTD Return 8.82%
Preferred Stock 0.0 Adjusted BETA 1.149
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 1'123.02 Consensus Rating 4.190
Enterprise Value 5'117.65
Average Volume 5 Day 436'335
ATLN VX EQUITY YTD Change - Average Volume 30 Day 401'417
ATLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 422'481
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'428.9 1'698.0 1'826.3 1'713.0 1'722.1 1'713.0 1'722.1 1'697.0 1'758.8 398.0 429.7
4.58x 3.32x 2.80x 1.56x 2.34x 9.02x 9.55x 3.00x 2.73x 12.73x 11.56x
414.2 403.4 536.1 435.6 503.4 435.6 503.4 509.3 555.2 103.9 147.5
15.80x 13.98x 9.53x 6.14x 8.00x 6.14x 8.00x 10.04x 9.21x 10.56x -
306.1 311.3 390.6 (146.3) 303.2 (146.3) 303.2 354.8 397.6 74.1 110.5
22.93x 21.07x 15.61x - 16.68x 0.00x 16.68x 14.38x 12.69x 15.60x -
EBITDA 503.36 Long-Term Rating Date -
EBIT 421.47 Long-Term Rating -
Operating Margin 24.47% Long-Term Outlook -
Pretax Margin 20.82% Short-Term Rating Date -
Return on Assets 11.18% Short-Term Rating -
Return on Common Equity 20.02%
Return on Capital 17.85% EBITDA/Interest Exp. 6.02
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 5.56
Net Debt/EBITDA -1.76
Gross Margin 88.6% Total Debt/EBITDA 0.47
EBITDA Margin 29.2%
EBIT Margin 24.5% Total Debt/Equity 15.5%
Net Income Margin 17.6% Total Debt/Capital 13.4%
Asset Turnover 0.63
Current Ratio 3.54 Net Fixed Asset Turnover 4.16
Quick Ratio 3.34 Accounts receivable turnover-days 100.89
Debt to Assets 8.74% Inventory Days 112.08
Tot Debt to Common Equity 15.50% Accounts Payable Turnover Day 186.73
Accounts Receivable Turnover 3.63 Cash Conversion Cycle 26.24
Inventory Turnover 3.27
Fiscal Year Ended
Actelion LtdPrice/Volume
Valuation Analysis
271'301.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACTELION LTD n/a EXCH 12'606'321 9.94 244'000 13.11.2012 Other
ORBIS INVESTMENT MAN n/a Co File 6'519'600 5.14 - 31.12.2011 Investment Advisor
CLOZEL JEAN-PAUL n/a Co File 5'248'883 4.14 - 31.12.2011 n/a
TRIDENT MERGER n/a EXCH 4'083'119 3.22 - 02.05.2012 Other
MAAG RUDOLF n/a Co File 3'911'760 3.09 - 31.12.2011 n/a
BB BIOTECH AG n/a Co File 3'911'760 3.09 - 31.12.2011 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 3'911'760 3.09 - 31.12.2011 Unclassified
BLACKROCK n/a ULT-AGG 3'728'814 2.94 - 25.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'137'787 1.69 23'390 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'014'254 1.59 (5'978) 28.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 1'183'396 0.93 (58'777) 30.11.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'057'406 0.83 (6'165) 31.10.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 901'792 0.71 (8'069) 31.12.2012 Investment Advisor
CAWTHORN ROBERT E n/a Co File 692'119 0.55 - 31.12.2011 n/a
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 526'952 0.42 (7) 31.12.2012 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 509'576 0.4 - 31.01.2013 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 497'770 0.39 181'433 30.11.2012 Investment Advisor
FROSTROW CAPITAL LLP Multiple Portfolios MF-AGG 378'200 0.3 (217'900) 30.09.2012 Unclassified
INVESCO LTD Multiple Portfolios MF-AGG 331'462 0.26 (249'337) 26.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 306'680 0.24 6'517 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan JAMES D GORDON neutral 3 M 52 3 month 22.02.2013
AlphaValue FABRICE FARIGOULE add 4 M 54 6 month 21.02.2013
Helvea OLAV ZILIAN buy 5 M 72 12 month 19.02.2013
Jefferies PETER WELFORD buy 5 M 56 12 month 18.02.2013
Kepler Capital Markets FABIAN WENNER buy 5 M 53 Not Provided 18.02.2013
Barclays MICHAEL LEUCHTEN equalweight 3 M 47 Not Provided 18.02.2013
Deutsche Bank RICHARD J PARKES buy 5 M 60 12 month 16.02.2013
Bank Vontobel AG ANDREW C WEISS buy 5 M 69 Not Provided 15.02.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 57 6 month 15.02.2013
S&P Capital IQ JACOB THRANE buy 5 M 53 12 month 15.02.2013
Credit Suisse RAVI MEHROTRA outperform 5 M 50 Not Provided 14.02.2013
Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 14.02.2013
Berenberg Bank ADRIAN HOWD buy 5 M 57 Not Provided 14.02.2013
Nomura Code Securities SAMIR DEVANI buy 5 M 55 6 month 14.02.2013
Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 50 Not Provided 14.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 44 12 month 28.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Redburn Partners TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 18.04.2012
Matrix ANNIE J CHENG buy 5 M 54 12 month 30.08.2011
Neue Zuercher Bank LILIAN MONTERO neutral 3 M #N/A N/A Not Provided 28.03.2011
Holdings By:
Actelion Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Adecco SA is a personnel and temporary employment company. The Company supplies
personnel and temporary help, and offers permanent placement services for
professionals and specialists in a range of occupations. Adecco conducts its
placement services internationally.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 54.70
52-Week Low (04.06.2012) 36.13
Daily Volume
52.65
52-Week High % Change -3.75% Dividend Yield -
52-Week Low % Change 45.72% Beta 1.43
% 52 Week Price Range High/Low 88.15% Equity Float 148.02
Shares Out 30.09.2012 189.3 Short Int -
9'964.72 1 Yr Total Return 19.27%
Total Debt 1'426.00 YTD Return 9.60%
Preferred Stock 0.0 Adjusted BETA 1.428
Minority Interest 3.0 Analyst Recs 27
Cash and Equivalents 534.00 Consensus Rating 3.704
Enterprise Value 9'276.58
Average Volume 5 Day 371'530
ADEN VX EQUITY YTD Change - Average Volume 30 Day 546'208
ADEN VX EQUITY YTD % CHANGE - Average Volume 3 Month 572'930
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
21'090.0 19'965.0 14'797.0 18'656.0 20'545.0 20'344.0 20'703.0 20'579.1 20'683.0 5'030.7 4'809.0
0.36x 0.24x 0.46x 0.50x 0.31x 1.74x 1.48x 0.45x 0.44x - -
1'170.0 992.0 380.0 809.0 939.0 974.0 878.0 904.5 1'010.5 - -
6.51x 4.84x 17.88x 11.58x 6.82x 6.99x 9.24x 10.26x 9.18x - -
735.0 495.0 8.0 423.0 519.0 527.0 475.0 514.8 573.8 128.0 -
9.30x 8.51x 959.73x 22.41x 11.89x 10.82x 14.81x 15.64x 13.97x - -
EBITDA 939.00 Long-Term Rating Date 12.10.2011
EBIT 763.00 Long-Term Rating BBB
Operating Margin 3.71% Long-Term Outlook STABLE
Pretax Margin 3.34% Short-Term Rating Date 12.10.2011
Return on Assets 4.94% Short-Term Rating A-2
Return on Common Equity 12.66%
Return on Capital 9.62% EBITDA/Interest Exp. 13.23
Asset Turnover 2.15% (EBITDA-Capex)/Interest Exp. 11.69
Net Debt/EBITDA 1.25
Gross Margin 17.4% Total Debt/EBITDA 2.29
EBITDA Margin 4.2%
EBIT Margin 3.6% Total Debt/Equity 37.4%
Net Income Margin 2.5% Total Debt/Capital 27.2%
Asset Turnover 2.15
Current Ratio 1.24 Net Fixed Asset Turnover 68.67
Quick Ratio 1.13 Accounts receivable turnover-days 68.43
Debt to Assets 15.24% Inventory Days -
Tot Debt to Common Equity 37.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.35 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Adecco SAPrice/Volume
Valuation Analysis
307'022.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JACOBS HOLDING n/a Co File 35'392'275 18.7 - 31.12.2011 Private Equity
AKILA FINANCE SA n/a Co File 10'163'580 5.37 - 31.12.2011 Investment Advisor
HARRIS ASSOCIATES LP n/a Co File 9'660'727 5.1 - 31.12.2011 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'802'061 3.07 - 31.12.2012 Investment Advisor
ADECCO SA n/a EXCH 5'775'632 3.05 - 27.11.2012 Corporation
MFS INVESTMENT MANAG n/a RNS-MAJ 5'693'009 3.01 19'900 27.07.2012 Investment Advisor
ARTISAN PARTNERS HOL n/a EXCH 5'595'344 2.96 - 19.04.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'828'400 1.49 31'328 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'236'720 1.18 678'600 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'188'744 1.16 16'847 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'766'918 0.93 (10'005) 28.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 1'492'666 0.79 (980'533) 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'371'009 0.72 (20'659) 31.10.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'278'453 0.68 46'950 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 1'089'489 0.58 5'982 30.11.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 1'044'761 0.55 (4'891) 25.02.2013 Investment Advisor
SEB n/a ULT-AGG 479'090 0.25 74'900 31.12.2012 Unclassified
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 441'973 0.23 - 31.12.2012 Investment Advisor
LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 428'200 0.23 (37'800) 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 423'333 0.22 (15'931) 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 25.02.2013
Goldman Sachs CHARLES WILSON neutral/neutral 3 M 57 12 month 21.02.2013
AlphaValue HEINZ STEFFEN add 4 M 63 6 month 21.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013
Helvea CHRISTIAN BURGER neutral 3 M 57 12 month 15.02.2013
Credit Suisse ANDY GROBLER outperform 5 M 62 Not Provided 14.02.2013
Natixis OLIVIER LEBRUN buy 5 M 58 Not Provided 07.02.2013
Deutsche Bank THOMAS SYKES buy 5 M 59 12 month 01.02.2013
Jefferies KEAN MARDEN hold 3 M 49 12 month 31.01.2013
Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 62 Not Provided 30.01.2013
Rabobank International DAVID TAILLEUR buy 5 M 57 12 month 28.01.2013
RBC Capital Markets ANDREW BROOKE top pick 5 M 65 12 month 21.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 52 6 month 15.01.2013
Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 10.01.2013
Bank Vontobel AG MICHAEL FOETH buy 5 M 57 Not Provided 20.12.2012
Barclays PAUL D A SULLIVAN equalweight 3 M 50 Not Provided 07.11.2012
JPMorgan ROBERT PLANT neutral 3 M 45 3 month 06.11.2012
Berenberg Bank KONRAD ZOMER buy 5 M 58 Not Provided 06.11.2012
S&P Capital IQ CLIVE ROBERTS hold 3 M 47 12 month 06.11.2012
ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 58 Not Provided 06.11.2012
Kepler Capital Markets MATTHIJS VAN LEIJENHORST buy 5 M 52 Not Provided 05.11.2012
Espirito Santo Investment Bank ResearchGUY HEWETT sell 1 N 39 Not Provided 18.10.2012
HSBC MATTHEW LLOYD overweight 5 M 60 Not Provided 11.09.2012
Holdings By:
Adecco SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Admiral Group Plc principally sells private motor insurance, together with
ancillary products, such as breakdown cover and cover for legal expenses. The
Company markets directly to the public in the United Kingdom through its core
brands, the Admiral brand, elephant.co.uk, Diamond, and Bell Direct.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.02.2013) 1'300.00
52-Week Low (06.03.2012) 970.22
Daily Volume
1248
52-Week High % Change -3.92% Dividend Yield 6.54
52-Week Low % Change 28.63% Beta 0.72
% 52 Week Price Range High/Low 83.63% Equity Float 225.20
Shares Out 31.10.2012 273.5 Short Int -
3'413.57 1 Yr Total Return 26.18%
Total Debt 0.90 YTD Return 7.59%
Preferred Stock 0.0 Adjusted BETA 0.722
Minority Interest 0.5 Analyst Recs 24
Cash and Equivalents 224.60 Consensus Rating 2.708
Enterprise Value 3'141.67
Average Volume 5 Day 445'787
ADM LN EQUITY YTD Change - Average Volume 30 Day 399'920
ADM LN EQUITY YTD % CHANGE - Average Volume 3 Month 399'209
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
364.1 422.8 507.5 640.8 870.3 0.0 1'738.0 1'967.3 1'955.8 - -
7.51x 5.35x 5.83x 5.97x 2.39x #DIV/0! 0.00x 1.54x 1.51x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
127.4 144.9 156.9 193.8 221.2 0.0 0.0 247.8 262.9 - -
22.62x 16.56x 20.14x 20.94x 10.40x 0.00x 0.00x 13.71x 13.01x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 34.37% Long-Term Outlook -
Pretax Margin 34.37% Short-Term Rating Date -
Return on Assets 8.88% Short-Term Rating -
Return on Common Equity 56.34%
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 0.2%
Net Income Margin 25.4% Total Debt/Capital 0.2%
Asset Turnover 0.36
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.03% Inventory Days -
Tot Debt to Common Equity 0.23% 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
Admiral Group PLCPrice/Volume
Valuation Analysis
130'220.00
Current Price (2/dd/yy) Market Data
'
.''
1''
3''
5''
-'''
-.''
-1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
1!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DIRECTOR & RELATED H Multiple Portfolios REG 49'217'919 17.99 192'033 01.11.2012 Other
ENGELHARDT HENRY ALL n/a RNS-DIR 37'005'472 13.53 (1'000'000) 07.12.2012 n/a
MORGAN STANLEY n/a ULT-AGG 28'892'084 10.56 - 30.09.2012 Investment Advisor
MUENCHENER RUECKVERS n/a Research 27'499'400 10.05 - 17.10.2012 Insurance Company
MUNICH RE GROUP Multiple Portfolios REG 27'149'400 9.93 - 01.11.2012 Unclassified
FMR LLC n/a ULT-AGG 15'395'905 5.63 (712'004) 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 14'047'726 5.14 - 25.02.2013 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 12'467'412 4.56 378'747 01.11.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 11'209'387 4.1 1'111'939 31.12.2012 Investment Advisor
STEVENS DAVID GRAHAM n/a RNS-DIR 10'631'950 3.89 97'500 08.11.2012 n/a
MORGAN STANLEY INVES Multiple Portfolios REG 9'716'105 3.55 13'628 01.11.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios REG 9'600'602 3.51 (358'600) 01.11.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios REG 9'400'997 3.44 2'312'377 01.11.2012 Unclassified
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'094'500 2.59 1'728'350 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 6'914'106 2.53 (44'781) 01.11.2012 Unclassified
SARASIN n/a ULT-AGG 5'861'401 2.14 651'800 28.12.2012 Unclassified
BARING ASSET MANAGEM Multiple Portfolios REG 5'643'623 2.06 1'144'122 01.11.2012 Investment Advisor
TIGER GLOBAL MANAGEM Multiple Portfolios REG 5'215'000 1.91 1'502'660 01.11.2012 Hedge Fund Manager
MARATHON ASSET MANAG Multiple Portfolios REG 4'752'031 1.74 (164'514) 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'861'376 1.41 102'723 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 1'392 12 month 27.02.2013
JPMorgan ANDREAS VAN EMBDEN neutral 3 N 1'246 Not Provided 21.02.2013
RBC Capital Markets GORDON AITKEN underperform 1 M 890 12 month 20.02.2013
Exane BNP Paribas ANDY HUGHES underperform 1 M 866 Not Provided 19.02.2013
Numis Securities Ltd NICHOLAS JOHNSON reduce 2 M 1'040 12 month 11.02.2013
Nomura FAHAD CHANGAZI buy 5 M 1'350 12 month 05.02.2013
Peel Hunt MARK WILLIAMSON buy 5 M 1'226 Not Provided 04.02.2013
Barclays ANDREW BROADFIELD equalweight 3 M 1'266 Not Provided 04.02.2013
Shore Capital Stockbrokers EAMONN FLANAGAN sell 1 M #N/A N/A Not Provided 01.02.2013
Goldman Sachs RAVI TANNA Buy/Neutral 5 U 1'500 12 month 18.01.2013
Oriel Securities Ltd MARCUS BARNARD sell 1 M 740 Not Provided 18.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Credit Suisse CHRIS ESSON neutral 3 M 1'320 Not Provided 14.01.2013
HSBC DHRUV GAHLAUT overweight 5 M 1'420 Not Provided 14.01.2013
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH sell 1 M 900 Not Provided 08.01.2013
Investec KEVIN RYAN sell 1 M 582 12 month 07.01.2013
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 1'201 12 month 05.12.2012
Canaccord Genuity Corp BEN COHEN sell 1 M 1'050 12 month 26.11.2012
Berenberg Bank PETER ELIOT sell 1 M 1'000 Not Provided 02.11.2012
Deutsche Bank OLIVER STEEL hold 3 M 1'140 12 month 05.10.2012
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
Holdings By:
Admiral Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Aegis Group plc operates as a holding company. Through its operating
subsidiaries, the Group provides a broad range of media services including media
strategy, consulting, advertising, marketing, planning and buying. Aegis
operates throughout the world.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (25.02.2013) 239.30
52-Week Low (15.06.2012) 151.90
Daily Volume
238.7
52-Week High % Change -0.25% Dividend Yield 0.84
52-Week Low % Change 57.14% Beta 1.03
% 52 Week Price Range High/Low 99.20% Equity Float 724.98
Shares Out 12.02.2013 1'173.2 Short Int -
2'800.37 1 Yr Total Return 41.73%
Total Debt 754.50 YTD Return 1.66%
Preferred Stock 0.0 Adjusted BETA 1.030
Minority Interest (12.9) Analyst Recs 21
Cash and Equivalents 626.10 Consensus Rating 2.810
Enterprise Value 3'112.67
Average Volume 5 Day 4'325'532
AGS LN EQUITY YTD Change - Average Volume 30 Day 5'987'660
AGS LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'029'651
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 - -
1'106.4 1'342.0 1'346.5 941.0 1'135.0 - - 1'275.9 1'361.0 - -
1.40x 0.83x 1.18x 2.19x 1.56x - - 2.28x 2.10x - -
167.7 200.7 171.6 124.6 216.1 - - 253.9 274.7 - -
9.25x 5.56x 9.25x 16.55x 8.20x - - 12.26x 11.33x - -
88.5 82.8 62.7 41.2 164.1 - - 146.8 158.4 - -
14.94x 10.20x 21.68x 87.81x 22.22x - - 19.41x 17.68x - -
EBITDA 216.10 Long-Term Rating Date -
EBIT 145.30 Long-Term Rating -
Operating Margin 12.80% Long-Term Outlook -
Pretax Margin 9.37% Short-Term Rating Date -
Return on Assets 3.80% Short-Term Rating -
Return on Common Equity 28.03%
Return on Capital 16.14% EBITDA/Interest Exp. 4.53
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 3.52
Net Debt/EBITDA 1.47
Gross Margin 97.6% Total Debt/EBITDA 3.34
EBITDA Margin 18.2%
EBIT Margin 12.3% Total Debt/Equity 158.6%
Net Income Margin 14.5% Total Debt/Capital 62.0%
Asset Turnover 0.28
Current Ratio 0.96 Net Fixed Asset Turnover 22.09
Quick Ratio 0.91 Accounts receivable turnover-days 694.12
Debt to Assets 17.13% Inventory Days 82.15
Tot Debt to Common Equity 158.64% Accounts Payable Turnover Day 25472.83
Accounts Receivable Turnover 0.53 Cash Conversion Cycle -48510.77
Inventory Turnover 4.46
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
Aegis Group PLCPrice/Volume
Valuation Analysis
1'742'496.00
Current Price (2/dd/yy) Market Data
'
2'
-''
-2'
.''
.2'
0''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.'!' 91'!' 93'!' 95'!' 9-''!' 9-.'!' 9-1'!' 9-3'!' 9-5'!' 9.''!' 9
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DENTSU INC n/a RNS-MAJ 234'571'301 19.99 - 16.08.2012 Corporation
CREDIT SUISSE GROUP n/a RNS-MAJ 139'296'771 11.87 (4'311'796) 12.02.2013 Investment Advisor
NORD SUMATRA INVESTI n/a RNS-RUL8 133'991'451 11.42 - 12.07.2012 Holding Company
BANK OF NEW YORK MEL Multiple Portfolios REG 126'469'266 10.78 21'874'321 03.12.2012 Investment Advisor
BOLLORE GROUP n/a RNS-MAJ 75'348'626 6.42 - 12.12.2012 Holding Company
UBS AG/LONDON n/a RNS-MAJ 74'428'395 6.34 (5'099'620) 08.02.2013 Investment Advisor
MORGAN STANLEY SECUR n/a RNS-MAJ 70'739'707 6.03 11'955'042 14.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a RNS-MAJ 68'405'862 5.83 (3'068'744) 13.02.2013 Investment Advisor
DEUTSCHE BANK PROP T Multiple Portfolios REG 56'499'658 4.82 53'844'880 03.12.2012 Other
FMR LLC n/a ULT-AGG 56'045'974 4.78 (17'152'520) 05.12.2012 Investment Advisor
CREDIT SUISSE SECURI Multiple Portfolios REG 49'815'036 4.25 1'342'930 03.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 43'242'042 3.69 510'018 11.02.2013 Unclassified
MITCHELL HAROLD CHAR n/a RNS-DIR 41'598'988 3.55 (652'139) 03.05.2012 n/a
DIRECTOR & RELATED H Multiple Portfolios REG 41'019'905 3.5 - 03.12.2012 Other
STANDARD LIFE INVEST n/a Co File 39'495'036 3.37 - 31.12.2011 Investment Advisor
UBS n/a ULT-AGG 35'376'423 3.02 (6'077'541) 03.12.2012 Unclassified
MAGNETAR FINANCIAL U #N/A N/A RNS-MAJ 30'563'708 2.61 (8'468'763) 20.02.2013 Private Equity
WESTCHESTER CAPITAL n/a RNS-RUL8 29'251'340 2.49 3'584'669 20.02.2013 Hedge Fund Manager
NORGES BANK n/a RNS-RUL8 29'000'000 2.47 15'000'000 04.02.2013 Government
BARCLAYS PLC #N/A N/A RNS-RUL8 28'805'272 2.46 (711'461) 26.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue VERONIQUE CABIOC'H sell 1 M 189 6 month 21.02.2013
Nomura MATTHEW WALKER neutral 3 M 240 12 month 19.02.2013
Exane BNP Paribas ADRIEN DE SAINT HILAIRE neutral 3 M 240 Not Provided 05.02.2013
Investec STEVEN LIECHTI hold 3 M 240 12 month 28.01.2013
Barclays NATASHA BRILLIANT equalweight 3 M 240 Not Provided 25.01.2013
Peel Hunt MALCOLM MORGAN hold 3 M 240 Not Provided 24.01.2013
Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 240 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Societe Generale LAURENT PICARD hold 3 M 240 12 month 16.01.2013
Liberum Capital Ltd IAN WHITTAKER hold 3 M 240 Not Provided 02.01.2013
Oddo & Cie BRUNO HARENG buy 5 M #N/A N/A Not Provided 29.11.2012
Westhouse Securities RODDY DAVIDSON neutral 3 M 240 Not Provided 01.11.2012
Macquarie TIMOTHY W NOLLEN underperform 1 M 240 12 month 23.08.2012
Kepler Capital Markets CONOR O'SHEA accept the offer #N/A N/A D 240 Not Provided 23.08.2012
Numis Securities Ltd PAUL RICHARDS suspended coverage #N/A N/A M #N/A N/A Not Provided 16.08.2012
Goldman Sachs RICHARD JONES neutral/neutral 3 M 240 12 month 13.08.2012
CA Cheuvreux THOMAS JORION underperform 1 M 240 Not Provided 16.07.2012
Deutsche Bank PATRICK KIRBY hold 3 M 240 12 month 13.07.2012
HSBC DAN GRAHAM underweight 1 D 240 Not Provided 13.07.2012
Natixis JEROME BODIN tender #N/A N/A M 240 Not Provided 13.07.2012
Morgan Stanley PATRICK WELLINGTON restricted #N/A N/A M #N/A N/A Not Provided 12.07.2012
JPMorgan FILIPPO PIETRO LO FRANCO restricted #N/A N/A M #N/A N/A Not Provided 12.07.2012
Dr. Kalliwoda Equity Research ADRIAN KOWOLLIK hold 3 M 172 12 month 04.05.2012
WYT Ltd ANTHONY DE LARRINAGA hold 3 M 177 12 month 18.03.2012
Holdings By:
Aegis Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Aeroports de Paris (ADP) manages all the civil airports in the Paris area. The
Company also develops and operates light aircraft aerodromes. ADP offers air
transport related services, and business services such as office rental.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (17.08.2012) 67.29
52-Week Low (27.06.2012) 55.70
Daily Volume
61.99
52-Week High % Change -7.88% Dividend Yield -
52-Week Low % Change 11.29% Beta 0.70
% 52 Week Price Range High/Low 53.32% Equity Float 30.88
Shares Out 30.06.2012 99.0 Short Int -
6'134.57 1 Yr Total Return 6.28%
Total Debt 3'487.71 YTD Return 6.20%
Preferred Stock 0.0 Adjusted BETA 0.702
Minority Interest 0.2 Analyst Recs 27
Cash and Equivalents 1'133.67 Consensus Rating 3.222
Enterprise Value 9'380.06
Average Volume 5 Day 48'665
ADP FP EQUITY YTD Change - Average Volume 30 Day 60'510
ADP FP EQUITY YTD % CHANGE - Average Volume 3 Month 64'840
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
2'292.4 2'527.0 2'633.4 2'479.6 2'501.5 2'787.5 2'389.3 2'620.0 2'703.2 665.0 -
3.82x 2.81x 3.03x 3.31x 3.04x 0.00x 0.00x 3.51x 3.36x - -
757.3 848.2 882.9 921.9 972.2 0.0 0.0 998.7 1'027.6 - -
11.56x 8.37x 9.04x 8.91x 7.82x 0.00x 0.00x 9.39x 9.13x - -
322.2 272.6 269.5 300.1 347.8 0.0 0.0 341.6 359.4 - -
21.47x 17.53x 20.63x 18.94x 14.54x 0.00x 0.00x 17.87x 16.94x - -
EBITDA 972.23 Long-Term Rating Date 17.01.2012
EBIT 589.11 Long-Term Rating A+
Operating Margin 23.55% Long-Term Outlook NEG
Pretax Margin 22.10% Short-Term Rating Date -
Return on Assets 3.71% Short-Term Rating -
Return on Common Equity 9.00%
Return on Capital 6.36% EBITDA/Interest Exp. 5.57
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 1.64
Net Debt/EBITDA 3.34
Gross Margin - Total Debt/EBITDA 4.01
EBITDA Margin 40.0%
EBIT Margin 24.5% Total Debt/Equity 96.9%
Net Income Margin 13.9% Total Debt/Capital 49.2%
Asset Turnover 0.29
Current Ratio 1.21 Net Fixed Asset Turnover 0.40
Quick Ratio 1.06 Accounts receivable turnover-days 94.52
Debt to Assets 39.39% Inventory Days -
Tot Debt to Common Equity 96.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.87 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Aeroports de ParisPrice/Volume
Valuation Analysis
43'978.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!- 9!. 9!. 9!0 9!0 9!1 9!1 9!2 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Research 51'558'474 52.1 - 31.12.2011 Government
FONDS STRATEGIQUE D' n/a Research 8'609'572 8.7 - 31.12.2011 Investment Advisor
SCHIPHOL GROUP n/a Research 7'916'848 8 - 31.12.2011 Holding Company
BNP PARIBAS INV PART n/a ULT-AGG 1'560'284 1.58 322'732 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 533'818 0.54 7'613 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 371'384 0.38 (18'048) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 316'187 0.32 1'896 25.02.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 224'032 0.23 - 31.10.2012 Bank
BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 199'383 0.2 (17'326) 30.09.2012 Investment Advisor
ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Ageas offers international insurance services such as life and non-life,
disability, and medical to individuals and groups.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 27.27
52-Week Low (04.06.2012) 12.17
Daily Volume
25.72
52-Week High % Change -5.83% Dividend Yield -
52-Week Low % Change 111.34% Beta 1.53
% 52 Week Price Range High/Low 87.19% Equity Float -
Shares Out 31.12.2012 243.1 Short Int 0.02
6'253.08 1 Yr Total Return 69.57%
Total Debt 5'070.30 YTD Return 15.78%
Preferred Stock 0.0 Adjusted BETA 1.530
Minority Interest 875.5 Analyst Recs 21
Cash and Equivalents 2'449.90 Consensus Rating 3.619
Enterprise Value 9'748.98
Average Volume 5 Day 1'162'375
AGS BB EQUITY YTD Change - Average Volume 30 Day 722'658
AGS BB EQUITY YTD % CHANGE - Average Volume 3 Month 646'867
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
- 16'667.7 13'460.8 12'151.3 13'462.5 12'151.3 13'462.5 12'364.4 12'172.8 - -
- 0.53x 0.61x 0.51x 0.63x 2.73x 2.28x 0.59x 0.84x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(28'000.0) 1'209.8 223.1 (578.2) 743.0 (578.2) 743.0 626.3 650.6 185.1 -
- 5.37x 19.03x - 7.10x 0.00x 5.21x 9.48x 9.03x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 7.69% Long-Term Outlook -
Pretax Margin 9.42% Short-Term Rating Date -
Return on Assets 0.79% Short-Term Rating -
Return on Common Equity 8.41%
Return on Capital 7.54% 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 51.2%
Net Income Margin 5.5% Total Debt/Capital 32.0%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.22% Inventory Days -
Tot Debt to Common Equity 51.16% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AgeasPrice/Volume
Valuation Analysis
570'982.00
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
'
2
-'
-2
.'
.2
0'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AGEAS n/a Co File 17'678'167 7.27 - 31.12.2011 Bank
FRANKLIN RESOURCES n/a ULT-AGG 15'642'668 6.43 (583'370) 26.02.2013 Investment Advisor
NORGES BANK n/a Research 12'632'239 5.2 - 03.02.2012 Government
FORTIS BANK SA/NV n/a Co File 12'531'328 5.15 - 31.12.2011 Bank
PING AN INSURANCE GR n/a Co File 12'099'626 4.98 - 31.12.2011 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'244'324 1.75 68'135 31.12.2012 Investment Advisor
BRUCKNER RONNY n/a Co File 3'100'000 1.28 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 2'370'705 0.98 316'901 25.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'835'796 0.76 (285'244) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'637'532 0.67 (7'268) 31.12.2012 Investment Advisor
AXXION SA Multiple Portfolios MF-AGG 838'885 0.35 - 31.12.2011 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 788'255 0.32 (2'581) 31.01.2013 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 588'697 0.24 7'000 01.02.2013 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 559'524 0.23 98'587 30.06.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 522'944 0.22 408 28.12.2012 Investment Advisor
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 480'000 0.2 (37'500) 31.08.2012 Investment Advisor
FMR LLC n/a ULT-AGG 459'815 0.19 (1'528'513) 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 440'972 0.18 41'112 30.11.2012 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 400'000 0.16 - 31.01.2013 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 396'761 0.16 142'143 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC STEVEN HAYWOOD overweight 5 M 32 Not Provided 27.02.2013
Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 29 12 month 26.02.2013
Credit Suisse CHRIS ESSON outperform 5 M 30 Not Provided 26.02.2013
JPMorgan ASHIK MUSADDI overweight 5 M 33 9 month 26.02.2013
Deutsche Bank ROBIN BUCKLEY hold 3 M 26 12 month 21.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 26 12 month 21.02.2013
Oddo & Cie MAXIME DUPUIS neutral 3 M 26 Not Provided 21.02.2013
ING Bank ALBERT PLOEGH buy 5 M 28 12 month 21.02.2013
AlphaValue JEROME CASSAGNE reduce 2 M 24 6 month 21.02.2013
ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 32 Not Provided 21.02.2013
Bank Degroof(ESN) MARC LEEMANS hold 3 M 29 12 month 20.02.2013
Petercam MATTHIAS DE WIT buy 5 M 30 Not Provided 20.02.2013
Rabobank International COR KLUIS hold 3 M 28 12 month 20.02.2013
Exane BNP Paribas FRANCOIS BOISSIN outperform 5 M 30 Not Provided 12.02.2013
Societe Generale JASON KALAMBOUSSIS buy 5 M 23 12 month 31.01.2013
CA Cheuvreux HANS PLUIJGERS outperform 5 M 27 Not Provided 24.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 21 12 month 05.12.2012
Kepler Capital Markets BENOIT PETRARQUE buy 5 M 25 Not Provided 06.08.2012
Nomura FAHAD CHANGAZI neutral 3 M 23 Not Provided 31.03.2011
Holdings By:
Ageas ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Aker Solutions ASA, through its subsidiaries and affiliates, is a global oil
services company that provides engineering services, technologies, product
solutions and field-life solutions for the oil and gas industry.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 124.60
52-Week Low (26.06.2012) 72.20
Daily Volume
114
52-Week High % Change -8.51% Dividend Yield -
52-Week Low % Change 57.89% Beta 1.47
% 52 Week Price Range High/Low 75.95% Equity Float 145.58
Shares Out 26.02.2013 274.0 Short Int -
31'236.00 1 Yr Total Return 22.57%
Total Debt 7'691.00 YTD Return 0.97%
Preferred Stock 0.0 Adjusted BETA 1.474
Minority Interest 157.0 Analyst Recs 24
Cash and Equivalents 1'214.00 Consensus Rating 4.125
Enterprise Value 37'870.00
Average Volume 5 Day 1'537'574
AKSO NO EQUITY YTD Change - Average Volume 30 Day 1'137'733
AKSO NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'022'582
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
58'252.0 49'527.0 33'207.0 35'667.0 44'922.0 32'195.0 44'922.0 49'526.4 55'135.6 11'649.7 12'332.5
0.26x 0.50x 0.96x 0.61x 0.83x 3.37x 3.01x 0.75x 0.65x 3.22x 3.14x
3'382.0 4'108.0 3'380.0 3'465.0 4'739.0 3'070.0 4'701.0 5'330.5 6'519.7 1'171.7 1'312.9
4.48x 6.04x 9.45x 6.30x 7.84x 7.12x 7.91x 7.10x 5.81x 7.14x 6.69x
1'438.0 2'260.0 1'957.0 5'218.0 2'249.0 5'218.0 2'225.0 2'599.4 3'449.8 530.5 630.1
8.42x 9.60x 20.85x 10.91x 13.55x 13.40x 13.68x 11.85x 8.94x 11.85x 10.93x
EBITDA 4'739.00 Long-Term Rating Date -
EBIT 3'573.00 Long-Term Rating -
Operating Margin 7.95% Long-Term Outlook -
Pretax Margin 6.58% Short-Term Rating Date -
Return on Assets 5.99% Short-Term Rating -
Return on Common Equity 19.37%
Return on Capital - EBITDA/Interest Exp. 10.13
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 0.23
Net Debt/EBITDA 1.38
Gross Margin - Total Debt/EBITDA 1.64
EBITDA Margin 10.5%
EBIT Margin 7.9% Total Debt/Equity 65.1%
Net Income Margin 5.0% Total Debt/Capital 39.1%
Asset Turnover 1.21
Current Ratio 1.14 Net Fixed Asset Turnover 5.15
Quick Ratio 0.07 Accounts receivable turnover-days -
Debt to Assets 19.12% Inventory Days -
Tot Debt to Common Equity 65.05% 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
Aker Solutions ASAPrice/Volume
Valuation Analysis
1'243'684.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AKER KVAERNER ASA n/a EXCH 110'333'615 40.27 - 18.02.2013 Corporation
STATE STREET n/a ULT-AGG 14'972'515 5.46 - 26.02.2013 Investment Advisor
GOVERNMENT PENSION F n/a EXCH 14'538'795 5.31 - 18.02.2013 Government
FMR LLC n/a ULT-AGG 10'617'174 3.87 (110'388) 31.12.2012 Investment Advisor
JP MORGAN CHASE BANK n/a EXCH 9'238'529 3.37 - 18.02.2013 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 8'094'350 2.95 - 18.02.2013 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 5'972'994 2.18 - 18.02.2013 Bank
DANSKE BANK A/S n/a EXCH 5'427'563 1.98 - 18.02.2013 Bank
SEB n/a ULT-AGG 3'928'857 1.43 143'651 18.02.2013 Unclassified
DANSKE INVEST A/S Multiple Portfolios MF-AGG 3'774'607 1.38 19'843 31.01.2013 Investment Advisor
AKER SOLUTIONS ASA n/a EXCH 3'490'985 1.27 - 18.02.2013 Corporation
RBC INVESTOR SERVICE n/a EXCH 3'487'391 1.27 - 18.02.2013 n/a
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'109'670 1.13 7'420 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'057'075 1.12 43'085 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'042'260 1.11 - 31.12.2012 Investment Advisor
CITIBANK NA n/a EXCH 2'726'200 0.99 - 18.02.2013 Bank
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 2'168'000 0.79 207'895 29.06.2012 Investment Advisor
VARMA MUTUAL PENSION n/a EXCH 1'780'796 0.65 - 18.02.2013 Insurance Company
STATOILS PENSJONSKAS n/a EXCH 1'765'482 0.64 - 18.02.2013 Pension Fund (ERISA)
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 1'703'233 0.62 (189'672) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SpareBank 1 Markets AS ERIK TONNE neutral 3 M 115 12 month 26.02.2013
Guggenheim Securities LLC DARREN GACICIA buy 5 M 135 12 month 22.02.2013
Fearnley Fonds TRULS OLSEN buy 5 M 140 Not Provided 19.02.2013
HSBC PHILLIP LINDSAY overweight 5 M 144 Not Provided 18.02.2013
Carnegie FREDERIK H LUNDE hold 3 D #N/A N/A Not Provided 18.02.2013
Fondsfinans AS PETTER NARVESTAD buy 5 M 138 Not Provided 18.02.2013
Nordea Equity Research ANNE SCHULT ULRIKSEN buy 5 M 130 12 month 18.02.2013
Handelsbanken DANIEL RAVIK accumulate 4 D 120 12 month 18.02.2013
Pareto Securities STEFFEN RODSJO buy 5 M 140 12 month 18.02.2013
DNB Markets EIRIK RONOLD MATHISEN buy 5 M 130 Not Provided 18.02.2013
Arctic Securities ASA KJETIL GARSTAD buy 5 M 125 Not Provided 18.02.2013
Barclays MICK PICKUP underweight 1 M 130 Not Provided 18.02.2013
RS Platou Markets GORAN ANDREASSEN buy 5 M 135 6 month 18.02.2013
Danske Markets ENDRE STORLOKKEN buy 5 M 120 12 month 18.02.2013
Swedbank First Securities EIVIND TONNESSEN buy 5 M 128 Not Provided 18.02.2013
ABG Sundal Collier HAAKON AMUNDSEN hold 3 D 120 6 month 17.02.2013
Goldman Sachs HENRY TARR Buy/Neutral 5 M 128 12 month 15.02.2013
Nomura CHRISTYAN MALEK buy 5 M 160 12 month 29.01.2013
RBC Capital Markets KATHERINE TONKS sector perform 3 M 120 12 month 17.01.2013
SEB Enskilda TERJE FATNES buy 5 M 136 Not Provided 15.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
JPMorgan ANDREW DOBBING overweight 5 M 80 3 month 21.07.2010
Holdings By:
Aker Solutions ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Alcatel-Lucent manufactures telecommunications equipment, and offers
telecommunications services. The Company's telecommunications equipment and
services enable its customers to send or receive virtually any type of voice or
data transmission. Alcatel-Lucent designs and builds public and private
networks, communications systems and software, and data networking systems.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2012) 1.95
52-Week Low (11.10.2012) 0.71
Daily Volume
1.075
52-Week High % Change -44.94% Dividend Yield -
52-Week Low % Change 51.41% Beta 1.21
% 52 Week Price Range High/Low 28.05% Equity Float 2'102.95
Shares Out 31.12.2012 2'326.6 Short Int -
2'501.06 1 Yr Total Return -43.63%
Total Debt 4'811.00 YTD Return 7.18%
Preferred Stock 0.0 Adjusted BETA 1.210
Minority Interest 745.0 Analyst Recs 30
Cash and Equivalents 4'929.00 Consensus Rating 2.500
Enterprise Value 3'128.06
Average Volume 5 Day 40'232'160
ALU FP EQUITY YTD Change - Average Volume 30 Day 39'431'150
ALU FP EQUITY YTD % CHANGE - Average Volume 3 Month 46'069'980
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
16'984.0 15'157.0 15'996.0 15'327.0 14'446.0 15'064.0 14'446.0 14'325.2 14'454.1 3'183.6 3'433.4
0.27x 0.34x 0.33x 0.24x 0.20x 1.98x 0.92x 0.28x 0.29x 1.10x 1.13x
1'200.0 907.0 980.0 1'151.0 423.0 1'176.0 423.0 837.8 1'036.7 126.0 221.5
3.80x 5.66x 5.38x 3.15x 6.86x 3.09x 6.86x 3.73x 3.01x 3.21x 3.22x
(5'215.0) (524.0) (334.0) 1'095.0 (1'374.0) 1'095.0 (1'374.0) (229.4) 75.9 (197.0) (89.3)
- - - 4.06x - 4.16x 0.00x - 19.91x - -
EBITDA 423.00 Long-Term Rating Date 18.02.2013
EBIT -490.00 Long-Term Rating B
Operating Margin -3.39% Long-Term Outlook NEG
Pretax Margin -10.99% Short-Term Rating Date 18.02.2013
Return on Assets -6.03% Short-Term Rating B
Return on Common Equity -47.38%
Return on Capital - EBITDA/Interest Exp. 1.18
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. -0.45
Net Debt/EBITDA -0.28
Gross Margin 30.1% Total Debt/EBITDA 11.37
EBITDA Margin 2.9%
EBIT Margin -3.4% Total Debt/Equity 247.2%
Net Income Margin -9.5% Total Debt/Capital 64.1%
Asset Turnover 0.63
Current Ratio 1.28 Net Fixed Asset Turnover 11.90
Quick Ratio 0.94 Accounts receivable turnover-days 79.40
Debt to Assets 22.52% Inventory Days 70.94
Tot Debt to Common Equity 247.23% Accounts Payable Turnover Day 138.58
Accounts Receivable Turnover 4.61 Cash Conversion Cycle 11.77
Inventory Turnover 5.16
Fiscal Year Ended
Alcatel-Lucent/FrancePrice/Volume
Valuation Analysis
23'047'908.00
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
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.'!' 91'!' 93'!' 95'!' 9-''!' 9-.'!' 9-1'!' 9-3'!' 9-5'!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-''!''
.''!''
0''!''
1''!''
2''!''
3''!''
4''!''
5''!''
6''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 111'850'900 4.81 (3'397'043) 30.04.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 83'857'900 3.6 - 31.12.2011 Government
MANNING & NAPIER ADV n/a Co File 77'433'500 3.33 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 57'801'158 2.48 150'819 25.02.2013 Investment Advisor
CREDIT AGRICOLE SA n/a 20F 57'032'900 2.45 - 31.12.2009 Investment Advisor
NORGES BANK INVESTME n/a Co File 49'965'500 2.15 - 31.12.2011 Government
GROUPAMA ASSET MANAG n/a Co File 38'900'000 1.67 - 31.12.2011 Investment Advisor
NATIXIS ASSET MANAGE n/a Co File 36'358'200 1.56 - 31.12.2011 Investment Advisor
BRANDES INVESTMENT P n/a Co File 36'274'000 1.56 - 31.12.2011 Investment Advisor
FCP 2AL n/a Co File 34'381'763 1.48 - 31.12.2011 n/a
ARTIS CAPITAL MANAGE n/a Co File 33'890'800 1.46 - 31.12.2011 Hedge Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 31'478'968 1.35 (1'575'953) 31.12.2012 Mutual Fund Manager
STATE STREET n/a ULT-AGG 29'601'602 1.27 - 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 25'910'540 1.11 (9'245'061) 31.12.2012 Investment Advisor
ALCATEL-LUCENT n/a Co File 25'343'255 1.09 - 31.12.2011 Corporation
ODEY ASSET MANAGEMEN n/a Short (22'102'355) -0.95 (1'628'594) 07.01.2013 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (17'914'541) -0.77 (1'628'594) 25.02.2013 Hedge Fund Manager
SARASIN n/a ULT-AGG 11'412'433 0.49 140'488 28.12.2012 Unclassified
MARSHALL WACE LLP n/a Short (10'934'849) -0.47 2'791'877 17.01.2013 Hedge Fund Manager
CAXTON INTERNATIONAL n/a ULT-AGG (10'702'193) -0.46 1'675'126 20.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ALEXANDER PETERC neutral 3 M 1 Not Provided 26.02.2013
HSBC RICHARD DINEEN underweight 1 D 1 Not Provided 25.02.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 2 12 month 22.02.2013
Credit Suisse ACHAL SULTANIA neutral 3 M 1 Not Provided 22.02.2013
Jefferies GEORGE C NOTTER underperform 1 M 1 12 month 22.02.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 2 Not Provided 22.02.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 2 6 month 21.02.2013
Kepler Capital Markets SEBASTIEN SZTABOWICZ reduce 2 M 1 Not Provided 11.02.2013
Societe Generale ANDY PERKINS sell 1 M 1 12 month 08.02.2013
JPMorgan SANDEEP S DESHPANDE neutral 3 M 1 9 month 08.02.2013
Sanford C. Bernstein & Co PIERRE FERRAGU underperform 1 M 1 12 month 08.02.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER sell 1 M 1 Not Provided 08.02.2013
Nomura STUART JEFFREY neutral 3 M 1 12 month 08.02.2013
Barclays ANDREW M GARDINER equalweight 3 M 1 Not Provided 08.02.2013
Grupo Santander CARLOS JAVIER TREVINO buy 5 M #N/A N/A Not Provided 07.02.2013
CM - CIC Securities(ESN) SEBASTIEN LIAGRE sell 1 M 1 12 month 07.02.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 1 Not Provided 07.02.2013
S&P Capital IQ JAMES CRAWSHAW sell 1 D 1 12 month 07.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs SIMON F SCHAFER Sell/Neutral 1 M 1 12 month 07.01.2013
Natixis ERIC BEAUDET buy 5 U 2 Not Provided 17.12.2012
Deutsche Bank KAI KORSCHELT hold 3 M 1 12 month 03.12.2012
Liberum Capital Ltd JANARDAN MENON buy 5 M 2 Not Provided 05.11.2012
MKM Partners MICHAEL GENOVESE neutral 3 M 1 12 month 02.11.2012
CA Cheuvreux ODON DE LAPORTE underperform 1 D 1 Not Provided 10.09.2012
DZ Bank AG OLIVER FINGER hold 3 D #N/A N/A Not Provided 19.07.2012
Holdings By:
Alcatel-Lucent/France ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Alfa Laval AB provides specialized products and engineering solutions. The
Company's product line includes equipment and systems for heating, cooling,
separation, and transportation of products such as oil, water, chemicals,
beverages, starch, foodstuffs, and pharmaceuticals. Alfa Laval sells and
markets worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 153.20
52-Week Low (05.09.2012) 110.40
Daily Volume
148.5
52-Week High % Change -3.13% Dividend Yield -
52-Week Low % Change 34.51% Beta 1.04
% 52 Week Price Range High/Low 88.32% Equity Float -
Shares Out 26.02.2013 419.5 Short Int -
62'289.26 1 Yr Total Return 14.08%
Total Debt 2'446.00 YTD Return 9.76%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 61.0 Analyst Recs 25
Cash and Equivalents 1'404.00 Consensus Rating 2.720
Enterprise Value 63'392.26
Average Volume 5 Day 1'446'865
ALFA SS EQUITY YTD Change - Average Volume 30 Day 1'304'994
ALFA SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'229'169
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
27'850.0 26'039.0 24'720.0 28'652.0 29'813.0 28'652.0 29'813.0 30'395.5 32'021.6 7'027.6 7'711.5
1.10x 1.61x 2.40x 1.96x 1.94x 7.65x 7.31x 2.13x 1.97x 9.44x 8.56x
6'296.0 4'751.0 5'197.0 5'566.0 5'306.0 5'566.0 5'306.0 5'559.2 5'987.2 1'244.1 1'399.6
4.85x 8.84x 11.39x 10.08x 10.90x 10.08x 10.90x 11.40x 10.59x 11.22x 12.29x
3'774.0 2'710.0 3'088.0 3'223.0 3'190.0 3'223.0 3'190.0 3'403.9 3'712.7 723.3 836.9
7.65x 15.42x 19.30x 16.97x 17.79x 16.97x 17.79x 18.33x 16.79x 18.28x 18.11x
EBITDA 5'306.00 Long-Term Rating Date 07.06.2012
EBIT 4'372.00 Long-Term Rating BBB+
Operating Margin 14.66% Long-Term Outlook POS
Pretax Margin 15.11% Short-Term Rating Date -
Return on Assets 9.17% Short-Term Rating -
Return on Common Equity 21.05%
Return on Capital - EBITDA/Interest Exp. 27.69
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 24.93
Net Debt/EBITDA 0.20
Gross Margin 35.7% Total Debt/EBITDA 0.46
EBITDA Margin 17.8%
EBIT Margin 14.7% Total Debt/Equity 16.0%
Net Income Margin 10.7% Total Debt/Capital 13.7%
Asset Turnover 0.86
Current Ratio 1.48 Net Fixed Asset Turnover 7.68
Quick Ratio 0.61 Accounts receivable turnover-days 63.17
Debt to Assets 6.97% Inventory Days 117.65
Tot Debt to Common Equity 15.96% Accounts Payable Turnover Day 46.35
Accounts Receivable Turnover 5.79 Cash Conversion Cycle 134.47
Inventory Turnover 3.11
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
Alfa Laval ABPrice/Volume
Valuation Analysis
684'325.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
-3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
0.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TETRA LAVAL BV n/a Research 109'478'094 26.1 - 28.09.2012 Other
ALECTA PENSIONSFORSA n/a Research 29'361'941 7 - 28.09.2012 Pension Fund (ERISA)
FOUNDATION ASSET MAN n/a Research 25'167'378 6 - 28.09.2012 Other
SWEDBANK ROBUR FONDE n/a Research 13'422'602 3.2 - 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'672'070 2.78 106'262 31.12.2012 Investment Advisor
AMF PENSION INSURANC n/a Research 10'905'864 2.6 - 28.09.2012 Insurance Company
SEB n/a ULT-AGG 8'057'678 1.92 (51'788) 31.12.2012 Unclassified
LANNEBO FONDER AB n/a Co File 6'775'736 1.62 - 30.12.2011 Investment Advisor
ETON PARK INTERNATIO n/a Short (5'830'443) -1.39 - 01.11.2012 Hedge Fund Manager
FORSTA AP FONDEN n/a Research 5'452'932 1.3 - 28.09.2012 Investment Advisor
FIRST AP FUND n/a Co File 5'286'709 1.26 - 30.12.2011 n/a
FOLKSAM GROUP n/a Research 5'033'476 1.2 - 28.09.2012 Insurance Company
ANDRA AP FONDEN n/a Co File 4'662'614 1.11 - 30.12.2011 Pension Fund (ERISA)
HANDELSBANKEN FONDER n/a Research 4'614'019 1.1 - 31.01.2013 Investment Advisor
FJARDE AP-FONDEN n/a Research 4'194'563 1 - 28.09.2012 Pension Fund (ERISA)
NTC UN JOINT STAFF n/a Research 3'355'650 0.8 - 28.09.2012 Other
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 3'345'724 0.8 223'563 31.12.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 2'865'000 0.68 2'082'000 31.12.2012 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 2'328'861 0.56 (27'018) 31.01.2013 Investment Advisor
ENTER FONDER AB Multiple Portfolios MF-AGG 2'274'712 0.54 785'100 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue LIONEL PELLICER sell 1 M 123 6 month 25.02.2013
Credit Suisse ANDRE KUKHNIN neutral 3 M 145 Not Provided 20.02.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 134 12 month 12.02.2013
Exane BNP Paribas ALEXIS DENAUD neutral 3 M 140 Not Provided 11.02.2013
Commerzbank Corporates & Markets SEBASTIAN GROWE reduce 2 M 120 6 month 08.02.2013
Canaccord Genuity Corp ANDREW BELL sell 1 M 115 Not Provided 08.02.2013
Barclays ALLAN SMYLIE equalweight 3 M 130 Not Provided 07.02.2013
SEB Enskilda DANIEL SCHMIDT hold 3 M 140 Not Provided 06.02.2013
Carnegie KENNETH TOLL JOHANSSON sell 1 M #N/A N/A Not Provided 06.02.2013
Nordea Equity Research ANDREAS KOSKI hold 3 M 145 12 month 06.02.2013
Handelsbanken JON HYLTNER buy 5 M 170 12 month 06.02.2013
DNB Markets LARS BRORSON sell 1 M 120 Not Provided 06.02.2013
Danske Markets OSCAR STJERNGREN hold 3 M 150 12 month 06.02.2013
ABG Sundal Collier ANDERS IDBORG hold 3 M 130 6 month 05.02.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 151 12 month 05.02.2013
JPMorgan GLEN H LIDDY neutral 3 M 141 9 month 05.02.2013
HSBC COLIN GIBSON neutral 3 M 135 Not Provided 05.02.2013
CA Cheuvreux JOAKIM HOGLUND underperform 1 M 120 Not Provided 29.01.2013
Deutsche Bank JOHAN WETTERGREN hold 3 M 125 12 month 22.01.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 125 12 month 17.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Pareto Securities DAVID JACOBSSON buy 5 U 145 6 month 21.11.2012
Swedbank MATS LISS neutral 3 M 130 12 month 23.11.2011
Evli Bank Plc MAGNUS AXEN buy 5 M 180 Not Provided 16.11.2011
Alandsbanken Equities ANDERS ROSLUND buy 5 M 182 12 month 28.04.2011
Holdings By:
Alfa Laval AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Amadeus IT Holding SA processes transactions for the global travel and tourism
industry. The Company processes transactions for airlines, hotels, rail
operators, cruise lines and ferry operators, car rental companies, and tour
operators.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 20.60
52-Week Low (07.03.2012) 13.68
Daily Volume
19.995
52-Week High % Change -2.86% Dividend Yield -
52-Week Low % Change 46.16% Beta 0.67
% 52 Week Price Range High/Low 95.49% Equity Float 349.83
Shares Out 14.11.2012 447.6 Short Int -
8'949.40 1 Yr Total Return 44.71%
Total Debt 2'241.57 YTD Return 6.36%
Preferred Stock 0.0 Adjusted BETA 0.668
Minority Interest 2.5 Analyst Recs 27
Cash and Equivalents 435.74 Consensus Rating 3.815
Enterprise Value 10'465.20
Average Volume 5 Day 2'409'922
AMS SQ EQUITY YTD Change - Average Volume 30 Day 7'466'228
AMS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 5'730'749
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
2'505.1 2'383.9 2'593.6 2'759.1 2'910.3 2'810.8 2'910.2 3'021.3 3'215.9 - -
- - 3.66x 2.68x - 11.10x 9.18x 3.38x 3.07x - -
875.1 869.8 654.1 1'073.5 - 1'111.7 892.9 1'158.7 1'253.7 - -
- - 14.52x 6.89x - 6.65x 0.00x 9.03x 8.35x - -
183.5 272.5 136.8 729.5 501.6 722.1 501.5 598.8 661.3 167.0 162.0
- - 111.04x 12.33x 16.99x 7.77x 16.90x 14.74x 13.25x 13.98x -
EBITDA 1'073.45 Long-Term Rating Date 14.06.2011
EBIT 831.23 Long-Term Rating BBB-
Operating Margin 30.13% Long-Term Outlook POS
Pretax Margin 24.18% Short-Term Rating Date 14.06.2011
Return on Assets 9.78% Short-Term Rating A-3
Return on Common Equity 34.50%
Return on Capital - EBITDA/Interest Exp. 5.37
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 5.15
Net Debt/EBITDA 1.34
Gross Margin - Total Debt/EBITDA 1.74
EBITDA Margin 38.5%
EBIT Margin 29.8% Total Debt/Equity 177.4%
Net Income Margin 17.2% Total Debt/Capital 63.9%
Asset Turnover 0.58
Current Ratio 0.82 Net Fixed Asset Turnover 10.65
Quick Ratio 0.63 Accounts receivable turnover-days -
Debt to Assets 44.44% Inventory Days -
Tot Debt to Common Equity 177.38% 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
Amadeus IT Holding SAPrice/Volume
Valuation Analysis
2'329'658.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 9
5'!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AIR FRANCE CORP n/a Research 27'302'498 6.1 - 14.11.2012 Corporation
BNP PARIBAS SA n/a EXCH 22'750'649 5.08 429'477 12.11.2012 Bank
MFS INVESTMENT MANAG n/a EXCH 22'455'727 5.02 - 20.03.2012 Investment Advisor
BLACKROCK INVESTMENT n/a EXCH 22'246'749 4.97 (221'962) 19.10.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 22'041'227 4.92 - 25.01.2013 Government
DEUTSCHE LUFTHANSA A n/a EXCH 17'903'279 4 - 07.12.2012 Corporation
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 15'374'186 3.43 324'717 31.12.2012 Investment Advisor
FIDELITY LTD n/a Research 9'443'979 2.11 4'835'887 13.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'278'502 1.85 1'211'347 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 6'809'996 1.52 1'357'146 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'815'000 1.3 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'656'644 1.26 114'351 31.12.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 5'419'846 1.21 20'790 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'977'973 1.11 (9'193) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'960'073 1.11 (1'173'169) 25.02.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (4'610'095) -1.03 (179'033) 01.02.2013 Hedge Fund Manager
FEDERATED INVESTORS Multiple Portfolios MF-AGG 4'541'700 1.01 (710'300) 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 4'342'039 0.97 360'004 26.02.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 4'060'148 0.91 242'000 31.07.2012 Investment Advisor
IBERIA LINEA AEREAS n/a Research 3'759'689 0.84 - 31.08.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 21 12 month 27.02.2013
Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO reduce 2 M 19 12 month 27.02.2013
Oddo & Cie YAN DEROCLES buy 5 M 23 Not Provided 27.02.2013
Ahorro Corporacion Financiera SA ELENA FERNANDEZ hold 3 M 21 Not Provided 27.02.2013
Banesto Bolsa SA Sociedad MARTA GOMEZ overweight 5 M 20 Not Provided 27.02.2013
BPI JOAO SAFARA SILVA neutral 3 M 20 Not Provided 25.02.2013
Grupo Santander JUAN RAMON CORREAS underweight 1 M 19 Not Provided 22.02.2013
Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO neutral 3 M 22 Not Provided 21.02.2013
AlphaValue HELENE COUMES add 4 M 21 6 month 21.02.2013
Banco Sabadell MARIA CEBOLLERO sell 1 M 21 12 month 19.02.2013
JPMorgan STACY E POLLARD overweight 5 M 22 12 month 05.02.2013
Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 22 Not Provided 24.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Barclays GERARDUS VOS equalweight 3 M 18 Not Provided 14.01.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA neutral 3 M 20 12 month 24.12.2012
Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 27 12 month 18.12.2012
Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS buy 5 M 20 Not Provided 17.12.2012
La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 M 22 Not Provided 24.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO outperform 5 D 20 Not Provided 23.10.2012
Renta 4 SA SVB TEAM COVERAGE overweight 5 M 22 Not Provided 26.09.2012
Redburn Partners NEIL STEER buy 5 N #N/A N/A Not Provided 29.08.2012
Interdin Bolsa SOFIA REBUELTA VILLEGAS neutral 3 M #N/A N/A Not Provided 03.08.2012
Davy JOSHUA GOLDMAN neutral 3 M #N/A N/A Not Provided 01.08.2012
BBVA LURDES SAIZ DE QUEVEDO outperform 5 M 19 Not Provided 18.07.2012
Link Securities INIGO ISARDO hold 3 D 19 Not Provided 07.07.2012
HSBC ANTONIN BAUDRY restricted #N/A N/A M #N/A N/A Not Provided 14.05.2012
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ overweight 5 M 16 12 month 24.02.2012
Holdings By:
Amadeus IT Holding SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
AMEC PLC provides consulting, engineering and project management services to the
world's energy, power and process industries. The Company project manages the
delivery of major industrial and infrastructure projects, such as power
networks, and supplies engineering, procurement and construction management
services in the energy and mining industries.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (14.03.2012) 1'189.00
52-Week Low (01.06.2012) 914.00
Daily Volume
1047
52-Week High % Change -11.94% Dividend Yield 3.49
52-Week Low % Change 14.55% Beta 1.16
% 52 Week Price Range High/Low 44.73% Equity Float 294.67
Shares Out 08.02.2013 297.1 Short Int -
3'110.25 1 Yr Total Return -3.30%
Total Debt 176.00 YTD Return 4.39%
Preferred Stock 0.0 Adjusted BETA 1.158
Minority Interest 4.0 Analyst Recs 20
Cash and Equivalents 275.00 Consensus Rating 3.800
Enterprise Value 3'015.25
Average Volume 5 Day 1'516'464
AMEC LN EQUITY YTD Change - Average Volume 30 Day 1'429'403
AMEC LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'244'654
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
2'606.4 2'539.1 2'951.0 3'261.0 4'158.0 - - 4'256.4 4'538.8 - -
0.35x 0.76x 1.07x 0.78x 0.70x - - 0.69x 0.63x - -
209.8 155.6 238.0 281.0 363.0 - - 368.8 410.8 - -
4.31x 12.45x 13.23x 9.06x 8.05x - - 8.18x 7.34x - -
199.7 171.7 231.0 232.0 216.0 - - 255.8 286.8 - -
7.64x 16.64x 15.75x 14.34x 14.97x - - 11.97x 10.69x - -
EBITDA 363.00 Long-Term Rating Date -
EBIT 308.00 Long-Term Rating -
Operating Margin 7.41% Long-Term Outlook -
Pretax Margin 6.33% Short-Term Rating Date -
Return on Assets 8.69% Short-Term Rating -
Return on Common Equity 17.62%
Return on Capital 16.97% EBITDA/Interest Exp. 45.38
Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. 43.00
Net Debt/EBITDA -0.27
Gross Margin 12.8% Total Debt/EBITDA 0.48
EBITDA Margin 8.7%
EBIT Margin 7.4% Total Debt/Equity 16.3%
Net Income Margin 5.2% Total Debt/Capital 14.0%
Asset Turnover 1.67
Current Ratio 1.13 Net Fixed Asset Turnover 106.62
Quick Ratio 0.24 Accounts receivable turnover-days -
Debt to Assets 6.99% Inventory Days 0.40
Tot Debt to Common Equity 16.31% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 16.85
Inventory Turnover 906.25
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AMEC PLCPrice/Volume
Valuation Analysis
665'401.00
Current Price (2/dd/yy) Market Data
'
.''
1''
3''
5''
-'''
-.''
-1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
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
4'500.0
5'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 33'121'639 11.15 - 25.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 23'973'795 8.07 (307'868) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 12'460'653 4.19 (613'469) 31.01.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 11'385'673 3.83 (43'019) 01.11.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'154'807 3.76 136'550 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 10'708'016 3.6 (1'206'854) 01.11.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 9'990'730 3.36 (418) 01.11.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 8'850'888 2.98 (440'568) 01.11.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 6'463'073 2.18 - 01.11.2012 Government
ALLIANCE BERNSTEIN n/a ULT-AGG 5'413'600 1.82 (524'159) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP Multiple Portfolios REG 5'207'071 1.75 771'229 01.11.2012 Investment Advisor
AMEC PLC ESOP Multiple Portfolios REG 5'025'555 1.69 1'571'140 01.11.2012 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'991'837 1.68 (1'138'044) 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 4'861'416 1.64 - 31.07.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios REG 4'614'995 1.55 (2'643'223) 01.11.2012 Investment Advisor
RENSBURG INVESTMENT Multiple Portfolios REG 4'435'270 1.49 884'176 01.11.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 4'299'884 1.45 258'058 01.11.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 4'191'907 1.41 (812'913) 01.11.2012 Investment Advisor
IGNIS ASSET MANAGEME Multiple Portfolios REG 4'010'049 1.35 (397'351) 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 3'852'222 1.3 (38'669) 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale GUILLAUME DELABY buy 5 M 1'320 12 month 19.02.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'135 Not Provided 19.02.2013
Deutsche Bank SEBASTIAN YOSHIDA buy 5 M 1'250 12 month 16.02.2013
RBC Capital Markets KATHERINE TONKS sector perform 3 M 1'150 12 month 15.02.2013
HSBC PHILLIP LINDSAY overweight 5 M 1'200 Not Provided 15.02.2013
Canaccord Genuity Corp JAMES EVANS hold 3 M 1'215 Not Provided 15.02.2013
Nomura CHRISTYAN MALEK buy 5 M 1'300 Not Provided 15.02.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 1'300 12 month 15.02.2013
Oriel Securities Ltd DAVID ROUND hold 3 D #N/A N/A Not Provided 15.02.2013
Barclays MICK PICKUP underweight 1 M 1'350 Not Provided 15.02.2013
Investec KEITH ADAM MORRIS buy 5 M 1'300 12 month 14.02.2013
Goldman Sachs HENRY TARR Buy/Neutral 5 M 1'190 12 month 14.02.2013
Exane BNP Paribas ALEXANDRE MARIE underperform 1 M 1'110 Not Provided 14.02.2013
JPMorgan ANDREW DOBBING neutral 3 M 1'301 9 month 08.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley ROBERT PULLEYN Underwt/Attractive 1 M 1'220 12 month 16.11.2012
Arden Partners Ltd BEN THEFAUT buy 5 M 1'395 12 month 01.11.2012
Shore Capital Stockbrokers JON BELL buy 5 M #N/A N/A Not Provided 01.12.2011
Fox-Davies Capital PAUL SINGER hold 3 M #N/A N/A Not Provided 20.06.2011
Holdings By:
AMEC PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Amlin PLC is an insurance and reinsurance business operating in the Lloyd's
market. The Company provides insurance cover to commercial enterprises. Amlin
offers risk management solutions to the following areas, aviation,
international property and casualty, marine, and UK commercial business clients
worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (25.02.2013) 430.80
52-Week Low (16.05.2012) 307.80
Daily Volume
426.1
52-Week High % Change -1.04% Dividend Yield 5.47
52-Week Low % Change 38.43% Beta 0.79
% 52 Week Price Range High/Low 92.44% Equity Float 495.57
Shares Out 31.01.2013 497.1 Short Int -
2'118.21 1 Yr Total Return 27.88%
Total Debt 388.50 YTD Return 12.43%
Preferred Stock - Adjusted BETA 0.792
Minority Interest 0.7 Analyst Recs 20
Cash and Equivalents 256.40 Consensus Rating 3.450
Enterprise Value 2'337.91
Average Volume 5 Day 1'024'755
AML LN EQUITY YTD Change - Average Volume 30 Day 1'003'678
AML LN EQUITY YTD % CHANGE - Average Volume 3 Month 778'994
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 - -
1'132.1 934.2 1'534.9 1'928.8 1'976.7 - - 2'298.6 2'407.6 - -
1.49x 2.10x 1.33x 1.18x 0.86x - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
352.7 80.3 454.7 221.8 (149.9) - - 232.7 228.4 - -
4.49x 20.98x 3.81x 9.09x - - - 9.33x 9.39x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating BBB+
Operating Margin -8.39% Long-Term Outlook STABLE
Pretax Margin -9.80% Short-Term Rating Date -
Return on Assets 2.44% Short-Term Rating -
Return on Common Equity 11.52%
Return on Capital 10.49% EBITDA/Interest Exp. -
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 27.4%
Net Income Margin -7.6% Total Debt/Capital 21.5%
Asset Turnover 0.30
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.97% Inventory Days -
Tot Debt to Common Equity 27.36% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Amlin PLCPrice/Volume
Valuation Analysis
596'886.00
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
'2'
-''-2'.''.2'0''02'1''12'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a RNS-MAJ 69'588'184 14 4'957 24.09.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 41'724'366 8.39 2'312'625 01.10.2012 Investment Advisor
AEGON n/a ULT-AGG 33'665'446 6.77 (939'243) 01.10.2012 Unclassified
BLACKROCK n/a ULT-AGG 22'099'330 4.45 (1'289'710) 25.02.2013 Investment Advisor
MAJEDIE ASSET MANAGE Multiple Portfolios REG 20'503'656 4.12 241'820 01.10.2012 Investment Advisor
FMR LLC n/a ULT-AGG 20'112'918 4.05 (4'939'724) 31.12.2012 Investment Advisor
KAMES CAPITAL PLC n/a RNS-MAJ 19'570'858 3.94 (220'448) 02.02.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 19'537'266 3.93 (80'245) 31.01.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios REG 17'596'946 3.54 (25'345) 01.10.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 15'505'301 3.12 - 31.03.2012 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios REG 13'633'601 2.74 (1'660'863) 01.10.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 12'818'841 2.58 (220'022) 01.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'000'242 2.41 - 31.07.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios REG 11'964'812 2.41 818'940 01.10.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios REG 11'847'372 2.38 (672'021) 01.10.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 9'355'319 1.88 653'803 01.10.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 8'977'190 1.81 (338'823) 01.10.2012 Government
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 8'286'062 1.67 273'246 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios REG 7'950'206 1.6 (1'699'919) 01.10.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 7'584'962 1.53 (1'004'806) 31.10.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse RICHARD BURDEN underperform 1 M 372 Not Provided 13.02.2013
Numis Securities Ltd NICHOLAS JOHNSON buy 5 M 475 12 month 11.02.2013
Westhouse Securities JOANNA PARSONS add 4 M 440 Not Provided 06.02.2013
Peel Hunt MARK WILLIAMSON hold 3 M 469 Not Provided 04.02.2013
Oriel Securities Ltd MARCUS BARNARD hold 3 U 400 Not Provided 04.02.2013
Barclays OLIVIA BRINDLE overweight 5 M 490 Not Provided 04.02.2013
Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 01.02.2013
Nomura FAHAD CHANGAZI neutral 3 M 425 12 month 25.01.2013
Keefe, Bruyette & Woods CHRISTOPHER HITCHINGS market perform 3 M 375 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
RBC Capital Markets KAMRAN HOSSAIN sector perform 3 D 430 12 month 16.01.2013
HSBC THOMAS FOSSARD neutral 3 M 435 Not Provided 16.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 435 Not Provided 09.01.2013
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 360 3 month 28.12.2012
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 428 12 month 05.12.2012
Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 420 12 month 11.10.2012
Berenberg Bank TOM CARSTAIRS hold 3 M 404 Not Provided 19.09.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 D 362 Not Provided 12.06.2012
Holdings By:
Amlin PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Andritz AG manufactures and markets machines for the production and processing
of pulp, fiberboard, and paper. The Company also provides high-tech production
systems, machinery, and services for the steel and other specialized industries
such as feed manufacturing and sewage sludge treatment. Andritz operates
worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.02.2013) 52.90
52-Week Low (06.03.2012) 34.12
Daily Volume
52.86
52-Week High % Change -0.11% Dividend Yield -
52-Week Low % Change 54.92% Beta 0.82
% 52 Week Price Range High/Low 95.45% Equity Float -
Shares Out 30.09.2012 104.0 Short Int -
5'497.44 1 Yr Total Return 45.67%
Total Debt 436.29 YTD Return 8.90%
Preferred Stock 0.0 Adjusted BETA 0.816
Minority Interest 42.2 Analyst Recs 16
Cash and Equivalents 1'615.05 Consensus Rating 3.750
Enterprise Value 4'514.04
Average Volume 5 Day 99'597
ANDR AV EQUITY YTD Change - Average Volume 30 Day 93'725
ANDR AV EQUITY YTD % CHANGE - Average Volume 3 Month 98'397
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
3'282.5 3'609.8 3'197.5 3'553.8 4'596.0 4'279.2 5'115.1 5'148.9 6'301.6 1'458.8 1'303.0
0.57x 0.16x 0.46x 0.67x 0.47x 2.17x 2.33x 0.89x 0.73x 3.00x 3.10x
242.0 292.3 229.3 306.9 393.2 366.1 398.1 416.2 535.9 136.3 102.0
7.79x 1.97x 6.39x 7.78x 5.52x 5.79x 9.04x 10.83x 8.41x 8.64x 8.03x
134.5 139.7 96.8 179.6 230.7 215.5 247.3 249.7 312.3 86.1 62.8
15.88x 6.65x 21.44x 19.77x 14.28x 14.70x 18.36x 21.66x 17.66x 17.26x 16.17x
EBITDA 393.20 Long-Term Rating Date -
EBIT 319.74 Long-Term Rating -
Operating Margin 6.96% Long-Term Outlook -
Pretax Margin 7.00% Short-Term Rating Date -
Return on Assets 5.21% Short-Term Rating -
Return on Common Equity 28.08%
Return on Capital - EBITDA/Interest Exp. 22.47
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 18.07
Net Debt/EBITDA -2.58
Gross Margin - Total Debt/EBITDA 2.01
EBITDA Margin 7.8%
EBIT Margin 6.6% Total Debt/Equity 48.7%
Net Income Margin 5.0% Total Debt/Capital 31.7%
Asset Turnover 1.08
Current Ratio 1.18 Net Fixed Asset Turnover 11.43
Quick Ratio 0.77 Accounts receivable turnover-days 38.08
Debt to Assets 9.55% Inventory Days -
Tot Debt to Common Equity 48.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.61 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Andritz AGPrice/Volume
Valuation Analysis
66'585.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9
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
4'500.0
5'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CERTUS BETEILIGUNGS n/a Co File 31'200'000 30 - 31.12.2011 Other
CAPITAL GROUP INTERN n/a Research 5'193'954 4.99 - 10.08.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'348'122 2.26 3'745 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'434'021 1.38 (13'903) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'369'235 1.32 20'019 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'313'200 1.26 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'281'921 1.23 30'117 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 1'053'241 1.01 (240) 30.11.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 921'781 0.89 648 25.02.2013 Investment Advisor
RINGTURM KAG Multiple Portfolios MF-AGG 790'000 0.76 (65'000) 31.10.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 721'137 0.69 (3'124) 31.01.2013 Investment Advisor
DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 605'994 0.58 339'158 31.12.2012 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 573'784 0.55 - 31.10.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 499'911 0.48 (31'719) 30.09.2012 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 477'600 0.46 (4'000) 31.05.2011 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 462'500 0.44 (12'909) 31.10.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 459'400 0.44 (5'602) 31.12.2012 Investment Advisor
ACTIVEST MUNICH Multiple Portfolios MF-AGG 421'961 0.41 - 30.11.2012 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 360'409 0.35 - 30.11.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 313'972 0.3 (15'615) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Erste Bank GERALD WALEK accumulate 4 M 58 12 month 26.02.2013
Baader Bank CHRISTINE REITSAMER buy 5 U 57 12 month 25.02.2013
HSBC JOERG-ANDRE FINKE underweight 1 M 44 Not Provided 25.02.2013
M.M. Warburg Investment Research ROLAND RAPELIUS buy 5 M 56 12 month 21.02.2013
Commerzbank Corporates & Markets SEBASTIAN GROWE add 4 M 50 6 month 20.02.2013
Raiffeisenbank AG BERNHARD SELINGER hold 3 M 50 12 month 13.02.2013
Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 53 12 month 08.02.2013
Deutsche Bank MATTHIAS PFEIFENBERGER hold 3 D 52 12 month 23.01.2013
Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 71 6 month 23.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
JPMorgan ANDREAS WILLI neutral 3 D 52 9 month 14.01.2013
Berenberg Bank BENJAMIN GLAESER hold 3 D 52 Not Provided 08.01.2013
CA Cheuvreux OLIVER GIRAKHOU outperform 5 M 51 Not Provided 26.10.2012
Kepler Capital Markets THOMAS NEUHOLD hold 3 M 47 Not Provided 08.08.2012
Holdings By:
Andritz AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Arkema manufactures a wide range of chemicals. The Company manufactures
both generic and brand name chemicals.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (04.02.2013) 87.77
52-Week Low (28.06.2012) 46.60
Daily Volume
80.67
52-Week High % Change -8.07% Dividend Yield -
52-Week Low % Change 73.11% Beta 1.06
% 52 Week Price Range High/Low 84.75% Equity Float 56.12
Shares Out 07.11.2012 62.8 Short Int -
5'064.79 1 Yr Total Return 17.94%
Total Debt 855.00 YTD Return 1.84%
Preferred Stock 0.0 Adjusted BETA 1.057
Minority Interest 27.0 Analyst Recs 23
Cash and Equivalents 252.00 Consensus Rating 3.957
Enterprise Value 6'095.79
Average Volume 5 Day 174'838
AKE FP EQUITY YTD Change - Average Volume 30 Day 188'335
AKE FP EQUITY YTD % CHANGE - Average Volume 3 Month 198'242
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
5'675.0 5'633.0 4'444.0 4'869.0 5'900.0 4'500.0 6'348.0 6'415.2 6'614.9 1'463.6 1'619.0
0.56x 0.22x 0.44x 0.70x 0.68x 2.71x 3.00x 0.92x 0.86x - -
554.0 517.0 339.0 839.0 1'090.0 918.0 1'053.0 996.3 1'052.8 178.7 289.0
5.77x 2.43x 5.71x 4.08x 3.67x 0.00x 5.28x 6.12x 5.79x 5.63x 5.39x
122.0 100.0 (172.0) 347.0 (19.0) 444.0 (259.0) 451.1 505.8 64.4 130.5
25.85x 7.42x - 7.73x 5.94x 0.00x 10.11x 11.05x 9.95x 9.90x 9.92x
EBITDA 1'090.00 Long-Term Rating Date 23.05.2012
EBIT 762.00 Long-Term Rating BBB
Operating Margin 12.92% Long-Term Outlook STABLE
Pretax Margin 11.81% Short-Term Rating Date 23.05.2012
Return on Assets -4.66% Short-Term Rating A-2
Return on Common Equity -10.51%
Return on Capital - EBITDA/Interest Exp. 35.16
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 21.48
Net Debt/EBITDA 0.95
Gross Margin - Total Debt/EBITDA 1.16
EBITDA Margin 16.6%
EBIT Margin 10.4% Total Debt/Equity 39.0%
Net Income Margin -0.3% Total Debt/Capital 27.8%
Asset Turnover 1.14
Current Ratio 1.51 Net Fixed Asset Turnover 3.44
Quick Ratio 0.64 Accounts receivable turnover-days 62.21
Debt to Assets 16.04% Inventory Days -
Tot Debt to Common Equity 39.04% 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
Arkema SAPrice/Volume
Valuation Analysis
205'074.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
-''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMUNDI n/a Research 4'011'877 6.39 357'549 04.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'665'111 5.84 (139'087) 25.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'385'396 5.39 62'194 31.12.2012 Investment Advisor
FMR LLC n/a Research 3'378'902 5.38 - 01.11.2012 Unclassified
GREENLIGHT CAPITAL I n/a Research 3'350'002 5.34 (52'216) 27.12.2012 Hedge Fund Manager
DODGE & COX n/a Research 3'072'187 4.89 - 17.02.2011 Investment Advisor
NORGES BANK n/a Research 2'999'498 4.78 (79'060) 07.08.2012 Government
NATIXIS n/a Research 2'263'722 3.61 (878'326) 06.06.2012 Bank
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'154'310 3.43 317'853 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'303'852 2.08 (25'834) 30.11.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'293'112 2.06 204'388 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 960'573 1.53 133'299 31.12.2012 Investment Advisor
COMMERZBANK AG n/a Research 410'523 0.65 - 03.06.2011 Bank
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 383'157 0.61 2'160 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 372'851 0.59 - 31.07.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 352'810 0.56 (341) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 330'269 0.53 40'916 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 325'736 0.52 58'410 28.09.2012 Mutual Fund Manager
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 308'750 0.49 2'709 30.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 297'913 0.47 36'275 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Gilbert Dupont FRANCOISE DELVA add 4 M 96 Not Provided 25.02.2013
AlphaValue MARTIN SCHNEE reduce 2 M 83 6 month 21.02.2013
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 18.02.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 73 12 month 15.02.2013
Natixis FREDERIC WILLIAMS-GOBEAUX buy 5 M 95 Not Provided 04.02.2013
Nomura JEAN DE WATTEVILLE buy 5 M 100 Not Provided 04.02.2013
Exane BNP Paribas JAMES KNIGHT neutral 3 M 77 Not Provided 04.02.2013
Barclays ANDREAS HEINE overweight 5 N 108 Not Provided 04.02.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 31.01.2013
Credit Suisse RHIAN O'CONNOR outperform 5 M 96 Not Provided 30.01.2013
Oddo & Cie EMMANUEL MATOT neutral 3 M 85 Not Provided 29.01.2013
Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 90 12 month 25.01.2013
HSBC GEOFF HAIRE neutral 3 M 85 Not Provided 11.01.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 88 12 month 09.01.2013
JPMorgan MARTIN EVANS overweight 5 M 75 9 month 07.12.2012
Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 92 12 month 06.12.2012
Main First Bank AG HOLGER OCHS outperform 5 M 85 Not Provided 20.11.2012
Societe Generale PETER CLARK buy 5 M 90 12 month 09.11.2012
CA Cheuvreux KLAUS RINGEL outperform 5 M 93 Not Provided 09.11.2012
Berenberg Bank JAIDEEP PANDYA buy 5 M 100 Not Provided 08.11.2012
Prosdocimi TEAM COVERAGE accumulate 4 N #N/A N/A Not Provided 07.01.2011
Holdings By:
Arkema SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Aryzta AG produces and retails specialty bakery products. The Company produces
French breads, pastries, continental breads, confections, artisan breads,
homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and
sweet baked goods. Aryzta operates in North America, South America, Europe,
South East Asia, Australia and New Zealand.
Latest Fiscal Year: 07/2012
LTM as of: 10/yy
52-Week High (19.02.2013) 53.95
52-Week Low (11.04.2012) 41.21
Daily Volume
52.9
52-Week High % Change -2.04% Dividend Yield -
52-Week Low % Change 28.37% Beta 0.92
% 52 Week Price Range High/Low 90.19% Equity Float 86.71
Shares Out 31.07.2012 91.8 Short Int -
4'856.78 1 Yr Total Return 19.89%
Total Debt 1'591.57 YTD Return 14.26%
Preferred Stock 0.0 Adjusted BETA 0.916
Minority Interest 86.2 Analyst Recs 14
Cash and Equivalents 547.47 Consensus Rating 3.929
Enterprise Value 5'113.61
Average Volume 5 Day 229'529
ARYN SE EQUITY YTD Change - Average Volume 30 Day 196'936
ARYN SE EQUITY YTD % CHANGE - Average Volume 3 Month 204'375
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 10/yy 10/yy 07/13 Y 07/14 Y 01/13 Q2 04/13 Q3
2'660.9 3'212.3 3'009.7 3'876.9 4'207.7 3'914.5 4'298.0 4'409.8 4'623.9 939.5 1'236.0
- 0.83x 1.31x 1.10x 1.11x 0.00x 0.00x 1.15x 1.03x - -
232.4 342.7 340.5 485.1 540.0 0.0 0.0 573.5 623.5 - -
- 7.74x 11.62x 8.80x 8.68x 0.00x 0.00x 8.92x 8.21x - -
129.8 54.0 151.7 212.7 146.3 0.0 0.0 323.2 350.2 - -
- 35.77x 16.43x 14.81x 26.80x 0.00x 0.00x 11.92x 10.79x - -
EBITDA 540.04 Long-Term Rating Date -
EBIT 337.87 Long-Term Rating -
Operating Margin 8.03% Long-Term Outlook -
Pretax Margin 4.45% Short-Term Rating Date -
Return on Assets 2.75% Short-Term Rating -
Return on Common Equity 6.43%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 1.93
Gross Margin 28.1% Total Debt/EBITDA 2.95
EBITDA Margin 12.8%
EBIT Margin 8.0% Total Debt/Equity 65.7%
Net Income Margin 3.5% Total Debt/Capital 38.8%
Asset Turnover 0.79
Current Ratio 1.11 Net Fixed Asset Turnover 4.29
Quick Ratio 0.88 Accounts receivable turnover-days 44.86
Debt to Assets 28.64% Inventory Days 32.28
Tot Debt to Common Equity 65.68% Accounts Payable Turnover Day 107.86
Accounts Receivable Turnover 8.16 Cash Conversion Cycle -30.71
Inventory Turnover 11.34
Fiscal Year Ended
Aryzta AGPrice/Volume
Valuation Analysis
81'730.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
!4 9
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
4'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
0-!'4!.''6 0-!'-!.'-' 0-!'4!.'-' 0-!'-!.'-- 0-!'4!.'-- 0-!'-!.'-. 0-!'4!.'-. 0-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 5'104'071 5.56 (4'740) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'870'316 4.22 265'562 25.02.2013 Investment Advisor
ARYZTA AG n/a EXCH 3'772'859 4.11 - 21.11.2011 Corporation
ARI LTIP TRUSTEE LTD n/a Co File 3'772'859 4.11 - 31.07.2012 Other
CREDIT SUISSE FUND M n/a EXCH 3'080'273 3.36 - 30.11.2012 Investment Advisor
FIDELITY MA AND RES n/a Co File 2'785'897 3.03 - 31.07.2012 Investment Advisor
INVESCO LTD n/a EXCH 2'733'026 2.98 (25'844) 20.11.2012 Investment Advisor
MASSACHUSETTS MUTUAL #N/A N/A EXCH 2'683'776 2.92 (126'845) 21.02.2013 Insurance Company
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'421'808 2.64 (40'471) 28.12.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'288'657 2.49 309'555 30.12.2012 Investment Advisor
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 2'178'413 2.37 - 30.09.2012 Unclassified
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'773'529 1.93 (12'556) 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'620'972 1.77 38'556 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 1'291'486 1.41 146'502 30.11.2012 Bank
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'160'302 1.26 (8'300) 28.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 989'187 1.08 (56'931) 30.11.2012 Mutual Fund Manager
KILLIAN OWEN n/a RNS-DIR 823'731 0.9 - 26.09.2011 n/a
DWS INVESTMENT S A Multiple Portfolios MF-AGG 739'639 0.81 - 28.12.2012 Mutual Fund Manager
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 701'861 0.76 19'090 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 635'244 0.69 6'900 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 58 12 month 25.02.2013
Helvea ANDREAS VON ARX accumulate 4 M 57 12 month 22.02.2013
Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 57 12 month 20.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Societe Generale ALEX SLOANE hold 3 M 51 12 month 04.12.2012
Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 M #N/A N/A Not Provided 04.12.2012
Credit Suisse PATRICK JNGLIN outperform 5 M 50 Not Provided 03.12.2012
Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 50 Not Provided 03.12.2012
Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 31.10.2012
Kepler Capital Markets JON COX buy 5 M 55 Not Provided 05.10.2012
Goldman Sachs FULVIO CAZZOL Buy/Neutral 5 M 68 12 month 02.10.2012
CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 48 Not Provided 26.09.2012
Bloxham Stockbrokers JOE R GILL market weight 3 M #N/A N/A Not Provided 20.03.2012
Holdings By:
Aryzta AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Atlantia S.p.A. is a holding company with responsibility for portfolio
strategies in the transport and communications infrastructures and network
sectors.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (03.01.2013) 14.29
52-Week Low (27.06.2012) 9.03
Daily Volume
12.92
52-Week High % Change -9.52% Dividend Yield -
52-Week Low % Change 43.08% Beta 0.88
% 52 Week Price Range High/Low 71.86% Equity Float 299.58
Shares Out 30.09.2012 661.8 Short Int -
8'550.81 1 Yr Total Return 15.43%
Total Debt 10'759.55 YTD Return -5.49%
Preferred Stock 0.0 Adjusted BETA 0.876
Minority Interest 450.5 Analyst Recs 24
Cash and Equivalents 619.90 Consensus Rating 3.500
Enterprise Value 22'710.26
Average Volume 5 Day 2'260'880
ATL IM EQUITY YTD Change - Average Volume 30 Day 1'823'855
ATL IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'815'369
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
2'781.3 2'919.7 3'300.6 3'901.4 4'306.6 4'206.8 3'891.1 4'075.1 4'267.5 1'042.0 -
9.09x 6.15x 6.43x 4.93x 4.23x 17.87x 20.45x 4.78x 4.66x 19.60x -
1'988.8 2'020.6 2'155.6 2'285.1 2'345.2 2'444.5 2'291.8 2'448.1 2'586.7 590.0 -
12.72x 8.88x 9.85x 8.42x 7.77x 7.00x 9.67x 9.28x 8.78x - -
380.7 734.8 562.5 683.0 830.3 926.1 797.5 729.2 690.2 145.0 -
40.35x 10.43x 18.35x 13.03x 10.89x 8.14x 10.57x 12.11x 12.72x - -
EBITDA 2'345.17 Long-Term Rating Date 23.02.2012
EBIT 1'810.25 Long-Term Rating BBB+
Operating Margin 42.03% Long-Term Outlook NEG
Pretax Margin 26.18% Short-Term Rating Date 28.04.2009
Return on Assets 2.98% Short-Term Rating A-2
Return on Common Equity 20.83%
Return on Capital - EBITDA/Interest Exp. 4.19
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. 1.47
Net Debt/EBITDA 5.45
Gross Margin - Total Debt/EBITDA 6.28
EBITDA Margin 58.9%
EBIT Margin 43.1% Total Debt/Equity 306.5%
Net Income Margin 19.3% Total Debt/Capital 73.1%
Asset Turnover 0.15
Current Ratio 0.66 Net Fixed Asset Turnover 17.17
Quick Ratio 0.44 Accounts receivable turnover-days 116.54
Debt to Assets 46.44% Inventory Days -
Tot Debt to Common Equity 306.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.14 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
Atlantia SpAPrice/Volume
Valuation Analysis
870'027.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
-3
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
5!' 9
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
4'500.0
5'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SINTONIA SA n/a EXCH 307'140'941 46.41 - 14.01.2013 Investment Advisor
FONDAZIONE CASSA RIS n/a EXCH 41'801'030 6.32 - 14.01.2013 Corporation
BLACKROCK n/a ULT-AGG 34'447'033 5.2 484'978 25.02.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 16'047'205 2.42 468'598 31.01.2013 Unclassified
ATLANTIA SPA n/a EXCH 13'282'879 2.01 - 14.01.2013 Holding Company
BLACKROCK LUX SA n/a EXCH 11'290'778 1.71 - 14.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'877'374 1.19 477'302 31.12.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (5'493'169) -0.83 - 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'381'890 0.36 (3'764'498) 31.12.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 2'155'380 0.33 - 31.10.2012 Bank
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1'988'101 0.3 (77'179) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'955'523 0.3 629'696 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'774'060 0.27 83'042 31.12.2012 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 1'716'945 0.26 (21'750) 31.12.2012 Mutual Fund Manager
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'696'224 0.26 (142'784) 31.05.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'664'685 0.25 (1'598) 28.09.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'645'051 0.25 (740'850) 31.12.2012 Investment Advisor
BLACKROCK LIFE LTD n/a EXCH 1'641'332 0.25 - 14.01.2013 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1'301'364 0.2 (90'083) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'292'868 0.2 (1'770'602) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 15 Not Provided 26.02.2013
AlphaValue MYRIAM COHEN add 4 M 16 6 month 21.02.2013
RBC Capital Markets ANDREW JONES sector perform 3 M 12 12 month 07.02.2013
Banca IMI FABIO M PICARDI add 4 M 15 12 month 30.01.2013
ICBPI ENRICO ESPOSTI buy 5 M 15 12 month 30.01.2013
Barclays SUSANNA INVERNIZZI overweight 5 M 17 Not Provided 23.01.2013
Nomura PETER LARKIN neutral 3 M 14 12 month 21.01.2013
Equita SIM SpA STEFANO GAMBERINI hold 3 M 15 12 month 18.01.2013
Goldman Sachs OLIVER NEAL not rated #N/A N/A M #N/A N/A Not Provided 17.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Grupo Santander JOAQUIN FERRER hold 3 D 16 Not Provided 11.01.2013
Morgan Stanley JAIME ROWBOTHAM Underwt/In-Line 1 M 13 12 month 10.01.2013
Banca Akros(ESN) FRANCESCO PREVITERA accumulate 4 M 12 12 month 02.01.2013
Kepler Capital Markets FILIPPO PRINI buy 5 M 16 Not Provided 13.12.2012
Societe Generale VICTOR ACITORES buy 5 U 15 12 month 12.11.2012
Exane BNP Paribas NICOLAS MORA outperform 5 N 15 Not Provided 08.11.2012
Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 15 12 month 24.10.2012
Macquarie ROBERT JOYNSON outperform 5 M 18 12 month 27.09.2012
JPMorgan ELODIE RALL neutral 3 M 14 Not Provided 23.07.2012
Oddo & Cie OLIVIER BECKER neutral 3 M 13 Not Provided 05.06.2012
Natixis GREGOIRE THIBAULT reduce 2 D 11 Not Provided 14.05.2012
BBVA ANTONIO RODRIGUEZ VICENS outperform 5 M 12 Not Provided 12.09.2011
Holdings By:
Atlantia SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
AtoS offers management consulting and outsourcing services, enterprise
solutions, and e-commerce solutions. The Company offers supply chain
management, data warehousing, enterprise application integration, document
management, geomarketing, data mining, e-marketing, and pre-customized computer
applications, and manages customers' hardware, software, and networks.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (25.02.2013) 59.22
52-Week Low (08.03.2012) 40.75
Daily Volume
57.41
52-Week High % Change -3.07% Dividend Yield -
52-Week Low % Change 40.88% Beta 0.91
% 52 Week Price Range High/Low 95.72% Equity Float 55.17
Shares Out 31.01.2013 85.7 Short Int -
4'921.74 1 Yr Total Return 34.78%
Total Debt 908.60 YTD Return 8.61%
Preferred Stock 0.0 Adjusted BETA 0.912
Minority Interest 6.0 Analyst Recs 21
Cash and Equivalents 766.80 Consensus Rating 4.190
Enterprise Value 4'852.24
Average Volume 5 Day 353'052
ATO FP EQUITY YTD Change - Average Volume 30 Day 206'300
ATO FP EQUITY YTD % CHANGE - Average Volume 3 Month 200'251
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
5'623.5 5'127.0 5'020.6 6'812.5 8'844.0 5'886.0 8'790.0 8'942.9 9'161.9 2'316.5 -
0.27x 0.46x 0.58x 0.44x - 0.00x 0.00x 0.50x 0.45x - -
452.7 241.5 390.3 689.8 - 0.0 0.0 1'011.6 1'068.1 - -
3.41x 9.80x 7.48x 4.31x - 0.00x 0.00x 4.79x 4.54x - -
22.6 3.9 116.1 181.6 224.0 0.0 0.0 433.7 462.2 204.0 -
55.98x 534.75x 23.86x 14.19x 20.23x 0.00x 0.00x 12.55x 11.44x - -
EBITDA 689.80 Long-Term Rating Date -
EBIT 422.40 Long-Term Rating -
Operating Margin 6.20% Long-Term Outlook -
Pretax Margin 4.58% Short-Term Rating Date -
Return on Assets 2.97% Short-Term Rating -
Return on Common Equity 9.23%
Return on Capital 7.13% EBITDA/Interest Exp. 23.54
Asset Turnover 1.41% (EBITDA-Capex)/Interest Exp. 14.90
Net Debt/EBITDA -0.12
Gross Margin - Total Debt/EBITDA 1.11
EBITDA Margin 9.8%
EBIT Margin 5.8% Total Debt/Equity 39.1%
Net Income Margin 2.5% Total Debt/Capital 28.1%
Asset Turnover 1.41
Current Ratio 0.99 Net Fixed Asset Turnover 16.57
Quick Ratio 0.81 Accounts receivable turnover-days 69.53
Debt to Assets 12.33% Inventory Days -
Tot Debt to Common Equity 39.11% 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
AtoSPrice/Volume
Valuation Analysis
196'903.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINANCIERE DAUNOU n/a Co File 17'855'541 20.83 - 31.12.2011 Unclassified
SIEMENS AG n/a Research 12'483'153 14.56 - 10.07.2012 Corporation
FMR LLC n/a ULT-AGG 4'150'658 4.84 10'905 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'029'653 1.2 33'834 31.12.2012 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 642'169 0.75 (1'470) 31.01.2013 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 606'214 0.71 (137'266) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 498'397 0.58 (35'607) 25.02.2013 Investment Advisor
PALATINE ASSET MANAG Multiple Portfolios MF-AGG 462'000 0.54 (5'500) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 397'385 0.46 (2'479) 31.12.2012 Mutual Fund Manager
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 378'041 0.44 16'108 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 284'639 0.33 (61'950) 28.12.2012 Mutual Fund Manager
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 265'000 0.31 (623) 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 261'844 0.31 21'036 31.12.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 250'000 0.29 (750'000) 30.06.2012 Pension Fund (ERISA)
AMUNDI Multiple Portfolios MF-AGG 247'840 0.29 - 28.09.2012 Mutual Fund Manager
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 237'919 0.28 (82'609) 28.09.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 222'845 0.26 (885) 30.09.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 202'861 0.24 (11'135) 31.12.2012 Investment Advisor
ATOS n/a Co File 202'370 0.24 - 31.12.2011 Other
ALLIANZ ASSET MANAGE n/a ULT-AGG 183'788 0.21 (36'057) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale DERRIC MARCON buy 5 M 78 12 month 25.02.2013
Credit Suisse CHARLES BRENNAN outperform 5 M 63 Not Provided 22.02.2013
Oddo & Cie ALEXANDRE IATRIDES neutral 3 M 44 Not Provided 22.02.2013
Berenberg Bank DAUD KHAN hold 3 M 51 Not Provided 22.02.2013
Bryan Garnier & Cie GREGORY RAMIREZ neutral 3 M 60 6 month 22.02.2013
Exane BNP Paribas BRICE PRUNAS outperform 5 M 62 Not Provided 22.02.2013
Barclays GERARDUS VOS overweight 5 M 64 Not Provided 22.02.2013
Morgan Stanley ADAM WOOD Equalwt/In-Line 3 M 56 12 month 21.02.2013
Kepler Capital Markets LAURENT DAURE buy 5 M 59 Not Provided 21.02.2013
AlphaValue HELENE COUMES add 4 M 60 6 month 21.02.2013
Jefferies MILAN RADIA hold 3 M 56 12 month 19.02.2013
Natixis GWENAEL GIARD buy 5 M 65 Not Provided 15.02.2013
Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs SIVA KRISHNA PRASAD BORRA Buy/Neutral 5 M 70 12 month 11.01.2013
Main First Bank AG CAROLE ROZEN outperform 5 M 72 12 month 04.01.2013
HSBC ANTONIN BAUDRY neutral 3 M 55 Not Provided 03.11.2012
CM - CIC Securities(ESN) DOV LEVY buy 5 M 55 12 month 04.09.2012
CA Cheuvreux MICHAEL BEUCHER underperform 1 M 41 Not Provided 27.02.2012
Holdings By:
AtoS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Babcock International Group plc offers support services to public sector
institutions. The Company offers facilities management, training, and support
services to defense, rail transportation, marine, and other public sector
organizations. Babcock serves customers in Europe, Africa, and North America.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 1'079.00
52-Week Low (06.03.2012) 729.50
Daily Volume
1064
52-Week High % Change -1.39% Dividend Yield 2.19
52-Week Low % Change 45.85% Beta 0.75
% 52 Week Price Range High/Low 93.42% Equity Float 340.90
Shares Out 07.01.2013 360.3 Short Int -
3'833.28 1 Yr Total Return 47.43%
Total Debt 761.50 YTD Return 10.20%
Preferred Stock 0.0 Adjusted BETA 0.749
Minority Interest 8.6 Analyst Recs 18
Cash and Equivalents 100.30 Consensus Rating 3.833
Enterprise Value 4'459.08
Average Volume 5 Day 608'601
BAB LN EQUITY YTD Change - Average Volume 30 Day 582'585
BAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 637'595
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 - -
1'555.9 1'901.9 1'923.4 2'703.2 3'070.4 - - 3'245.7 3'467.9 - -
1.05x 0.88x 0.88x 1.10x 1.15x - - 1.35x 1.23x - -
138.8 168.9 189.6 293.5 337.5 - - 378.4 392.9 - -
11.79x 9.89x 8.92x 10.12x 10.45x - - 11.78x 11.35x - -
67.3 72.0 106.0 101.1 100.8 - - 245.5 249.9 - -
19.06x 11.48x 13.02x 20.60x 18.55x - - 15.35x 15.09x - -
EBITDA 337.50 Long-Term Rating Date -
EBIT 213.60 Long-Term Rating -
Operating Margin 6.96% Long-Term Outlook -
Pretax Margin 5.63% Short-Term Rating Date -
Return on Assets 3.26% Short-Term Rating -
Return on Common Equity 11.24%
Return on Capital 8.50% EBITDA/Interest Exp. 7.34
Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 6.41
Net Debt/EBITDA 1.79
Gross Margin 18.3% Total Debt/EBITDA 2.08
EBITDA Margin 11.2%
EBIT Margin 7.3% Total Debt/Equity 83.6%
Net Income Margin 3.3% Total Debt/Capital 45.3%
Asset Turnover 0.99
Current Ratio 0.83 Net Fixed Asset Turnover 13.35
Quick Ratio 0.52 Accounts receivable turnover-days -
Debt to Assets 25.40% Inventory Days -
Tot Debt to Common Equity 83.55% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 10.97
Inventory Turnover -
Fiscal Year Ended
Babcock International Group PLCPrice/Volume
Valuation Analysis
282'865.00
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
'
.''
1''
3''
5''
-'''
-.''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 25'843'624 7.17 (1'025'216) 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 22'863'754 6.35 (1'015'026) 31.01.2013 Unclassified
Cantillon Capital Multiple Portfolios REG 20'606'227 5.72 (360'605) 03.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 18'147'899 5.04 - 25.02.2013 Investment Advisor
CANTILLON CAPITAL MA n/a RNS-MAJ 17'938'977 4.98 (79'071) 26.09.2012 Hedge Fund Manager
STANDARD LIFE INVEST Multiple Portfolios REG 17'854'888 4.96 465'117 03.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'719'045 4.09 2'617'853 08.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 14'338'948 3.98 (76'638) 03.12.2012 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'433'505 3.17 758'130 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 11'330'063 3.14 - 10.05.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 9'328'039 2.59 655'756 03.12.2012 Bank
WILLIAM BLAIR & COMP Multiple Portfolios REG 8'925'933 2.48 (2'752'744) 03.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 8'077'865 2.24 (150'797) 03.12.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 8'026'561 2.23 (772'082) 03.12.2012 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 7'802'040 2.17 (53'708) 03.12.2012 Investment Advisor
DEUTSCHE BANK PROP T Multiple Portfolios REG 6'852'026 1.9 258'445 03.12.2012 Other
DWS INVESTMENT SA Multiple Portfolios REG 6'580'850 1.83 - 03.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'384'257 1.77 116'802 31.12.2012 Investment Advisor
IGNIS ASSET MANAGEME Multiple Portfolios REG 6'113'871 1.7 (4'142'296) 03.12.2012 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios REG 5'588'384 1.55 62'487 03.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank SIMON MEZZANOTTE buy 5 M 1'180 Not Provided 14.02.2013
Westhouse Securities MICHAEL DONNELLY add 4 M 1'142 Not Provided 07.02.2013
Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 970 Not Provided 05.02.2013
Investec JOHN LAWSON hold 3 M 1'070 12 month 31.01.2013
JPMorgan ROBERT PLANT overweight 5 M 1'120 9 month 31.01.2013
Jefferies KEAN MARDEN buy 5 M 1'080 12 month 31.01.2013
Shore Capital Stockbrokers ROBIN SPEAKMAN hold 3 M #N/A N/A Not Provided 31.01.2013
Numis Securities Ltd MIKE MURPHY hold 3 M 1'074 Not Provided 31.01.2013
Peel Hunt CHRISTOPHER BAMBERRY hold 3 D 1'038 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Liberum Capital Ltd JOE BRENT hold 3 M 950 Not Provided 09.01.2013
Goldman Sachs CHARLES WILSON neutral/neutral 3 M 1'081 12 month 18.12.2012
N+1 Singer Ltd JAMES GC WOODROW hold 3 M 1'013 12 month 12.11.2012
Arden Partners Ltd GRAHAM J WEBSTER buy 5 M #N/A N/A Not Provided 01.10.2012
Espirito Santo Investment Bank ResearchDAVID BROCKTON neutral 3 D 945 Not Provided 16.08.2012
Holdings By:
Babcock International Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Balfour Beatty plc operates an international engineering and construction group.
The Group provides civil and specialist engineering, design and management
services for businesses in the transport and energy sectors. Balfour Beatty
also invests in a number of privately funded infrastructure projects and
developments in the United Kingdom and overseas.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (01.11.2012) 321.40
52-Week Low (13.11.2012) 234.60
Daily Volume
285.5
52-Week High % Change -11.08% Dividend Yield 4.94
52-Week Low % Change 21.70% Beta 1.09
% 52 Week Price Range High/Low 57.26% Equity Float 686.29
Shares Out 01.02.2013 688.5 Short Int 0.32
1'965.58 1 Yr Total Return 6.65%
Total Debt 587.00 YTD Return 4.31%
Preferred Stock 0.0 Adjusted BETA 1.088
Minority Interest 4.0 Analyst Recs 17
Cash and Equivalents 595.00 Consensus Rating 3.529
Enterprise Value 2'287.58
Average Volume 5 Day 2'250'737
BBY LN EQUITY YTD Change - Average Volume 30 Day 1'914'680
BBY LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'908'216
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 - -
6'466.0 8'261.0 8'954.0 9'236.0 9'494.0 - - 10'141.9 9'650.3 - -
0.28x 0.16x 0.16x 0.21x 0.19x - - 0.20x 0.22x - -
182.0 248.0 265.0 325.0 326.0 - - 350.1 343.7 - -
10.09x 5.16x 5.47x 5.85x 5.57x - - 6.54x 6.66x - -
151.0 196.0 211.0 143.0 186.0 - - 221.3 206.6 - -
12.65x 7.67x 6.99x 13.60x 9.92x - - 8.26x 8.96x - -
EBITDA 326.00 Long-Term Rating Date -
EBIT 190.00 Long-Term Rating -
Operating Margin 2.00% Long-Term Outlook -
Pretax Margin 2.59% Short-Term Rating Date 04.07.2007
Return on Assets 3.44% Short-Term Rating NR
Return on Common Equity 16.22%
Return on Capital 12.59% EBITDA/Interest Exp. 6.04
Asset Turnover 1.68% (EBITDA-Capex)/Interest Exp. 4.61
Net Debt/EBITDA 0.85
Gross Margin 12.0% Total Debt/EBITDA 2.42
EBITDA Margin 3.8%
EBIT Margin 2.5% Total Debt/Equity 46.6%
Net Income Margin 2.0% Total Debt/Capital 31.7%
Asset Turnover 1.68
Current Ratio 0.78 Net Fixed Asset Turnover 34.35
Quick Ratio 0.66 Accounts receivable turnover-days 42.96
Debt to Assets 10.17% Inventory Days 5.88
Tot Debt to Common Equity 46.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.47 Cash Conversion Cycle 17.83
Inventory Turnover 61.89
Fiscal Year Ended
Balfour Beatty PLCPrice/Volume
Valuation Analysis
2'160'591.00
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
'
2'
-''
-2'
.''
.2'
0''
02'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 34'469'134 5.01 - 25.02.2013 Investment Advisor
CAUSEWAY CAPITAL MAN Multiple Portfolios REG 31'794'184 4.62 1'513'561 02.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 26'513'930 3.85 (307'283) 31.01.2013 Unclassified
STANDARD LIFE INVEST #N/A N/A RNS-MAJ 25'104'162 3.65 (3'150'060) 26.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 24'430'583 3.55 (1'270'665) 02.01.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 19'027'016 2.76 7'381'620 31.12.2012 Investment Advisor
APG ALGEMENE PENSIOE Multiple Portfolios REG 14'648'319 2.13 - 02.01.2013 Pension Fund (ERISA)
SCOTTISH WIDOWS n/a ULT-AGG 13'416'522 1.95 1'645'290 02.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'248'871 1.78 413'840 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 11'352'552 1.65 - 02.01.2013 Government
STATE STREET n/a ULT-AGG 10'534'786 1.53 (881'726) 26.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 10'445'981 1.52 (59'045) 02.01.2013 Unclassified
SMITH & WILLIAMSON H n/a ULT-AGG 9'845'994 1.43 853'706 31.01.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios REG 9'225'854 1.34 726'897 02.01.2013 Investment Advisor
RWC PARTNERS Multiple Portfolios REG 8'874'380 1.29 350'000 02.01.2013 Investment Advisor
BARCLAYS PERSONAL IN Multiple Portfolios REG 8'732'440 1.27 752'923 02.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'348'018 1.21 1'323'595 25.02.2013 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 7'820'900 1.14 (115'400) 02.01.2013 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios REG 7'529'569 1.09 30'284 02.01.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 7'461'899 1.08 (5'624'566) 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec ANDREW GIBB sell 1 M 200 12 month 25.02.2013
Oriel Securities Ltd MARK HOWSON buy 5 M 346 Not Provided 15.02.2013
Panmure Gordon & Co Limited ANDY BROWN buy 5 M 310 Not Provided 04.02.2013
RBC Capital Markets OLIVIA PETERS sector perform 3 M 300 12 month 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Numis Securities Ltd HOWARD SEYMOUR add 4 M 330 Not Provided 16.01.2013
Credit Suisse EUGENE KLERK neutral 3 M 279 Not Provided 15.01.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 M 292 12 month 14.01.2013
Liberum Capital Ltd JOE BRENT buy 5 M 320 Not Provided 09.01.2013
Berenberg Bank CHRIS MOORE hold 3 D 290 Not Provided 12.11.2012
JPMorgan EMILY BIDDULPH neutral 3 M 275 9 month 09.11.2012
HSBC JEFFREY G DAVIS overweight 5 M 310 Not Provided 09.11.2012
Deutsche Bank MANU RIMPELA hold 3 M 260 12 month 08.11.2012
Canaccord Genuity Corp ALASTAIR STEWART buy 5 N 413 Not Provided 30.05.2012
Holdings By:
Balfour Beatty PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Baloise Holding AG offers group and individual life, health, accident, liability
property, and transportation insurance to customers in Europe. The Company also
offers private banking and asset management services.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (28.01.2013) 84.90
52-Week Low (05.06.2012) 58.30
Daily Volume
82.5
52-Week High % Change -2.89% Dividend Yield -
52-Week Low % Change 41.51% Beta 1.06
% 52 Week Price Range High/Low 89.66% Equity Float 49.73
Shares Out 30.06.2012 50.0 Short Int -
4'125.00 1 Yr Total Return 24.11%
Total Debt 1'612.60 YTD Return 5.10%
Preferred Stock 0.0 Adjusted BETA 1.064
Minority Interest 33.3 Analyst Recs 16
Cash and Equivalents 2'287.80 Consensus Rating 3.250
Enterprise Value 3'719.10
Average Volume 5 Day 262'166
BALN VX EQUITY YTD Change - Average Volume 30 Day 203'336
BALN VX EQUITY YTD % CHANGE - Average Volume 3 Month 186'356
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 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
9'886.4 7'807.9 9'464.6 9'420.2 7'691.1 0.0 0.0 7'783.7 7'876.4 - -
0.54x 0.46x 0.34x 0.37x 0.31x #DIV/0! #DIV/0! 0.24x 0.24x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
786.1 358.3 414.1 433.4 60.8 0.0 0.0 422.8 450.3 - -
7.36x 10.70x 9.95x 9.95x 49.68x 0.00x 0.00x 9.01x 8.37x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 1.74% Long-Term Outlook -
Pretax Margin 1.16% Short-Term Rating Date -
Return on Assets 0.11% Short-Term Rating -
Return on Common Equity 1.90%
Return on Capital 2.22% 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 41.8%
Net Income Margin 0.8% Total Debt/Capital 29.3%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.33% Inventory Days -
Tot Debt to Common Equity 41.77% 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
Baloise Holding AGPrice/Volume
Valuation Analysis
185'295.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 2'496'253 4.99 - 25.02.2013 Investment Advisor
UBS FUND MANAGEMENT n/a EXCH 1'621'640 3.24 - 09.11.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Co File 1'500'000 3 (7'938) 31.12.2011 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'276'168 2.55 (30'249) 28.12.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 958'144 1.92 (1'778) 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 835'285 1.67 13'363 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 630'264 1.26 (9'722) 28.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 493'707 0.99 (60'722) 30.11.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 458'953 0.92 - 31.07.2012 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 344'750 0.69 (6'600) 31.12.2012 Mutual Fund Manager
DANSKE INVEST A/S Multiple Portfolios MF-AGG 321'983 0.64 (2'600) 31.01.2013 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 305'153 0.61 - 28.09.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 289'150 0.58 (500) 31.10.2012 Investment Advisor
SARASIN n/a ULT-AGG 248'135 0.5 (787) 30.11.2012 Unclassified
ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 146'057 0.29 (8'081) 31.10.2012 Mutual Fund Manager
IST FUND MANAGERS Multiple Portfolios MF-AGG 134'230 0.27 (2'418) 31.12.2012 Mutual Fund Manager
PRUDENTIAL FINANCIAL n/a ULT-AGG 129'032 0.26 (4'500) 31.12.2012 Investment Advisor
UBS ETF Multiple Portfolios MF-AGG 119'015 0.24 1'228 31.10.2012 Investment Advisor
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 112'984 0.23 (9'446) 31.12.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 104'217 0.21 - 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue DIETER HEIN reduce 2 M 84 6 month 21.02.2013
Nomura MICHAEL KLIEN buy 5 M 97 12 month 12.02.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 71 12 month 01.02.2013
Main First Bank AG RENE LOCHER underperform 1 M 85 12 month 01.02.2013
Helvea DANIEL BISCHOF accumulate 4 M 91 12 month 01.02.2013
Mediobanca SpA MARC THIELE neutral 3 M 96 6 month 30.01.2013
Kepler Capital Markets FABRIZIO CROCE buy 5 M 93 Not Provided 25.01.2013
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 23.01.2013
Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 85 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
HSBC DHRUV GAHLAUT neutral 3 M 90 Not Provided 16.01.2013
Credit Suisse RICHARD BURDEN neutral 3 M 87 Not Provided 31.10.2012
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 91 12 month 11.10.2012
Berenberg Bank PETER ELIOT buy 5 M 105 Not Provided 31.08.2012
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 83 12 month 30.08.2012
JPMorgan MICHAEL HUTTNER neutral 3 M 92 Not Provided 27.03.2012
Holdings By:
Baloise Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Banco de Sabadell SA attracts deposits and offers commercial banking services.
The Bank offers mortgage, consumer, student, and building improvement loans,
private banking services, and insurance, and sponsors Visa credit cards. The
Bank operates branches throughout Spain, elsewhere in Europe, the Caribbean,
the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2012) 2.47
52-Week Low (23.07.2012) 1.19
Daily Volume
1.639
52-Week High % Change -33.66% Dividend Yield -
52-Week Low % Change 38.31% Beta 1.02
% 52 Week Price Range High/Low 36.36% Equity Float 2'713.92
Shares Out 31.12.2012 2'959.6 Short Int -
4'850.71 1 Yr Total Return -19.06%
Total Debt 61'627.48 YTD Return -17.01%
Preferred Stock 0.0 Adjusted BETA 1.019
Minority Interest 459.2 Analyst Recs 32
Cash and Equivalents 7'716.83 Consensus Rating 1.656
Enterprise Value -
Average Volume 5 Day 10'229'490
SAB SQ EQUITY YTD Change - Average Volume 30 Day 9'386'312
SAB SQ EQUITY YTD % CHANGE - Average Volume 3 Month 8'226'591
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
5'226.9 4'104.8 3'566.8 4'446.9 5'980.3 6'559.8 5'964.7 3'080.1 3'202.8 750.0 754.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
673.8 522.5 380.0 231.9 81.9 396.2 81.9 291.5 626.1 - -
23.59x 8.81x 9.22x 17.26x 71.38x 10.20x 32.69x 19.28x 8.32x 13.11x 11.79x
EBITDA - Long-Term Rating Date 23.11.2012
EBIT - Long-Term Rating BB
Operating Margin -39.81% Long-Term Outlook NEG
Pretax Margin -9.70% Short-Term Rating Date 30.04.2012
Return on Assets 0.06% Short-Term Rating B
Return on Common Equity 1.12%
Return on Capital 0.17% 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 700.2%
Net Income Margin 2.6% Total Debt/Capital 86.9%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 3.40
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 38.15% Inventory Days -
Tot Debt to Common Equity 700.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Banco de Sabadell SAPrice/Volume
Valuation Analysis
8'337'957.00
Current Price (2/dd/yy) Market Data
'
-
-
.
.
0
0
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAIPUR INVESTMENT SL n/a Co File 134'032'942 4.53 - 31.12.2011 Investment Advisor
FAMOL PARTICIPACIONE n/a Co File 132'466'860 4.48 - 31.12.2011 Unclassified
FUNDO PENSOES BCP n/a Co File 131'639'496 4.45 - 31.12.2011 Unclassified
BLACKROCK n/a ULT-AGG 123'177'280 4.16 96'086 25.02.2013 Investment Advisor
MAYOR VENT SL n/a EXCH 72'024'330 2.43 55'171 09.01.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 50'549'723 1.71 1'154'376 31.12.2012 Investment Advisor
BANCO SABADELL SA n/a Research 39'018'399 1.32 - 14.08.2012 Bank
VALIANT CAPITAL MANA n/a Short (16'547'277) -0.56 3'545'845 13.12.2012 Hedge Fund Manager
WELLINGTON MANAGEMEN n/a Short (14'797'775) -0.5 - 01.02.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (14'797'775) -0.5 - 22.02.2013 Hedge Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'172'232 0.17 - 31.07.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'082'543 0.14 25'483 28.12.2012 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 2'815'559 0.1 59'147 31.01.2013 Investment Advisor
GESIURIS SA SGIIC Multiple Portfolios MF-AGG 2'781'077 0.09 56'705 31.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 2'578'878 0.09 227'758 31.12.2012 Investment Advisor
SJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'734'427 0.06 109'270 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 1'481'345 0.05 89'311 28.12.2012 Unclassified
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 1'470'137 0.05 552'242 30.11.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'336'185 0.05 1'254'792 28.09.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 1'053'306 0.04 (3'892) 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI CARLOS JOAQUIM PEIXOTO sell 1 M 2 Not Provided 25.02.2013
Grupo Santander JAVIER ECHANOVE hold 3 M 2 Not Provided 18.02.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 2 Not Provided 15.02.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 3 6 month 14.02.2013
AlphaValue DAVID GRINSZTAJN add 4 U 2 6 month 14.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 13.02.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA underweight 1 M 2 12 month 13.02.2013
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 2 12 month 12.02.2013
JPMorgan JAIME BECERRIL underweight 1 M 1 18 month 11.02.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO sell 1 M 2 Not Provided 05.02.2013
Nomura DARAGH QUINN neutral 3 M 2 Not Provided 04.02.2013
RBC Capital Markets ROBERT NOBLE underperform 1 M 1 12 month 29.01.2013
Mediobanca SpA ANDREA FILTRI underperform 1 M 1 12 month 25.01.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ underperform 1 M 2 12 month 25.01.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ sell 1 M 2 Not Provided 25.01.2013
Natixis FREDERIC TESCHNER reduce 2 M 1 Not Provided 25.01.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS neutral 3 M 2 Not Provided 25.01.2013
Credit Suisse IGNACIO CEREZO underperform 1 M 2 Not Provided 24.01.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 2 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Societe Generale CARLOS GARCIA GONZALEZ sell 1 M 2 12 month 09.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 1 Not Provided 08.01.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE reduce 2 M 2 Not Provided 08.11.2012
HSBC JASON KEPAPTSOGLOU underweight 1 D 2 Not Provided 05.11.2012
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 2 12 month 25.09.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO sell 1 M 2 Not Provided 18.09.2012
Morgan Stanley ALVARO SERRANO Underwt/In-Line 1 M 2 12 month 12.09.2012
BBVA IGNACIO ULARGUI not rated #N/A N/A M #N/A N/A Not Provided 22.06.2012
Renta 4 SA SVB NURIA ALVAREZ underweight 1 M 2 Not Provided 16.05.2012
La Caixa DAVID FERNANDEZ underweight 1 M 2 Not Provided 16.03.2012
Holdings By:
Banco de Sabadell SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Banco Popolare Societa Cooperativa attracts deposits and offers commercial
banking services. The Bank offers consumer credit, corporate finance, and asset
management services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.03.2012) 1.70
52-Week Low (23.07.2012) 0.79
Daily Volume
1.278
52-Week High % Change -24.88% Dividend Yield -
52-Week Low % Change 61.47% Beta 1.28
% 52 Week Price Range High/Low 53.11% Equity Float 1'725.26
Shares Out 30.09.2012 1'763.7 Short Int -
2'254.05 1 Yr Total Return -6.44%
Total Debt 73'382.51 YTD Return 1.59%
Preferred Stock 0.0 Adjusted BETA 1.283
Minority Interest 385.9 Analyst Recs 20
Cash and Equivalents 9'264.48 Consensus Rating 2.600
Enterprise Value -
Average Volume 5 Day 20'276'390
BP IM EQUITY YTD Change - Average Volume 30 Day 28'393'660
BP IM EQUITY YTD % CHANGE - Average Volume 3 Month 25'715'570
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
6'406.5 8'201.9 6'127.5 5'909.3 6'429.0 4'193.4 3'344.1 3'295.4 3'567.7 852.0 867.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
617.2 (333.4) 267.0 308.0 (2'257.3) 164.6 (2'634.8) 39.0 192.7 - -
17.51x - 12.17x 8.10x - 0.00x 0.00x 29.05x 12.17x 42.60x -
EBITDA - Long-Term Rating Date 10.02.2012
EBIT - Long-Term Rating BBB-
Operating Margin 14.35% Long-Term Outlook NEG
Pretax Margin -63.22% Short-Term Rating Date 10.02.2012
Return on Assets -1.93% Short-Term Rating A-3
Return on Common Equity -24.84%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 812.0%
Net Income Margin -56.0% Total Debt/Capital 88.6%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 1.50
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 54.71% Inventory Days -
Tot Debt to Common Equity 811.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Banco Popolare SCPrice/Volume
Valuation Analysis
10'658'058.00
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
'''-----..
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.'!' 91'!' 93'!' 95'!' 9-''!' 9-.'!' 9-1'!' 9-3'!' 9-5'!' 9.''!' 9
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'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORGES BANK n/a EXCH 38'466'956 2.18 - 20.11.2012 Government
DIMENSIONAL FUND ADV n/a EXCH 35'292'242 2 - 20.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'378'079 1.78 792'252 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 30'215'287 1.71 178'731 25.02.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (8'289'535) -0.47 1'587'358 21.02.2013 Hedge Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'478'928 0.25 (117'908) 31.05.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 3'809'729 0.22 1'055'000 01.02.2013 Investment Advisor
GENERALI INVESTMENTS Multiple Portfolios MF-AGG 3'047'032 0.17 - 31.10.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'704'362 0.15 15'459 28.12.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 2'662'780 0.15 199'299 31.12.2012 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 2'552'927 0.14 (13'618) 31.01.2013 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 2'363'809 0.13 (115'191) 28.12.2012 Mutual Fund Manager
MEDIOLANUM INTERNATI Multiple Portfolios MF-AGG 2'055'910 0.12 (165'259) 29.06.2012 Investment Advisor
ACOMEA SGR Multiple Portfolios MF-AGG 1'979'005 0.11 - 28.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'676'437 0.1 (7'108) 31.12.2012 Investment Advisor
DEGROOF GESTION INST Multiple Portfolios MF-AGG 1'603'500 0.09 (100'000) 30.03.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'411'300 0.08 - 28.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'324'127 0.08 11'549 28.09.2012 Mutual Fund Manager
SJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'192'679 0.07 99'745 31.12.2012 Investment Advisor
BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 1'076'236 0.06 (274'226) 30.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 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 2 Not Provided 22.02.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 28.01.2013
Equita SIM SpA GIOVANNI RAZZOLI hold 3 D 2 12 month 28.01.2013
Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 1 12 month 22.01.2013
Banca IMI MANUELA MERONI add 4 M 1 12 month 22.01.2013
Societe Generale CARLO TOMMASELLI hold 3 M 2 12 month 21.01.2013
Deutsche Bank PAOLA SABBIONE hold 3 M 2 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Mediobanca SpA RICCARDO ROVERE neutral 3 M 1 Not Provided 12.12.2012
HSBC JASON KEPAPTSOGLOU neutral 3 M 1 Not Provided 27.11.2012
Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 1 12 month 20.11.2012
Natixis STEVEN GOULD neutral 3 M 1 Not Provided 14.11.2012
Nomura DOMENICO SANTORO reduce 2 M 1 12 month 25.10.2012
ICBPI LUCA COMI not rated #N/A N/A M #N/A N/A Not Provided 22.08.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012
JPMorgan KIAN ABOUHOSSEIN underweight 1 M 1 Not Provided 28.05.2012
Holdings By:
Banco Popolare SC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Banco Popular Espanol SA attracts deposits and offers commercial banking
services. The Bank offers consumer loans, mortgage loans, asset management and
factoring services, mutual funds, pension plans, life insurance, venture
capital, and real estate loans. The Bank has regional subsidiaries in Spain,
Portugal, and Florida.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 1.71
52-Week Low (14.11.2012) 0.53
Daily Volume
0.644
52-Week High % Change -62.39% Dividend Yield -
52-Week Low % Change 21.97% Beta 1.16
% 52 Week Price Range High/Low 9.31% Equity Float 7'600.27
Shares Out 31.12.2012 8'408.6 Short Int -
5'415.11 1 Yr Total Return -59.46%
Total Debt 66'984.88 YTD Return 9.90%
Preferred Stock 0.0 Adjusted BETA 1.158
Minority Interest 44.2 Analyst Recs 34
Cash and Equivalents 2'117.18 Consensus Rating 2.412
Enterprise Value -
Average Volume 5 Day 70'900'260
POP SQ EQUITY YTD Change - Average Volume 30 Day 81'885'830
POP SQ EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
7'589.4 6'642.8 5'559.0 5'568.6 6'654.2 5'571.8 6'654.2 3'697.1 3'825.0 944.0 957.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'052.1 766.1 590.2 479.7 (2'461.0) 479.7 (2'461.0) 204.9 835.7 - -
7.29x 8.51x 9.23x 11.73x - 11.69x 0.00x 25.76x 7.49x - -
EBITDA - Long-Term Rating Date 23.11.2012
EBIT - Long-Term Rating BB
Operating Margin -60.74% Long-Term Outlook NEG
Pretax Margin -90.07% Short-Term Rating Date 25.05.2012
Return on Assets -1.71% Short-Term Rating B
Return on Common Equity -27.05%
Return on Capital -3.40% 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 675.8%
Net Income Margin -63.5% Total Debt/Capital 87.1%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 3.67
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.50% Inventory Days -
Tot Debt to Common Equity 675.85% 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
Banco Popular Espanol SAPrice/Volume
Valuation Analysis
67'861'397.00
Current Price (2/dd/yy) Market Data
'''-----..
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2'!' 9
-''!' 9
-2'!' 9
.''!' 9
.2'!' 9
0''!' 9
02'!' 9
1''!' 9
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'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANQUE FEDERATIVE DU n/a EXCH 367'775'828 4.37 275'831'871 18.12.2012 Bank
ALLIANZ SE n/a EXCH 362'577'512 4.31 (19'615'137) 07.01.2013 Insurance Company
TOPBREACH HOLDING BV n/a EXCH 339'897'780 4.04 26'565 17.12.2012 Unclassified
UNION EUROPEA DE INV #N/A N/A EXCH 313'537'380 3.73 - 22.02.2013 Investment Advisor
FUNDACION PEDRO BARR n/a EXCH 278'086'513 3.31 - 17.12.2012 Endowment
VANGUARD GROUP INC Multiple Portfolios MF-AGG 97'121'949 1.16 41'877'473 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 63'858'782 0.76 36'217 25.02.2013 Investment Advisor
SINDICATURA DE ACCIO n/a EXCH 63'831'609 0.76 (6'000) 22.02.2013 n/a
BANCO POPULAR ESPANO n/a Research 43'772'956 0.52 - 21.09.2012 Bank
SILCHESTER INTL INVE n/a Co File 41'668'493 0.5 - 31.12.2011 Investment Advisor
OSUNA GARCIA NICOLAS n/a EXCH 36'748'015 0.44 471'128 12.04.2012 n/a
REVOREDO DELV HELENA n/a EXCH 24'052'276 0.29 - 17.12.2012 n/a
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 16'252'140 0.19 16'252'140 31.12.2012 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 9'461'287 0.11 9'461'287 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7'234'447 0.09 3'894'637 28.12.2012 Mutual Fund Manager
NIGORRA OLIVER MIGUE n/a EXCH 6'247'588 0.07 - 25.01.2013 n/a
BANCAJA FONDOS SGIIC Multiple Portfolios MF-AGG 5'391'050 0.06 5'286'886 30.11.2012 Investment Advisor
MARTINEZ CA MIGUEL A n/a EXCH 5'333'883 0.06 - 17.12.2012 n/a
FMR LLC n/a ULT-AGG 4'514'938 0.05 (380'190) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'413'746 0.05 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oddo & Cie JULIE LEGRAND reduce 2 M 1 Not Provided 27.02.2013
BPI CARLOS JOAQUIM PEIXOTO neutral 3 M 1 Not Provided 25.02.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO Under Review #N/A N/A M #N/A N/A Not Provided 25.02.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 1 6 month 21.02.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 1 Not Provided 20.02.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 1 Not Provided 18.02.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 1 6 month 18.02.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 1 Not Provided 15.02.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA underweight 1 M 1 12 month 13.02.2013
Morgan Stanley ALVARO SERRANO Underwt/In-Line 1 M 1 12 month 12.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 0 12 month 12.02.2013
JPMorgan JAIME BECERRIL underweight 1 M 1 18 month 11.02.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 1 12 month 08.02.2013
Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 1 12 month 04.02.2013
Nomura DARAGH QUINN reduce 2 M 1 12 month 04.02.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 1 12 month 01.02.2013
RBC Capital Markets ROBERT NOBLE underperform 1 M 0 12 month 29.01.2013
BCP Investimento RITA SILVA buy 5 U 1 Not Provided 29.01.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 1 12 month 23.01.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ sell 1 M 0 Not Provided 23.01.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 1 12 month 22.01.2013
Credit Suisse IGNACIO CEREZO underperform 1 M 1 Not Provided 22.01.2013
Mediobanca SpA ANDREA FILTRI neutral 3 U 1 12 month 21.01.2013
BBVA IGNACIO ULARGUI outperform 5 M 1 Not Provided 18.01.2013
HSBC JASON KEPAPTSOGLOU neutral 3 M 1 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 1 12 month 09.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 1 Not Provided 08.01.2013
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 1 Not Provided 29.11.2012
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE reduce 2 M 1 Not Provided 21.11.2012
Renta 4 SA SVB NURIA ALVAREZ underweight 1 M 1 Not Provided 27.07.2012
La Caixa DAVID FERNANDEZ underweight 1 M 2 Not Provided 16.03.2012
Banco Sabadell MARIO LODOS sell 1 D 2 Not Provided 06.02.2012
Holdings By:
Banco Popular Espanol SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Beiersdorf AG develops, manufactures, and markets personal care, disposable
medical, and adhesive products. The Company produces skin and hair care
products, bandages, surgical gloves, compression stockings, sun block lotion,
fastening systems, masking products, and packaging systems.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.02.2013) 67.04
52-Week Low (27.02.2012) 46.52
Daily Volume
66.76
52-Week High % Change -0.37% Dividend Yield -
52-Week Low % Change 43.52% Beta 0.62
% 52 Week Price Range High/Low 97.31% Equity Float 98.39
Shares Out 30.09.2012 252.0 Short Int -
16'823.52 1 Yr Total Return 42.98%
Total Debt 177.00 YTD Return 7.89%
Preferred Stock 0.0 Adjusted BETA 0.618
Minority Interest 14.0 Analyst Recs 43
Cash and Equivalents 1'653.00 Consensus Rating 2.628
Enterprise Value 15'052.52
Average Volume 5 Day 571'278
BEI GY EQUITY YTD Change - Average Volume 30 Day 443'154
BEI GY EQUITY YTD % CHANGE - Average Volume 3 Month 403'455
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
5'507.0 5'971.0 5'748.0 5'571.0 5'633.0 5'618.0 5'924.0 6'026.9 6'299.6 1'467.0 1'562.0
2.01x 1.39x 1.54x 1.42x 1.50x 5.82x 6.54x 2.50x 2.34x - -
801.0 815.0 788.0 876.0 839.0 813.0 900.0 876.3 981.6 233.0 264.0
13.85x 10.15x 11.26x 9.02x 10.10x 9.43x 12.45x 17.19x 15.34x 14.69x 14.26x
437.0 562.0 374.0 318.0 250.0 301.0 271.0 483.3 549.9 123.0 137.0
27.37x 16.94x 27.84x 29.66x 39.84x 30.30x 47.66x 31.33x 27.70x 31.14x 30.91x
EBITDA 839.00 Long-Term Rating Date -
EBIT 566.00 Long-Term Rating -
Operating Margin 10.05% Long-Term Outlook -
Pretax Margin 7.81% Short-Term Rating Date -
Return on Assets 4.92% Short-Term Rating -
Return on Common Equity 8.66%
Return on Capital - EBITDA/Interest Exp. 44.16
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 39.63
Net Debt/EBITDA -1.98
Gross Margin 63.1% Total Debt/EBITDA 0.13
EBITDA Margin 15.2%
EBIT Margin 10.7% Total Debt/Equity 5.9%
Net Income Margin 4.4% Total Debt/Capital 5.5%
Asset Turnover 1.07
Current Ratio 2.05 Net Fixed Asset Turnover 8.98
Quick Ratio 1.48 Accounts receivable turnover-days 66.57
Debt to Assets 3.36% Inventory Days 122.81
Tot Debt to Common Equity 5.90% Accounts Payable Turnover Day 149.41
Accounts Receivable Turnover 5.50 Cash Conversion Cycle 28.41
Inventory Turnover 2.98
Fiscal Year Ended
Beiersdorf AGPrice/Volume
Valuation Analysis
245'799.00
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
'
-'
.'
0'
1'
2'
3'
4'
5'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MAXINGVEST AG n/a Co File 128'242'800 50.89 - 31.12.2011 Unclassified
BEIERSDORF AG n/a Co File 25'181'016 9.99 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 3'331'079 1.32 (901) 25.02.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'262'832 0.9 (27'869) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'193'929 0.87 46'623 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'863'483 0.74 35'983 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'525'094 0.61 (1'460) 31.12.2012 Investment Advisor
FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 1'490'875 0.59 6'100 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'427'260 0.57 500 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 874'183 0.35 112'250 31.12.2012 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 676'247 0.27 (15'263) 30.11.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 589'450 0.23 (25'388) 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 377'535 0.15 (32'097) 28.09.2012 Mutual Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 324'235 0.13 135'179 31.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 316'372 0.13 307'613 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 299'400 0.12 23'627 28.12.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 297'712 0.12 14'790 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 293'775 0.12 - 28.12.2012 Mutual Fund Manager
UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 278'515 0.11 (116) 31.10.2012 Mutual Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 273'557 0.11 71'437 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 77 6 month 27.02.2013
Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 51 12 month 25.02.2013
Exane BNP Paribas EAMONN FERRY outperform 5 M 70 Not Provided 25.02.2013
AlphaValue MARTIN SCHNEE sell 1 M 53 6 month 21.02.2013
DZ Bank AG THOMAS MAUL sell 1 M 50 12 month 18.02.2013
Goldman Sachs ROSIE EDWARDS sell/attractive 1 M 55 12 month 07.02.2013
Baader Bank CHRISTIAN WEIZ buy 5 N 74 12 month 04.02.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 53 Not Provided 01.02.2013
Nomura GUILLAUME DELMAS buy 5 M 72 12 month 31.01.2013
Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 63 12 month 29.01.2013
JPMorgan CELINE PANNUTI underweight 1 M 60 9 month 28.01.2013
Raymond James HERMINE DE BENTZMANN market perform 3 M #N/A N/A Not Provided 28.01.2013
Grupo Santander PEDRO GIL buy 5 M 70 Not Provided 25.01.2013
Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 52 12 month 25.01.2013
Berenberg Bank SETH PETERSON hold 3 M 61 Not Provided 25.01.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M 46 Not Provided 25.01.2013
Nord/LB VOLKER SACK hold 3 M 58 12 month 24.01.2013
Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 62 Not Provided 24.01.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 65 12 month 24.01.2013
Bankhaus Lampe HEIKO FEBER sell 1 M 57 12 month 24.01.2013
National Bank AG MANFRED JAISFELD sell 1 M #N/A N/A Not Provided 24.01.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 M 52 12 month 24.01.2013
S&P Capital IQ CARL SHORT hold 3 M 66 12 month 24.01.2013
Barclays IAIN SIMPSON underweight 1 M 50 Not Provided 24.01.2013
Credit Suisse ALEX MOLLOY neutral 3 M 56 Not Provided 17.01.2013
HSBC CEDRIC BESNARD underweight 1 M 59 Not Provided 17.01.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 73 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Bryan Garnier & Cie LOIC MORVAN sell 1 M 63 6 month 16.01.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 18.12.2012
Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 49 12 month 06.12.2012
Redburn Partners WILLIAM HOUSTON neutral 3 M #N/A N/A Not Provided 05.12.2012
Day by Day VALERIE GASTALDY buy 5 U 67 3 month 23.11.2012
Kepler Capital Markets CATHERINE ROLLAND hold 3 D 61 Not Provided 06.11.2012
CA Cheuvreux JUERGEN KOLB underperform 1 M 56 Not Provided 05.11.2012
Natixis PIERRE TEGNER neutral 3 M 60 Not Provided 05.11.2012
Main First Bank AG GAEL COLCOMBET underperform 1 M 55 12 month 05.11.2012
Deutsche Bank HAROLD THOMPSON buy 5 M 75 12 month 02.11.2012
Silvia Quandt Research MARK JOSEFSON neutral 3 M 49 18 month 02.11.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 70 12 month 02.11.2012
Holdings By:
Beiersdorf AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Belgacom provides communication services and products to residential, business
and corporate customers both domestically and internationally. The Group also
offers multimedia products, payphones, pagers, operator services and calling
cards. Through its subsidiaries Belgacom Mobile and Belgacom Skynet the
company further offers mobile phone and Internet services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (28.03.2012) 23.99
52-Week Low (05.06.2012) 20.36
Daily Volume
20.945
52-Week High % Change -12.78% Dividend Yield -
52-Week Low % Change 2.88% Beta 0.75
% 52 Week Price Range High/Low 8.55% Equity Float -
Shares Out 30.09.2012 338.0 Short Int -
7'079.94 1 Yr Total Return -2.49%
Total Debt 1'972.00 YTD Return -5.67%
Preferred Stock 0.0 Adjusted BETA 0.747
Minority Interest 225.0 Analyst Recs 31
Cash and Equivalents 356.00 Consensus Rating 2.581
Enterprise Value 8'916.94
Average Volume 5 Day 713'267
BELG BB EQUITY YTD Change - Average Volume 30 Day 619'229
BELG BB EQUITY YTD % CHANGE - Average Volume 3 Month 556'882
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
5'987.0 5'911.0 5'922.0 6'552.0 6'361.0 6'403.0 6'392.0 6'429.5 6'375.6 1'623.1 -
2.08x 1.80x 1.69x 1.51x 1.50x 6.22x 6.08x 1.40x 1.43x 5.50x -
2'076.0 1'997.0 2'029.0 2'419.0 1'912.0 1'958.0 1'806.0 1'794.5 1'754.3 439.1 -
6.00x 5.34x 4.92x 4.08x 4.99x 4.78x 5.46x 4.97x 5.08x - -
958.0 800.0 904.0 1'266.0 756.0 818.0 713.0 700.8 658.4 161.1 -
11.76x 11.16x 8.98x 6.38x 10.27x 8.92x 10.60x 9.34x 10.01x - -
EBITDA 1'912.00 Long-Term Rating Date 02.12.2011
EBIT 1'156.00 Long-Term Rating A
Operating Margin 18.17% Long-Term Outlook STABLE
Pretax Margin 16.27% Short-Term Rating Date 25.08.2006
Return on Assets 8.35% Short-Term Rating A-1
Return on Common Equity 23.12%
Return on Capital - EBITDA/Interest Exp. 16.92
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 10.22
Net Debt/EBITDA 0.88
Gross Margin 60.4% Total Debt/EBITDA 1.10
EBITDA Margin 28.3%
EBIT Margin 16.7% Total Debt/Equity 64.1%
Net Income Margin 11.9% Total Debt/Capital 37.4%
Asset Turnover 0.75
Current Ratio 0.93 Net Fixed Asset Turnover 2.70
Quick Ratio 0.75 Accounts receivable turnover-days 76.41
Debt to Assets 23.72% Inventory Days 18.48
Tot Debt to Common Equity 64.09% Accounts Payable Turnover Day 184.90
Accounts Receivable Turnover 4.79 Cash Conversion Cycle -101.25
Inventory Turnover 19.81
Fiscal Year Ended
Belgacom SAPrice/Volume
Valuation Analysis
426'503.00
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
'
2
-'
-2
.'
.2
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-!''
.!''
0!''
1!''
2!''
3!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BELGIAN STATE n/a Co File 180'887'569 53.51 - 31.12.2010 Government
BELGACOM n/a Co File 16'542'494 4.89 - 31.12.2010 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 5'030'800 1.49 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'807'517 1.13 (12'800) 25.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'028'945 0.9 (4'988) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'796'509 0.83 41'194 31.12.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (2'399'978) -0.71 (304'222) 22.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'209'118 0.65 316'921 31.12.2012 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'350'000 0.4 - 31.12.2012 Investment Advisor
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 1'057'049 0.31 (57'560) 30.11.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 857'900 0.25 - 31.01.2013 Unclassified
DWS INVESTMENT SA Multiple Portfolios MF-AGG 802'893 0.24 3'493 28.12.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 788'601 0.23 401'637 26.02.2013 Investment Advisor
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 778'000 0.23 - 28.09.2012 Investment Advisor
STATE STREET n/a ULT-AGG 685'158 0.2 - 26.02.2013 Investment Advisor
SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 633'350 0.19 - 31.12.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 620'761 0.18 (53'125) 31.01.2013 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 552'208 0.16 44'761 31.12.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 473'456 0.14 56'255 31.01.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 470'020 0.14 (912) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABN Amro Bank N.V. MARC HESSELINK hold 3 M 24 Not Provided 26.02.2013
Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 25 12 month 25.02.2013
Rabobank International FRANK CLAASSEN reduce 2 M 21 12 month 25.02.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 30 6 month 21.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.02.2013
Goldman Sachs MARK WALKER Sell/Neutral 1 M 21 12 month 08.02.2013
Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 20 Not Provided 31.01.2013
Oddo & Cie ALEXANDRE IATRIDES neutral 3 M 25 Not Provided 30.01.2013
Credit Suisse PAUL SIDNEY neutral 3 M 25 Not Provided 24.01.2013
Barclays MICHAEL BISHOP underweight 1 M 22 Not Provided 24.01.2013
JPMorgan AKHIL DATTANI neutral 3 M 23 9 month 21.01.2013
Jefferies ULRICH RATHE hold 3 M 21 12 month 21.01.2013
ING Bank EMMANUEL CARLIER hold 3 M 23 12 month 21.01.2013
Deutsche Bank DAVID A WRIGHT sell 1 M 16 12 month 16.01.2013
HSBC NICOLAS COTE-COLISSON neutral 3 M 25 Not Provided 15.01.2013
Macquarie GUY R PEDDY outperform 5 M 25 12 month 10.01.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 11 Not Provided 10.01.2013
Petercam STEFAAN GENOE hold 3 M 24 Not Provided 08.01.2013
Kempen & Co SANDER VAN OORT hold 3 M 26 12 month 06.01.2013
Day by Day VALERIE GASTALDY buy 5 M 24 3 month 04.01.2013
Bank Degroof(ESN) JEAN-MARIE CAUCHETEUX suspended coverage #N/A N/A M #N/A N/A Not Provided 28.12.2012
Nomura FREDERIC BOULAN reduce 2 M 20 Not Provided 30.11.2012
Berenberg Bank STUART GORDON hold 3 M 23 Not Provided 21.11.2012
Societe Generale THIERRY COTA sell 1 M 21 12 month 26.10.2012
KBC Securities TOM SIMONTS buy 5 M 26 Not Provided 26.10.2012
S&P Capital IQ JAMES CRAWSHAW hold 3 U 21 12 month 26.10.2012
Kepler Capital Markets JAVIER BORRACHERO reduce 2 M 21 Not Provided 04.10.2012
CA Cheuvreux ROBERT VAN OVERBEEK underperform 1 N 23 Not Provided 18.09.2012
Raymond James STEPHANE BEYAZIAN underperform 1 M 25 Not Provided 24.08.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 23 Not Provided 27.07.2012
Natixis JACQUES DE GRELING neutral 3 M 25 Not Provided 01.03.2010
Holdings By:
Belgacom SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
The Berkeley Group Holdings PLC is a residential and commercial property
development company focusing on urban regeneration and mixed-use developments.
The Company purchases and develops land, in addition to constructing homes and
apartment complexes throughout the South of England, the Midlands and the North
West.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 1'916.00
52-Week Low (09.05.2012) 1'166.00
Daily Volume
1859
52-Week High % Change -2.97% Dividend Yield 0.81
52-Week Low % Change 59.43% Beta 0.93
% 52 Week Price Range High/Low 95.07% Equity Float 122.71
Shares Out 12.12.2012 131.3 Short Int -
2'440.49 1 Yr Total Return 35.00%
Total Debt 60.63 YTD Return 5.81%
Preferred Stock 0.0 Adjusted BETA 0.933
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 2.75 Consensus Rating 3.947
Enterprise Value 2'445.99
Average Volume 5 Day 231'417
BKG LN EQUITY YTD Change - Average Volume 30 Day 239'546
BKG LN EQUITY YTD % CHANGE - Average Volume 3 Month 240'978
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 - -
991.5 702.2 615.3 742.6 1'041.1 - - 1'281.2 1'413.8 - -
1.15x 1.42x 1.32x 1.82x 1.67x - - 1.95x 1.68x - -
208.8 126.3 107.2 136.6 259.2 - - 266.1 301.7 - -
5.46x 7.90x 7.56x 9.91x 6.71x - - 9.19x 8.11x - -
137.8 86.1 79.7 95.1 158.5 - - 194.2 229.4 - -
8.23x 13.75x 13.89x 14.71x 10.59x - - 13.43x 11.44x - -
EBITDA 259.19 Long-Term Rating Date -
EBIT 257.13 Long-Term Rating -
Operating Margin 24.70% Long-Term Outlook -
Pretax Margin 20.63% Short-Term Rating Date -
Return on Assets 8.80% Short-Term Rating -
Return on Common Equity 17.21%
Return on Capital 17.65% EBITDA/Interest Exp. 22.00
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 21.81
Net Debt/EBITDA 0.02
Gross Margin 28.4% Total Debt/EBITDA 0.06
EBITDA Margin 24.9%
EBIT Margin 24.7% Total Debt/Equity 5.5%
Net Income Margin 15.2% Total Debt/Capital 5.2%
Asset Turnover 0.61
Current Ratio 1.95 Net Fixed Asset Turnover 14.76
Quick Ratio 0.11 Accounts receivable turnover-days 23.09
Debt to Assets 2.82% Inventory Days 740.76
Tot Debt to Common Equity 5.51% Accounts Payable Turnover Day 270.71
Accounts Receivable Turnover 15.85 Cash Conversion Cycle 764.70
Inventory Turnover 0.49
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Berkeley Group Holdings PLCPrice/Volume
Valuation Analysis
158'004.00
Current Price (2/dd/yy) Market Data
'.''1''3''5''
-'''-.''-1''-3''-5''.'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIRST EAGLE INVESTME n/a RNS-MAJ 14'410'560 10.98 5'225'883 01.02.2013 Hedge Fund Manager
SCOTTISH WIDOWS n/a ULT-AGG 11'956'245 9.11 (7'435'803) 02.01.2013 Unclassified
DIRECTOR & RELATED H Multiple Portfolios REG 8'572'429 6.53 - 02.01.2013 Other
LLOYDS BANKING GROUP n/a ULT-AGG 7'875'695 6 (301'858) 31.01.2013 Investment Advisor
WILLIAM BLAIR & COMP n/a RNS-MAJ 6'692'723 5.1 65'752 24.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 6'626'971 5.05 1'615'365 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 6'439'725 4.91 793'990 02.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 6'415'775 4.89 (1'083'637) 02.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'159'637 4.69 - 25.02.2013 Investment Advisor
PIDGLEY ANTHONY WILL n/a RNS-DIR 5'956'838 4.54 (500'000) 25.09.2012 n/a
LEGAL & GENERAL n/a ULT-AGG 5'087'186 3.88 36'549 31.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 4'338'835 3.31 135'139 02.01.2013 Unclassified
LEGAL & GENERAL n/a RNS-MAJ 4'034'851 3.07 - 14.09.2012 Investment Advisor
CITIBANK SWITZERLAND Multiple Portfolios REG 3'460'840 2.64 (105'499) 02.01.2013 Bank
NORGES BANK INVESTME Multiple Portfolios REG 2'852'700 2.17 (156'730) 02.01.2013 Government
F&C ASSET MANAGEMENT Multiple Portfolios REG 2'677'145 2.04 340'742 02.01.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 2'619'575 2 - 02.01.2013 Investment Advisor
CREDIT SUISSE SECURI Multiple Portfolios REG 2'411'737 1.84 1'399'026 02.01.2013 Investment Advisor
EGERTON CAPITAL LIMI Multiple Portfolios REG 2'388'265 1.82 (742'283) 02.01.2013 Hedge Fund Manager
PRIVATE INDIVIDUALS Multiple Portfolios REG 2'106'745 1.6 (10'000) 02.01.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 2'300 6 month 18.02.2013
Northland Capital Partners Ltd SIMON BROWN buy 5 M 2'050 Not Provided 15.02.2013
Panmure Gordon & Co Limited RACHAEL APPLEGATE hold 3 M 1'702 Not Provided 12.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 D 2'000 Not Provided 05.02.2013
Peel Hunt ROBIN HARDY hold 3 D 1'635 Not Provided 04.02.2013
Numis Securities Ltd CHRISTOPHER MILLINGTON hold 3 M 1'650 Not Provided 31.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 11.01.2013
Deutsche Bank GLYNIS JOHNSON buy 5 M 1'941 12 month 08.01.2013
Jefferies ANTHONY CODLING underperform 1 M 1'500 12 month 07.01.2013
JPMorgan EMILY BIDDULPH overweight 5 M 1'950 9 month 19.12.2012
Credit Suisse HARRY GOAD neutral 3 M 1'828 Not Provided 17.12.2012
HSBC JEFFREY G DAVIS overweight 5 M 2'010 Not Provided 28.11.2012
Investec MIKE BESSELL buy 5 M 1'560 12 month 13.08.2012
Shore Capital Stockbrokers JON BELL hold 3 M 1'072 3 month 19.07.2012
Canaccord Genuity Corp ALASTAIR STEWART buy 5 M 1'624 12 month 16.05.2012
Davy ROBERT GARDINER outperform 5 M #N/A N/A Not Provided 06.09.2011
Holdings By:
Berkeley Group Holdings PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Bilfinger SE provides industrial services, power services, building and
facility services, construction, and concessions. The Company's industrial
services include repairs, maintenance, and modernization. Bilfinger also
provides power services which include maintenance, service, and efficiency
enhancements as well as building and facility services for real estate.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 82.43
52-Week Low (05.06.2012) 58.82
Daily Volume
79.84
52-Week High % Change -3.17% Dividend Yield 3.76
52-Week Low % Change 35.74% Beta 0.88
% 52 Week Price Range High/Low 87.63% Equity Float 44.18
Shares Out 31.12.2012 46.0 Short Int -
3'674.57 1 Yr Total Return 13.67%
Total Debt 1'181.00 YTD Return 9.37%
Preferred Stock 0.0 Adjusted BETA 0.882
Minority Interest 8.0 Analyst Recs 24
Cash and Equivalents 1'087.00 Consensus Rating 4.000
Enterprise Value 3'776.57
Average Volume 5 Day 145'211
GBF GY EQUITY YTD Change - Average Volume 30 Day 144'281
GBF GY EQUITY YTD % CHANGE - Average Volume 3 Month 127'832
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
9'757.1 7'381.5 8'006.7 8'208.5 8'509.0 8'208.5 8'509.0 8'786.6 9'209.0 1'985.0 2'233.0
0.26x 0.54x 0.54x 0.33x 0.41x 1.54x 1.50x 0.41x 0.38x - -
577.1 280.0 481.8 508.2 441.0 586.2 421.0 581.9 624.0 - -
4.39x 14.15x 8.92x 5.36x 7.85x 4.65x 0.00x 6.48x 6.05x - -
200.4 140.2 284.0 394.1 275.0 394.1 275.0 253.3 281.3 67.2 77.4
6.65x 24.85x 13.59x 13.20x 11.72x 13.20x 11.72x 13.96x 12.44x 13.32x -
EBITDA 441.00 Long-Term Rating Date 23.10.2012
EBIT 390.00 Long-Term Rating BBB+
Operating Margin 4.58% Long-Term Outlook STABLE
Pretax Margin 4.48% Short-Term Rating Date 23.10.2012
Return on Assets 3.77% Short-Term Rating A-2
Return on Common Equity 14.41%
Return on Capital 10.88% EBITDA/Interest Exp. 12.97
Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 8.76
Net Debt/EBITDA 0.21
Gross Margin 13.3% Total Debt/EBITDA 2.68
EBITDA Margin 5.2%
EBIT Margin 4.6% Total Debt/Equity 58.2%
Net Income Margin 3.2% Total Debt/Capital 36.7%
Asset Turnover 1.17
Current Ratio 1.09 Net Fixed Asset Turnover 12.73
Quick Ratio 0.35 Accounts receivable turnover-days 68.77
Debt to Assets 17.24% Inventory Days 9.21
Tot Debt to Common Equity 58.21% Accounts Payable Turnover Day 46.69
Accounts Receivable Turnover 5.31 Cash Conversion Cycle 32.25
Inventory Turnover 39.75
Fiscal Year Ended
Bilfinger SEPrice/Volume
Valuation Analysis
40'870.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CEVIAN CAPITAL AB n/a Research 6'990'563 15.19 - 15.01.2013 Venture Capital
BLACKROCK n/a ULT-AGG 2'055'267 4.47 (12'748) 25.02.2013 Investment Advisor
BILFINGER BERGER AG n/a Research 1'840'965 4 - 24.01.2013 Corporation
INVESCO LTD n/a Research 1'370'341 2.98 - 01.02.2012 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 1'346'715 2.93 - 18.01.2013 Investment Advisor
DWS INVESTMENT GMBH n/a Research 1'328'350 2.89 - 19.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'099'625 2.39 (161'781) 28.12.2012 Investment Advisor
DJE INVESTMENT SA Multiple Portfolios MF-AGG 1'092'992 2.37 - 30.11.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'013'341 2.2 (600) 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 994'982 2.16 21'582 28.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 916'978 1.99 (260'226) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 900'690 1.96 (10'999) 31.10.2012 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 738'196 1.6 - 28.12.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 735'215 1.6 - 31.07.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 667'837 1.45 (58'117) 25.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 519'000 1.13 - 30.12.2012 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 496'500 1.08 - 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 463'191 1.01 7'862 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 463'163 1.01 41'163 30.11.2012 Investment Advisor
FRANKEN INVEST KAPIT Multiple Portfolios MF-AGG 370'400 0.8 - 28.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG CHRISTIAN KORTH outperform 5 M 84 12 month 25.02.2013
Bankhaus Metzler STEPHAN BAUER buy 5 M 93 12 month 22.02.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 M 84 12 month 20.02.2013
Equita SIM SpA GIANMARCO BONACINA buy 5 M 92 12 month 18.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 18.02.2013
Deutsche Bank GUNNAR ROMER hold 3 M 82 12 month 16.02.2013
Bankhaus Lampe MARC GABRIEL buy 5 M 87 12 month 14.02.2013
Nord/LB HEINO HAMMANN hold 3 M 80 12 month 13.02.2013
Kepler Capital Markets STEPHAN TRUBRICH hold 3 M 77 Not Provided 13.02.2013
DZ Bank AG MARC NETTELBECK buy 5 M 85 12 month 13.02.2013
HSBC TOBIAS LOSKAMP underweight 1 M 69 Not Provided 12.02.2013
CA Cheuvreux CRAIG ABBOTT outperform 5 M 83 Not Provided 12.02.2013
Equinet Institutional Services(ESN) INGBERT FAUST hold 3 M 80 12 month 12.02.2013
S&P Capital IQ JAWAHAR HINGORANI buy 5 M 84 12 month 12.02.2013
Exane BNP Paribas GERHARD ORGONAS neutral 3 M 77 Not Provided 12.02.2013
Commerzbank Corporates & Markets NORBERT KRETLOW buy 5 M 85 6 month 11.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 80 12 month 11.02.2013
M.M. Warburg Investment Research FRANK LASER buy 5 M 85 12 month 11.02.2013
Berenberg Bank BENJAMIN GLAESER buy 5 M 84 Not Provided 11.02.2013
Credit Suisse EUGENE KLERK neutral 3 M 73 Not Provided 15.01.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN buy 5 M 86 Not Provided 15.11.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 22.08.2012
BHF-Bank JENS JUNG overweight 5 M 79 12 month 13.02.2012
National Bank AG STEFFEN MANSKE buy 5 M 60 12 month 04.01.2010
Holdings By:
Bilfinger SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Boliden AB mines, processes and sells metals and mineral products, primarily
zinc and copper. Other products include gold, lead, silver, and sulfuric acid.
The Company has mining and milling operations in Europe, and smelting and
refining operations in Sweden, Finland and Norway.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.01.2013) 126.70
52-Week Low (04.06.2012) 87.80
Daily Volume
110.7
52-Week High % Change -12.71% Dividend Yield -
52-Week Low % Change 26.08% Beta 1.38
% 52 Week Price Range High/Low 55.53% Equity Float -
Shares Out 26.02.2013 273.5 Short Int -
30'277.69 1 Yr Total Return -0.46%
Total Debt 5'981.00 YTD Return -9.34%
Preferred Stock 0.0 Adjusted BETA 1.383
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 1'011.00 Consensus Rating 3.333
Enterprise Value 35'247.69
Average Volume 5 Day 2'475'719
BOL SS EQUITY YTD Change - Average Volume 30 Day 2'371'191
BOL SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'070'902
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
30'987.0 27'635.0 36'716.0 40'323.0 40'001.0 40'323.0 40'001.0 39'659.0 40'181.7 10'149.3 10'019.4
0.35x 1.16x 1.13x 0.82x 0.96x 3.37x 3.45x 0.90x 0.85x - -
2'423.0 5'189.0 7'448.0 6'685.0 6'289.0 6'685.0 6'286.0 6'476.4 7'573.8 1'594.5 1'426.0
4.41x 6.18x 5.56x 4.92x 6.10x 4.92x 6.10x 5.44x 4.65x 5.44x 5.66x
935.0 2'500.0 3'955.0 3'387.0 3'272.0 3'387.0 3'272.0 3'092.9 3'901.2 715.4 519.6
5.21x 10.08x 9.45x 8.12x 10.21x 8.12x 10.21x 9.68x 7.79x 11.22x -
EBITDA 6'289.00 Long-Term Rating Date -
EBIT 4'070.00 Long-Term Rating -
Operating Margin 10.17% Long-Term Outlook -
Pretax Margin 9.73% Short-Term Rating Date -
Return on Assets 8.43% Short-Term Rating -
Return on Common Equity 14.88%
Return on Capital - EBITDA/Interest Exp. 38.64
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 15.57
Net Debt/EBITDA 0.79
Gross Margin 13.4% Total Debt/EBITDA 0.95
EBITDA Margin 15.7%
EBIT Margin 10.2% Total Debt/Equity 26.1%
Net Income Margin 8.2% Total Debt/Capital 20.7%
Asset Turnover 1.03
Current Ratio 1.50 Net Fixed Asset Turnover 1.66
Quick Ratio 0.13 Accounts receivable turnover-days -
Debt to Assets 14.94% Inventory Days 84.43
Tot Debt to Common Equity 26.06% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 49.35
Inventory Turnover 4.33
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Boliden ABPrice/Volume
Valuation Analysis
1'293'983.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
5!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMF FORSAKRING n/a Research 11'514'822 4.21 - 28.09.2012 Other
NORDEA FONDER AB n/a Research 10'502'830 3.84 - 28.09.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 9'014'868 3.3 418'417 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 8'916'465 3.26 - 28.09.2012 Investment Advisor
AFA FORSAKRINGAR n/a Research 7'931'825 2.9 - 28.09.2012 Insurance Company
AMF FONDER AB Multiple Portfolios MF-AGG 5'580'144 2.04 (445'000) 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER n/a Research 5'579'628 2.04 - 28.09.2012 Investment Advisor
SEB n/a ULT-AGG 5'122'854 1.87 (514'515) 31.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'915'581 1.8 112'812 31.12.2012 Investment Advisor
FOLKSAM GROUP n/a Research 4'677'042 1.71 - 28.09.2012 Insurance Company
SEB ASSET MANAGEMENT n/a Research 4'485'584 1.64 - 28.09.2012 Investment Advisor
SODERBLOMS FACTORING n/a Research 4'212'072 1.54 - 28.09.2012 Other
ANDRA AP FONDEN n/a Research 4'047'966 1.48 - 28.09.2012 Pension Fund (ERISA)
FORSTA AP FONDEN n/a Research 2'844'516 1.04 - 28.09.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 2'833'062 1.04 (9'538) 31.12.2012 Investment Advisor
DANSKE CAPITAL SVERI n/a Research 2'789'814 1.02 - 28.09.2012 Investment Advisor
SKANDIA LIV n/a Research 2'707'761 0.99 - 28.09.2012 Pension Fund (ERISA)
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'615'960 0.96 6'200 31.01.2013 Mutual Fund Manager
FJARDE AP-FONDEN n/a Research 2'571'005 0.94 - 28.09.2012 Pension Fund (ERISA)
ENTER FONDER AB n/a Research 2'461'601 0.9 - 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas LUC PEZ neutral 3 M 105 Not Provided 27.02.2013
BMO Capital Markets STEPHEN BONNYMAN market perform 3 M 117 Not Provided 26.02.2013
AlphaValue SACHIN KUMAR add 4 M 125 6 month 21.02.2013
HSBC THORSTEN ZIMMERMANN underweight 1 M 107 Not Provided 13.02.2013
Deutsche Bank ROBERT CLIFFORD buy 5 M 146 12 month 12.02.2013
ABG Sundal Collier JOHANNES GRUNSELIUS hold 3 M 120 6 month 12.02.2013
SEB Enskilda JULIAN BEER buy 5 M 140 Not Provided 12.02.2013
Carnegie ALEXANDER VILVAL sell 1 M #N/A N/A Not Provided 12.02.2013
Nordea Equity Research CHRISTIAN KOPFER hold 3 M 120 12 month 12.02.2013
Erik Penser Bankaktiebolag AB GUSTAV SANDSTROM buy 5 M 135 12 month 12.02.2013
Handelsbanken FREDRIK AGARDH accumulate 4 M 125 12 month 12.02.2013
Goldman Sachs EUGENE KING buy/attractive 5 M 145 12 month 11.02.2013
Swedbank OLA SODERMARK buy 5 M 130 12 month 30.01.2013
Morgan Stanley ALAIN GABRIEL Underwt/In-Line 1 M 106 12 month 23.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN buy 5 M 105 Not Provided 26.06.2012
Nomura PATRICK JONES suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012
Alandsbanken Equities PER HANSSON reduce 2 M 120 12 month 04.05.2011
CA Cheuvreux JOAKIM AHLBERG underperform 1 M 89 Not Provided 02.05.2011
Holdings By:
Boliden AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Bouygues SA offers construction services, develops real estate, offers cellular
communications services, produces television programming and movies, and
manages utilities. The Company offers building, civil engineering, and oil and
gas contracting services, develops residential, commercial, and office
projects, produces and distributes water and electricity, and collects waste.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.02.2012) 24.77
52-Week Low (16.11.2012) 17.54
Daily Volume
21.59
52-Week High % Change -12.86% Dividend Yield -
52-Week Low % Change 23.09% Beta 0.89
% 52 Week Price Range High/Low 25.61% Equity Float 243.76
Shares Out 07.01.2012 324.2 Short Int -
7'000.18 1 Yr Total Return -4.73%
Total Debt 7'262.00 YTD Return -3.62%
Preferred Stock 0.0 Adjusted BETA 0.892
Minority Interest 1'317.0 Analyst Recs 24
Cash and Equivalents 3'415.00 Consensus Rating 3.125
Enterprise Value 14'092.18
Average Volume 5 Day 1'632'756
EN FP EQUITY YTD Change - Average Volume 30 Day 1'459'241
EN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'673'085
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
32'459.0 31'353.0 31'225.0 32'706.0 33'547.0 32'706.0 33'547.0 33'258.3 33'668.8 - -
0.51x 0.53x 0.49x 0.39x - 1.84x 1.22x 0.40x 0.39x - -
3'538.0 3'231.0 3'152.0 3'230.0 - 3'230.0 2'019.0 2'870.5 2'994.4 - -
4.64x 5.17x 4.89x 3.97x - 3.97x 0.00x 4.90x 4.70x - -
1'501.0 1'319.0 1'071.0 1'070.0 633.0 1'070.0 633.0 791.8 894.1 - -
6.94x 9.64x 10.65x 7.96x 11.14x 8.06x 11.14x 8.85x 7.77x - -
EBITDA 3'230.00 Long-Term Rating Date 30.11.2011
EBIT 1'819.00 Long-Term Rating BBB+
Operating Margin 5.56% Long-Term Outlook STABLE
Pretax Margin 5.40% Short-Term Rating Date 18.09.2001
Return on Assets 2.33% Short-Term Rating A-2
Return on Common Equity 9.51%
Return on Capital 6.62% EBITDA/Interest Exp. 9.00
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 3.27
Net Debt/EBITDA 2.04
Gross Margin - Total Debt/EBITDA 2.95
EBITDA Margin 8.5%
EBIT Margin 4.0% Total Debt/Equity 86.9%
Net Income Margin 1.9% Total Debt/Capital 42.9%
Asset Turnover 0.93
Current Ratio 0.95 Net Fixed Asset Turnover 5.26
Quick Ratio 0.62 Accounts receivable turnover-days 82.24
Debt to Assets 20.79% Inventory Days -
Tot Debt to Common Equity 86.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.45 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bouygues SAPrice/Volume
Valuation Analysis
5'024'545.00
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
'
2
-'
-2
.'
.2
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
1!''
1!2'
2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCDM n/a Co File 66'374'020 20.47 - 31.12.2011 n/a
AMUNDI n/a Research 16'135'367 4.98 (61'801) 04.01.2013 Investment Advisor
FIRST EAGLE INVESTME n/a Research 15'760'774 4.86 - 29.03.2012 Hedge Fund Manager
SCDM PARTICIPATIONS n/a Research 6'044'972 1.86 - 15.11.2011 n/a
BOUYGUES FRANCIS n/a Co File 5'290'144 1.63 - 31.12.2011 n/a
AKO CAPITAL LLP n/a Short (3'825'942) -1.18 (16'026) 10.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'614'826 1.11 8'782 31.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'499'242 1.08 65'974 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'407'770 1.05 (99'054) 25.02.2013 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 3'113'000 0.96 98'000 28.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'969'200 0.61 (614) 31.12.2012 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 1'480'301 0.46 475'721 31.12.2012 Investment Advisor
PALATINE ASSET MANAG Multiple Portfolios MF-AGG 1'176'527 0.36 122'874 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'055'433 0.33 879'189 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 912'527 0.28 152'562 28.09.2012 Investment Advisor
QUALITE3 n/a Research 896'520 0.28 - 15.11.2011 n/a
ACTIBY3 n/a Research 891'945 0.28 - 15.11.2011 Other
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 838'159 0.26 72'000 28.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 705'598 0.22 (83'673) 26.02.2013 Investment Advisor
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 569'108 0.18 (135'040) 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale STEPHANE SCHLATTER hold 3 M 19 12 month 27.02.2013
Morgan Stanley SAROOP PUREWAL Equalwt/In-Line 3 M 29 12 month 27.02.2013
Jefferies JEREMY A DELLIS underperform 1 M 16 12 month 27.02.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 25 12 month 27.02.2013
Oddo & Cie VINCENT MAULAY reduce 2 M 18 Not Provided 27.02.2013
Nomura FREDERIC BOULAN neutral 3 M 21 12 month 27.02.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 31 6 month 21.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 20.02.2013
Exane BNP Paribas ANTOINE PRADAYROL neutral 3 M 24 Not Provided 18.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Goldman Sachs ANDREW LEE Buy/Neutral 5 M 30 12 month 01.02.2013
HSBC NICOLAS COTE-COLISSON neutral 3 M 23 Not Provided 31.01.2013
JPMorgan TORSTEN ACHTMANN neutral 3 M 26 9 month 30.01.2013
RBC Capital Markets OLIVIA PETERS sector perform 3 M 20 12 month 29.01.2013
Credit Suisse JAKOB BLUESTONE underperform 1 M 19 Not Provided 24.01.2013
Barclays SAN DHILLON equalweight 3 M 22 Not Provided 24.01.2013
CM - CIC Securities(ESN) JEAN-MICHEL KOSTER sell 1 M 16 12 month 10.01.2013
Kepler Capital Markets JOSEP PUJAL buy 5 M 30 Not Provided 04.12.2012
Natixis BENOIT MAYNARD buy 5 M 27 Not Provided 15.11.2012
S&P Capital IQ JAMES CRAWSHAW sell 1 M 16 12 month 15.11.2012
Makor Capital ALBERT SAPORTA buy 5 M 30 Not Provided 19.09.2012
CA Cheuvreux GIOVANNI MONTALTI suspended coverage #N/A N/A M 35 Not Provided 14.07.2011
Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 24.05.2011
National Bank AG STEFFEN MANSKE buy 5 N 42 12 month 16.12.2009
Holdings By:
Bouygues SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Brenntag AG sells and distributes industrial and specialty chemicals. The
Company also develops and prepares specific chemical compounds and offers
analysis services. Brenntag's customers include oil and gas, paint, cosmetic,
pharmaceutical, and water treatment companies.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.02.2013) 111.90
52-Week Low (28.06.2012) 81.65
Daily Volume
108.8
52-Week High % Change -2.77% Dividend Yield -
52-Week Low % Change 33.25% Beta 0.67
% 52 Week Price Range High/Low 90.91% Equity Float 50.20
Shares Out 30.09.2012 51.5 Short Int -
5'603.20 1 Yr Total Return 28.23%
Total Debt 1'952.40 YTD Return 9.42%
Preferred Stock 0.0 Adjusted BETA 0.666
Minority Interest 27.1 Analyst Recs 19
Cash and Equivalents 479.60 Consensus Rating 3.947
Enterprise Value 7'156.60
Average Volume 5 Day 89'900
BNR GY EQUITY YTD Change - Average Volume 30 Day 91'060
BNR GY EQUITY YTD % CHANGE - Average Volume 3 Month 99'143
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
6'671.4 7'379.6 6'364.6 7'649.1 8'679.3 8'457.4 9'510.6 9'625.2 10'044.8 2'309.5 -
- - - 0.70x 0.60x 2.49x 2.54x 0.73x 0.69x - -
406.1 481.0 476.8 596.6 657.3 645.0 691.4 711.1 763.8 182.7 -
- - - 8.97x 7.92x 7.38x 9.68x 10.05x 9.36x - -
(64.0) (42.1) (0.1) 143.6 277.4 262.3 316.8 336.8 371.3 81.8 -
- - - 26.04x 13.35x 12.84x 16.24x 16.76x 15.23x - -
EBITDA 657.30 Long-Term Rating Date 09.06.2011
EBIT 544.30 Long-Term Rating BBB-
Operating Margin 6.27% Long-Term Outlook STABLE
Pretax Margin 4.83% Short-Term Rating Date -
Return on Assets 5.71% Short-Term Rating -
Return on Common Equity 18.05%
Return on Capital 10.56% EBITDA/Interest Exp. 5.55
Asset Turnover 1.71% (EBITDA-Capex)/Interest Exp. 4.82
Net Debt/EBITDA 2.20
Gross Margin 20.4% Total Debt/EBITDA 2.66
EBITDA Margin 7.3%
EBIT Margin 5.9% Total Debt/Equity 112.6%
Net Income Margin 3.2% Total Debt/Capital 52.6%
Asset Turnover 1.71
Current Ratio 1.60 Net Fixed Asset Turnover 11.33
Quick Ratio 1.07 Accounts receivable turnover-days 51.65
Debt to Assets 35.02% Inventory Days 33.76
Tot Debt to Common Equity 112.58% Accounts Payable Turnover Day 47.91
Accounts Receivable Turnover 7.09 Cash Conversion Cycle 35.69
Inventory Turnover 10.84
Fiscal Year Ended
Brenntag AGPrice/Volume
Valuation Analysis
41'296.00
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
'
.'
1'
3'
5'
-''
-.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 4'651'083 9.03 (25'246) 25.02.2013 Investment Advisor
AMERIPRISE FINANCIAL n/a Research 2'593'310 5.04 - 12.07.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a Research 2'590'260 5.03 - 28.06.2012 Investment Advisor
MASSACHUSETTS FINANC n/a Research 2'466'369 4.79 - 12.06.2012 Investment Advisor
THREADNEEDLE ASSET M n/a Research 1'624'063 3.15 - 19.09.2012 Investment Advisor
LONGVIEW PARTNERS (G n/a Research 1'597'984 3.1 - 10.07.2012 Investment Advisor
ARTISAN PARTNERS HOL n/a Co File 1'575'332 3.06 - 17.10.2011 Investment Advisor
T ROWE PRICE ASSOCIA n/a Co File 1'546'700 3 - 23.08.2011 Investment Advisor
PAULSON & CO n/a Research 1'539'263 2.99 - 21.07.2011 Hedge Fund Manager
BANKHAUS LAMPE n/a Research 1'274'147 2.47 - 21.06.2012 Unclassified
FMR LLC n/a ULT-AGG 1'260'036 2.45 (87'007) 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 1'172'608 2.28 (2'308) 31.10.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'000'845 1.94 (115'002) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 910'414 1.77 22'488 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 875'409 1.7 - 30.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 856'174 1.66 (22'538) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 627'224 1.22 (54'537) 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 610'928 1.19 44'603 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 555'420 1.08 546'130 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 461'261 0.9 26'386 28.09.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 141 12 month 20.02.2013
JPMorgan ROBERT PLANT overweight 5 M 117 9 month 14.02.2013
Kepler Capital Markets MARKUS MAYER buy 5 M 120 Not Provided 01.02.2013
Main First Bank AG CHRISTIAN KORTH outperform 5 M 120 12 month 18.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Hauck & Aufhaeuser THOMAS WISSLER buy 5 U 124 12 month 15.01.2013
Credit Suisse DAVID RIGBY outperform 5 U 115 Not Provided 14.01.2013
HSBC JESKO MAYER-WEGELIN overweight 5 M 116 Not Provided 11.01.2013
Exane BNP Paribas GERHARD ORGONAS outperform 5 M 125 Not Provided 10.01.2013
M.M. Warburg Investment Research CHRISTIAN COHRS sell 1 M 87 12 month 03.01.2013
Commerzbank Corporates & Markets GEORG REMSHAGEN buy 5 M 118 6 month 19.12.2012
Bankhaus Lampe HEIKO FEBER hold 3 M 98 12 month 08.11.2012
DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 80 12 month 08.11.2012
Berenberg Bank SIMON MEZZANOTTE hold 3 M 99 Not Provided 07.11.2012
Silvia Quandt Research STEFAN KICK neutral 3 D 95 12 month 07.11.2012
Bankhaus Metzler LARS HETTCHE sell 1 M 77 12 month 01.11.2012
Deutsche Bank ANDY CHU buy 5 M 114 12 month 19.10.2012
Holdings By:
Brenntag AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Bunzl plc is a distribution group supplying a range of non-food consumable
products for customers to operate their businesses but which they do not
actually sell. The Company partners with both suppliers and customers in
providing outsourcing solutions and service oriented distribution. Bunzl's main
customer markets include grocery, foodservice, cleaning and safety.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 1'251.00
52-Week Low (28.02.2012) 923.50
Daily Volume
1238
52-Week High % Change -1.04% Dividend Yield 2.28
52-Week Low % Change 34.06% Beta 0.78
% 52 Week Price Range High/Low 90.84% Equity Float 314.61
Shares Out 01.02.2013 332.1 Short Int -
4'111.43 1 Yr Total Return 33.54%
Total Debt 829.50 YTD Return 22.70%
Preferred Stock 0.0 Adjusted BETA 0.776
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 81.20 Consensus Rating 2.667
Enterprise Value 4'859.73
Average Volume 5 Day 708'947
BNZL LN EQUITY YTD Change - Average Volume 30 Day 554'673
BNZL LN EQUITY YTD % CHANGE - Average Volume 3 Month 575'923
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 - -
4'177.3 4'648.7 4'829.6 5'109.5 5'359.2 - - 5'848.6 6'041.3 - -
0.71x 0.67x 0.68x 0.74x 0.76x - - 0.81x 0.76x - -
297.9 319.7 331.7 361.3 375.4 - - 407.9 427.4 - -
10.01x 9.72x 9.88x 10.52x 10.92x - - 11.91x 11.37x - -
142.2 148.9 159.0 123.8 195.3 - - 247.7 265.2 - -
13.25x 14.53x 14.64x 23.14x 16.85x - - 16.44x 15.48x - -
EBITDA 375.40 Long-Term Rating Date -
EBIT 293.80 Long-Term Rating -
Operating Margin 5.48% Long-Term Outlook -
Pretax Margin 5.03% Short-Term Rating Date -
Return on Assets 6.87% Short-Term Rating -
Return on Common Equity 23.08%
Return on Capital 14.20% EBITDA/Interest Exp. 7.42
Asset Turnover 1.89% (EBITDA-Capex)/Interest Exp. 6.96
Net Debt/EBITDA 1.98
Gross Margin - Total Debt/EBITDA 2.20
EBITDA Margin 7.1%
EBIT Margin 5.5% Total Debt/Equity 93.7%
Net Income Margin 3.6% Total Debt/Capital 48.4%
Asset Turnover 1.89
Current Ratio 1.23 Net Fixed Asset Turnover 48.63
Quick Ratio 0.07 Accounts receivable turnover-days -
Debt to Assets 28.20% Inventory Days -
Tot Debt to Common Equity 93.68% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bunzl PLCPrice/Volume
Valuation Analysis
487'940.00
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
'
.''
1''
3''
5''
-'''
-.''
-1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
1'000.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a Co File 32'571'686 9.81 - 27.02.2012 Investment Advisor
GATES III WILLIAM HE n/a RNS-MAJ 16'593'248 5 3'108'288 17.04.2012 n/a
LLOYDS BANKING GROUP n/a ULT-AGG 16'572'497 4.99 (1'054) 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'491'628 4.97 - 25.02.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios REG 15'428'800 4.65 1'085'577 01.11.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 14'938'337 4.5 1'176'019 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 11'968'666 3.6 222'492 01.11.2012 Unclassified
FMR LLC n/a ULT-AGG 11'812'377 3.56 775'615 31.12.2012 Investment Advisor
Cascade Investment C Multiple Portfolios REG 11'618'458 3.5 - 01.11.2012 Unclassified
MARATHON ASSET MANAG Multiple Portfolios REG 10'313'227 3.11 102'031 01.11.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 9'892'982 2.98 (1'277'647) 01.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'378'654 2.82 521'780 25.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 8'593'958 2.59 (500'400) 01.11.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 8'354'804 2.52 - 30.12.2012 Investment Advisor
Cantillon Capital Multiple Portfolios REG 7'823'103 2.36 157'395 01.11.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 7'533'358 2.27 - 01.11.2012 Government
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 7'084'595 2.13 - 31.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'709'860 2.02 129'693 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 5'753'506 1.73 937'259 01.11.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 5'645'752 1.7 54'752 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies WILLIAM KIRKNESS underperform 1 M 990 12 month 27.02.2013
Shore Capital Stockbrokers ROBIN SPEAKMAN buy 5 M #N/A N/A Not Provided 27.02.2013
Canaccord Genuity Corp GRAHAM BROWN sell 1 M 1'000 12 month 26.02.2013
Panmure Gordon & Co Limited PAUL JONES hold 3 M 1'096 Not Provided 26.02.2013
Barclays PAUL CHECKETTS equalweight 3 M 1'250 Not Provided 26.02.2013
RBC Capital Markets ANDREW BROOKE underperform 1 M 1'020 12 month 25.02.2013
Credit Suisse DAVID RIGBY underperform 1 M 1'000 Not Provided 25.02.2013
JPMorgan ROBERT PLANT overweight 5 M 1'350 9 month 25.02.2013
Berenberg Bank SIMON MEZZANOTTE sell 1 M 910 Not Provided 25.02.2013
Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 1'200 Not Provided 25.02.2013
Numis Securities Ltd MIKE MURPHY buy 5 M 1'505 Not Provided 22.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs CHARLES WILSON neutral/neutral 3 U 1'111 12 month 10.01.2013
HSBC RAJESH KUMAR neutral 3 M 1'120 Not Provided 01.11.2012
Deutsche Bank ANDY CHU hold 3 M 1'000 12 month 22.10.2012
Holdings By:
Bunzl PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Bureau Veritas SA provides a range of consulting services, including
global inspection and audit, tests and certification applied to quality,
hygiene and health.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (25.02.2013) 97.79
52-Week Low (27.02.2012) 60.90
Daily Volume
95.83
52-Week High % Change -1.92% Dividend Yield -
52-Week Low % Change 57.36% Beta 0.61
% 52 Week Price Range High/Low 94.58% Equity Float 52.73
Shares Out 12.11.2012 110.8 Short Int -
10'613.37 1 Yr Total Return 59.06%
Total Debt 1'294.70 YTD Return 13.21%
Preferred Stock 0.0 Adjusted BETA 0.610
Minority Interest 18.8 Analyst Recs 23
Cash and Equivalents 244.10 Consensus Rating 3.217
Enterprise Value 12'007.27
Average Volume 5 Day 161'056
BVI FP EQUITY YTD Change - Average Volume 30 Day 122'891
BVI FP EQUITY YTD % CHANGE - Average Volume 3 Month 126'258
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
2'549.4 2'647.8 2'929.7 3'358.6 3'902.3 638.5 3'178.6 4'234.0 4'543.5 - -
1.58x 1.75x 2.48x 2.16x - 0.00x 0.00x 2.72x 2.48x - -
429.2 486.6 545.4 593.2 - 0.0 0.0 804.9 875.5 - -
9.40x 9.55x 13.30x 12.24x - 0.00x 0.00x 14.92x 13.72x - -
217.2 252.7 290.4 297.6 297.6 0.0 0.0 467.1 520.6 - -
14.23x 15.58x 21.16x 20.70x 31.35x 0.00x 0.00x 23.01x 20.69x - -
EBITDA 593.20 Long-Term Rating Date -
EBIT 480.30 Long-Term Rating -
Operating Margin 14.30% Long-Term Outlook -
Pretax Margin 12.57% Short-Term Rating Date -
Return on Assets 8.47% Short-Term Rating -
Return on Common Equity 31.41%
Return on Capital 14.19% EBITDA/Interest Exp. 13.57
Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 10.92
Net Debt/EBITDA 2.18
Gross Margin - Total Debt/EBITDA 2.58
EBITDA Margin 17.4%
EBIT Margin 13.8% Total Debt/Equity 121.5%
Net Income Margin 7.6% Total Debt/Capital 54.4%
Asset Turnover 0.99
Current Ratio 1.13 Net Fixed Asset Turnover 11.18
Quick Ratio 1.08 Accounts receivable turnover-days -
Debt to Assets 37.23% Inventory Days -
Tot Debt to Common Equity 121.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bureau Veritas SAPrice/Volume
Valuation Analysis
184'990.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
!4 9
!5 9
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
4'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WENDEL INVESTISSEMEN n/a Co File 56'293'340 50.83 - 31.03.2010 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'624'871 7.79 (302'479) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'645'458 3.29 (138'970) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'198'490 1.99 28'065 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'117'898 1.01 (259'050) 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'016'914 0.92 24'550 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 885'144 0.8 (117'321) 25.02.2013 Investment Advisor
BUREAU VERITAS SA n/a Co File 766'126 0.69 - 31.03.2010 Corporation
ALLIANCE BERNSTEIN n/a ULT-AGG 657'944 0.59 34'674 31.12.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 588'829 0.53 - 30.11.2012 Investment Advisor
PIEDELIEVRE FRANK n/a Co File 496'700 0.45 - 31.12.2009 n/a
TARDAN FRANCOIS n/a Co File 457'014 0.41 - 31.12.2009 n/a
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 318'268 0.29 (80'000) 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 296'896 0.27 26'475 31.10.2012 Investment Advisor
VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 288'772 0.26 26'575 31.12.2012 Insurance Company
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 250'000 0.23 - 30.06.2012 Pension Fund (ERISA)
SCOTTISH WIDOWS n/a ULT-AGG 235'010 0.21 (39'525) 31.10.2012 Unclassified
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 218'660 0.2 (5'954) 30.09.2012 Investment Advisor
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 218'612 0.2 (68'477) 28.09.2012 Investment Advisor
FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 200'260 0.18 1'825 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale PATRICK JOUSSEAUME buy 5 M 95 12 month 27.02.2013
Jefferies WILLIAM KIRKNESS underperform 1 M 65 12 month 27.02.2013
CM - CIC Securities(ESN) JEAN-PASCAL BRIVADY reduce 2 M 81 12 month 27.02.2013
Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 92 Not Provided 27.02.2013
Berenberg Bank SIMON MEZZANOTTE buy 5 M 96 Not Provided 27.02.2013
Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD buy 5 M 100 6 month 27.02.2013
Helvea CHRISTIAN BURGER neutral 3 M 87 12 month 21.02.2013
AlphaValue HELENE COUMES reduce 2 M 84 6 month 21.02.2013
JPMorgan ROBERT PLANT neutral 3 M 90 6 month 20.02.2013
Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 100 Not Provided 12.02.2013
Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 97 12 month 22.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Credit Suisse DAVID RIGBY neutral 3 M 90 Not Provided 14.01.2013
Main First Bank AG MOURAD LAHMIDI outperform 5 M 89 12 month 04.01.2013
Natixis OLIVIER LEBRUN neutral 3 M 82 Not Provided 07.12.2012
Kepler Capital Markets BETTINA EDMONDSTON hold 3 M 80 Not Provided 06.11.2012
CA Cheuvreux BEAT KEISER underperform 1 M 71 Not Provided 01.10.2012
IDMidcaps TEAM COVERAGE add 4 M 77 12 month 03.09.2012
Deutsche Bank THOMAS SYKES hold 3 M 71 12 month 30.08.2012
HSBC MATTHEW LLOYD neutral 3 M 70 Not Provided 03.07.2012
Holdings By:
Bureau Veritas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Cairn Energy PLC is oil and gas exploration and development company. The Company
operates in North West Europe, North Atlantic, Mediterranean, and South Asia.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (28.02.2012) 364.90
52-Week Low (27.06.2012) 245.20
Daily Volume
272.3
52-Week High % Change -25.38% Dividend Yield 0.00
52-Week Low % Change 11.05% Beta 1.28
% 52 Week Price Range High/Low 24.23% Equity Float 579.62
Shares Out 31.01.2013 603.3 Short Int 0.08
1'642.68 1 Yr Total Return -23.51%
Total Debt 0.00 YTD Return 2.83%
Preferred Stock 0.0 Adjusted BETA 1.278
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 4'730.70 Consensus Rating 4.069
Enterprise Value 1'564.49
Average Volume 5 Day 1'003'286
CNE LN EQUITY YTD Change - Average Volume 30 Day 1'162'202
CNE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'353'336
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 - -
287.7 299.3 - - - - - 359.3 228.4 - -
26.62x 12.26x - - - - - 2.62x 5.35x - -
104.4 111.9 11.3 (108.9) (984.9) - - (124.9) (96.7) - -
73.36x 32.80x 687.86x - - - - - - - -
1'543.1 348.8 19.0 794.3 4'101.1 - - (0.4) (27.3) - -
5.36x 10.93x - - - - - 275.30x - - -
EBITDA -984.90 Long-Term Rating Date -
EBIT -988.60 Long-Term Rating -
Operating Margin - Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets 72.90% Short-Term Rating -
Return on Common Equity 112.50%
Return on Capital - EBITDA/Interest Exp. -17.84
Asset Turnover - (EBITDA-Capex)/Interest Exp. -25.27
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -0.01
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin - Total Debt/Capital 0.0%
Asset Turnover -
Current Ratio 21.61 Net Fixed Asset Turnover -
Quick Ratio 21.19 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
Cairn Energy PLCPrice/Volume
Valuation Analysis
314'969.00
Current Price (2/dd/yy) Market Data
'
2'
-''
-2'
.''
.2'
0''
02'
1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASSACHUSETTS FINANC Multiple Portfolios REG 46'171'328 7.65 2'301'190 01.11.2012 Investment Advisor
HSBC HOLDINGS PLC n/a RNS-MAJ 44'093'996 7.31 1 02.05.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 39'804'509 6.6 - 25.02.2013 Investment Advisor
HSBC Investment Fund Multiple Portfolios REG 29'700'251 4.92 349'316 01.11.2012 Unclassified
A ROTHSCHILD FOUNDAT n/a RNS-MAJ 28'920'203 4.79 - 10.05.2012 Other
The Bat Hanadiv Foun Multiple Portfolios REG 26'030'203 4.31 (2'890'000) 01.11.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 24'456'895 4.05 (870'838) 31.01.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 20'338'941 3.37 7'127'910 31.12.2012 Investment Advisor
NORGES BANK n/a RNS-MAJ 19'242'631 3.19 - 27.11.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 18'544'044 3.07 (5'475'667) 01.11.2012 Unclassified
AVIVA PLC n/a RNS-MAJ 18'325'235 3.04 - 11.01.2013 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios REG 17'467'811 2.9 5'058'816 01.11.2012 Investment Advisor
CAPITAL GROUP INTERN n/a Co File 14'751'661 2.45 - 23.03.2012 Investment Advisor
GREENLIGHT CAPITAL I n/a RNS-MAJ 14'560'000 2.41 (240'000) 09.05.2012 Hedge Fund Manager
GOVT OF SINGAPORE IN n/a ULT-AGG 13'861'620 2.3 - 01.11.2012 Government
BANK OF NEW YORK MEL Multiple Portfolios REG 13'609'281 2.26 (7'183'879) 01.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 13'345'639 2.21 1'718'766 01.11.2012 Investment Advisor
CREDIT SUISSE AG Multiple Portfolios REG 11'578'600 1.92 (1'382'361) 01.11.2012 Investment Advisor
APG ALGEMENE PENSIOE Multiple Portfolios REG 8'553'201 1.42 - 01.11.2012 Pension Fund (ERISA)
MSD CAPITAL LP Multiple Portfolios REG 8'489'663 1.41 - 01.11.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FirstEnergy Capital Corp STEPHANE FOUCAUD outperform 5 M 390 12 month 26.02.2013
Societe Generale DAVID MIRZAI hold 3 M 280 12 month 25.02.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 263 6 month 21.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 323 Not Provided 11.02.2013
Finncap WILLIAM ARNSTEIN buy 5 M 330 12 month 05.02.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 330 12 month 04.02.2013
Investec STUART JOYNER buy 5 M 340 12 month 01.02.2013
JPMorgan JAMES THOMPSON neutral 3 M 320 9 month 30.01.2013
Numis Securities Ltd SANJEEV BAHL buy 5 M 432 Not Provided 30.01.2013
Oriel Securities Ltd RICHARD GRIFFITH add 4 M #N/A N/A Not Provided 25.01.2013
Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 M 365 12 month 22.01.2013
Jefferies LAURA LOPPACHER buy 5 M 385 12 month 22.01.2013
Liberum Capital Ltd ANDREW WHITTOCK buy 5 M 360 Not Provided 22.01.2013
Deutsche Bank PHIL CORBETT buy 5 M 335 12 month 10.01.2013
RBC Capital Markets NATHAN PIPER sector perform 3 M 400 12 month 08.01.2013
Barclays ALESSANDRO POZZI equalweight 3 M 355 Not Provided 08.01.2013
Macquarie MARK WILSON outperform 5 M 350 12 month 18.12.2012
Goldman Sachs CHRISTOPHOR JOST neutral/attractive 3 M 382 12 month 17.12.2012
Canaccord Genuity Corp THOMAS MARTIN buy 5 M 375 Not Provided 12.11.2012
Tudor Pickering & Co ANISH KAPADIA accumulate 4 M 370 Not Provided 06.11.2012
N+1 Singer Ltd SIMON HAWKINS buy 5 M 390 12 month 24.10.2012
Davy JOB LANGBROEK outperform 5 U #N/A N/A Not Provided 10.10.2012
HSBC PETER HITCHENS overweight 5 M 350 Not Provided 27.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 06.09.2012
Nomura THEEPAN JOTHILINGAM buy 5 M 382 Not Provided 14.06.2012
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 1'015 12 month 20.10.2011
Arden Partners Ltd DANIEL SLATER neutral 3 M #N/A N/A Not Provided 29.09.2010
Holdings By:
Cairn Energy PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
CaixaBank accepts deposits and offers banking services. The bank offers
portfolio management services, insurance, investment strategy advice,
international banking services, and other specialist financial services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 3.62
52-Week Low (01.06.2012) 2.01
Daily Volume
3.014
52-Week High % Change -16.57% Dividend Yield -
52-Week Low % Change 50.32% Beta 0.98
% 52 Week Price Range High/Low 61.30% Equity Float 1'181.61
Shares Out 31.12.2012 4'489.7 Short Int -
13'532.10 1 Yr Total Return -9.06%
Total Debt 107'613.00 YTD Return 14.30%
Preferred Stock 0.0 Adjusted BETA 0.977
Minority Interest (82.0) Analyst Recs 22
Cash and Equivalents 15'691.00 Consensus Rating 2.636
Enterprise Value -
Average Volume 5 Day 6'290'412
CABK SQ EQUITY YTD Change - Average Volume 30 Day 5'842'476
CABK SQ EQUITY YTD % CHANGE - Average Volume 3 Month 6'714'788
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
- - - 11'389.0 11'562.0 11'512.8 12'019.1 7'019.3 7'402.7 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
- - - 1'053.5 230.0 1'053.5 229.9 614.1 1'715.3 - -
- - - 11.99x 54.02x 10.07x 10.91x 23.55x 9.82x - -
EBITDA - Long-Term Rating Date 23.11.2012
EBIT - Long-Term Rating BBB-
Operating Margin -21.61% Long-Term Outlook NEG
Pretax Margin -0.99% Short-Term Rating Date 23.11.2012
Return on Assets 0.07% Short-Term Rating A-3
Return on Common Equity 1.06%
Return on Capital 0.20% 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 472.1%
Net Income Margin 3.7% Total Debt/Capital 82.6%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 3.17
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 30.90% Inventory Days -
Tot Debt to Common Equity 472.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
CaixaBankPrice/Volume
Valuation Analysis
2'818'137.00
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
0
1
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
0.0
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'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAJA AHORROS PENSION n/a EXCH 3'185'453'207 70.95 62'697'889 12.12.2012 Unclassified
CAIXABANK n/a Co File 61'451'283 1.37 - 31.12.2011 Investment Advisor
CAJA DE AHORROS Y MO n/a EXCH 52'200'000 1.16 2'048'375 07.01.2013 Bank
MONTE DE P Y C SAN F n/a EXCH 50'015'625 1.11 - 07.01.2013 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'930'701 0.35 462'197 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'783'549 0.22 64'357 25.02.2013 Investment Advisor
INMOBILIARIA CARSO n/a EXCH 7'634'000 0.17 1'410'954 05.10.2011 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'080'665 0.05 - 31.07.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 1'368'763 0.03 27'929 31.10.2012 Unclassified
MUNTANYOLA JAVIER GO n/a EXCH 1'351'383 0.03 - 07.01.2013 n/a
BBVA GESTION SA SGII Multiple Portfolios MF-AGG 1'182'913 0.03 346'667 29.02.2012 Investment Advisor
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 1'160'610 0.03 125'221 30.11.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'111'896 0.02 8'531 28.12.2012 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 822'140 0.02 1'179 31.01.2013 Investment Advisor
INVESCO GESTION Multiple Portfolios MF-AGG 792'743 0.02 792'743 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 774'260 0.02 (34'537) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 757'917 0.02 (1'995'724) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 652'585 0.01 - 28.12.2012 Unclassified
CASAS ISIDRO FAINE n/a EXCH 631'003 0.01 - 07.01.2013 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 623'691 0.01 - 25.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA neutral 3 M 3 12 month 27.02.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 3 Not Provided 26.02.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 3 12 month 26.02.2013
BBVA SILVIA RIGOL CARNEIRO market perform 3 N 3 Not Provided 20.02.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 2 Not Provided 15.02.2013
AlphaValue DAVID GRINSZTAJN sell 1 M 2 6 month 14.02.2013
JPMorgan JAIME BECERRIL neutral 3 M 3 18 month 11.02.2013
Mediobanca SpA ANDREA FILTRI underperform 1 M 3 12 month 04.02.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 M 3 Not Provided 04.02.2013
Natixis FREDERIC TESCHNER neutral 3 U 3 Not Provided 04.02.2013
Nomura DARAGH QUINN reduce 2 M 2 12 month 04.02.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 U 3 12 month 03.02.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 3 Not Provided 01.02.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 3 12 month 23.01.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 4 12 month 23.01.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE reduce 2 M 3 Not Provided 22.01.2013
Makor Capital ALBERT SAPORTA buy 5 N 6 Not Provided 16.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
Morgan Stanley ALVARO SERRANO Underwt/In-Line 1 M 3 12 month 28.11.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 4 Not Provided 24.08.2012
Renta 4 SA SVB NATALIA AGUIRRE Under Review #N/A N/A M #N/A N/A Not Provided 27.07.2012
Bankia Bolsa (ESN) JOSE LUIS PALMA LAORDEN suspended coverage #N/A N/A M #N/A N/A Not Provided 28.01.2011
Holdings By:
CaixaBank ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Carnival plc owns and operates cruise ships. The Company offers cruise
vacations in North America, continental Europe, the United Kingdom, South
America, and Australia. Dually-listed company with CCL US.
Latest Fiscal Year: 11/2012
LTM as of: 11/yy
52-Week High (29.01.2013) 2'638.00
52-Week Low (28.02.2012) 1'792.86
Daily Volume
2431
52-Week High % Change -7.81% Dividend Yield 4.07
52-Week Low % Change 35.59% Beta 0.95
% 52 Week Price Range High/Low 71.72% Equity Float 183.89
Shares Out 08.02.2013 215.5 Short Int -
19'712.78 1 Yr Total Return 37.54%
Total Debt 8'902.00 YTD Return 3.78%
Preferred Stock 0.0 Adjusted BETA 0.948
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 465.00 Consensus Rating 4.053
Enterprise Value 38'333.40
Average Volume 5 Day 1'065'693
CCL LN EQUITY YTD Change - Average Volume 30 Day 996'469
CCL LN EQUITY YTD % CHANGE - Average Volume 3 Month 809'699
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
14'646.0 13'460.0 14'469.0 15'793.0 15'382.0 15'793.0 15'383.0 16'264.6 17'153.5 3'634.7 3'701.0
1.73x 2.66x 2.82x 2.26x 2.59x 9.86x 7.09x 2.33x 2.16x 10.76x 10.46x
3'978.0 3'463.0 3'763.0 3'756.0 - 3'777.0 2'774.0 3'799.3 4'283.5 515.9 717.7
6.35x 10.34x 10.83x 9.50x - 9.45x 0.00x 10.09x 8.95x 10.14x 9.94x
2'330.0 1'790.0 1'978.0 1'912.0 1'298.0 1'912.0 1'298.0 1'853.6 2'279.3 42.7 237.4
7.12x 14.69x 16.28x 14.20x 24.26x 14.20x 24.26x 15.47x 12.45x 15.55x 14.79x
EBITDA 3'756.00 Long-Term Rating Date 16.04.2003
EBIT 1'815.00 Long-Term Rating NR
Operating Margin 11.80% Long-Term Outlook -
Pretax Margin 8.46% Short-Term Rating Date -
Return on Assets 3.34% Short-Term Rating -
Return on Common Equity 5.44%
Return on Capital 4.95% EBITDA/Interest Exp. 10.29
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 2.90
Net Debt/EBITDA 2.45
Gross Margin 44.2% Total Debt/EBITDA 2.61
EBITDA Margin 22.4%
EBIT Margin 11.8% Total Debt/Equity 37.2%
Net Income Margin 8.4% Total Debt/Capital 27.1%
Asset Turnover 0.40
Current Ratio 0.25 Net Fixed Asset Turnover 0.48
Quick Ratio 0.10 Accounts receivable turnover-days 6.34
Debt to Assets 22.73% Inventory Days 16.30
Tot Debt to Common Equity 37.20% Accounts Payable Turnover Day 89.45
Accounts Receivable Turnover 57.72 Cash Conversion Cycle -66.82
Inventory Turnover 22.46
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
Carnival PLCPrice/Volume
Valuation Analysis
1'014'728.00
Current Price (2/dd/yy) Market Data
'
2''
-'''
-2''
.'''
.2''
0'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
1!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'1!-.!.''6 '1!'3!.'-' '1!-.!.'-' '1!'3!.'-- '1!-.!.'-- '1!'3!.'-. '1!-.!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
Carnival Investments n/a Research 30'615'744 14.21 - 31.08.2011 Unclassified
THORNBURG INVESTMENT n/a RNS-MAJ 18'120'228 8.41 (1'715'731) 19.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'783'363 7.79 (2'565'328) 25.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 6'095'296 2.83 (100'454) 01.11.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'809'931 2.7 395'918 31.10.2012 Investment Advisor
SPRUCEGROVE INVESTME Multiple Portfolios REG 5'752'516 2.67 - 01.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 5'569'951 2.58 (14'335) 01.11.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 5'501'999 2.55 25'062 01.11.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 5'107'871 2.37 (202'019) 01.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'000'000 2.32 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'785'304 2.22 (524'365) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 4'759'690 2.21 (8'208) 28.12.2012 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 4'411'395 2.05 (15'700) 31.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 4'359'876 2.02 (28'853) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'183'498 1.94 744'534 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 3'505'745 1.63 (23'740) 31.12.2012 Investment Advisor
CLEARSTREAM BANKING Multiple Portfolios REG 2'424'759 1.13 644'048 01.11.2012 Bank
F&C ASSET MANAGEMENT Multiple Portfolios REG 2'207'622 1.02 (18'524) 01.11.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 2'197'187 1.02 (1'311'207) 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 2'087'280 0.97 57'305 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TIM RAMSKILL neutral 3 M 2'222 Not Provided 25.02.2013
Barclays ED BIRKIN equalweight 3 M 2'305 Not Provided 20.02.2013
Oriel Securities Ltd EDWARD STANFORD hold 3 M #N/A N/A Not Provided 18.02.2013
S&P Capital IQ WILLIAM MACK strong buy 5 M 2'900 12 month 14.02.2013
Numis Securities Ltd WYN ELLIS buy 5 M 3'200 Not Provided 12.02.2013
Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 2'800 Not Provided 10.02.2013
Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 2'850 Not Provided 05.02.2013
HSBC LENA THAKKAR overweight 5 M 3'000 Not Provided 01.02.2013
Natixis GEOFFREY D'HALLUIN neutral 3 M 2'500 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Investec JAMES HOLLINS buy 5 M 3'000 12 month 15.01.2013
Liberum Capital Ltd ALEXIA DOGANI buy 5 M 3'000 Not Provided 09.01.2013
Jefferies IAN RENNARDSON hold 3 M 2'400 12 month 03.01.2013
Panmure Gordon & Co Limited SIMON FRENCH sell 1 M 1'770 Not Provided 03.01.2013
Deutsche Bank RICHARD CARTER buy 5 M 2'930 12 month 12.12.2012
Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 16.11.2012
Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 2'400 12 month 12.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 22.10.2012
Nomura TEAM COVERAGE suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012
Holdings By:
Carnival PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Casino Guichard-Perrachon SA operates a wide range of hypermarkets,
supermarkets, and convenience stores. The Company operates in Asia and Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 78.34
52-Week Low (25.07.2012) 61.69
Daily Volume
76.64
52-Week High % Change -2.14% Dividend Yield -
52-Week Low % Change 24.23% Beta 0.79
% 52 Week Price Range High/Low 90.51% Equity Float 55.30
Shares Out 17.01.2013 112.7 Short Int -
8'635.35 1 Yr Total Return 11.39%
Total Debt 12'180.00 YTD Return 6.30%
Preferred Stock 0.0 Adjusted BETA 0.793
Minority Interest 2'604.0 Analyst Recs 27
Cash and Equivalents 6'303.00 Consensus Rating 3.667
Enterprise Value 14'512.35
Average Volume 5 Day 289'650
CO FP EQUITY YTD Change - Average Volume 30 Day 229'353
CO FP EQUITY YTD % CHANGE - Average Volume 3 Month 226'184
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
27'076.0 26'757.0 29'078.0 34'361.0 41'971.0 28'094.7 41'970.6 50'575.6 54'436.6 - -
0.45x 0.48x 0.50x 0.45x 0.33x 0.00x 0.00x 0.35x 0.33x - -
1'826.0 1'804.0 1'969.0 2'147.0 3'228.0 0.0 0.0 3'386.6 3'706.8 - -
6.73x 7.09x 7.41x 7.22x 4.34x 0.00x 0.00x 4.28x 3.91x - -
495.0 591.0 533.0 568.0 1'062.0 0.0 0.0 639.6 718.1 - -
12.54x 19.98x 15.26x 12.81x 7.60x 0.00x 0.00x 13.51x 11.90x - -
EBITDA 3'228.00 Long-Term Rating Date 03.11.2005
EBIT 2'377.00 Long-Term Rating BBB-
Operating Margin 5.66% Long-Term Outlook STABLE
Pretax Margin 4.42% Short-Term Rating Date 04.05.2005
Return on Assets 2.93% Short-Term Rating A-3
Return on Common Equity 9.66%
Return on Capital 6.74% EBITDA/Interest Exp. 3.86
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 1.81
Net Debt/EBITDA 1.82
Gross Margin 26.1% Total Debt/EBITDA 3.77
EBITDA Margin 7.7%
EBIT Margin 5.7% Total Debt/Equity 80.1%
Net Income Margin 2.5% Total Debt/Capital 44.5%
Asset Turnover 1.16
Current Ratio 1.05 Net Fixed Asset Turnover 3.87
Quick Ratio 0.64 Accounts receivable turnover-days 22.79
Debt to Assets 28.45% Inventory Days 179.85
Tot Debt to Common Equity 80.13% Accounts Payable Turnover Day 250.26
Accounts Receivable Turnover 16.06 Cash Conversion Cycle -7.80
Inventory Turnover 2.04
Fiscal Year Ended
Casino Guichard Perrachon SAPrice/Volume
Valuation Analysis
96'197.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RALLYE SA n/a Co File 22'970'255 20.39 - 29.02.2012 Corporation
ALPETROL n/a Co File 12'381'366 10.99 - 29.02.2012 Other
COBIVIA SAS n/a Co File 9'382'840 8.33 - 29.02.2012 Other
MATIGNON SABLONS n/a Co File 5'919'598 5.25 - 29.02.2012 Other
L'HABITATION MODERNE n/a Co File 4'580'773 4.07 - 29.02.2012 Other
GALERIES LAFAYETTE n/a Co File 2'049'747 1.82 - 29.02.2012 Corporation
CNP ASSURANCES n/a Co File 1'866'582 1.66 - 29.02.2012 Insurance Company
ABERDEEN n/a ULT-AGG 1'499'600 1.33 (7'200) 31.01.2013 Unclassified
DNCA FINANCE Multiple Portfolios MF-AGG 1'108'908 0.98 (10'000) 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 977'989 0.87 25'600 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 659'207 0.59 14'733 31.12.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 458'738 0.41 15'979 25.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 341'000 0.3 341'000 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 324'828 0.29 6'907 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 286'344 0.25 (43'084) 30.09.2012 Investment Advisor
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 268'035 0.24 - 31.12.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 231'158 0.21 (1'958) 28.09.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 224'862 0.2 - 30.11.2012 Bank
PRINCIPAL FINANCIAL n/a ULT-AGG 198'168 0.18 (500) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 195'884 0.17 (14'886) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cantor Fitzgerald MICHAEL J DENNIS sell 1 M 66 Not Provided 26.02.2013
Oddo & Cie LAURENCE HOFMANN neutral 3 M 80 Not Provided 26.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 26.02.2013
Jefferies JAMES GRZINIC hold 3 M 70 12 month 22.02.2013
HSBC JEROME SAMUEL overweight 5 M 89 Not Provided 22.02.2013
CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 84 12 month 22.02.2013
Natixis ANTOINE PARISON buy 5 M 88 Not Provided 22.02.2013
Nomura NICK COULTER buy 5 M 81 12 month 22.02.2013
Exane BNP Paribas ANDREW GWYNN outperform 5 M 85 Not Provided 22.02.2013
Morgan Stanley EDOUARD AUBIN Equalwt/In-Line 3 M 77 12 month 21.02.2013
Credit Suisse XAVIER LE MENE outperform 5 M 83 Not Provided 21.02.2013
JPMorgan JAIME VAZQUEZ neutral 3 M 77 12 month 21.02.2013
Barclays NICOLAS CHAMP underweight 1 M 60 Not Provided 21.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.02.2013
Deutsche Bank JAMES G COLLINS buy 5 M 82 12 month 14.02.2013
AlphaValue VIRGINIE BLIN buy 5 M 102 6 month 14.02.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A N #N/A N/A Not Provided 18.01.2013
Aurel - BGC JEAN-MARIE L'HOME buy 5 M 85 6 month 16.01.2013
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 93 12 month 11.01.2013
Espirito Santo Investment Bank ResearchRICHARD CATHCART neutral 3 M 68 Not Provided 30.10.2012
Raymond James CEDRIC LECASBLE outperform 5 M 80 Not Provided 16.10.2012
Main First Bank AG RICKIN THAKRAR buy 5 M 100 12 month 16.10.2012
CA Cheuvreux ARNAUD JOLY underperform 1 M 61 Not Provided 08.10.2012
Kepler Capital Markets FABIENNE CARON hold 3 M 70 Not Provided 23.07.2012
Redburn Partners MARC DE SPEVILLE neutral 3 U #N/A N/A Not Provided 18.05.2012
Holdings By:
Casino Guichard Perrachon SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Chr. Hansen Holding A/S develops and produces natural food ingredients,
pharmaceuticals, and biotechnological products. The Company's product line
includes dairy enzymes, cultures, natural colors, and flavor solutions, as well
as products for the diagnosis, prevention, relief, and cure of allergies.
Christian Hansen sells worldwide for the human, animal, and industrial markets.
Latest Fiscal Year: 08/2012
LTM as of: 11/yy
52-Week High (27.02.2013) 205.00
52-Week Low (06.03.2012) 135.70
Daily Volume
204.9
52-Week High % Change -0.05% Dividend Yield -
52-Week Low % Change 50.99% Beta 0.60
% 52 Week Price Range High/Low 99.40% Equity Float -
Shares Out 26.02.2013 134.5 Short Int -
27'559.04 1 Yr Total Return 51.38%
Total Debt 424.40 YTD Return 11.54%
Preferred Stock 0.0 Adjusted BETA 0.601
Minority Interest 5.5 Analyst Recs 20
Cash and Equivalents 60.50 Consensus Rating 3.500
Enterprise Value 4'121.22
Average Volume 5 Day 255'821
CHR DC EQUITY YTD Change - Average Volume 30 Day 321'229
CHR DC EQUITY YTD % CHANGE - Average Volume 3 Month 301'377
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
476.7 511.2 551.8 635.6 698.7 642.1 709.6 759.4 828.4 180.0 198.1
- - 4.18x 3.93x 5.04x 16.52x 19.42x 5.30x 4.81x - -
141.4 154.4 182.6 202.1 230.7 0.0 0.0 261.0 287.4 59.7 69.0
- - 12.63x 12.36x 15.25x 0.00x 0.00x 15.79x 14.34x - -
42.6 (19.5) 17.8 116.7 129.3 119.9 135.1 147.2 163.6 33.0 39.9
- - 96.62x 19.13x 24.71x 18.47x 25.23x 25.16x 22.19x - -
EBITDA 230.70 Long-Term Rating Date -
EBIT 185.00 Long-Term Rating -
Operating Margin 26.48% Long-Term Outlook -
Pretax Margin 24.66% Short-Term Rating Date -
Return on Assets 10.02% Short-Term Rating -
Return on Common Equity 21.22%
Return on Capital - EBITDA/Interest Exp. 17.48
Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 14.41
Net Debt/EBITDA -
Gross Margin 51.5% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 27.0% Total Debt/Equity 64.8%
Net Income Margin 18.5% Total Debt/Capital 39.1%
Asset Turnover 0.53
Current Ratio 1.26 Net Fixed Asset Turnover 2.81
Quick Ratio 0.71 Accounts receivable turnover-days 49.98
Debt to Assets 31.60% Inventory Days 95.81
Tot Debt to Common Equity 64.78% Accounts Payable Turnover Day 56.17
Accounts Receivable Turnover 7.32 Cash Conversion Cycle 59.18
Inventory Turnover 3.82
Fiscal Year Ended
Chr Hansen Holding A/SPrice/Volume
Valuation Analysis
217'174.00
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
'
2'
-''
-2'
.''
.2'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9
0.0
100.0
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'1!'6!.''6 '1!'0!.'-' '1!'6!.'-' '1!'0!.'-- '1!'6!.'-- '1!'0!.'-. '1!'6!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NOVO AS n/a Research 35'419'331 26.33 - 29.03.2012 Holding Company
CAPITAL GROUP COMPAN n/a ULT-AGG 12'047'000 8.96 1'290'000 31.12.2012 Investment Advisor
CHRISTIAN HANSEN HOL n/a Co File 5'282'763 3.93 - 31.08.2012 Corporation
BLACKROCK n/a ULT-AGG 2'349'532 1.75 750'207 25.02.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'339'747 1 (32'683) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'313'210 0.98 (665'160) 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 1'310'913 0.97 1'300 31.01.2013 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 915'642 0.68 177'445 31.12.2012 Investment Advisor
LANNEBO FONDER AB Multiple Portfolios MF-AGG 900'000 0.67 (275'756) 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 820'706 0.61 (5'918) 28.09.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 791'237 0.59 6'414 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 720'805 0.54 106'028 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 710'909 0.53 20'252 31.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 637'170 0.47 (1'050'987) 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 593'385 0.44 - 31.07.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 436'495 0.32 38'168 31.10.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 417'152 0.31 - 30.12.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 353'284 0.26 353'284 31.10.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 350'400 0.26 - 31.12.2012 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 272'105 0.2 22'650 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda SOREN SAMSOE buy 5 M 225 Not Provided 25.02.2013
CA Cheuvreux RICHARD KOCH select list 5 M 220 Not Provided 13.02.2013
Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 195 12 month 11.02.2013
Jyske Bank JONAS GULDBORG HANSEN reduce 2 D 205 Not Provided 06.02.2013
Credit Suisse JIMMIE BORK outperform 5 M 200 Not Provided 05.02.2013
Handelsbanken CASPER BLOM reduce 2 M 179 12 month 24.01.2013
Berenberg Bank JAMES TARGETT hold 3 M 195 Not Provided 21.01.2013
Carnegie LARS TOPHOLM buy 5 M #N/A N/A Not Provided 18.01.2013
Societe Generale ALEX SLOANE sell 1 M 170 12 month 17.01.2013
Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 213 12 month 17.01.2013
Nordea Equity Research HANS GREGERSEN hold 3 M 210 12 month 17.01.2013
Danske Markets TOBIAS CORNELIUS BJORKLUND hold 3 M 184 12 month 17.01.2013
ABG Sundal Collier MICHAEL K RASMUSSEN hold 3 M 190 6 month 16.01.2013
JPMorgan ANKUR GUPTA overweight 5 M 185 6 month 16.01.2013
DNB Markets RUNE MAJLUND DAHL hold 3 M 185 Not Provided 16.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN sell 1 M 145 Not Provided 01.11.2012
Deutsche Bank CATHERINE FARRANT buy 5 M 190 12 month 17.10.2012
Sydbank MORTEN IMSGARD hold 3 M #N/A N/A Not Provided 04.07.2012
NYKREDIT KLAUS KEHL outperform 5 M #N/A N/A Not Provided 25.04.2012
Credit Suisse CHARLES MILLS outperform 5 M 145 Not Provided 11.04.2012
Holdings By:
Chr Hansen Holding A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Compagnie Generale de Geophysique-Veritas (CGG-Veritas) provides geophysical
services and software products and manufactures geophysical equipment. The
Company's products and services use seismic imaging to help the oil and gas
industries explore and develop reserves. CGG-Veritas operates in the Americas,
Asia-Pacific, Europe, the former Soviet Union, and Africa.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (09.10.2012) 25.76
52-Week Low (04.06.2012) 15.58
Daily Volume
20.775
52-Week High % Change -19.24% Dividend Yield -
52-Week Low % Change 33.36% Beta 1.31
% 52 Week Price Range High/Low 49.64% Equity Float 169.16
Shares Out 24.10.2012 176.4 Short Int 0.03
3'664.55 1 Yr Total Return -4.29%
Total Debt 1'501.00 YTD Return -8.03%
Preferred Stock 0.0 Adjusted BETA 1.310
Minority Interest 67.5 Analyst Recs 29
Cash and Equivalents 410.70 Consensus Rating 3.828
Enterprise Value 5'026.77
Average Volume 5 Day 936'941
CGG FP EQUITY YTD Change - Average Volume 30 Day 842'471
CGG FP EQUITY YTD % CHANGE - Average Volume 3 Month 802'576
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'254.4 3'828.0 3'114.1 2'900.1 3'157.6 3'188.8 3'364.8 2'719.7 3'473.9 792.8 781.8
2.73x 1.02x 1.44x 2.13x 1.72x 7.62x 6.92x 1.83x 1.43x 5.96x 6.12x
1'313.6 1'582.8 1'142.7 771.3 830.0 579.0 977.1 814.1 1'190.0 250.6 255.3
6.77x 2.48x 3.92x 8.01x 6.56x 7.57x 6.70x 6.12x 4.19x 4.81x 4.36x
336.5 489.5 (368.6) (72.4) (26.5) (82.2) 81.2 126.2 317.6 62.2 81.3
21.38x 4.40x - - - 0.00x 61.04x 28.02x 11.98x 12.83x 11.14x
EBITDA 596.10 Long-Term Rating Date 29.11.2012
EBIT 147.90 Long-Term Rating BB-
Operating Margin 6.52% Long-Term Outlook STABLE
Pretax Margin 1.58% Short-Term Rating Date -
Return on Assets 1.13% Short-Term Rating -
Return on Common Equity 2.11%
Return on Capital 2.88% EBITDA/Interest Exp. 4.72
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 2.65
Net Debt/EBITDA 1.70
Gross Margin 16.8% Total Debt/EBITDA 2.04
EBITDA Margin 29.0%
EBIT Margin 9.6% Total Debt/Equity 51.1%
Net Income Margin -0.8% Total Debt/Capital 33.3%
Asset Turnover 0.47
Current Ratio 1.76 Net Fixed Asset Turnover 2.84
Quick Ratio 1.21 Accounts receivable turnover-days 91.64
Debt to Assets 27.02% Inventory Days 55.64
Tot Debt to Common Equity 51.07% Accounts Payable Turnover Day 51.68
Accounts Receivable Turnover 3.99 Cash Conversion Cycle 106.00
Inventory Turnover 6.58
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cie Generale de Geophysique - VeritasPrice/Volume
Valuation Analysis
577'639.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
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
4'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FONDS STRATEGIQUE D' n/a Research 9'867'345 5.59 (3'678) 09.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'602'520 5.44 201'739 25.02.2013 Investment Advisor
AMUNDI n/a 13G 7'778'027 4.41 - 31.12.2011 Investment Advisor
MANNING & NAPIER ADV n/a Co File 7'577'908 4.3 - 31.03.2012 Investment Advisor
IFP ENERGIES NOUVELL n/a Research 6'346'610 3.6 (1'217) 09.06.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'026'238 1.72 343'627 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'088'905 1.18 (543'084) 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'934'454 1.1 (9'320) 28.09.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'511'152 0.86 (50'024) 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'401'270 0.79 (19'385) 31.12.2012 Mutual Fund Manager
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 1'326'910 0.75 (952) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'242'733 0.7 (69'821) 31.12.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'075'142 0.61 (340) 31.12.2012 Mutual Fund Manager
UBS O'CONNOR LIMITED n/a Short (864'322) -0.49 35'278 08.01.2013 Hedge Fund Manager
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 827'312 0.47 114'112 31.10.2012 Investment Advisor
CIE GENERALE DE GEOP n/a Co File 804'868 0.46 - 31.03.2012 Corporation
PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 731'998 0.41 (125'965) 31.01.2013 Insurance Company
MANDARINE GESTION Multiple Portfolios MF-AGG 704'510 0.4 (58'381) 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 598'547 0.34 3'393 30.09.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 563'830 0.32 (2'536'000) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Gilbert Dupont CHRISTINE ROPERT buy 5 M 30 Not Provided 25.02.2013
Exane BNP Paribas ALEXANDRE MARIE outperform 5 M 33 Not Provided 22.02.2013
Portzamparc Societe de Bourse NICOLAS ROYOT buy 5 M 27 Not Provided 21.02.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 20 6 month 21.02.2013
Goldman Sachs MICHAEL RAE Sell/Neutral 1 M 22 12 month 01.02.2013
JPMorgan ANDREW DOBBING overweight 5 U 27 9 month 01.02.2013
Oddo & Cie JEAN-FRANCOIS GRANJON neutral 3 M 24 Not Provided 29.01.2013
SpareBank 1 Markets AS CHRISTOPHER MOLLERLOKKEN buy 5 M 26 6 month 24.01.2013
CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 28 12 month 23.01.2013
Day by Day VALERIE GASTALDY buy 5 U 27 3 month 23.01.2013
HSBC DAVID PHILLIPS overweight 5 M 31 Not Provided 22.01.2013
RBC Capital Markets KATHERINE TONKS outperform 5 M 27 12 month 17.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 16.01.2013
Morgan Stanley ROBERT PULLEYN Equalwt/Attractive 3 M 27 12 month 11.01.2013
ABG Sundal Collier JOHN A SCHJ OLAISEN hold 3 M 23 6 month 10.01.2013
Natixis ANNE PUMIR buy 5 M 25 Not Provided 10.01.2013
Barclays MICK PICKUP underweight 1 D 25 Not Provided 10.01.2013
Societe Generale GUILLAUME DELABY buy 5 M 29 12 month 08.01.2013
Equita SIM SpA MASSIMO BONISOLI hold 3 N 28 12 month 27.11.2012
Pareto Securities KRISTIAN DIESEN buy 5 M 30 6 month 06.11.2012
CA Cheuvreux GEOFFROY STERN select list 5 M 30 Not Provided 15.10.2012
Canaccord Genuity Corp JAMES EVANS hold 3 M 28 Not Provided 25.09.2012
Nomura CHRISTYAN MALEK reduce 2 M 20 12 month 05.09.2012
Fearnley Fonds MORTEN NYSTROM buy 5 U 29 Not Provided 30.07.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 28 Not Provided 15.03.2012
Holdings By:
Cie Generale de Geophysique - Veritas ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Clariant, AG. develops, produces, markets and sales specialty chemical products.
The Company provides dyes and chemicals for the textile, leather and paper
industries, pigments for the use in paints, printing inks, decorative paints,
plastics, cosmetics, concentrated pigment and additive preparations for
engineering plastics, spin dyeing, and packaging.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 14.54
52-Week Low (28.06.2012) 8.62
Daily Volume
13.82
52-Week High % Change -4.88% Dividend Yield -
52-Week Low % Change 60.32% Beta 1.52
% 52 Week Price Range High/Low 88.51% Equity Float 212.89
Shares Out 31.12.2012 295.8 Short Int -
4'087.30 1 Yr Total Return 11.27%
Total Debt 3'476.00 YTD Return 11.90%
Preferred Stock 0.0 Adjusted BETA 1.515
Minority Interest 86.0 Analyst Recs 23
Cash and Equivalents 1'667.00 Consensus Rating 3.391
Enterprise Value 5'982.30
Average Volume 5 Day 2'354'579
CLN VX EQUITY YTD Change - Average Volume 30 Day 2'717'684
CLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 2'484'709
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'071.0 6'614.0 7'120.0 7'370.0 6'038.0 7'370.0 7'355.0 6'645.7 6'865.1 1'700.0 1'515.0
0.36x 0.51x 0.71x 0.60x 0.92x 2.71x 2.89x 0.81x 0.75x - -
746.0 470.0 880.0 874.0 772.0 874.0 819.0 869.9 962.6 185.0 208.0
3.85x 7.14x 5.76x 5.10x 7.19x 5.10x 6.77x 6.87x 6.21x 7.44x -
(45.0) (206.0) 180.0 227.0 217.0 227.0 217.0 334.9 411.9 73.0 91.0
- - 23.38x 10.78x 17.64x 10.11x 16.92x 12.70x 10.40x 13.42x -
EBITDA 772.00 Long-Term Rating Date 14.03.2011
EBIT 456.00 Long-Term Rating BBB-
Operating Margin 7.55% Long-Term Outlook STABLE
Pretax Margin 4.07% Short-Term Rating Date 14.03.2011
Return on Assets 2.33% Short-Term Rating A-3
Return on Common Equity 7.37%
Return on Capital - EBITDA/Interest Exp. 4.98
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 2.97
Net Debt/EBITDA 2.21
Gross Margin 28.9% Total Debt/EBITDA 4.24
EBITDA Margin 11.1%
EBIT Margin 6.8% Total Debt/Equity 117.7%
Net Income Margin 3.6% Total Debt/Capital 53.3%
Asset Turnover 0.79
Current Ratio 1.55 Net Fixed Asset Turnover 3.20
Quick Ratio 0.80 Accounts receivable turnover-days 49.54
Debt to Assets 36.49% Inventory Days 70.48
Tot Debt to Common Equity 117.67% Accounts Payable Turnover Day 91.10
Accounts Receivable Turnover 7.39 Cash Conversion Cycle 33.53
Inventory Turnover 5.19
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
Clariant AGPrice/Volume
Valuation Analysis
1'502'369.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
-3
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHAREHOLDER GROUP n/a EXCH 44'738'756 15.13 1'598'001 31.12.2011 Other
FMR LLC n/a ULT-AGG 18'637'405 6.3 8'390'087 14.12.2012 Investment Advisor
CLARIANT AG n/a EXCH 15'353'421 5.19 510'682 06.02.2013 Corporation
AXA n/a Co File 15'053'731 5.09 - 31.12.2011 Investment Advisor
STOCKHAUSEN DOLF n/a Co File 11'461'304 3.88 - 31.12.2011 n/a
WINTERSTEIN KONSTANT n/a EXCH 11'018'080 3.73 - 14.01.2013 n/a
TIAA CREF INVESTMENT n/a Co File 9'168'284 3.1 - 31.12.2011 Investment Advisor
UBS FUND MANAGEMENT n/a EXCH 9'128'414 3.09 - 17.11.2012 Investment Advisor
AMUNDI n/a Co File 9'079'559 3.07 - 31.12.2011 Investment Advisor
NORGES BANK n/a EXCH 8'964'927 3.03 - 18.02.2013 Government
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8'701'582 2.94 (141'955) 28.12.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'818'212 1.97 (444'515) 28.09.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 3'964'166 1.34 (74) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'803'422 1.29 484'601 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'617'417 1.22 - 31.07.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 3'464'090 1.17 (15'145) 28.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 3'209'033 1.09 570'336 30.11.2012 Mutual Fund Manager
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'827'000 0.62 (108'000) 31.10.2012 Investment Advisor
SPARINVEST n/a ULT-AGG 1'767'987 0.6 (36'425) 31.01.2013 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 906'686 0.31 214'247 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie CHRISTIAN FAITZ outperform 5 U 18 12 month 25.02.2013
Bank Vontobel AG PATRICK RAFAISZ buy 5 M 18 Not Provided 20.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 20.02.2013
Goldman Sachs RAKESH PATEL Sell/Neutral 1 M 11 12 month 15.02.2013
Credit Suisse RHIAN O'CONNOR underperform 1 M 12 Not Provided 15.02.2013
Barclays GUNTHER ZECHMANN overweight 5 M 16 Not Provided 15.02.2013
Deutsche Bank TIMOTHY JONES hold 3 M 12 12 month 14.02.2013
Morgan Stanley PETER MACKEY Overwt/In-Line 5 M 15 12 month 14.02.2013
Nomura JEAN DE WATTEVILLE buy 5 M 16 12 month 14.02.2013
AlphaValue MARTIN SCHNEE add 4 M 15 6 month 14.02.2013
Main First Bank AG BERND POMREHN outperform 5 M 14 12 month 07.02.2013
Exane BNP Paribas JAMES KNIGHT neutral 3 M 11 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER buy 5 M 17 Not Provided 01.02.2013
Berenberg Bank JAIDEEP PANDYA buy 5 M 16 Not Provided 24.01.2013
HSBC JESKO MAYER-WEGELIN underweight 1 D 12 Not Provided 11.01.2013
JPMorgan NEIL C TYLER underweight 1 M 11 9 month 07.12.2012
Societe Generale PETER CLARK sell 1 M 10 12 month 04.12.2012
Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 07.11.2012
CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 10 Not Provided 20.08.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 9 Not Provided 18.05.2012
Holdings By:
Clariant AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Cobham PLC designs and manufactures a wide range of equipment, specialized
systems and components for the aerospace, defense, energy, and electronics
industries. The Company products include refuelling equipment, aviation oxygen
systems, weapon system containers, and rescue and navigation lights. Cobham
also operates and maintains aircraft designed for special mission flights.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (19.07.2012) 242.70
52-Week Low (01.03.2012) 185.90
Daily Volume
231.8
52-Week High % Change -4.49% Dividend Yield 3.71
52-Week Low % Change 24.69% Beta 0.90
% 52 Week Price Range High/Low 77.11% Equity Float 1'077.90
Shares Out 01.02.2013 1'078.6 Short Int -
2'500.14 1 Yr Total Return 26.79%
Total Debt 578.10 YTD Return 4.98%
Preferred Stock 0.0 Adjusted BETA 0.903
Minority Interest 0.5 Analyst Recs 20
Cash and Equivalents 345.60 Consensus Rating 2.850
Enterprise Value 3'036.24
Average Volume 5 Day 2'002'803
COB LN EQUITY YTD Change - Average Volume 30 Day 1'858'006
COB LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'753'625
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 - -
1'061.1 1'466.5 1'880.4 1'902.6 1'854.4 - - 1'756.0 1'733.8 - -
2.16x 2.04x 1.75x 1.41x 1.27x - - 1.66x 1.62x - -
214.3 263.5 370.5 349.6 415.3 - - 406.1 390.1 - -
10.71x 11.33x 8.90x 7.65x 5.66x - - 7.48x 7.78x - -
131.7 95.4 185.8 152.7 187.9 - - 226.7 218.0 - -
18.83x 25.28x 15.47x 15.34x 10.92x - - 10.99x 11.48x - -
EBITDA 415.30 Long-Term Rating Date -
EBIT 285.90 Long-Term Rating -
Operating Margin 15.42% Long-Term Outlook -
Pretax Margin 12.63% Short-Term Rating Date -
Return on Assets 7.45% Short-Term Rating -
Return on Common Equity 18.06%
Return on Capital 14.66% EBITDA/Interest Exp. 4.23
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 3.74
Net Debt/EBITDA 1.33
Gross Margin 31.5% Total Debt/EBITDA 1.84
EBITDA Margin 22.4%
EBIT Margin 15.4% Total Debt/Equity 56.8%
Net Income Margin 10.1% Total Debt/Capital 36.2%
Asset Turnover 0.72
Current Ratio 1.29 Net Fixed Asset Turnover 5.59
Quick Ratio 0.78 Accounts receivable turnover-days -
Debt to Assets 25.32% Inventory Days 95.83
Tot Debt to Common Equity 56.75% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 98.15
Inventory Turnover 3.82
Fiscal Year Ended
Cobham PLCPrice/Volume
Valuation Analysis
1'468'441.00
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
'
2'
-''
-2'
.''
.2'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
-3!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN n/a ULT-AGG 64'857'450 6.01 1'907'169 31.01.2013 Unclassified
SPRUCEGROVE INVESTME Multiple Portfolios REG 61'936'221 5.74 1'393'515 01.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 54'494'692 5.05 (3'648'992) 01.11.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios REG 53'994'749 5.01 2'937'859 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 53'589'089 4.97 - 25.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 45'440'056 4.21 6'630'825 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 41'657'230 3.86 (637'532) 31.01.2013 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios REG 39'379'014 3.65 (154'957) 01.11.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 34'671'298 3.21 1'053'027 31.12.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 33'622'317 3.12 3'678'682 01.11.2012 Investment Advisor
WALTER SCOTT & PARTN Multiple Portfolios REG 33'413'500 3.1 1'901'180 01.11.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 29'597'064 2.74 1'192'000 31.12.2012 Investment Advisor
CAZENOVE CAPITAL MAN Multiple Portfolios REG 25'003'250 2.32 6'153'700 01.11.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 24'296'498 2.25 - 01.11.2012 Government
SCHRODER INVESTMENT Multiple Portfolios REG 23'284'065 2.16 (1'237'731) 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 21'189'851 1.96 (322'338) 01.11.2012 Unclassified
JO HAMBRO CAPITAL MA Multiple Portfolios REG 19'464'450 1.8 1'951'626 01.11.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'230'526 1.78 485'073 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 17'013'718 1.58 1'214'550 31.10.2012 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 15'019'719 1.39 468'467 01.11.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec ANDREW GOLLAN hold 3 M 205 12 month 22.02.2013
AlphaValue THOMAS PICHERIT add 4 M 262 6 month 21.02.2013
RBC Capital Markets ROBERT STALLARD sector perform 3 M 230 12 month 20.02.2013
JPMorgan DAVID H. PERRY neutral 3 N 245 9 month 11.02.2013
Societe Generale ZAFAR KHAN sell 1 M 200 12 month 07.02.2013
Jefferies SANDY MORRIS buy 5 M 240 12 month 31.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Exane BNP Paribas TRISTAN SANSON neutral 3 M 205 Not Provided 16.01.2013
Barclays CHRISTIAN LAUGHLIN underweight 1 M 182 Not Provided 15.01.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 205 Not Provided 15.11.2012
Credit Suisse OLIVER SLEATH underperform 1 M 170 Not Provided 13.11.2012
Kepler Capital Markets CHRISTOPHE MENARD hold 3 U 195 Not Provided 13.11.2012
Deutsche Bank BEN FIDLER hold 3 M 200 12 month 12.11.2012
Morgan Stanley RUPINDER VIG Underwt/In-Line 1 M 175 12 month 12.11.2012
Arden Partners Ltd GRAHAM J WEBSTER neutral 3 M #N/A N/A Not Provided 01.10.2012
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX underperform 1 D 220 Not Provided 09.08.2012
Canaccord Genuity Corp PAUL BRANT hold 3 M 190 Not Provided 26.03.2012
Holdings By:
Cobham PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Coca-Cola Hellenic Bottling Company S.A. produces, sells, and distributes
soft drinks, fruit juices, and mineral water. The Company produces all kinds
of Coca-Cola brand name products such as Coke, Diet Coke, Sprite, Diet Sprite,
and Fanta. Coca-Cola Hellenic manufactures and distributes in 26 countries
worlwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.02.2013) 21.00
52-Week Low (25.05.2012) 11.00
Daily Volume
20.44
52-Week High % Change -2.67% Dividend Yield -
52-Week Low % Change 85.80% Beta 0.58
% 52 Week Price Range High/Low 89.60% Equity Float 89.48
Shares Out 31.12.2012 366.6 Short Int -
7'492.35 1 Yr Total Return 49.14%
Total Debt 2'256.00 YTD Return 15.48%
Preferred Stock 0.0 Adjusted BETA 0.576
Minority Interest 17.9 Analyst Recs 18
Cash and Equivalents 476.10 Consensus Rating 2.667
Enterprise Value 9'120.85
Average Volume 5 Day 200'322
EEEK GA EQUITY YTD Change - Average Volume 30 Day 174'817
EEEK GA EQUITY YTD % CHANGE - Average Volume 3 Month 172'151
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'980.7 6'543.6 6'793.6 6'854.3 7'044.7 6'854.3 7'073.2 7'271.5 7'684.3 - -
0.88x 1.24x 1.33x 0.97x - 4.52x 2.97x 1.24x 1.15x - -
1'028.5 1'016.3 1'081.5 917.8 - 917.8 695.4 953.3 1'053.1 - -
5.97x 7.99x 8.38x 7.25x - 7.25x 0.00x 9.57x 8.66x - -
227.6 399.2 426.6 268.9 190.4 268.9 191.9 339.8 412.5 - -
16.67x 14.67x 16.55x 17.91x 34.04x 17.91x 34.04x 21.98x 18.23x - -
EBITDA 917.80 Long-Term Rating Date 07.06.2012
EBIT 539.90 Long-Term Rating BBB+ *-
Operating Margin 7.88% Long-Term Outlook -
Pretax Margin 5.48% Short-Term Rating Date 07.06.2012
Return on Assets 3.01% Short-Term Rating A-2 *-
Return on Common Equity 7.65%
Return on Capital 5.87% EBITDA/Interest Exp. 8.83
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 5.26
Net Debt/EBITDA 1.86
Gross Margin 37.9% Total Debt/EBITDA 2.49
EBITDA Margin 12.3%
EBIT Margin 6.8% Total Debt/Equity 77.9%
Net Income Margin 2.7% Total Debt/Capital 43.6%
Asset Turnover 0.93
Current Ratio 1.07 Net Fixed Asset Turnover 2.27
Quick Ratio 0.69 Accounts receivable turnover-days 61.22
Debt to Assets 31.18% Inventory Days 41.42
Tot Debt to Common Equity 77.92% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.98 Cash Conversion Cycle 51.05
Inventory Turnover 8.84
Fiscal Year Ended
Coca Cola Hellenic Bottling Co SAPrice/Volume
Valuation Analysis
550'515.00
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
'
2
-'
-2
.'
.2
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COCA-COLA CO/THE #N/A N/A EXCH 87'862'873 23.97 - 22.02.2013 Corporation
KAR-TESS HOLDING S.A #N/A N/A 13D 85'355'019 23.29 - 25.02.2013 Holding Company
COCA-COLA OVERSEAS P n/a 13D 45'002'970 12.28 - 25.02.2013 n/a
ATLANTIC INDUSTRIES n/a 13D 28'774'369 7.85 - 25.02.2013 n/a
COMPETROL ESTABLISHM #N/A N/A EXCH 18'730'884 5.11 - 22.02.2013 Holding Company
REFRESHMENT PRODUCT n/a 13D 10'833'612 2.96 - 25.02.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 8'779'000 2.4 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'989'829 1.09 50'522 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 3'828'430 1.04 - 31.12.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 2'083'000 0.57 - 30.06.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 1'388'362 0.38 11'250 25.02.2013 Investment Advisor
ALPHA MUTUAL FUND MA Multiple Portfolios MF-AGG 973'848 0.27 (206'239) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 623'330 0.17 (591) 31.12.2012 Investment Advisor
DIETHNIKI MUTUAL FUN Multiple Portfolios MF-AGG 604'882 0.17 (13'202) 28.09.2012 Mutual Fund Manager
EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 578'066 0.16 (167'923) 31.05.2012 Investment Advisor
BARLAN INC n/a 13D 497'566 0.14 - 25.02.2013 n/a
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 476'746 0.13 193'066 31.12.2011 Investment Advisor
FMR LLC n/a ULT-AGG 431'096 0.12 (27'978) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 396'877 0.11 391'719 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 344'997 0.09 (82'975) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
National Securities SA IAKOVOS KOURTESIS neutral 3 M 17 12 month 25.02.2013
Piraeus Securities S.A. GEORGE DOUKAS neutral 3 M 18 12 month 22.02.2013
PANTELAKIS SECURITIES SA PARIS MANTZAVRAS neutral 3 N 21 12 month 21.02.2013
Eurobank EFG STAMATIOS DRAZIOTIS hold 3 M 18 Not Provided 19.02.2013
Goldman Sachs CONOR PARSONS neutral/attractive 3 M 20 6 month 18.02.2013
HSBC LAUREN E TORRES neutral 3 M 20 Not Provided 18.02.2013
Societe Generale ANDREW HOLLAND sell 1 M 17 12 month 15.02.2013
Deutsche Bank JONATHAN FELL hold 3 M 20 12 month 15.02.2013
Nomura EDWARD MUNDY neutral 3 M 19 Not Provided 15.02.2013
Marfin Analysis (ESN) DIMITRIS BIRBOS hold 3 M 18 12 month 15.02.2013
JPMorgan MIKE J GIBBS overweight 5 M 23 12 month 14.02.2013
Barclays SAMAR CHAND underweight 1 M 14 Not Provided 23.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Euroxx Securities YIANNIS SINAPIS Under Review #N/A N/A M #N/A N/A Not Provided 10.01.2013
Jefferies DIRK VAN VLAANDEREN hold 3 N 16 12 month 14.09.2012
Renaissance Capital NATALYA ZAGVOZDINA hold 3 M 14 12 month 05.06.2012
Merit Securities CHRIS A SAMOTHRAKIS buy 5 U 18 Not Provided 10.10.2011
Alpha Finance NIKOS KATSENOS neutral 1 3 M 22 Not Provided 10.05.2011
Holdings By:
Coca Cola Hellenic Bottling Co SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Coloplast A/S develops and provides health care products and services. The
Company manufactures products for ostomy, incontinence, mastectomy, wound
healing, and skin care. Coloplast's research projects are carried out in
cooperation with professional caregivers and user groups. The Company sells to
health care professionals, dealers, and product users throughout the world.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (22.02.2013) 301.00
52-Week Low (27.02.2012) 178.90
Daily Volume
295
52-Week High % Change -1.99% Dividend Yield -
52-Week Low % Change 64.90% Beta 0.57
% 52 Week Price Range High/Low 97.22% Equity Float -
Shares Out 13.01.2013 207.0 Short Int -
62'127.00 1 Yr Total Return 66.30%
Total Debt 1'296.00 YTD Return 6.69%
Preferred Stock 0.0 Adjusted BETA 0.570
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 2'618.00 Consensus Rating 3.231
Enterprise Value 61'137.00
Average Volume 5 Day 373'727
COLOB DC EQUITY YTD Change - Average Volume 30 Day 388'872
COLOB DC EQUITY YTD % CHANGE - Average Volume 3 Month 400'328
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
8'463.0 8'820.0 9'537.0 10'172.0 11'023.0 10'285.0 11'234.0 11'662.5 12'392.2 2'854.4 2'962.5
2.32x 2.23x 3.02x 3.26x 4.49x 13.35x 16.92x 5.13x 4.81x - -
1'691.0 2'024.0 2'667.0 3'108.0 3'756.0 3'178.0 3'958.0 4'198.7 4'531.7 999.3 1'064.3
11.63x 9.71x 10.79x 10.66x 13.17x 10.95x 14.47x 14.56x 13.49x 13.39x 13.42x
715.0 883.0 1'243.0 1'819.0 2'194.0 1'896.0 2'327.0 2'715.7 2'976.0 669.4 720.9
24.22x 20.72x 22.40x 18.55x 23.12x 18.27x 24.99x 22.82x 20.64x 22.31x 21.70x
EBITDA 3'756.00 Long-Term Rating Date -
EBIT 3'255.00 Long-Term Rating -
Operating Margin 29.53% Long-Term Outlook -
Pretax Margin 26.80% Short-Term Rating Date -
Return on Assets 24.90% Short-Term Rating -
Return on Common Equity 44.92%
Return on Capital - EBITDA/Interest Exp. 41.27
Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 37.56
Net Debt/EBITDA -0.25
Gross Margin 66.6% Total Debt/EBITDA 0.34
EBITDA Margin 35.2%
EBIT Margin 30.8% Total Debt/Equity 21.4%
Net Income Margin 19.9% Total Debt/Capital 17.7%
Asset Turnover 1.20
Current Ratio 1.61 Net Fixed Asset Turnover 5.00
Quick Ratio 1.22 Accounts receivable turnover-days 60.86
Debt to Assets 12.74% Inventory Days 98.06
Tot Debt to Common Equity 21.45% Accounts Payable Turnover Day 36.51
Accounts Receivable Turnover 6.01 Cash Conversion Cycle 115.41
Inventory Turnover 3.73
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
Coloplast A/SPrice/Volume
Valuation Analysis
244'552.00
Current Price (2/dd/yy) Market Data
'
2'
-''
-2'
.''
.2'
0''
02'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LOUIS-HANSEN NIELS P n/a Co File 39'537'001 19.1 - 30.09.2012 n/a
AAGE OG JOHANNE LOUI n/a Co File 22'356'000 10.8 - 30.09.2012 Other
COLOPLAST AS n/a Co File 13'662'000 6.6 - 30.09.2012 Corporation
BNEDICTE FIND n/a Co File 7'452'000 3.6 - 30.09.2012 n/a
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'791'680 1.83 349'885 31.12.2012 Investment Advisor
NP LOUIS HANSEN APS n/a Co File 2'484'000 1.2 - 30.09.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'207'116 1.07 42'141 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 1'418'365 0.69 (52'895) 31.12.2012 Unclassified
DANSKE INVEST A/S Multiple Portfolios MF-AGG 953'160 0.46 (1'465) 31.01.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 914'815 0.44 (4'025) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 744'305 0.36 2'389 25.02.2013 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 612'030 0.3 (65'930) 29.06.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 486'168 0.23 (86'298) 31.01.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 481'390 0.23 - 31.07.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 425'471 0.21 (87'209) 26.02.2013 Investment Advisor
MADISON SQUARE INVES Multiple Portfolios MF-AGG 407'755 0.2 - 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 403'235 0.19 (16'570) 31.12.2012 Investment Advisor
ACTIVEST MUNICH Multiple Portfolios MF-AGG 386'835 0.19 - 30.11.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 383'180 0.19 8'640 31.12.2012 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 383'041 0.19 383'041 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale JUSTIN SMITH hold 3 M 300 12 month 25.02.2013
AlphaValue KAMLA SINGH reduce 2 M 300 6 month 21.02.2013
Jefferies INGEBORG OIE underperform 1 M 230 12 month 05.02.2013
Commerzbank Corporates & Markets OLIVER METZGER add 4 M 350 6 month 04.02.2013
Barclays ALEXANDER KLEBAN overweight 5 M 293 Not Provided 01.02.2013
ABG Sundal Collier MORTEN LARSEN buy 5 M 325 6 month 31.01.2013
SEB Enskilda NIELS GRANHOLM-LETH hold 3 M 282 Not Provided 31.01.2013
Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 31.01.2013
Nordea Equity Research SOREN V HOLM SORENSEN buy 5 M 310 12 month 31.01.2013
Handelsbanken KLAUS MADSEN reduce 2 M 240 12 month 31.01.2013
S&P Capital IQ JACOB THRANE hold 3 M 310 12 month 31.01.2013
Danske Markets MARTIN PARKHOI sell 1 M 222 12 month 31.01.2013
Morgan Stanley MICHAEL K JUNGLING Equalwt/Attractive 3 M 260 12 month 30.01.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN sell 1 M 260 Not Provided 30.01.2013
Goldman Sachs VERONIKA DUBAJOVA Buy/Neutral 5 U 368 12 month 30.01.2013
Credit Suisse CHRISTOPH GRETLER outperform 5 M 305 Not Provided 30.01.2013
JPMorgan DAVID J ADLINGTON neutral 3 M 241 12 month 30.01.2013
DNB Markets RUNE MAJLUND DAHL sell 1 M 248 Not Provided 30.01.2013
Berenberg Bank SCOTT BARDO hold 3 M 275 Not Provided 23.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
Jyske Bank FRANK HOERNING ANDERSEN reduce 2 N 290 Not Provided 09.01.2013
CA Cheuvreux RICHARD KOCH underperform 1 M 246 Not Provided 20.12.2012
Deutsche Bank YI-DAN WANG buy 5 M 320 12 month 18.12.2012
NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 27.04.2012
Sydbank SOEREN LONTOFT HANSEN neutral 3 U #N/A N/A Not Provided 03.11.2011
Holdings By:
Coloplast A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Colruyt SA retails goods and offers computer and printing services. The
Company retails food and non-food items through Colruyt supermarkets, and
Coccinelle, UGA, and Codi Cash supermarkets and cash and carry stores. It
retails toys, baby products, and school supplies through Dreamland stores.
Colruyt markets computers and offers programming services.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (16.08.2012) 38.68
52-Week Low (27.02.2012) 28.55
Daily Volume
36.76
52-Week High % Change -5.07% Dividend Yield -
52-Week Low % Change 28.76% Beta 0.71
% 52 Week Price Range High/Low 76.84% Equity Float -
Shares Out 30.09.2012 168.5 Short Int -
6'194.80 1 Yr Total Return 31.17%
Total Debt 34.20 YTD Return -1.97%
Preferred Stock 0.0 Adjusted BETA 0.710
Minority Interest 32.5 Analyst Recs 30
Cash and Equivalents 308.30 Consensus Rating 2.400
Enterprise Value 5'796.60
Average Volume 5 Day 151'002
COLR BB EQUITY YTD Change - Average Volume 30 Day 135'247
COLR BB EQUITY YTD % CHANGE - Average Volume 3 Month 148'986
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 - -
5'673.8 6'309.6 6'752.6 7'280.1 7'847.6 - - 8'293.0 8'755.1 - -
0.88x 0.83x 0.82x 0.77x 0.57x - - 0.70x 0.66x - -
504.0 549.1 599.8 621.2 681.4 - - 687.4 730.6 - -
9.88x 9.53x 9.21x 9.08x 6.55x - - 8.43x 7.93x - -
288.2 306.0 329.6 338.0 342.9 - - 349.0 370.2 - -
18.38x 18.08x 17.46x 17.36x 13.83x - - 16.37x 15.52x - -
EBITDA 681.40 Long-Term Rating Date -
EBIT 485.20 Long-Term Rating -
Operating Margin 6.18% Long-Term Outlook -
Pretax Margin 6.23% Short-Term Rating Date -
Return on Assets 10.70% Short-Term Rating -
Return on Common Equity 22.84%
Return on Capital - EBITDA/Interest Exp. 851.75
Asset Turnover 2.51% (EBITDA-Capex)/Interest Exp. 475.88
Net Debt/EBITDA -0.58
Gross Margin 25.6% Total Debt/EBITDA 0.05
EBITDA Margin 8.5%
EBIT Margin 6.0% Total Debt/Equity 2.2%
Net Income Margin 4.4% Total Debt/Capital 2.1%
Asset Turnover 2.51
Current Ratio 0.99 Net Fixed Asset Turnover 5.43
Quick Ratio 0.54 Accounts receivable turnover-days 21.08
Debt to Assets 1.08% Inventory Days 33.90
Tot Debt to Common Equity 2.16% Accounts Payable Turnover Day 56.15
Accounts Receivable Turnover 17.36 Cash Conversion Cycle -1.13
Inventory Turnover 10.80
Fiscal Year Ended
Colruyt SAPrice/Volume
Valuation Analysis
106'494.00
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
'2
-'-2.'.20'021'12
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COLRUYT FAMILY n/a Research 78'351'430 46.49 (7'135) 18.10.2012 n/a
COLRUYT SA n/a Research 12'350'868 7.33 (92'468) 18.10.2012 Corporation
SOFINA SA n/a Research 8'750'000 5.19 - 18.10.2012 Holding Company
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'237'230 1.92 (74'500) 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'380'754 0.82 32'039 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'045'853 0.62 31 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 898'189 0.53 (15'500) 28.09.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 866'268 0.51 167'480 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 861'505 0.51 - 25.02.2013 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 619'075 0.37 9'200 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 604'938 0.36 1'389 25.02.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 363'963 0.22 1'264 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 345'570 0.21 38'962 31.12.2012 Mutual Fund Manager
MD MANAGEMENT LTD Multiple Portfolios MF-AGG 289'300 0.17 - 31.10.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 273'703 0.16 2'043 31.01.2013 Investment Advisor
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 223'000 0.13 (7'462) 31.08.2012 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 219'385 0.13 1'365 31.12.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 175'188 0.1 16'961 29.06.2012 Investment Advisor
BROWN BROTHERS HARRI Multiple Portfolios MF-AGG 147'000 0.09 - 30.11.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 140'276 0.08 - 28.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Rabobank International PATRICK ROQUAS hold 3 M 33 12 month 25.02.2013
AlphaValue VIRGINIE BLIN reduce 2 M 37 6 month 21.02.2013
JPMorgan JAIME VAZQUEZ overweight 5 N 40 12 month 18.02.2013
Jefferies JAMES GRZINIC underperform 1 M 29 12 month 01.02.2013
Nomura NICK COULTER reduce 2 M 32 Not Provided 01.02.2013
Credit Suisse XAVIER LE MENE neutral 3 M 36 Not Provided 29.01.2013
Bank Degroof(ESN) MARC LEEMANS hold 3 M 33 12 month 29.01.2013
KBC Securities PASCALE WEBER hold 3 M 34 Not Provided 29.01.2013
Petercam FERNAND DE BOER reduce 2 M 38 Not Provided 29.01.2013
Oddo & Cie LAURENCE HOFMANN reduce 2 M 34 Not Provided 29.01.2013
ING Bank MARCO GULPERS hold 3 M 36 12 month 29.01.2013
Exane BNP Paribas ANDREW GWYNN underperform 1 M 31 Not Provided 29.01.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 33 Not Provided 29.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Kempen & Co ERWIN DUT sell 1 M 33 12 month 06.01.2013
Barclays NICOLAS CHAMP underweight 1 M 29 Not Provided 04.01.2013
Deutsche Bank JAMES G COLLINS hold 3 M 36 12 month 14.12.2012
HSBC EMMANUELLE VIGNERON underweight 1 M 32 Not Provided 04.12.2012
Day by Day VALERIE GASTALDY buy 5 U 40 3 month 23.11.2012
Main First Bank AG RICKIN THAKRAR sell 1 M 28 12 month 28.09.2012
Hammer Partners SA STEPHAN SEIP buy 5 N 40 Not Provided 06.07.2012
Macquarie SREEDHAR MAHAMKALI underperform 1 M 30 12 month 29.06.2012
CA Cheuvreux ARNAUD JOLY underperform 1 M 31 Not Provided 29.06.2012
Natixis ANTOINE PARISON neutral 3 U 33 Not Provided 28.06.2012
Goldman Sachs FRANKLIN WALDING Sell/Neutral 1 M 33 12 month 27.06.2012
Raymond James CEDRIC LECASBLE market perform 3 M 34 Not Provided 27.06.2012
Morgan Stanley EDOUARD AUBIN Equalwt/In-Line 3 M 35 12 month 22.06.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 38 Not Provided 22.09.2011
Holdings By:
Colruyt SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Corio NV is a property investment company qualifying as an Investment
Institution under Dutch Law. The Company's portfolio consists primarily of
retail properties, but also offices and industrial properties in the
Netherlands, France, Italy, and Spain.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.03.2012) 41.22
52-Week Low (09.11.2012) 31.57
Daily Volume
34.72
52-Week High % Change -15.81% Dividend Yield -
52-Week Low % Change 9.98% Beta 1.09
% 52 Week Price Range High/Low 31.21% Equity Float 52.92
Shares Out 31.12.2012 96.2 Short Int -
3'339.58 1 Yr Total Return 5.43%
Total Debt 2'954.50 YTD Return 1.18%
Preferred Stock 0.0 Adjusted BETA 1.087
Minority Interest 48.0 Analyst Recs 22
Cash and Equivalents 10.20 Consensus Rating 3.636
Enterprise Value 6'331.88
Average Volume 5 Day 444'476
CORA NA EQUITY YTD Change - Average Volume 30 Day 366'046
CORA NA EQUITY YTD % CHANGE - Average Volume 3 Month 341'932
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
385.1 403.9 439.2 474.4 487.6 474.4 487.6 457.4 454.9 109.5 108.0
12.10x 14.71x 16.26x 13.24x 12.91x 56.98x 53.18x 13.64x 13.74x 57.96x 58.97x
294.6 309.8 323.1 376.0 336.3 376.0 336.3 369.1 368.8 93.4 91.2
15.82x 19.18x 22.10x 16.70x 18.71x 16.71x 18.71x 17.14x 17.15x 17.64x 18.14x
(239.6) (131.9) 375.7 218.2 16.0 218.2 16.0 257.8 265.1 47.1 49.2
- - 11.14x 14.12x 201.85x 14.06x 201.85x 12.90x 12.79x 13.25x 13.56x
EBITDA 336.30 Long-Term Rating Date 25.05.2010
EBIT 336.30 Long-Term Rating BBB+
Operating Margin 43.74% Long-Term Outlook STABLE
Pretax Margin 1.54% Short-Term Rating Date 25.05.2010
Return on Assets 0.21% Short-Term Rating A-2
Return on Common Equity 0.39%
Return on Capital 0.22% EBITDA/Interest Exp. 2.73
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. 1.08
Net Debt/EBITDA 8.75
Gross Margin - Total Debt/EBITDA 8.79
EBITDA Margin 69.0%
EBIT Margin - Total Debt/Equity 72.4%
Net Income Margin 3.3% Total Debt/Capital 41.7%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 38.72% Inventory Days -
Tot Debt to Common Equity 72.37% 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
Corio NVPrice/Volume
Valuation Analysis
346'783.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
02
1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING PENSIOEN F n/a Co File 33'935'768 35.28 - 31.12.2011 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 4'744'670 4.93 54'716 25.02.2013 Investment Advisor
PGGM FONDSENBEHEER B n/a Co File 4'568'454 4.75 - 31.12.2011 Other
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'560'133 1.62 300'218 25.02.2013 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 1'545'705 1.61 - 21.08.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'520'691 1.58 64'862 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'506'635 1.57 37'244 26.02.2013 Investment Advisor
SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 1'265'153 1.32 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'160'640 1.21 8'994 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 930'275 0.97 (8'571) 31.12.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 855'920 0.89 - 29.06.2012 Investment Advisor
ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 710'534 0.74 3'636 17.07.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 679'443 0.71 (29'382) 28.09.2012 Investment Advisor
WELLINGTON MANAGEMEN n/a Short (634'826) -0.66 - 01.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 487'431 0.51 (64) 31.01.2013 Investment Advisor
DIAM n/a ULT-AGG 388'504 0.4 - 27.02.2012 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 376'078 0.39 (6'174) 31.12.2012 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 329'167 0.34 36'608 31.12.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 320'000 0.33 3'000 30.12.2011 Mutual Fund Manager
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 303'442 0.32 (1'057) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 26.02.2013
Oddo & Cie MARINE LAFITTE neutral 3 M 39 Not Provided 22.02.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 37 12 month 21.02.2013
AlphaValue PIERRE-LOUP ETIENNE buy 5 M 44 6 month 21.02.2013
Societe Generale MICHEL VARALDO buy 5 M 44 12 month 15.02.2013
Bank Degroof(ESN) DRIES DURY hold 3 M 39 12 month 15.02.2013
Rabobank International MARTIJN TER LAAK hold 3 D 37 12 month 15.02.2013
Kempen & Co THOMAS VAN DER MEIJ overweight 5 M 37 12 month 14.02.2013
Morgan Stanley BART GYSENS Underwt/Attractive 1 M 31 12 month 14.02.2013
Petercam STEPHAN VAN WEEREN hold 3 D 40 Not Provided 14.02.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 39 Not Provided 14.02.2013
Natixis SERGE DEMIRDJIAN neutral 3 M 37 Not Provided 14.02.2013
ING Bank JAAP KUIN buy 5 M 42 12 month 14.02.2013
Exane BNP Paribas VALERIE GUEZI neutral 3 M 36 Not Provided 14.02.2013
ABN Amro Bank N.V. RUUD VAN MAANEN buy 5 M 40 Not Provided 14.02.2013
Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 N 39 Not Provided 15.01.2013
JPMorgan HARM M MEIJER neutral 3 M 39 9 month 09.01.2013
HSBC THOMAS MARTIN overweight 5 M 38 Not Provided 27.11.2012
Barclays AARON GUY underweight 1 M 29 Not Provided 31.08.2012
Deutsche Bank MARTIN ALLEN buy 5 M 51 12 month 10.08.2012
Edge Capital Research KONSTANTIN BOYCHINOV neutral 3 N 37 12 month 29.09.2011
CA Cheuvreux BRUNO DUCLOS outperform 5 U 46 Not Provided 19.08.2011
Holdings By:
Corio NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Croda International plc is the holding company for a group of companies that
manufacture a diverse range of chemicals and chemical products, including
oleochemicals and industrial chemicals. Croda supplies its items to companies
that specialize in the personal care, pharmaceutical, plastics, food processing,
nutrition, fire prevention, engineering and automotive industries.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (26.02.2013) 2'639.00
52-Week Low (01.11.2012) 2'000.00
Daily Volume
2555
52-Week High % Change -3.18% Dividend Yield 2.33
52-Week Low % Change 27.75% Beta 0.89
% 52 Week Price Range High/Low 91.39% Equity Float 138.63
Shares Out 31.12.2012 140.0 Short Int -
3'575.72 1 Yr Total Return 21.13%
Total Debt 261.50 YTD Return 7.53%
Preferred Stock 0.0 Adjusted BETA 0.889
Minority Interest 0.1 Analyst Recs 18
Cash and Equivalents 53.80 Consensus Rating 3.556
Enterprise Value 3'783.52
Average Volume 5 Day 379'003
CRDA LN EQUITY YTD Change - Average Volume 30 Day 342'223
CRDA LN EQUITY YTD % CHANGE - Average Volume 3 Month 301'654
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
911.1 827.5 1'001.9 1'068.4 1'051.9 1'055.7 1'072.6 1'123.9 1'197.3 250.2 297.0
1.24x 1.70x 2.44x 2.58x 3.36x 0.00x 0.00x 3.33x 3.09x - -
143.5 136.7 232.7 275.1 286.5 0.0 0.0 313.5 341.9 72.2 78.6
7.87x 10.32x 10.49x 10.02x 12.33x 0.00x 0.00x 12.07x 11.07x 12.15x 12.03x
61.0 23.8 130.8 167.5 161.9 0.0 0.0 184.4 203.3 41.8 47.1
10.82x 18.78x 16.94x 14.73x 18.28x 0.00x 0.00x 18.72x 17.12x 18.77x 18.51x
EBITDA 286.50 Long-Term Rating Date -
EBIT 255.40 Long-Term Rating -
Operating Margin 24.28% Long-Term Outlook -
Pretax Margin 24.07% Short-Term Rating Date -
Return on Assets 16.18% Short-Term Rating -
Return on Common Equity 53.06%
Return on Capital 29.34% EBITDA/Interest Exp. 30.81
Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 25.39
Net Debt/EBITDA 0.72
Gross Margin 34.0% Total Debt/EBITDA 0.91
EBITDA Margin 27.2%
EBIT Margin 24.3% Total Debt/Equity 76.0%
Net Income Margin 15.4% Total Debt/Capital 43.2%
Asset Turnover 1.05
Current Ratio 2.22 Net Fixed Asset Turnover 3.10
Quick Ratio 1.24 Accounts receivable turnover-days 50.05
Debt to Assets 26.06% Inventory Days 88.29
Tot Debt to Common Equity 75.97% Accounts Payable Turnover Day 50.84
Accounts Receivable Turnover 7.31 Cash Conversion Cycle 87.50
Inventory Turnover 4.15
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
Croda International PLCPrice/Volume
Valuation Analysis
255'744.00
Current Price (2/dd/yy) Market Data
'
2''
-'''
-2''
.'''
.2''
0'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9
0.0
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LEGAL & GENERAL n/a ULT-AGG 5'815'866 4.16 (2'069'097) 31.01.2013 Unclassified
MASSACHUSETTS FINANC Multiple Portfolios REG 5'703'948 4.08 359'071 01.11.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 5'258'872 3.76 (137'160) 31.12.2012 Unclassified
MONDRIAN INVESTMENT Multiple Portfolios REG 4'804'219 3.43 - 01.11.2012 Hedge Fund Manager
M&G INVESTMENT MANAG Multiple Portfolios REG 4'447'443 3.18 44'464 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'059'909 2.9 384'182 25.02.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'895'193 2.78 325'717 31.12.2012 Investment Advisor
DANSKE BANK A/S Multiple Portfolios REG 2'790'602 1.99 (31'359) 01.11.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'371'688 1.69 65'289 31.12.2012 Investment Advisor
Ruane Cunniff & Gold Multiple Portfolios REG 2'241'096 1.6 (37'848) 01.11.2012 Unclassified
KUWAIT INVESTMENT AU Multiple Portfolios REG 2'170'605 1.55 (7'332) 01.11.2012 Government
BANK OF NEW YORK MEL Multiple Portfolios REG 2'084'298 1.49 1'552'200 01.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'037'498 1.46 352'463 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 1'979'190 1.41 - 01.11.2012 Government
WILLIAM BLAIR & COMP Multiple Portfolios REG 1'867'451 1.33 (54'503) 01.11.2012 Investment Advisor
FINANCIERE DE L'ECHI Multiple Portfolios REG 1'832'900 1.31 - 01.11.2012 Investment Advisor
MAWER INVESTMENT MAN Multiple Portfolios REG 1'819'942 1.3 88'500 01.11.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios REG 1'715'512 1.23 107'023 01.11.2012 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 1'598'572 1.14 10'401 01.11.2012 Other
F&C ASSET MANAGEMENT Multiple Portfolios REG 1'552'490 1.11 (6'769) 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse RHIAN O'CONNOR neutral 3 M 2'600 Not Provided 27.02.2013
Numis Securities Ltd CHARLES PICK hold 3 M 2'565 Not Provided 27.02.2013
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 2'200 Not Provided 27.02.2013
Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 2'700 12 month 26.02.2013
JPMorgan MARTIN EVANS overweight 5 M 2'450 9 month 26.02.2013
Canaccord Genuity Corp ALICIA FORRY sell 1 M 1'900 12 month 26.02.2013
Barclays GUNTHER ZECHMANN equalweight 3 M 2'360 Not Provided 04.02.2013
Main First Bank AG THOMAS SWOBODA underperform 1 D 2'350 12 month 23.01.2013
Berenberg Bank JAIDEEP PANDYA buy 5 M 2'700 Not Provided 22.01.2013
Jefferies LAURENCE ALEXANDER hold 3 M 2'300 12 month 21.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
HSBC SEBASTIAN SATZ neutral 3 M 2'450 Not Provided 11.01.2013
N+1 Singer Ltd JAMES TETLEY hold 3 M 2'275 12 month 03.01.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 2'400 Not Provided 13.12.2012
Deutsche Bank MARTIN DUNWOODIE hold 3 D 2'350 12 month 01.11.2012
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 3'150 12 month 01.11.2012
Holdings By:
Croda International PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Dassault Systemes S.A. develops product life cycle management computer
software. The Company's software enables engineers to create a
three-dimensional model of a product, simulate its assembly, and test it before
building a prototype. Dassault markets its software under the brand names
Catia, Enovia, Delmia, Smarteam, Spatial, and SolidWorks.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 88.25
52-Week Low (06.03.2012) 61.60
Daily Volume
85.75
52-Week High % Change -2.83% Dividend Yield -
52-Week Low % Change 39.20% Beta 0.73
% 52 Week Price Range High/Low 96.22% Equity Float 63.56
Shares Out 31.01.2013 125.2 Short Int -
10'736.87 1 Yr Total Return 38.92%
Total Debt 353.90 YTD Return 1.80%
Preferred Stock 0.0 Adjusted BETA 0.727
Minority Interest 16.2 Analyst Recs 23
Cash and Equivalents 1'319.10 Consensus Rating 3.522
Enterprise Value 9'787.87
Average Volume 5 Day 224'474
DSY FP EQUITY YTD Change - Average Volume 30 Day 213'846
DSY FP EQUITY YTD % CHANGE - Average Volume 3 Month 178'852
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
1'334.8 1'251.3 1'563.8 1'783.0 2'028.3 1'783.0 2'028.3 2'152.8 2'348.1 491.8 530.3
2.35x 3.07x 3.85x 3.63x 4.73x 13.43x 16.67x 4.23x 3.70x 19.21x 17.71x
340.2 272.6 393.8 511.5 594.7 511.5 594.7 734.7 839.4 144.0 162.0
9.20x 14.09x 15.28x 12.66x 16.12x 12.67x 16.12x 13.32x 11.66x 14.19x 13.85x
200.5 169.7 220.5 289.2 334.8 289.2 334.8 450.0 517.8 88.2 91.5
18.90x 27.60x 30.50x 26.02x 30.97x 25.87x 31.08x 23.12x 20.84x 25.67x 25.79x
EBITDA 594.70 Long-Term Rating Date -
EBIT 501.00 Long-Term Rating -
Operating Margin 24.70% Long-Term Outlook -
Pretax Margin 25.59% Short-Term Rating Date -
Return on Assets 9.35% Short-Term Rating -
Return on Common Equity 15.11%
Return on Capital - EBITDA/Interest Exp. 64.38
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 55.40
Net Debt/EBITDA -1.62
Gross Margin 86.8% Total Debt/EBITDA 0.60
EBITDA Margin 29.3%
EBIT Margin 24.7% Total Debt/Equity 15.0%
Net Income Margin 16.5% Total Debt/Capital 12.9%
Asset Turnover 0.57
Current Ratio 2.07 Net Fixed Asset Turnover 18.91
Quick Ratio 1.91 Accounts receivable turnover-days 85.91
Debt to Assets 9.72% Inventory Days -
Tot Debt to Common Equity 14.97% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.26 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
Dassault Systemes SAPrice/Volume
Valuation Analysis
141'495.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
-''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUPE INDUSTRIEL MA n/a Co File 51'887'334 41.44 - 31.12.2011 Corporation
EDELSTENNE CHARLES n/a Co File 7'684'189 6.14 - 31.12.2011 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'759'156 1.4 51'870 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'675'968 1.34 (150'989) 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'215'483 0.97 54'022 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'203'481 0.96 - 31.07.2012 Investment Advisor
CHARLES BERNARD n/a Co File 1'165'139 0.93 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'132'678 0.9 32'381 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 921'150 0.74 - 30.12.2012 Investment Advisor
HIGHFIELDS CAPITAL M n/a Short (912'641) -0.73 (182'207) 01.10.2012 Hedge Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 695'369 0.56 42'974 31.12.2012 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 654'150 0.52 (14'700) 30.06.2012 Investment Advisor
DASSAULT SYSTEMES SA n/a Co File 650'000 0.52 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 525'009 0.42 2'675 25.02.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 465'280 0.37 8'216 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 453'337 0.36 4'223 28.09.2012 Bank
AMUNDI Multiple Portfolios MF-AGG 452'964 0.36 21'393 28.09.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 424'875 0.34 60'860 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 299'153 0.24 (18'858) 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 291'924 0.23 (5'279) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bryan Garnier & Cie GREGORY RAMIREZ neutral 3 M 86 6 month 26.02.2013
Griffin Securities JAY VLEESCHHOUWER neutral 3 M #N/A N/A Not Provided 21.02.2013
AlphaValue HELENE COUMES add 4 M 91 6 month 21.02.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 100 12 month 20.02.2013
Exane BNP Paribas JOSEP BORI outperform 5 M 93 Not Provided 20.02.2013
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 93 12 month 19.02.2013
Baader Bank KNUT WOLLER sell 1 M 76 12 month 19.02.2013
Mirabaud Securities SUSAN ANTHONY add 4 M 85 12 month 14.02.2013
Societe Generale DERRIC MARCON hold 3 M 92 12 month 08.02.2013
Oddo & Cie ALEXANDRE IATRIDES neutral 3 M 83 Not Provided 08.02.2013
Barclays GERARDUS VOS underweight 1 M 72 Not Provided 08.02.2013
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 115 12 month 07.02.2013
HSBC ANTONIN BAUDRY neutral 3 M 90 Not Provided 07.02.2013
CM - CIC Securities(ESN) DOV LEVY reduce 2 M 68 12 month 07.02.2013
Kepler Capital Markets LAURENT DAURE reduce 2 M 69 Not Provided 07.02.2013
Natixis GWENAEL GIARD buy 5 M 96 Not Provided 04.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
Credit Suisse CHARLES BRENNAN neutral 3 M 77 Not Provided 21.11.2012
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 07.11.2012
CA Cheuvreux MICHAEL BEUCHER outperform 5 M 85 Not Provided 27.07.2012
Redburn Partners NEIL STEER sell 1 M #N/A N/A Not Provided 15.07.2011
Holdings By:
Dassault Systemes SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
DE Master Blenders 1753 NV is a Dutch holding that owns international
coffee and tea businesses. The Company is a pure-play coffee and tea company
that offers an extensive range of coffee and tea products that are sold in
retail and out of home markets across Europe, Brazil, Australia and Thailand.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (03.07.2012) 10.78
52-Week Low (12.06.2012) 7.75
Daily Volume
9.005
52-Week High % Change -16.46% Dividend Yield -
52-Week Low % Change 16.19% Beta -
% 52 Week Price Range High/Low 44.55% Equity Float 594.02
Shares Out 31.12.2012 594.9 Short Int -
5'356.71 1 Yr Total Return -
Total Debt 557.41 YTD Return 3.28%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 220.34 Consensus Rating 3.238
Enterprise Value 5'615.71
Average Volume 5 Day 1'341'637
DE NA EQUITY YTD Change - Average Volume 30 Day 1'004'879
DE NA EQUITY YTD % CHANGE - Average Volume 3 Month 949'761
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
- 2'234.5 2'315.5 2'593.3 2'795.0 - - 2'803.4 2'946.3 - -
- - - - 2.02x - - 1.97x 1.79x - -
- 431.2 430.7 417.2 215.6 - - 477.7 536.6 - -
- - - - 26.15x - - 11.76x 10.47x - -
- 338.5 240.0 263.2 132.2 - - 287.0 322.3 - -
- - - - 40.50x - - 18.96x 16.74x - -
EBITDA 215.60 Long-Term Rating Date 15.06.2012
EBIT 109.71 Long-Term Rating BBB
Operating Margin 3.93% Long-Term Outlook STABLE
Pretax Margin 9.29% Short-Term Rating Date 15.06.2012
Return on Assets 4.35% Short-Term Rating A-2
Return on Common Equity 7.95%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 1.08
Gross Margin 36.1% Total Debt/EBITDA 2.30
EBITDA Margin 8.7%
EBIT Margin 4.7% Total Debt/Equity 175.5%
Net Income Margin 4.7% Total Debt/Capital 63.7%
Asset Turnover 0.78
Current Ratio 1.06 Net Fixed Asset Turnover 7.47
Quick Ratio 0.21 Accounts receivable turnover-days -
Debt to Assets 25.76% Inventory Days 87.43
Tot Debt to Common Equity 175.51% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 4.19
Fiscal Year Ended
DE Master Blenders 1753 NVPrice/Volume
Valuation Analysis
2'115'709.00
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
'
.
1
3
5
-'
-.
e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 9
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DONATA HOLDINGS SE n/a Research 89'532'998 15.05 17'017'426 17.10.2012 Corporation
MORGAN STANLEY n/a ULT-AGG 44'085'067 7.41 1'345'883 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 14'842'641 2.5 38'226 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12'185'768 2.05 (2'788'593) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'642'259 1.79 46'222 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'484'157 1.43 (3'965'647) 25.02.2013 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 4'742'332 0.8 123'082 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 4'109'500 0.69 (1'068'221) 28.09.2012 Unclassified
JENNISON ASSOCIATES Multiple Portfolios MF-AGG 3'279'707 0.55 - 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'716'604 0.46 467'019 31.12.2012 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 2'714'638 0.46 - 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'478'391 0.42 6'000 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 2'421'640 0.41 153'800 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'138'337 0.36 296'096 31.12.2012 Investment Advisor
LOOMIS SAYLES & COMP Multiple Portfolios MF-AGG 1'198'049 0.2 133'944 31.12.2012 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 1'055'000 0.18 990'000 31.10.2012 Investment Advisor
SADOFF INVESTMENT MA SADOFF INVESTMENT MA 13F 1'032'350 0.17 (26'000) 31.12.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'025'115 0.17 - 31.12.2012 Mutual Fund Manager
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 965'574 0.16 (1'750) 31.01.2013 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 863'560 0.15 863'560 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KBC Securities PASCALE WEBER hold 3 M 9 Not Provided 27.02.2013
SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 8 12 month 27.02.2013
Nomura DAVID HAYES buy 5 M 10 12 month 27.02.2013
ING Bank MARCO GULPERS buy 5 M 11 12 month 27.02.2013
ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 8 Not Provided 27.02.2013
Rabobank International KAREL ZOETE buy 5 M 11 12 month 21.02.2013
Petercam FERNAND DE BOER reduce 2 M 10 Not Provided 19.02.2013
JPMorgan CELINE PANNUTI overweight 5 M 11 9 month 13.02.2013
Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 9 12 month 11.02.2013
Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 10 12 month 29.01.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M 10 Not Provided 25.01.2013
Deutsche Bank JAMES ISENWATER hold 3 D 10 12 month 21.01.2013
Theodoor Gilissen Securities TOM MULLER hold 3 M 9 Not Provided 15.01.2013
Exane BNP Paribas JEFF STENT underperform 1 M 8 Not Provided 07.01.2013
Kempen & Co ERWIN DUT hold 3 M 9 12 month 05.01.2013
HSBC FLORENCE DOHAN overweight 5 M 11 Not Provided 31.10.2012
Spin-Off Research TEAM COVERAGE hold 3 M 9 Not Provided 25.10.2012
Kepler Capital Markets JON COX buy 5 M 10 Not Provided 23.10.2012
Redburn Partners JEREMY FIALKO sell 1 N #N/A N/A Not Provided 10.07.2012
Holdings By:
DE Master Blenders 1753 NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Delhaize Group operates supermarkets, drugstores, discount stores, and
health and beauty shops throughout Belgium and abroad. The stores operate under
the names Food Lion, MegaImage, AB Mega, Delvita, Tom & Company, SuperIndo, Le
Lion, A.D. Delhaize, Superettes Delhaize, Di, Caddy-Home, P.G., Alfa-Beta, Super
Discount Markets, Kash N' Karry, Hannaford, Shop N' Go, and Proxy Delhaize.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.03.2012) 41.76
52-Week Low (13.06.2012) 25.59
Daily Volume
36.5
52-Week High % Change -12.58% Dividend Yield -
52-Week Low % Change 42.63% Beta 0.84
% 52 Week Price Range High/Low 67.72% Equity Float -
Shares Out 20.12.2012 101.9 Short Int -
3'720.13 1 Yr Total Return -5.49%
Total Debt 3'223.00 YTD Return 20.66%
Preferred Stock 0.0 Adjusted BETA 0.836
Minority Interest 14.0 Analyst Recs 32
Cash and Equivalents 525.00 Consensus Rating 3.469
Enterprise Value 6'303.13
Average Volume 5 Day 515'147
DELB BB EQUITY YTD Change - Average Volume 30 Day 636'093
DELB BB EQUITY YTD % CHANGE - Average Volume 3 Month 590'434
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 09/yy 12/12 Y 12/13 Y 03/13 Q1 06/13 Q2
18'957.2 19'024.0 19'938.0 20'850.0 21'119.0 20'722.0 22'628.0 22'759.7 23'112.1 5'632.0 5'762.5
0.45x 0.37x 0.38x 0.36x 0.34x 1.41x 1.10x 0.27x 0.25x - -
1'410.9 1'377.0 1'454.0 1'596.0 1'395.0 1'520.0 1'321.0 1'379.2 1'424.4 343.0 335.0
5.98x 5.11x 5.24x 4.71x 5.08x 4.77x 4.25x 4.56x 4.41x 4.42x 4.38x
410.1 467.0 514.0 574.0 475.0 566.0 365.0 391.3 415.0 88.7 80.8
15.20x 9.29x 10.58x 9.63x 9.22x 7.81x 8.30x 8.77x 8.85x 9.63x 9.43x
EBITDA 1'395.00 Long-Term Rating Date 11.03.2008
EBIT 812.00 Long-Term Rating BBB-
Operating Margin 3.84% Long-Term Outlook STABLE
Pretax Margin 2.99% Short-Term Rating Date 11.03.2008
Return on Assets 3.04% Short-Term Rating A-3
Return on Common Equity 6.87%
Return on Capital - EBITDA/Interest Exp. 6.64
Asset Turnover 1.89% (EBITDA-Capex)/Interest Exp. 3.01
Net Debt/EBITDA 1.95
Gross Margin 25.4% Total Debt/EBITDA 2.32
EBITDA Margin 5.8%
EBIT Margin 3.0% Total Debt/Equity 59.5%
Net Income Margin 2.2% Total Debt/Capital 37.2%
Asset Turnover 1.89
Current Ratio 1.12 Net Fixed Asset Turnover 5.02
Quick Ratio 0.44 Accounts receivable turnover-days 12.70
Debt to Assets 26.33% Inventory Days 33.55
Tot Debt to Common Equity 59.51% Accounts Payable Turnover Day 36.30
Accounts Receivable Turnover 28.83 Cash Conversion Cycle 9.46
Inventory Turnover 10.91
Fiscal Year Ended
Delhaize Group SAPrice/Volume
Valuation Analysis
229'951.00
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
'2
-'-2.'.20'021'12
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
16'000.0
17'000.0
18'000.0
19'000.0
20'000.0
21'000.0
22'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-!''
.!''
0!''
1!''
2!''
3!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CITIBANK NA n/a Co File 10'682'499 10.48 - 15.03.2012 Bank
BLACKROCK n/a ULT-AGG 5'446'596 5.34 853 25.02.2013 Investment Advisor
SILCHESTER INTL INVE n/a Co File 5'126'682 5.03 - 15.03.2012 Investment Advisor
REBELCO SA n/a Co File 4'050'000 3.97 - 15.03.2012 Other
MAVERICK CAPITAL LTD n/a Short (2'221'889) -2.18 (91'729) 25.02.2013 Hedge Fund Manager
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 2'124'185 2.08 156'662 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'831'459 1.8 29'193 31.12.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (1'823'036) -1.79 62'512 02.01.2012 Investment Advisor
PENNANT CAPITAL MANA n/a Short (1'447'285) -1.42 (357'038) 09.01.2013 Hedge Fund Manager
ROBLE SL n/a Short (1'274'019) -1.25 - 06.12.2012 Other
COATUE MANAGEMENT LL n/a Short (1'253'634) -1.23 (122'306) 25.02.2013 Hedge Fund Manager
DELHAIZE GROUP n/a Co File 1'183'948 1.16 - 31.12.2011 Corporation
TIGER CONSUMER MANAG n/a Short (1'069'868) -1.05 (213'974) 04.12.2012 Hedge Fund Manager
SPARINVEST n/a ULT-AGG 964'984 0.95 - 31.01.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 617'483 0.61 9'843 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 520'056 0.51 315 31.12.2012 Investment Advisor
SHEFFIELD ASSET MANA n/a Short (519'800) -0.51 - 02.01.2013 Hedge Fund Manager
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 460'000 0.45 (88'257) 28.09.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 367'321 0.36 10'683 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 316'561 0.31 (7'300) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse XAVIER LE MENE underperform 1 M 26 Not Provided 26.02.2013
AlphaValue VIRGINIE BLIN buy 5 M 59 6 month 21.02.2013
JPMorgan JAIME VAZQUEZ neutral 3 N 38 12 month 18.02.2013
Barclays NICOLAS CHAMP equalweight 3 M 35 Not Provided 14.02.2013
Jefferies JAMES GRZINIC hold 3 M 31 12 month 01.02.2013
Nomura NICK COULTER neutral 3 U 36 Not Provided 01.02.2013
Exane BNP Paribas ANDREW GWYNN neutral 3 M 33 Not Provided 29.01.2013
Morgan Stanley EDOUARD AUBIN Equalwt/In-Line 3 M 36 12 month 28.01.2013
Oddo & Cie LAURENCE HOFMANN neutral 3 M 36 12 month 28.01.2013
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 36 12 month 23.01.2013
ING Bank MARCO GULPERS sell 1 M 29 12 month 21.01.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 36 12 month 21.01.2013
Deutsche Bank JAMES G COLLINS hold 3 M 38 12 month 18.01.2013
Raymond James CEDRIC LECASBLE outperform 5 M 40 Not Provided 18.01.2013
Aurel - BGC JEAN-MARIE L'HOME buy 5 M 39 6 month 18.01.2013
KBC Securities PASCALE WEBER buy 5 M 40 Not Provided 18.01.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 18.01.2013
Natixis ANTOINE PARISON neutral 3 M 36 Not Provided 18.01.2013
HSBC JEROME SAMUEL neutral 3 M 35 Not Provided 17.01.2013
Bank Degroof(ESN) MARC LEEMANS buy 5 M 39 12 month 17.01.2013
Petercam FERNAND DE BOER hold 3 M 37 Not Provided 17.01.2013
National Bank AG STEFFEN MANSKE buy 5 M 40 Not Provided 17.01.2013
Rabobank International PATRICK ROQUAS hold 3 M 31 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Hammer Partners SA STEPHAN SEIP buy 5 M 42 Not Provided 17.01.2013
Kempen & Co ERWIN DUT hold 3 M 32 12 month 05.01.2013
Macquarie SREEDHAR MAHAMKALI neutral 3 M 29 12 month 24.09.2012
Kepler Capital Markets FABIENNE CARON reduce 2 M 31 Not Provided 23.08.2012
Main First Bank AG RICKIN THAKRAR neutral 3 M 30 12 month 22.08.2012
CA Cheuvreux ARNAUD JOLY outperform 5 M 39 Not Provided 10.05.2012
Redburn Partners MARC DE SPEVILLE neutral 3 D #N/A N/A Not Provided 01.07.2011
Holdings By:
Delhaize Group SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Derwent London Plc is a real estate investment trust (REIT) with a focus on the
central London commmercial, residential and office development market.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (08.01.2013) 2'219.00
52-Week Low (06.03.2012) 1'661.00
Daily Volume
2135
52-Week High % Change -3.79% Dividend Yield 1.49
52-Week Low % Change 28.54% Beta 0.95
% 52 Week Price Range High/Low 88.17% Equity Float 80.94
Shares Out 04.12.2012 102.0 Short Int -
2'178.00 1 Yr Total Return 26.16%
Total Debt 868.00 YTD Return 1.38%
Preferred Stock 0.0 Adjusted BETA 0.946
Minority Interest 51.8 Analyst Recs 20
Cash and Equivalents 3.50 Consensus Rating 3.300
Enterprise Value 3'102.00
Average Volume 5 Day 161'374
DLN LN EQUITY YTD Change - Average Volume 30 Day 128'095
DLN LN EQUITY YTD % CHANGE - Average Volume 3 Month 124'169
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 - -
111.7 119.0 123.8 119.4 125.5 - - 120.3 127.6 - -
20.29x 13.71x 16.88x 20.92x 19.94x - - 25.77x 24.86x - -
84.3 77.2 - - - - - 93.3 99.4 - -
26.89x 21.14x - - - - - 33.24x 31.21x - -
97.0 (586.4) (26.8) 343.6 228.3 - - 50.8 55.3 - -
14.06x - - 4.60x 6.93x - - 42.19x 39.68x - -
EBITDA - Long-Term Rating Date 21.02.2007
EBIT 95.00 Long-Term Rating BBB
Operating Margin 75.70% Long-Term Outlook STABLE
Pretax Margin 185.66% Short-Term Rating Date 21.02.2007
Return on Assets 5.84% Short-Term Rating A-2
Return on Common Equity 9.54%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 92.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 75.4% Total Debt/Equity 52.2%
Net Income Margin 181.9% Total Debt/Capital 33.6%
Asset Turnover 0.05
Current Ratio 1.75 Net Fixed Asset Turnover 0.05
Quick Ratio 0.12 Accounts receivable turnover-days 18.26
Debt to Assets 31.97% Inventory Days -
Tot Debt to Common Equity 52.20% Accounts Payable Turnover Day 206.87
Accounts Receivable Turnover 20.05 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
Derwent London PLCPrice/Volume
Valuation Analysis
48'401.00
Current Price (2/dd/yy) Market Data
'
2''
-'''
-2''
.'''
.2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
2'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WITHERS TRUST CORP n/a Co File 6'217'444 6.09 - 01.03.2012 n/a
DIRECTOR & RELATED H Multiple Portfolios REG 5'704'323 5.59 - 01.02.2013 Other
LORD RAYNE'S WILL TR n/a Co File 5'548'731 5.44 - 01.03.2012 n/a
COHEN & STEERS CAPIT Multiple Portfolios REG 5'240'658 5.14 (46'870) 01.02.2013 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 5'132'584 5.03 - 01.03.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'035'211 4.94 - 25.02.2013 Investment Advisor
RAYNE ROBERT ANTHONY n/a RNS-DIR 4'409'295 4.32 - 13.06.2012 n/a
STANDARD LIFE INVEST n/a Co File 4'284'390 4.2 - 01.03.2012 Investment Advisor
EUROPEAN INVESTORS I Multiple Portfolios REG 3'691'844 3.62 - 01.02.2013 Investment Advisor
RAYNE LADY n/a Co File 3'593'838 3.52 - 01.03.2012 n/a
LEGAL & GENERAL n/a ULT-AGG 3'588'525 3.52 (55'838) 01.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 3'356'330 3.29 42'883 01.02.2013 Unclassified
APG ALGEMENE PENSIOE Multiple Portfolios REG 2'716'391 2.66 - 01.02.2013 Pension Fund (ERISA)
THE RAYNE FAMILY Multiple Portfolios REG 2'512'372 2.46 - 01.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 2'435'857 2.39 - 01.02.2013 Government
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'343'773 2.3 (43'550) 31.10.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'258'260 2.21 (92'800) 01.02.2013 Investment Advisor
AEGON n/a ULT-AGG 2'215'302 2.17 (40'438) 01.02.2013 Unclassified
ING INV MANAGEMENT E Multiple Portfolios REG 1'845'598 1.81 (16'500) 01.02.2013 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 1'520'391 1.49 (20'333) 01.02.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd CHRISTOPHER SPEARING add 4 M 2'110 Not Provided 27.02.2013
Jefferies ROBERT DUNCAN hold 3 M 1'961 12 month 25.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 12.02.2013
Exane BNP Paribas NICK WEBB neutral 3 M 2'120 Not Provided 01.02.2013
Peel Hunt KEITH CRAWFORD hold 3 M 2'200 Not Provided 29.01.2013
Investec ALAN CARTER add 4 U 2'275 12 month 21.01.2013
Kempen & Co RYAN PALECEK neutral 3 U 2'250 12 month 14.01.2013
JPMorgan TIM LECKIE neutral 3 D 2'350 9 month 09.01.2013
Panmure Gordon & Co Limited MARK HUGHES hold 3 M 1'858 Not Provided 04.01.2013
Societe Generale MARC MOZZI sell 1 M 2'010 12 month 24.12.2012
Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 2'009 Not Provided 18.12.2012
Oriel Securities Ltd MIRANDA COCKBURN hold 3 M #N/A N/A Not Provided 15.11.2012
Deutsche Bank MARTIN ALLEN buy 5 M 2'690 12 month 13.11.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 2'000 12 month 04.10.2012
Credit Suisse STEVE BRAMLEY-JACKSON neutral 3 M 1'991 Not Provided 26.09.2012
Barclays JULIAN CAMPBELL-WOOD overweight 5 M 2'380 Not Provided 13.09.2012
Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 2'050 12 month 29.08.2012
JPMorgan HARM M MEIJER neutral 3 M 2'000 9 month 22.08.2012
Liberum Capital Ltd CONOR FINN hold 3 M 1'827 Not Provided 18.04.2012
Edge Capital Research GEORGE ANGELOV outperform 5 N 2'034 12 month 07.04.2011
Holdings By:
Derwent London PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Deutsche Lufthansa AG provides passenger and cargo air transportation services
worldwide. The Company offers flight and connection programs in cooperation
with Star Alliance airline partners from North America, Scandinavia, and Asia.
Lufthansa also provides travel agency, catering, and aircraft maintenance
services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (19.02.2013) 16.09
52-Week Low (12.06.2012) 7.88
Daily Volume
14.895
52-Week High % Change -7.52% Dividend Yield -
52-Week Low % Change 88.93% Beta 1.04
% 52 Week Price Range High/Low 85.44% Equity Float 445.71
Shares Out 30.11.2012 459.9 Short Int -
6'850.91 1 Yr Total Return 50.52%
Total Debt 6'552.00 YTD Return 4.60%
Preferred Stock 0.0 Adjusted BETA 1.041
Minority Interest 95.0 Analyst Recs 40
Cash and Equivalents 3'998.00 Consensus Rating 3.950
Enterprise Value 9'127.91
Average Volume 5 Day 5'209'430
LHA GY EQUITY YTD Change - Average Volume 30 Day 3'349'776
LHA GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'034'072
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
22'420.0 24'842.0 22'283.0 26'459.0 28'734.0 27'776.0 29'417.0 30'092.0 31'043.9 7'354.8 -
0.36x 0.22x 0.36x 0.36x 0.24x 1.19x 0.95x 0.32x 0.31x - -
2'776.0 2'810.0 1'696.0 2'928.0 2'817.0 2'992.0 2'954.0 2'411.9 2'893.4 - -
2.95x 1.97x 4.68x 3.25x 2.43x 2.14x 2.42x 3.78x 3.16x - -
1'655.0 542.0 (34.0) 1'131.0 (13.0) 895.0 173.0 237.4 528.0 (6.3) -
7.25x 9.48x - 5.84x 15.57x 3.78x 11.53x 28.63x 13.05x - -
EBITDA 2'817.00 Long-Term Rating Date 27.08.2009
EBIT 1'037.00 Long-Term Rating BBB-
Operating Margin 3.61% Long-Term Outlook STABLE
Pretax Margin 1.55% Short-Term Rating Date 05.12.2008
Return on Assets 0.60% Short-Term Rating A-3
Return on Common Equity 2.12%
Return on Capital 3.84% EBITDA/Interest Exp. 5.89
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 0.78
Net Debt/EBITDA 0.75
Gross Margin - Total Debt/EBITDA 2.41
EBITDA Margin 10.0%
EBIT Margin 3.5% Total Debt/Equity 82.4%
Net Income Margin 0.0% Total Debt/Capital 44.9%
Asset Turnover 1.01
Current Ratio 0.97 Net Fixed Asset Turnover 1.98
Quick Ratio 0.70 Accounts receivable turnover-days -
Debt to Assets 23.33% Inventory Days -
Tot Debt to Common Equity 82.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Deutsche Lufthansa AGPrice/Volume
Valuation Analysis
1'756'727.00
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
'.135
-'-.-1-3-5
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 37'868'555 8.23 (345'245) 25.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 26'130'574 5.68 218'830 31.12.2012 Investment Advisor
GLEISS LUTZ HOOTZ HI n/a Research 14'234'585 3.09 - 01.11.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 14'206'663 3.09 - 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL n/a Research 13'782'984 3 - 14.08.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 11'747'282 2.55 246'736 28.12.2012 Mutual Fund Manager
MORGAN STANLEY n/a ULT-AGG 6'665'278 1.45 - 15.05.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'408'352 0.96 133'332 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'372'326 0.52 493'168 31.12.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'948'900 0.42 (949'900) 28.09.2012 Mutual Fund Manager
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'534'116 0.33 (5'091'480) 30.11.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'526'150 0.33 - 28.12.2012 Mutual Fund Manager
PRUDENTIAL FINANCIAL n/a ULT-AGG 1'336'639 0.29 43'333 31.12.2012 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 1'323'657 0.29 144'952 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'254'019 0.27 (160'664) 26.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'162'260 0.25 (480'587) 28.09.2012 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 898'420 0.2 10'640 31.12.2012 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 839'000 0.18 50'000 31.10.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 797'631 0.17 - 31.10.2012 Unclassified
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 760'000 0.17 (520'500) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cantor Fitzgerald ROBIN BYDE buy 5 M 14 Not Provided 26.02.2013
Bankhaus Lampe SEBASTIAN HEIN hold 3 M 15 Not Provided 21.02.2013
DZ Bank AG ROBERT CZERWENSKY buy 5 M 18 12 month 21.02.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 11 6 month 21.02.2013
Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 18 6 month 20.02.2013
Nord/LB FRANK SCHWOPE buy 5 M 18 12 month 20.02.2013
RBC Capital Markets DAMIAN BREWER sector perform 3 M 16 12 month 20.02.2013
HSBC ANDREW DAVID LOBBENBERG overweight 5 M 20 Not Provided 20.02.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 13 12 month 20.02.2013
Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 18 12 month 20.02.2013
National Bank AG MANFRED JAISFELD hold 3 M 15 Not Provided 20.02.2013
Oddo & Cie YAN DEROCLES neutral 3 M 17 Not Provided 20.02.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 16 12 month 20.02.2013
Nomura ANDREW EVANS buy 5 M 19 12 month 20.02.2013
Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER reduce 2 M 10 12 month 20.02.2013
Deutsche Bank MICHAEL KUHN buy 5 U 19 12 month 18.02.2013
Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 16 12 month 12.02.2013
Goldman Sachs OLIVER NEAL neutral/neutral 3 M 15 12 month 25.01.2013
Credit Suisse NEIL GLYNN outperform 5 M 18 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
CA Cheuvreux BEAT KEISER outperform 5 M 14 Not Provided 14.01.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 15 Not Provided 11.01.2013
Natixis SARAH EMSELLEM buy 5 M 16 Not Provided 11.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013
Macquarie SAM DOBSON outperform 5 U 17 12 month 17.12.2012
Main First Bank AG LOIC SABATIER outperform 5 M 15 12 month 03.12.2012
Espirito Santo Investment Bank ResearchGERALD KHOO buy 5 U 19 Not Provided 26.11.2012
Barclays DAVID E FINTZEN equalweight 3 M 12 Not Provided 22.11.2012
Davy STEPHEN FURLONG neutral 3 M #N/A N/A Not Provided 19.11.2012
Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 07.11.2012
JPMorgan DAVID PITURA overweight 5 M 14 9 month 01.11.2012
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 13 12 month 01.11.2012
Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 01.11.2012
Silvia Quandt Research STEFAN KICK buy 5 M 12 12 month 31.10.2012
Liberum Capital Ltd PETER HYDE buy 5 M 15 Not Provided 31.10.2012
Raymond James JULIEN RICHER outperform 5 M 13 Not Provided 12.03.2012
Kepler Capital Markets RUXANDRA HARADAU-DOESER reduce 2 M 8 Not Provided 07.03.2012
Societe Generale JONATHAN WOBER hold 3 M 9 12 month 17.02.2012
Investec ANDREW FITCHIE hold 3 N 17 12 month 22.11.2010
Equita SIM SpA FABIO FAZZARI not rated #N/A N/A M #N/A N/A Not Provided 15.09.2010
Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 04.01.2010
Holdings By:
Deutsche Lufthansa AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Distribuidora Internacional de Alimentacion SA was founded in 1966. The Company
distributes canned, dry, and food products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.02.2013) 6.15
52-Week Low (23.04.2012) 3.32
Daily Volume
5.837
52-Week High % Change -4.96% Dividend Yield -
52-Week Low % Change 76.08% Beta -
% 52 Week Price Range High/Low 91.29% Equity Float 658.94
Shares Out 31.12.2012 679.3 Short Int -
3'965.28 1 Yr Total Return 70.33%
Total Debt 1'134.42 YTD Return 21.35%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest (4.4) Analyst Recs 30
Cash and Equivalents 381.07 Consensus Rating 3.867
Enterprise Value 4'714.20
Average Volume 5 Day 4'735'591
DIA SQ EQUITY YTD Change - Average Volume 30 Day 3'591'870
DIA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 3'760'140
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
9'239.8 9'226.6 9'588.0 9'728.5 10'124.3 4'942.7 10'124.3 10'854.3 11'609.4 - -
- - - 0.32x 0.39x 1.18x 1.37x 0.41x 0.37x - -
382.3 446.7 470.7 507.5 586.9 330.5 604.6 650.6 700.9 - -
- - - 6.05x 6.68x 0.00x 6.48x 7.25x 6.73x - -
82.1 124.0 122.1 98.5 157.9 91.7 158.0 211.8 249.6 - -
- - - 22.92x 19.27x 0.00x 19.28x 18.21x 15.46x - -
EBITDA 586.94 Long-Term Rating Date -
EBIT 307.82 Long-Term Rating -
Operating Margin 3.04% Long-Term Outlook -
Pretax Margin 2.53% Short-Term Rating Date -
Return on Assets 4.70% Short-Term Rating -
Return on Common Equity 125.87%
Return on Capital - EBITDA/Interest Exp. 15.78
Asset Turnover 3.02% (EBITDA-Capex)/Interest Exp. 7.14
Net Debt/EBITDA -
Gross Margin 20.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 3.0% Total Debt/Equity 745.8%
Net Income Margin 1.6% Total Debt/Capital 88.5%
Asset Turnover 3.02
Current Ratio 0.48 Net Fixed Asset Turnover 6.24
Quick Ratio 0.23 Accounts receivable turnover-days 6.70
Debt to Assets 33.32% Inventory Days 23.69
Tot Debt to Common Equity 745.84% Accounts Payable Turnover Day 79.86
Accounts Receivable Turnover 54.61 Cash Conversion Cycle -49.47
Inventory Turnover 15.45
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
Distribuidora Internacional de Alimentacion SAPrice/Volume
Valuation Analysis
3'160'801.00
Current Price (2/dd/yy) Market Data
'
-
.
0
1
2
3
4
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLUE CAPITAL SARL n/a Co File 64'047'813 9.43 - 31.12.2012 Other
AMUNDI n/a EXCH 20'699'676 3.05 (95'019) 20.04.2012 Investment Advisor
BAILLIE GIFFORD AND n/a Co File 20'402'234 3 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'393'467 3 - 25.02.2013 Investment Advisor
DISTRIBUIDORA INTL D n/a Co File 20'178'722 2.97 - 31.12.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'272'643 2.84 8'062'284 31.12.2012 Investment Advisor
SOCIETE GENERALE n/a Co File 13'586'720 2 - 31.12.2012 Bank
SKAGEN AS Multiple Portfolios MF-AGG 12'266'933 1.81 - 31.01.2013 Mutual Fund Manager
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 8'371'976 1.23 (327'864) 29.06.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 7'915'204 1.17 154'797 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'727'560 0.99 (125'343) 28.09.2012 Mutual Fund Manager
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 5'210'625 0.77 (313'102) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'437'426 0.65 (266'531) 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 3'800'956 0.56 3'663'020 26.02.2013 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 3'388'465 0.5 - 29.06.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'032'022 0.45 (452'226) 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 2'880'930 0.42 (143'404) 30.11.2012 Mutual Fund Manager
AGICAM Multiple Portfolios MF-AGG 2'636'482 0.39 (380'000) 30.04.2012 Mutual Fund Manager
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 2'219'470 0.33 (1'823'515) 28.09.2012 Investment Advisor
FEDERAL GESTION Multiple Portfolios MF-AGG 2'176'000 0.32 - 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 7 12 month 27.02.2013
CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS underperform 1 M 6 Not Provided 27.02.2013
Raymond James CEDRIC LECASBLE market perform 3 D #N/A N/A Not Provided 26.02.2013
Grupo Santander TIM ATTENBOROUGH buy 5 M 7 Not Provided 25.02.2013
BPI JOSE RITO neutral 3 D 6 Not Provided 25.02.2013
La Caixa ANTONIO JOSE CASTELL NEYRA overweight 5 D 7 Not Provided 22.02.2013
Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 D 6 12 month 22.02.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 6 Not Provided 22.02.2013
Natixis PIERRE-EDOUARD BOUDOT neutral 3 M 6 Not Provided 22.02.2013
Nomura NICK COULTER neutral 3 M 5 12 month 22.02.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 U 7 6 month 22.02.2013
Exane BNP Paribas JOHN KERSHAW outperform 5 M 6 Not Provided 22.02.2013
Hammer Partners SA STEPHAN SEIP hold 3 D 6 Not Provided 22.02.2013
Credit Suisse XAVIER LE MENE underperform 1 M 3 Not Provided 21.02.2013
JPMorgan JAIME VAZQUEZ overweight 5 M 6 12 month 21.02.2013
Jefferies JAMES GRZINIC hold 3 M 5 12 month 21.02.2013
Banco Sabadell MARTA DIAZ buy 5 M 7 12 month 21.02.2013
Oddo & Cie LAURENCE HOFMANN buy 5 M 6 Not Provided 21.02.2013
Ahorro Corporacion Financiera SA ARANCHA PINEIRO buy 5 M 5 Not Provided 21.02.2013
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO overweight 5 M 6 12 month 21.02.2013
Barclays JAMES ANSTEAD overweight 5 M 6 Not Provided 21.02.2013
Kepler Capital Markets FABIENNE CARON buy 5 M 6 Not Provided 08.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Interdin Bolsa SOFIA REBUELTA VILLEGAS buy 5 M 5 Not Provided 27.12.2012
HSBC JEROME SAMUEL neutral 3 M 5 Not Provided 05.12.2012
Link Securities PAULA SAMPEDRO buy 5 M 6 Not Provided 26.11.2012
Macquarie SREEDHAR MAHAMKALI outperform 5 M 5 12 month 21.09.2012
BBVA ISABEL CARBALLO outperform 5 M 4 Not Provided 10.07.2012
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ overweight 5 M 4 12 month 29.02.2012
Holdings By:
Distribuidora Internacional de Alimentacion SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Drax Group PLC generates electricity. The Company owns a coal-fired generating
plant in the United Kingdom.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 660.50
52-Week Low (25.07.2012) 390.00
Daily Volume
614
52-Week High % Change -7.04% Dividend Yield 4.12
52-Week Low % Change 57.44% Beta 0.60
% 52 Week Price Range High/Low 84.84% Equity Float 293.36
Shares Out 01.02.2013 401.6 Short Int -
2'465.76 1 Yr Total Return 26.06%
Total Debt 90.70 YTD Return 12.76%
Preferred Stock 0.0 Adjusted BETA 0.597
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 401.70 Consensus Rating 3.300
Enterprise Value 2'154.76
Average Volume 5 Day 859'366
DRX LN EQUITY YTD Change - Average Volume 30 Day 652'030
DRX LN EQUITY YTD % CHANGE - Average Volume 3 Month 551'856
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 - -
1'752.8 1'475.8 1'648.4 1'835.9 1'779.8 - - 1'842.6 2'102.6 - -
1.22x 1.06x 0.69x 0.96x 1.05x - - 1.31x 1.21x - -
454.0 354.9 390.6 333.6 298.4 - - 206.9 235.4 - -
4.71x 4.42x 2.92x 5.29x 6.29x - - 10.41x 9.15x - -
332.9 110.9 188.4 464.6 163.8 - - 99.0 107.8 - -
5.72x 13.19x 7.13x 4.28x 12.36x - - 23.98x 21.70x - -
EBITDA 298.40 Long-Term Rating Date -
EBIT 239.90 Long-Term Rating -
Operating Margin 13.48% Long-Term Outlook -
Pretax Margin 10.69% Short-Term Rating Date -
Return on Assets 7.68% Short-Term Rating -
Return on Common Equity 11.78%
Return on Capital 12.29% EBITDA/Interest Exp. 19.50
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 6.04
Net Debt/EBITDA -1.04
Gross Margin 39.8% Total Debt/EBITDA 0.30
EBITDA Margin 16.8%
EBIT Margin 13.5% Total Debt/Equity 6.1%
Net Income Margin 9.2% Total Debt/Capital 5.8%
Asset Turnover 0.83
Current Ratio 2.15 Net Fixed Asset Turnover 1.39
Quick Ratio 1.03 Accounts receivable turnover-days -
Debt to Assets 4.02% Inventory Days 50.45
Tot Debt to Common Equity 6.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 74.31
Inventory Turnover 7.26
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
Drax Group PLCPrice/Volume
Valuation Analysis
612'663.00
Current Price (2/dd/yy) Market Data
'
-''
.''
0''
1''
2''
3''
4''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD Multiple Portfolios REG 118'185'376 29.43 10'656'491 01.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 38'101'428 9.49 8'669'223 01.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 32'956'211 8.21 - 31.03.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 20'634'377 5.14 2'960'983 01.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 19'091'696 4.75 - 25.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'358'053 4.57 3'279'722 31.12.2012 Investment Advisor
KAMES CAPITAL PLC n/a RNS-MAJ 11'970'105 2.98 - 04.02.2013 Investment Advisor
ORBIS INVESTMENT MAN Multiple Portfolios REG 11'251'131 2.8 (1'315'962) 01.12.2012 Investment Advisor
AEGON n/a ULT-AGG 11'174'307 2.78 - 01.12.2012 Unclassified
ACADIAN ASSET MANAGE Multiple Portfolios REG 11'118'541 2.77 (1'683'295) 01.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'901'927 2.71 1'726'762 01.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 9'883'119 2.46 111'163 01.12.2012 Bank
NORGES BANK INVESTME Multiple Portfolios REG 8'950'334 2.23 590'055 01.12.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 8'175'231 2.04 1'531'365 01.12.2012 Unclassified
SARASIN n/a ULT-AGG 8'078'066 2.01 1'125'683 28.12.2012 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios REG 7'960'167 1.98 7'762'511 01.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios REG 6'746'364 1.68 5'163'999 01.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 6'539'930 1.63 6'539'930 31.12.2012 Investment Advisor
LIONTRUST n/a ULT-AGG 5'889'180 1.47 (57'188) 31.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'644'955 1.16 304'092 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK outperform 5 M 770 12 month 26.02.2013
S&P Capital IQ CLIVE ROBERTS sell 1 M 531 12 month 26.02.2013
AlphaValue MYRIAM COHEN sell 1 M 574 6 month 22.02.2013
Societe Generale ASHLEY THOMAS sell 1 D 600 12 month 21.02.2013
Goldman Sachs ANDREW MEAD sell/attractive 1 D 669 12 month 21.02.2013
Barclays PETER BISZTYGA overweight 5 M 750 Not Provided 20.02.2013
Exane BNP Paribas IAIN TURNER outperform 5 M 630 Not Provided 19.02.2013
Credit Suisse MARK FRESHNEY neutral 3 M 570 Not Provided 25.01.2013
Liberum Capital Ltd GUILLAUME REDGWELL buy 5 M 675 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank JAMES BRAND buy 5 M 630 12 month 07.01.2013
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 625 12 month 25.10.2012
HSBC VERITY MITCHELL neutral 3 M 540 Not Provided 25.10.2012
Nomura JONATHAN CONSTABLE neutral 3 M 470 12 month 25.10.2012
Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 16.10.2012
JPMorgan EDMUND REID underweight 1 M 405 Not Provided 26.07.2012
Holdings By:
Drax Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
DS Smith Plc is an International paper company focused on packaging and office
products. The Group collects waste paper, manufactures paper, converts
corrugated packaging and produces bag-in-box, plastic corrugated and heavy duty
corrugated packaging, as well as wholesales office supplies.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 245.80
52-Week Low (14.06.2012) 131.70
Daily Volume
237.8
52-Week High % Change -3.25% Dividend Yield 2.35
52-Week Low % Change 80.56% Beta 1.28
% 52 Week Price Range High/Low 91.59% Equity Float 925.92
Shares Out 30.01.2013 927.1 Short Int -
2'204.63 1 Yr Total Return 42.04%
Total Debt 240.80 YTD Return 16.23%
Preferred Stock 0.0 Adjusted BETA 1.276
Minority Interest (2.0) Analyst Recs 11
Cash and Equivalents 664.60 Consensus Rating 4.455
Enterprise Value 3'039.83
Average Volume 5 Day 2'048'280
SMDS LN EQUITY YTD Change - Average Volume 30 Day 2'224'545
SMDS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'202'995
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 - -
1'967.5 2'106.6 2'070.6 1'759.3 1'969.4 - - 3'663.6 4'181.0 - -
0.29x 0.28x 0.36x 0.72x 0.57x - - 0.83x 0.70x - -
180.5 162.7 163.6 188.7 197.8 - - 391.0 460.6 - -
3.13x 3.61x 4.51x 6.71x 5.71x - - 7.77x 6.60x - -
76.6 (11.8) 37.9 70.1 75.3 - - 137.6 192.7 - -
6.67x - 13.95x 25.22x 139.83x - - 14.59x 11.32x - -
EBITDA 197.80 Long-Term Rating Date -
EBIT 133.90 Long-Term Rating -
Operating Margin 6.80% Long-Term Outlook -
Pretax Margin 1.10% Short-Term Rating Date -
Return on Assets 3.09% Short-Term Rating -
Return on Common Equity 10.13%
Return on Capital 6.87% EBITDA/Interest Exp. 9.65
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 5.05
Net Debt/EBITDA 3.43
Gross Margin 23.6% Total Debt/EBITDA 3.84
EBITDA Margin 9.4%
EBIT Margin 6.3% Total Debt/Equity 22.7%
Net Income Margin 3.8% Total Debt/Capital 18.5%
Asset Turnover 0.95
Current Ratio 1.79 Net Fixed Asset Turnover 2.63
Quick Ratio 1.51 Accounts receivable turnover-days -
Debt to Assets 11.57% Inventory Days 40.60
Tot Debt to Common Equity 22.73% Accounts Payable Turnover Day 116.68
Accounts Receivable Turnover - Cash Conversion Cycle 27.68
Inventory Turnover 9.01
Fiscal Year Ended
DS Smith PLCPrice/Volume
Valuation Analysis
532'969.00
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
'
2'
-''
-2'
.''
.2'
0''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STANDARD LIFE INVEST Multiple Portfolios REG 131'546'122 14.19 1'035'055 01.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 108'755'291 11.73 (14'966'466) 01.12.2012 Unclassified
LLOYDS BANKING GROUP n/a ULT-AGG 65'437'356 7.06 (9'987'439) 31.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 48'817'339 5.27 914'411 31.01.2013 Unclassified
SCHRODERS PLC n/a Co File 45'445'598 4.9 - 22.06.2012 Investment Advisor
SPARINVEST n/a ULT-AGG 42'865'997 4.62 9'819'387 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a Co File 38'453'324 4.15 - 22.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 35'627'684 3.84 (202'245) 25.02.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 34'313'975 3.7 (195'989) 31.12.2012 Unclassified
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 30'563'424 3.3 116'836 31.10.2012 Investment Advisor
IGNIS INVESTMENT SER n/a RNS-MAJ 27'467'220 2.96 14'194'764 09.05.2012 Investment Advisor
CO-OPERATIVE INSURAN Multiple Portfolios REG 25'625'786 2.76 1'150'000 01.12.2012 Insurance Company
ROYAL LONDON ASSET M Multiple Portfolios REG 23'091'919 2.49 (1'270'324) 01.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios REG 21'105'866 2.28 6'256'571 01.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'805'376 2.24 1'143'529 31.10.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 19'982'566 2.16 (4'979'033) 31.10.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios REG 18'084'753 1.95 (973'658) 01.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 17'180'000 1.85 (175'000) 01.12.2012 Investment Advisor
BT PENSION SCHEME n/a RNS-MAJ 16'633'799 1.79 (119'736) 22.02.2012 Pension Fund (ERISA)
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 15'490'111 1.67 (250'000) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec THOMAS RANDS buy 5 M 310 12 month 25.02.2013
Oriel Securities Ltd HECTOR FORSYTHE buy 5 M 270 Not Provided 06.02.2013
Numis Securities Ltd MIKE MURPHY buy 5 M 258 Not Provided 31.01.2013
Goodbody Stockbrokers Ltd DAVID O'BRIEN buy 5 M 250 12 month 30.01.2013
Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 280 6 month 22.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
JPMorgan ALEXANDER MEES overweight 5 M 256 9 month 06.12.2012
Davy BARRY DIXON underperform 1 M #N/A N/A Not Provided 20.09.2012
Northland Capital Partners Ltd ANDY HANSON not rated #N/A N/A M #N/A N/A Not Provided 27.10.2010
Holdings By:
DS Smith PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
DSV A/S is the parent company for a group of companies that offer transport
and logistics. The Group provides truck, ship, and plane transport services,
as well as warehousing and logistic services. DSV operates in Europe, North
America, and the Far East.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.01.2013) 149.00
52-Week Low (14.06.2012) 107.50
Daily Volume
140.6
52-Week High % Change -5.64% Dividend Yield -
52-Week Low % Change 30.79% Beta 0.86
% 52 Week Price Range High/Low 79.04% Equity Float -
Shares Out 26.02.2013 188.0 Short Int -
26'432.80 1 Yr Total Return 13.10%
Total Debt 7'113.00 YTD Return -3.50%
Preferred Stock 0.0 Adjusted BETA 0.862
Minority Interest 37.0 Analyst Recs 27
Cash and Equivalents 552.00 Consensus Rating 4.074
Enterprise Value 33'030.80
Average Volume 5 Day 830'424
DSV DC EQUITY YTD Change - Average Volume 30 Day 629'470
DSV DC EQUITY YTD % CHANGE - Average Volume 3 Month 542'305
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
37'435.0 36'085.0 42'562.0 43'710.0 44'912.0 43'710.0 44'912.0 46'574.6 48'719.7 11'246.0 11'786.6
0.53x 0.74x 0.74x 0.59x 0.72x 2.66x 2.68x 0.69x 0.64x - -
2'338.0 2'239.0 2'725.0 2'981.0 3'074.0 2'981.0 3'077.0 3'235.3 3'435.2 730.3 853.3
8.52x 11.85x 11.51x 8.63x 10.59x 8.63x 10.58x 10.21x 9.61x 10.15x -
1'227.0 185.0 1'184.0 1'440.0 1'427.0 1'440.0 1'427.0 1'763.2 1'905.0 370.7 490.3
8.48x 101.47x 21.70x 14.04x 18.65x 14.37x 18.74x 14.10x 12.51x 14.02x -
EBITDA 3'074.00 Long-Term Rating Date -
EBIT 2'540.00 Long-Term Rating -
Operating Margin 5.66% Long-Term Outlook -
Pretax Margin 4.50% Short-Term Rating Date -
Return on Assets 6.27% Short-Term Rating -
Return on Common Equity 26.86%
Return on Capital - EBITDA/Interest Exp. 10.60
Asset Turnover 1.97% (EBITDA-Capex)/Interest Exp. 9.06
Net Debt/EBITDA 2.13
Gross Margin 22.4% Total Debt/EBITDA 2.31
EBITDA Margin 6.9%
EBIT Margin 5.7% Total Debt/Equity 133.0%
Net Income Margin 3.2% Total Debt/Capital 56.9%
Asset Turnover 1.97
Current Ratio 0.99 Net Fixed Asset Turnover 10.25
Quick Ratio 0.84 Accounts receivable turnover-days 58.47
Debt to Assets 31.21% Inventory Days -
Tot Debt to Common Equity 133.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.26 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
DSV A/SPrice/Volume
Valuation Analysis
213'527.00
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
'
.'
1'
3'
5'
-''
-.'
-1'
-3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LONE PINE CAPITAL LL n/a Co File 10'260'000 5.46 - 31.12.2011 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'698'784 2.5 76'671 31.12.2012 Investment Advisor
DSV A/S n/a Co File 4'355'760 2.32 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'630'871 1.93 56'947 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'919'238 1.55 (286'042) 31.01.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'792'593 0.95 (46'350) 31.12.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'741'671 0.93 250'162 29.06.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 1'263'812 0.67 1'263'812 30.11.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'200'071 0.64 64'319 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'153'335 0.61 3'037 25.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 619'313 0.33 - 31.10.2012 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 597'532 0.32 - 31.12.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 587'526 0.31 - 30.11.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 540'839 0.29 76'907 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 400'120 0.21 - 31.01.2013 Investment Advisor
SEB n/a ULT-AGG 352'722 0.19 (7'531) 31.12.2012 Unclassified
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 334'064 0.18 12'976 31.01.2013 Investment Advisor
PEDERSEN ERIK B n/a Co File 300'000 0.16 - 31.12.2011 n/a
PRUDENTIAL FINANCIAL n/a ULT-AGG 298'359 0.16 3'760 31.12.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 250'686 0.13 - 31.12.2010 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 181 12 month 25.02.2013
Berenberg Bank WILLIAM FOGGON buy 5 M 162 Not Provided 22.02.2013
RBC Capital Markets DAMIAN BREWER outperform 5 M 160 12 month 21.02.2013
Credit Suisse NEIL GLYNN neutral 3 M 137 Not Provided 21.02.2013
HSBC JULIA WINARSO overweight 5 M 165 Not Provided 21.02.2013
Macquarie ROBERT JOYNSON neutral 3 M 141 12 month 21.02.2013
SEB Enskilda MIKKEL M NIELSEN hold 3 M 149 Not Provided 21.02.2013
Nordea Equity Research FINN BJARKE PETERSEN buy 5 M 160 12 month 21.02.2013
Handelsbanken DAN TOGO JENSEN accumulate 4 M 160 12 month 21.02.2013
Danske Markets ERIK BERGOO buy 5 M 155 12 month 21.02.2013
Alm Brand Markets JESPER CHRISTENSEN sell 1 M 140 Not Provided 20.02.2013
ABG Sundal Collier LARS HEINDORFF buy 5 M 175 6 month 20.02.2013
Cantor Fitzgerald ROBIN BYDE buy 5 M 160 Not Provided 20.02.2013
Nomura MARK MCVICAR buy 5 M 195 12 month 19.02.2013
Carnegie LARS TOPHOLM buy 5 M #N/A N/A Not Provided 30.01.2013
Goldman Sachs OLIVER NEAL neutral/neutral 3 M 160 12 month 25.01.2013
Davy STEPHEN FURLONG neutral 3 D #N/A N/A Not Provided 25.01.2013
Jyske Bank FRANS HOYER buy 5 M 175 Not Provided 16.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Barclays DAVID E FINTZEN overweight 5 M 160 Not Provided 09.01.2013
Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 158 12 month 20.12.2012
CA Cheuvreux BEAT KEISER underperform 1 M 131 Not Provided 06.12.2012
NYKREDIT RICKY S RASMUSSEN outperform 5 M #N/A N/A Not Provided 26.10.2012
Main First Bank AG TOBIAS SITTIG outperform 5 M 150 12 month 23.10.2012
Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 150 12 month 10.09.2012
Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 29.04.2011
Holdings By:
DSV A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Edenred offers prepaid vouchers for products and services. The Company's
vouchers for restaurant meals, childcare, and other products and services are
used to reward employees and loyal customers.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (26.02.2013) 26.70
52-Week Low (06.03.2012) 19.26
Daily Volume
26.495
52-Week High % Change -0.77% Dividend Yield -
52-Week Low % Change 37.60% Beta 0.82
% 52 Week Price Range High/Low 97.11% Equity Float 191.13
Shares Out 30.06.2012 225.9 Short Int -
5'985.15 1 Yr Total Return 36.77%
Total Debt 1'346.00 YTD Return 13.71%
Preferred Stock 0.0 Adjusted BETA 0.821
Minority Interest 24.0 Analyst Recs 25
Cash and Equivalents 1'434.00 Consensus Rating 3.680
Enterprise Value 5'921.15
Average Volume 5 Day 319'177
EDEN FP EQUITY YTD Change - Average Volume 30 Day 297'205
EDEN FP EQUITY YTD % CHANGE - Average Volume 3 Month 282'199
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 01/yy 01/yy 12/13 Y 12/14 Y - -
946.0 902.0 965.0 1'032.0 1'067.0 - - 1'153.8 1'258.1 - -
- - 4.20x 4.09x 4.87x - - 5.05x 4.49x - -
405.0 366.0 362.0 386.0 401.0 - - 437.4 494.7 - -
- - 11.18x 10.92x 12.95x - - 13.58x 12.00x - -
212.0 11.0 97.0 194.0 183.0 - - 232.3 269.9 - -
- - 41.20x 22.12x 28.77x - - 25.95x 22.32x - -
EBITDA 401.00 Long-Term Rating Date 09.06.2010
EBIT 367.00 Long-Term Rating BBB+
Operating Margin 34.40% Long-Term Outlook STABLE
Pretax Margin 28.68% Short-Term Rating Date 09.06.2010
Return on Assets 4.26% Short-Term Rating A-2
Return on Common Equity -
Return on Capital 54.62% EBITDA/Interest Exp. 9.33
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 6.63
Net Debt/EBITDA -0.22
Gross Margin - Total Debt/EBITDA 3.36
EBITDA Margin 37.6%
EBIT Margin 34.4% Total Debt/Equity -
Net Income Margin 17.2% Total Debt/Capital 430.0%
Asset Turnover 0.25
Current Ratio 0.91 Net Fixed Asset Turnover 15.03
Quick Ratio 0.64 Accounts receivable turnover-days 357.08
Debt to Assets 30.84% Inventory Days -
Tot Debt to Common Equity - Accounts Payable Turnover Day -
Accounts Receivable Turnover 1.02 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
EdenredPrice/Volume
Valuation Analysis
173'368.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
0.0
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EURAZEO n/a Research 49'697'428 22 - 31.12.2012 Investment Advisor
MORGAN STANLEY INVES n/a Co File 19'944'400 8.83 - 31.12.2011 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 16'700'534 7.39 (118'862) 31.12.2012 Investment Advisor
INTERNATIONAL S&L AS n/a Co File 14'799'800 6.55 - 31.12.2011 Unclassified
FMR LLC n/a ULT-AGG 6'886'833 3.05 526'661 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'748'677 1.66 55'646 31.12.2012 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 3'575'771 1.58 (74'524) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'130'841 1.39 56'005 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 2'911'141 1.29 - 31.07.2012 Investment Advisor
MEDITOR CAPITAL MANA n/a Short (2'891'487) -1.28 225'897 20.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'765'331 0.78 1'514'946 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'439'464 0.64 5'025 25.02.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'329'813 0.59 (1'472'656) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'133'101 0.5 36'421 31.07.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 1'041'761 0.46 (32'108) 31.10.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 976'882 0.43 (75'769) 31.12.2012 Mutual Fund Manager
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 903'608 0.4 (250'539) 28.09.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 836'444 0.37 1'765 30.09.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 782'328 0.35 (82'344) 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 776'613 0.34 (48'254) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 28 Not Provided 26.02.2013
Main First Bank AG MOURAD LAHMIDI outperform 5 U 30 12 month 25.02.2013
AlphaValue BERENICE LACROIX reduce 2 M 27 6 month 21.02.2013
Societe Generale SABRINA BLANC buy 5 M 28 12 month 19.02.2013
BPI HUBERT D'AILLIERES neutral 3 M 26 Not Provided 19.02.2013
Oddo & Cie GUILLAUME RASCOUSSIER neutral 3 M 23 Not Provided 15.02.2013
Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 30 12 month 14.02.2013
Raymond James JULIEN RICHER outperform 5 M 28 Not Provided 14.02.2013
CA Cheuvreux THOMAS MESMIN outperform 5 M 25 Not Provided 14.02.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 31 Not Provided 14.02.2013
Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 25 6 month 14.02.2013
Natixis ANDRE JUILLARD buy 5 M 28 Not Provided 14.02.2013
Barclays ED BIRKIN overweight 5 M 25 Not Provided 14.02.2013
Credit Suisse ANDY GROBLER neutral 3 M 27 Not Provided 13.02.2013
CM - CIC Securities(ESN) ANNICK THEVENON accumulate 4 M 25 12 month 13.02.2013
Nomura RICHARD STUBER neutral 3 M 21 12 month 13.02.2013
HSBC LENA THAKKAR neutral 3 M 25 Not Provided 31.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley VAUGHAN LEWIS Equalwt/In-Line 3 M 24 12 month 07.01.2013
Deutsche Bank RICHARD CARTER sell 1 M 17 12 month 31.10.2012
Redburn Partners PASCAL HAUTCOEUR buy 5 M #N/A N/A Not Provided 25.10.2012
IDMidcaps TEAM COVERAGE add 4 M 24 12 month 18.10.2012
Aurel - BGC JEAN-MARIE L'HOME suspended coverage #N/A N/A M #N/A N/A Not Provided 20.10.2010
Holdings By:
Edenred ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
EDP - Energias de Portugal, S.A. generates, supplies and distributes
electricity and the supply of gas in Portugal and Spain. Through subsidiaries,
the Company is involved with electricity distribution, generation and supply in
Brazil, and wind power promotion, construction and operations in Spain,
Portugal, France and Belgium.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.01.2013) 2.45
52-Week Low (31.05.2012) 1.63
Daily Volume
2.275
52-Week High % Change -7.03% Dividend Yield -
52-Week Low % Change 39.74% Beta 1.05
% 52 Week Price Range High/Low 76.04% Equity Float 1'900.80
Shares Out 30.09.2012 3'656.5 Short Int -
8'318.62 1 Yr Total Return 14.14%
Total Debt 18'785.11 YTD Return -0.66%
Preferred Stock 0.0 Adjusted BETA 1.052
Minority Interest 3'277.2 Analyst Recs 24
Cash and Equivalents 1'731.74 Consensus Rating 3.708
Enterprise Value 29'914.49
Average Volume 5 Day 7'006'823
EDP PL EQUITY YTD Change - Average Volume 30 Day 6'187'628
EDP PL EQUITY YTD % CHANGE - Average Volume 3 Month 5'662'016
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
11'010.8 13'671.2 12'198.2 14'170.7 15'120.9 15'094.0 16'048.9 14'932.7 15'273.3 - -
2.63x 1.89x 2.29x 2.00x 1.92x 7.55x 7.14x 1.98x 1.91x - -
2'691.2 3'174.9 3'399.3 3'509.2 3'754.9 3'677.8 3'720.6 3'720.3 3'731.6 973.0 676.5
10.76x 8.14x 8.22x 8.06x 7.72x 7.65x 7.89x 8.04x 8.01x 10.26x 11.30x
907.3 1'091.9 1'023.8 1'078.9 1'124.7 1'128.3 1'095.6 1'053.7 981.3 264.0 282.0
17.88x 9.06x 11.10x 8.30x 7.71x 7.53x 7.14x 7.95x 8.58x 7.04x 6.77x
EBITDA 3'754.90 Long-Term Rating Date 01.02.2012
EBIT 2'267.39 Long-Term Rating BB+
Operating Margin 15.00% Long-Term Outlook NEG
Pretax Margin 10.53% Short-Term Rating Date 01.02.2012
Return on Assets 2.68% Short-Term Rating B
Return on Common Equity 13.81%
Return on Capital 7.01% EBITDA/Interest Exp. 3.46
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 1.33
Net Debt/EBITDA 4.95
Gross Margin 42.8% Total Debt/EBITDA 5.55
EBITDA Margin 23.2%
EBIT Margin 13.9% Total Debt/Equity 231.6%
Net Income Margin 7.4% Total Debt/Capital 62.3%
Asset Turnover 0.39
Current Ratio 0.94 Net Fixed Asset Turnover 0.79
Quick Ratio 0.51 Accounts receivable turnover-days 45.03
Debt to Assets 45.51% Inventory Days -
Tot Debt to Common Equity 231.64% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.13 Cash Conversion Cycle -93.34
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
EDP - Energias de Portugal SAPrice/Volume
Valuation Analysis
3'740'652.00
Current Price (2/dd/yy) Market Data
'
-
-
.
.
0
0
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA THREE GORGES I n/a Research 780'633'782 21.35 - 01.08.2012 Corporation
IBERDROLA SA n/a Research 248'437'516 6.79 - 01.08.2012 Corporation
LIBERBANK SA n/a Research 183'257'513 5.01 - 01.08.2012 Bank
JOSE DE MELLO SGPS S n/a Research 169'732'151 4.64 - 01.08.2012 Holding Company
SENFORA SARL n/a Research 148'431'999 4.06 - 01.08.2012 Other
BANCO COMERCIAL PORT n/a Research 122'956'051 3.36 - 01.08.2012 Bank
BANCO ESPIRITO SANTO n/a Research 89'708'375 2.45 - 01.08.2012 Bank
SONATRACH GROUP n/a Research 87'007'443 2.38 - 01.08.2012 Corporation
QATAR HOLDINGS LLC n/a Research 82'868'933 2.27 - 01.08.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 73'625'043 2.01 - 23.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 73'268'245 2 - 25.02.2013 Investment Advisor
MASSACHUSETTS FINANC n/a EXCH 72'730'123 1.99 (765'338) 31.07.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 72'695'780 1.99 (3'857'488) 04.05.2011 Investment Advisor
NORGES BANK n/a EXCH 71'604'554 1.96 (25'643'334) 12.03.2012 Government
BARCLAYS GLOBAL INVE n/a EXCH 66'548'993 1.82 (8'674'929) 18.05.2012 Bank
JP MORGAN n/a ULT-AGG 53'267'648 1.46 (37'084'494) 31.10.2012 Unclassified
MASEVEU INTERNACIONA n/a EXCH 44'449'524 1.22 558'038 08.01.2013 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'218'239 0.96 2'762'093 31.12.2012 Investment Advisor
ENERGIAS DE PORTUGAL n/a Research 32'476'701 0.89 - 01.08.2012 Corporation
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 22'080'740 0.6 (942'354) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI GONZALO SANCHEZ-BORDONA neutral 3 M 2 Not Provided 25.02.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 2 6 month 18.02.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 2 Not Provided 13.02.2013
Goldman Sachs MANUEL LOSA neutral/attractive 3 M 3 12 month 08.02.2013
Societe Generale JORGE ALONSO SUILS hold 3 M 2 12 month 05.02.2013
Berenberg Bank ROBERT CHANTRY buy 5 N 3 Not Provided 05.02.2013
Grupo Santander JOAQUIN FERRER buy 5 M 3 Not Provided 04.02.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 M 3 Not Provided 04.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 2 12 month 07.01.2013
Day by Day VALERIE GASTALDY buy 5 M 3 3 month 04.01.2013
Morgan Stanley CAROLINA DORES Overwt/In-Line 5 M 3 12 month 20.12.2012
Credit Suisse STEFANO BEZZATO outperform 5 N 3 Not Provided 14.12.2012
CA Cheuvreux JOSE PORTA SAUDAN outperform 5 M 3 Not Provided 19.11.2012
Banesto Bolsa SA Sociedad ANTONIO CRUZ overweight 5 M 3 12 month 07.11.2012
BCP Investimento VANDA MESQUITA buy 5 M 3 Not Provided 30.10.2012
Nomura JAVIER SUAREZ reduce 2 M 2 12 month 30.10.2012
BBVA DANIEL ORTEA HERNANDEZ market perform 3 D 3 Not Provided 17.09.2012
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 30.08.2012
Hammer Partners SA CHRIS MOORE sell 1 M 2 Not Provided 20.07.2012
Natixis PHILIPPE OURPATIAN neutral 3 M 2 Not Provided 24.05.2012
Caixa Banco de Investimento(ESN) HELENA BARBOSA suspended coverage #N/A N/A M #N/A N/A Not Provided 09.03.2012
Banif SOFIA CORDEIRO Under Review #N/A N/A M #N/A N/A Not Provided 07.02.2012
JPMorgan JAVIER GARRIDO overweight 5 M 3 Not Provided 27.01.2012
Holdings By:
EDP - Energias de Portugal SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Elan Corporation plc is a specialty pharmaceutical company. The Group's drug
delivery technologies are designed to aid and control the absorption and
utilization of active pharmaceutical compounds. Elan's Pharmaceutical division
focuses on the discovery, development and commercialization of products in the
areas of acute care, pain management, infectious diseases and neurology.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.06.2012) 11.78
52-Week Low (07.02.2013) 6.83
Daily Volume
8.419
52-Week High % Change -28.56% Dividend Yield 0.00
52-Week Low % Change 23.28% Beta 1.05
% 52 Week Price Range High/Low 32.78% Equity Float 488.13
Shares Out 25.02.2013 596.7 Short Int -
5'023.63 1 Yr Total Return -8.43%
Total Debt 454.65 YTD Return 7.55%
Preferred Stock 0.0 Adjusted BETA 1.047
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 460.56 Consensus Rating 3.250
Enterprise Value 5'017.72
Average Volume 5 Day 684'347
ELN ID EQUITY YTD Change - Average Volume 30 Day 455'819
ELN ID EQUITY YTD % CHANGE - Average Volume 3 Month 392'651
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
1'000.2 1'113.0 1'169.7 1'246.0 0.2 1'246.0 883.2 139.5 273.9 42.7 43.7
4.11x 3.77x 3.52x 6.84x 30711.09x 22.04x 32.98x 17.62x 8.56x 58.23x 57.47x
(41.7) 65.3 (70.3) 180.4 (366.0) 180.8 11.2 136.4 262.9 35.5 41.4
- 64.23x - 47.23x - 47.13x 548.41x 36.59x 18.99x 28.77x -
(71.0) (176.2) (324.7) 560.5 (137.4) 560.5 (137.4) (47.8) 66.7 (12.5) (27.2)
- - - 60.40x - 57.89x 0.00x - 100.43x - -
EBITDA -284.82 Long-Term Rating Date 25.09.2012
EBIT -293.77 Long-Term Rating B+
Operating Margin -188750.00% Long-Term Outlook STABLE
Pretax Margin -366600.00% Short-Term Rating Date -
Return on Assets -8.10% Short-Term Rating -
Return on Common Equity -19.35%
Return on Capital 37.70% EBITDA/Interest Exp. -6.47
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. -6.68
Net Debt/EBITDA -0.70
Gross Margin 0.0% Total Debt/EBITDA 53.57
EBITDA Margin 1.3%
EBIT Margin -1.2% Total Debt/Equity 97.1%
Net Income Margin -68700.0% Total Debt/Capital 49.3%
Asset Turnover 0.52
Current Ratio 3.34 Net Fixed Asset Turnover 18.42
Quick Ratio 1.42 Accounts receivable turnover-days 34.75
Debt to Assets 36.58% Inventory Days 9.04
Tot Debt to Common Equity 97.06% Accounts Payable Turnover Day 187.07
Accounts Receivable Turnover 10.53 Cash Conversion Cycle 178854.58
Inventory Turnover 40.50
Fiscal Year Ended
Elan Corp PLCPrice/Volume
Valuation Analysis
78'912.00
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
'
.
1
3
5
-'
-.
-1
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 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
'!''
2''!''
-''''!''
-'2''!''
.''''!''
.'2''!''
0''''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JANSSEN PHARMACEUTIC n/a 20F 107'396'285 18 - 04.02.2013 Other
FMR LLC n/a ULT-AGG 60'161'214 10.08 (939'316) 26.02.2013 Investment Advisor
INVESCO LTD n/a RNS-MAJ 53'068'490 8.89 (632'443) 08.11.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 47'967'254 8.04 2'186'359 25.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 22'127'622 3.71 122'092 26.02.2013 Investment Advisor
TEMPLETON GLOBAL ADV n/a RNS-MAJ 18'811'720 3.15 - 07.02.2013 Investment Advisor
POWER CORP OF CANADA #N/A N/A RNS-RUL8 17'496'658 2.93 - 25.02.2013 Holding Company
T ROWE PRICE ASSOCIA #N/A N/A RNS-RUL8 15'626'762 2.62 - 25.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'351'867 1.57 218'681 31.12.2012 Investment Advisor
NORGES BANK n/a RNS-MAJ 8'288'947 1.39 (178'244) 08.04.2010 Government
GOLDMAN SACHS GROUP #N/A N/A RNS-RUL8 2'796'944 0.47 1'478'149 26.02.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 731'444 0.12 - 28.12.2012 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 550'564 0.09 319 31.01.2013 Investment Advisor
MARTIN G KELLY n/a RNS-DIR 355'177 0.06 16'725 07.02.2013 n/a
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 351'465 0.06 22'742 31.12.2012 Investment Advisor
SJUNDE AP FONDEN Multiple Portfolios MF-AGG 300'340 0.05 28'192 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 292'600 0.05 55'700 31.12.2012 Investment Advisor
COOKE SHANE n/a 20F 217'014 0.04 - 18.02.2011 n/a
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 199'500 0.03 93'500 31.10.2012 Investment Advisor
NCB FINANCIAL Multiple Portfolios MF-AGG 197'329 0.03 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Davy JACK GORMAN restricted #N/A N/A M #N/A N/A Not Provided 25.02.2013
Deutsche Bank RICHARD J PARKES hold 3 M 8 12 month 22.02.2013
AlphaValue KAMLA SINGH reduce 2 D 7 6 month 21.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 13.02.2013
Exane BNP Paribas VINCENT MEUNIER neutral 3 M 7 Not Provided 07.02.2013
Helvea OLAV ZILIAN reduce 2 M 7 12 month 30.01.2013
Credit Suisse RICCARDO LOWI neutral 3 M 9 Not Provided 14.01.2013
Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 26.11.2012
Berenberg Bank ADRIAN HOWD buy 5 M 9 Not Provided 26.08.2011
Matrix ANNIE J CHENG hold 3 M 8 12 month 01.08.2011
Imperial Capital LLC DOUGLAS J DIETER sell 1 M #N/A N/A Not Provided 11.02.2010
CRT Capital Group LEAH A HARTMAN not rated #N/A N/A M #N/A N/A Not Provided 10.02.2009
Holdings By:
Elan Corp PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
EDF SA (Electricite de France) produces, transmits, distributes, imports and
exports electricity. The Company, using nuclear power, coal and gas, provides
electricity for French energy consumers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.03.2012) 19.72
52-Week Low (29.11.2012) 13.39
Daily Volume
14.43
52-Week High % Change -27.01% Dividend Yield 8.66
52-Week Low % Change 7.77% Beta 1.04
% 52 Week Price Range High/Low 14.94% Equity Float 286.47
Shares Out 31.12.2012 1'848.9 Short Int -
26'679.15 1 Yr Total Return -16.20%
Total Debt 64'501.00 YTD Return 3.22%
Preferred Stock 0.0 Adjusted BETA 1.043
Minority Interest 4'854.0 Analyst Recs 24
Cash and Equivalents 22'307.00 Consensus Rating 2.833
Enterprise Value 73'727.15
Average Volume 5 Day 2'043'166
EDF FP EQUITY YTD Change - Average Volume 30 Day 1'855'944
EDF FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'019'696
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
63'847.0 59'140.0 65'320.0 65'307.0 72'729.0 63'282.0 72'729.0 72'636.4 75'658.2 - -
1.82x 2.09x 1.44x 1.10x 1.00x 0.00x 0.00x 1.01x 1.00x - -
13'624.0 16'102.0 15'688.0 14'571.0 15'094.0 0.0 0.0 16'089.5 16'875.3 - -
8.51x 7.67x 6.00x 4.93x 4.83x 0.00x 0.00x 4.58x 4.37x - -
3'484.0 3'902.0 1'020.0 3'010.0 3'316.0 0.0 0.0 3'416.3 3'675.7 - -
21.73x 21.10x 89.12x 11.53x 7.77x 0.00x 0.00x 8.06x 7.52x - -
EBITDA 15'094.00 Long-Term Rating Date 17.01.2012
EBIT 8'245.00 Long-Term Rating A+
Operating Margin 11.34% Long-Term Outlook STABLE
Pretax Margin 7.07% Short-Term Rating Date 17.01.2012
Return on Assets 1.38% Short-Term Rating A-1
Return on Common Equity 11.75%
Return on Capital 5.65% EBITDA/Interest Exp. 6.18
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 0.70
Net Debt/EBITDA 2.80
Gross Margin - Total Debt/EBITDA 4.27
EBITDA Margin 20.8%
EBIT Margin 11.3% Total Debt/Equity 249.4%
Net Income Margin 4.6% Total Debt/Capital 67.7%
Asset Turnover 0.30
Current Ratio 1.17 Net Fixed Asset Turnover 0.62
Quick Ratio 0.77 Accounts receivable turnover-days 109.22
Debt to Assets 25.79% Inventory Days -
Tot Debt to Common Equity 249.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.35 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
Electricite de France SAPrice/Volume
Valuation Analysis
1'053'956.00
Current Price (2/dd/yy) Market Data
'.135
-'-.-1-3-5.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
5!' 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Co File 1'561'222'705 84.44 - 31.12.2011 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'870'200 0.43 (2'229'800) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5'682'211 0.31 (305'942) 31.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'291'487 0.23 61'401 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'357'933 0.13 3'532 25.02.2013 Investment Advisor
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'056'924 0.11 (93'060) 31.01.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'966'710 0.11 1'964'810 30.06.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'574'700 0.09 - 31.01.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'424'928 0.08 53'730 31.08.2012 Investment Advisor
ELECTRICITE DE FRANC n/a Co File 1'175'594 0.06 - 31.12.2011 Government
ALLIANCE BERNSTEIN n/a ULT-AGG 1'171'218 0.06 5'290 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'017'724 0.06 (66'541) 28.09.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 843'591 0.05 - 28.09.2012 Mutual Fund Manager
CI INVESTMENTS INC Multiple Portfolios MF-AGG 763'219 0.04 603'463 31.08.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 713'393 0.04 - 25.02.2013 Investment Advisor
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 680'000 0.04 40'000 31.12.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 656'530 0.04 - 30.11.2012 Investment Advisor
AGICAM Multiple Portfolios MF-AGG 639'382 0.03 (5'309) 30.04.2012 Mutual Fund Manager
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 610'970 0.03 (2'190) 30.11.2012 Investment Advisor
STATE STREET BANQUE Multiple Portfolios MF-AGG 591'042 0.03 (27'639) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James EMMANUEL RETIF underperform 1 D 13 Not Provided 27.02.2013
Nomura MARTIN YOUNG buy 5 M 19 12 month 27.02.2013
Goldman Sachs ANDREW MEAD buy/attractive 5 M 19 12 month 26.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 25.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 U 15 12 month 21.02.2013
AlphaValue MYRIAM COHEN add 4 M 16 6 month 21.02.2013
Societe Generale VINCENT AYRAL buy 5 M 20 12 month 20.02.2013
Kepler Capital Markets INGO BECKER reduce 2 M 13 Not Provided 15.02.2013
Bryan Garnier & Cie JULIEN DESMARETZ sell 1 M 12 6 month 15.02.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 16 Not Provided 15.02.2013
Exane BNP Paribas BENJAMIN LEYRE outperform 5 M 20 Not Provided 15.02.2013
Barclays JULIE ARAV underweight 1 M 13 Not Provided 15.02.2013
Macquarie ATALLAH ESTEPHAN outperform 5 M 19 12 month 07.02.2013
Berenberg Bank ROBERT CHANTRY hold 3 N 15 Not Provided 05.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013
Main First Bank AG ANDREAS THIELEN underperform 1 N 16 12 month 29.01.2013
Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 23 12 month 15.01.2013
Credit Suisse MICHEL DEBS underperform 1 D 12 Not Provided 11.01.2013
Deutsche Bank MARTIN BROUGH sell 1 D 13 12 month 07.01.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 U 17 Not Provided 03.12.2012
HSBC ADAM DICKENS neutral 3 D 17 Not Provided 14.11.2012
DZ Bank AG HASIM SENGUEL buy 5 M 33 12 month 15.11.2011
Holdings By:
Electricite de France SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Electrolux AB manufactures home appliances and appliances for professional use.
The Company's products include refrigerators, dishwashers, washing machines,
vacuum cleaners and cookers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.12.2012) 179.40
52-Week Low (14.06.2012) 122.70
Daily Volume
163.3
52-Week High % Change -9.09% Dividend Yield -
52-Week Low % Change 33.09% Beta 1.03
% 52 Week Price Range High/Low 69.66% Equity Float -
Shares Out 26.02.2013 300.7 Short Int -
50'493.50 1 Yr Total Return 19.90%
Total Debt 12'800.00 YTD Return -4.22%
Preferred Stock 0.0 Adjusted BETA 1.028
Minority Interest 41.0 Analyst Recs 27
Cash and Equivalents 6'958.00 Consensus Rating 3.593
Enterprise Value 56'376.50
Average Volume 5 Day 1'337'861
ELUXB SS EQUITY YTD Change - Average Volume 30 Day 2'186'115
ELUXB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'766'976
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
104'792.0 109'132.0 106'326.0 101'598.0 109'994.0 101'598.0 109'994.0 110'860.4 115'344.5 25'692.8 27'544.9
0.25x 0.48x 0.56x 0.40x 0.53x 1.72x 1.95x 0.51x 0.47x 2.19x 2.04x
4'450.0 8'825.0 9'831.0 6'170.0 8'433.0 6'328.0 8'433.0 8'801.4 9'869.4 1'687.8 2'006.2
5.88x 5.98x 6.00x 6.59x 6.94x 6.40x 6.94x 6.41x 5.71x 6.60x 6.63x
366.0 2'607.0 3'997.0 2'064.0 2'596.0 2'064.0 2'596.0 3'870.5 4'714.6 656.0 857.3
51.63x 18.25x 13.60x 15.13x 18.78x 15.13x 18.78x 12.25x 10.08x 12.34x 10.91x
EBITDA 8'433.00 Long-Term Rating Date 09.11.2010
EBIT 5'182.00 Long-Term Rating BBB+
Operating Margin 4.71% Long-Term Outlook STABLE
Pretax Margin 3.16% Short-Term Rating Date 22.12.1997
Return on Assets 3.40% Short-Term Rating A-2
Return on Common Equity 12.88%
Return on Capital - EBITDA/Interest Exp. 10.32
Asset Turnover 1.44% (EBITDA-Capex)/Interest Exp. 5.03
Net Debt/EBITDA 0.69
Gross Margin 20.2% Total Debt/EBITDA 1.52
EBITDA Margin 7.7%
EBIT Margin 4.7% Total Debt/Equity 64.7%
Net Income Margin 2.4% Total Debt/Capital 39.2%
Asset Turnover 1.44
Current Ratio 1.10 Net Fixed Asset Turnover 6.81
Quick Ratio 0.65 Accounts receivable turnover-days 62.41
Debt to Assets 16.81% Inventory Days 51.73
Tot Debt to Common Equity 64.70% Accounts Payable Turnover Day 80.21
Accounts Receivable Turnover 5.86 Cash Conversion Cycle 33.80
Inventory Turnover 7.07
Fiscal Year Ended
Electrolux ABPrice/Volume
Valuation Analysis
804'922.00
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
'.'1'3'5'
-''-.'-1'-3'-5'.''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTOR AB n/a Co File 46'609'675 15.5 - 31.12.2011 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 16'048'000 5.34 - 30.09.2012 Pension Fund (ERISA)
SWEDBANK ROBUR FONDE n/a Research 13'169'124 4.38 - 30.09.2012 Investment Advisor
NORDEA FONDER AB n/a Co File 9'321'935 3.1 - 31.12.2011 Investment Advisor
AMF PENSION INSURANC n/a Research 7'131'070 2.37 - 30.09.2012 Insurance Company
SEB n/a ULT-AGG 5'603'058 1.86 895'940 31.12.2012 Unclassified
SEB FONDER AB n/a Research 4'602'613 1.53 - 30.09.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'505'486 1.5 122'011 31.12.2012 Investment Advisor
SHB/SPP FUNDS n/a Research 4'465'684 1.49 - 30.09.2012 Investment Advisor
DIDNER & GERGE FONDE n/a Co File 4'209'906 1.4 - 31.12.2011 Investment Advisor
2ND SWEDISH NATIONAL n/a Research 3'603'396 1.2 - 30.09.2012 Pension Fund (ERISA)
GOVERNMENT OF NORWAY n/a Co File 3'307'783 1.1 - 31.12.2011 Government
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 3'236'618 1.08 (180'933) 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 3'209'267 1.07 37'967 31.01.2013 Investment Advisor
UNIONEN n/a Research 3'092'955 1.03 - 30.09.2012 Corporation
CARNEGIE FONDER AB/S n/a Co File 3'007'076 1 - 31.12.2011 Investment Advisor
4TH NAT SWEDISH PENS n/a Research 2'904'791 0.97 - 30.09.2012 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 2'592'870 0.86 1'079'686 25.02.2013 Investment Advisor
ENTER FONDER AB n/a Research 2'372'950 0.79 - 30.09.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'000'000 0.67 1'250'000 30.06.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Longbow Research DAVID S MACGREGOR neutral 3 M #N/A N/A Not Provided 22.02.2013
AlphaValue HELENE COUMES add 4 M 187 6 month 21.02.2013
Credit Suisse ANDRE KUKHNIN outperform 5 M 180 Not Provided 20.02.2013
Handelsbanken RASMUS ENGBERG accumulate 4 M 178 12 month 20.02.2013
DNB Markets CHRISTER MAGNERGARD hold 3 M 155 Not Provided 20.02.2013
Deutsche Bank MARTIN WILKIE buy 5 M 180 12 month 13.02.2013
Canaccord Genuity Corp JAMES STETTLER buy 5 M 200 Not Provided 08.02.2013
Nomura DANIEL CUNLIFFE buy 5 M 200 Not Provided 08.02.2013
Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 170 Not Provided 06.02.2013
Equita SIM SpA DOMENICO GHILOTTI buy 5 M 208 12 month 05.02.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 05.02.2013
JPMorgan ANDREAS WILLI overweight 5 U 175 9 month 04.02.2013
SEB Enskilda ANDERS TRAPP hold 3 M 157 Not Provided 04.02.2013
Carnegie KENNETH TOLL JOHANSSON sell 1 D #N/A N/A Not Provided 04.02.2013
Nordea Equity Research STEFAN STJERNHOLM sell 1 M 145 12 month 04.02.2013
Erik Penser Bankaktiebolag AB JOHAN DAHL hold 3 M 155 Not Provided 04.02.2013
Pareto Securities DAVID JACOBSSON hold 3 M 165 6 month 04.02.2013
Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 04.02.2013
Barclays DAVID VOS equalweight 3 M 145 Not Provided 04.02.2013
Danske Markets BJORN ENARSON buy 5 U 177 12 month 04.02.2013
ABG Sundal Collier ANDREAS LUNDBERG sell 1 M 135 6 month 03.02.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 164 12 month 17.01.2013
Espirito Santo Investment Bank ResearchROB VIRDEE sell 1 M 140 Not Provided 30.10.2012
CA Cheuvreux JOHAN ELIASON select list 5 U 190 Not Provided 06.09.2012
Swedbank CLAES RASMUSON neutral 3 M 125 12 month 16.11.2011
Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 10.10.2011
Prime Predictions PETER LJUNGGREN buy 5 D 197 12 month 11.01.2011
Holdings By:
Electrolux AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Elekta AB produces and sells advanced medical products for treatment of
neurological disorders and radiation of cancer. The Company has developed the
Gamma Knife, a non-invasive surgical tool for the management of small and
hard to locate intracranial lesions, as well as a complete system for
stereotactic neurosurgery. Elekta markets worldwide.
Latest Fiscal Year: 04/2012
LTM as of: 10/yy
52-Week High (12.12.2012) 105.30
52-Week Low (02.03.2012) 75.60
Daily Volume
97.4
52-Week High % Change -7.64% Dividend Yield -
52-Week Low % Change 28.84% Beta 0.74
% 52 Week Price Range High/Low 73.57% Equity Float -
Shares Out 26.02.2013 368.6 Short Int -
37'287.04 1 Yr Total Return 28.27%
Total Debt 4'530.00 YTD Return -3.94%
Preferred Stock 0.0 Adjusted BETA 0.739
Minority Interest 11.0 Analyst Recs 20
Cash and Equivalents 1'895.00 Consensus Rating 3.750
Enterprise Value 40'191.04
Average Volume 5 Day 1'351'988
EKTAB SS EQUITY YTD Change - Average Volume 30 Day 1'256'669
EKTAB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'504'082
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
5'081.0 6'689.0 7'392.0 7'904.0 9'048.0 7'762.0 9'864.0 10'386.0 11'544.7 2'673.5 3'511.3
2.11x 2.66x 2.35x 3.22x 3.86x 23.08x 14.27x 3.70x 3.26x 15.02x 11.30x
826.0 1'038.0 1'422.0 1'650.0 2'070.0 0.0 0.0 2'492.6 2'877.3 707.6 1'084.7
12.96x 17.17x 12.20x 15.44x 16.89x 0.00x 0.00x 16.12x 13.97x 18.89x 19.78x
411.0 552.0 838.0 1'031.0 1'227.0 1'019.0 1'201.0 1'479.9 1'784.2 433.7 726.3
23.39x 15.65x 20.85x 24.93x 26.15x 23.95x 29.65x 25.34x 20.93x - -
EBITDA 2'070.00 Long-Term Rating Date -
EBIT 1'775.00 Long-Term Rating -
Operating Margin 19.62% Long-Term Outlook -
Pretax Margin 18.88% Short-Term Rating Date -
Return on Assets 9.02% Short-Term Rating -
Return on Common Equity 28.23%
Return on Capital 16.56% EBITDA/Interest Exp. 10.35
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 9.71
Net Debt/EBITDA -
Gross Margin 46.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 19.6% Total Debt/Equity 90.6%
Net Income Margin 13.6% Total Debt/Capital 47.5%
Asset Turnover 0.74
Current Ratio 1.62 Net Fixed Asset Turnover 24.72
Quick Ratio 0.93 Accounts receivable turnover-days -
Debt to Assets 29.73% Inventory Days 59.00
Tot Debt to Common Equity 90.62% Accounts Payable Turnover Day 44.65
Accounts Receivable Turnover - Cash Conversion Cycle 99.21
Inventory Turnover 6.20
Fiscal Year Ended
Elekta ABPrice/Volume
Valuation Analysis
1'326'658.00
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
'
.'
1'
3'
5'
-''
-.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 25'599'234 6.95 (5'212'162) 30.09.2012 Investment Advisor
ARTIO GLOBAL MANAGEM n/a Research 18'172'032 4.93 - 08.09.2011 Investment Advisor
AMF FONDER AB n/a Research 17'537'120 4.76 - 28.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 15'797'421 4.29 - 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 11'904'033 3.23 233'251 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'671'553 2.9 4'647'160 31.12.2012 Investment Advisor
CADIAN CAPITAL MANAG n/a Short (10'604'219) -2.88 1'186'754 15.02.2013 Hedge Fund Manager
LEKSELL LAURENT n/a Research 10'596'620 2.88 (13'333'080) 28.09.2012 n/a
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 10'380'862 2.82 1'664'495 31.01.2013 Investment Advisor
ZBI EQUITIES LLC n/a Short (9'532'312) -2.59 - 06.02.2013 Investment Advisor
GREENLIGHT CAPITAL I n/a Short (8'651'818) -2.35 9'279 08.02.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'334'926 2.26 (17'034) 31.12.2012 Investment Advisor
FORSTA AP FONDEN n/a Research 7'693'096 2.09 - 28.09.2012 Investment Advisor
SEB n/a ULT-AGG 7'289'196 1.98 73'174 31.12.2012 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 6'973'436 1.89 1'743'338 31.12.2012 Investment Advisor
GOVERNMENT OF NORWAY n/a Co File 6'730'328 1.83 - 30.04.2012 Government
FOLKSAM GROUP n/a Research 6'305'956 1.71 - 28.09.2012 Insurance Company
SKANDIA LIV n/a Research 5'901'408 1.6 - 28.09.2012 Pension Fund (ERISA)
FJARDE AP-FONDEN n/a Research 4'981'024 1.35 - 28.09.2012 Pension Fund (ERISA)
BNP PARIBAS n/a Research 4'654'640 1.26 - 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Danske Markets MATTIAS HAGGBLOM hold 3 D 100 12 month 26.02.2013
ABG Sundal Collier MORTEN LARSEN buy 5 M 115 6 month 25.02.2013
DNB Markets RUNE MAJLUND DAHL sell 1 M 88 Not Provided 25.02.2013
CA Cheuvreux RICHARD KOCH outperform 5 M 120 Not Provided 22.02.2013
Nordea Equity Research PATRIK LING buy 5 M 115 12 month 22.02.2013
Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 18.02.2013
Societe Generale JUSTIN SMITH buy 5 M 135 12 month 15.02.2013
Nomura MARTIN BRUNNINGER neutral 3 M 82 12 month 04.02.2013
Goldman Sachs VERONIKA DUBAJOVA Buy/Neutral 5 M 138 12 month 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
SEB Enskilda LARS HEVRENG hold 3 M 105 Not Provided 15.01.2013
JPMorgan DAVID J ADLINGTON overweight 5 M 106 Not Provided 03.01.2013
Handelsbanken HANS MAHLER reduce 2 D 95 Not Provided 03.01.2013
Swedbank JOHAN UNNERUS buy 5 M 120 12 month 20.12.2012
Pareto Securities YILMAZ MAHSHID hold 3 M 102 6 month 05.12.2012
Exane BNP Paribas ROMAIN ZANA outperform 5 M 110 Not Provided 05.12.2012
Morgan Stanley MICHAEL K JUNGLING Equalwt/Attractive 3 M 93 12 month 04.12.2012
Barclays SALLY TAYLOR overweight 5 M 96 Not Provided 30.10.2012
Holdings By:
Elekta AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Elisa Oyj provides telecommunication solutions. The company provides local,
long distance, mobile telephone, and data transmission services. Elisa also
operates as a service integrator by connecting customers' telecom solutions
and related IT (information technology) applications. The company sells to
private individuals and businesses in Finland.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.10.2012) 18.08
52-Week Low (05.06.2012) 14.82
Daily Volume
16.1
52-Week High % Change -10.95% Dividend Yield -
52-Week Low % Change 8.64% Beta 0.67
% 52 Week Price Range High/Low 33.74% Equity Float -
Shares Out 26.02.2013 167.2 Short Int -
2'691.40 1 Yr Total Return 1.26%
Total Debt 878.40 YTD Return -3.77%
Preferred Stock 0.0 Adjusted BETA 0.670
Minority Interest 2.8 Analyst Recs 29
Cash and Equivalents 39.80 Consensus Rating 2.138
Enterprise Value 3'532.80
Average Volume 5 Day 546'867
ELI1V FH EQUITY YTD Change - Average Volume 30 Day 623'856
ELI1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 524'563
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
1'485.0 1'430.4 1'463.2 1'530.0 1'553.4 1'530.0 1'553.4 1'580.8 1'596.7 384.1 397.9
1.84x 2.24x 2.38x 2.16x 2.23x 8.34x 9.05x 2.27x 2.24x 9.61x 9.17x
469.6 483.0 484.7 503.4 501.0 503.4 501.0 508.0 517.6 119.3 122.0
5.81x 6.63x 7.19x 6.58x 6.92x 6.58x 6.92x 6.95x 6.83x 6.94x -
176.3 176.3 149.7 201.5 208.7 201.5 208.7 207.6 215.3 45.5 47.3
10.98x 14.09x 16.93x 12.48x 12.55x 12.48x 12.55x 12.22x 11.76x 12.51x -
EBITDA 501.00 Long-Term Rating Date 22.12.2003
EBIT 298.90 Long-Term Rating BBB
Operating Margin 19.24% Long-Term Outlook STABLE
Pretax Margin 17.31% Short-Term Rating Date 26.10.2006
Return on Assets 10.41% Short-Term Rating A-2
Return on Common Equity 24.77%
Return on Capital - EBITDA/Interest Exp. 12.68
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 7.94
Net Debt/EBITDA 1.67
Gross Margin - Total Debt/EBITDA 1.75
EBITDA Margin 32.3%
EBIT Margin 19.2% Total Debt/Equity 103.5%
Net Income Margin 13.4% Total Debt/Capital 50.8%
Asset Turnover 0.77
Current Ratio 0.98 Net Fixed Asset Turnover 2.52
Quick Ratio 0.09 Accounts receivable turnover-days -
Debt to Assets 43.70% Inventory Days -
Tot Debt to Common Equity 103.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Elisa OYJPrice/Volume
Valuation Analysis
290'993.00
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
'.135
-'-.-1-3-5.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
1'200.0
1'250.0
1'300.0
1'350.0
1'400.0
1'450.0
1'500.0
1'550.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOLIDIUM OY n/a Research 16'801'000 10.05 - 03.12.2012 Holding Company
ELISA CORP n/a Research 10'287'959 6.15 - 03.12.2012 Corporation
VARMA MUTUAL PENSION n/a Research 9'231'976 5.52 - 03.12.2012 Insurance Company
ILMARINEN MUTUAL PEN n/a Research 6'525'196 3.9 - 03.12.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'442'261 1.46 46'751 31.12.2012 Investment Advisor
THE STATE PENSION FU n/a Research 1'710'000 1.02 - 03.12.2012 Private Equity
BLACKROCK n/a ULT-AGG 1'166'817 0.7 (13'342) 25.02.2013 Investment Advisor
CITY OF HELSINKI n/a Research 1'124'690 0.67 - 03.12.2012 Government
KPY SIJOITUS OY n/a Research 1'077'163 0.64 - 03.12.2012 Holding Company
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'069'913 0.64 (2'577) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'013'140 0.61 392'744 31.12.2012 Investment Advisor
SWISS NATIONAL BANK n/a Research 830'461 0.5 - 03.12.2012 Government
FINNISH LITERATURE S n/a Research 775'342 0.46 - 03.12.2012 Other
DANSKE INVESTMENT SU n/a Research 620'568 0.37 - 03.12.2012 Mutual Fund Manager
STATE STREET n/a ULT-AGG 569'639 0.34 - 26.02.2013 Investment Advisor
NORDEA SUOMI n/a Research 560'000 0.33 - 03.12.2012 n/a
INVESCO LTD Multiple Portfolios MF-AGG 497'705 0.3 (4'183) 26.02.2013 Investment Advisor
SEB n/a ULT-AGG 442'685 0.26 (2'123) 31.12.2012 Unclassified
OP-DELTA MUTUAL FUND n/a Research 425'000 0.25 - 03.12.2012 n/a
ELISA OYJ-YHTEIDTILI n/a Research 417'085 0.25 - 03.12.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEAN-MICHEL SALVADOR add 4 M 17 6 month 21.02.2013
Goldman Sachs ANDREW LEE Sell/Neutral 1 M 16 12 month 18.02.2013
Nomura JAMES BRITTON reduce 2 M 15 Not Provided 18.02.2013
INDERES MIKAEL RAUTANEN reduce 2 M 15 Not Provided 13.02.2013
CA Cheuvreux PETER KURT NIELSEN outperform 5 M 18 Not Provided 11.02.2013
FIM MICHAEL SCHROEDER hold 3 D 17 12 month 08.02.2013
Deutsche Bank KEVAL KHIROYA hold 3 M 17 12 month 07.02.2013
Pohjola Bank Plc (ESN) KIMMO STENVALL reduce 2 D 16 12 month 07.02.2013
HSBC DOMINIK KLARMANN underweight 1 M 14 Not Provided 07.02.2013
Carnegie MATTI RIIKONEN hold 3 D #N/A N/A Not Provided 07.02.2013
Nordea Equity Research SAMI SARKAMIES hold 3 M 17 12 month 07.02.2013
Handelsbanken THOMAS HEATH reduce 2 M 14 12 month 07.02.2013
DNB Markets FREDRIK THORESEN sell 1 M 14 Not Provided 07.02.2013
Barclays ROMAN ARBUZOV underweight 1 M 15 Not Provided 07.02.2013
Danske Markets PANU LAITINMAKI sell 1 M 15 12 month 07.02.2013
SEB Enskilda ARTEM BELETSKI sell 1 M 15 Not Provided 06.02.2013
Pareto Securities THOMAS NIELSEN sell 1 M 12 6 month 06.02.2013
Swedbank SVEN SKOLD reduce 2 M 16 12 month 06.02.2013
Evli Bank Plc MIKKO ERVASTI sell 1 M 15 12 month 06.02.2013
New Street Research JAKUB DUBANIEWICZ reduce 2 N 14 Not Provided 06.02.2013
Berenberg Bank BARRY ZEITOUNE sell 1 D 16 Not Provided 31.01.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 18 Not Provided 24.01.2013
JPMorgan AKHIL DATTANI neutral 3 M 18 9 month 21.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 D 14 Not Provided 24.07.2012
SpareBank 1 Markets AS TORE A TONSETH sell 1 N 15 6 month 11.04.2012
Holdings By:
Elisa OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Enagas SA imports, stores, and transports natural gas. The Company imports
liquid natural gas on methane carriers and operates regasification plants in
Barcelona, Huelva, and Cartagena. Enagas also receives natural gas through
pipelines over the Pyrenees Mountains and across the Strait of Gibraltar. The
Company transports gas throughout Spain through its high-pressure pipelines.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 18.58
52-Week Low (01.06.2012) 12.51
Daily Volume
17.91
52-Week High % Change -3.53% Dividend Yield -
52-Week Low % Change 43.17% Beta 0.82
% 52 Week Price Range High/Low 88.30% Equity Float 192.85
Shares Out 31.12.2012 238.7 Short Int -
4'275.73 1 Yr Total Return 26.43%
Total Debt 5'113.30 YTD Return 10.97%
Preferred Stock 0.0 Adjusted BETA 0.817
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 1'481.80 Consensus Rating 4.000
Enterprise Value 7'907.23
Average Volume 5 Day 1'470'367
ENG SQ EQUITY YTD Change - Average Volume 30 Day 1'874'852
ENG SQ EQUITY YTD % CHANGE - Average Volume 3 Month 3'643'681
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
813.1 866.8 966.0 1'096.3 1'140.4 1'088.7 1'140.4 1'293.2 1'357.5 - -
7.58x 7.65x 7.01x 6.30x 6.56x 25.61x 24.92x 6.22x 5.93x - -
629.7 696.2 781.4 867.8 934.4 859.2 934.5 1'021.2 1'077.0 - -
9.79x 9.52x 8.67x 7.96x 8.01x 8.04x 8.01x 7.74x 7.34x - -
258.9 298.0 333.5 364.6 379.5 364.7 379.5 400.9 422.1 - -
14.35x 12.34x 10.68x 9.36x 10.15x 9.35x 10.15x 10.68x 10.14x - -
EBITDA 934.40 Long-Term Rating Date 15.10.2012
EBIT 618.50 Long-Term Rating BBB
Operating Margin 54.24% Long-Term Outlook NEG
Pretax Margin 47.59% Short-Term Rating Date 03.05.2012
Return on Assets 4.80% Short-Term Rating A-2
Return on Common Equity 19.63%
Return on Capital - EBITDA/Interest Exp. 8.77
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. 2.88
Net Debt/EBITDA 3.89
Gross Margin - Total Debt/EBITDA 5.47
EBITDA Margin 81.9%
EBIT Margin 54.2% Total Debt/Equity 255.1%
Net Income Margin 33.3% Total Debt/Capital 71.8%
Asset Turnover 0.14
Current Ratio 2.42 Net Fixed Asset Turnover 0.20
Quick Ratio 2.41 Accounts receivable turnover-days 103.47
Debt to Assets 63.26% Inventory Days -
Tot Debt to Common Equity 255.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.54 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
Enagas SAPrice/Volume
Valuation Analysis
1'039'782.00
Current Price (2/dd/yy) Market Data
'.135
-'-.-1-3-5.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 9
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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CANTABRICA DE INVERS n/a Co File 11'937'395 5 - 31.12.2011 Other
SAGANE INVERSIONES S n/a Co File 11'936'714 5 - 31.12.2011 Holding Company
SOCIEDAD ESTATAL DE n/a Co File 11'936'713 5 - 31.12.2011 Holding Company
KARTERA 1 SL n/a EXCH 11'936'713 5 - 01.01.2012 Bank
OMAN OIL HOLDINGS ES n/a Co File 11'936'702 5 - 31.12.2011 Other
HSBC HOLDINGS PLC n/a EXCH 10'349'464 4.34 - 28.12.2010 Investment Advisor
TALOS CAPITAL LIMITE n/a EXCH 10'003'792 4.19 - 27.12.2012 Other
UBS n/a ULT-AGG 7'664'922 3.21 (1'087'636) 28.12.2012 Unclassified
CAUSEWAY CAPITAL MAN n/a EXCH 7'241'723 3.03 (172'289) 24.01.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 4'103'417 1.72 (498'355) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'381'766 1.42 190'111 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'919'009 1.22 (1'041'304) 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'879'100 1.21 569'700 31.12.2012 Investment Advisor
RETAIL OEICS AGGREGA n/a EXCH 2'410'274 1.01 - 27.07.2010 Other
BLACKROCK n/a ULT-AGG 1'872'128 0.78 1'376 25.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'403'431 0.59 512'355 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'172'883 0.49 283'949 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'159'919 0.49 (14'889) 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'016'519 0.43 222'904 28.09.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 931'791 0.39 78'832 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI BRUNO ALMEIDA DA SILVA buy 5 M 20 Not Provided 25.02.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER neutral 3 M 18 Not Provided 25.02.2013
Societe Generale JORGE ALONSO SUILS hold 3 M 19 12 month 22.02.2013
Grupo Santander BOSCO MUGUIRO underweight 1 M 17 Not Provided 21.02.2013
Deutsche Bank VIRGINIA SANZ DE MADRID buy 5 M 20 12 month 21.02.2013
Macquarie ATALLAH ESTEPHAN outperform 5 M 20 12 month 21.02.2013
CA Cheuvreux JOSE PORTA SAUDAN outperform 5 M 21 Not Provided 21.02.2013
Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO accumulate 4 M 21 Not Provided 21.02.2013
Banco Sabadell JAVIER ESTEBAN buy 5 M 20 12 month 21.02.2013
Espirito Santo Investment Bank ResearchFELIPE ECHEVARRIA sell 1 M 14 Not Provided 21.02.2013
Nomura JAVIER SUAREZ neutral 3 M 17 Not Provided 21.02.2013
Exane BNP Paribas OLIVIER VAN DOOSSELAERE outperform 5 M 21 Not Provided 21.02.2013
Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 18 12 month 20.02.2013
Goldman Sachs FRED BARASI neutral/attractive 3 M 21 12 month 20.02.2013
Intermoney Valores ALVARO NAVARRO hold 3 D 17 Not Provided 20.02.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE buy 5 M 20 12 month 20.02.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 17 12 month 20.02.2013
JPMorgan JAVIER GARRIDO overweight 5 M 21 9 month 29.01.2013
La Caixa FERNANDO MURILLO GUIRAO underweight 1 D 17 Not Provided 28.01.2013
Barclays MONICA GIRARDI overweight 5 M 17 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 17 Not Provided 24.10.2012
Hammer Partners SA CHRIS MOORE buy 5 N 19 Not Provided 03.09.2012
Kepler Capital Markets TEAM COVERAGE buy 5 M 17 Not Provided 05.07.2012
BBVA ISIDORO DEL ALAMO outperform 5 M 17 Not Provided 26.04.2012
Renta 4 SA SVB NATALIA AGUIRRE overweight 5 M 17 Not Provided 19.07.2011
Link Securities INIGO ISARDO accumulate 4 M 17 Not Provided 22.03.2010
Holdings By:
Enagas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Enel Green Power SpA develops and manages plants that generate electricity from
renewable resources. The Company operates wind, solar, hydroelectric,
geothermal and biomass powered plants. Enel Green Power operates plants in
Europe, North America, and Latin America. The Company manufactures
photovoltaic systems for homes and businesses.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (22.01.2013) 1.57
52-Week Low (25.07.2012) 1.02
Daily Volume
1.38
52-Week High % Change -12.10% Dividend Yield -
52-Week Low % Change 35.43% Beta 0.75
% 52 Week Price Range High/Low 62.98% Equity Float 1'585.50
Shares Out 30.09.2012 5'000.0 Short Int -
6'900.00 1 Yr Total Return -5.33%
Total Debt 5'019.00 YTD Return -1.78%
Preferred Stock 0.0 Adjusted BETA 0.749
Minority Interest 841.0 Analyst Recs 22
Cash and Equivalents 349.00 Consensus Rating 3.500
Enterprise Value 12'815.00
Average Volume 5 Day 8'502'616
EGPW IM EQUITY YTD Change - Average Volume 30 Day 9'170'116
EGPW IM EQUITY YTD % CHANGE - Average Volume 3 Month 8'894'574
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
- 1'789.0 1'733.0 2'121.0 2'253.0 2'275.0 2'277.0 2'625.3 2'860.8 784.3 -
- - - 5.78x 6.03x 24.08x 22.49x 4.79x 4.51x 15.90x -
- 1'141.0 1'207.0 1'313.0 1'583.0 1'533.0 1'519.0 1'624.3 1'798.8 510.0 -
- - - 9.33x 8.58x 9.04x 8.23x 7.89x 7.12x - -
- 810.0 418.0 452.0 408.0 463.0 323.0 450.3 511.5 167.0 -
- - - 15.81x 20.18x 20.79x 21.43x 15.33x 13.66x - -
EBITDA 1'583.00 Long-Term Rating Date -
EBIT 913.00 Long-Term Rating -
Operating Margin 40.52% Long-Term Outlook -
Pretax Margin 35.33% Short-Term Rating Date -
Return on Assets 2.24% Short-Term Rating -
Return on Common Equity 4.83%
Return on Capital - EBITDA/Interest Exp. 10.85
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 2.26
Net Debt/EBITDA 3.46
Gross Margin - Total Debt/EBITDA 3.77
EBITDA Margin 61.7%
EBIT Margin 33.0% Total Debt/Equity 72.8%
Net Income Margin 18.1% Total Debt/Capital 39.3%
Asset Turnover 0.17
Current Ratio 0.55 Net Fixed Asset Turnover 0.25
Quick Ratio 0.34 Accounts receivable turnover-days 82.17
Debt to Assets 33.57% Inventory Days -
Tot Debt to Common Equity 72.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.45 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
Enel Green Power SpAPrice/Volume
Valuation Analysis
3'814'064.00
Current Price (2/dd/yy) Market Data
'''-----..
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ENEL SPA n/a Co File 3'414'500'000 68.29 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 36'117'916 0.72 138'981 25.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'403'247 0.63 759'437 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 8'136'318 0.16 (6'657) 30.11.2012 Mutual Fund Manager
JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 4'302'610 0.09 25'436 29.02.2012 Mutual Fund Manager
ARCA SGR SPA Multiple Portfolios MF-AGG 4'108'200 0.08 - 28.12.2012 Mutual Fund Manager
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 3'600'000 0.07 - 31.12.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 3'066'805 0.06 150'000 31.01.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'657'069 0.05 154'696 28.12.2012 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'535'000 0.05 2'394'000 28.12.2012 Mutual Fund Manager
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 2'295'508 0.05 - 31.07.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 2'006'998 0.04 (150) 31.01.2013 Investment Advisor
STATE STREET BANQUE Multiple Portfolios MF-AGG 1'803'973 0.04 (84'658) 31.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 1'691'761 0.03 (169'409) 28.12.2012 Unclassified
VAN ECK ASSOCIATES C Market Vectors Globa ETF 1'538'024 0.03 (38'894) 26.02.2013 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'538'024 0.03 (38'894) 26.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'532'541 0.03 - 31.12.2012 Investment Advisor
TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 1'525'000 0.03 - 31.07.2011 Mutual Fund Manager
MEDIOLANUM INTERNATI Multiple Portfolios MF-AGG 1'408'667 0.03 1'108'667 29.06.2012 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 1'401'325 0.03 - 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 N 1 Not Provided 13.02.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 1 Not Provided 13.02.2013
Goldman Sachs DARIO CARRADORI neutral/attractive 3 M 2 12 month 08.02.2013
Societe Generale JORGE ALONSO SUILS buy 5 M 2 12 month 05.02.2013
Macquarie SHAI HILL underperform 1 M 1 12 month 05.02.2013
Centrobanca EDOARDO MONTALBANO buy 5 N 2 12 month 05.02.2013
Berenberg Bank ANDREW FISHER buy 5 N 2 Not Provided 05.02.2013
Grupo Santander JOAQUIN FERRER hold 3 D 2 Not Provided 04.02.2013
Banca IMI ROBERTO RANIERI buy 5 M 2 12 month 04.02.2013
Banca Akros(ESN) DARIO MICHI hold 3 M 1 12 month 04.02.2013
Barclays SUSANNA INVERNIZZI overweight 5 M 2 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 2 12 month 07.01.2013
CA Cheuvreux FRANCESCA PEZZOLI outperform 5 M 2 Not Provided 14.11.2012
Equita SIM SpA ROBERTO LETIZIA buy 5 M 2 12 month 14.11.2012
Nomura JAVIER SUAREZ reduce 2 M #N/A N/A Not Provided 06.11.2012
Kepler Capital Markets CLAUDIA INTROVIGNE buy 5 M 2 Not Provided 26.10.2012
BPI FLORA TRINDADE neutral 3 N 2 Not Provided 16.10.2012
Morgan Stanley ALLEN WELLS Overwt/No Rating 5 M 2 12 month 18.09.2012
Mediobanca SpA MARIA BEATRICE GEROSA neutral 3 M 2 Not Provided 02.08.2012
BBVA DANIEL ORTEA HERNANDEZ market perform 3 M 2 Not Provided 14.02.2012
Natixis PHILIPPE OURPATIAN buy 5 U 2 Not Provided 16.09.2011
JPMorgan JAVIER GARRIDO overweight 5 M 2 Not Provided 07.07.2011
Holdings By:
Enel Green Power SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Erste Group Bank AG is a universal bank. The Bank attracts deposits and offers
retail, corporate, and investment banking services. The Bank has subsidiaries in
Austria, the Czech Republic, the Slovak Republic, Hungary and Croatia, and
branches in New York, London, and Hong Kong.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.01.2013) 26.90
52-Week Low (26.06.2012) 13.33
Daily Volume
23.46
52-Week High % Change -12.83% Dividend Yield -
52-Week Low % Change 75.99% Beta 1.47
% 52 Week Price Range High/Low 72.02% Equity Float -
Shares Out 02.10.2012 394.6 Short Int -
9'256.58 1 Yr Total Return 29.26%
Total Debt 54'567.00 YTD Return -2.35%
Preferred Stock 0.0 Adjusted BETA 1.466
Minority Interest 3'142.9 Analyst Recs 29
Cash and Equivalents 16'990.53 Consensus Rating 3.690
Enterprise Value -
Average Volume 5 Day 576'409
EBS AV EQUITY YTD Change - Average Volume 30 Day 623'069
EBS AV EQUITY YTD % CHANGE - Average Volume 3 Month 655'333
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
12'468.1 14'131.7 13'264.2 11'676.3 11'838.0 11'695.1 11'652.8 7'251.0 7'295.2 1'797.5 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'174.7 859.6 903.4 878.7 (718.9) (703.6) 851.4 583.8 960.9 (176.3) -
13.14x 20.25x 11.00x 17.84x - 0.00x 9.00x 15.64x 10.17x 26.51x 14.26x
EBITDA - Long-Term Rating Date 25.01.2012
EBIT - Long-Term Rating A
Operating Margin 9.98% Long-Term Outlook NEG
Pretax Margin -4.00% Short-Term Rating Date 25.01.2012
Return on Assets 0.39% Short-Term Rating A-1
Return on Common Equity 6.00%
Return on Capital 1.35% 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 453.3%
Net Income Margin -8.9% Total Debt/Capital 78.2%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 5.05
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 25.98% Inventory Days -
Tot Debt to Common Equity 453.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Erste Group Bank AGPrice/Volume
Valuation Analysis
364'461.00
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
'
2
-'
-2
.'
.2
0'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ERSTE OSTERREICHISCH n/a Research 73'064'034 18.52 - 05.10.2012 Unclassified
CAIXABANK n/a Research 38'195'848 9.68 - 23.11.2011 Investment Advisor
AUSTRIAN SAVINGS BAN n/a Research 15'969'966 4.05 - 05.10.2012 Bank
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'092'939 2.81 - 31.12.2012 Investment Advisor
SPARKASSEN BETEILIGU n/a Research 6'350'000 1.61 - 05.10.2012 Other
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 4'747'753 1.2 176'943 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'085'888 1.04 105'037 31.12.2012 Investment Advisor
SIF MUNTENIA SA n/a Co File 4'025'566 1.02 - 29.06.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 3'700'000 0.94 - 29.01.2013 Investment Advisor
SIF MOLDOVA n/a Co File 3'673'520 0.93 - 30.03.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'493'842 0.89 144'746 25.02.2013 Investment Advisor
SIF 3 TRANSILVANIA B n/a Co File 3'341'216 0.85 - 31.12.2011 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 3'292'357 0.83 563'377 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'065'296 0.78 (350'467) 31.12.2012 Investment Advisor
RINGTURM KAG Multiple Portfolios MF-AGG 2'680'000 0.68 (99'372) 31.10.2012 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'159'148 0.55 (201'000) 28.09.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'760'628 0.45 1'760'628 31.12.2012 Investment Advisor
SIF 1 BANAT-CRISANA n/a Co File 1'716'865 0.44 - 31.12.2011 Mutual Fund Manager
FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 1'356'426 0.34 (80'859) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'229'968 0.31 (100) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Fio, Burzovni Spolecnost, AS ROBIN KOKLAR accumulate 4 M 27 Not Provided 26.02.2013
Wood & Company MARK MACRAE buy 5 M 27 12 month 25.02.2013
Berenberg Bank ELENI PAPOULA sell 1 M 13 Not Provided 21.02.2013
J&T Banka MILAN LAVICKA hold 3 M 20 Not Provided 21.02.2013
AlphaValue DIETER HEIN add 4 M 25 6 month 21.02.2013
HSBC JOHANNES THORMANN overweight 5 M 31 Not Provided 19.02.2013
Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 21 Not Provided 15.02.2013
Keefe, Bruyette & Woods RONNY REHN market perform 3 M 25 12 month 14.02.2013
Nomura DOMENICO SANTORO neutral 3 M 27 Not Provided 12.02.2013
Barclays CRISTINA MARZEA equalweight 3 M 24 Not Provided 01.02.2013
JPMorgan PAUL FORMANKO overweight 5 M 32 9 month 29.01.2013
Goldman Sachs PAWEL DZIEDZIC Buy/Neutral 5 M 36 12 month 28.01.2013
Societe Generale ALAN WEBBORN buy 5 M 31 12 month 25.01.2013
BH Securities PETR HLINOMAZ hold 3 M 28 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank ALEXANDER HENDRICKS hold 3 M 22 12 month 16.01.2013
Macquarie THOMAS STOEGNER outperform 5 M 29 12 month 16.01.2013
Credit Suisse HUGO SWANN neutral 3 M 18 Not Provided 15.01.2013
SSIF Broker ANDREI RADULESCU hold 3 N 26 12 month 13.12.2012
VTB Capital MIKHAIL SHLEMOV hold 3 D 24 12 month 10.12.2012
Raiffeisenbank AG STEFAN MAXIAN hold 3 D 24 12 month 03.12.2012
Concorde Securities Rt GABOR KEMENY underweight 1 D 17 Not Provided 15.11.2012
Kepler Capital Markets DIRK BECKER buy 5 M 25 Not Provided 31.10.2012
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 21 12 month 30.10.2012
Cyrrus MAREK HATLAPATKA buy 5 M 28 Not Provided 30.10.2012
Komercni Banka AS JOSEF NEMY buy 5 M 21 12 month 14.09.2012
Mediobanca SpA RICCARDO ROVERE outperform 5 M 25 12 month 02.08.2012
KBC Securities MARTA CZAJKOWSKA-BALDYGA buy 5 M 41 12 month 03.11.2010
Holdings By:
Erste Group Bank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Eutelsat Communications is a KU-band satellite operator. The Company offers
television and radio broadcasting, video broadcasting, corporate networks,
Internet access, and mobile communications. Eutelsat serves Europe, the Middle
East, Africa, Asia, eastern North America, and South America.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (13.03.2012) 28.86
52-Week Low (08.06.2012) 20.16
Daily Volume
27.35
52-Week High % Change -5.23% Dividend Yield -
52-Week Low % Change 35.70% Beta 0.55
% 52 Week Price Range High/Low 80.99% Equity Float 125.05
Shares Out 30.06.2012 220.1 Short Int -
6'020.12 1 Yr Total Return 0.19%
Total Debt 2'474.10 YTD Return 8.96%
Preferred Stock 0.0 Adjusted BETA 0.554
Minority Interest 63.2 Analyst Recs 24
Cash and Equivalents 105.10 Consensus Rating 4.000
Enterprise Value 8'452.32
Average Volume 5 Day 910'009
ETL FP EQUITY YTD Change - Average Volume 30 Day 590'269
ETL FP EQUITY YTD % CHANGE - Average Volume 3 Month 504'427
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 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2
877.8 940.5 1'047.2 1'168.1 1'222.2 1'047.2 1'222.2 1'290.1 1'375.9 310.3 321.0
7.26x 6.84x 8.17x 7.78x 6.36x 0.00x 0.00x 6.78x 6.37x - -
679.7 765.9 822.0 925.7 950.2 0.0 0.0 1'004.8 1'071.1 - -
9.37x 8.40x 10.41x 9.81x 8.18x 0.00x 0.00x 8.41x 7.89x - -
172.3 247.3 269.5 338.5 326.1 0.0 0.0 355.9 381.4 - -
22.39x 16.33x 22.52x 20.14x 16.36x 0.00x 0.00x 16.73x 15.68x - -
EBITDA 950.20 Long-Term Rating Date 06.12.2010
EBIT 641.30 Long-Term Rating BBB
Operating Margin 52.47% Long-Term Outlook STABLE
Pretax Margin 42.81% Short-Term Rating Date 06.12.2010
Return on Assets 6.71% Short-Term Rating A-2
Return on Common Equity 18.98%
Return on Capital 10.01% EBITDA/Interest Exp. 7.94
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 3.87
Net Debt/EBITDA 2.49
Gross Margin - Total Debt/EBITDA 2.60
EBITDA Margin 77.7%
EBIT Margin 52.5% Total Debt/Equity 138.6%
Net Income Margin 26.7% Total Debt/Capital 57.2%
Asset Turnover 0.25
Current Ratio 1.36 Net Fixed Asset Turnover 0.44
Quick Ratio 1.23 Accounts receivable turnover-days 77.10
Debt to Assets 49.78% Inventory Days -
Tot Debt to Common Equity 138.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.75 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
Eutelsat Communications SAPrice/Volume
Valuation Analysis
482'090.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FONDS STRATEGIQUE D' n/a Co File 56'399'660 25.62 - 30.09.2010 Investment Advisor
ABERTIS TELECOM S.A. n/a Research 18'396'773 8.36 (15'407'979) 02.07.2012 Corporation
BLACKROCK n/a ULT-AGG 16'129'173 7.33 (1'743'657) 25.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 15'815'878 7.19 (1'666'071) 31.12.2012 Investment Advisor
CHINA INVESTMENT COR n/a Research 15'541'767 7.06 - 28.06.2012 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'925'000 2.24 (1'078'400) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'551'494 1.61 943'258 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'689'759 1.22 157'601 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'434'898 1.11 47'880 31.12.2012 Investment Advisor
ENTREPRISE DES POSTE n/a Co File 2'395'886 1.09 - 30.09.2010 Corporation
RADIOTELEVIZIJA SLOV n/a Co File 2'332'724 1.06 - 30.09.2010 Corporation
INVESCO LTD Multiple Portfolios MF-AGG 1'395'176 0.63 (228'987) 26.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'303'570 0.59 (815'029) 28.09.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'083'300 0.49 484'750 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 1'047'151 0.48 (185'541) 31.10.2012 Investment Advisor
MEDITOR CAPITAL MANA n/a Short (968'502) -0.44 550'285 20.11.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (968'502) -0.44 244'326 11.02.2013 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 939'845 0.43 (2'820) 31.01.2013 Mutual Fund Manager
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 912'628 0.41 (11'989) 30.11.2012 Mutual Fund Manager
FEDERAL GESTION Multiple Portfolios MF-AGG 605'000 0.27 - 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale PETER KNOX hold 3 M 27 12 month 27.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.02.2013
AlphaValue MYRIAM COHEN add 4 M 31 6 month 21.02.2013
JPMorgan TORSTEN ACHTMANN overweight 5 M 33 9 month 20.02.2013
CM - CIC Securities(ESN) JEAN-MICHEL KOSTER accumulate 4 M 28 12 month 15.02.2013
CA Cheuvreux DAVID CERDAN outperform 5 M 32 Not Provided 14.02.2013
HSBC OLIVIER MORAL overweight 5 M 30 Not Provided 12.02.2013
Exane BNP Paribas MATHIEU ROBILLIARD outperform 5 M 31 Not Provided 12.02.2013
Deutsche Bank LAURIE DAVISON sell 1 M 20 12 month 11.02.2013
Morgan Stanley JULIEN ROSSI Overwt/Attractive 5 M 30 12 month 11.02.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 24 Not Provided 11.02.2013
Nomura HENRIK NYBLOM buy 5 U 31 12 month 11.02.2013
Barclays NICK DEMPSEY overweight 5 M 30 Not Provided 11.02.2013
Jefferies GILES THORNE buy 5 M 30 12 month 07.02.2013
Credit Suisse PAUL SIDNEY outperform 5 M 33 Not Provided 24.01.2013
ABN Amro Bank N.V. MAURITS HELDRING buy 5 N 30 12 month 18.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MARK WALKER Buy/Neutral 5 M 33 12 month 05.11.2012
Berenberg Bank SARAH SIMON sell 1 M 23 Not Provided 05.11.2012
Main First Bank AG LOIC SABATIER neutral 3 M 25 12 month 31.07.2012
Natixis ERIC BEAUDET buy 5 M 30 Not Provided 20.07.2012
Holdings By:
Eutelsat Communications SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Ferrovial SA is an infrastructure operator and industrial company. The Company
operates in multiple countries in a range of sectors including construction,
airport, toll road, and municipal services. Ferrovial SA also has a services
division in which they provide facility management, infrastructure maintenance
and upkeep, and energy and waste management services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 12.20
52-Week Low (04.06.2012) 7.41
Daily Volume
11.86
52-Week High % Change -2.75% Dividend Yield -
52-Week Low % Change 59.99% Beta 0.80
% 52 Week Price Range High/Low 91.74% Equity Float 379.68
Shares Out 31.12.2012 733.5 Short Int -
8'699.43 1 Yr Total Return 40.04%
Total Debt 9'857.60 YTD Return 5.89%
Preferred Stock 0.0 Adjusted BETA 0.801
Minority Interest 120.6 Analyst Recs 28
Cash and Equivalents 2'980.32 Consensus Rating 4.107
Enterprise Value 15'697.26
Average Volume 5 Day 4'405'447
FER SQ EQUITY YTD Change - Average Volume 30 Day 2'734'208
FER SQ EQUITY YTD % CHANGE - Average Volume 3 Month 6'650'353
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
13'146.0 12'095.0 9'384.0 7'446.0 7'686.4 7'640.0 7'686.4 7'547.8 7'651.3 - -
2.03x 2.52x 2.90x 1.69x 1.98x 12.81x 7.13x 2.06x 2.15x - -
2'545.0 2'540.0 3'970.0 1'157.0 978.8 428.0 978.8 919.1 990.6 - -
10.49x 11.98x 6.86x 10.85x 15.54x 0.00x 15.54x 17.08x 15.85x - -
(812.0) (92.0) 2'163.0 1'269.0 709.7 1'269.0 709.7 242.6 270.2 - -
- - 2.07x 16.10x 11.55x 0.00x 11.55x 34.48x 30.73x - -
EBITDA 978.76 Long-Term Rating Date 01.08.2011
EBIT 759.96 Long-Term Rating BBB-
Operating Margin 9.89% Long-Term Outlook STABLE
Pretax Margin 9.81% Short-Term Rating Date -
Return on Assets 3.14% Short-Term Rating -
Return on Common Equity 11.76%
Return on Capital - EBITDA/Interest Exp. 2.40
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 2.20
Net Debt/EBITDA 7.03
Gross Margin 68.2% Total Debt/EBITDA 10.07
EBITDA Margin 12.7%
EBIT Margin 9.9% Total Debt/Equity 174.7%
Net Income Margin 9.2% Total Debt/Capital 63.1%
Asset Turnover 0.34
Current Ratio 1.12 Net Fixed Asset Turnover 2.17
Quick Ratio 0.93 Accounts receivable turnover-days 102.94
Debt to Assets 44.37% Inventory Days -
Tot Debt to Common Equity 174.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.56 Cash Conversion Cycle -471.38
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
Ferrovial SAPrice/Volume
Valuation Analysis
1'610'459.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
0.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PORTMAN BAELA SL n/a EXCH 319'912'186 43.61 (1'003) 16.05.2012 Corporation
SOUTHEASTERN ASSET M n/a EXCH 35'244'909 4.8 (1'518'012) 20.12.2012 Investment Advisor
BANCO SANTANDER SA n/a EXCH 24'804'396 3.38 1'901'156 12.12.2012 Bank
UBS n/a ULT-AGG 22'846'210 3.11 536'404 28.12.2012 Unclassified
NORGES BANK n/a EXCH 21'745'181 2.96 (329'979) 18.01.2011 Government
CALVO-SOTEL RAFAEL D n/a EXCH 9'191'610 1.25 6'654 16.05.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'582'266 1.03 128'849 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'127'393 0.56 337'002 25.02.2013 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 2'675'850 0.36 2'613'650 31.12.2012 Investment Advisor
BUSQUET SANTIAGO BER n/a EXCH 2'458'721 0.34 5'822 16.05.2012 n/a
STATE STREET n/a ULT-AGG 2'455'246 0.33 - 26.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'177'139 0.3 1'523'027 31.12.2012 Investment Advisor
LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 2'160'700 0.29 322'700 31.12.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 1'747'267 0.24 (54'955) 30.09.2012 Mutual Fund Manager
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 1'647'594 0.22 32'905 29.02.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'597'200 0.22 (536'900) 28.09.2012 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 1'413'526 0.19 57'027 30.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'161'921 0.16 (149'700) 31.12.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 939'895 0.13 (295'142) 31.05.2012 Investment Advisor
LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 839'000 0.11 - 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue MYRIAM COHEN reduce 2 M 11 6 month 27.02.2013
BPI BRUNO ALMEIDA DA SILVA buy 5 M 13 Not Provided 25.02.2013
Ahorro Corporacion Financiera SA JUAN MORENO buy 5 M 12 Not Provided 25.02.2013
Grupo Santander ARANZAZU BUENO buy 5 M 14 Not Provided 22.02.2013
Societe Generale VICTOR ACITORES buy 5 M 14 12 month 22.02.2013
Raymond James ARNAUD PALLIEZ outperform 5 M 13 Not Provided 22.02.2013
Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA buy 5 M 13 12 month 22.02.2013
Banesto Bolsa SA Sociedad MARTA OLBA overweight 5 M 13 Not Provided 22.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 13 12 month 21.02.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA strong buy 5 M 15 12 month 21.02.2013
Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO buy 5 M 14 Not Provided 20.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 12 12 month 20.02.2013
Deutsche Bank LUIS PRIETO buy 5 M 14 12 month 15.02.2013
Morgan Stanley JAIME ROWBOTHAM Equalwt/In-Line 3 M 12 12 month 13.02.2013
RBC Capital Markets OLIVIA PETERS underperform 1 D 11 12 month 13.02.2013
Exane BNP Paribas NICOLAS MORA underperform 1 M 9 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
La Caixa SANTIAGO MOLINA underweight 1 D 13 Not Provided 16.01.2013
Natixis ABDELKADER BENCHIHA buy 5 M 13 Not Provided 04.01.2013
Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M 13 Not Provided 27.12.2012
Kepler Capital Markets EMILIO ROTONDO-INCLAN buy 5 M 13 Not Provided 12.12.2012
CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 D 12 Not Provided 05.11.2012
Day by Day VALERIE GASTALDY buy 5 M 13 3 month 01.11.2012
Macquarie SAM DOBSON outperform 5 M 12 12 month 28.09.2012
BBVA ANTONIO RODRIGUEZ VICENS outperform 5 M 11 Not Provided 02.08.2012
Equita SIM SpA STEFANO GAMBERINI hold 3 M 10 12 month 10.06.2011
Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 10 Not Provided 23.02.2010
Holdings By:
Ferrovial SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Fiat S.p.A. manufactures and markets automobiles, commercial vehicles, and
agricultural and construction equipment. The Company also produces
metallurgical products and production systems for the automobile industry, and
owns publishing and insurance companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2012) 4.91
52-Week Low (07.05.2012) 3.25
Daily Volume
4.062
52-Week High % Change -17.20% Dividend Yield -
52-Week Low % Change 24.98% Beta 1.13
% 52 Week Price Range High/Low 45.24% Equity Float 834.26
Shares Out 30.09.2012 1'250.4 Short Int -
5'079.14 1 Yr Total Return -8.92%
Total Debt 27'889.00 YTD Return 7.18%
Preferred Stock 0.0 Adjusted BETA 1.128
Minority Interest 4'114.0 Analyst Recs 29
Cash and Equivalents 17'945.00 Consensus Rating 2.345
Enterprise Value 19'137.14
Average Volume 5 Day 17'413'280
F IM EQUITY YTD Change - Average Volume 30 Day 23'132'400
F IM EQUITY YTD % CHANGE - Average Volume 3 Month 22'043'010
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
59'380.0 32'684.0 35'880.0 59'559.0 83'957.0 59'559.0 83'957.0 87'461.3 92'559.8 - -
0.42x 0.90x 0.80x 0.28x 0.22x 1.10x 0.65x 0.19x 0.19x - -
6'263.0 2'772.0 3'298.0 5'750.0 7'948.0 5'750.0 5'932.0 8'698.8 9'945.1 - -
4.01x 10.64x 8.66x 2.94x 2.35x 2.94x 0.00x 2.20x 1.92x - -
1'612.0 (838.0) 520.0 1'334.0 348.0 1'334.0 348.0 530.2 940.6 - -
3.53x - 134.40x 3.29x 13.25x 3.29x 13.47x 10.61x 5.82x - -
EBITDA 7'948.00 Long-Term Rating Date 26.04.2012
EBIT 3'814.00 Long-Term Rating BB-
Operating Margin 4.54% Long-Term Outlook STABLE
Pretax Margin 2.43% Short-Term Rating Date 06.05.2009
Return on Assets 0.36% Short-Term Rating B
Return on Common Equity 3.28%
Return on Capital 6.30% EBITDA/Interest Exp. 4.18
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 0.22
Net Debt/EBITDA 1.29
Gross Margin 14.9% Total Debt/EBITDA 3.50
EBITDA Margin 9.5%
EBIT Margin 4.5% Total Debt/Equity 307.9%
Net Income Margin 0.4% Total Debt/Capital 67.9%
Asset Turnover 1.02
Current Ratio 1.17 Net Fixed Asset Turnover 3.98
Quick Ratio 0.66 Accounts receivable turnover-days 13.50
Debt to Assets 33.96% Inventory Days 51.06
Tot Debt to Common Equity 307.86% Accounts Payable Turnover Day 82.40
Accounts Receivable Turnover 27.10 Cash Conversion Cycle -25.46
Inventory Turnover 7.17
Fiscal Year Ended
Fiat SpAPrice/Volume
Valuation Analysis
9'900'496.00
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
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EXOR SPA n/a EXCH 375'808'571 30.06 - 20.11.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 47'020'701 3.76 353'431 31.12.2012 Investment Advisor
FIAT SPA n/a EXCH 40'337'995 3.23 - 20.11.2012 Corporation
BAILLIE GIFFORD OVER n/a EXCH 26'933'677 2.15 - 20.11.2012 Investment Advisor
VANGUARD INT GROWTH n/a EXCH 25'083'081 2.01 - 20.11.2012 n/a
BLACKROCK n/a ULT-AGG 12'389'220 0.99 101'192 25.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'037'500 0.96 (2'219'500) 31.12.2012 Investment Advisor
BROOKSIDE CAPITAL MA n/a Short (11'003'545) -0.88 (1'625'524) 14.01.2013 Investment Advisor
CAXTON INTERNATIONAL n/a ULT-AGG (7'502'417) -0.6 (1'125'363) 25.02.2013 Investment Advisor
EGERTON CAPITAL LIMI n/a Short (7'002'256) -0.56 - 06.12.2012 Hedge Fund Manager
MARSHALL WACE LLP n/a Short (6'877'216) -0.55 - 07.02.2013 Hedge Fund Manager
ODEY ASSET MANAGEMEN n/a Short (6'377'054) -0.51 - 21.02.2013 Investment Advisor
BAILLIE GIFFORD AND n/a EXCH 6'089'462 0.49 - 20.11.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 4'680'041 0.37 83'703 31.10.2012 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 3'884'966 0.31 (2'979'717) 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'503'456 0.28 (1'109'545) 28.09.2012 Mutual Fund Manager
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 3'082'632 0.25 432'906 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'543'301 0.2 (119'507) 31.12.2012 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 2'440'163 0.2 120'151 31.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 2'174'765 0.17 142'229 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA MASSIMO VECCHIO neutral 3 M 5 6 month 26.02.2013
Banca IMI MONICA BOSIO hold 3 M 5 12 month 26.02.2013
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 5 12 month 21.02.2013
Centrobanca MARCO CRISTOFORI hold 3 M 4 12 month 21.02.2013
Exane BNP Paribas RABIH FREIHA underperform 1 M 3 Not Provided 21.02.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 3 6 month 21.02.2013
Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 12.02.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 5 12 month 06.02.2013
Macquarie JENS SCHATTNER underperform 1 M 3 12 month 06.02.2013
Barclays KRISTINA CHURCH underweight 1 M 2 Not Provided 05.02.2013
Commerzbank Corporates & Markets SASCHA GOMMEL hold 3 M 4 6 month 04.02.2013
Morgan Stanley STUART PEARSON Underwt/In-Line 1 M 3 12 month 04.02.2013
Landesbank Baden-Wuerttemberg Fabian Suessenguth hold 3 N 5 Not Provided 04.02.2013
Societe Generale STEPHEN REITMAN sell 1 M 4 12 month 31.01.2013
JPMorgan JOSE ASUMENDI neutral 3 M 4 9 month 31.01.2013
Equita SIM SpA MARTINO DEAMBROGGI hold 3 M 5 12 month 31.01.2013
Oddo & Cie FRANCOIS MAURY buy 5 M 5 Not Provided 31.01.2013
Banca Akros(ESN) GABRIELE GAMBAROVA hold 3 D 5 12 month 31.01.2013
Kepler Capital Markets GIANANTONIO VILLANI hold 3 M 4 Not Provided 31.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013
Credit Suisse ERICH HAUSER underperform 1 M 4 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 16.01.2013
Main First Bank AG BRUNO LAPIERRE underperform 1 D 4 12 month 12.12.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 4 12 month 16.11.2012
Deutsche Bank JOCHEN GEHRKE sell 1 D 3 12 month 07.11.2012
Natixis GEORGES DIENG reduce 2 D 3 Not Provided 31.10.2012
CA Cheuvreux ARNAUD JOLY outperform 5 M 7 Not Provided 07.02.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M 5 Not Provided 23.01.2012
Cyrrus JAN ROH sell 1 D 4 12 month 11.10.2011
Holdings By:
Fiat SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
FLSmidth & Company A/S is a machinery company. The Company designs,
manufactures, and supplies production plants, equipment, single machinery, and
spare parts primarily to the cement and minerals industries. FLSmidth is based
in Denmark.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2012) 457.60
52-Week Low (14.06.2012) 288.50
Daily Volume
390.1
52-Week High % Change -14.75% Dividend Yield -
52-Week Low % Change 35.22% Beta 1.16
% 52 Week Price Range High/Low 59.20% Equity Float -
Shares Out 26.02.2013 53.2 Short Int -
20'753.32 1 Yr Total Return -10.61%
Total Debt 4'378.00 YTD Return 19.22%
Preferred Stock 0.0 Adjusted BETA 1.159
Minority Interest 49.0 Analyst Recs 18
Cash and Equivalents 1'566.00 Consensus Rating 4.111
Enterprise Value 23'614.32
Average Volume 5 Day 430'420
FLS DC EQUITY YTD Change - Average Volume 30 Day 430'496
FLS DC EQUITY YTD % CHANGE - Average Volume 3 Month 380'740
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
25'285.0 23'134.0 20'186.0 20'538.0 24'849.0 20'538.0 24'849.0 28'126.8 27'985.7 6'063.0 6'807.0
0.41x 0.78x 1.32x 0.85x 0.80x 3.72x 3.20x 0.84x 0.81x 3.45x 3.06x
2'877.0 2'721.0 2'389.0 2'515.0 2'723.0 2'515.0 2'759.0 2'910.8 3'284.6 554.3 650.0
3.57x 6.64x 11.13x 6.96x 7.28x 6.96x 7.18x 8.11x 7.19x 8.46x 7.87x
1'515.0 1'670.0 1'284.0 1'427.0 1'306.0 1'427.0 1'306.0 1'604.1 1'857.6 299.0 362.5
6.53x 11.25x 21.76x 13.18x 13.36x 13.18x 13.43x 12.64x 10.90x 13.02x 12.05x
EBITDA 2'723.00 Long-Term Rating Date -
EBIT 1'969.00 Long-Term Rating -
Operating Margin 7.92% Long-Term Outlook -
Pretax Margin 7.75% Short-Term Rating Date -
Return on Assets 4.55% Short-Term Rating -
Return on Common Equity 14.33%
Return on Capital - EBITDA/Interest Exp. 34.04
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 24.80
Net Debt/EBITDA 1.02
Gross Margin 24.5% Total Debt/EBITDA 1.59
EBITDA Margin 11.1%
EBIT Margin 8.1% Total Debt/Equity 46.7%
Net Income Margin 5.3% Total Debt/Capital 31.7%
Asset Turnover 0.87
Current Ratio 1.16 Net Fixed Asset Turnover 9.33
Quick Ratio 0.46 Accounts receivable turnover-days 84.46
Debt to Assets 13.73% Inventory Days 47.71
Tot Debt to Common Equity 46.72% Accounts Payable Turnover Day 55.38
Accounts Receivable Turnover 4.33 Cash Conversion Cycle 76.80
Inventory Turnover 7.67
Fiscal Year Ended
FLSmidth & Co A/SPrice/Volume
Valuation Analysis
228'057.00
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
'2'
-''-2'.''.2'0''02'1''12'2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OPPENHEIMERFUNDS INC n/a Research 2'743'887 5.16 - 13.07.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'465'718 2.76 (19'901) 31.12.2012 Investment Advisor
GREENLIGHT CAPITAL I n/a Short (1'415'120) -2.66 106'400 21.12.2012 Hedge Fund Manager
FLSMIDTH & CO A/S n/a Co File 927'425 1.74 - 31.12.2011 Unclassified
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 896'347 1.68 (73'235) 31.12.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (707'560) -1.33 (58'520) 11.02.2013 Hedge Fund Manager
DANSKE INVEST A/S Multiple Portfolios MF-AGG 681'997 1.28 900 31.01.2013 Investment Advisor
MAVERICK CAPITAL LTD n/a Short (675'640) -1.27 (79'800) 12.02.2013 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 577'832 1.09 4'749 31.12.2012 Investment Advisor
D E SHAW & CO LP n/a Short (537'320) -1.01 (58'520) 18.01.2013 Unclassified
CITADEL EUROPE LLP n/a Short (430'920) -0.81 (53'200) 12.02.2013 Unclassified
MADISON SQUARE INVES Multiple Portfolios MF-AGG 345'570 0.65 - 31.12.2012 Investment Advisor
UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 330'031 0.62 (21'903) 31.10.2012 Mutual Fund Manager
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 280'854 0.53 - 31.01.2013 Mutual Fund Manager
HIGHBRIDGE CAPITAL M n/a Short (262'650) -0.49 29'950 13.02.2013 Hedge Fund Manager
MARSHALL WACE LLP n/a Short (254'838) -0.48 27'122 25.01.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 220'435 0.41 (209'951) 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 213'155 0.4 - 31.03.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 207'154 0.39 35'750 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 167'147 0.31 (15'287) 31.10.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue LIONEL PELLICER add 4 M 409 6 month 21.02.2013
JPMorgan ALEXANDER WHIGHT overweight 5 M 435 12 month 19.02.2013
Carnegie LARS TOPHOLM hold 3 M #N/A N/A Not Provided 19.02.2013
SEB Enskilda DANIEL PATTERSON buy 5 M 430 Not Provided 18.02.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 450 Not Provided 15.02.2013
Exane BNP Paribas ALEXIS DENAUD neutral 3 M 450 Not Provided 15.02.2013
Alm Brand Markets STIG NYMANN buy 5 M 475 Not Provided 13.02.2013
Jyske Bank JANNE VINCENT KJAER strong buy 5 M 445 Not Provided 13.02.2013
ABG Sundal Collier JOHANNES GRUNSELIUS hold 3 M 360 6 month 13.02.2013
Nordea Equity Research PATRIK SETTERBERG buy 5 M 430 12 month 13.02.2013
NYKREDIT KLAUS KEHL outperform 5 M #N/A N/A Not Provided 13.02.2013
Handelsbanken FASIAL KALIM AHMAD accumulate 4 M 416 12 month 13.02.2013
DNB Markets SAMPSA KARHUNEN hold 3 M 365 Not Provided 13.02.2013
Danske Markets KENNETH LEILING hold 3 M 365 12 month 13.02.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 502 12 month 12.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 09.05.2011
LD Invest Markets TORSTEN BECH buy 5 M 475 Not Provided 28.10.2010
Holdings By:
FLSmidth & Co A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Fresnillo plc is a silver and gold mining and exploration company. The Company
owns and operates silver and gold mines in Mexico. Fresnillo also holds a
portfolio of development and exploration projects located along the silver and
gold belts of Mexico.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (27.11.2012) 2'033.00
52-Week Low (01.06.2012) 1'259.00
Daily Volume
1548
52-Week High % Change -23.91% Dividend Yield 4.15
52-Week Low % Change 22.95% Beta 0.78
% 52 Week Price Range High/Low 33.07% Equity Float 164.22
Shares Out 30.06.2012 717.2 Short Int -
11'101.64 1 Yr Total Return -14.83%
Total Debt 0.00 YTD Return -16.19%
Preferred Stock 0.0 Adjusted BETA 0.782
Minority Interest 281.6 Analyst Recs 15
Cash and Equivalents 684.92 Consensus Rating 3.000
Enterprise Value 16'670.55
Average Volume 5 Day 867'212
FRES LN EQUITY YTD Change - Average Volume 30 Day 656'859
FRES LN EQUITY YTD % CHANGE - Average Volume 3 Month 565'498
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 - -
647.9 720.5 849.9 1'409.6 2'192.7 - - 2'179.1 2'464.1 - -
- 3.17x 10.57x 12.98x 7.56x - - 7.60x 6.68x - -
274.5 335.5 496.0 938.7 1'535.8 - - 1'321.7 1'550.6 - -
- 6.80x 18.12x 19.49x 10.80x - - 12.61x 10.75x - -
143.5 127.9 322.0 665.1 901.7 - - 740.5 818.2 - -
- 18.02x 28.48x 28.04x 18.83x - - 23.02x 20.20x - -
EBITDA 1'535.78 Long-Term Rating Date -
EBIT 1'363.71 Long-Term Rating -
Operating Margin 62.19% Long-Term Outlook -
Pretax Margin 69.98% Short-Term Rating Date -
Return on Assets 28.16% Short-Term Rating -
Return on Common Equity 40.00%
Return on Capital 41.55% EBITDA/Interest Exp. 166.28
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 115.64
Net Debt/EBITDA -0.33
Gross Margin 71.3% Total Debt/EBITDA 0.00
EBITDA Margin 66.0%
EBIT Margin 56.3% Total Debt/Equity 0.0%
Net Income Margin 41.1% Total Debt/Capital 0.0%
Asset Turnover 0.80
Current Ratio 3.78 Net Fixed Asset Turnover 1.92
Quick Ratio 2.98 Accounts receivable turnover-days 30.53
Debt to Assets 0.00% Inventory Days 54.39
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.99 Cash Conversion Cycle 45.59
Inventory Turnover 6.73
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
Fresnillo PLCPrice/Volume
Valuation Analysis
404'378.00
Current Price (2/dd/yy) Market Data
'
2''
-'''
-2''
.'''
.2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PENOLES n/a Co File 552'595'191 77.05 - 05.03.2012 Corporation
INDUSTRIAS PENOLES S Multiple Portfolios REG 552'591'460 77.05 - 01.01.2013 Corporation
BLACKROCK n/a ULT-AGG 51'399'264 7.17 - 25.02.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios REG 11'417'058 1.59 110'630 01.01.2013 Hedge Fund Manager
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11'264'908 1.57 33'045 30.09.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios REG 7'635'318 1.06 (1'026'498) 01.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 6'919'538 0.96 303'761 31.01.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'698'758 0.93 (75'093) 31.12.2012 Investment Advisor
AGF MANAGEMENT LIMIT Multiple Portfolios REG 4'258'906 0.59 (190'902) 01.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 3'634'835 0.51 (295'775) 01.01.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'429'379 0.48 123'654 31.12.2012 Investment Advisor
VONTOBEL Multiple Portfolios REG 3'337'617 0.47 290'950 01.01.2013 Unclassified
GAMCO n/a ULT-AGG 3'079'500 0.43 (20'000) 01.01.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 3'053'700 0.43 (1'069'700) 01.01.2013 Investment Advisor
AMF PENSION Multiple Portfolios REG 2'633'800 0.37 1'347'444 01.01.2013 Pension Fund (ERISA)
VANGUARD GROUP INC Multiple Portfolios REG 1'802'058 0.25 90'244 01.01.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios REG 1'739'410 0.24 150'933 01.01.2013 Investment Advisor
APG ALGEMENE PENSIOE Multiple Portfolios REG 1'604'401 0.22 278'282 01.01.2013 Pension Fund (ERISA)
SCOTTISH WIDOWS n/a ULT-AGG 1'598'738 0.22 580'932 01.01.2013 Unclassified
UBS n/a ULT-AGG 1'455'757 0.2 66'231 01.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
VSA Capital Ltd JESSICA PENDAL buy 5 M 2'260 12 month 27.02.2013
BMO Capital Markets ANDREW KAIP market perform 3 M 2'000 Not Provided 25.02.2013
Societe Generale BRUCE ALWAY sell 1 M 1'200 12 month 22.02.2013
RBC Capital Markets JONATHAN GUY sector perform 3 M 1'800 12 month 25.01.2013
BBVA JEAN-BAPTISTE BRUNY underperform 1 M 1'649 Not Provided 25.01.2013
Goldman Sachs EUGENE KING neutral/attractive 3 M 1'900 12 month 23.01.2013
Deutsche Bank GRANT SPORRE hold 3 M 1'705 12 month 22.01.2013
JPMorgan ROGER BELL overweight 5 M 2'070 9 month 22.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Numis Securities Ltd CAILEY BARKER hold 3 M 1'900 Not Provided 14.01.2013
Barclays DAVID BUTLER overweight 5 M 2'150 Not Provided 14.01.2013
Credit Suisse VANESSA QUIROGA neutral 3 N 1'870 Not Provided 13.12.2012
Canaccord Genuity Corp DMITRY KALACHEV hold 3 M 1'900 Not Provided 28.05.2012
Holdings By:
Fresnillo PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Fugro N.V. collects, processes, and interprets geological data. The Company
collects data at sea, on land, and from the air of land areas and the sea bed.
The data is used in building offshore oil platforms, tunnels, roads, pipelines,
factories, and communications cables, and to explore for oil, gas, and minerals.
The Company operates worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (24.09.2012) 57.88
52-Week Low (18.02.2013) 35.12
Daily Volume
36.28
52-Week High % Change -37.28% Dividend Yield -
52-Week Low % Change 3.32% Beta 1.18
% 52 Week Price Range High/Low 3.80% Equity Float -
Shares Out 30.06.2012 82.8 Short Int -
3'005.59 1 Yr Total Return -30.94%
Total Debt 1'462.76 YTD Return -18.51%
Preferred Stock 0.0 Adjusted BETA 1.183
Minority Interest 18.3 Analyst Recs 18
Cash and Equivalents 170.38 Consensus Rating 3.778
Enterprise Value 4'557.39
Average Volume 5 Day 592'878
FUR NA EQUITY YTD Change - Average Volume 30 Day 630'900
FUR NA EQUITY YTD % CHANGE - Average Volume 3 Month 568'186
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 - -
1'802.7 2'154.5 2'053.0 2'280.4 2'577.8 - - 2'910.8 2'824.3 - -
2.32x 0.95x 1.78x 2.51x 1.89x - - 1.45x 1.20x - -
439.6 537.5 552.6 561.9 583.1 - - 678.2 666.8 - -
9.53x 3.81x 6.62x 10.20x 8.35x - - 6.73x 6.84x - -
216.2 283.4 263.4 272.2 287.6 - - 288.6 311.8 - -
16.98x 5.28x 11.64x 17.72x 12.37x - - 10.13x 9.68x - -
EBITDA 583.10 Long-Term Rating Date -
EBIT 351.44 Long-Term Rating -
Operating Margin 13.63% Long-Term Outlook -
Pretax Margin 13.21% Short-Term Rating Date -
Return on Assets 8.11% Short-Term Rating -
Return on Common Equity 18.99%
Return on Capital 11.31% EBITDA/Interest Exp. 13.70
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 7.18
Net Debt/EBITDA 2.42
Gross Margin 61.4% Total Debt/EBITDA 2.58
EBITDA Margin 23.1%
EBIT Margin 13.9% Total Debt/Equity 88.3%
Net Income Margin 11.2% Total Debt/Capital 46.6%
Asset Turnover 0.73
Current Ratio 1.73 Net Fixed Asset Turnover 1.94
Quick Ratio 0.78 Accounts receivable turnover-days -
Debt to Assets 37.88% Inventory Days 130.92
Tot Debt to Common Equity 88.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 125.08
Inventory Turnover 2.80
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
Fugro NVPrice/Volume
Valuation Analysis
324'745.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ING GROEP NV n/a Co File 7'846'285 9.47 - 01.03.2012 Investment Advisor
WAM ACQUISITION n/a Co File 4'281'272 5.17 - 01.03.2012 Corporation
CAPITAL GROUP INTERN n/a Co File 4'142'904 5 - 01.03.2012 Investment Advisor
KRAMER GERT-JAN n/a Research 4'031'026 4.87 3'333'818 20.11.2012 n/a
FMR LLC n/a ULT-AGG 3'177'974 3.84 (661'095) 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 1'490'836 1.8 50'266 31.01.2013 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1'437'624 1.74 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'293'114 1.56 5'035 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'118'841 1.35 (125'626) 28.09.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'042'959 1.26 9'644 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 938'685 1.13 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 801'777 0.97 (19'920) 25.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 722'612 0.87 (25'103) 31.12.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (679'324) -0.82 (57'991) 22.02.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 642'587 0.78 (1'387) 29.06.2012 Investment Advisor
EGERTON CAPITAL LIMI n/a Short (588'195) -0.71 (33'138) 31.01.2013 Hedge Fund Manager
AQR CAPITAL MANAGEME n/a Short (538'489) -0.65 (49'707) 07.12.2012 Hedge Fund Manager
ABERDEEN n/a ULT-AGG 534'000 0.64 1'000 31.12.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 454'886 0.55 38'834 31.12.2012 Investment Advisor
MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 444'000 0.54 - 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Natixis ALAIN PARENT neutral 3 M 38 Not Provided 26.02.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 37 6 month 21.02.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 20.02.2013
HSBC DAVID PHILLIPS overweight 5 M 53 Not Provided 19.02.2013
KBC Securities MICHAEL ROEG hold 3 M 44 Not Provided 18.02.2013
ABN Amro Bank N.V. WIM GILLE buy 5 M 52 Not Provided 18.02.2013
SNS Securities(ESN) MARTIJN DEN DRIJVER buy 5 M 61 12 month 12.02.2013
Kepler Capital Markets ANDRE MULDER buy 5 M 45 Not Provided 12.02.2013
Goldman Sachs MICHAEL RAE Buy/Neutral 5 M 49 12 month 11.02.2013
Petercam LUUK VAN BEEK add 4 M 46 Not Provided 11.02.2013
Rabobank International MICHEL AUPERS buy 5 M 60 Not Provided 11.02.2013
ING Bank QUIRIJN MULDER buy 5 M 45 12 month 11.02.2013
Kempen & Co DIRK VERBIESEN hold 3 M 51 12 month 06.01.2013
S&P Capital IQ CHRISTINE TISCARENO hold 3 M 43 12 month 19.11.2012
Nomura CHRISTYAN MALEK buy 5 M 65 12 month 05.09.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 63 Not Provided 04.09.2012
CA Cheuvreux HANS PLUIJGERS underperform 1 M 48 Not Provided 28.05.2012
JPMorgan ANDREW DOBBING overweight 5 M 60 3 month 21.07.2010
Holdings By:
Fugro NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
G4S PLC offers security services. The Company offers security guards, alarms,
monitoring, management and transportation of cash and valuables, prison
management, and electronic monitoring of offenders.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (20.02.2013) 295.30
52-Week Low (23.07.2012) 237.30
Daily Volume
287.4
52-Week High % Change -2.68% Dividend Yield 2.97
52-Week Low % Change 21.11% Beta 0.81
% 52 Week Price Range High/Low 80.69% Equity Float 1'398.46
Shares Out 30.06.2012 1'410.7 Short Int -
4'054.26 1 Yr Total Return 3.17%
Total Debt 2'229.00 YTD Return 12.05%
Preferred Stock 0.0 Adjusted BETA 0.810
Minority Interest 50.0 Analyst Recs 22
Cash and Equivalents 503.00 Consensus Rating 3.818
Enterprise Value 5'903.26
Average Volume 5 Day 2'913'908
GFS LN EQUITY YTD Change - Average Volume 30 Day 2'754'664
GFS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'869'090
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 - -
4'483.5 5'928.5 7'009.0 7'258.0 7'522.0 - - 8'030.8 8'352.5 - -
0.89x 0.75x 0.74x 0.71x 0.75x - - 0.73x 0.69x - -
393.4 532.2 637.0 645.0 641.0 - - 674.5 729.7 - -
10.13x 8.31x 8.19x 8.00x 8.75x - - 8.75x 8.09x - -
147.2 151.2 202.0 223.0 181.0 - - 314.2 357.9 - -
21.28x 15.53x 17.49x 15.07x 18.49x - - 12.77x 11.45x - -
EBITDA 641.00 Long-Term Rating Date 05.11.2012
EBIT 399.00 Long-Term Rating BBB-
Operating Margin 5.30% Long-Term Outlook STABLE
Pretax Margin 3.71% Short-Term Rating Date 05.11.2012
Return on Assets 1.84% Short-Term Rating A-3
Return on Common Equity 6.86%
Return on Capital 7.56% EBITDA/Interest Exp. 5.48
Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 4.00
Net Debt/EBITDA 2.81
Gross Margin 21.2% Total Debt/EBITDA 3.54
EBITDA Margin 8.4%
EBIT Margin 5.2% Total Debt/Equity 149.2%
Net Income Margin 2.4% Total Debt/Capital 59.1%
Asset Turnover 1.38
Current Ratio 1.39 Net Fixed Asset Turnover 14.26
Quick Ratio 1.24 Accounts receivable turnover-days -
Debt to Assets 39.70% Inventory Days -
Tot Debt to Common Equity 149.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 55.14
Inventory Turnover -
Fiscal Year Ended
G4S PLCPrice/Volume
Valuation Analysis
1'219'776.00
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
'
2'
-''
-2'
.''
.2'
0''
02'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a RNS-MAJ 212'071'075 15.03 13'104'798 29.01.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 107'066'904 7.59 (142'300) 03.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 70'812'109 5.02 1'861'657 25.02.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios REG 69'584'044 4.93 - 03.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 57'064'965 4.05 (483'846) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 49'962'585 3.54 710'641 03.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 36'923'447 2.62 524'945 31.12.2012 Investment Advisor
ABU DHABI INVESTMENT Multiple Portfolios REG 36'783'075 2.61 441'193 03.12.2012 Government
TWEEDY BROWNE COMPAN Multiple Portfolios REG 35'940'397 2.55 186'277 03.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 32'556'322 2.31 (2'320'966) 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 32'154'939 2.28 - 03.12.2012 Government
STANDARD LIFE INVEST Multiple Portfolios REG 31'139'446 2.21 3'957'293 03.12.2012 Investment Advisor
MARATHON ASSET MANAG Multiple Portfolios REG 29'110'022 2.06 211'223 03.12.2012 Investment Advisor
Danish Depositary In Multiple Portfolios REG 28'308'205 2.01 (61'607'397) 03.12.2012 Unclassified
LONGVIEW PARTNERS (G Multiple Portfolios REG 25'823'670 1.83 (2'252'600) 03.12.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 21'330'557 1.51 (2'860'235) 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 18'669'856 1.32 (38'079'314) 28.12.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 16'667'432 1.18 (357'312) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 15'278'303 1.08 635'715 03.12.2012 Investment Advisor
RCM Multiple Portfolios REG 15'086'520 1.07 (487'041) 03.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DAVID GREENALL top pick 5 M 320 12 month 27.02.2013
SEB Enskilda DANIEL PATTERSON hold 3 M 304 Not Provided 25.02.2013
HSBC ALEX MAGNI underweight 1 D 270 Not Provided 21.02.2013
Goldman Sachs CHARLES WILSON Sell/Neutral 1 M 242 12 month 18.02.2013
Investec GIDEON ADLER buy 5 M 330 12 month 14.02.2013
JPMorgan ROBERT PLANT overweight 5 M 345 12 month 12.02.2013
Numis Securities Ltd STEVE WOOLF buy 5 M 315 Not Provided 12.02.2013
Panmure Gordon & Co Limited MIKE ALLEN buy 5 M 320 Not Provided 11.02.2013
Jefferies KEAN MARDEN buy 5 M 275 12 month 29.01.2013
Canaccord Genuity Corp JULIAN CATER buy 5 M 325 Not Provided 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Credit Suisse ANDY GROBLER outperform 5 U 330 Not Provided 14.01.2013
Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 295 Not Provided 14.11.2012
Danske Markets KASPER FROM LARSEN hold 3 M 286 12 month 06.11.2012
Day by Day VALERIE GASTALDY buy 5 M 282 3 month 24.09.2012
Barclays PAUL CHECKETTS overweight 5 M 280 Not Provided 30.08.2012
Espirito Santo Investment Bank ResearchDAVID BROCKTON neutral 3 M 265 Not Provided 20.07.2012
Deutsche Bank ANDY CHU hold 3 D 294 12 month 17.07.2012
Equita SIM SpA GIANMARCO BONACINA hold 3 D 306 Not Provided 16.07.2012
Sydbank SOEREN LONTOFT HANSEN overweight 5 M #N/A N/A Not Provided 10.05.2011
CA Cheuvreux NIKLAS KRISTOFFERSSONN outperform 5 M 310 Not Provided 03.03.2010
Holdings By:
G4S PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Galenica AG manufactures and distributes pharmaceuticals and offers related
services. The Company produces prescription and over-the-counter drugs,
toiletries and hygiene products, and operates pharmacies.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (11.07.2012) 626.00
52-Week Low (16.11.2012) 479.25
Daily Volume
540
52-Week High % Change -13.66% Dividend Yield -
52-Week Low % Change 12.68% Beta 0.97
% 52 Week Price Range High/Low 38.67% Equity Float 4.11
Shares Out 30.06.2012 6.5 Short Int -
3'510.00 1 Yr Total Return -1.97%
Total Debt 1'165.22 YTD Return 1.79%
Preferred Stock 0.0 Adjusted BETA 0.965
Minority Interest 45.7 Analyst Recs 12
Cash and Equivalents 345.29 Consensus Rating 2.667
Enterprise Value 4'426.00
Average Volume 5 Day 14'123
GALN SE EQUITY YTD Change - Average Volume 30 Day 20'887
GALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 18'968
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 - -
2'529.1 3'128.1 3'279.1 3'446.6 3'480.6 - - 3'441.6 3'558.3 - -
1.40x 0.94x 1.14x 1.37x 1.26x - - 1.23x 1.13x - -
191.6 470.1 401.6 443.7 399.9 - - 417.9 421.7 - -
18.47x 6.26x 9.28x 10.65x 10.99x - - 10.60x 10.49x - -
134.1 188.2 210.2 230.4 223.1 - - 243.5 251.7 - -
23.94x 11.80x 11.55x 15.91x 15.89x - - 14.29x 13.84x - -
EBITDA 399.95 Long-Term Rating Date -
EBIT 327.67 Long-Term Rating -
Operating Margin 9.41% Long-Term Outlook -
Pretax Margin 8.60% Short-Term Rating Date -
Return on Assets 7.82% Short-Term Rating -
Return on Common Equity 21.84%
Return on Capital - EBITDA/Interest Exp. 10.01
Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 8.72
Net Debt/EBITDA 2.19
Gross Margin 39.3% Total Debt/EBITDA 2.98
EBITDA Margin 11.5%
EBIT Margin 9.4% Total Debt/Equity 100.7%
Net Income Margin 6.4% Total Debt/Capital 49.2%
Asset Turnover 1.17
Current Ratio 1.52 Net Fixed Asset Turnover 8.00
Quick Ratio 1.03 Accounts receivable turnover-days -
Debt to Assets 37.42% Inventory Days 55.98
Tot Debt to Common Equity 100.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 42.40
Inventory Turnover 6.54
Fiscal Year Ended
Galenica AGPrice/Volume
Valuation Analysis
12'194.00
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''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!' 9
!' 9
!- 9
!- 9
!- 9
!- 9
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALLIANCE BOOTS LTD n/a EXCH 1'656'172 25.48 - 30.07.2012 Corporation
MORGAN STANLEY n/a ULT-AGG 354'593 5.46 - 31.12.2011 Investment Advisor
CREDIT SUISSE AG n/a EXCH 262'962 4.05 - 06.02.2013 Investment Advisor
PATINEX AG n/a EXCH 253'335 3.9 - 21.12.2012 Private Equity
ALECTA PENSIONSFORSA n/a Co File 210'000 3.23 - 31.12.2011 Pension Fund (ERISA)
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 102'664 1.58 (1'601) 28.12.2012 Mutual Fund Manager
GALENICA AG n/a Co File 75'941 1.17 - 31.12.2011 Corporation
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 63'327 0.97 (1'175) 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 51'016 0.78 718 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 47'108 0.72 156 31.10.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 42'138 0.65 (1'838) 28.12.2012 Mutual Fund Manager
LB SWISS INVESTMENT Multiple Portfolios MF-AGG 37'258 0.57 4'162 31.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 31'250 0.48 (127) 30.11.2012 Mutual Fund Manager
IST FUND MANAGERS Multiple Portfolios MF-AGG 28'672 0.44 52 31.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 22'988 0.35 (1'505) 31.10.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 21'736 0.33 40 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 21'343 0.33 3'795 25.02.2013 Investment Advisor
DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 21'060 0.32 3'570 28.12.2012 Investment Advisor
SARASIN n/a ULT-AGG 20'607 0.32 367 30.11.2012 Unclassified
JORNOD ETIENNE n/a Co File 16'251 0.25 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ARMELLE MOULIN reduce 2 M 506 6 month 21.02.2013
Helvea OLAV ZILIAN buy 5 M 720 12 month 12.02.2013
Goldman Sachs VERONIKA DUBAJOVA Sell/Neutral 1 M 454 12 month 30.01.2013
Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 18.01.2013
Bank Vontobel AG CARLA BAENZIGER reduce 2 M 490 Not Provided 18.01.2013
Credit Suisse CHRISTOPH GRETLER neutral 3 M 600 Not Provided 17.01.2013
Berenberg Bank ADRIAN HOWD sell 1 M 500 Not Provided 17.01.2013
Kepler Capital Markets MARTIN VOEGTLI buy 5 M 650 Not Provided 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
Main First Bank AG MARCUS WIEPRECHT underperform 1 D 500 12 month 24.10.2012
Deutsche Bank HOLGER BLUM buy 5 M 660 12 month 12.01.2012
Neue Zuercher Bank LILIAN MONTERO buy 5 M 650 Not Provided 16.03.2011
Holdings By:
Galenica AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Galp Energia, SGPS, S.A. is an integrated energy company with diversified
activities Worldwide. The Company is focused in the prolific South Atlantic
area, including Brazil's pre-salt Santos basin and the Angolan offshore, and in
the world class Rovuma basin in Mozambique. Downstream activities are centred
in Iberia and comprise the Refining & Marketing and the Gas & Power businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (09.03.2012) 13.78
52-Week Low (14.06.2012) 8.33
Daily Volume
11.85
52-Week High % Change -14.01% Dividend Yield -
52-Week Low % Change 42.26% Beta 1.01
% 52 Week Price Range High/Low 62.44% Equity Float 244.56
Shares Out 31.12.2012 829.3 Short Int -
9'826.62 1 Yr Total Return -6.09%
Total Debt 3'589.00 YTD Return 0.77%
Preferred Stock 0.0 Adjusted BETA 1.007
Minority Interest 1'305.0 Analyst Recs 28
Cash and Equivalents 1'902.00 Consensus Rating 4.357
Enterprise Value 12'818.62
Average Volume 5 Day 1'243'571
GALP PL EQUITY YTD Change - Average Volume 30 Day 1'358'800
GALP PL EQUITY YTD % CHANGE - Average Volume 3 Month 1'604'817
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
15'085.8 12'008.3 14'063.7 16'803.9 18'507.0 16'803.9 18'508.0 19'602.5 20'718.3 5'474.5 5'312.5
0.52x 1.00x 1.05x 0.77x 0.69x 3.58x 2.65x 0.66x 0.64x 2.34x 2.41x
407.0 766.3 969.9 1'045.6 969.0 1'046.6 970.0 1'226.4 1'446.6 283.5 323.0
19.26x 15.62x 15.22x 12.43x 13.15x 12.42x 13.14x 10.44x 8.85x 9.87x 9.23x
117.0 347.3 441.4 432.7 343.0 432.7 343.0 408.4 476.7 81.0 104.0
51.29x 28.76x 27.06x 21.88x 28.68x 21.88x 28.00x 23.80x 20.75x 21.82x 20.68x
EBITDA 969.00 Long-Term Rating Date -
EBIT 543.00 Long-Term Rating -
Operating Margin 2.93% Long-Term Outlook -
Pretax Margin 3.03% Short-Term Rating Date -
Return on Assets 2.85% Short-Term Rating -
Return on Common Equity 8.28%
Return on Capital - EBITDA/Interest Exp. 4.85
Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. -0.83
Net Debt/EBITDA 1.74
Gross Margin - Total Debt/EBITDA 3.70
EBITDA Margin 5.2%
EBIT Margin 2.9% Total Debt/Equity 66.5%
Net Income Margin 1.9% Total Debt/Capital 34.9%
Asset Turnover 1.54
Current Ratio 1.67 Net Fixed Asset Turnover 4.28
Quick Ratio 0.90 Accounts receivable turnover-days 23.63
Debt to Assets 25.83% Inventory Days -
Tot Debt to Common Equity 66.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover 15.49 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
Galp Energia SGPS SAPrice/Volume
Valuation Analysis
750'831.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
-3
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMORIM ENERGIA n/a Research 317'934'693 38.34 - 26.09.2012 Other
ENI SPA n/a EXCH 201'839'604 24.34 - 27.11.2012 Corporation
PARPUBLICA - PARTICI n/a Research 58'079'514 7 - 26.09.2012 Other
FRANKLIN RESOURCES n/a ULT-AGG 21'456'487 2.59 624'917 15.01.2013 Investment Advisor
JP MORGAN SECURITIES n/a EXCH 11'928'253 1.44 (4'810'350) 24.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'768'011 1.18 2'086'713 31.12.2012 Investment Advisor
CAIXA GERAL DE DEPOS n/a EXCH 6'590'294 0.79 - 26.11.2012 Government
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'665'034 0.68 295'777 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'214'050 0.63 (566'529) 25.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'649'328 0.44 (15'428) 31.12.2012 Investment Advisor
HARTFORD INVESTMENTS Multiple Portfolios MF-AGG 2'140'000 0.26 315'000 30.12.2011 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'000'000 0.24 - 30.06.2012 Pension Fund (ERISA)
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'621'208 0.2 1'356 31.10.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'252'455 0.15 1'137'925 30.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'231'369 0.15 (663'578) 28.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 1'152'384 0.14 (120'814) 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 1'126'421 0.14 - 31.01.2013 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 1'126'050 0.14 1'126'050 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 1'121'689 0.14 (79'693) 31.10.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'058'827 0.13 (103'001) 26.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 19 12 month 27.02.2013
Caixa Banco de Investimento(ESN) CARLOS JESUS buy 5 M 16 12 month 26.02.2013
Deutsche Bank MARK BLOOMFIELD buy 5 U 16 12 month 25.02.2013
Morgan Stanley HAYTHEM RASHED Overwt/In-Line 5 M 17 12 month 25.02.2013
BPI BRUNO ALMEIDA DA SILVA buy 5 M 17 Not Provided 25.02.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE buy 5 M 14 6 month 25.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 15 12 month 21.02.2013
AlphaValue ALEXANDRE ANDLAUER sell 1 M 10 6 month 21.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 18.02.2013
Macquarie MARC B KOFLER outperform 5 M 16 12 month 14.02.2013
Day by Day VALERIE GASTALDY buy 5 U 13 3 month 14.02.2013
Societe Generale MEHDI ENNEBATI buy 5 M 14 12 month 12.02.2013
Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 15 Not Provided 12.02.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 17 Not Provided 12.02.2013
Nomura MATTHEW LOFTING buy 5 M 15 12 month 12.02.2013
Barclays LYDIA RAINFORTH overweight 5 M 17 Not Provided 12.02.2013
Investec STUART JOYNER hold 3 M 13 12 month 11.02.2013
JPMorgan NITIN SHARMA overweight 5 M 16 9 month 06.02.2013
Tudor Pickering & Co ANISH KAPADIA buy 5 M 16 Not Provided 31.01.2013
BCP Investimento VANDA MESQUITA buy 5 M 17 Not Provided 30.01.2013
Grupo Santander JASON KENNEY buy 5 M 14 Not Provided 22.01.2013
Goldman Sachs HENRY MORRIS neutral/cautious 3 M 14 12 month 11.01.2013
BBVA LUIS DE TOLEDO outperform 5 N 19 Not Provided 05.12.2012
Equita SIM SpA MASSIMO BONISOLI hold 3 D 13 12 month 04.12.2012
Jefferies BRENDAN MICHAEL WARN buy 5 M 15 12 month 29.10.2012
Banif SOFIA CORDEIRO Under Review #N/A N/A M #N/A N/A Not Provided 10.02.2012
Holdings By:
Galp Energia SGPS SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Gas Natural SDG, S.A. distributes natural gas in Spain and Latin America. The
Company also operates gas storage facilities, owns and operates a fiber optic
backbone telecommunications network, markets energy management products and
household gas appliances, and installs gas heating systems.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.02.2013) 15.48
52-Week Low (23.07.2012) 8.36
Daily Volume
15.075
52-Week High % Change -2.68% Dividend Yield -
52-Week Low % Change 80.32% Beta 0.97
% 52 Week Price Range High/Low 89.40% Equity Float 316.88
Shares Out 31.12.2012 1'000.7 Short Int -
15'085.39 1 Yr Total Return 28.55%
Total Debt 20'432.00 YTD Return 14.17%
Preferred Stock 0.0 Adjusted BETA 0.975
Minority Interest 1'618.0 Analyst Recs 30
Cash and Equivalents 5'693.00 Consensus Rating 3.833
Enterprise Value 31'442.39
Average Volume 5 Day 2'749'152
GAS SQ EQUITY YTD Change - Average Volume 30 Day 2'706'698
GAS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 4'021'823
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
13'544.0 14'879.0 19'630.0 21'076.0 24'904.0 21'076.0 24'904.0 23'937.0 24'808.8 - -
1.02x 2.35x 1.50x 1.44x 1.20x 5.71x 4.60x 1.31x 1.22x - -
2'520.0 3'863.0 4'609.0 4'697.0 4'865.0 4'697.0 4'885.0 4'911.6 5'057.4 - -
5.46x 9.04x 6.38x 6.47x 6.16x 6.47x 6.13x 6.40x 6.22x - -
1'057.0 1'195.0 1'201.0 1'325.0 1'441.0 1'325.0 1'441.0 1'357.1 1'470.3 380.0 380.0
8.17x 10.76x 8.84x 9.54x 9.37x 9.25x 9.37x 11.18x 10.31x 9.19x -
EBITDA 4'865.00 Long-Term Rating Date 17.12.2010
EBIT 3'067.00 Long-Term Rating BBB
Operating Margin 12.32% Long-Term Outlook NEG
Pretax Margin 8.85% Short-Term Rating Date 05.06.2009
Return on Assets 3.09% Short-Term Rating A-2
Return on Common Equity 11.06%
Return on Capital - EBITDA/Interest Exp. 5.27
Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 3.63
Net Debt/EBITDA 3.02
Gross Margin - Total Debt/EBITDA 4.18
EBITDA Margin 19.6%
EBIT Margin 12.4% Total Debt/Equity 154.1%
Net Income Margin 5.8% Total Debt/Capital 57.9%
Asset Turnover 0.53
Current Ratio 1.48 Net Fixed Asset Turnover 1.11
Quick Ratio 1.37 Accounts receivable turnover-days 71.15
Debt to Assets 43.58% Inventory Days -
Tot Debt to Common Equity 154.08% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.14 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Gas Natural SDG SAPrice/Volume
Valuation Analysis
968'765.00
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
'.135
-'-.-1-3-5
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
1'!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXA HOLDING SA n/a Co File 349'806'340 34.96 - 31.12.2011 Holding Company
REPSOL YPF SA n/a Co File 297'602'843 29.74 - 31.12.2011 Holding Company
LA SOCIETE NATIONALE n/a Co File 36'183'600 3.62 - 31.12.2011 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'448'412 0.64 147'815 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'547'996 0.45 3'266 25.02.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'791'916 0.28 1'135'409 30.11.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 1'273'208 0.13 121'285 31.12.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 1'189'089 0.12 330'907 30.09.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'121'665 0.11 (29'528) 31.05.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'026'800 0.1 471'184 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 952'187 0.1 (21'925) 31.12.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 750'000 0.07 750'000 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 651'941 0.07 - 31.07.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 621'848 0.06 488'848 31.12.2012 Investment Advisor
STATE STREET BANQUE Multiple Portfolios MF-AGG 611'569 0.06 (20'773) 31.01.2013 Investment Advisor
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 609'015 0.06 (32'071) 29.02.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 553'311 0.06 367'741 28.09.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 499'536 0.05 36'871 28.12.2012 Mutual Fund Manager
UBS n/a ULT-AGG 485'127 0.05 1'415 28.12.2012 Unclassified
BANQUE DEGROOF Multiple Portfolios MF-AGG 453'491 0.05 (23'000) 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas MANUEL PALOMO outperform 5 M 17 Not Provided 26.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 26.02.2013
BPI GONZALO SANCHEZ-BORDONA neutral 3 M 15 Not Provided 25.02.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 18 12 month 25.02.2013
Societe Generale JORGE ALONSO SUILS buy 5 M 17 12 month 20.02.2013
Goldman Sachs FRED BARASI neutral/attractive 3 M 16 12 month 20.02.2013
Natixis PHILIPPE OURPATIAN reduce 2 M 11 Not Provided 20.02.2013
Nomura JAVIER SUAREZ buy 5 M 17 Not Provided 20.02.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 15 12 month 19.02.2013
Morgan Stanley CAROLINA DORES Overwt/In-Line 5 M 17 12 month 19.02.2013
Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO hold 3 M 14 12 month 19.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 13 12 month 19.02.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 16 Not Provided 19.02.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 16 12 month 19.02.2013
Barclays MONICA GIRARDI overweight 5 M 17 Not Provided 13.02.2013
Berenberg Bank ANDREW FISHER sell 1 N 12 Not Provided 05.02.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 18 Not Provided 05.02.2013
Grupo Santander BOSCO MUGUIRO hold 3 M 12 Not Provided 04.02.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 14 Not Provided 04.02.2013
Macquarie ATALLAH ESTEPHAN underperform 1 M 13 12 month 01.02.2013
La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 15 Not Provided 28.01.2013
Credit Suisse STEFANO BEZZATO neutral 3 M 13 Not Provided 28.11.2012
JPMorgan JAVIER GARRIDO overweight 5 U 16 9 month 14.11.2012
Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 13 Not Provided 21.09.2012
BBVA ISIDORO DEL ALAMO market perform 3 M 13 Not Provided 16.09.2012
Hammer Partners SA CHRIS MOORE buy 5 M 13 Not Provided 25.07.2012
CA Cheuvreux JOSE PORTA SAUDAN outperform 5 M 13 Not Provided 04.05.2012
CS Capital CHRISTOPHER PARKINSON sell 1 M 12 Not Provided 15.08.2011
Holdings By:
Gas Natural SDG SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
GEA Group AG offers engineering services. The Company designs and constructs
factories that refine metals, produce hydrocarbon products and chemicals, and
treat sewage. GEA designs production lines for food processors, beverage
bottlers, and chemical, pharmaceuticals, and cosmetics manufacturers.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (28.01.2013) 28.20
52-Week Low (28.06.2012) 19.47
Daily Volume
26.545
52-Week High % Change -5.99% Dividend Yield -
52-Week Low % Change 36.37% Beta 1.15
% 52 Week Price Range High/Low 81.62% Equity Float 177.33
Shares Out 02.01.2013 192.5 Short Int -
5'109.79 1 Yr Total Return 7.42%
Total Debt 907.89 YTD Return 8.48%
Preferred Stock 0.0 Adjusted BETA 1.146
Minority Interest 1.0 Analyst Recs 35
Cash and Equivalents 636.17 Consensus Rating 3.543
Enterprise Value 5'614.57
Average Volume 5 Day 439'664
G1A GY EQUITY YTD Change - Average Volume 30 Day 539'282
G1A GY EQUITY YTD % CHANGE - Average Volume 3 Month 435'775
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
4'856.0 5'179.0 4'411.2 4'418.4 5'416.5 5'074.8 5'732.7 5'856.0 6'052.1 1'652.5 1'343.0
0.84x 0.42x 0.62x 0.86x 0.79x 3.38x 3.30x 0.98x 0.91x - -
418.3 542.3 382.8 371.9 594.7 454.7 591.9 635.0 718.3 305.3 -
9.75x 4.06x 7.09x 10.28x 7.21x 8.21x 8.36x 8.84x 7.81x - -
282.4 99.6 160.6 129.3 312.0 215.8 309.6 342.9 394.5 149.5 59.2
18.50x 6.43x 17.89x 30.90x 12.85x 14.92x 14.07x 14.31x 13.06x 12.18x 12.11x
EBITDA 594.67 Long-Term Rating Date -
EBIT 459.08 Long-Term Rating -
Operating Margin 8.48% Long-Term Outlook -
Pretax Margin 7.37% Short-Term Rating Date -
Return on Assets 5.05% Short-Term Rating -
Return on Common Equity 14.96%
Return on Capital 12.13% EBITDA/Interest Exp. 6.64
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 4.91
Net Debt/EBITDA 0.85
Gross Margin 29.1% Total Debt/EBITDA 1.98
EBITDA Margin 10.3%
EBIT Margin 8.0% Total Debt/Equity 42.0%
Net Income Margin 5.8% Total Debt/Capital 29.6%
Asset Turnover 0.94
Current Ratio 1.15 Net Fixed Asset Turnover 8.27
Quick Ratio 0.83 Accounts receivable turnover-days 80.34
Debt to Assets 14.58% Inventory Days 73.79
Tot Debt to Common Equity 41.98% Accounts Payable Turnover Day 62.28
Accounts Receivable Turnover 4.56 Cash Conversion Cycle 71.92
Inventory Turnover 4.96
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
GEA Group AGPrice/Volume
Valuation Analysis
312'505.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 15'863'529 8.24 4'872 25.02.2013 Investment Advisor
KUWAIT INVESTMENT AU n/a Co File 15'164'144 7.88 - 31.12.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'345'155 3.82 78'380 31.12.2012 Investment Advisor
SCHRODERS PLC n/a Research 5'840'105 3.03 - 04.02.2013 Investment Advisor
AMUNDI n/a Research 5'809'555 3.02 - 18.01.2013 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 5'515'614 2.87 - 08.10.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'007'048 2.6 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'727'821 1.94 604'640 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'688'709 1.4 (450'954) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'498'993 1.3 44'071 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'084'563 1.08 7'809 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'008'814 1.04 162'951 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'660'364 0.86 29'634 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'498'364 0.78 (74'209) 31.10.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'273'344 0.66 (46'656) 28.12.2012 Mutual Fund Manager
ROYAL BANK OF CANADA n/a ULT-AGG 1'195'505 0.62 (300) 28.09.2012 Bank
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'034'206 0.54 (87'541) 29.06.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 953'035 0.5 (50'007) 30.09.2012 Investment Advisor
DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 846'600 0.44 - 09.07.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 802'589 0.42 25'265 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CA Cheuvreux HANS-JOACHIM HEIMBUERGER outperform 5 M 30 Not Provided 26.02.2013
AlphaValue HANS-PETER WODNIOK reduce 2 M 26 6 month 21.02.2013
Equita SIM SpA GIANMARCO BONACINA hold 3 M 27 12 month 14.02.2013
Baader Bank PETER ROTHENAICHER buy 5 M 31 12 month 13.02.2013
Deutsche Bank PETER REILLY buy 5 U 30 12 month 08.02.2013
Commerzbank Corporates & Markets SEBASTIAN GROWE buy 5 U 30 6 month 07.02.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 27 12 month 07.02.2013
Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 32 12 month 07.02.2013
Bankhaus Lampe GORDON SCHOENELL hold 3 M 27 12 month 07.02.2013
M.M. Warburg Investment Research ROLAND RAPELIUS buy 5 M 30 12 month 07.02.2013
Bankhaus Metzler HELENA WUESTENFELD sell 1 D 22 12 month 07.02.2013
Kepler Capital Markets STEFAN AUGUSTIN hold 3 M 26 Not Provided 07.02.2013
S&P Capital IQ JACOB THRANE sell 1 D 24 12 month 07.02.2013
DZ Bank AG MARKUS TURNWALD sell 1 M 24 12 month 07.02.2013
Main First Bank AG CHRISTOPHER YOUL underperform 1 M 24 12 month 07.02.2013
Exane BNP Paribas ALEXIS DENAUD outperform 5 M 32 Not Provided 07.02.2013
Barclays ALLAN SMYLIE overweight 5 M 29 Not Provided 07.02.2013
Montega THOMAS RAU buy 5 M 29 12 month 07.02.2013
BHF-Bank HERMANN REITH market weight 3 M 25 12 month 06.02.2013
Nord/LB HEINO HAMMANN hold 3 M 25 12 month 06.02.2013
JPMorgan GLEN H LIDDY neutral 3 M 27 9 month 06.02.2013
Landesbank Baden-Wuerttemberg HARALD REHMET hold 3 M 25 Not Provided 06.02.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 U 23 12 month 06.02.2013
National Bank AG STEFFEN MANSKE hold 3 M 26 Not Provided 06.02.2013
Berenberg Bank BENJAMIN GLAESER buy 5 M 28 Not Provided 06.02.2013
Equinet Institutional Services(ESN) HOLGER SCHMIDT hold 3 M 22 12 month 06.02.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 22 12 month 17.01.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 27 12 month 17.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 30 Not Provided 14.01.2013
HSBC JUERGEN SIEBRECHT overweight 5 M 33 Not Provided 09.01.2013
Silvia Quandt Research EERIK KD BUDARZ buy 5 M 29 12 month 29.10.2012
Holdings By:
GEA Group AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Gemalto NV designs and manufactures security software for e-identity documents,
chip payment cards, network authentication devices and wireless modules. The
Company also provides and operates systems to manage confidential data and
secure transactions. Gemalto serves the telecommunications, financial
services, e-government, and information technology security markets.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (10.12.2012) 75.95
52-Week Low (27.02.2012) 41.65
Daily Volume
69.91
52-Week High % Change -8.10% Dividend Yield -
52-Week Low % Change 67.85% Beta 0.71
% 52 Week Price Range High/Low 77.93% Equity Float 76.20
Shares Out 30.06.2012 88.0 Short Int -
6'153.19 1 Yr Total Return 66.97%
Total Debt 21.02 YTD Return 2.81%
Preferred Stock 0.0 Adjusted BETA 0.709
Minority Interest 4.2 Analyst Recs 20
Cash and Equivalents 330.38 Consensus Rating 3.800
Enterprise Value 5'861.85
Average Volume 5 Day 386'229
GTO FP EQUITY YTD Change - Average Volume 30 Day 432'011
GTO FP EQUITY YTD % CHANGE - Average Volume 3 Month 462'602
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 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
1'629.5 1'680.5 1'601.9 1'905.6 2'015.4 1'693.9 2'092.5 2'208.4 2'429.8 553.0 622.0
0.92x 0.68x 1.24x 1.19x 1.30x 0.00x 0.00x 2.61x 2.30x - -
55.1 215.9 214.0 256.5 287.6 0.0 0.0 354.8 424.9 - -
27.07x 5.29x 9.26x 8.85x 9.13x 0.00x 0.00x 16.51x 13.79x - -
(50.2) 111.9 114.8 163.9 160.1 0.0 0.0 251.6 307.6 - -
- 13.26x 22.43x 15.93x 19.28x 0.00x 0.00x 23.30x 19.09x - -
EBITDA 287.63 Long-Term Rating Date -
EBIT 198.76 Long-Term Rating -
Operating Margin 9.86% Long-Term Outlook -
Pretax Margin 8.76% Short-Term Rating Date -
Return on Assets 7.44% Short-Term Rating -
Return on Common Equity 10.39%
Return on Capital 10.53% EBITDA/Interest Exp. 89.49
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 72.98
Net Debt/EBITDA -0.98
Gross Margin 37.1% Total Debt/EBITDA 0.05
EBITDA Margin 14.3%
EBIT Margin 9.9% Total Debt/Equity 1.2%
Net Income Margin 7.9% Total Debt/Capital 1.2%
Asset Turnover 0.90
Current Ratio 2.01 Net Fixed Asset Turnover 9.68
Quick Ratio 1.36 Accounts receivable turnover-days 61.19
Debt to Assets 0.87% Inventory Days 49.74
Tot Debt to Common Equity 1.22% Accounts Payable Turnover Day 124.12
Accounts Receivable Turnover 5.98 Cash Conversion Cycle -13.94
Inventory Turnover 7.36
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
Gemalto NVPrice/Volume
Valuation Analysis
195'905.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
5'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAISSE DES DEPOTS ET n/a Co File 7'419'732 8.43 - 31.12.2011 Government
FMR LLC n/a ULT-AGG 4'777'825 5.43 (807'061) 30.09.2012 Investment Advisor
GEMALTO NV n/a Research 4'327'341 4.92 (224'732) 03.10.2012 Corporation
MAVERICK CAPITAL LTD n/a Short (1'593'086) -1.81 (52'809) 01.02.2013 Hedge Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'463'680 1.66 - 30.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'446'023 1.64 28'824 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1'104'977 1.26 - 31.12.2012 Investment Advisor
GEORGETOWN ASSET HOL n/a Short (1'047'388) -1.19 44'008 14.12.2012 Other
LONE CYPRESS LTD n/a Short (877'518) -1 - 10.09.2012 Other
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 799'568 0.91 (234'171) 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 700'845 0.8 (16'005) 25.02.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 612'832 0.7 26'855 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 593'000 0.67 (4'431'904) 16.01.2013 Investment Advisor
KYNIKOS ASSOCIATES L n/a Short (536'896) -0.61 - 20.11.2012 Hedge Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 478'863 0.54 (8'975) 31.12.2012 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 432'576 0.49 386'776 31.10.2012 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 372'210 0.42 (125'552) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 359'453 0.41 94'576 31.12.2012 Mutual Fund Manager
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 357'093 0.41 - 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 343'769 0.39 (108'255) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 70 Not Provided 27.02.2013
Barclays YOUSSEF ESSAEGH overweight 5 M 82 Not Provided 21.02.2013
AlphaValue JEAN-MICHEL SALVADOR sell 1 D 61 6 month 21.02.2013
Deutsche Bank JOHANNES SCHALLER buy 5 M 85 12 month 13.02.2013
Oddo & Cie EMMANUEL MATOT buy 5 M 72 Not Provided 29.01.2013
Berenberg Bank ALI FARID KHWAJA sell 1 M 46 Not Provided 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs ALEXANDER DUVAL Buy/Neutral 5 M 93 12 month 13.01.2013
Kepler Capital Markets SEBASTIEN SZTABOWICZ buy 5 M 86 Not Provided 11.01.2013
Gilbert Dupont JEAN BAPTISTE SERGEANT add 4 M 70 Not Provided 14.12.2012
Natixis STEPHANE HOURI buy 5 M 90 Not Provided 12.12.2012
Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 D 70 12 month 28.11.2012
Main First Bank AG JUERGEN WAGNER outperform 5 M 79 12 month 30.10.2012
HSBC ANTONIN BAUDRY overweight 5 M 79 Not Provided 29.10.2012
CM - CIC Securities(ESN) SEBASTIEN LIAGRE hold 3 M 72 12 month 26.10.2012
Mirabaud Securities SUSAN ANTHONY add 4 M 72 12 month 26.10.2012
Societe Generale ANDY PERKINS buy 5 M 75 12 month 25.10.2012
CA Cheuvreux ODON DE LAPORTE outperform 5 M 74 Not Provided 31.08.2012
Jefferies LEE SIMPSON buy 5 M 43 12 month 05.03.2012
Holdings By:
Gemalto NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Getinge AB develops, manufactures, and sells equipment and systems for
sterilization and disinfection. The Company markets to the pharmaceutical
industry, hospitals, dental clinics, and laboratories. Getinge produces in the
United Kingdom, France, the United States, and Australia. The products are sold
by subsidiaries, sales offices, and distributors worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.01.2013) 225.10
52-Week Low (28.06.2012) 165.40
Daily Volume
195.3
52-Week High % Change -13.28% Dividend Yield -
52-Week Low % Change 18.08% Beta 0.80
% 52 Week Price Range High/Low 47.91% Equity Float -
Shares Out 26.02.2013 222.4 Short Int -
46'544.56 1 Yr Total Return 5.78%
Total Debt 16'961.00 YTD Return -11.23%
Preferred Stock 0.0 Adjusted BETA 0.804
Minority Interest 30.0 Analyst Recs 20
Cash and Equivalents 1'254.00 Consensus Rating 2.850
Enterprise Value 62'281.56
Average Volume 5 Day 747'797
GETIB SS EQUITY YTD Change - Average Volume 30 Day 973'297
GETIB SS EQUITY YTD % CHANGE - Average Volume 3 Month 797'953
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
19'272.0 22'816.0 22'172.0 21'854.0 24'248.0 21'854.0 24'248.0 25'989.4 27'169.9 5'615.1 6'007.0
1.65x 2.07x 2.03x 2.61x 2.81x 7.01x 5.42x 2.41x 2.22x - -
4'067.0 4'787.0 5'292.0 5'488.0 5'317.0 5'488.0 5'772.0 6'199.4 6'877.4 1'138.0 1'355.2
7.82x 9.85x 8.49x 10.40x 12.82x 10.40x 11.81x 10.04x 9.06x 9.91x 9.48x
1'524.0 1'911.0 2'277.0 2'529.0 2'521.0 2'529.0 2'522.0 2'985.1 3'450.3 376.4 545.3
12.94x 17.00x 14.75x 16.43x 20.80x 16.43x 20.79x 15.07x 13.06x 15.64x 14.66x
EBITDA 5'317.00 Long-Term Rating Date -
EBIT 4'190.00 Long-Term Rating -
Operating Margin 17.28% Long-Term Outlook -
Pretax Margin 14.17% Short-Term Rating Date -
Return on Assets 5.98% Short-Term Rating -
Return on Common Equity 16.94%
Return on Capital - EBITDA/Interest Exp. 12.01
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 10.50
Net Debt/EBITDA 2.72
Gross Margin 52.4% Total Debt/EBITDA 2.94
EBITDA Margin 23.8%
EBIT Margin 17.3% Total Debt/Equity 111.8%
Net Income Margin 10.4% Total Debt/Capital 52.7%
Asset Turnover 0.57
Current Ratio 1.21 Net Fixed Asset Turnover 6.45
Quick Ratio 0.12 Accounts receivable turnover-days -
Debt to Assets 39.52% Inventory Days 125.19
Tot Debt to Common Equity 111.81% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 165.83
Inventory Turnover 2.92
Fiscal Year Ended
Getinge ABPrice/Volume
Valuation Analysis
203'219.00
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
'
2'
-''
-2'
.''
.2'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BENNET CARL n/a Research 40'251'377 18.1 13'097'529 29.06.2012 n/a
ALECTA PENSIONSFORSA n/a Research 11'786'315 5.3 - 29.06.2012 Pension Fund (ERISA)
SWEDBANK ROBUR FONDE n/a Research 9'340'099 4.2 - 29.06.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 5'242'049 2.36 126'990 31.01.2013 Investment Advisor
NORWEGIAN GOVT MINIS n/a Research 4'670'049 2.1 - 29.06.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'462'934 2.01 895'140 31.12.2012 Investment Advisor
FOLKSAM GROUP n/a Research 4'225'283 1.9 - 29.06.2012 Insurance Company
SEB n/a ULT-AGG 4'220'792 1.9 (136'441) 31.12.2012 Unclassified
AMF PENSION INSURANC n/a Research 4'002'899 1.8 - 29.06.2012 Insurance Company
NORDEA n/a Research 3'113'366 1.4 - 29.06.2012 Investment Advisor
SEB FONDER AB n/a Research 2'890'983 1.3 - 29.06.2012 Mutual Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'780'592 1.25 (1'301'788) 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'611'292 1.17 (282'895) 31.01.2013 Investment Advisor
SHB/SPP FUNDS n/a Co File 2'596'520 1.17 - 31.12.2011 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 2'338'916 1.05 (64'526) 31.12.2012 Investment Advisor
FJARDE AP-FONDEN n/a Research 2'223'833 1 - 29.06.2012 Pension Fund (ERISA)
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'142'423 0.96 (410'962) 28.09.2012 Investment Advisor
TREDJE AP-FONDEN n/a Co File 2'086'961 0.94 - 31.12.2011 Government
SPP FONDER AB Multiple Portfolios MF-AGG 1'822'561 0.82 (163'842) 31.01.2013 Investment Advisor
SHB PENSION FUND n/a Co File 1'625'000 0.73 - 31.12.2011 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue KAMLA SINGH add 4 M 210 6 month 14.02.2013
Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 218 12 month 12.02.2013
JPMorgan DAVID J ADLINGTON underweight 1 M 167 9 month 11.02.2013
Jefferies INGEBORG OIE hold 3 M 180 12 month 11.02.2013
Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 11.02.2013
Nordea Equity Research PATRIK LING sell 1 M 185 12 month 11.02.2013
Handelsbanken HANS MAHLER buy 5 M 225 12 month 11.02.2013
Berenberg Bank SCOTT BARDO buy 5 M 230 Not Provided 11.02.2013
Swedbank JOHAN UNNERUS buy 5 U 210 12 month 11.02.2013
Danske Markets MATTIAS HAGGBLOM sell 1 M 170 12 month 11.02.2013
ABG Sundal Collier MORTEN LARSEN sell 1 M 175 6 month 10.02.2013
DNB Markets RUNE MAJLUND DAHL buy 5 M 220 Not Provided 08.02.2013
Commerzbank Corporates & Markets VOLKER BRAUN hold 3 M 209 6 month 04.02.2013
Pareto Securities YILMAZ MAHSHID sell 1 M #N/A N/A Not Provided 31.01.2013
S&P Capital IQ JACOB THRANE sell 1 M 175 12 month 29.01.2013
SEB Enskilda LARS HEVRENG hold 3 M 203 Not Provided 28.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux RICHARD KOCH underperform 1 M 180 Not Provided 16.11.2012
Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 28.04.2009
Holdings By:
Getinge AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
GKN plc produces automotive components and aerospace vehicles, and supplies a
variety of industrial services. The Company manufactures and provides driveline
systems, vehicle chassis assemblies, sub-assemblies and power take-off shafts,
in addition to aircraft transmissions and helicopters.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 267.00
52-Week Low (28.06.2012) 171.50
Daily Volume
262.2
52-Week High % Change -1.87% Dividend Yield 2.75
52-Week Low % Change 52.89% Beta 1.47
% 52 Week Price Range High/Low 94.03% Equity Float 1'628.68
Shares Out 26.02.2013 1'632.6 Short Int -
4'280.56 1 Yr Total Return 16.27%
Total Debt 1'052.00 YTD Return 14.60%
Preferred Stock 0.0 Adjusted BETA 1.469
Minority Interest 353.0 Analyst Recs 15
Cash and Equivalents 181.00 Consensus Rating 3.800
Enterprise Value 5'504.56
Average Volume 5 Day 7'335'254
GKN LN EQUITY YTD Change - Average Volume 30 Day 4'945'088
GKN LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'518'447
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'376.0 4'223.0 5'084.0 5'746.0 6'510.0 0.0 6'510.0 7'276.2 7'630.9 - -
0.32x 0.52x 0.80x 0.66x 0.76x #DIV/0! 0.00x 0.75x 0.68x - -
379.0 344.0 570.0 619.0 739.0 0.0 0.0 853.8 947.5 - -
3.68x 6.41x 7.13x 6.17x 6.71x 0.00x 0.00x 6.45x 5.81x - -
(109.0) (36.0) 305.0 279.0 480.0 0.0 0.0 421.1 479.4 - -
- - 11.34x 10.17x 7.58x 0.00x 0.00x 10.20x 9.01x - -
EBITDA 739.00 Long-Term Rating Date 19.04.2002
EBIT 471.00 Long-Term Rating NR
Operating Margin 7.24% Long-Term Outlook -
Pretax Margin 9.03% Short-Term Rating Date -
Return on Assets 8.45% Short-Term Rating -
Return on Common Equity 33.97%
Return on Capital 21.77% EBITDA/Interest Exp. 8.59
Asset Turnover 1.15% (EBITDA-Capex)/Interest Exp. 5.36
Net Debt/EBITDA 1.18
Gross Margin - Total Debt/EBITDA 1.42
EBITDA Margin 11.4%
EBIT Margin 7.2% Total Debt/Equity 66.8%
Net Income Margin 7.4% Total Debt/Capital 35.3%
Asset Turnover 1.15
Current Ratio 1.29 Net Fixed Asset Turnover 3.45
Quick Ratio 0.11 Accounts receivable turnover-days -
Debt to Assets 16.78% Inventory Days -
Tot Debt to Common Equity 66.84% 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
GKN PLCPrice/Volume
Valuation Analysis
4'640'848.00
Current Price (2/dd/yy) Market Data
'
2'
-''
-2'
.''
.2'
0''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
0''!''
02'!''
1''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STANDARD LIFE INVEST n/a RNS-MAJ 178'306'426 10.92 7'746'713 13.07.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 98'983'288 6.06 6'058'424 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 72'491'390 4.44 (2'359'605) 25.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 62'848'001 3.85 (314'464) 31.01.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 58'054'261 3.56 (12'192'373) 01.11.2012 Unclassified
MASSACHUSETTS FINANC Multiple Portfolios REG 52'566'083 3.22 (95'378) 01.11.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 41'125'972 2.52 (53'991) 31.10.2012 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 40'177'308 2.46 4'764'681 01.11.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 38'576'923 2.36 (2'475'929) 31.01.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 37'252'941 2.28 1'505'522 01.11.2012 Government
SANDERSON ASSET MANA Multiple Portfolios REG 36'420'958 2.23 (26'665) 01.11.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 35'582'204 2.18 2'639'633 01.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 32'282'628 1.98 (535'847) 01.11.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios REG 32'056'676 1.96 (1'331'900) 01.11.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 29'999'267 1.84 (7'031'521) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'158'513 1.79 1'122'079 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios REG 28'203'963 1.73 2'473'789 01.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 27'262'749 1.67 (897'322) 01.11.2012 Investment Advisor
IGNIS ASSET MANAGEME Multiple Portfolios REG 27'211'857 1.67 (1'544'437) 01.11.2012 Investment Advisor
UBS n/a ULT-AGG 24'059'597 1.47 9'490'187 28.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale ALASDAIR LESLIE hold 3 M 260 12 month 27.02.2013
Investec ANDREW GOLLAN buy 5 M 300 12 month 27.02.2013
Nomura JUHO LAHDENPERA neutral 3 M 260 12 month 27.02.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 210 12 month 26.02.2013
JPMorgan GLEN H LIDDY neutral 3 D 260 9 month 26.02.2013
Jefferies SANDY MORRIS buy 5 M 275 12 month 26.02.2013
Oriel Securities Ltd HARRY PHILIPS buy 5 M 350 Not Provided 26.02.2013
Credit Suisse JONATHAN HURN outperform 5 M 255 Not Provided 17.01.2013
Arden Partners Ltd DAVID LARKAM neutral 3 D 250 12 month 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs STEPHAN PUETTER sell/attractive 1 M 195 12 month 10.01.2013
Barclays MICHAEL TYNDALL overweight 5 M 258 Not Provided 20.07.2012
Holdings By:
GKN PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Grifols S.A. develops, manufactures, and markets plasma derivatives, IV Therapy,
Enteral nutrition, diagnostic systems, and medical materials.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 27.60
52-Week Low (27.02.2012) 14.67
Daily Volume
27.165
52-Week High % Change -1.47% Dividend Yield -
52-Week Low % Change 85.11% Beta 0.62
% 52 Week Price Range High/Low 96.52% Equity Float 148.58
Shares Out 13.12.2012 213.1 Short Int -
8'590.88 1 Yr Total Return 81.60%
Total Debt 3'108.08 YTD Return 3.05%
Preferred Stock 0.0 Adjusted BETA 0.618
Minority Interest 2.5 Analyst Recs 24
Cash and Equivalents 357.49 Consensus Rating 2.750
Enterprise Value 11'131.87
Average Volume 5 Day 548'214
GRF SQ EQUITY YTD Change - Average Volume 30 Day 738'633
GRF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 804'666
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
703.3 814.3 913.2 990.7 1'795.6 1'457.5 2'549.6 2'626.8 2'839.8 659.1 -
5.11x 3.75x 3.49x 2.83x 3.90x 4.76x 13.72x 4.22x 3.80x 16.77x -
177.9 209.5 267.2 255.8 405.5 146.3 461.1 840.3 958.6 203.2 -
20.21x 14.58x 11.91x 10.98x 17.26x 0.00x 23.70x 13.25x 11.61x - -
87.8 121.7 148.0 115.5 50.3 62.3 203.9 289.1 390.7 66.7 -
37.24x 21.30x 17.29x 18.89x 68.42x 53.87x 0.00x 30.45x 23.22x - -
EBITDA 405.45 Long-Term Rating Date 01.08.2012
EBIT 314.81 Long-Term Rating BB
Operating Margin 17.53% Long-Term Outlook STABLE
Pretax Margin 4.46% Short-Term Rating Date -
Return on Assets 3.60% Short-Term Rating -
Return on Common Equity 11.83%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 5.50
Gross Margin - Total Debt/EBITDA 6.37
EBITDA Margin 18.1%
EBIT Margin 13.1% Total Debt/Equity 187.0%
Net Income Margin 2.8% Total Debt/Capital 65.1%
Asset Turnover 0.45
Current Ratio 2.99 Net Fixed Asset Turnover 3.04
Quick Ratio 1.19 Accounts receivable turnover-days 69.02
Debt to Assets 53.52% Inventory Days -
Tot Debt to Common Equity 186.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.30 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Grifols SAPrice/Volume
Valuation Analysis
449'667.00
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
'
2
-'
-2
.'
.2
0'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
1!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 42'351'425 19.88 (18'938'137) 31.12.2012 Investment Advisor
DERIA SA n/a Co File 18'687'588 8.77 - 31.12.2011 Corporation
SCRANTON ENTERPRISES n/a Co File 16'149'937 7.58 - 31.12.2011 Corporation
THORTHOL HOLDINGS BV n/a EXCH 15'042'766 7.06 - 31.12.2011 Corporation
LUCAS VICTOR GRIFOLS n/a Co File 13'112'187 6.15 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 11'029'067 5.18 - 25.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'528'114 4.94 738'547 21.02.2013 Investment Advisor
VISIUM ASSET MANAGEM n/a 13G 9'033'076 4.24 - 25.07.2011 Hedge Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'859'361 1.81 (120'365) 30.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3'789'554 1.78 1'626'496 31.12.2012 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 3'233'856 1.52 (740'397) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'786'484 1.31 63'474 31.12.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'627'980 0.76 (249'543) 29.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'299'294 0.61 (464'750) 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'085'899 0.51 (88'664) 30.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'057'787 0.5 - 30.11.2012 Mutual Fund Manager
MADISON SQUARE INVES Multiple Portfolios MF-AGG 962'036 0.45 - 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 944'213 0.44 (10'151) 31.01.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 877'739 0.41 - 31.03.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 755'341 0.35 (55'454) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankia Bolsa (ESN) ANA ISABEL GONZALEZ GARCIA reduce 2 M 25 12 month 27.02.2013
BPI IGNACIO ORTIZ DE MENDIVIL buy 5 M 33 Not Provided 25.02.2013
Exane BNP Paribas JULIEN DORMOIS outperform 5 M 28 Not Provided 25.02.2013
AlphaValue KAMLA SINGH reduce 2 M 27 6 month 21.02.2013
Grupo Santander VICENTE MARTIN BROGERAS underweight 1 M 24 Not Provided 20.02.2013
Ahorro Corporacion Financiera SA ELENA FERNANDEZ hold 3 M 26 Not Provided 20.02.2013
Banesto Bolsa SA Sociedad LUIS DE BLAS overweight 5 M 22 12 month 20.02.2013
Espirito Santo Investment Bank ResearchLUIS NAVIA neutral 3 M 24 Not Provided 18.02.2013
Banco Sabadell JAVIER ESTEBAN sell 1 M 26 12 month 07.02.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA neutral 3 M 25 12 month 21.01.2013
Deutsche Bank RICHARD J PARKES hold 3 M 24 12 month 17.01.2013
BBVA ISABEL CARBALLO market perform 3 M 26 Not Provided 17.01.2013
Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 30 6 month 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
La Caixa SANTIAGO MARIN underweight 1 M 23 Not Provided 27.11.2012
Berenberg Bank TOM JONES hold 3 M 24 Not Provided 19.11.2012
JPMorgan JAMES D GORDON neutral 3 M 27 9 month 12.11.2012
CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS underperform 1 M 24 Not Provided 01.11.2012
Kepler Capital Markets NATALIA BOBO BJOERK hold 3 D 25 Not Provided 25.09.2012
Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO underweight 1 M 21 12 month 17.09.2012
Renta 4 SA SVB IVAN SAN FELIX hold 3 M #N/A N/A Not Provided 20.04.2012
Intermoney Valores ESTHER MARTIN hold 3 D 16 12 month 27.03.2012
Morgan Stanley ANDREW S BAUM not rated #N/A N/A M #N/A N/A Not Provided 01.06.2011
Holdings By:
Grifols SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Groupe Bruxelles Lambert S.A. is a holding company with interests in energy,
media, and utility companies. The Company, through its subsidiaries, produces
petroleum, manufactures chemicals, operates gasoline filling stations, owns and
operates television and radio stations, supplies water, generates and transports
electricity, transports natural gas, and offers waste management services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (01.02.2013) 62.18
52-Week Low (18.05.2012) 49.14
Daily Volume
60.53
52-Week High % Change -2.69% Dividend Yield -
52-Week Low % Change 23.18% Beta 0.97
% 52 Week Price Range High/Low 81.29% Equity Float -
Shares Out 30.09.2012 161.4 Short Int -
9'767.02 1 Yr Total Return 15.07%
Total Debt 3'084.90 YTD Return 0.65%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest 978.2 Analyst Recs 14
Cash and Equivalents 737.90 Consensus Rating 3.786
Enterprise Value 12'327.52
Average Volume 5 Day 113'458
GBLB BB EQUITY YTD Change - Average Volume 30 Day 117'924
GBLB BB EQUITY YTD % CHANGE - Average Volume 3 Month 108'030
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
720.2 117.3 286.8 429.0 2'855.2 0.0 0.0 4'011.7 4'143.5 - -
17.15x 72.14x 35.14x 22.80x 3.97x #DIV/0! #DIV/0! 3.06x 2.92x - -
697.5 98.2 263.6 - 391.1 0.0 0.0 643.5 964.5 - -
17.71x 86.17x 38.23x - 28.95x 0.00x 0.00x 19.14x 12.77x - -
778.9 (687.5) 1'057.7 640.8 75.0 159.1 875.1 873.8 790.0 - -
16.80x - 9.71x 15.24x 107.31x 0.00x 0.00x 14.57x 11.76x - -
EBITDA 391.10 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 4.38% Long-Term Outlook -
Pretax Margin 9.00% Short-Term Rating Date -
Return on Assets 2.05% Short-Term Rating -
Return on Common Equity 2.87%
Return on Capital 2.96% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 1.73
Gross Margin - Total Debt/EBITDA 3.00
EBITDA Margin 36.8%
EBIT Margin - Total Debt/Equity 24.4%
Net Income Margin 2.6% Total Debt/Capital 18.4%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover 1.38
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.00% Inventory Days -
Tot Debt to Common Equity 24.35% 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
Groupe Bruxelles Lambert SAPrice/Volume
Valuation Analysis
87'968.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!- 9
!. 9
!. 9
!0 9
!0 9
!1 9
!1 9
-500.0
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PARGESA HOLDING SA n/a Co File 80'680'729 50 - 31.12.2011 Investment Advisor
SAGERPAR n/a Co File 6'099'444 3.78 - 31.12.2011 Holding Company
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 3'254'842 2.02 55'716 30.09.2012 Hedge Fund Manager
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'969'477 1.22 180'082 31.12.2012 Investment Advisor
FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 1'661'327 1.03 19'985 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'260'129 0.78 18'242 31.12.2012 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 1'032'518 0.64 - 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 746'619 0.46 36'315 25.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 573'119 0.36 (29'894) 31.12.2012 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 570'000 0.35 - 28.09.2012 Hedge Fund Manager
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 438'039 0.27 57'000 28.09.2012 Investment Advisor
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 405'000 0.25 - 28.09.2012 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 336'505 0.21 25'474 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 192'235 0.12 (104'065) 28.12.2012 Mutual Fund Manager
UBS FUND SERVICES Multiple Portfolios MF-AGG 188'952 0.12 1'215 31.10.2012 Investment Advisor
FRERE GERALD n/a Co File 183'014 0.11 - 31.12.2011 n/a
KBC GROUP NV Multiple Portfolios MF-AGG 139'293 0.09 1'523 31.01.2013 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 137'828 0.09 - 28.12.2012 Investment Advisor
CAPITAL & FINANCE AS Multiple Portfolios MF-AGG 134'000 0.08 - 31.12.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 125'000 0.08 10'000 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue PIERRE-YVES GAUTHIER buy 5 M 77 6 month 14.02.2013
Goldman Sachs MARKUS IWAR neutral/neutral 3 M 74 12 month 25.01.2013
Bank Degroof(ESN) HANS D'HAESE hold 3 M 64 12 month 25.01.2013
KBC Securities TOM SIMONTS hold 3 M 60 Not Provided 25.01.2013
Petercam MARC DEBROUWER add 4 M 67 Not Provided 25.01.2013
Natixis CELINE CHERUBIN neutral 3 M 61 Not Provided 25.01.2013
Exane BNP Paribas DAVID VAGMAN outperform 5 M 68 Not Provided 25.01.2013
ING Bank MATTHIAS MAENHAUT hold 3 M 62 12 month 24.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
HSBC PIERRE BOSSET neutral 3 M 67 Not Provided 10.12.2012
Societe Generale PATRICK JOUSSEAUME hold 3 D 63 12 month 12.11.2012
CA Cheuvreux DAVID CERDAN outperform 5 N 69 Not Provided 16.10.2012
ABN Amro Bank N.V. MAURITS HELDRING hold 3 M 56 Not Provided 08.11.2011
Holdings By:
Groupe Bruxelles Lambert SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Groupe Eurotunnel SA holds the concession to operate the two rail tunnels
beneath the English Channel, terminals in Folkestone in the United Kingdom and
Coquelles in France, and shuttle cars that transport cars and trucks.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.03.2012) 6.80
52-Week Low (08.10.2012) 5.21
Daily Volume
6.396
52-Week High % Change -5.90% Dividend Yield -
52-Week Low % Change 22.88% Beta 0.83
% 52 Week Price Range High/Low 68.65% Equity Float 549.98
Shares Out 05.12.2012 550.0 Short Int -
3'517.80 1 Yr Total Return 2.91%
Total Debt 3'876.75 YTD Return 9.52%
Preferred Stock 0.0 Adjusted BETA 0.833
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 275.52 Consensus Rating 4.050
Enterprise Value 7'234.11
Average Volume 5 Day 750'422
GET FP EQUITY YTD Change - Average Volume 30 Day 1'042'238
GET FP EQUITY YTD % CHANGE - Average Volume 3 Month 920'912
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
401.8 703.9 571.1 736.6 844.8 306.8 979.2 988.2 1'011.3 233.0 -
12.01x 5.71x 11.28x 9.32x 7.70x 0.00x 0.00x 7.53x 7.28x - -
311.0 449.7 325.2 345.5 404.7 0.0 0.0 447.5 444.0 - -
15.51x 8.93x 19.80x 19.86x 16.07x 0.00x 0.00x 16.16x 16.29x - -
3'317.8 43.6 1.6 (56.8) 11.3 0.0 0.0 28.7 20.6 - -
- 11.32x 654.00x - 263.00x 0.00x 0.00x 125.41x 156.00x - -
EBITDA 404.71 Long-Term Rating Date -
EBIT 247.15 Long-Term Rating -
Operating Margin 29.25% Long-Term Outlook -
Pretax Margin 1.39% Short-Term Rating Date -
Return on Assets 0.20% Short-Term Rating -
Return on Common Equity 0.57%
Return on Capital 4.21% EBITDA/Interest Exp. 1.51
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 1.15
Net Debt/EBITDA 8.82
Gross Margin - Total Debt/EBITDA 9.45
EBITDA Margin 45.7%
EBIT Margin 28.9% Total Debt/Equity 161.5%
Net Income Margin 1.3% Total Debt/Capital 61.8%
Asset Turnover 0.13
Current Ratio 2.24 Net Fixed Asset Turnover 0.14
Quick Ratio 1.99 Accounts receivable turnover-days 45.83
Debt to Assets 53.71% Inventory Days -
Tot Debt to Common Equity 161.51% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.99 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
Groupe Eurotunnel SAPrice/Volume
Valuation Analysis
345'830.00
Current Price (2/dd/yy) Market Data
'
-
.
0
1
2
3
4
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOLDMAN SACHS GROUP n/a Research 85'289'551 15.51 - 22.09.2011 Investment Advisor
NORGES BANK n/a Research 27'973'192 5.09 (184'561) 06.02.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'364'313 2.25 167'859 31.12.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 8'390'000 1.53 (510'000) 28.09.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'183'950 1.31 849'300 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'508'726 1 245'864 25.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'877'932 0.71 (275'000) 31.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'430'555 0.62 (202'700) 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 2'910'100 0.53 (33'440) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'494'041 0.27 531'066 31.12.2012 Mutual Fund Manager
ROYAL BANK OF CANADA n/a ULT-AGG 1'493'981 0.27 (1'112'000) 28.09.2012 Bank
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 1'431'687 0.26 - 31.12.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'302'875 0.24 (30'294) 31.05.2012 Investment Advisor
LEONARDO INVEST FUND Multiple Portfolios MF-AGG 1'250'000 0.23 (220'770) 28.09.2012 Mutual Fund Manager
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 1'105'652 0.2 (259'774) 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'081'916 0.2 (517'200) 28.09.2012 Mutual Fund Manager
KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 1'032'510 0.19 (7'490) 30.11.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 986'286 0.18 - 31.07.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 876'383 0.16 30'850 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 835'324 0.15 (462'009) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI FILIPE MARTINS LEITE buy 5 M 8 Not Provided 25.02.2013
Societe Generale JEAN-BAPTISTE ROUSSILLE buy 5 M 9 12 month 22.02.2013
AlphaValue MYRIAM COHEN add 4 M 7 6 month 21.02.2013
RBC Capital Markets ANDREW JONES outperform 5 M 8 12 month 19.02.2013
Aurel - BGC ERIC LEMARIE buy 5 M 8 6 month 19.02.2013
HSBC JOSEPH P THOMAS overweight 5 M 9 Not Provided 18.02.2013
Goldman Sachs NICK EDELMAN neutral/neutral 3 M 7 18 month 08.02.2013
Oddo & Cie CHRISTOPHE CHAPUT buy 5 M 8 Not Provided 04.02.2013
Main First Bank AG LOIC SABATIER underperform 1 M 5 12 month 04.02.2013
Barclays SUSANNA INVERNIZZI underweight 1 M 6 Not Provided 23.01.2013
Nomura PETER LARKIN buy 5 M 8 Not Provided 21.01.2013
Exane BNP Paribas NICOLAS MORA outperform 5 M 8 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Natixis GREGOIRE THIBAULT buy 5 U 8 Not Provided 16.01.2013
Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 8 12 month 16.11.2012
Kepler Capital Markets XAVIER CAROEN buy 5 M 8 Not Provided 23.10.2012
Morgan Stanley JAIME ROWBOTHAM Equalwt/In-Line 3 M 6 12 month 05.10.2012
CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 8 Not Provided 30.07.2012
Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 25.07.2012
Holdings By:
Groupe Eurotunnel SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Hammerson plc invests in and develops property. The Company develops, builds
and manages commercial buildings, offices and shopping centers. Hammerson
operates throughout the United Kingdom, but also has investment and development
activities in France and Germany.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (20.02.2013) 507.00
52-Week Low (07.03.2012) 386.20
Daily Volume
489.6
52-Week High % Change -3.45% Dividend Yield 3.47
52-Week Low % Change 26.77% Beta 1.02
% 52 Week Price Range High/Low 86.01% Equity Float 678.19
Shares Out 02.01.2013 712.8 Short Int -
3'490.02 1 Yr Total Return 27.61%
Total Debt 2'097.50 YTD Return 0.27%
Preferred Stock 0.0 Adjusted BETA 1.016
Minority Interest 76.5 Analyst Recs 22
Cash and Equivalents 100.70 Consensus Rating 3.545
Enterprise Value 5'415.52
Average Volume 5 Day 1'589'914
HMSO LN EQUITY YTD Change - Average Volume 30 Day 1'581'259
HMSO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'537'225
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 - -
368.8 408.5 404.8 401.5 409.7 - - 294.3 306.7 - -
15.08x 12.25x 12.88x 12.08x 11.32x - - 18.56x 18.33x - -
269.5 210.4 67.6 273.1 250.8 - - 235.6 246.0 - -
20.63x 23.78x 77.10x 17.75x 18.50x - - 22.98x 22.01x - -
101.0 (1'572.6) (344.5) 615.4 335.7 - - 142.8 152.2 - -
29.34x - - 4.78x 7.61x - - 24.71x 22.99x - -
EBITDA 250.80 Long-Term Rating Date -
EBIT 249.10 Long-Term Rating -
Operating Margin 60.80% Long-Term Outlook -
Pretax Margin 84.53% Short-Term Rating Date -
Return on Assets 3.12% Short-Term Rating -
Return on Common Equity 5.21%
Return on Capital 5.15% EBITDA/Interest Exp. 2.13
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -1.25
Net Debt/EBITDA 9.41
Gross Margin 62.7% Total Debt/EBITDA 9.82
EBITDA Margin 51.1%
EBIT Margin 50.6% Total Debt/Equity 55.6%
Net Income Margin 81.9% Total Debt/Capital 35.3%
Asset Turnover 0.06
Current Ratio 0.61 Net Fixed Asset Turnover 0.07
Quick Ratio 0.41 Accounts receivable turnover-days 38.29
Debt to Assets 33.53% Inventory Days -
Tot Debt to Common Equity 55.61% Accounts Payable Turnover Day 66.48
Accounts Receivable Turnover 9.56 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
Hammerson PLCPrice/Volume
Valuation Analysis
1'000'255.00
Current Price (2/dd/yy) Market Data
'
-''
.''
0''
1''
2''
3''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
2'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
APG ALGEMENE PENSIOE Multiple Portfolios REG 69'816'792 9.79 (443'226) 03.12.2012 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 53'250'080 7.47 - 25.02.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 34'007'145 4.77 - 03.12.2012 Government
COHEN & STEERS CAPIT Multiple Portfolios REG 26'460'738 3.71 (89'850) 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 25'645'219 3.6 242'414 03.12.2012 Unclassified
SUMITOMO MITSUI TRUS n/a ULT-AGG 20'867'623 2.93 (46'474) 17.08.2012 Bank
STATE STREET n/a ULT-AGG 20'270'219 2.84 103'386 26.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 19'767'906 2.77 383'357 03.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'818'992 2.22 666'098 31.12.2012 Investment Advisor
EUROPEAN INVESTORS I n/a Research 14'944'691 2.1 346'739 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios REG 14'870'777 2.09 2'073'678 03.12.2012 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 14'283'054 2 (3'462) 03.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 11'514'341 1.62 (300'617) 31.12.2012 Investment Advisor
ING INV MANAGEMENT E Multiple Portfolios REG 10'188'837 1.43 (65'212) 03.12.2012 Investment Advisor
DAIWA ASSET MANAGEME Multiple Portfolios REG 10'143'807 1.42 (2'623'235) 03.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 9'196'888 1.29 (213'826) 31.12.2012 Investment Advisor
CBRE CLARION SECURIT Multiple Portfolios REG 9'011'224 1.26 (2'182) 03.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'942'371 1.25 (1'170'130) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 8'652'638 1.21 976'103 03.12.2012 Investment Advisor
AEW CAPITAL MANAGEME Multiple Portfolios REG 8'024'264 1.13 10'257 03.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies MICHAEL PREW hold 3 M 476 12 month 25.02.2013
Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 515 Not Provided 25.02.2013
AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 456 6 month 21.02.2013
Peel Hunt KEITH CRAWFORD hold 3 M 440 Not Provided 13.02.2013
Exane BNP Paribas NICK WEBB outperform 5 M 570 Not Provided 13.02.2013
Day by Day VALERIE GASTALDY buy 5 U 578 3 month 05.02.2013
Investec ALAN CARTER reduce 2 D 490 12 month 21.01.2013
Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 500 12 month 17.01.2013
Oriel Securities Ltd MIRANDA COCKBURN hold 3 M #N/A N/A Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 525 Not Provided 15.01.2013
Kempen & Co RYAN PALECEK overweight 5 M 515 12 month 14.01.2013
Credit Suisse STEVE BRAMLEY-JACKSON neutral 3 D 500 Not Provided 04.01.2013
Panmure Gordon & Co Limited MARK HUGHES hold 3 M 453 Not Provided 04.01.2013
Societe Generale MARC MOZZI buy 5 M 570 12 month 18.12.2012
JPMorgan HARM M MEIJER overweight 5 M 555 9 month 18.12.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 534 12 month 09.11.2012
Deutsche Bank MARTIN ALLEN buy 5 M 580 12 month 29.10.2012
Barclays AARON GUY equalweight 3 M 534 Not Provided 30.07.2012
Liberum Capital Ltd ALISON WATSON hold 3 D 449 Not Provided 20.07.2012
CS Capital CHRISTOPHER PARKINSON sell 1 M 400 Not Provided 15.08.2011
Holdings By:
Hammerson PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Hannover Rueckversicherung AG provides reinsurance services. The Company offers
life, health, accident, damage, property, and high risk specialty reinsurance.
Hannover Rueckversicherung operates worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (03.01.2013) 60.60
52-Week Low (07.03.2012) 40.01
Daily Volume
58.6
52-Week High % Change -3.33% Dividend Yield -
52-Week Low % Change 46.46% Beta 0.86
% 52 Week Price Range High/Low 88.00% Equity Float 60.03
Shares Out 30.09.2012 120.6 Short Int -
7'066.99 1 Yr Total Return 44.27%
Total Debt 1'934.41 YTD Return -0.61%
Preferred Stock 0.0 Adjusted BETA 0.860
Minority Interest 636.0 Analyst Recs 37
Cash and Equivalents 506.96 Consensus Rating 2.919
Enterprise Value 9'006.38
Average Volume 5 Day 179'456
HNR1 GY EQUITY YTD Change - Average Volume 30 Day 166'960
HNR1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 162'041
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
8'404.8 7'343.2 10'569.4 11'418.9 12'125.7 11'712.1 13'374.4 12'971.6 13'601.4 2'892.0 -
0.65x 0.57x 0.52x 0.62x 0.55x 2.21x 2.22x 0.70x 0.67x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
733.7 (127.0) 733.7 748.9 606.0 548.6 895.1 826.5 803.5 166.4 199.0
5.21x - 5.38x 6.46x 7.63x 7.48x 6.72x 8.64x 8.85x 9.46x 8.88x
EBITDA - Long-Term Rating Date 15.04.2003
EBIT - Long-Term Rating AA-
Operating Margin 6.91% Long-Term Outlook STABLE
Pretax Margin 6.12% Short-Term Rating Date -
Return on Assets 1.75% Short-Term Rating -
Return on Common Equity 16.85%
Return on Capital 13.43% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 38.9%
Net Income Margin 5.0% Total Debt/Capital 25.7%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.88% Inventory Days -
Tot Debt to Common Equity 38.92% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hannover Rueckversicherung AGPrice/Volume
Valuation Analysis
92'481.00
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
'
-'
.'
0'
1'
2'
3'
4'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
!4 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TALANX AG n/a Co File 60'563'863 50.22 - 31.12.2011 Insurance Company
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'749'809 3.11 (7'071) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'305'294 1.08 3'662 25.02.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'276'911 1.06 (83'516) 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'132'309 0.94 138'260 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'099'405 0.91 16'920 31.12.2012 Investment Advisor
DJE INVESTMENT SA Multiple Portfolios MF-AGG 740'800 0.61 (44'000) 30.11.2012 Mutual Fund Manager
DWS INVESTMENT SA Multiple Portfolios MF-AGG 647'246 0.54 3'678 28.12.2012 Mutual Fund Manager
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 458'460 0.38 39'600 28.09.2012 Investment Advisor
WS MANAGEMENT LLLP n/a Short (434'150) -0.36 - 01.11.2012 Other
PRINCIPAL FINANCIAL n/a ULT-AGG 405'396 0.34 23'224 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 305'106 0.25 6'038 31.10.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 225'000 0.19 - 28.12.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 224'928 0.19 - 28.12.2012 Mutual Fund Manager
VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 197'180 0.16 (13'320) 30.11.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 196'785 0.16 13'713 31.12.2012 Investment Advisor
MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 192'088 0.16 51'733 30.09.2012 Investment Advisor
PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 189'900 0.16 33'100 30.09.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 179'393 0.15 (420) 31.01.2013 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 159'788 0.13 233 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 55 12 month 27.02.2013
Exane BNP Paribas NICCOLO DALLA PALMA outperform 5 M 64 Not Provided 25.02.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 N 63 Not Provided 20.02.2013
CA Cheuvreux FRANK KOPFINGER underperform 1 M 57 Not Provided 18.02.2013
Credit Suisse ADAM MCINALLY outperform 5 M 65 Not Provided 15.02.2013
AlphaValue DIETER HEIN reduce 2 M 58 6 month 14.02.2013
JPMorgan MICHAEL HUTTNER neutral 3 M 54 9 month 12.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 62 12 month 12.02.2013
Berenberg Bank TOM CARSTAIRS hold 3 D 63 Not Provided 06.02.2013
Nord/LB JULIA SIEKMANN hold 3 M 54 12 month 05.02.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 44 Not Provided 05.02.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 64 12 month 05.02.2013
DZ Bank AG THORSTEN WENZEL sell 1 D 56 12 month 05.02.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 60 Not Provided 04.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 59 6 month 04.02.2013
Nomura MICHAEL KLIEN reduce 2 M 48 12 month 04.02.2013
Helvea DANIEL BISCHOF reduce 2 M 50 12 month 04.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 62 Not Provided 04.02.2013
Main First Bank AG MICHAEL HAID underperform 1 M 63 12 month 01.02.2013
Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 61 12 month 31.01.2013
Mediobanca SpA MARC THIELE neutral 3 M 70 6 month 30.01.2013
Kepler Capital Markets FABRIZIO CROCE hold 3 M 53 Not Provided 21.01.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 59 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
HSBC THOMAS FOSSARD overweight 5 M 71 Not Provided 16.01.2013
Canaccord Genuity Corp BEN COHEN hold 3 M 60 Not Provided 09.01.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 60 12 month 02.01.2013
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 07.12.2012
Macquarie HADLEY COHEN underperform 1 D 57 12 month 27.11.2012
Deutsche Bank ROBIN BUCKLEY sell 1 M 50 12 month 26.11.2012
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 37 12 month 13.11.2012
SRC Research STEFAN SCHARFF accumulate 4 D 59 12 month 21.10.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 48 Not Provided 24.09.2012
Societe Generale JASON KALAMBOUSSIS hold 3 M 42 12 month 10.08.2012
Holdings By:
Hannover Rueckversicherung AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Heineken Holding NV, through its subsidiary produces and distributes beverages
internationally. The Company produces beers, spirits, wines, and soft drinks
under various brand names. Heineken operates through numerous subsidiaries and
associated companies worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (27.02.2013) 46.99
52-Week Low (05.06.2012) 31.34
Daily Volume
46.91
52-Week High % Change -0.16% Dividend Yield 1.90
52-Week Low % Change 49.68% Beta 0.72
% 52 Week Price Range High/Low 98.94% Equity Float 89.34
Shares Out 31.12.2012 288.0 Short Int -
13'511.50 1 Yr Total Return 43.97%
Total Debt 13'491.00 YTD Return 13.21%
Preferred Stock 0.0 Adjusted BETA 0.724
Minority Interest 6'996.0 Analyst Recs 9
Cash and Equivalents 1'048.00 Consensus Rating 3.444
Enterprise Value 32'950.50
Average Volume 5 Day 174'402
HEIO NA EQUITY YTD Change - Average Volume 30 Day 168'131
HEIO NA EQUITY YTD % CHANGE - Average Volume 3 Month 183'349
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 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3
14'319.0 14'701.0 16'133.0 17'123.0 18'383.0 0.0 15'051.0 20'710.0 21'802.0 - -
1.18x 1.24x 1.46x 1.34x 1.71x #DIV/0! 0.00x 1.55x 1.42x - -
2'388.0 2'713.0 3'419.0 3'386.0 5'007.0 0.0 0.0 5'041.0 5'515.5 - -
7.06x 6.74x 6.87x 6.78x 6.27x 0.00x 0.00x 6.53x 5.97x - -
105.0 510.0 726.0 717.0 1'477.0 0.0 0.0 898.5 1'022.0 - -
47.47x 14.06x 12.27x 12.70x 8.08x 0.00x 0.00x 13.48x 11.57x - -
EBITDA 5'007.00 Long-Term Rating Date -
EBIT 3'691.00 Long-Term Rating -
Operating Margin 20.08% Long-Term Outlook -
Pretax Margin 19.77% Short-Term Rating Date -
Return on Assets 4.68% Short-Term Rating -
Return on Common Equity 27.95%
Return on Capital 15.66% EBITDA/Interest Exp. 9.09
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 6.96
Net Debt/EBITDA 2.49
Gross Margin - Total Debt/EBITDA 2.69
EBITDA Margin 27.2%
EBIT Margin 20.1% Total Debt/Equity 234.0%
Net Income Margin 8.0% Total Debt/Capital 51.4%
Asset Turnover 0.58
Current Ratio 0.71 Net Fixed Asset Turnover 2.21
Quick Ratio 0.13 Accounts receivable turnover-days -
Debt to Assets 37.50% Inventory Days -
Tot Debt to Common Equity 233.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Heineken Holding NVPrice/Volume
Valuation Analysis
71'251.00
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
'2
-'-2.'.20'021'122'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
L'ARCHE GREEN NV n/a Research 147'134'458 51.08 - 07.08.2012 Other
CB EQUITY LLP n/a Co File 43'031'714 14.94 - 31.12.2011 Holding Company
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 9'227'183 3.2 59'206 31.12.2012 Hedge Fund Manager
DAVIS INVESTMENTS LL n/a Research 8'514'203 2.96 - 16.02.2012 Other
DAVIS SELECTED ADVIS Multiple Portfolios MF-AGG 4'049'392 1.41 (557'800) 31.10.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'884'300 0.65 (686'100) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'840'279 0.64 24'247 31.12.2012 Investment Advisor
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 1'405'500 0.49 29'500 28.09.2012 Mutual Fund Manager
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 827'491 0.29 29'967 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 792'714 0.28 7'483 25.02.2013 Investment Advisor
FROSTROW CAPITAL LLP Multiple Portfolios MF-AGG 702'000 0.24 27'000 30.09.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 625'015 0.22 (125'160) 30.06.2012 Investment Advisor
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 495'540 0.17 - 30.09.2012 Unclassified
TWEEDY BROWNE COMPAN TWEEDY BROWNE COMPAN 13F 281'618 0.1 (5'192) 31.12.2012 Investment Advisor
LINDSELL TRAIN LTD Multiple Portfolios MF-AGG 260'000 0.09 - 31.12.2012 Hedge Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 250'459 0.09 8'503 26.02.2013 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 250'000 0.09 50'000 31.01.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 222'925 0.08 - 31.12.2012 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 220'495 0.08 (187'938) 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 219'746 0.08 16'616 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ISABELLE COMBEMALE buy 5 M 58 6 month 21.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013
Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 56 12 month 14.02.2013
KBC Securities TOM SIMONTS buy 5 M 54 Not Provided 13.02.2013
Goldman Sachs MARKUS IWAR neutral/neutral 3 M 50 12 month 25.01.2013
Petercam KRIS KIPPERS hold 3 M 45 Not Provided 08.01.2013
ING Bank GERARD RIJK buy 5 M 48 12 month 04.05.2012
Rabobank International KAREL ZOETE hold 3 D 42 12 month 02.05.2012
Holdings By:
Heineken Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Hexagon AB is a global provider of design, measurement and visualisation
technologies. The main business area, Measurement Technologies, includes three
application areas: Geosystems, Metrology and Technology, that provide systems to
design, measure and position objects, and process and present data.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 185.80
52-Week Low (26.06.2012) 110.50
Daily Volume
181.3
52-Week High % Change -2.53% Dividend Yield -
52-Week Low % Change 64.07% Beta 1.35
% 52 Week Price Range High/Low 90.44% Equity Float -
Shares Out 26.02.2013 338.3 Short Int -
64'184.98 1 Yr Total Return 37.75%
Total Debt 1'691.40 YTD Return 11.16%
Preferred Stock 0.0 Adjusted BETA 1.347
Minority Interest 7.3 Analyst Recs 15
Cash and Equivalents 130.70 Consensus Rating 3.000
Enterprise Value 9'172.47
Average Volume 5 Day 384'487
HEXAB SS EQUITY YTD Change - Average Volume 30 Day 584'407
HEXAB SS EQUITY YTD % CHANGE - Average Volume 3 Month 581'371
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
1'506.3 1'113.1 1'479.0 2'169.1 2'380.0 2'169.1 2'380.0 2'499.2 2'692.0 590.9 636.1
1.39x 3.09x 4.76x 2.69x 3.46x 12.21x 12.34x 3.58x 3.22x - -
328.5 225.0 246.5 533.7 - 533.9 444.9 664.5 734.8 155.4 164.9
6.38x 15.31x 28.58x 10.94x - 10.93x 0.00x 13.81x 12.48x 14.08x 13.75x
192.1 119.1 90.0 295.2 354.5 295.7 354.5 397.5 447.2 90.4 102.5
5.44x 22.07x 51.17x 13.78x 18.83x 13.75x 18.83x 18.94x 16.59x 18.91x 18.22x
EBITDA 533.70 Long-Term Rating Date -
EBIT 490.00 Long-Term Rating -
Operating Margin 20.59% Long-Term Outlook -
Pretax Margin 18.54% Short-Term Rating Date -
Return on Assets 6.58% Short-Term Rating -
Return on Common Equity 13.42%
Return on Capital - EBITDA/Interest Exp. 9.72
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 9.01
Net Debt/EBITDA 2.75
Gross Margin 54.8% Total Debt/EBITDA 2.95
EBITDA Margin 25.3%
EBIT Margin 20.6% Total Debt/Equity 61.2%
Net Income Margin 14.9% Total Debt/Capital 37.9%
Asset Turnover 0.44
Current Ratio 1.41 Net Fixed Asset Turnover 10.16
Quick Ratio 0.80 Accounts receivable turnover-days 78.76
Debt to Assets 31.12% Inventory Days 125.09
Tot Debt to Common Equity 61.17% Accounts Payable Turnover Day 50.36
Accounts Receivable Turnover 4.65 Cash Conversion Cycle 153.49
Inventory Turnover 2.93
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
Hexagon ABPrice/Volume
Valuation Analysis
224'163.00
Current Price (2/dd/yy) Market Data
'.'1'3'5'
-''-.'-1'-3'-5'.''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MELKER SCHORLING & C n/a Research 78'711'582 23.27 - 28.09.2012 Investment Advisor
RAMSBURY INVEST AB n/a Research 22'196'387 6.56 - 28.09.2012 Private Equity
JP MORGAN n/a ULT-AGG 22'115'380 6.54 - 31.12.2012 Unclassified
SSB CL OMNIBUS n/a Research 19'092'009 5.64 - 28.09.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 11'394'775 3.37 232'201 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE n/a Research 11'390'499 3.37 - 28.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 10'042'257 2.97 - 28.09.2012 Investment Advisor
AMF PENSION n/a Research 9'510'320 2.81 - 28.09.2012 Pension Fund (ERISA)
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 6'595'573 1.95 135'952 31.01.2013 Investment Advisor
SEB n/a ULT-AGG 5'983'342 1.77 (542'326) 31.12.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'360'656 1.58 114'292 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU n/a Research 5'307'250 1.57 - 28.09.2012 Mutual Fund Manager
ALECTA PENSIONSFORSA n/a Research 5'240'000 1.55 - 28.09.2012 Pension Fund (ERISA)
BNP PARIBAS SECURITI n/a Research 5'155'744 1.52 - 28.09.2012 Investment Advisor
FOLKSAM GROUP n/a Research 5'048'425 1.49 - 28.09.2012 Insurance Company
MELLON OMNIBUS n/a Research 4'672'987 1.38 - 28.09.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'325'945 1.28 88'890 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'132'708 1.22 (476'416) 31.10.2012 Investment Advisor
DIDNER & GERGE FONDE n/a Research 3'930'000 1.16 - 28.09.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 3'913'320 1.16 (747'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda DANIEL SCHMIDT sell 1 M 167 Not Provided 13.02.2013
Carnegie MIKAEL LASEEN hold 3 M #N/A N/A Not Provided 13.02.2013
Nordea Equity Research ANDREAS KOSKI hold 3 M 185 12 month 13.02.2013
Erik Penser Bankaktiebolag AB MAX FRYDEN sell 1 M 159 12 month 13.02.2013
Handelsbanken JON HYLTNER reduce 2 M 160 12 month 13.02.2013
Danske Markets CARL GUSTAFSSON hold 3 M 179 12 month 13.02.2013
ABG Sundal Collier ERIK PETTERSSON-GOLRANG buy 5 M 188 6 month 12.02.2013
DNB Markets LARS BRORSON buy 5 M 190 Not Provided 12.02.2013
CA Cheuvreux JOAKIM HOGLUND outperform 5 M 140 Not Provided 29.01.2013
Deutsche Bank JOHAN WETTERGREN hold 3 D 170 12 month 21.01.2013
Pareto Securities DAVID JACOBSSON sell 1 M 150 6 month 15.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs SIVA KRISHNA PRASAD BORRA buy/attractive 5 M 230 12 month 11.01.2013
Swedbank HAKAN WRANNE reduce 2 D 150 12 month 03.01.2013
Holdings By:
Hexagon AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
ICAP plc provides independent broking services to commercial banks, investment
banks, and other liquidity providers that trade in the wholesale financial
markets. The Group is active in the wholesale markets for OTC derivatives,
fixed income securities, money market products, foreign exchange, energy,
credit, and equity derivatives.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (16.03.2012) 431.50
52-Week Low (15.11.2012) 272.80
Daily Volume
328
52-Week High % Change -23.89% Dividend Yield 6.71
52-Week Low % Change 20.23% Beta 1.25
% 52 Week Price Range High/Low 39.45% Equity Float 535.22
Shares Out 12.02.2013 646.2 Short Int -
2'119.51 1 Yr Total Return -9.55%
Total Debt 629.00 YTD Return 9.12%
Preferred Stock 0.0 Adjusted BETA 1.253
Minority Interest 42.0 Analyst Recs 23
Cash and Equivalents 547.00 Consensus Rating 3.043
Enterprise Value 2'318.51
Average Volume 5 Day 1'365'264
IAP LN EQUITY YTD Change - Average Volume 30 Day 2'133'764
IAP LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'019'972
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 - -
1'304.0 1'585.0 1'605.0 1'741.0 1'681.0 - - 1'509.3 1'544.5 - -
2.88x 1.33x 1.68x 2.12x 1.59x - - 1.46x 1.37x - -
372.0 421.0 471.0 529.0 486.0 - - 343.1 370.6 - -
10.10x 5.02x 5.73x 6.97x 5.51x - - 6.76x 6.26x - -
168.0 175.0 116.0 187.0 137.0 - - 206.5 222.9 - -
21.51x 10.79x 14.66x 18.79x 18.62x - - 10.07x 9.43x - -
EBITDA 486.00 Long-Term Rating Date -
EBIT 366.00 Long-Term Rating -
Operating Margin 21.77% Long-Term Outlook -
Pretax Margin 12.91% Short-Term Rating Date -
Return on Assets 0.13% Short-Term Rating -
Return on Common Equity 7.39%
Return on Capital 5.93% EBITDA/Interest Exp. 14.29
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. 13.79
Net Debt/EBITDA 0.36
Gross Margin - Total Debt/EBITDA 1.60
EBITDA Margin 28.1%
EBIT Margin 20.3% Total Debt/Equity 53.9%
Net Income Margin 8.1% Total Debt/Capital 34.2%
Asset Turnover 0.02
Current Ratio 1.00 Net Fixed Asset Turnover 21.08
Quick Ratio 0.99 Accounts receivable turnover-days -
Debt to Assets 0.77% Inventory Days -
Tot Debt to Common Equity 53.85% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ICAP PLCPrice/Volume
Valuation Analysis
1'471'249.00
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
'2'
-''-2'.''.2'0''02'1''12'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DIRECTOR & RELATED H Multiple Portfolios REG 108'454'382 16.78 - 03.12.2012 Other
INCAP FINANCIAL SERV n/a RNS-DIR 105'069'560 16.26 - 15.01.2013 Other
SCHRODERS PLC n/a RNS-MAJ 80'442'955 12.45 8'934'744 24.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 61'799'357 9.56 (8'097'856) 31.12.2012 Investment Advisor
SILCHESTER INTL INVE n/a RNS-MAJ 33'313'941 5.16 - 05.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 32'388'112 5.01 - 25.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 31'009'554 4.8 3'264'983 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 21'694'519 3.36 (2'272'528) 31.01.2013 Unclassified
OPPENHEIMERFUNDS INC Multiple Portfolios REG 21'058'862 3.26 2'326'300 03.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 19'415'322 3 - 30.12.2012 Investment Advisor
MARATHON ASSET MANAG Multiple Portfolios REG 18'871'890 2.92 (357'001) 03.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 16'890'612 2.61 (3'853'641) 25.02.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 16'247'164 2.51 1'273'727 03.12.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 15'780'230 2.44 1'195'353 03.12.2012 Unclassified
AVIVA INVESTORS Multiple Portfolios REG 10'860'765 1.68 (2'428'387) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'654'271 1.65 313'886 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 10'115'633 1.57 (777'157) 31.12.2012 Unclassified
RUFFER INVESTMENT MA Multiple Portfolios REG 9'950'614 1.54 (50'723) 03.12.2012 Investment Advisor
NEPTUNE INVESTMENT M Multiple Portfolios REG 9'677'488 1.5 (819'012) 03.12.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios REG 8'569'955 1.33 733'000 03.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie NEIL WELCH neutral 3 M 328 12 month 21.02.2013
Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 20.02.2013
HSBC NITIN ARORA underweight 1 M 330 Not Provided 13.02.2013
Numis Securities Ltd JAMES HAMILTON reduce 2 M 295 Not Provided 12.02.2013
Espirito Santo Investment Bank ResearchPHILIP DOBBIN sell 1 M 270 Not Provided 11.02.2013
Oriel Securities Ltd SARAH ING buy 5 N 410 Not Provided 11.02.2013
BMO Capital Markets JILLIAN MILLER market perform 3 M 400 Not Provided 07.02.2013
JPMorgan RAE MAILE neutral 3 M 409 9 month 07.02.2013
Canaccord Genuity Corp ROBIN SAVAGE sell 1 D 300 Not Provided 07.02.2013
Barclays DANIEL R GARROD overweight 5 M 390 Not Provided 07.02.2013
Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 360 12 month 24.01.2013
Societe Generale BILL BARNARD buy 5 M 365 12 month 23.01.2013
Berenberg Bank RICHARD PERROTT hold 3 M 370 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Keefe, Bruyette & Woods TOM MILLS outperform 5 M 337 12 month 19.12.2012
Credit Suisse GURJIT KAMBO neutral 3 D 320 Not Provided 12.12.2012
Morgan Stanley BRUCE HAMILTON Underwt/In-Line 1 M 290 12 month 15.11.2012
N+1 Singer Ltd ANDREW WATSON hold 3 M 345 12 month 03.10.2012
Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 24.09.2012
Day by Day VALERIE GASTALDY hold 3 U #N/A N/A Not Provided 10.08.2012
Holdings By:
ICAP PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Iliad S.A. provides a wide range of telecommunications services which include
national telecommunication and dial-up, and high speed DSL and TV Internet
access.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.02.2013) 145.95
52-Week Low (07.05.2012) 94.00
Daily Volume
144.1
52-Week High % Change -1.37% Dividend Yield -
52-Week Low % Change 53.30% Beta 0.56
% 52 Week Price Range High/Low 93.65% Equity Float 21.56
Shares Out 22.02.2013 57.6 Short Int -
8'305.61 1 Yr Total Return 49.42%
Total Debt 1'326.87 YTD Return 10.80%
Preferred Stock 0.0 Adjusted BETA 0.557
Minority Interest 0.8 Analyst Recs 24
Cash and Equivalents 357.45 Consensus Rating 4.000
Enterprise Value 9'431.97
Average Volume 5 Day 85'427
ILD FP EQUITY YTD Change - Average Volume 30 Day 100'238
ILD FP EQUITY YTD % CHANGE - Average Volume 3 Month 99'762
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
1'212.4 1'565.0 1'954.5 2'038.3 2'122.1 1'999.7 2'799.9 3'086.4 3'765.1 857.0 -
3.39x 2.72x 2.67x 2.52x 3.02x 0.00x 0.00x 3.10x 2.56x - -
440.5 519.4 654.1 786.1 823.4 0.0 0.0 825.7 1'006.4 230.0 -
9.32x 8.20x 7.98x 6.54x 7.78x 0.00x 0.00x 11.42x 9.37x - -
150.1 100.3 175.7 313.2 251.6 0.0 0.0 160.7 243.7 - -
29.17x 33.49x 26.01x 14.18x 20.73x 0.00x 0.00x 49.97x 36.04x - -
EBITDA 823.36 Long-Term Rating Date -
EBIT 498.19 Long-Term Rating -
Operating Margin 23.48% Long-Term Outlook -
Pretax Margin 19.45% Short-Term Rating Date -
Return on Assets 4.57% Short-Term Rating -
Return on Common Equity 13.42%
Return on Capital 7.35% EBITDA/Interest Exp. 15.49
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. -6.70
Net Debt/EBITDA 1.37
Gross Margin - Total Debt/EBITDA 1.86
EBITDA Margin 32.6%
EBIT Margin 16.5% Total Debt/Equity 87.1%
Net Income Margin 11.9% Total Debt/Capital 46.5%
Asset Turnover 0.61
Current Ratio 0.69 Net Fixed Asset Turnover 1.32
Quick Ratio 0.53 Accounts receivable turnover-days -
Debt to Assets 34.38% Inventory Days -
Tot Debt to Common Equity 87.07% 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
Iliad SAPrice/Volume
Valuation Analysis
55'548.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
-3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!- 9!. 9!. 9!0 9!0 9!1 9!1 9!2 9!2 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NIEL XAVIER n/a Co File 33'806'900 58.65 - 29.02.2012 n/a
FMR LLC n/a ULT-AGG 4'152'817 7.21 (17'155) 30.09.2012 Investment Advisor
ASSAF RANI n/a Co File 942'590 1.64 - 29.02.2012 n/a
POIDATZ CYRIL n/a Co File 690'614 1.2 - 29.02.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 657'500 1.14 - 31.12.2012 Investment Advisor
LEVAVASSEUR ANTOINE n/a Co File 537'324 0.93 - 29.02.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 478'760 0.83 2'511 31.12.2012 Investment Advisor
ETON PARK FUND LP n/a Short (320'240) -0.56 38'246 03.09.2012 Mutual Fund Manager
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 279'710 0.49 13'692 31.10.2012 Investment Advisor
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 208'227 0.36 (68'877) 28.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 205'337 0.36 92'598 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 191'453 0.33 1'240 25.02.2013 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 190'800 0.33 800 31.10.2012 Investment Advisor
FIDELITY INVESTMENT Multiple Portfolios MF-AGG 146'380 0.25 - 30.12.2011 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 129'949 0.23 - 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 128'283 0.22 (5'293) 31.12.2012 Investment Advisor
ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 110'185 0.19 (51'113) 31.10.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 107'500 0.19 - 31.01.2013 Investment Advisor
CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 99'000 0.17 (7'500) 31.01.2013 Mutual Fund Manager
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 93'696 0.16 2'785 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale STEPHANE SCHLATTER buy 5 M 150 12 month 25.02.2013
AlphaValue JEAN-MICHEL SALVADOR reduce 2 M 139 6 month 21.02.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 170 12 month 20.02.2013
Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 150 Not Provided 04.02.2013
HSBC NICOLAS COTE-COLISSON overweight 5 M 165 Not Provided 31.01.2013
Oddo & Cie ALEXANDRE IATRIDES buy 5 M 180 Not Provided 30.01.2013
Goldman Sachs ANDREW LEE Buy/Neutral 5 M 174 12 month 28.01.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 129 Not Provided 24.01.2013
Barclays SAN DHILLON overweight 5 M 162 Not Provided 24.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
CM - CIC Securities(ESN) JEAN-MICHEL KOSTER buy 5 M 155 12 month 16.01.2013
Natixis JACQUES DE GRELING buy 5 M 155 Not Provided 10.01.2013
JPMorgan HANNES C WITTIG overweight 5 M 160 9 month 08.01.2013
Morgan Stanley SAROOP PUREWAL Overwt/In-Line 5 M 174 12 month 18.12.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.12.2012
Kepler Capital Markets JAVIER BORRACHERO reduce 2 M 110 Not Provided 29.11.2012
Espirito Santo Investment Bank ResearchNICK BROWN sell 1 M 110 Not Provided 16.11.2012
Nomura HENRIK NYBLOM buy 5 M 155 Not Provided 16.11.2012
Berenberg Bank STUART GORDON hold 3 M 125 Not Provided 09.11.2012
CA Cheuvreux PETER KURT NIELSEN outperform 5 M 131 Not Provided 26.09.2012
Deutsche Bank MATTHEW BLOXHAM hold 3 M 149 12 month 07.09.2012
Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 07.09.2012
Gabelli & Co EVAN D MILLER buy 5 N #N/A N/A Not Provided 19.05.2011
Holdings By:
Iliad SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
IMI PLC manufactures fluid controls, retail displays, and other products. The
Company produces severe service valves, beverage dispensing machines,
merchandise displays for retail stores that encourage impulse buying, and
heating, ventilation and air conditioning equipment.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (25.02.2013) 1'223.00
52-Week Low (26.07.2012) 763.50
Daily Volume
1214
52-Week High % Change -0.74% Dividend Yield 2.54
52-Week Low % Change 59.00% Beta 1.48
% 52 Week Price Range High/Low 94.56% Equity Float 320.25
Shares Out 01.02.2013 321.5 Short Int -
3'903.60 1 Yr Total Return 28.99%
Total Debt 256.10 YTD Return 10.67%
Preferred Stock 0.0 Adjusted BETA 1.484
Minority Interest 49.4 Analyst Recs 22
Cash and Equivalents 168.30 Consensus Rating 3.909
Enterprise Value 4'198.10
Average Volume 5 Day 694'338
IMI LN EQUITY YTD Change - Average Volume 30 Day 596'581
IMI LN EQUITY YTD % CHANGE - Average Volume 3 Month 610'886
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 - -
1'599.0 1'897.0 1'785.0 1'917.0 2'135.0 - - 2'221.9 2'286.3 - -
0.97x 0.64x 1.07x 1.77x 1.28x - - 1.85x 1.74x - -
243.3 275.0 308.6 370.0 420.5 - - 421.5 455.4 - -
6.40x 4.40x 6.21x 9.16x 6.48x - - 9.96x 9.22x - -
117.0 112.9 130.2 224.7 200.4 - - 260.1 274.0 - -
11.31x 7.68x 12.71x 14.23x 12.03x - - 14.84x 14.13x - -
EBITDA 420.50 Long-Term Rating Date -
EBIT 340.50 Long-Term Rating -
Operating Margin 15.95% Long-Term Outlook -
Pretax Margin 14.12% Short-Term Rating Date -
Return on Assets 11.92% Short-Term Rating -
Return on Common Equity 36.05%
Return on Capital 24.15% EBITDA/Interest Exp. 20.61
Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 18.06
Net Debt/EBITDA 0.58
Gross Margin 42.5% Total Debt/EBITDA 0.86
EBITDA Margin 19.5%
EBIT Margin 15.8% Total Debt/Equity 45.3%
Net Income Margin 9.4% Total Debt/Capital 29.4%
Asset Turnover 1.25
Current Ratio 1.61 Net Fixed Asset Turnover 8.80
Quick Ratio 0.92 Accounts receivable turnover-days -
Debt to Assets 14.78% Inventory Days -
Tot Debt to Common Equity 45.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 70.78
Inventory Turnover -
Fiscal Year Ended
IMI PLCPrice/Volume
Valuation Analysis
269'387.00
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
'
.''
1''
3''
5''
-'''
-.''
-1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STANDARD LIFE INVEST n/a RNS-MAJ 22'449'807 6.98 (3'163'225) 03.01.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 16'779'396 5.22 678'281 01.09.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 16'117'699 5.01 - 01.03.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'524'811 4.21 (4'255'412) 25.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 12'309'641 3.83 (32'851) 31.01.2013 Unclassified
BT PENSION SCHEME n/a RNS-MAJ 9'609'771 2.99 (64'946) 24.10.2011 Pension Fund (ERISA)
AEGON n/a ULT-AGG 7'765'484 2.42 (1'460'179) 01.09.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 7'255'004 2.26 - 01.09.2012 Government
FMR LLC n/a ULT-AGG 7'000'748 2.18 3'043'910 31.12.2012 Investment Advisor
SPRUCEGROVE INVESTME Multiple Portfolios REG 6'579'478 2.05 5'140 01.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'995'179 1.86 176'217 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 5'906'549 1.84 (635'779) 31.10.2012 Investment Advisor
IMI PLC AESOP Multiple Portfolios REG 5'372'804 1.67 (28'157) 01.09.2012 Unclassified
Ruane Cunniff & Gold Multiple Portfolios REG 5'348'607 1.66 - 01.09.2012 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 4'585'690 1.43 - 01.09.2012 Government
AVIVA INVESTORS Multiple Portfolios REG 4'550'765 1.42 1'535'512 01.09.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 4'536'219 1.41 606'572 31.10.2012 Unclassified
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 4'519'334 1.41 249'025 01.09.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 4'513'711 1.4 393'713 01.09.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 4'287'148 1.33 451'793 01.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec MICHAEL BLOGG buy 5 M 1'245 12 month 22.02.2013
AlphaValue LIONEL PELLICER reduce 2 M 1'174 6 month 21.02.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 1'000 12 month 19.02.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 D 1'192 12 month 14.02.2013
Peel Hunt DOMINIC CONVEY buy 5 M 1'020 Not Provided 04.02.2013
Arden Partners Ltd DAVID LARKAM reduce 2 D #N/A N/A Not Provided 04.02.2013
Oriel Securities Ltd HARRY PHILIPS buy 5 M 1'450 Not Provided 01.02.2013
Numis Securities Ltd SCOTT CAGEHIN add 4 M 1'300 Not Provided 31.01.2013
Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 M 1'325 Not Provided 25.01.2013
Goldman Sachs ADAM PINCKARD Buy/Neutral 5 M 1'297 12 month 17.01.2013
Credit Suisse JONATHAN HURN outperform 5 U 1'460 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan GLEN H LIDDY overweight 5 M 1'210 9 month 14.01.2013
Berenberg Bank ALEXANDER VIRGO buy 5 M 1'300 Not Provided 08.01.2013
Societe Generale ALASDAIR LESLIE buy 5 M 1'080 12 month 04.12.2012
Nomura JUHO LAHDENPERA reduce 2 M 750 12 month 19.11.2012
Jefferies ANDREW DOUGLAS hold 3 M 930 12 month 16.11.2012
N+1 Singer Ltd JON LIENARD hold 3 M 826 12 month 03.10.2012
Barclays NICK WEBSTER overweight 5 M 1'070 Not Provided 24.08.2012
Holdings By:
IMI PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Immofinanz AG purchases, sells, constructs, and leases real estate properties.
The Company invests in properties in Austria, Germany, Switzerland, Croatia,
Poland, Romania, Russia, Slovakia, the Czech Republic, Hungary and the United
States. The properties are utilized for offices, shops, apartments, and
logistics.
Latest Fiscal Year: 04/2012
LTM as of: 10/yy
52-Week High (19.12.2012) 3.43
52-Week Low (04.06.2012) 2.10
Daily Volume
3.202
52-Week High % Change -6.74% Dividend Yield -
52-Week Low % Change 52.54% Beta 0.94
% 52 Week Price Range High/Low 83.01% Equity Float -
Shares Out 01.11.2012 1'129.0 Short Int -
3'614.91 1 Yr Total Return 27.76%
Total Debt 5'374.64 YTD Return 0.82%
Preferred Stock 0.0 Adjusted BETA 0.942
Minority Interest 287.5 Analyst Recs 15
Cash and Equivalents 559.16 Consensus Rating 3.000
Enterprise Value 8'721.05
Average Volume 5 Day 1'728'830
IIA AV EQUITY YTD Change - Average Volume 30 Day 1'850'068
IIA AV EQUITY YTD % CHANGE - Average Volume 3 Month 2'200'152
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
1'022.6 993.7 1'025.8 1'059.1 910.2 1'023.4 931.8 752.0 769.2 165.0 166.0
11.69x 7.96x 8.15x 7.38x 8.63x 29.50x 33.46x 11.71x 11.36x - -
372.4 (437.9) 302.6 468.6 327.8 467.0 351.5 482.2 504.9 113.0 114.0
32.10x - 27.63x 16.69x 23.96x 15.47x 23.26x 18.08x 17.25x 18.53x 18.12x
304.9 (1'967.6) 80.8 315.8 272.0 472.0 110.6 266.2 283.8 48.4 49.3
10.74x - 19.06x 10.03x 9.84x 4.97x 26.85x 13.23x 12.27x 17.79x 15.25x
EBITDA 327.80 Long-Term Rating Date -
EBIT 88.85 Long-Term Rating -
Operating Margin 9.76% Long-Term Outlook -
Pretax Margin 35.03% Short-Term Rating Date -
Return on Assets 0.91% Short-Term Rating -
Return on Common Equity 2.03%
Return on Capital 1.00% EBITDA/Interest Exp. 1.39
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -0.04
Net Debt/EBITDA 14.50
Gross Margin - Total Debt/EBITDA 16.07
EBITDA Margin 37.7%
EBIT Margin - Total Debt/Equity 102.1%
Net Income Margin 29.9% Total Debt/Capital 49.2%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 43.88% Inventory Days -
Tot Debt to Common Equity 102.11% 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
IMMOFINANZ AGPrice/Volume
Valuation Analysis
1'004'420.00
Current Price (2/dd/yy) Market Data
'
-
-
.
.
0
0
1
1
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9
0.0
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
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
0''!''
02'!''
1''!''
'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
IMMOFINANZ AG n/a Co File 104'467'888 9.25 - 31.07.2012 Corporation
FRIES FAMILY n/a Co File 63'866'831 5.66 - 31.07.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'074'494 1.51 426'491 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 12'865'750 1.14 (283'703) 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'799'405 1.05 389'765 25.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 11'465'412 1.02 - 26.02.2013 Investment Advisor
RINGTURM KAG Multiple Portfolios MF-AGG 9'700'000 0.86 (600'000) 31.10.2012 Mutual Fund Manager
SKAGEN AS Multiple Portfolios MF-AGG 9'566'450 0.85 1'455'194 31.01.2013 Mutual Fund Manager
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 9'179'800 0.81 467'000 31.05.2011 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 5'312'218 0.47 (26'248) 31.10.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 4'265'874 0.38 - 30.06.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'089'403 0.36 - 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'532'162 0.31 79'900 28.09.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 3'350'011 0.3 (791'245) 31.10.2012 Investment Advisor
AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 3'134'303 0.28 - 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'879'483 0.26 3'308 31.01.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 2'494'630 0.22 - 31.01.2013 Investment Advisor
STATE STREET BANQUE Multiple Portfolios MF-AGG 2'205'853 0.2 (312'473) 31.01.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'178'800 0.19 250'000 28.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'030'068 0.18 278'441 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue PIERRE-LOUP ETIENNE add 4 M 4 6 month 21.02.2013
Baader Bank CHRISTINE REITSAMER hold 3 M 3 12 month 14.02.2013
ABN Amro Bank N.V. MICHIEL DE JONGE hold 3 M 3 Not Provided 14.02.2013
HSBC THOMAS MARTIN overweight 5 M 4 Not Provided 13.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Kempen & Co THOMAS VAN DER MEIJ underweight 1 D 3 12 month 14.01.2013
Rabobank International MARTIJN TER LAAK reduce 2 D 3 Not Provided 27.12.2012
Societe Generale HENRI QUADRELLI sell 1 M 3 12 month 24.12.2012
Raiffeisenbank AG CHRISTOPH THURNBERGER hold 3 D 3 12 month 20.12.2012
Kepler Capital Markets THOMAS NEUHOLD buy 5 M 4 Not Provided 20.12.2012
Erste Bank MARTINA VALENTA buy 5 M 3 12 month 04.11.2012
Credit Suisse STEVE BRAMLEY-JACKSON neutral 3 D 3 Not Provided 26.09.2012
KBC Securities LUCIAN ALBULESCU hold 3 M 3 12 month 20.09.2012
Deutsche Bank MARKUS SCHEUFLER hold 3 D 3 12 month 07.08.2012
Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 3 12 month 06.08.2012
Prosdocimi TEAM COVERAGE buy 5 M #N/A N/A Not Provided 11.01.2011
Holdings By:
IMMOFINANZ AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Informa PLC provides business information on a worldwide basis. The Company
provides information in the finance and insurance, maritime transport and trade,
law and tax, telecom and media, commodities and energy, and biomedical and
pharmaceutical global markets. Informa provides its information through
newspapers, magazines, electronic media, books, and journals.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 502.00
52-Week Low (01.06.2012) 335.90
Daily Volume
492.6
52-Week High % Change -1.91% Dividend Yield 3.76
52-Week Low % Change 46.65% Beta 1.21
% 52 Week Price Range High/Low 92.72% Equity Float 571.72
Shares Out 31.12.2012 602.7 Short Int -
2'968.94 1 Yr Total Return 16.98%
Total Debt 826.30 YTD Return 9.71%
Preferred Stock 0.0 Adjusted BETA 1.210
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 23.90 Consensus Rating 4.000
Enterprise Value 3'771.34
Average Volume 5 Day 1'715'654
INF LN EQUITY YTD Change - Average Volume 30 Day 1'150'071
INF LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'214'785
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 - -
1'278.0 1'221.7 1'226.5 1'275.3 1'232.5 - - 1'283.2 1'338.2 - -
1.87x 2.28x 2.63x 2.32x 2.85x - - 2.81x 2.58x - -
321.6 333.6 335.4 302.5 374.6 - - 384.5 402.3 - -
7.43x 8.37x 9.62x 9.77x 9.37x - - 9.81x 9.37x - -
84.9 105.6 98.9 75.4 90.7 - - 256.6 276.2 - -
12.32x 16.99x 24.74x 28.80x 29.82x - - 11.59x 10.80x - -
EBITDA 374.60 Long-Term Rating Date -
EBIT 218.70 Long-Term Rating -
Operating Margin 17.74% Long-Term Outlook -
Pretax Margin 5.44% Short-Term Rating Date -
Return on Assets 3.02% Short-Term Rating -
Return on Common Equity 6.70%
Return on Capital - EBITDA/Interest Exp. 9.05
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 8.86
Net Debt/EBITDA 2.14
Gross Margin 68.1% Total Debt/EBITDA 2.21
EBITDA Margin 30.4%
EBIT Margin 17.7% Total Debt/Equity 62.4%
Net Income Margin 7.4% Total Debt/Capital 38.4%
Asset Turnover 0.41
Current Ratio 0.49 Net Fixed Asset Turnover 63.21
Quick Ratio 0.04 Accounts receivable turnover-days -
Debt to Assets 28.16% Inventory Days -
Tot Debt to Common Equity 62.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 56.31
Inventory Turnover -
Fiscal Year Ended
Informa PLCPrice/Volume
Valuation Analysis
647'042.00
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
'
-''
.''
0''
1''
2''
3''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 38'231'080 6.34 501'977 30.09.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 32'264'687 5.35 (51'476) 31.01.2013 Unclassified
MARATHON ASSET MANAG n/a Co File 31'709'102 5.26 - 29.02.2012 Investment Advisor
PRUDENTIAL PLC n/a RNS-MAJ 30'196'067 5.01 - 09.01.2013 Investment Advisor
AXA n/a RNS-MAJ 29'941'074 4.97 - 06.07.2011 Investment Advisor
NORGES BANK n/a Co File 29'328'774 4.87 - 29.02.2012 Government
M&G INVESTMENT MANAG n/a Co File 29'148'896 4.84 - 29.02.2012 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 29'130'452 4.83 (12'910) 16.08.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 24'058'705 3.99 - 29.02.2012 Unclassified
F&C ASSET MANAGEMENT n/a Co File 21'361'623 3.54 - 29.02.2012 Investment Advisor
INVESCO PERPETUAL UK n/a Co File 20'014'356 3.32 - 29.02.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 19'932'208 3.31 7'558'113 31.12.2012 Investment Advisor
NEWTON INVESTMENT MA n/a Co File 18'280'812 3.03 - 29.02.2012 Investment Advisor
KAMES CAPITAL PLC n/a Co File 18'096'537 3 - 29.02.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 15'156'078 2.51 114'759 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'990'577 1.99 485'612 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'386'957 1.72 337'761 31.12.2012 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 6'025'358 1 83'000 30.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 5'719'545 0.95 - 31.10.2012 Unclassified
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 5'662'000 0.94 396'137 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC DAN GRAHAM underweight 1 M 440 Not Provided 26.02.2013
Peel Hunt PATRICK YAU hold 3 M 485 Not Provided 26.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 26.02.2013
Numis Securities Ltd GARETH R DAVIES add 4 M 563 Not Provided 25.02.2013
Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 600 Not Provided 25.02.2013
Exane BNP Paribas SAMI KASSAB neutral 3 M 520 Not Provided 25.02.2013
Deutsche Bank MARK BRALEY buy 5 M 620 12 month 22.02.2013
Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 530 12 month 22.02.2013
Investec STEVEN LIECHTI hold 3 M 520 12 month 22.02.2013
Macquarie ANGUS TWEEDIE outperform 5 M 540 12 month 22.02.2013
Canaccord Genuity Corp SIMON DAVIES buy 5 M 560 12 month 22.02.2013
Nomura MATTHEW WALKER buy 5 M 545 12 month 22.02.2013
Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 555 12 month 21.02.2013
Espirito Santo Investment Bank ResearchGIASONE SALATI neutral 3 M 465 Not Provided 21.02.2013
Westhouse Securities RODDY DAVIDSON add 4 U 525 12 month 21.02.2013
AlphaValue VERONIQUE CABIOC'H reduce 2 M 466 6 month 21.02.2013
Barclays NICK DEMPSEY overweight 5 M 550 Not Provided 20.02.2013
Liberum Capital Ltd IAN WHITTAKER sell 1 D 450 Not Provided 19.02.2013
CA Cheuvreux ANDREA BENEVENTI outperform 5 M 640 Not Provided 15.02.2013
Jefferies DAVID REYNOLDS buy 5 M 580 12 month 22.01.2013
Credit Suisse JOSEPH BARNET-LAMB outperform 5 M 440 Not Provided 21.01.2013
JPMorgan MARK O'DONNELL neutral 3 M 435 9 month 24.10.2012
N+1 Singer Ltd JOHNATHAN BARRETT hold 3 M 408 12 month 17.10.2012
Berenberg Bank SARAH SIMON buy 5 M 500 Not Provided 06.08.2012
Holdings By:
Informa PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Inmarsat PLC operates a global communications satellite system. The Company's
satellites provide voice and high-speed data services on a worldwide basis.
Inmarsat's customers include major corporations from the maritime, media, oil
and gas, construction and aeronautical industries, as well as governments and
aid agencies.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (15.02.2013) 671.50
52-Week Low (21.05.2012) 388.80
Daily Volume
648
52-Week High % Change -3.80% Dividend Yield 4.26
52-Week Low % Change 66.67% Beta 1.32
% 52 Week Price Range High/Low 90.98% Equity Float 423.42
Shares Out 31.01.2013 447.9 Short Int -
2'902.14 1 Yr Total Return 43.21%
Total Debt 1'550.40 YTD Return 10.86%
Preferred Stock 0.0 Adjusted BETA 1.318
Minority Interest 0.9 Analyst Recs 18
Cash and Equivalents 183.50 Consensus Rating 3.611
Enterprise Value 5'823.49
Average Volume 5 Day 580'028
ISAT LN EQUITY YTD Change - Average Volume 30 Day 623'888
ISAT LN EQUITY YTD % CHANGE - Average Volume 3 Month 645'633
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
576.5 996.7 1'038.1 1'171.6 1'408.5 645.6 1'371.6 1'325.4 1'295.3 316.0 -
11.08x 4.59x 6.19x 5.08x 2.97x 0.00x 0.00x 4.52x 4.93x - -
388.1 531.2 594.2 695.2 713.0 0.0 0.0 693.5 654.8 157.0 -
16.46x 8.61x 10.81x 8.57x 5.86x 0.00x 0.00x 8.40x 8.89x - -
96.3 355.3 152.7 260.9 249.3 0.0 0.0 266.3 233.6 15.5 -
51.07x 8.86x 33.60x 18.52x 11.49x 0.00x 0.00x 16.35x 18.82x - -
EBITDA 713.00 Long-Term Rating Date -
EBIT 467.20 Long-Term Rating -
Operating Margin 33.17% Long-Term Outlook -
Pretax Margin 26.05% Short-Term Rating Date -
Return on Assets 6.62% Short-Term Rating -
Return on Common Equity 19.92%
Return on Capital 10.63% EBITDA/Interest Exp. 6.82
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 2.13
Net Debt/EBITDA 2.13
Gross Margin 61.8% Total Debt/EBITDA 2.69
EBITDA Margin 47.3%
EBIT Margin 29.7% Total Debt/Equity 143.5%
Net Income Margin 17.7% Total Debt/Capital 58.9%
Asset Turnover 0.40
Current Ratio 0.48 Net Fixed Asset Turnover 0.82
Quick Ratio 0.36 Accounts receivable turnover-days -
Debt to Assets 45.48% Inventory Days -
Tot Debt to Common Equity 143.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -41.78
Inventory Turnover -
Fiscal Year Ended
Inmarsat PLCPrice/Volume
Valuation Analysis
152'871.00
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''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LANSDOWNE PARTNERS L Multiple Portfolios REG 59'142'059 13.21 - 01.10.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 44'830'600 10.01 - 25.02.2013 Investment Advisor
KDDI CORP Multiple Portfolios REG 21'739'149 4.85 - 01.10.2012 Corporation
BNP PARIBAS INV PART n/a ULT-AGG 18'131'729 4.05 7'076'364 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 16'811'155 3.75 (1'137'429) 31.01.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 13'854'773 3.09 7'762'181 01.10.2012 Investment Advisor
ALLIANZ SE n/a Co File 13'852'655 3.09 - 06.03.2012 Insurance Company
AVIVA INVESTORS Multiple Portfolios REG 12'602'665 2.81 (340'784) 01.10.2012 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 11'364'299 2.54 8'590'392 01.10.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios REG 10'316'932 2.3 882'485 01.10.2012 Investment Advisor
CHARLES SCHWAB & CO Multiple Portfolios REG 8'829'611 1.97 9'949 01.10.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 8'802'509 1.97 - 30.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 8'582'512 1.92 4'110'177 01.10.2012 Government
SCHRODER INVESTMENT Multiple Portfolios REG 8'498'816 1.9 4'157'345 01.10.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 8'442'960 1.89 1'929'850 01.10.2012 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 8'095'087 1.81 465'290 01.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'025'100 1.79 201'080 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios REG 7'919'503 1.77 4'312'535 01.10.2012 Mutual Fund Manager
AXA INVESTMENT MANAG Multiple Portfolios REG 7'076'030 1.58 59'395 01.10.2012 Investment Advisor
SVENSKA HANDELSBANKE Multiple Portfolios REG 6'261'957 1.4 2'931'279 01.10.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 675 Not Provided 22.02.2013
AlphaValue JEAN-MICHEL SALVADOR add 4 M 734 6 month 21.02.2013
Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 690 12 month 18.02.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 650 Not Provided 30.01.2013
Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 810 12 month 25.01.2013
Credit Suisse PAUL SIDNEY outperform 5 M 700 Not Provided 24.01.2013
Barclays JOHN-PAUL DAVIDS overweight 5 M 645 Not Provided 24.01.2013
HSBC OLIVIER MORAL neutral 3 M 650 Not Provided 22.01.2013
JPMorgan TORSTEN ACHTMANN overweight 5 M 700 9 month 21.01.2013
Jefferies GILES THORNE buy 5 M 655 12 month 21.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Nomura HENRIK NYBLOM neutral 3 M 675 Not Provided 06.11.2012
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 570 12 month 05.11.2012
S&P Capital IQ JAMES CRAWSHAW buy 5 M 650 12 month 05.11.2012
Natixis ERIC BEAUDET neutral 3 M 530 Not Provided 06.08.2012
Prosdocimi TEAM COVERAGE accumulate 4 M #N/A N/A Not Provided 25.01.2011
Holdings By:
Inmarsat PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
InterContinental Hotels Group PLC operates a global hotel business comprised of
various owned, leased, managed, and franchised hotels in countries worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.02.2013) 2'009.00
52-Week Low (06.03.2012) 1'375.60
Daily Volume
1910
52-Week High % Change -4.93% Dividend Yield 2.21
52-Week Low % Change 38.85% Beta 1.13
% 52 Week Price Range High/Low 84.53% Equity Float 259.98
Shares Out 20.02.2013 268.3 Short Int 0.27
5'124.99 1 Yr Total Return 37.39%
Total Debt 1'258.00 YTD Return 11.89%
Preferred Stock 0.0 Adjusted BETA 1.126
Minority Interest 9.0 Analyst Recs 29
Cash and Equivalents 201.00 Consensus Rating 3.586
Enterprise Value 8'838.56
Average Volume 5 Day 1'253'921
IHG LN EQUITY YTD Change - Average Volume 30 Day 941'230
IHG LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'006'359
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
1'897.0 1'538.0 1'628.0 1'768.0 1'835.0 1'768.0 1'835.0 1'988.3 2'099.5 428.0 495.0
1.90x 3.40x 3.88x 3.24x 4.63x 13.96x 17.16x 4.54x 4.21x 20.78x 18.01x
661.0 472.0 552.0 658.0 708.0 658.0 685.0 783.7 847.2 150.0 207.0
5.47x 11.06x 11.46x 8.71x 12.01x 8.71x 12.42x 11.28x 10.43x 11.52x 11.32x
262.0 213.0 293.0 460.0 544.0 460.0 544.0 416.7 449.2 - -
9.15x 19.86x 19.19x 11.27x 14.63x 11.27x 14.63x 18.09x 16.46x 19.98x 19.57x
EBITDA 708.00 Long-Term Rating Date 22.06.2011
EBIT 614.00 Long-Term Rating BBB
Operating Margin 33.46% Long-Term Outlook STABLE
Pretax Margin 30.30% Short-Term Rating Date 18.02.2005
Return on Assets 17.46% Short-Term Rating NR
Return on Common Equity 127.25%
Return on Capital 42.60% EBITDA/Interest Exp. 12.42
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 11.65
Net Debt/EBITDA 1.54
Gross Margin 57.9% Total Debt/EBITDA 1.84
EBITDA Margin 37.3%
EBIT Margin 33.5% Total Debt/Equity 408.4%
Net Income Margin 29.6% Total Debt/Capital 79.9%
Asset Turnover 0.59
Current Ratio 0.85 Net Fixed Asset Turnover 1.52
Quick Ratio 0.80 Accounts receivable turnover-days 71.90
Debt to Assets 38.55% Inventory Days 1.90
Tot Debt to Common Equity 408.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.09 Cash Conversion Cycle 6.33
Inventory Turnover 193.00
Fiscal Year Ended
InterContinental Hotels Group PLCPrice/Volume
Valuation Analysis
556'351.00
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
'
2''
-'''
-2''
.'''
.2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
1!' 9
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
4'500.0
5'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 24'111'785 8.99 (672'606) 01.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 14'774'437 5.51 1'154'585 25.02.2013 Investment Advisor
CEDAR ROCK CAPITAL L Multiple Portfolios REG 13'520'828 5.04 (1'783'003) 01.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 13'293'485 4.95 2'426'322 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 13'180'823 4.91 (701'997) 10.01.2013 Investment Advisor
TRIAN FUND MANAGEMEN n/a RNS-MAJ 11'606'880 4.33 - 31.05.2012 Hedge Fund Manager
NOMURA INTERNATIONAL n/a RNS-MAJ 10'946'065 4.08 (4'168'885) 25.09.2012 Investment Advisor
TRIAN FUND MANAGEMEN Multiple Portfolios REG 10'524'816 3.92 (1'927'099) 01.12.2012 Hedge Fund Manager
LEGAL & GENERAL n/a ULT-AGG 10'064'977 3.75 (326'353) 01.12.2012 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios REG 7'102'620 2.65 2'376'962 01.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 6'739'787 2.51 360'417 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 6'292'590 2.35 (376'732) 01.12.2012 Government
F&C ASSET MANAGEMENT Multiple Portfolios REG 4'962'976 1.85 (402'421) 01.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'832'438 1.8 75'719 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP Multiple Portfolios REG 4'784'880 1.78 2'294'535 01.12.2012 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 3'926'900 1.46 3'926'900 31.12.2012 Investment Advisor
AXA INVESTMENT MANAG Multiple Portfolios REG 3'713'280 1.38 (237'561) 01.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios REG 3'425'022 1.28 (167'805) 01.12.2012 Mutual Fund Manager
PEOPLES REPUBLIC OF Multiple Portfolios REG 3'305'965 1.23 - 01.12.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 3'274'567 1.22 1'462'914 01.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 2'200 Not Provided 27.02.2013
Credit Suisse TIM RAMSKILL neutral 3 M 1'906 Not Provided 26.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 26.02.2013
Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 2'000 Not Provided 22.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.02.2013
AlphaValue BERENICE LACROIX add 4 M 2'117 6 month 21.02.2013
Morgan Stanley JAMIE ROLLO Overwt/In-Line 5 M 2'200 12 month 20.02.2013
Jefferies IAN RENNARDSON hold 3 M 1'770 12 month 20.02.2013
Raymond James JULIEN RICHER outperform 5 M 2'150 Not Provided 20.02.2013
CA Cheuvreux MARCO BACCAGLIO underperform 1 M 1'850 Not Provided 20.02.2013
Natixis ANDRE JUILLARD buy 5 M 2'200 Not Provided 20.02.2013
Barclays VICTORIA LEE overweight 5 M 2'085 Not Provided 20.02.2013
Investec JAMES HOLLINS hold 3 M 2'000 12 month 19.02.2013
JPMorgan KOMAL DHILLON neutral 3 M 1'860 9 month 19.02.2013
Cantor Fitzgerald ROBIN BYDE buy 5 M 2'200 Not Provided 19.02.2013
Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 1'650 6 month 19.02.2013
Nomura TIM BARRETT neutral 3 M 1'670 12 month 19.02.2013
S&P Capital IQ WILLIAM MACK sell 1 M 1'600 12 month 19.02.2013
Numis Securities Ltd WYN ELLIS hold 3 M 2'000 Not Provided 19.02.2013
Oriel Securities Ltd JEFFREY HARWOOD hold 3 D #N/A N/A Not Provided 19.02.2013
Panmure Gordon & Co Limited SIMON FRENCH hold 3 M 1'724 Not Provided 19.02.2013
Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 2'100 Not Provided 19.02.2013
Liberum Capital Ltd PATRICK COFFEY buy 5 M 1'943 Not Provided 18.02.2013
HSBC LENA THAKKAR neutral 3 M 1'900 Not Provided 31.01.2013
Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 2'150 12 month 28.01.2013
Deutsche Bank GEOF COLLYER hold 3 M 1'845 12 month 19.12.2012
Shore Capital Stockbrokers GREG JOHNSON sell 1 M #N/A N/A Not Provided 16.11.2012
Holdings By:
InterContinental Hotels Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
International Consolidated Airlines Group SA provides international and
domestic air passenger and cargo transportation services. The Company and its
subsidiaries serve Europe, the Americas, Africa, Asia, Australia and the Middle
East.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.02.2013) 230.90
52-Week Low (28.05.2012) 136.00
Daily Volume
221
52-Week High % Change -4.33% Dividend Yield 0.00
52-Week Low % Change 62.50% Beta 1.36
% 52 Week Price Range High/Low 90.31% Equity Float 1'628.94
Shares Out 31.01.2013 1'855.4 Short Int -
4'100.37 1 Yr Total Return 35.67%
Total Debt 4'883.00 YTD Return 19.59%
Preferred Stock 0.0 Adjusted BETA 1.363
Minority Interest 300.0 Analyst Recs 35
Cash and Equivalents 3'735.00 Consensus Rating 3.657
Enterprise Value 6'247.80
Average Volume 5 Day 7'573'869
IAG LN EQUITY YTD Change - Average Volume 30 Day 6'350'746
IAG LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'553'046
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
- - 13'456.0 14'798.0 16'103.0 15'839.0 17'664.0 17'946.6 18'529.5 4'384.0 -
- - 0.41x 0.48x 0.29x 0.82x 0.57x 0.38x 0.41x - -
- - (134.0) 1'069.0 1'505.0 1'416.0 1'190.0 1'049.8 1'655.4 228.0 -
- - - 6.58x 3.14x 0.00x 0.00x 5.95x 3.77x - -
- - (777.0) 100.0 562.0 445.0 168.0 (147.6) 233.0 (295.0) -
- - - 58.52x 5.67x 7.44x 15.49x - 21.28x - -
EBITDA 1'505.00 Long-Term Rating Date -
EBIT 536.00 Long-Term Rating -
Operating Margin 3.33% Long-Term Outlook -
Pretax Margin 3.37% Short-Term Rating Date -
Return on Assets 1.08% Short-Term Rating -
Return on Common Equity 4.39%
Return on Capital - EBITDA/Interest Exp. 6.78
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 1.95
Net Debt/EBITDA 1.12
Gross Margin - Total Debt/EBITDA 4.54
EBITDA Margin 6.9%
EBIT Margin 1.0% Total Debt/Equity 90.7%
Net Income Margin 3.5% Total Debt/Capital 46.2%
Asset Turnover 0.83
Current Ratio 0.90 Net Fixed Asset Turnover 1.80
Quick Ratio 0.75 Accounts receivable turnover-days 30.94
Debt to Assets 24.72% Inventory Days -
Tot Debt to Common Equity 90.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.83 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
International Consolidated Airlines Group SAPrice/Volume
Valuation Analysis
3'109'246.00
Current Price (2/dd/yy) Market Data
'
2'
-''
-2'
.''
.2'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANKIA SA n/a Co File 224'253'769 12.09 - 31.12.2011 Bank
TEMPLETON GLOBAL ADV n/a Co File 92'969'270 5.01 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 91'539'438 4.93 - 25.02.2013 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 89'676'679 4.83 (14'131'269) 11.01.2011 Investment Advisor
SCHRODERS PLC n/a Co File 59'204'543 3.19 - 31.12.2011 Investment Advisor
UNION BANK OF SWITZE n/a Research 56'707'515 3.06 - 22.08.2011 Other
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 48'573'533 2.62 (179'507) 31.10.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 38'502'627 2.08 886'000 30.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 30'070'400 1.62 - 31.12.2012 Investment Advisor
Och-Ziff Management n/a Short (29'871'451) -1.61 (742'148) 13.02.2013 Unclassified
FMR LLC n/a ULT-AGG 20'371'403 1.1 1'470 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'673'242 0.95 395'985 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 14'490'997 0.78 (502'269) 31.01.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 14'157'577 0.76 562'110 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 11'004'668 0.59 (53'176) 31.10.2012 Unclassified
PRUDENTIAL FINANCIAL n/a ULT-AGG 7'498'271 0.4 - 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'121'022 0.33 (155'684) 31.12.2012 Investment Advisor
HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 5'908'547 0.32 274'842 30.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 5'333'821 0.29 (181'581) 26.02.2013 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 5'205'520 0.28 3'278'220 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander JOSE MANUEL ARROYAS hold 3 M 181 Not Provided 26.02.2013
Cantor Fitzgerald ROBIN BYDE buy 5 M 220 Not Provided 26.02.2013
Deutsche Bank GEOF COLLYER buy 5 M 230 12 month 22.02.2013
Ahorro Corporacion Financiera SA ELENA FERNANDEZ hold 3 M 197 Not Provided 22.02.2013
Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 250 12 month 21.02.2013
Nomura ANDREW EVANS buy 5 M 283 12 month 21.02.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ sell 1 M 217 12 month 19.02.2013
Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 272 6 month 18.02.2013
HSBC ANDREW DAVID LOBBENBERG overweight 5 M 290 Not Provided 15.02.2013
Oddo & Cie YAN DEROCLES neutral 3 M 206 Not Provided 15.02.2013
Credit Suisse NEIL GLYNN outperform 5 M 259 Not Provided 14.02.2013
Oriel Securities Ltd EDWARD STANFORD buy 5 M #N/A N/A Not Provided 14.02.2013
NMAS 1 Agencia de Valores RODRIGO VAZQUEZ neutral 3 M 215 6 month 14.02.2013
AlphaValue HELENE COUMES reduce 2 M 200 6 month 14.02.2013
Investec JAMES HOLLINS buy 5 M 270 12 month 13.02.2013
Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 M 206 12 month 12.02.2013
Liberum Capital Ltd PETER HYDE sell 1 M 180 Not Provided 11.02.2013
RBC Capital Markets DAMIAN BREWER outperform 5 M 210 12 month 04.02.2013
Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 255 12 month 25.01.2013
JPMorgan DAVID PITURA overweight 5 U 264 9 month 25.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux BEAT KEISER underperform 1 M 145 Not Provided 14.01.2013
Natixis SARAH EMSELLEM neutral 3 M 190 Not Provided 08.01.2013
Macquarie SAM DOBSON underperform 1 M 140 12 month 17.12.2012
Main First Bank AG LOIC SABATIER underperform 1 M 162 12 month 03.12.2012
Espirito Santo Investment Bank ResearchGERALD KHOO sell 1 M 140 Not Provided 26.11.2012
La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 U 201 Not Provided 21.11.2012
Davy STEPHEN FURLONG outperform 5 U #N/A N/A Not Provided 19.11.2012
Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 12.11.2012
Barclays DAVID E FINTZEN overweight 5 M 210 Not Provided 27.07.2012
BBVA JUAN ROS PADILLA outperform 5 M 225 Not Provided 18.06.2012
Raymond James JULIEN RICHER market perform 3 M #N/A N/A Not Provided 06.06.2012
Charles Stanley Securities DOUGLAS MCNEILL buy 5 M 220 Not Provided 10.01.2012
Renta 4 SA SVB TEAM COVERAGE hold 3 M 169 Not Provided 13.12.2011
Panmure Gordon & Co Limited GERT ZONNEVELD hold 3 M 275 Not Provided 23.11.2010
Holdings By:
International Consolidated Airlines Group SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Intertek Group plc offers product inspection services. The Company tests
textiles, toys, petroleum products, chemicals, electronic products, building
materials, and agricultural products. Intertek inspects and certifies products
for safety to governments, exporters and importers, and certifies that import
duties are declared and paid.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (22.02.2013) 3'435.00
52-Week Low (06.03.2012) 2'249.00
Daily Volume
3311
52-Week High % Change -3.61% Dividend Yield 1.09
52-Week Low % Change 47.22% Beta 0.69
% 52 Week Price Range High/Low 88.62% Equity Float 160.20
Shares Out 01.02.2013 160.8 Short Int -
5'324.64 1 Yr Total Return 47.55%
Total Debt 762.60 YTD Return 6.84%
Preferred Stock 0.0 Adjusted BETA 0.693
Minority Interest 24.0 Analyst Recs 23
Cash and Equivalents 181.90 Consensus Rating 3.435
Enterprise Value 5'968.84
Average Volume 5 Day 352'679
ITRK LN EQUITY YTD Change - Average Volume 30 Day 329'900
ITRK LN EQUITY YTD % CHANGE - Average Volume 3 Month 300'912
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 - -
775.4 1'003.5 1'237.3 1'374.2 1'749.4 - - 2'066.7 2'243.4 - -
2.25x 1.56x 1.79x 2.20x 2.21x - - 2.83x 2.55x - -
151.7 204.8 260.4 274.9 319.6 - - 403.1 450.2 - -
11.49x 7.62x 8.49x 11.00x 12.09x - - 14.81x 13.26x - -
73.2 93.8 114.7 128.6 138.8 - - 205.6 234.8 - -
21.22x 13.18x 17.33x 21.99x 23.44x - - 25.81x 22.59x - -
EBITDA 319.60 Long-Term Rating Date 23.10.2006
EBIT 234.10 Long-Term Rating NR
Operating Margin 13.38% Long-Term Outlook -
Pretax Margin 12.18% Short-Term Rating Date -
Return on Assets 9.66% Short-Term Rating -
Return on Common Equity 32.25%
Return on Capital 15.25% EBITDA/Interest Exp. 10.95
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 8.18
Net Debt/EBITDA 1.68
Gross Margin - Total Debt/EBITDA 2.12
EBITDA Margin 18.6%
EBIT Margin 13.9% Total Debt/Equity 146.0%
Net Income Margin 7.9% Total Debt/Capital 58.3%
Asset Turnover 1.14
Current Ratio 1.61 Net Fixed Asset Turnover 7.63
Quick Ratio 1.27 Accounts receivable turnover-days -
Debt to Assets 43.91% Inventory Days -
Tot Debt to Common Equity 145.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Intertek Group PLCPrice/Volume
Valuation Analysis
188'307.00
Current Price (2/dd/yy) Market Data
'
2''
-'''
-2''
.'''
.2''
0'''
02''
1'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 12'163'930 7.56 (961'341) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'818'828 6.73 - 31.12.2012 Investment Advisor
MARATHON ASSET MANAG n/a Research 10'387'486 6.46 - 01.12.2012 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 9'127'492 5.68 (2'298'044) 01.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'053'997 5.01 - 25.02.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 7'251'025 4.51 456'853 31.12.2012 Investment Advisor
Cantillon Capital Multiple Portfolios REG 6'727'263 4.18 (401'459) 01.12.2012 Unclassified
MORGAN STANLEY n/a ULT-AGG 6'721'849 4.18 (954'024) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 5'799'293 3.61 93'973 01.12.2012 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 4'422'134 2.75 165'944 01.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 3'760'277 2.34 32'944 01.12.2012 Government
WALTER SCOTT & PARTN Multiple Portfolios REG 3'103'000 1.93 270'000 01.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'058'965 1.9 59'572 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios REG 2'523'737 1.57 (132'506) 01.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios REG 2'352'943 1.46 (6'381) 01.12.2012 Investment Advisor
UBS n/a ULT-AGG 2'301'389 1.43 836'266 28.12.2012 Unclassified
CREDIT AGRICOLE GROU Multiple Portfolios REG 2'263'914 1.41 (288'049) 01.12.2012 Bank
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'172'981 1.35 (102'985) 31.12.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 2'117'053 1.32 87'638 30.11.2012 Investment Advisor
KUWAIT INVESTMENT AU Multiple Portfolios REG 2'109'219 1.31 514'940 01.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale PATRICK JOUSSEAUME hold 3 M 3'040 12 month 26.02.2013
Berenberg Bank SIMON MEZZANOTTE buy 5 M 3'340 Not Provided 26.02.2013
Helvea CHRISTIAN BURGER neutral 3 M 3'120 12 month 13.02.2013
Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 3'650 Not Provided 12.02.2013
JPMorgan ROBERT PLANT overweight 5 M 3'267 3 month 23.01.2013
Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 4'335 12 month 22.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Credit Suisse DAVID RIGBY outperform 5 M 3'550 Not Provided 14.01.2013
Jefferies WILLIAM KIRKNESS underperform 1 D 2'700 12 month 10.01.2013
Oddo & Cie GUILLAUME RASCOUSSIER neutral 3 M 3'100 Not Provided 07.01.2013
Numis Securities Ltd STEVE WOOLF buy 5 U 3'782 Not Provided 12.12.2012
Natixis OLIVIER LEBRUN neutral 3 M 2'850 Not Provided 03.12.2012
Kepler Capital Markets BETTINA EDMONDSTON buy 5 N 3'100 Not Provided 20.11.2012
Shore Capital Stockbrokers ROBIN SPEAKMAN sell 1 M #N/A N/A Not Provided 19.11.2012
S&P Capital IQ JOHNSON IMODE hold 3 M 3'000 12 month 02.11.2012
HSBC ALEX MAGNI neutral 3 D 2'940 Not Provided 13.09.2012
Deutsche Bank THOMAS SYKES hold 3 M 2'566 12 month 07.08.2012
RBC Capital Markets ANDREW BROOKE underperform 1 M 2'150 12 month 26.07.2012
Main First Bank AG MOURAD LAHMIDI buy 5 M 3'150 12 month 26.07.2012
CA Cheuvreux BEAT KEISER underperform 1 M 2'500 Not Provided 18.04.2012
Holdings By:
Intertek Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Intu Properties PLC is a real estate investment trust. The trust invests in
regional shopping centers outside of London. Through a subsidiary, Intu
Properties PLC owns and operates retail, office and mixed-use properties in
California.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 369.80
52-Week Low (06.06.2012) 302.00
Daily Volume
333.6
52-Week High % Change -9.68% Dividend Yield 4.50
52-Week Low % Change 10.46% Beta 1.12
% 52 Week Price Range High/Low 60.32% Equity Float 371.89
Shares Out 30.11.2012 868.5 Short Int -
2'897.23 1 Yr Total Return 3.99%
Total Debt 3'845.80 YTD Return -4.74%
Preferred Stock 0.0 Adjusted BETA 1.121
Minority Interest 29.2 Analyst Recs 21
Cash and Equivalents 188.10 Consensus Rating 2.429
Enterprise Value 6'584.13
Average Volume 5 Day 1'786'981
INTU LN EQUITY YTD Change - Average Volume 30 Day 1'533'014
INTU LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'264'467
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
607.4 400.0 410.0 508.6 525.7 415.3 607.4 373.0 398.4 - -
9.86x 16.28x 13.38x 12.21x 12.80x 74.19x 46.40x 17.06x 15.98x - -
321.1 236.1 252.4 349.1 364.1 0.0 321.1 348.7 353.6 - -
18.64x 27.59x 21.74x 17.79x 18.48x 0.00x 18.64x 18.89x 18.62x - -
(2'451.3) (338.8) 511.8 30.0 155.9 (105.0) (2'451.3) 139.3 158.2 - -
- - 6.11x 107.69x 19.90x 0.00x 0.00x 20.23x 19.74x - -
EBITDA 364.10 Long-Term Rating Date -
EBIT 362.60 Long-Term Rating -
Operating Margin 68.97% Long-Term Outlook -
Pretax Margin 29.20% Short-Term Rating Date -
Return on Assets 2.08% Short-Term Rating -
Return on Common Equity 5.29%
Return on Capital - EBITDA/Interest Exp. 1.37
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 1.07
Net Debt/EBITDA 10.05
Gross Margin 71.6% Total Debt/EBITDA 10.56
EBITDA Margin 69.3%
EBIT Margin 69.0% Total Debt/Equity 129.2%
Net Income Margin 29.7% Total Debt/Capital 56.1%
Asset Turnover 0.07
Current Ratio 0.77 Net Fixed Asset Turnover 0.08
Quick Ratio 0.56 Accounts receivable turnover-days -
Debt to Assets 50.66% Inventory Days 17.40
Tot Debt to Common Equity 129.18% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -207.11
Inventory Turnover 21.03
Fiscal Year Ended
Intu Properties PLCPrice/Volume
Valuation Analysis
9'017'663.00
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
'
2'
-''
-2'
.''
.2'
0''
02'
1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
-''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WHITTAKER JOHN n/a RNS-DIR 174'131'209 20.05 645 14.09.2012 n/a
Tokenhouse Holdings Multiple Portfolios REG 173'930'564 20.03 - 03.12.2012 Unclassified
CORONATION FUND MANA Multiple Portfolios REG 123'278'246 14.19 18'838'440 03.12.2012 Investment Advisor
GORDON FAMILY INTERE Multiple Portfolios REG 92'143'203 10.61 - 03.12.2012 Unclassified
PUBLIC INVESTMENT CO Multiple Portfolios REG 35'565'906 4.1 - 03.12.2012 Government
STATE STREET n/a ULT-AGG 35'481'819 4.09 (699'006) 26.02.2013 Investment Advisor
SIMON PROPERTY GROUP Multiple Portfolios REG 35'355'794 4.07 - 03.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 34'952'303 4.02 - 25.02.2013 Investment Advisor
SANLAM INVESTMENT MA n/a RNS-MAJ 25'812'716 2.97 - 02.08.2012 Mutual Fund Manager
LEGAL & GENERAL n/a ULT-AGG 23'803'642 2.74 (962'749) 31.01.2013 Unclassified
UBS n/a ULT-AGG 18'902'661 2.18 223'319 28.12.2012 Unclassified
APG ALGEMENE PENSIOE Multiple Portfolios REG 18'376'911 2.12 - 03.12.2012 Pension Fund (ERISA)
GOVT OF SINGAPORE IN n/a ULT-AGG 15'713'568 1.81 72'839 03.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 13'298'709 1.53 (824'597) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'982'518 1.49 1'107'342 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 11'991'864 1.38 - 03.12.2012 Government
OLD MUTUAL n/a ULT-AGG 11'708'806 1.35 186'192 30.09.2012 Unclassified
GREENVERT INVESTMENT Multiple Portfolios REG 9'637'719 1.11 - 03.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'261'308 1.07 (3'276'805) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 8'823'176 1.02 1'364'637 03.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale MARC MOZZI sell 1 M 320 12 month 27.02.2013
Morgan Stanley BART GYSENS Underwt/Attractive 1 M 300 12 month 27.02.2013
Investec ALAN CARTER sell 1 M #N/A N/A Not Provided 27.02.2013
Jefferies ROBERT DUNCAN hold 3 M 335 12 month 25.02.2013
Numis Securities Ltd CHRISTOPHER SPEARING reduce 2 D 320 Not Provided 25.02.2013
AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 367 6 month 21.02.2013
Deutsche Bank MARTIN ALLEN buy 5 N 480 12 month 18.02.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 340 12 month 18.02.2013
Barclays AARON GUY overweight 5 M 409 Not Provided 18.02.2013
Peel Hunt KEITH CRAWFORD hold 3 M 364 Not Provided 04.02.2013
Exane BNP Paribas NICK WEBB neutral 3 M 360 Not Provided 01.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan HARM M MEIJER neutral 3 U 400 9 month 15.01.2013
Espirito Santo Investment Bank ResearchMICHAEL BURT sell 1 D 320 Not Provided 15.01.2013
Kempen & Co RYAN PALECEK underweight 1 M 310 12 month 14.01.2013
Macquarie LEON ALLISON neutral 3 M 350 12 month 10.01.2013
Avior Research NAEEM TILLY neutral 3 M 326 Not Provided 16.11.2012
Credit Suisse STEVE BRAMLEY-JACKSON neutral 3 M 350 Not Provided 06.11.2012
Oriel Securities Ltd MIRANDA COCKBURN hold 3 M #N/A N/A Not Provided 06.11.2012
Liberum Capital Ltd ALISON WATSON sell 1 D 285 Not Provided 20.07.2012
Holdings By:
Intu Properties PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Invensys plc offers production assets and energy resources management services.
The Company offers strategies to improve productivity and reliability in its
manufacturing customers' supply chains and conserve energy and water usage in
commercial, industrial and residential buildings, and manufactures railroad
signaling and control equipment.
Latest Fiscal Year: 03/2012
LTM as of: 03/yy
52-Week High (25.02.2013) 367.60
52-Week Low (23.04.2012) 184.10
Daily Volume
359.7
52-Week High % Change -2.12% Dividend Yield 1.25
52-Week Low % Change 95.38% Beta 1.30
% 52 Week Price Range High/Low 93.19% Equity Float 812.84
Shares Out 21.02.2013 815.5 Short Int -
2'933.43 1 Yr Total Return 73.68%
Total Debt 1.00 YTD Return 10.68%
Preferred Stock 0.0 Adjusted BETA 1.303
Minority Interest 20.0 Analyst Recs 17
Cash and Equivalents 263.00 Consensus Rating 3.824
Enterprise Value 2'779.43
Average Volume 5 Day 1'647'360
ISYS LN EQUITY YTD Change - Average Volume 30 Day 1'798'829
ISYS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'731'830
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 03/yy 03/yy 03/13 Y 03/14 Y 06/12 Q1 09/12 Q2
2'108.0 2'284.0 2'243.0 2'486.0 2'539.0 1'999.0 2'269.0 2'271.5 2'020.9 - 1'252.0
0.85x 0.49x 1.10x 1.00x 0.54x 4.68x 4.23x 1.03x 1.08x - -
341.0 309.0 316.0 329.0 277.0 282.0 327.0 237.0 226.4 - -
5.25x 3.59x 7.81x 7.55x 4.97x 9.00x 5.47x 11.73x 12.28x - -
334.0 130.0 147.0 174.0 98.0 207.0 334.0 144.6 140.9 - 61.0
10.66x 9.56x 18.42x 15.41x 15.55x 152.89x 10.32x 19.55x 20.32x - -
EBITDA 277.00 Long-Term Rating Date 24.07.2009
EBIT 209.00 Long-Term Rating BBB-
Operating Margin 8.23% Long-Term Outlook POS
Pretax Margin 5.51% Short-Term Rating Date 15.11.2002
Return on Assets 5.42% Short-Term Rating NR
Return on Common Equity 18.81%
Return on Capital 21.68% EBITDA/Interest Exp. 17.31
Asset Turnover 1.28% (EBITDA-Capex)/Interest Exp. 14.94
Net Debt/EBITDA -0.63
Gross Margin 30.4% Total Debt/EBITDA 0.00
EBITDA Margin 11.1%
EBIT Margin 8.4% Total Debt/Equity 0.2%
Net Income Margin 3.9% Total Debt/Capital 0.2%
Asset Turnover 1.28
Current Ratio 1.38 Net Fixed Asset Turnover 10.87
Quick Ratio 0.77 Accounts receivable turnover-days -
Debt to Assets 0.05% Inventory Days 34.39
Tot Debt to Common Equity 0.18% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 33.10
Inventory Turnover 10.64
Fiscal Year Ended
Invensys PLCPrice/Volume
Valuation Analysis
1'262'538.00
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
'
2'
-''
-2'
.''
.2'
0''
02'
1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 92'!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
M&G INVESTMENT MANAG Multiple Portfolios REG 74'121'402 9.09 1'239'291 01.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 69'852'826 8.57 (1'334'901) 01.12.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 59'962'509 7.35 1'037'093 01.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 42'500'440 5.21 6'367'003 31.10.2012 Investment Advisor
RUFFER INVESTMENT MA Multiple Portfolios REG 40'663'847 4.99 (2'848'845) 01.12.2012 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 39'958'165 4.9 (15'408'925) 31.01.2013 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 38'524'350 4.72 - 16.05.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 35'517'175 4.36 - 25.02.2013 Investment Advisor
STANDARD LIFE INVEST n/a Co File 35'354'625 4.34 - 16.05.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 24'517'969 3.01 - 19.02.2013 Unclassified
UBS n/a ULT-AGG 20'345'490 2.49 1'153'309 01.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 18'297'578 2.24 - 01.12.2012 Government
CREDIT AGRICOLE GROU Multiple Portfolios REG 17'433'961 2.14 2'521'437 01.12.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'101'696 1.97 575'122 31.12.2012 Investment Advisor
GLOBAL ASSET MANAGEM Multiple Portfolios REG 15'190'226 1.86 - 01.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 13'034'290 1.6 (4'358'866) 01.12.2012 Investment Advisor
Black Creek Investme Multiple Portfolios REG 12'926'296 1.59 40'000 01.12.2012 Unclassified
PROP TRADING/MARKET Multiple Portfolios REG 11'290'144 1.38 8'067'117 01.12.2012 Other
HARTFORD INVESTMENTS Multiple Portfolios MF-AGG 10'424'366 1.28 8'624'366 30.12.2011 Investment Advisor
MARATHON ASSET MANAG Multiple Portfolios REG 10'333'088 1.27 - 01.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MARTIN WILKIE hold 3 M 340 12 month 25.02.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 350 12 month 19.02.2013
Morgan Stanley BEN UGLOW Overwt/Cautious 5 U 390 12 month 14.02.2013
N+1 Singer Ltd TINTIN STORMONT buy 5 M 400 12 month 12.02.2013
Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 350 Not Provided 04.02.2013
Oriel Securities Ltd HARRY PHILIPS buy 5 M 420 Not Provided 01.02.2013
Peel Hunt PAUL GILMER MORLAND buy 5 M 370 Not Provided 25.01.2013
JPMorgan GLEN H LIDDY restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013
Nomura JUHO LAHDENPERA buy 5 M 370 12 month 24.01.2013
Barclays NICK WEBSTER overweight 5 M 385 Not Provided 24.01.2013
Societe Generale ALASDAIR LESLIE hold 3 M 330 12 month 23.01.2013
Credit Suisse JONATHAN HURN neutral 3 M 368 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs ADAM PINCKARD not rated #N/A N/A M #N/A N/A Not Provided 28.11.2012
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 235 Not Provided 30.10.2012
Arden Partners Ltd DAVID LARKAM neutral 3 M #N/A N/A Not Provided 30.04.2012
CS Capital CHRISTOPHER PARKINSON buy 5 M 350 Not Provided 15.08.2011
Holdings By:
Invensys PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Investec PLC is an international specialist bank and asset manager. The Group
provides corporate and investment banking, private banking, securities trading,
asset management, property trading and management and trade finance services.
Dually-listed company with INL SJ.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 500.50
52-Week Low (21.05.2012) 308.90
Daily Volume
480.3
52-Week High % Change -3.92% Dividend Yield 3.54
52-Week Low % Change 55.49% Beta 1.29
% 52 Week Price Range High/Low 91.08% Equity Float 478.90
Shares Out 31.01.2013 605.2 Short Int -
4'235.73 1 Yr Total Return 24.93%
Total Debt 8'568.29 YTD Return 13.36%
Preferred Stock 384.2 Adjusted BETA 1.290
Minority Interest 296.1 Analyst Recs 12
Cash and Equivalents 5'961.68 Consensus Rating 4.250
Enterprise Value -
Average Volume 5 Day 1'317'892
INVP LN EQUITY YTD Change - Average Volume 30 Day 1'466'481
INVP LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'380'816
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 - -
3'034.6 3'441.3 3'152.8 3'620.9 3'662.0 - - 1'964.0 2'080.0 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
391.6 292.0 346.1 420.5 247.5 - - 342.7 415.8 - -
5.24x 6.35x 12.24x 8.63x 12.50x - - 12.56x 10.21x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 16.40% Long-Term Outlook -
Pretax Margin 14.13% Short-Term Rating Date -
Return on Assets 0.47% Short-Term Rating -
Return on Common Equity 5.54%
Return on Capital 1.90% 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 257.1%
Net Income Margin 12.0% Total Debt/Capital 68.1%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 18.08
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 16.62% Inventory Days -
Tot Debt to Common Equity 257.14% 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
Investec PLCPrice/Volume
Valuation Analysis
2'283'879.00
Current Price (2/dd/yy) Market Data
'
-''
.''
0''
1''
2''
3''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PUBLIC INVESTMENT CO Multiple Portfolios REG 85'878'003 14.19 (3'112) 03.12.2012 Government
BARCLAYS PLC n/a Short (53'461'209) -8.83 (273'625) 21.12.2011 Investment Advisor
BARCLAYS PLC n/a RNS-RUL8 51'366'842 8.49 78'777 21.12.2011 Investment Advisor
CORONATION FUND MANA Multiple Portfolios REG 46'256'861 7.64 - 03.12.2012 Investment Advisor
ALLAN GRAY INVESTMEN Multiple Portfolios REG 45'953'028 7.59 - 03.12.2012 Investment Advisor
SANLAM LIFE INSURANC Multiple Portfolios REG 41'952'739 6.93 - 03.12.2012 Insurance Company
OLD MUTUAL n/a ULT-AGG 39'437'887 6.52 (171'221) 11.01.2013 Unclassified
ALLAN GRAY LTD n/a RNS-MAJ 30'095'884 4.97 - 24.12.2012 Investment Advisor
SANLAM INVESTMENT MA n/a Co File 25'170'696 4.16 - 31.03.2012 Mutual Fund Manager
NORGES BANK n/a RNS-MAJ 24'446'399 4.04 8'288'340 21.12.2012 Government
BLACKROCK n/a ULT-AGG 23'015'284 3.8 - 25.02.2013 Investment Advisor
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 20'482'302 3.38 20'482'302 30.06.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 19'726'652 3.26 (579'993) 31.01.2013 Unclassified
STATE STREET n/a ULT-AGG 16'847'563 2.78 338'686 26.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 16'137'165 2.67 - 03.12.2012 Investment Advisor
ABAX INVESTMENTS LTD n/a Co File 14'141'267 2.34 - 31.03.2012 Investment Advisor
RENSBURG INVESTMENT Multiple Portfolios REG 13'627'184 2.25 237'504 03.12.2012 Investment Advisor
INVESTEC STAFF SHARE Multiple Portfolios REG 13'515'600 2.23 268'281 03.12.2012 Other
CORONATION ASSET MAN Multiple Portfolios MF-AGG 12'332'545 2.04 (182'688) 30.09.2012 Investment Advisor
DIRECTOR & RELATED H Multiple Portfolios REG 11'859'956 1.96 691'455 03.12.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd JAMES HAMILTON add 4 M 576 Not Provided 12.02.2013
Macquarie ELAN LEVY neutral 3 M 444 12 month 11.02.2013
Morgan Stanley GREG SAFFY Overwt/In-Line 5 M 525 12 month 29.01.2013
Avior Research HARRY BOTHA neutral 3 D 492 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Nedgroup Securities NAZEEM SAMSODIEN buy 5 M 425 Not Provided 28.11.2012
JPMorgan NANA FRANCOIS neutral 3 D 446 9 month 20.11.2012
HSBC JAN ROST overweight 5 N 466 Not Provided 26.10.2012
Goldman Sachs WALEED MOHSIN neutral/neutral 3 D 479 12 month 12.10.2012
Holdings By:
Investec PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Investment AB Kinnevik is a holding company. The Company invests in and
managesa long-term portfolio of listed and unlisted companies, and seeks to
exert influence in the companies by board representation and other means.
Kinnevik's portfolio includes shares in telecommunication, media, insurance, and
finance companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 155.20
52-Week Low (13.11.2012) 120.30
Daily Volume
147.3
52-Week High % Change -5.09% Dividend Yield -
52-Week Low % Change 22.44% Beta 0.84
% 52 Week Price Range High/Low 76.50% Equity Float -
Shares Out 26.02.2013 228.7 Short Int -
40'991.01 1 Yr Total Return 3.92%
Total Debt 3'285.00 YTD Return 8.55%
Preferred Stock 0.0 Adjusted BETA 0.836
Minority Interest 67.0 Analyst Recs 12
Cash and Equivalents 454.00 Consensus Rating 3.833
Enterprise Value 43'889.01
Average Volume 5 Day 655'061
KINVB SS EQUITY YTD Change - Average Volume 30 Day 867'523
KINVB SS EQUITY YTD % CHANGE - Average Volume 3 Month 753'111
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
7'719.0 8'397.0 8'593.0 8'789.0 1'591.0 4'625.0 3'895.0 9'492.4 9'823.8 - -
3.20x 4.48x 5.24x 4.97x 25.45x 38.37x 45.13x 3.86x 3.65x - -
997.0 1'476.0 1'514.0 1'473.0 - 0.0 0.0 1'653.0 1'886.5 - -
24.74x 25.49x 29.73x 29.64x - 0.00x 0.00x 26.55x 23.26x - -
(25'765.0) 16'361.0 13'602.0 6'553.0 478.0 6'553.0 477.0 1'899.0 2'576.0 - -
- 1.74x 2.79x 5.67x - 6.02x 0.00x 22.02x 18.15x - -
EBITDA 1'473.00 Long-Term Rating Date -
EBIT -98.00 Long-Term Rating -
Operating Margin -6.16% Long-Term Outlook -
Pretax Margin -184.48% Short-Term Rating Date -
Return on Assets 0.72% Short-Term Rating -
Return on Common Equity 0.81%
Return on Capital - EBITDA/Interest Exp. 5.32
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. 2.46
Net Debt/EBITDA -
Gross Margin 39.8% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 4.2% Total Debt/Equity 5.6%
Net Income Margin 30.0% Total Debt/Capital 5.3%
Asset Turnover 0.06
Current Ratio 0.45 Net Fixed Asset Turnover 1.14
Quick Ratio 0.30 Accounts receivable turnover-days 53.70
Debt to Assets 5.24% Inventory Days 140.44
Tot Debt to Common Equity 5.61% Accounts Payable Turnover Day 261.59
Accounts Receivable Turnover 6.82 Cash Conversion Cycle 742.94
Inventory Turnover 2.61
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
Investment AB KinnevikPrice/Volume
Valuation Analysis
529'358.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
-3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALECTA PENSIONSFORSA n/a Co File 16'625'000 7.27 - 31.12.2011 Pension Fund (ERISA)
JP MORGAN BANK LUXEM n/a Co File 9'972'863 4.36 - 31.12.2011 Investment Advisor
SWEDBANK ROBUR FONDE n/a Co File 7'904'049 3.46 - 31.12.2011 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 6'330'035 2.77 (2'919'360) 31.01.2013 Investment Advisor
UNIONEN n/a Co File 5'179'890 2.27 - 31.12.2011 Corporation
SKANDIA AB n/a Co File 4'432'369 1.94 - 31.12.2011 Insurance Company
INVESCO LTD Multiple Portfolios MF-AGG 4'376'388 1.91 1'708'974 31.12.2012 Investment Advisor
SEB FONDER AB n/a Co File 4'358'480 1.91 - 31.12.2011 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'845'438 1.68 93'729 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 3'780'275 1.65 (668'457) 31.12.2012 Unclassified
AMF FONDER AB n/a Co File 3'625'948 1.59 - 31.12.2011 Investment Advisor
STATE STREET n/a ULT-AGG 3'539'917 1.55 - 26.02.2013 Investment Advisor
TREDJE AP-FONDEN n/a Co File 3'196'540 1.4 - 31.12.2011 Government
GOLDMAN SACHS n/a Co File 3'173'592 1.39 - 31.12.2011 Investment Advisor
HANDELSBANKEN FONDER n/a Co File 2'998'747 1.31 - 31.12.2011 Investment Advisor
NORDEA FONDER AB n/a Co File 2'832'617 1.24 - 31.12.2011 Investment Advisor
FOLKSAM LO FOND AB n/a Co File 2'809'389 1.23 - 31.12.2011 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'750'000 1.2 253'468 30.06.2012 Pension Fund (ERISA)
CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 2'569'993 1.12 (127) 28.12.2012 Investment Advisor
KLINGSPOR FAMILY n/a Co File 2'202'158 0.96 - 31.12.2011 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue PIERRE-YVES GAUTHIER add 4 M 157 6 month 21.02.2013
Handelsbanken ELIAS PORSE reduce 2 M 145 12 month 20.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 20.02.2013
SEB Enskilda SVANTE KROKFORS hold 3 M 144 Not Provided 19.02.2013
Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 242 12 month 18.02.2013
Nordea Equity Research CATRIN JANSSON hold 3 M 154 12 month 18.02.2013
Swedbank NICLAS HOGLUND buy 5 M 180 12 month 18.02.2013
ABG Sundal Collier RICKARD HENZE hold 3 M 149 6 month 17.02.2013
Carnegie JOHAN SJOBERG hold 3 M #N/A N/A Not Provided 15.02.2013
Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 14.12.2012
CA Cheuvreux BJORN GUSTAFSSON select list 5 U 174 Not Provided 22.10.2012
Holdings By:
Investment AB Kinnevik ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
ITV plc is a United Kingdom media company covering broadcasting, news, and
production. The Company owns all of the regional Channel 3 licenses in England
and Wales. ITV owns ITV1, a commercial television channel, as well as ITV2, a
partial interest in GMTV, and other interests.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 125.00
52-Week Low (01.06.2012) 68.55
Daily Volume
117.9
52-Week High % Change -5.68% Dividend Yield 2.21
52-Week Low % Change 71.99% Beta 1.06
% 52 Week Price Range High/Low 91.50% Equity Float 3'752.58
Shares Out 31.01.2013 3'912.1 Short Int -
4'612.37 1 Yr Total Return 52.38%
Total Debt 639.00 YTD Return 12.07%
Preferred Stock 0.0 Adjusted BETA 1.059
Minority Interest 15.0 Analyst Recs 28
Cash and Equivalents 690.00 Consensus Rating 3.750
Enterprise Value 4'576.37
Average Volume 5 Day 12'691'310
ITV LN EQUITY YTD Change - Average Volume 30 Day 12'688'590
ITV LN EQUITY YTD % CHANGE - Average Volume 3 Month 11'812'970
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 12/12 Q4 03/13 Q1
2'029.0 1'879.0 2'064.0 2'140.0 2'196.0 1'965.0 2'196.0 2'278.5 2'349.2 456.0 -
1.21x 1.54x 1.52x 1.30x 1.86x 0.00x 0.00x 1.91x 1.77x 11.49x -
247.0 240.0 438.0 488.0 547.0 0.0 0.0 578.8 605.3 - -
9.96x 12.06x 7.18x 5.68x 7.46x 0.00x 0.00x 7.91x 7.55x - -
(2'556.0) 91.0 269.0 247.0 267.0 0.0 0.0 380.0 399.9 - -
- 22.33x 10.11x 10.71x 15.32x 0.00x 0.00x 12.41x 11.66x - -
EBITDA 547.00 Long-Term Rating Date 30.03.2012
EBIT 460.00 Long-Term Rating BB+
Operating Margin 20.95% Long-Term Outlook POS
Pretax Margin 15.85% Short-Term Rating Date 06.08.2008
Return on Assets 9.34% Short-Term Rating B
Return on Common Equity 32.90%
Return on Capital 28.77% EBITDA/Interest Exp. 2.19
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 1.99
Net Debt/EBITDA -0.09
Gross Margin - Total Debt/EBITDA 1.17
EBITDA Margin 24.9%
EBIT Margin 20.9% Total Debt/Equity 78.2%
Net Income Margin 12.2% Total Debt/Capital 43.4%
Asset Turnover 0.77
Current Ratio 1.88 Net Fixed Asset Turnover 13.60
Quick Ratio 1.35 Accounts receivable turnover-days 44.58
Debt to Assets 22.86% Inventory Days -
Tot Debt to Common Equity 78.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.21 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
ITV PLCPrice/Volume
Valuation Analysis
25'911'270.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BRITISH SKY BROADCAS Multiple Portfolios REG 291'684'730 7.46 - 01.11.2012 Corporation
SKY HOLDINGS LIMITED n/a Co File 291'684'730 7.46 - 31.12.2011 Investment Advisor
FMR LLC n/a ULT-AGG 230'356'308 5.89 4'679'937 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 213'598'277 5.46 - 25.02.2013 Investment Advisor
AXA #N/A N/A RNS-MAJ 197'928'322 5.06 - 20.02.2013 Investment Advisor
MAJEDIE ASSET MANAGE Multiple Portfolios REG 196'103'145 5.01 415'535 01.11.2012 Investment Advisor
BRANDES INVESTMENT P n/a Co File 194'304'930 4.97 - 31.12.2011 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 155'030'946 3.96 (2'852'100) 31.01.2013 Unclassified
LEGAL AND GENERAL IN n/a Co File 153'692'144 3.93 - 31.12.2011 n/a
AXA FRAMLINGTON INV Multiple Portfolios REG 146'078'266 3.73 14'235'016 01.11.2012 Investment Advisor
RUFFER INVESTMENT MA Multiple Portfolios REG 104'632'310 2.67 (5'029'646) 01.11.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 84'665'233 2.16 16'511'797 01.11.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 81'652'583 2.09 (2'473'210) 01.11.2012 Investment Advisor
MARATHON ASSET MANAG Multiple Portfolios REG 80'787'915 2.07 (2'384'446) 01.11.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 76'144'837 1.95 22'117'971 01.11.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 74'328'141 1.9 17'312'822 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 73'946'918 1.89 21'828'248 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 69'065'217 1.77 1'409'954 31.12.2012 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 65'931'596 1.69 - 28.09.2012 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 61'798'073 1.58 (9'529'863) 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec STEVEN LIECHTI sell 1 M #N/A N/A Not Provided 27.02.2013
Credit Suisse OMAR SHEIKH outperform 5 M 130 Not Provided 27.02.2013
JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 126 9 month 27.02.2013
Sanford C. Bernstein & Co CLAUDIO ASPESI outperform 5 M 110 12 month 27.02.2013
Nomura WILLIAM MAIRS buy 5 M 130 12 month 27.02.2013
Numis Securities Ltd PAUL RICHARDS add 4 M 140 Not Provided 27.02.2013
Westhouse Securities RODDY DAVIDSON add 4 M 133 Not Provided 27.02.2013
Liberum Capital Ltd IAN WHITTAKER buy 5 M 155 Not Provided 21.02.2013
AlphaValue VERONIQUE CABIOC'H reduce 2 M 111 6 month 21.02.2013
Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 135 12 month 20.02.2013
Deutsche Bank LAURIE DAVISON sell 1 M 90 12 month 19.02.2013
S&P Capital IQ ALEXANDER WISCH buy 5 U 135 12 month 19.02.2013
Macquarie ANGUS TWEEDIE outperform 5 M 130 12 month 12.02.2013
Exane BNP Paribas ADRIEN DE SAINT HILAIRE outperform 5 M 135 Not Provided 05.02.2013
Day by Day VALERIE GASTALDY buy 5 M 126 3 month 24.01.2013
Barclays JULIEN ROCH equalweight 3 M 110 Not Provided 24.01.2013
Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 140 Not Provided 23.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs RICHARD JONES Buy/Neutral 5 M 130 12 month 09.01.2013
Peel Hunt PATRICK YAU buy 5 M 130 Not Provided 09.01.2013
Espirito Santo Investment Bank ResearchGIASONE SALATI sell 1 M 62 Not Provided 08.01.2013
Berenberg Bank SARAH SIMON hold 3 U 91 Not Provided 14.11.2012
Kepler Capital Markets CONOR O'SHEA hold 3 M 90 Not Provided 13.11.2012
HSBC DAN GRAHAM underweight 1 M 83 Not Provided 25.10.2012
Jefferies WILL SMITH hold 3 M 77 12 month 26.07.2012
CS Capital CHRISTOPHER PARKINSON neutral 3 M #N/A N/A Not Provided 16.09.2010
Holdings By:
ITV PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
J Sainsbury plc retails food. The Company operates Sainsbury supermarkets in
the United Kingdom, convenience stores, an Internet-based home delivery
service, and Sainsbury Bank. The Bank offers saving accounts, credit cards,
mortgages, insurance products, and consumer loans.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (19.10.2012) 362.20
52-Week Low (13.06.2012) 278.60
Daily Volume
341.6
52-Week High % Change -5.69% Dividend Yield 4.80
52-Week Low % Change 22.61% Beta 0.73
% 52 Week Price Range High/Low 75.00% Equity Float 1'716.78
Shares Out 01.02.2013 1'888.6 Short Int -
6'451.42 1 Yr Total Return 20.44%
Total Debt 2'767.00 YTD Return -1.01%
Preferred Stock 0.0 Adjusted BETA 0.729
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 739.00 Consensus Rating 2.654
Enterprise Value 8'677.42
Average Volume 5 Day 4'717'113
SBRY LN EQUITY YTD Change - Average Volume 30 Day 4'482'892
SBRY LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'412'919
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 03/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
17'837.0 18'911.0 19'964.0 21'102.0 22'294.0 0.0 0.0 23'166.4 24'005.4 - -
0.41x 0.38x 0.39x 0.40x 0.35x #DIV/0! #DIV/0! 0.37x 0.36x - -
1'002.0 1'074.0 1'156.0 1'220.0 1'281.0 0.0 0.0 1'355.7 1'416.4 - -
7.28x 6.70x 6.74x 6.95x 6.04x 0.00x 0.00x 6.40x 6.13x - -
329.0 289.0 585.0 640.0 598.0 0.0 0.0 571.6 609.2 - -
17.38x 18.83x 10.37x 10.19x 9.48x 0.00x 0.00x 11.54x 10.91x - -
EBITDA 1'281.00 Long-Term Rating Date 13.05.2010
EBIT 782.00 Long-Term Rating NR
Operating Margin 3.51% Long-Term Outlook -
Pretax Margin 3.58% Short-Term Rating Date 13.05.2010
Return on Assets 5.02% Short-Term Rating NR
Return on Common Equity 11.05%
Return on Capital 8.82% EBITDA/Interest Exp. 7.40
Asset Turnover 1.86% (EBITDA-Capex)/Interest Exp. 0.31
Net Debt/EBITDA 1.76
Gross Margin 5.4% Total Debt/EBITDA 2.19
EBITDA Margin 5.6%
EBIT Margin 3.3% Total Debt/Equity 49.2%
Net Income Margin 2.7% Total Debt/Capital 33.0%
Asset Turnover 1.86
Current Ratio 0.64 Net Fixed Asset Turnover 2.43
Quick Ratio 0.27 Accounts receivable turnover-days -
Debt to Assets 22.42% Inventory Days 16.85
Tot Debt to Common Equity 49.16% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -15.32
Inventory Turnover 21.61
Fiscal Year Ended
J Sainsbury PLCPrice/Volume
Valuation Analysis
1'213'500.00
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
'
2'
-''
-2'
.''
.2'
0''
02'
1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 92'!' 9
0.0
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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR INVESTMENT AUT Multiple Portfolios REG 490'143'746 25.95 (546'227) 03.12.2012 Government
SCHRODER PRIVATE BAN Multiple Portfolios REG 99'243'792 5.25 2'146'692 03.12.2012 Unclassified
SAINSBURY TURVILLE D n/a Co File 94'009'955 4.98 - 09.05.2012 n/a
Innotech Advisors Lt Multiple Portfolios REG 89'250'000 4.73 - 03.12.2012 Unclassified
PORTRAIT JUDITH n/a Co File 73'851'508 3.91 - 09.05.2012 n/a
SAINSBURY FAMILY Multiple Portfolios REG 61'593'788 3.26 - 03.12.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 57'140'220 3.03 (480'794) 31.01.2013 Unclassified
BLACKROCK n/a ULT-AGG 51'529'830 2.73 9'682'755 25.02.2013 Investment Advisor
M1 Capital Ltd Multiple Portfolios REG 45'599'916 2.41 - 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 44'405'865 2.35 561'066 03.12.2012 Government
FMR LLC n/a ULT-AGG 39'135'474 2.07 (6'064'058) 31.12.2012 Investment Advisor
SANDERSON ASSET MANA Multiple Portfolios REG 29'726'261 1.57 - 03.12.2012 Investment Advisor
LANSDOWNE PARTNERS n/a Short (29'273'126) -1.55 (2'077'448) 12.02.2013 Investment Advisor
CREDIT SUISSE SECURI Multiple Portfolios REG 28'528'484 1.51 3'216'155 03.12.2012 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 28'423'279 1.51 2'028'992 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'141'303 1.28 518'078 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 19'628'262 1.04 1'204'221 03.12.2012 Unclassified
SPARINVEST n/a ULT-AGG 17'700'577 0.94 63'995 31.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 15'164'817 0.8 6'960'541 03.12.2012 Unclassified
PELHAM CAPITAL LONG/ n/a Short (14'539'772) -0.77 - 01.11.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shore Capital Stockbrokers CLIVE WILLIAM BLACK hold 3 M #N/A N/A Not Provided 27.02.2013
Jefferies JAMES GRZINIC hold 3 M 330 12 month 26.02.2013
Nomura NICK COULTER neutral 3 M 355 12 month 26.02.2013
Oriel Securities Ltd JONATHAN PRITCHARD hold 3 M 300 Not Provided 25.02.2013
AlphaValue VIRGINIE BLIN reduce 2 M 323 6 month 21.02.2013
JPMorgan JAIME VAZQUEZ underweight 1 N 325 12 month 18.02.2013
Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 390 Not Provided 18.02.2013
Exane BNP Paribas ANDREW GWYNN underperform 1 M 325 Not Provided 13.02.2013
Redburn Partners JAMES TRACEY sell 1 M #N/A N/A Not Provided 31.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Macquarie SREEDHAR MAHAMKALI neutral 3 M 290 12 month 12.01.2013
Deutsche Bank SALLY RONALD hold 3 M 309 12 month 10.01.2013
Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 400 12 month 09.01.2013
Credit Suisse ANDREW KASOULIS underperform 1 M 285 Not Provided 09.01.2013
HSBC JEROME SAMUEL underweight 1 D 325 Not Provided 09.01.2013
S&P Capital IQ WILLIAM MACK sell 1 M 315 12 month 09.01.2013
Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 400 Not Provided 09.01.2013
Espirito Santo Investment Bank ResearchCAROLINE GULLIVER neutral 3 M 350 Not Provided 07.01.2013
Barclays JAMES ANSTEAD overweight 5 M 380 Not Provided 04.01.2013
Goldman Sachs FRANKLIN WALDING Sell/Neutral 1 M 295 12 month 05.12.2012
Natixis ANTOINE PARISON neutral 3 M 337 Not Provided 15.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 04.10.2012
Investec DAVID MCCARTHY sell 1 N 280 12 month 10.09.2012
CA Cheuvreux ARNAUD JOLY underperform 1 M 290 Not Provided 10.05.2012
Holdings By:
J Sainsbury PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Jeronimo Martins, SGPS, S.A. is a holding company. The Company, through
subsidiaries, distributes food in Portugal and Poland. The Company operates
supermarkets and cash and carry stores in Portugal as well as retail stores in
Poland. Jeronimo Martins also manufactures various food products as well as
provides services to the restaurant industry.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 16.66
52-Week Low (25.07.2012) 11.07
Daily Volume
15.225
52-Week High % Change -8.52% Dividend Yield -
52-Week Low % Change 37.53% Beta 0.78
% 52 Week Price Range High/Low 90.07% Equity Float 212.92
Shares Out 31.12.2012 629.3 Short Int -
9'580.99 1 Yr Total Return 16.15%
Total Debt 717.00 YTD Return 4.28%
Preferred Stock 0.0 Adjusted BETA 0.776
Minority Interest 290.0 Analyst Recs 25
Cash and Equivalents 373.00 Consensus Rating 3.120
Enterprise Value 10'214.99
Average Volume 5 Day 436'580
JMT PL EQUITY YTD Change - Average Volume 30 Day 468'723
JMT PL EQUITY YTD % CHANGE - Average Volume 3 Month 515'080
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'893.7 7'317.1 8'691.1 9'838.2 10'876.0 9'838.2 10'875.8 12'295.7 13'831.5 - -
0.52x 0.73x 0.92x 0.87x 0.90x 3.42x 3.45x 0.82x 0.72x - -
458.1 518.2 614.3 709.3 746.0 721.9 745.4 891.3 1'023.9 - -
7.85x 10.30x 13.02x 12.05x 13.15x 11.84x 13.16x 11.43x 9.95x - -
163.2 200.3 281.0 340.3 360.0 340.3 359.5 465.4 547.6 - -
15.29x 21.91x 25.49x 23.62x 25.61x 23.62x 25.55x 20.77x 17.70x - -
EBITDA 746.00 Long-Term Rating Date -
EBIT 521.00 Long-Term Rating -
Operating Margin 4.79% Long-Term Outlook -
Pretax Margin 4.48% Short-Term Rating Date -
Return on Assets 8.06% Short-Term Rating -
Return on Common Equity 30.82%
Return on Capital 17.54% EBITDA/Interest Exp. 21.80
Asset Turnover 2.44% (EBITDA-Capex)/Interest Exp. 10.54
Net Debt/EBITDA 0.46
Gross Margin 22.3% Total Debt/EBITDA 0.96
EBITDA Margin 6.9%
EBIT Margin 4.8% Total Debt/Equity 59.2%
Net Income Margin 3.3% Total Debt/Capital 32.3%
Asset Turnover 2.44
Current Ratio 0.41 Net Fixed Asset Turnover 4.32
Quick Ratio 0.19 Accounts receivable turnover-days 3.04
Debt to Assets 16.14% Inventory Days 19.15
Tot Debt to Common Equity 59.16% Accounts Payable Turnover Day 78.92
Accounts Receivable Turnover 120.27 Cash Conversion Cycle -56.73
Inventory Turnover 19.11
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
Jeronimo Martins SGPS SAPrice/Volume
Valuation Analysis
2'172'992.00
Current Price (2/dd/yy) Market Data
'.135
-'-.-1-3-5
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
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'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOC FRANCISCO MANUEL n/a Research 353'033'492 56.1 - 31.12.2011 Unclassified
ASTECK n/a Research 62'929'321 10 - 31.12.2011 Other
CARMIGNAC GESTION n/a Research 16'990'917 2.7 - 31.12.2011 Investment Advisor
BNP PARIBAS INVESTME n/a EXCH 13'123'849 2.09 - 12.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 12'694'453 2.02 - 25.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'598'988 1.68 1'943'542 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'365'733 1.65 200'395 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'917'839 1.26 564'828 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'040'212 0.64 135'363 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 3'812'723 0.61 119'077 31.12.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 3'378'593 0.54 26'191 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'657'527 0.42 32'223 31.01.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 2'027'330 0.32 (183'638) 29.06.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'603'937 0.25 (136'586) 30.09.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'580'603 0.25 - 30.11.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'392'134 0.22 (81'136) 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 1'207'663 0.19 (109'433) 30.09.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 969'000 0.15 156'525 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 945'662 0.15 - 31.12.2012 Investment Advisor
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 887'005 0.14 (75'773) 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan JAIME VAZQUEZ overweight 5 M 18 12 month 27.02.2013
Jefferies JAMES GRZINIC hold 3 M 14 12 month 27.02.2013
Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 27.02.2013
BPI JOSE RITO neutral 3 M 16 Not Provided 25.02.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 14 Not Provided 25.02.2013
Barclays NICOLAS CHAMP underweight 1 M 14 Not Provided 25.02.2013
Exane BNP Paribas ANDREW GWYNN outperform 5 M 17 Not Provided 15.02.2013
AlphaValue VIRGINIE BLIN sell 1 M 13 6 month 14.02.2013
Renaissance Capital NATALYA ZAGVOZDINA hold 3 M 17 12 month 21.01.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A N #N/A N/A Not Provided 18.01.2013
Natixis ANTOINE PARISON buy 5 M 18 Not Provided 18.01.2013
HSBC JEROME SAMUEL overweight 5 M 18 Not Provided 15.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
BCP Investimento JOAO C FLORES neutral 3 D 17 Not Provided 11.01.2013
NMAS 1 Agencia de Valores RODRIGO VAZQUEZ neutral 3 M 15 6 month 11.01.2013
Main First Bank AG RICKIN THAKRAR neutral 3 M 13 12 month 11.01.2013
CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS underperform 1 M 13 Not Provided 10.01.2013
Redburn Partners JAMES TRACEY sell 1 M #N/A N/A Not Provided 17.12.2012
BBVA JUAN ROS PADILLA underperform 1 M 14 Not Provided 30.11.2012
Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 15 12 month 28.11.2012
Erste Bank MAREK CZACHOR accumulate 4 U 16 12 month 26.11.2012
Wood & Company PATRICK SHIELDS hold 3 M 15 12 month 23.10.2012
Macquarie SREEDHAR MAHAMKALI outperform 5 M 15 12 month 21.09.2012
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 20 12 month 25.07.2012
Banif TERESA MARTINHO Under Review #N/A N/A M #N/A N/A Not Provided 07.02.2012
Holdings By:
Jeronimo Martins SGPS SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
John Wood Group PLC is an international energy service company that provides
products and services to the oil and gas and power industries. The Company
designs and manufactures submersible pumping systems, well-head systems, and
pressure controls. John Wood also provides aftermarket services for heavy
industrial turbines and aero gas turbines.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (19.10.2012) 883.50
52-Week Low (26.06.2012) 649.00
Daily Volume
773.5
52-Week High % Change -12.51% Dividend Yield 1.30
52-Week Low % Change 19.18% Beta 1.37
% 52 Week Price Range High/Low 52.24% Equity Float 344.94
Shares Out 20.12.2012 373.2 Short Int -
2'886.51 1 Yr Total Return 4.65%
Total Debt 230.50 YTD Return 6.47%
Preferred Stock 0.0 Adjusted BETA 1.374
Minority Interest 10.0 Analyst Recs 18
Cash and Equivalents 226.60 Consensus Rating 3.778
Enterprise Value 4'493.58
Average Volume 5 Day 824'521
WG/ LN EQUITY YTD Change - Average Volume 30 Day 928'984
WG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'151'630
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 - -
4'432.7 5'243.1 4'927.1 4'085.1 5'666.8 - - 6'835.9 7'311.1 - -
1.08x 0.33x 0.56x 1.14x 0.65x - - 0.65x 0.58x - -
388.1 485.1 424.6 284.8 396.0 - - 507.8 594.1 - -
12.34x 3.53x 6.46x 16.32x 9.36x - - 8.85x 7.56x - -
165.0 251.6 163.2 166.0 2'302.3 - - 302.2 360.8 - -
26.05x 5.54x 15.52x 58.32x 93.55x - - 13.98x 11.75x - -
EBITDA 396.00 Long-Term Rating Date -
EBIT 270.10 Long-Term Rating -
Operating Margin 4.77% Long-Term Outlook -
Pretax Margin 1.67% Short-Term Rating Date -
Return on Assets 3.66% Short-Term Rating -
Return on Common Equity 6.29%
Return on Capital 6.07% EBITDA/Interest Exp. 28.91
Asset Turnover 1.49% (EBITDA-Capex)/Interest Exp. 23.62
Net Debt/EBITDA 0.23
Gross Margin 17.9% Total Debt/EBITDA 0.62
EBITDA Margin 7.0%
EBIT Margin 5.0% Total Debt/Equity 11.7%
Net Income Margin 40.6% Total Debt/Capital 10.5%
Asset Turnover 1.49
Current Ratio 1.33 Net Fixed Asset Turnover 42.45
Quick Ratio 0.90 Accounts receivable turnover-days -
Debt to Assets 5.94% Inventory Days 28.80
Tot Debt to Common Equity 11.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 69.42
Inventory Turnover 12.71
Fiscal Year Ended
John Wood Group PLCPrice/Volume
Valuation Analysis
744'683.00
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''
-'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
1'000.0
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 53'348'798 14.3 (472'141) 25.02.2013 Investment Advisor
DIRECTOR & RELATED H Multiple Portfolios REG 29'055'698 7.79 (483'610) 01.10.2012 Other
ABERDEEN n/a ULT-AGG 25'611'397 6.86 7'616'256 31.01.2013 Unclassified
FMR LLC n/a ULT-AGG 19'487'335 5.22 10'699'794 31.12.2012 Investment Advisor
ABERDEEN ASSET MANAG n/a RNS-MAJ 18'696'597 5.01 - 29.08.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 13'346'751 3.58 (1'543'658) 01.10.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 13'028'029 3.49 (1'378'061) 31.01.2013 Unclassified
THREADNEEDLE ASSET M Multiple Portfolios REG 12'788'201 3.43 (635'992) 01.10.2012 Investment Advisor
JOHN WOOD GRP EMP SH n/a Co File 12'618'916 3.38 - 26.03.2012 n/a
CHILDRENS SETTLEMENT n/a PRN 12'019'827 3.22 (12'055'559) 16.06.2010 Other
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 10'939'138 2.93 1'903'982 31.12.2012 Investment Advisor
WOOD GROUP (JOHN) PL Multiple Portfolios REG 10'589'063 2.84 (970'565) 01.10.2012 Unclassified
UBS n/a ULT-AGG 8'889'817 2.38 (1'543'016) 31.10.2012 Unclassified
GOLDMAN SACHS INTERN Multiple Portfolios REG 8'463'301 2.27 566'130 01.10.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 8'360'351 2.24 (25'943) 01.10.2012 Government
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'784'862 2.09 471'266 25.02.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 6'744'164 1.81 (810'181) 31.12.2012 Unclassified
HSBC INVESTMENTS UK Multiple Portfolios REG 5'769'296 1.55 (84'437) 01.10.2012 Investment Advisor
NOBLE GROSSART INVES Multiple Portfolios REG 5'509'718 1.48 - 01.10.2012 Unclassified
PRIVATE INDIVIDUALS Multiple Portfolios REG 5'491'681 1.47 (1'337'391) 01.10.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp JAMES EVANS buy 5 M 900 12 month 13.02.2013
Exane BNP Paribas ALEXANDRE MARIE outperform 5 N 1'080 Not Provided 12.02.2013
Oriel Securities Ltd DAVID ROUND add 4 M #N/A N/A Not Provided 11.02.2013
Numis Securities Ltd SANJEEV BAHL hold 3 M 804 Not Provided 31.01.2013
RBC Capital Markets KATHERINE TONKS sector perform 3 M 900 12 month 29.01.2013
JPMorgan ANDREW DOBBING neutral 3 D 963 9 month 29.01.2013
Nomura CHRISTYAN MALEK reduce 2 M 800 12 month 29.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank SEBASTIAN YOSHIDA buy 5 U 870 12 month 10.01.2013
Goldman Sachs HENRY TARR Buy/Neutral 5 U 912 12 month 08.01.2013
HSBC PHILLIP LINDSAY neutral 3 M 790 Not Provided 20.12.2012
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 741 Not Provided 14.12.2012
Investec KEITH ADAM MORRIS hold 3 M 800 12 month 05.10.2012
Morgan Stanley ROBERT PULLEYN Equalwt/Attractive 3 M 1'065 12 month 12.09.2012
Barclays MICK PICKUP overweight 5 M 1'000 Not Provided 22.08.2012
Fox-Davies Capital PAUL SINGER buy 5 M 805 12 month 07.03.2012
Holdings By:
John Wood Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The
Company offers its customers analog and digital TV, broadband Internet and
fixed line phone services via cable as well mobile services in cooperation with
an industry partner.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (13.02.2013) 72.75
52-Week Low (27.02.2012) 42.14
Daily Volume
67.63
52-Week High % Change -7.04% Dividend Yield -
52-Week Low % Change 60.49% Beta 0.53
% 52 Week Price Range High/Low 89.64% Equity Float 76.32
Shares Out 31.12.2012 88.5 Short Int -
5'986.81 1 Yr Total Return 63.65%
Total Debt 2'859.78 YTD Return 19.55%
Preferred Stock 0.0 Adjusted BETA 0.526
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 133.78 Consensus Rating 3.367
Enterprise Value 8'972.12
Average Volume 5 Day 377'628
KD8 GY EQUITY YTD Change - Average Volume 30 Day 271'015
KD8 GY EQUITY YTD % CHANGE - Average Volume 3 Month 208'455
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
1'196.9 1'370.3 1'501.6 1'598.9 1'699.7 1'665.1 1'803.9 1'835.8 1'987.3 472.0 -
- - 3.15x 3.80x 4.01x 15.39x 16.48x 4.78x 4.51x - -
433.5 539.3 651.5 697.1 768.8 744.5 797.6 853.1 952.6 220.5 -
- - 7.26x 8.71x 8.87x 8.63x 10.02x 10.53x 9.43x - -
(33.8) (145.2) (40.1) (45.3) 159.4 99.7 259.0 283.9 269.3 74.1 -
- - - - 25.98x 35.39x 0.00x 21.10x 22.46x - -
EBITDA 768.84 Long-Term Rating Date 11.08.2011
EBIT 372.90 Long-Term Rating BB-
Operating Margin 21.94% Long-Term Outlook STABLE
Pretax Margin 10.35% Short-Term Rating Date -
Return on Assets 11.04% Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 3.81
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 2.28
Net Debt/EBITDA 3.74
Gross Margin 53.9% Total Debt/EBITDA 4.42
EBITDA Margin 44.2%
EBIT Margin 25.0% Total Debt/Equity -
Net Income Margin 9.4% Total Debt/Capital 222.9%
Asset Turnover 0.77
Current Ratio 0.38 Net Fixed Asset Turnover 1.47
Quick Ratio 0.30 Accounts receivable turnover-days 15.05
Debt to Assets 132.41% Inventory Days 20.30
Tot Debt to Common Equity - Accounts Payable Turnover Day 113.08
Accounts Receivable Turnover 24.32 Cash Conversion Cycle -97.17
Inventory Turnover 18.03
Fiscal Year Ended
Kabel Deutschland Holding AGPrice/Volume
Valuation Analysis
779'264.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 14'914'968 16.85 175'046 25.02.2013 Investment Advisor
NORGES BANK n/a Research 5'380'151 6.08 - 27.09.2012 Government
THREADNEEDLE ASSET M n/a Research 4'354'466 4.92 - 10.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'266'047 4.82 (215'672) 31.12.2012 Investment Advisor
ZIEGLER CARLENE MURP n/a Research 2'823'982 3.19 - 10.01.2013 n/a
SCOUT CAPITAL MANAGE n/a Co File 2'725'000 3.08 - 31.03.2012 Hedge Fund Manager
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'553'385 1.75 556'076 31.12.2012 Investment Advisor
MORGAN STANLEY n/a Research 1'275'691 1.44 - 03.10.2012 Investment Advisor
SARASIN n/a ULT-AGG 1'023'133 1.16 24'496 28.12.2012 Unclassified
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 993'281 1.12 (400'000) 31.01.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 909'582 1.03 (300) 28.09.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 907'289 1.02 35'229 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 869'318 0.98 (23'630) 31.10.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 785'162 0.89 9'985 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 753'667 0.85 (1'060) 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 696'577 0.79 (191'473) 31.12.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 630'167 0.71 31'618 31.10.2012 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 519'785 0.59 900 31.10.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 447'863 0.51 (5'072) 31.12.2012 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 391'017 0.44 (85'021) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 57 12 month 27.02.2013
Hauck & Aufhaeuser SASCHA BERRESCH buy 5 U 73 12 month 27.02.2013
M.M. Warburg Investment Research MALTE RAETHER sell 1 M 57 12 month 27.02.2013
DZ Bank AG KARSTEN OBLINGER sell 1 M 60 12 month 27.02.2013
Morgan Stanley SAROOP PUREWAL not rated #N/A N/A M #N/A N/A Not Provided 26.02.2013
Bankhaus Lampe WOLFGANG SPECHT sell 1 M 60 12 month 26.02.2013
Commerzbank Corporates & Markets HEIKE PAULS add 4 M 78 6 month 22.02.2013
JPMorgan HANNES C WITTIG overweight 5 M 70 12 month 22.02.2013
Macquarie ALEX GRANT outperform 5 M 80 12 month 22.02.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 68 Not Provided 22.02.2013
Bankhaus Metzler ULRICH TRABERT sell 1 M 62 12 month 21.02.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 M 78 Not Provided 21.02.2013
Main First Bank AG STEPHAN VOLLERT outperform 5 M 75 12 month 21.02.2013
Barclays JONATHAN DANN overweight 5 M 70 Not Provided 21.02.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 78 12 month 21.02.2013
Grupo Santander JOHN DAVIES underweight 1 M 55 Not Provided 20.02.2013
Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 85 12 month 20.02.2013
Jefferies ULRICH RATHE hold 3 M 48 12 month 20.02.2013
HSBC DOMINIK KLARMANN overweight 5 U 80 Not Provided 20.02.2013
Nomura HENRIK NYBLOM neutral 3 M 54 12 month 20.02.2013
New Street Research FRANK KNOWLES neutral 3 M 55 Not Provided 20.02.2013
Exane BNP Paribas MICHAEL ZORKO outperform 5 M 76 Not Provided 20.02.2013
Credit Suisse JUSTIN FUNNELL neutral 3 M 43 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank MATTHEW BLOXHAM buy 5 M 61 12 month 16.01.2013
Berenberg Bank STUART GORDON sell 1 M 40 Not Provided 13.11.2012
Silvia Quandt Research JACQUES ABRAMOWICZ neutral 3 M 55 18 month 27.09.2012
Equita SIM SpA GIANMARCO BONACINA hold 3 N 50 12 month 23.04.2012
Holdings By:
Kabel Deutschland Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Kazakhmys PLC is an international natural resources company with principal
operations in Kazakhstan and the surrounding region. The core business is the
production and sale of copper. Kazakhmys is fully integrated from mining ore
through to the production of finished metal. The copper division also produces
other metals as by-products, including zinc, silver and gold.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (29.02.2012) 1'168.00
52-Week Low (05.09.2012) 569.00
Daily Volume
674
52-Week High % Change -42.34% Dividend Yield 2.25
52-Week Low % Change 18.45% Beta 1.84
% 52 Week Price Range High/Low 16.69% Equity Float 255.35
Shares Out 31.01.2013 523.7 Short Int -
3'529.86 1 Yr Total Return -39.66%
Total Debt 1'893.00 YTD Return -13.37%
Preferred Stock 0.0 Adjusted BETA 1.837
Minority Interest 7.0 Analyst Recs 27
Cash and Equivalents 1'912.00 Consensus Rating 3.148
Enterprise Value 5'777.39
Average Volume 5 Day 2'213'665
KAZ LN EQUITY YTD Change - Average Volume 30 Day 1'569'154
KAZ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'460'363
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 - -
5'256.0 3'276.0 2'404.0 3'237.0 3'563.0 - - 3'330.7 3'455.1 - -
2.33x 1.05x 5.13x 4.27x 2.16x - - 1.89x 2.09x - -
2'200.0 1'937.0 580.0 1'404.0 1'440.0 - - 1'076.8 1'138.3 - -
5.56x 1.78x 21.27x 9.85x 5.34x - - 5.36x 5.07x - -
1'416.0 909.0 554.0 1'450.0 930.0 - - 614.8 725.3 - -
8.95x 2.02x 14.89x 9.68x 5.47x - - 8.77x 7.86x - -
EBITDA 1'440.00 Long-Term Rating Date -
EBIT 1'204.00 Long-Term Rating -
Operating Margin 33.79% Long-Term Outlook -
Pretax Margin 45.55% Short-Term Rating Date -
Return on Assets 5.85% Short-Term Rating -
Return on Common Equity 7.85%
Return on Capital 7.70% EBITDA/Interest Exp. 10.51
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 5.35
Net Debt/EBITDA 0.48
Gross Margin 54.6% Total Debt/EBITDA 2.30
EBITDA Margin 27.0%
EBIT Margin 19.2% Total Debt/Equity 21.5%
Net Income Margin 26.1% Total Debt/Capital 17.7%
Asset Turnover 0.28
Current Ratio 2.70 Net Fixed Asset Turnover 1.16
Quick Ratio 1.73 Accounts receivable turnover-days 22.05
Debt to Assets 16.14% Inventory Days 154.14
Tot Debt to Common Equity 21.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover 16.60 Cash Conversion Cycle 163.61
Inventory Turnover 2.37
Fiscal Year Ended
Kazakhmys PLCPrice/Volume
Valuation Analysis
1'344'019.00
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
'
.''
1''
3''
5''
-'''
-.''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
0.0
1'000.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DIRECTOR & RELATED H Multiple Portfolios REG 188'084'265 35.91 - 02.01.2013 Other
KIM VLADIMIR SERGE n/a Co File 149'306'795 28.51 - 26.03.2012 n/a
The State Property & Multiple Portfolios REG 80'286'050 15.33 - 02.01.2013 Unclassified
MINISTRY OF FINANCE n/a Co File 80'286'050 15.33 - 26.03.2012 Other
NOVACHUK OLEG NIKOLA n/a Co File 34'923'423 6.67 - 26.03.2012 n/a
BLACKROCK n/a ULT-AGG 24'822'588 4.74 (265'966) 25.02.2013 Investment Advisor
LGT BANK IN LIECHTEN Multiple Portfolios REG 11'797'494 2.25 1'066'614 02.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 8'162'380 1.56 (8'448) 31.01.2013 Unclassified
GOVT OF SINGAPORE IN n/a ULT-AGG 7'513'385 1.43 446'899 02.01.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 7'199'448 1.37 936'456 02.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 6'920'824 1.32 926'422 02.01.2013 Investment Advisor
BANK FRICK & CO AG Multiple Portfolios REG 6'781'344 1.29 678'472 02.01.2013 Unclassified
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 5'766'033 1.1 - 02.01.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 5'519'205 1.05 40'695 02.01.2013 Government
UBS n/a ULT-AGG 4'349'728 0.83 (8'304) 02.01.2013 Unclassified
AVIVA INVESTORS Multiple Portfolios REG 4'197'976 0.8 321'143 02.01.2013 Investment Advisor
OGAY EDUARD n/a Co File 3'834'427 0.73 - 26.03.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'669'643 0.7 72'527 31.12.2012 Investment Advisor
Hexam Capital Partne Multiple Portfolios REG 3'299'621 0.63 272'803 02.01.2013 Unclassified
APG ALGEMENE PENSIOE Multiple Portfolios REG 3'143'312 0.6 524'114 02.01.2013 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale ABHISHEK SHUKLA buy 5 M 850 12 month 27.02.2013
JPMorgan ROGER BELL underweight 1 M 635 12 month 27.02.2013
Numis Securities Ltd CAILEY BARKER hold 3 M 750 Not Provided 27.02.2013
Exane BNP Paribas RAPHAEL VEVERKA underperform 1 M 620 Not Provided 27.02.2013
Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 810 12 month 26.02.2013
Credit Suisse LIAM FITZPATRICK underperform 1 M 800 Not Provided 25.02.2013
Visor Capital LEILA KULBAYEVA buy 5 M 953 Not Provided 18.02.2013
Jefferies Christopher LaFemina hold 3 M 800 12 month 08.02.2013
Goldman Sachs FAWZI HANANO neutral/attractive 3 M 800 12 month 06.02.2013
Centras Securities MARZHAN IBRAYEVA market perform 3 M 1'047 12 month 31.01.2013
Sberbank CIB MIKHAIL STISKIN sell 1 M 610 Not Provided 28.01.2013
Morgan Stanley ALAIN GABRIEL Overwt/In-Line 5 M 870 12 month 23.01.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 23.01.2013
Alfa-Bank BARRY EHRLICH equalweight 3 M 995 Not Provided 16.01.2013
Nomura PATRICK JONES reduce 2 M 700 12 month 16.01.2013
Barclays DAVID BUTLER underweight 1 D 765 Not Provided 14.01.2013
Macquarie ALON OLSHA neutral 3 M 810 12 month 10.01.2013
Deutsche Bank ROBERT CLIFFORD hold 3 M 735 12 month 08.01.2013
VTB Capital NIKOLAY SOSNOVSKIY buy 5 M 950 12 month 21.12.2012
Redburn Partners TIM JARRATT sell 1 M #N/A N/A Not Provided 06.12.2012
China International Capital Corp CAI HONGYU accumulate 4 M 750 12 month 26.11.2012
Halyk Finance MARIYAM ZHUMADIL hold 3 M 650 Not Provided 27.08.2012
Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 18.06.2012
Renaissance Capital EKATERINA GAZADZE buy 5 M 1'475 Not Provided 29.02.2012
GuoSen Securities Co Ltd CHENGMING GAO buy 5 N 1'833 12 month 28.02.2012
Holdings By:
Kazakhmys PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
KBC GROEP NV attracts deposits and offers banking and insurance services. The
Bank offers mortgage and consumer loans, project financing, lease financing and
factoring, and life, health, commercial, automobile, liability, industrial
accident, and occupational insurance, and manages investment funds.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.02.2013) 30.93
52-Week Low (18.05.2012) 11.15
Daily Volume
27.54
52-Week High % Change -10.99% Dividend Yield -
52-Week Low % Change 147.00% Beta 1.91
% 52 Week Price Range High/Low 82.68% Equity Float -
Shares Out 11.12.2012 393.8 Short Int -
10'844.66 1 Yr Total Return 65.68%
Total Debt 90'344.00 YTD Return 5.32%
Preferred Stock 3'500.0 Adjusted BETA 1.909
Minority Interest 362.0 Analyst Recs 25
Cash and Equivalents 15'789.00 Consensus Rating 3.920
Enterprise Value -
Average Volume 5 Day 1'430'564
KBC BB EQUITY YTD Change - Average Volume 30 Day 1'411'856
KBC BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'662'798
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
18'322.0 11'424.0 13'607.0 14'592.0 13'889.0 14'592.0 13'888.0 6'858.5 6'972.2 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'484.0) (2'466.0) 1'860.0 13.0 612.0 13.0 612.0 1'575.7 1'739.7 - -
- - 4.66x 3.08x 16.08x 60.57x 29.94x 7.67x 6.66x - -
EBITDA - Long-Term Rating Date 08.12.2011
EBIT - Long-Term Rating BBB+
Operating Margin 28.64% Long-Term Outlook POS
Pretax Margin 11.59% Short-Term Rating Date 18.03.2009
Return on Assets 0.23% Short-Term Rating A-2
Return on Common Equity 5.60%
Return on Capital 0.58% 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 746.7%
Net Income Margin 7.3% Total Debt/Capital 85.0%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 4.73
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.17% Inventory Days -
Tot Debt to Common Equity 746.71% 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
KBC Groep NVPrice/Volume
Valuation Analysis
1'046'903.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
02
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
0.0
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
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
1!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KBC ANCORA n/a Co File 82'216'380 20.88 - 31.12.2011 Holding Company
MRBB n/a Co File 46'289'864 11.76 - 31.12.2011 Other
CERA n/a Co File 26'127'166 6.63 - 31.12.2011 Unclassified
KBC GROUP NV n/a Co File 18'169'054 4.61 - 31.12.2011 Investment Advisor
FMR LLC n/a ULT-AGG 8'386'155 2.13 2'440'734 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'173'986 1.06 752'786 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'247'025 0.57 28'702 31.12.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 2'158'275 0.55 2'158'275 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'055'868 0.52 27'769 25.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'832'280 0.47 (27'983) 31.12.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 1'730'869 0.44 28'360 28.12.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 1'453'615 0.37 (58'610) 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'416'530 0.36 36'398 31.12.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 860'500 0.22 277'000 31.12.2012 Investment Advisor
UBS O'CONNOR LIMITED n/a Short (795'432) -0.2 133'885 14.06.2012 Hedge Fund Manager
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 521'955 0.13 207'353 30.11.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 517'865 0.13 98'904 28.12.2012 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 510'933 0.13 (5'000) 28.12.2012 Mutual Fund Manager
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 464'000 0.12 (1'000) 31.08.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 460'561 0.12 453'787 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oddo & Cie JEAN SASSUS neutral 3 M 28 Not Provided 27.02.2013
AlphaValue CHRISTOPHE NIJDAM reduce 2 M 28 6 month 21.02.2013
Macquarie THOMAS STOEGNER underperform 1 M 23 12 month 20.02.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 32 12 month 18.02.2013
ING Bank ALBERT PLOEGH buy 5 M 34 12 month 18.02.2013
Societe Generale PHILIP RICHARDS hold 3 M 31 12 month 15.02.2013
Deutsche Bank FLORA BENHAKOUN buy 5 M 37 12 month 15.02.2013
Berenberg Bank ELENI PAPOULA buy 5 M 30 Not Provided 15.02.2013
Natixis ALEX KOAGNE buy 5 M 35 Not Provided 15.02.2013
Exane BNP Paribas FRANCOIS BOISSIN outperform 5 M 34 Not Provided 15.02.2013
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 39 12 month 14.02.2013
HSBC JOHANNES THORMANN overweight 5 M 42 Not Provided 14.02.2013
Bank Degroof(ESN) MARC LEEMANS hold 3 M 20 12 month 14.02.2013
Petercam MATTHIAS DE WIT hold 3 M 29 Not Provided 14.02.2013
Rabobank International COR KLUIS buy 5 M 33 12 month 14.02.2013
Nomura DOMENICO SANTORO neutral 3 M 32 Not Provided 14.02.2013
ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 34 12 month 14.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 28 12 month 11.01.2013
Kepler Capital Markets BENOIT PETRARQUE buy 5 M 34 Not Provided 18.12.2012
CA Cheuvreux HANS PLUIJGERS underperform 1 D 25 Not Provided 11.12.2012
Goldman Sachs PAWEL DZIEDZIC not rated #N/A N/A M #N/A N/A Not Provided 07.12.2012
Barclays JEREMY SIGEE overweight 5 M 27 Not Provided 23.11.2012
Mediobanca SpA RICCARDO ROVERE outperform 5 M 25 12 month 15.10.2012
JPMorgan PAUL FORMANKO overweight 5 M 21 Not Provided 24.01.2012
Holdings By:
KBC Groep NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Kerry Group Plc processes and distributes consumer foods and food ingredients
internationally. Through its subsidiaries, the Group specializes in dairy
products, food ingredients, agricultural trading, liquid milk, desserts, and
fish, poultry and meat products.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (26.02.2013) 42.51
52-Week Low (27.02.2012) 31.31
Daily Volume
42.2
52-Week High % Change -0.84% Dividend Yield 0.85
52-Week Low % Change 34.80% Beta 0.68
% 52 Week Price Range High/Low 99.06% Equity Float 136.32
Shares Out 01.02.2013 175.6 Short Int -
7'411.46 1 Yr Total Return 33.12%
Total Debt 1'500.10 YTD Return 5.36%
Preferred Stock 0.0 Adjusted BETA 0.678
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 225.40 Consensus Rating 3.500
Enterprise Value 8'686.16
Average Volume 5 Day 320'910
KYG ID EQUITY YTD Change - Average Volume 30 Day 333'185
KYG ID EQUITY YTD % CHANGE - Average Volume 3 Month 260'265
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 - -
4'790.8 4'520.7 4'960.0 5'302.2 5'848.3 - - 6'062.1 6'386.9 - -
0.71x 1.04x 1.11x 1.19x 1.42x - - 1.39x 1.27x - -
488.4 502.8 603.9 574.8 645.6 - - 726.2 795.8 - -
6.98x 9.38x 9.15x 11.00x 12.87x - - 11.95x 10.92x - -
177.0 201.2 324.2 360.7 267.0 - - 452.9 514.9 - -
12.93x 17.89x 13.50x 13.76x 26.34x - - 16.32x 14.46x - -
EBITDA 645.60 Long-Term Rating Date -
EBIT 531.30 Long-Term Rating -
Operating Margin 9.08% Long-Term Outlook -
Pretax Margin 5.54% Short-Term Rating Date -
Return on Assets 5.05% Short-Term Rating -
Return on Common Equity 13.83%
Return on Capital 8.86% EBITDA/Interest Exp. 12.83
Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 9.50
Net Debt/EBITDA 1.97
Gross Margin 9.5% Total Debt/EBITDA 2.32
EBITDA Margin 11.0%
EBIT Margin 9.1% Total Debt/Equity 74.4%
Net Income Margin 4.6% Total Debt/Capital 42.6%
Asset Turnover 1.11
Current Ratio 1.09 Net Fixed Asset Turnover 4.84
Quick Ratio 0.16 Accounts receivable turnover-days -
Debt to Assets 28.04% Inventory Days -
Tot Debt to Common Equity 74.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 9.18
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
Kerry Group PLCPrice/Volume
Valuation Analysis
200'609.00
Current Price (2/dd/yy) Market Data
'2
-'-2.'.20'021'12
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
Kerry Co-operative C n/a Co File 30'057'906 17.11 - 31.12.2011 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 9'865'824 5.62 - 31.12.2012 Investment Advisor
THE GROWTH FUND OF A n/a RNS-MAJ 8'723'824 4.97 (242'000) 22.06.2012 n/a
M&G INVESTMENT MANAG n/a RNS-MAJ 5'273'494 3 (237'366) 25.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'549'910 2.02 (92'479) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'267'362 0.72 11'829 25.02.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 842'915 0.48 21'297 31.10.2012 Investment Advisor
MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 817'000 0.47 - 30.11.2012 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 646'484 0.37 (183'991) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 625'842 0.36 593'311 31.12.2012 Investment Advisor
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 564'836 0.32 (1'249) 31.12.2012 Mutual Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 545'683 0.31 52'720 31.12.2012 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 400'505 0.23 110'844 30.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 394'171 0.22 - 31.12.2012 Investment Advisor
PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 378'982 0.22 (15'419) 31.01.2013 Insurance Company
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 342'021 0.19 20'602 31.12.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 340'000 0.19 20'000 30.06.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 332'297 0.19 6'778 28.12.2012 Mutual Fund Manager
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 327'607 0.19 (37'955) 31.01.2013 Investment Advisor
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 326'227 0.19 (25'373) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale ALEX SLOANE sell 1 M 39 12 month 27.02.2013
Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 45 12 month 26.02.2013
Goodbody Stockbrokers Ltd LIAM IGOE hold 3 M 41 12 month 26.02.2013
Exane BNP Paribas JEFF STENT outperform 5 M 45 Not Provided 26.02.2013
AlphaValue SOPHIE CABO-BROSETA reduce 2 M 36 6 month 21.02.2013
Berenberg Bank JAMES TARGETT buy 5 M 46 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank CATHERINE FARRANT sell 1 D 35 12 month 09.01.2013
Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 42 12 month 09.01.2013
Jefferies ALEX HOWSON hold 3 M 39 12 month 14.08.2012
JPMorgan ANKUR GUPTA overweight 5 M 40 9 month 10.08.2012
Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 10.08.2012
Bloxham Stockbrokers JOE R GILL overweight 5 M #N/A N/A Not Provided 20.03.2012
Merrion Stockbrokers AOIFE WYER buy 5 M 33 Not Provided 15.04.2011
Holdings By:
Kerry Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Klepierre owns and manages shopping centers in continental Europe, and office
buildings in the Paris metropolitan area. The Company opted for the SIIC legal
status in 2003.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (27.02.2013) 31.30
52-Week Low (23.04.2012) 22.39
Daily Volume
30.975
52-Week High % Change -1.02% Dividend Yield -
52-Week Low % Change 38.37% Beta 0.98
% 52 Week Price Range High/Low 97.39% Equity Float 96.35
Shares Out 26.07.2012 199.5 Short Int -
6'178.59 1 Yr Total Return 41.14%
Total Debt 8'034.98 YTD Return 3.18%
Preferred Stock 0.0 Adjusted BETA 0.983
Minority Interest 1'326.0 Analyst Recs 22
Cash and Equivalents 201.27 Consensus Rating 3.455
Enterprise Value 15'356.64
Average Volume 5 Day 306'835
LI FP EQUITY YTD Change - Average Volume 30 Day 218'731
LI FP EQUITY YTD % CHANGE - Average Volume 3 Month 180'152
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 - -
943.8 1'092.9 1'166.8 1'212.3 992.1 - - 976.5 1'005.2 - -
11.80x 12.63x 11.82x 10.92x - - - 15.07x 14.65x - -
763.6 848.1 916.5 951.4 - - - 837.1 858.2 - -
14.58x 16.28x 15.04x 13.92x - - - 18.33x 17.88x - -
200.3 162.1 124.6 142.4 166.6 - - 369.4 410.1 - -
12.50x 31.54x 38.56x 27.55x 34.71x - - 14.96x 14.48x - -
EBITDA 951.38 Long-Term Rating Date 30.10.2001
EBIT 218.18 Long-Term Rating BBB+
Operating Margin 18.00% Long-Term Outlook STABLE
Pretax Margin 18.12% Short-Term Rating Date 05.06.2001
Return on Assets 1.15% Short-Term Rating A-2
Return on Common Equity 6.82%
Return on Capital 1.86% EBITDA/Interest Exp. 2.27
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. 1.52
Net Debt/EBITDA 10.10
Gross Margin - Total Debt/EBITDA 10.42
EBITDA Margin 52.9%
EBIT Margin - Total Debt/Equity 383.1%
Net Income Margin 16.8% Total Debt/Capital 70.1%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 61.77% Inventory Days -
Tot Debt to Common Equity 383.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
KlepierrePrice/Volume
Valuation Analysis
249'191.00
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
'
2
-'
-2
.'
.2
0'
02
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SIMON PROPERTY GROUP n/a Research 54'429'031 27.29 - 14.03.2012 Unclassified
BNP PARIBAS SA n/a Research 45'714'512 22.92 1'656'773 30.09.2012 Bank
KLEPIERRE n/a Co File 2'880'158 1.44 - 31.12.2010 Corporation
BLACKROCK n/a ULT-AGG 2'528'274 1.27 3'894 25.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'317'136 1.16 117'752 31.12.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'683'745 0.84 (134'090) 25.02.2013 Investment Advisor
EUROPEAN INVESTORS I n/a Research 1'629'584 0.82 (46'313) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'326'536 0.67 (7'762) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'310'934 0.66 (5'526) 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'157'316 0.58 (11'499) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'054'147 0.53 - 26.02.2013 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 845'626 0.42 15'739 30.09.2012 Investment Advisor
ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 702'193 0.35 (257'751) 17.07.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 700'687 0.35 102'614 31.12.2012 Mutual Fund Manager
PETERCAM SA Multiple Portfolios MF-AGG 650'000 0.33 115'000 30.12.2011 Mutual Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 582'569 0.29 (9'428) 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 540'597 0.27 (3'916) 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 474'804 0.24 633 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 437'789 0.22 (1'739) 30.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 435'836 0.22 (10'850) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 36 Not Provided 26.02.2013
Oddo & Cie MARINE LAFITTE buy 5 M 37 Not Provided 25.02.2013
AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 29 6 month 21.02.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 31 12 month 20.02.2013
Espirito Santo Investment Bank ResearchJON STEWART buy 5 M 34 Not Provided 14.02.2013
Societe Generale MICHEL VARALDO buy 5 M 34 12 month 05.02.2013
Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 M 34 Not Provided 05.02.2013
Petercam STEPHAN VAN WEEREN reduce 2 M 28 Not Provided 01.02.2013
Exane BNP Paribas NICK WEBB neutral 3 M 30 Not Provided 01.02.2013
ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 28 Not Provided 01.02.2013
Morgan Stanley BART GYSENS restricted #N/A N/A M #N/A N/A Not Provided 31.01.2013
Natixis SERGE DEMIRDJIAN buy 5 M 33 Not Provided 29.01.2013
Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 M 30 Not Provided 24.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Kempen & Co BOUDEWIJN SCHOON neutral 3 M 30 12 month 14.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013
JPMorgan HARM M MEIJER neutral 3 M 31 9 month 09.01.2013
Berenberg Bank KAI MALTE KLOSE sell 1 M 29 Not Provided 03.01.2013
HSBC STEPHANIE DOSSMANN neutral 3 M 31 Not Provided 02.11.2012
CA Cheuvreux BRUNO DUCLOS select list 5 U 31 Not Provided 11.09.2012
Barclays AARON GUY equalweight 3 M 30 Not Provided 31.08.2012
Edge Capital Research KONSTANTIN BOYCHINOV outperform 5 N 26 12 month 29.09.2011
Tradition Securities & Futures LAETITIA D'EPREMESNIL hold 3 M 27 Not Provided 06.07.2011
Holdings By:
Klepierre ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Koninklijke Boskalis Westminster NV is an international group that constructs
and maintains ports, waterways, coastlines, and riverbanks. The Company provides
dredging services and also engages in land reclamation activities. Boskalis has
positions in strategic partnerships in the Middle East (Archirodon) and in
offshore services (Lamnalco). The Company operates its own fleet of vessels.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (02.01.2013) 34.84
52-Week Low (18.05.2012) 23.27
Daily Volume
33.135
52-Week High % Change -4.88% Dividend Yield -
52-Week Low % Change 42.42% Beta 1.18
% 52 Week Price Range High/Low 86.95% Equity Float 82.44
Shares Out 16.01.2013 117.0 Short Int -
3'876.15 1 Yr Total Return 23.88%
Total Debt 807.63 YTD Return -2.54%
Preferred Stock 0.0 Adjusted BETA 1.175
Minority Interest 14.5 Analyst Recs 14
Cash and Equivalents 312.09 Consensus Rating 3.643
Enterprise Value 4'249.65
Average Volume 5 Day 367'045
BOKA NA EQUITY YTD Change - Average Volume 30 Day 282'794
BOKA NA EQUITY YTD % CHANGE - Average Volume 3 Month 316'172
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 - -
1'868.5 2'093.8 2'175.2 2'674.4 2'801.0 - - 3'059.6 3'297.8 - -
1.86x 0.72x 1.07x 1.59x 1.23x - - 1.39x 1.32x - -
348.1 454.6 444.9 621.5 590.5 - - 573.3 646.9 - -
9.98x 3.30x 5.23x 6.83x 5.84x - - 7.39x 6.55x - -
204.4 249.1 227.9 310.5 254.3 - - 239.0 279.6 - -
17.50x 5.72x 10.48x 11.48x 11.45x - - 14.61x 13.20x - -
EBITDA 590.48 Long-Term Rating Date -
EBIT 354.09 Long-Term Rating -
Operating Margin 12.64% Long-Term Outlook -
Pretax Margin 11.27% Short-Term Rating Date -
Return on Assets 5.31% Short-Term Rating -
Return on Common Equity 14.17%
Return on Capital - EBITDA/Interest Exp. 9.32
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 4.69
Net Debt/EBITDA 0.63
Gross Margin - Total Debt/EBITDA 1.27
EBITDA Margin 19.3%
EBIT Margin 11.4% Total Debt/Equity 46.6%
Net Income Margin 9.1% Total Debt/Capital 31.6%
Asset Turnover 0.65
Current Ratio 0.84 Net Fixed Asset Turnover 1.34
Quick Ratio 0.41 Accounts receivable turnover-days -
Debt to Assets 17.28% Inventory Days -
Tot Debt to Common Equity 46.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Koninklijke Boskalis Westminster NVPrice/Volume
Valuation Analysis
217'380.00
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
'
2
-'
-2
.'
.2
0'
02
1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HAL HOLDING NV n/a Co File 34'528'507 29.52 - 31.12.2011 Investment Advisor
SPRUCEGROVE INVESTME n/a Research 5'540'809 4.74 310'642 28.01.2013 Investment Advisor
MONDRIAN INVESTMENT n/a Research 5'377'314 4.6 (135'729) 23.01.2013 Hedge Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'004'562 1.71 - 30.12.2012 Investment Advisor
SARASIN n/a ULT-AGG 1'928'647 1.65 33'330 28.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'332'587 1.14 39'090 31.12.2012 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'018'867 0.87 172'783 31.10.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 780'795 0.67 - 30.11.2012 Bank
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 620'243 0.53 - 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 616'937 0.53 2'189 25.02.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 545'691 0.47 41'646 31.10.2012 Investment Advisor
FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 440'210 0.38 (244'000) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 362'598 0.31 (43'928) 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 350'000 0.3 50'000 28.12.2012 Mutual Fund Manager
DANSKE INVEST A/S Multiple Portfolios MF-AGG 339'107 0.29 (2'897) 31.01.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 326'692 0.28 (1'194) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 316'888 0.27 (16'313) 31.12.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 300'535 0.26 283'605 26.02.2013 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 249'633 0.21 (87'989) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 245'903 0.21 (61'596) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue GAETAN DUPONT buy 5 M 42 6 month 21.02.2013
ABN Amro Bank N.V. THIJS BERKELDER buy 5 M 38 Not Provided 19.02.2013
ING Bank TIJS HOLLESTELLE buy 5 M 38 12 month 13.02.2013
SNS Securities(ESN) EDWIN DE JONG buy 5 M 37 12 month 30.01.2013
Theodoor Gilissen Securities TOM MULLER hold 3 M 35 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
KBC Securities WOUTER VANDERHAEGHEN accumulate 4 M 35 Not Provided 11.01.2013
Exane BNP Paribas DAVID VAGMAN neutral 3 M 26 Not Provided 11.01.2013
Kepler Capital Markets ANDRE MULDER buy 5 M 38 Not Provided 17.12.2012
Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 33 6 month 30.11.2012
CA Cheuvreux ROBERT VAN OVERBEEK underperform 1 M 30 Not Provided 27.11.2012
Kempen & Co ARUN RAMBOCUS restricted #N/A N/A M #N/A N/A Not Provided 26.11.2012
Petercam LUUK VAN BEEK hold 3 M 35 Not Provided 26.11.2012
Rabobank International MICHEL AUPERS hold 3 M 31 Not Provided 13.11.2012
Holdings By:
Koninklijke Boskalis Westminster NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Koninklijke Vopak NV is an independent tank terminal operator. The Company
provides conditioned storage facilities for bulk liquids such as oil products,
gaseous chemicals, petrochemicals, biofuels and vegetable oils.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (29.11.2012) 58.07
52-Week Low (27.02.2012) 40.80
Daily Volume
54.77
52-Week High % Change -5.70% Dividend Yield -
52-Week Low % Change 34.26% Beta 0.75
% 52 Week Price Range High/Low 79.80% Equity Float 56.41
Shares Out 30.06.2012 127.8 Short Int -
7'001.55 1 Yr Total Return 34.98%
Total Debt 1'694.30 YTD Return 2.74%
Preferred Stock - Adjusted BETA 0.753
Minority Interest 108.5 Analyst Recs 17
Cash and Equivalents 88.70 Consensus Rating 2.941
Enterprise Value 8'881.85
Average Volume 5 Day 209'156
VPK NA EQUITY YTD Change - Average Volume 30 Day 222'996
VPK NA EQUITY YTD % CHANGE - Average Volume 3 Month 235'078
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 - -
853.0 923.5 1'001.1 1'106.3 1'171.9 - - 1'316.2 1'410.1 - -
3.58x 2.98x 4.50x 5.45x 5.90x - - 6.66x 6.18x - -
361.1 393.7 461.7 510.1 543.1 - - 649.2 705.2 - -
8.45x 7.00x 9.76x 11.81x 12.72x - - 13.68x 12.59x - -
181.1 213.2 251.2 270.1 400.6 - - 347.6 386.5 - -
14.81x 7.94x 14.16x 17.00x 13.25x - - 20.17x 18.02x - -
EBITDA 543.10 Long-Term Rating Date -
EBIT 372.80 Long-Term Rating -
Operating Margin 31.81% Long-Term Outlook -
Pretax Margin 43.25% Short-Term Rating Date -
Return on Assets 7.92% Short-Term Rating -
Return on Common Equity 19.63%
Return on Capital 12.16% EBITDA/Interest Exp. 6.32
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 0.74
Net Debt/EBITDA 2.86
Gross Margin - Total Debt/EBITDA 3.20
EBITDA Margin 48.5%
EBIT Margin 34.0% Total Debt/Equity 98.0%
Net Income Margin 34.2% Total Debt/Capital 48.0%
Asset Turnover 0.30
Current Ratio 0.73 Net Fixed Asset Turnover 0.45
Quick Ratio 0.16 Accounts receivable turnover-days -
Debt to Assets 39.96% Inventory Days -
Tot Debt to Common Equity 97.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Koninklijke Vopak NVPrice/Volume
Valuation Analysis
111'615.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
1'000.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HAL HOLDING NV n/a Co File 61'552'747 48.15 - 31.12.2011 Investment Advisor
ING GROEP NV n/a Co File 15'135'712 11.84 - 31.12.2011 Investment Advisor
AVIVA PLC n/a Co File 10'316'317 8.07 - 31.12.2011 Investment Advisor
ASR NEDERLAND NV n/a Co File 9'523'738 7.45 - 31.12.2011 Government
BLACKROCK n/a ULT-AGG 2'780'626 2.18 (22'395) 25.02.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'955'686 1.53 - 31.07.2012 Investment Advisor
DELTA LLOYD NV n/a ULT-AGG 1'523'194 1.19 - 06.05.2011 Bank
DANSKE INVEST A/S Multiple Portfolios MF-AGG 1'487'111 1.16 45'889 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'320'683 1.03 28'066 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'264'741 0.99 29'345 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'082'825 0.85 - 30.12.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 967'701 0.76 (100'875) 29.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 905'245 0.71 (338'048) 28.09.2012 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 565'778 0.44 (4'858) 31.12.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 558'193 0.44 200 31.12.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 372'706 0.29 1'466 31.10.2012 Bank
DE KREIJ JACK P n/a Research 330'722 0.26 17'732 27.04.2012 n/a
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 323'661 0.25 14'639 31.12.2012 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 321'910 0.25 (21'400) 30.06.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 315'040 0.25 (1'647) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Rabobank International MICHA TIEKINK hold 3 M 49 12 month 26.02.2013
KBC Securities MICHAEL ROEG hold 3 M 53 12 month 22.02.2013
ABN Amro Bank N.V. BJORN KROOK reduce 2 M 52 Not Provided 13.02.2013
Morgan Stanley DOUG F HAYES Overwt/In-Line 5 M 62 12 month 05.02.2013
Exane BNP Paribas CHARLES-HENRI DE MORTEMART outperform 5 U 59 Not Provided 28.01.2013
ING Bank QUIRIJN MULDER hold 3 M 57 12 month 21.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Kempen & Co ARUN RAMBOCUS hold 3 M 51 12 month 06.01.2013
SNS Securities(ESN) MARTIJN DEN DRIJVER accumulate 4 M 59 12 month 18.12.2012
Petercam LUUK VAN BEEK hold 3 M 59 Not Provided 10.12.2012
Kepler Capital Markets ANDRE MULDER reduce 2 D 48 Not Provided 10.12.2012
Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 55 Not Provided 13.11.2012
Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 M 52 12 month 12.11.2012
JPMorgan ELODIE RALL overweight 5 M 66 9 month 09.11.2012
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 74 6 month 31.10.2012
CA Cheuvreux HANS PLUIJGERS underperform 1 M 53 Not Provided 31.08.2012
Holdings By:
Koninklijke Vopak NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Kuehne + Nagel International AG transports freight worldwide. The Company
operates sea, land, and rail freight transportation businesses and warehousing
and distribution facilities. Kuehne + Nagel also provides related special
services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (03.04.2012) 124.50
52-Week Low (27.06.2012) 93.10
Daily Volume
107.5
52-Week High % Change -13.73% Dividend Yield -
52-Week Low % Change 15.47% Beta 0.97
% 52 Week Price Range High/Low 42.36% Equity Float 55.01
Shares Out 30.09.2012 120.0 Short Int -
12'900.00 1 Yr Total Return -6.79%
Total Debt 87.00 YTD Return -2.27%
Preferred Stock 0.0 Adjusted BETA 0.971
Minority Interest 23.0 Analyst Recs 29
Cash and Equivalents 851.00 Consensus Rating 3.069
Enterprise Value 12'109.00
Average Volume 5 Day 185'403
KNIN VX EQUITY YTD Change - Average Volume 30 Day 168'596
KNIN VX EQUITY YTD % CHANGE - Average Volume 3 Month 149'927
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
17'120.0 17'992.0 14'336.0 16'858.0 16'218.0 16'305.0 16'868.0 17'096.8 17'949.7 4'679.0 4'366.0
0.71x 0.39x 0.77x 0.85x 0.73x 3.36x 2.88x 0.70x 0.65x 2.52x 2.66x
1'033.0 1'038.0 905.0 1'038.0 994.0 986.0 872.0 898.5 1'029.0 249.8 253.0
11.77x 6.80x 12.26x 13.75x 11.92x 11.72x 13.67x 13.45x 11.74x 11.76x 11.56x
536.0 585.0 467.0 601.0 601.0 606.0 500.0 561.9 650.4 151.3 153.0
23.90x 13.62x 25.44x 25.69x 20.93x 20.24x 25.35x 22.69x 19.95x 20.13x 19.72x
EBITDA 994.00 Long-Term Rating Date -
EBIT 771.00 Long-Term Rating -
Operating Margin 4.75% Long-Term Outlook -
Pretax Margin 4.72% Short-Term Rating Date -
Return on Assets 8.20% Short-Term Rating -
Return on Common Equity 22.18%
Return on Capital - EBITDA/Interest Exp. 124.25
Asset Turnover 2.77% (EBITDA-Capex)/Interest Exp. 98.38
Net Debt/EBITDA -0.94
Gross Margin 36.4% Total Debt/EBITDA 0.07
EBITDA Margin 5.2%
EBIT Margin 3.8% Total Debt/Equity 3.7%
Net Income Margin 3.7% Total Debt/Capital 3.5%
Asset Turnover 2.77
Current Ratio 1.24 Net Fixed Asset Turnover 15.14
Quick Ratio 1.00 Accounts receivable turnover-days 52.38
Debt to Assets 1.42% Inventory Days 10.05
Tot Debt to Common Equity 3.65% Accounts Payable Turnover Day 41.07
Accounts Receivable Turnover 6.99 Cash Conversion Cycle 19.97
Inventory Turnover 36.40
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
Kuehne + Nagel International AGPrice/Volume
Valuation Analysis
75'458.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
!4 9
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KUEHNE KLAUS-MICHAEL n/a Co File 63'900'000 53.25 - 31.12.2010 n/a
HARRIS ASSOCIATES LP n/a EXCH 3'664'427 3.05 - 21.06.2012 Investment Advisor
DAVIS SELECTED ADVIS Multiple Portfolios MF-AGG 2'936'773 2.45 2'180 31.10.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'661'224 2.22 307'524 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'131'613 1.78 (208'632) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'647'050 1.37 - 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'606'410 1.34 115'831 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'259'719 1.05 (20'540) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 968'594 0.81 18'094 31.12.2012 Investment Advisor
KUEHNE & NAGEL INTL n/a Co File 877'480 0.73 - 31.12.2010 Corporation
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 800'153 0.67 42'469 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 688'958 0.57 (16'228) 30.11.2012 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 618'396 0.52 (6'705) 28.12.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 553'829 0.46 (2'812) 31.10.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 526'255 0.44 - 30.09.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 395'829 0.33 10'008 25.02.2013 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 352'378 0.29 (129'942) 30.11.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 280'657 0.23 (21'465) 29.06.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 258'233 0.22 19'923 31.10.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 221'491 0.18 (146'225) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs OLIVER NEAL neutral/neutral 3 M 120 12 month 27.02.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 137 12 month 27.02.2013
Berenberg Bank WILLIAM FOGGON buy 5 M 123 Not Provided 27.02.2013
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 177 12 month 25.02.2013
AlphaValue HEINZ STEFFEN add 4 M 128 6 month 21.02.2013
Cantor Fitzgerald ROBIN BYDE sell 1 M 95 Not Provided 20.02.2013
Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 125 6 month 19.02.2013
Helvea CHRISTIAN BURGER neutral 3 M 114 12 month 15.02.2013
RBC Capital Markets DAMIAN BREWER sector perform 3 M 110 12 month 29.01.2013
Davy STEPHEN FURLONG underperform 1 D #N/A N/A Not Provided 25.01.2013
Credit Suisse NEIL GLYNN underperform 1 D 106 Not Provided 22.01.2013
Equita SIM SpA GIANMARCO BONACINA reduce 2 D 103 12 month 22.01.2013
Bank Vontobel AG MICHAEL FOETH hold 3 M 115 Not Provided 22.01.2013
Nomura MARK MCVICAR buy 5 M 125 Not Provided 21.01.2013
Stifel Nicolaus DAVID G ROSS hold 3 M #N/A N/A Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Zuercher Kantonalbank MARCO STRITTMATTER outperform 5 M #N/A N/A Not Provided 10.01.2013
Barclays DAVID E FINTZEN underweight 1 M 105 Not Provided 09.01.2013
CA Cheuvreux BEAT KEISER outperform 5 U 124 Not Provided 06.12.2012
Morgan Stanley PENNY BUTCHER Underwt/In-Line 1 D 100 12 month 03.12.2012
HSBC JULIA WINARSO underweight 1 M 90 Not Provided 20.11.2012
Kepler Capital Markets BETTINA EDMONDSTON hold 3 M 110 Not Provided 05.11.2012
Main First Bank AG TOBIAS SITTIG outperform 5 M 115 12 month 23.10.2012
Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 D 112 12 month 16.10.2012
JPMorgan CHRISTOPHER G COMBE neutral 3 M 123 9 month 16.10.2012
Macquarie ROBERT JOYNSON outperform 5 M 120 12 month 16.10.2012
Liberum Capital Ltd PETER HYDE hold 3 M #N/A N/A Not Provided 16.10.2012
Holdings By:
Kuehne + Nagel International AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Lagardere S.C.A. operates communications and media, and high technology
businesses. The Company publishes newspapers, magazines, and books, operates
radio broadcasting stations, produces movies and television programming, offers
Internet access, hosts Internet websites, and manufactures airplanes,
helicopters, missiles, and satellites.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.01.2013) 27.00
52-Week Low (13.06.2012) 18.48
Daily Volume
26.87
52-Week High % Change -0.52% Dividend Yield -
52-Week Low % Change 45.40% Beta 1.02
% 52 Week Price Range High/Low 85.74% Equity Float 97.83
Shares Out 30.06.2012 131.1 Short Int -
3'523.55 1 Yr Total Return 27.57%
Total Debt 2'006.00 YTD Return 6.27%
Preferred Stock 0.0 Adjusted BETA 1.024
Minority Interest 75.0 Analyst Recs 22
Cash and Equivalents 737.00 Consensus Rating 3.273
Enterprise Value 5'318.55
Average Volume 5 Day 309'689
MMB FP EQUITY YTD Change - Average Volume 30 Day 332'627
MMB FP EQUITY YTD % CHANGE - Average Volume 3 Month 371'006
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
8'582.0 8'214.0 7'892.0 7'966.0 7'657.0 3'720.0 7'334.0 7'382.7 7'499.9 1'990.0 -
1.09x 0.78x 0.70x 0.73x 0.51x 0.00x 0.00x 0.68x 0.68x - -
868.0 791.0 739.0 733.0 641.0 0.0 0.0 567.6 604.8 - -
10.75x 8.08x 7.51x 7.94x 6.15x 0.00x 0.00x 9.36x 8.79x - -
534.0 593.0 137.0 163.0 (707.0) 0.0 0.0 253.3 290.5 - -
12.73x 6.28x 26.31x 23.90x - 0.00x 0.00x 14.28x 12.44x - -
EBITDA 641.00 Long-Term Rating Date -
EBIT 333.00 Long-Term Rating -
Operating Margin 4.35% Long-Term Outlook -
Pretax Margin -7.63% Short-Term Rating Date -
Return on Assets -7.33% Short-Term Rating -
Return on Common Equity -21.11%
Return on Capital - EBITDA/Interest Exp. 5.72
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 3.46
Net Debt/EBITDA 2.95
Gross Margin - Total Debt/EBITDA 4.01
EBITDA Margin 8.0%
EBIT Margin 4.0% Total Debt/Equity 68.0%
Net Income Margin -9.2% Total Debt/Capital 39.9%
Asset Turnover 0.77
Current Ratio 1.01 Net Fixed Asset Turnover 10.93
Quick Ratio 0.57 Accounts receivable turnover-days 56.56
Debt to Assets 22.47% Inventory Days -
Tot Debt to Common Equity 68.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.47 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Lagardere SCAPrice/Volume
Valuation Analysis
552'508.00
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
'
2
-'
-2
.'
.2
0'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR HOLDINGS LLC n/a Research 16'820'531 12.83 3'613'638 14.03.2012 Government
LAGARDERE CAPITAL & n/a Co File 12'610'893 9.62 - 31.12.2011 Corporation
CREDIT AGRICOLE SA n/a Research 6'938'523 5.29 - 01.10.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 3'777'230 2.88 241'400 30.06.2012 Investment Advisor
LAGARDERE SCA n/a Co File 3'765'198 2.87 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'160'493 1.65 27'182 31.12.2012 Investment Advisor
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 1'771'930 1.35 - 28.09.2012 Mutual Fund Manager
DNCA FINANCE Multiple Portfolios MF-AGG 1'640'000 1.25 190'000 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'458'198 1.11 1'238 25.02.2013 Investment Advisor
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 871'131 0.66 (46'310) 30.11.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 768'389 0.59 182'130 31.12.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 667'843 0.51 - 30.06.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 410'000 0.31 - 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 349'908 0.27 - 31.07.2012 Investment Advisor
FMR LLC n/a ULT-AGG 327'483 0.25 114'786 31.12.2012 Investment Advisor
LEONARDO INVEST FUND Multiple Portfolios MF-AGG 320'000 0.24 60'000 28.09.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 289'424 0.22 (40'000) 28.09.2012 Mutual Fund Manager
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 286'287 0.22 935 30.09.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 255'643 0.19 (1'016) 30.09.2012 Investment Advisor
COVEA FINANCE SAS Multiple Portfolios MF-AGG 235'100 0.18 (8'200) 30.09.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 22.02.2013
AlphaValue VERONIQUE CABIOC'H add 4 M 32 6 month 21.02.2013
CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 27 12 month 13.02.2013
Oddo & Cie BRUNO HARENG neutral 3 M 25 Not Provided 13.02.2013
Nomura MATTHEW WALKER neutral 3 M 28 Not Provided 08.02.2013
Barclays JULIEN ROCH equalweight 3 M 29 Not Provided 08.02.2013
Kepler Capital Markets CONOR O'SHEA reduce 2 M 20 Not Provided 07.02.2013
S&P Capital IQ ALEXANDER WISCH hold 3 M 28 12 month 07.02.2013
Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 29 Not Provided 07.02.2013
Day by Day VALERIE GASTALDY buy 5 M 28 3 month 28.01.2013
Natixis PAVEL GOVCIYAN buy 5 M 29 Not Provided 23.01.2013
Credit Suisse OMAR SHEIKH outperform 5 M 30 Not Provided 21.01.2013
Societe Generale CHRISTOPHE CHERBLANC buy 5 M 31 12 month 17.01.2013
Deutsche Bank MARK BRALEY sell 1 M 22 12 month 14.01.2013
Goldman Sachs RICHARD JONES neutral/neutral 3 M 28 12 month 09.01.2013
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 D 27 12 month 08.01.2013
HSBC OLIVIER MORAL overweight 5 M 30 Not Provided 06.12.2012
JPMorgan FILIPPO PIETRO LO FRANCO underweight 1 M 22 3 month 12.09.2012
CA Cheuvreux RICHARD HOUBRON outperform 5 M 29 Not Provided 31.08.2012
Holdings By:
Lagardere SCA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Lanxess AG is a specialty chemicals company. The Company's core business is the
development, manufacturing, and marketing of plastics, rubber, intermediates,
and specialty chemicals.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.02.2013) 69.99
52-Week Low (27.06.2012) 45.75
Daily Volume
65.11
52-Week High % Change -6.92% Dividend Yield -
52-Week Low % Change 42.33% Beta 1.16
% 52 Week Price Range High/Low 81.69% Equity Float 83.05
Shares Out 30.09.2012 83.2 Short Int -
5'417.33 1 Yr Total Return 16.29%
Total Debt 2'098.00 YTD Return -1.75%
Preferred Stock 0.0 Adjusted BETA 1.158
Minority Interest 16.0 Analyst Recs 37
Cash and Equivalents 555.00 Consensus Rating 3.676
Enterprise Value 7'065.33
Average Volume 5 Day 683'709
LXS GY EQUITY YTD Change - Average Volume 30 Day 617'928
LXS GY EQUITY YTD % CHANGE - Average Volume 3 Month 553'520
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
6'608.0 6'576.0 5'057.0 7'120.0 8'775.0 8'484.0 9'094.0 9'137.8 9'469.0 2'128.3 2'217.7
0.47x 0.29x 0.57x 0.82x 0.56x 2.55x 2.70x 0.77x 0.73x - -
677.0 635.0 417.0 910.0 1'099.0 1'134.0 1'102.0 1'194.9 1'238.8 210.6 325.5
4.55x 3.01x 6.95x 6.40x 4.45x 3.89x 6.39x 5.91x 5.70x 5.99x 5.89x
112.0 183.0 40.0 379.0 506.0 527.0 468.0 550.8 554.3 68.0 156.0
25.39x 6.24x 54.88x 12.96x 6.58x 5.75x 11.54x 9.81x 9.66x 10.55x 9.86x
EBITDA 1'099.00 Long-Term Rating Date 31.07.2007
EBIT 774.00 Long-Term Rating BBB
Operating Margin 8.82% Long-Term Outlook STABLE
Pretax Margin 7.46% Short-Term Rating Date 31.07.2007
Return on Assets 6.83% Short-Term Rating A-2
Return on Common Equity 21.46%
Return on Capital 13.26% EBITDA/Interest Exp. 10.57
Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 4.04
Net Debt/EBITDA 1.48
Gross Margin 22.9% Total Debt/EBITDA 1.76
EBITDA Margin 12.1%
EBIT Margin 8.1% Total Debt/Equity 101.9%
Net Income Margin 5.8% Total Debt/Capital 50.3%
Asset Turnover 1.33
Current Ratio 1.57 Net Fixed Asset Turnover 3.53
Quick Ratio 0.79 Accounts receivable turnover-days 47.97
Debt to Assets 30.50% Inventory Days 80.47
Tot Debt to Common Equity 101.94% Accounts Payable Turnover Day 35.62
Accounts Receivable Turnover 7.63 Cash Conversion Cycle 73.35
Inventory Turnover 4.55
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
Lanxess AGPrice/Volume
Valuation Analysis
367'970.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
5'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
1!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 13'931'366 16.74 539'586 25.02.2013 Investment Advisor
DODGE & COX n/a Co File 8'262'028 9.93 - 15.02.2012 Investment Advisor
NORGES BANK #N/A N/A Research 4'163'746 5 - 21.02.2013 Government
FMR LLC n/a ULT-AGG 2'815'126 3.38 1'213 31.12.2012 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 2'467'489 2.97 - 04.10.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'222'212 2.67 (6'250) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'489'265 1.79 33'689 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'250'215 1.5 (74'161) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 803'493 0.97 (1'170'958) 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 762'547 0.92 358'302 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 633'214 0.76 398'151 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 612'360 0.74 (1'484) 31.10.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 609'860 0.73 (19'203) 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 566'255 0.68 107'400 28.09.2012 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 538'587 0.65 (1'200) 31.01.2013 Mutual Fund Manager
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 520'745 0.63 63'873 29.06.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 461'811 0.56 (14'334) 31.12.2012 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (440'974) -0.53 (8'320) 05.11.2012 Hedge Fund Manager
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 417'065 0.5 (7'283) 31.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 354'392 0.43 (157'000) 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue MARTIN SCHNEE add 4 M 72 6 month 21.02.2013
Commerzbank Corporates & Markets STEPHAN KIPPE hold 3 M 65 6 month 18.02.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 70 12 month 15.02.2013
Bank of Valletta TEAM COVERAGE overweight 5 M 81 Not Provided 15.02.2013
Main First Bank AG RONALD KOEHLER outperform 5 U 71 12 month 15.02.2013
Hauck & Aufhaeuser NILS-PETER FITZL buy 5 M 77 12 month 07.02.2013
HSBC JESKO MAYER-WEGELIN neutral 3 M 70 Not Provided 06.02.2013
Bankhaus Metzler LARS HETTCHE buy 5 M 75 12 month 05.02.2013
Nomura JEAN DE WATTEVILLE buy 5 M 85 12 month 04.02.2013
Exane BNP Paribas JAMES KNIGHT neutral 3 M 66 Not Provided 04.02.2013
Barclays ANDREAS HEINE equalweight 3 M 71 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER reduce 2 M 59 Not Provided 01.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013
Berenberg Bank JAIDEEP PANDYA buy 5 M 79 Not Provided 29.01.2013
Morgan Stanley PAUL R WALSH Equalwt/In-Line 3 D 70 12 month 25.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
JPMorgan MARTIN EVANS neutral 3 M 77 9 month 07.12.2012
Deutsche Bank MARTIN DUNWOODIE buy 5 M 80 12 month 06.12.2012
Macquarie CHRISTIAN FAITZ neutral 3 M 60 12 month 21.11.2012
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 73 Not Provided 08.11.2012
DZ Bank AG PETER SPENGLER buy 5 M 70 12 month 08.11.2012
Societe Generale PETER CLARK buy 5 M 80 12 month 07.11.2012
Nord/LB THORSTEN STRAUSS hold 3 D 64 12 month 07.11.2012
Credit Suisse RHIAN O'CONNOR underperform 1 M 60 Not Provided 07.11.2012
CA Cheuvreux MARTIN ROEDIGER underperform 1 M 59 Not Provided 07.11.2012
Bankhaus Lampe HEIKO FEBER buy 5 M 80 12 month 07.11.2012
National Bank AG STEFFEN MANSKE hold 3 M 66 Not Provided 07.11.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 68 12 month 06.11.2012
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 M 70 12 month 06.11.2012
S&P Capital IQ SHO MATSUBARA hold 3 D 68 12 month 06.11.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF buy 5 M 79 12 month 06.11.2012
Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 10.10.2012
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 63 12 month 08.10.2012
Baader Bank NORBERT BARTH buy 5 M 72 12 month 27.09.2012
Holdings By:
Lanxess AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery
products. The Company markets its products through its own specialty stores and
boutiques, as well as through retail outlets and catalog sales. Lindt operates
subsidiaries in Europe, North America and Asia and also sells its products
through various distributors in other world regions.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (26.02.2013) 39'515.00
52-Week Low (06.03.2012) 30'621.90
Daily Volume
39245
52-Week High % Change -0.68% Dividend Yield -
52-Week Low % Change 28.16% Beta 0.65
% 52 Week Price Range High/Low 95.22% Equity Float 0.13
Shares Out 30.06.2012 0.1 Short Int -
8'337.97 1 Yr Total Return 21.07%
Total Debt 9.50 YTD Return 13.70%
Preferred Stock 0.0 Adjusted BETA 0.649
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 495.90 Consensus Rating 3.167
Enterprise Value 7'922.47
Average Volume 5 Day 87
LISN SE EQUITY YTD Change - Average Volume 30 Day 122
LISN SE EQUITY YTD % CHANGE - Average Volume 3 Month 123
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 - -
2'946.2 2'573.2 2'524.8 2'579.3 2'488.6 - - 2'674.1 2'852.1 - -
3.02x 1.85x 2.03x 2.42x 2.68x - - 2.94x 2.71x - -
444.3 466.1 382.5 423.3 421.9 - - 464.1 504.5 - -
20.04x 10.21x 13.41x 14.77x 15.83x - - 17.04x 15.68x - -
250.5 261.5 193.1 241.9 246.5 - - 277.1 304.7 - -
35.41x 19.52x 29.86x 28.38x 28.95x - - 31.57x 28.53x - -
EBITDA 421.90 Long-Term Rating Date -
EBIT 328.70 Long-Term Rating -
Operating Margin 13.21% Long-Term Outlook -
Pretax Margin 13.20% Short-Term Rating Date -
Return on Assets 11.31% Short-Term Rating -
Return on Common Equity 16.44%
Return on Capital - EBITDA/Interest Exp. 66.97
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 51.21
Net Debt/EBITDA -0.97
Gross Margin - Total Debt/EBITDA 0.05
EBITDA Margin 17.0%
EBIT Margin 13.3% Total Debt/Equity 0.6%
Net Income Margin 9.9% Total Debt/Capital 0.6%
Asset Turnover 1.13
Current Ratio 2.41 Net Fixed Asset Turnover 3.42
Quick Ratio 1.69 Accounts receivable turnover-days 42.51
Debt to Assets 0.38% Inventory Days -
Tot Debt to Common Equity 0.59% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.61 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
Lindt & Spruengli AGPrice/Volume
Valuation Analysis
55.00
Current Price (2/dd/yy) Market Data
'2'''
-''''-2'''.''''.2'''0''''02'''1''''12'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!' 9
!' 9
!' 9
!' 9
!' 9
!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TANNER ERNST n/a Co File 2'803 2.05 - 31.12.2011 n/a
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'239 1.64 (38) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'901 1.39 - 31.12.2012 Investment Advisor
AXA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'400 1.02 - 30.06.2012 Mutual Fund Manager
SPRUENGLI RUDOLF K n/a Co File 1'014 0.74 - 31.12.2011 n/a
BULGHERONI ANTONIO n/a Co File 1'000 0.73 - 31.12.2011 n/a
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 877 0.64 (12) 28.12.2012 Mutual Fund Manager
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 707 0.52 - 30.09.2012 Hedge Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 622 0.46 9 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 609 0.45 (182) 25.02.2013 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 608 0.44 (10) 31.10.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 516 0.38 (5) 30.11.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 325 0.24 20 31.12.2012 Investment Advisor
IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 255 0.19 (12) 31.10.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 239 0.17 30 31.10.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 234 0.17 6 31.12.2012 Investment Advisor
UBS ETF Multiple Portfolios MF-AGG 216 0.16 3 31.10.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 189 0.14 1 31.10.2012 Mutual Fund Manager
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 184 0.13 - 31.12.2012 Mutual Fund Manager
ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 174 0.13 (2) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank JAMES TARGETT hold 3 M 37'500 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
HSBC FLORENCE DOHAN underweight 1 M 35'500 Not Provided 16.01.2013
Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 36'000 Not Provided 16.01.2013
Natixis NICOLAS LANGLET neutral 3 M 36'000 Not Provided 16.01.2013
Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 15.01.2013
Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 39'400 12 month 09.01.2013
Kepler Capital Markets JON COX hold 3 M 34'000 Not Provided 21.08.2012
GSC Research MATTHIAS SCHRADE hold 3 U #N/A N/A Not Provided 27.04.2012
Holdings By:
Lindt & Spruengli AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Lonza Group AG produces organic fine chemicals, biocides, active ingredients,
and biotechnology products. The Company offers custom chemical manufacturing
and fermentation processing and manufactures its products for the life sciences,
pharmaceuticals, food processing, and agricultural products industries. Lonza
operates production sites in Europe, the United States, and China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 60.90
52-Week Low (04.06.2012) 32.81
Daily Volume
58.1
52-Week High % Change -4.60% Dividend Yield -
52-Week Low % Change 77.08% Beta 1.17
% 52 Week Price Range High/Low 89.68% Equity Float 43.02
Shares Out 31.12.2012 52.9 Short Int -
3'074.66 1 Yr Total Return 24.25%
Total Debt 2'815.00 YTD Return 17.71%
Preferred Stock 0.0 Adjusted BETA 1.168
Minority Interest (1.0) Analyst Recs 16
Cash and Equivalents 431.00 Consensus Rating 2.875
Enterprise Value 5'457.66
Average Volume 5 Day 312'382
LONN VX EQUITY YTD Change - Average Volume 30 Day 377'817
LONN VX EQUITY YTD % CHANGE - Average Volume 3 Month 313'574
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 09/12 Q3 12/12 Q4
2'937.0 2'690.0 2'680.0 2'692.0 3'925.0 - - 3'958.4 4'134.9 - -
2.20x 1.91x 1.91x 2.10x 1.27x - - 1.35x 1.27x - -
691.0 517.0 647.0 537.0 - - - 705.7 765.4 - -
9.36x 9.91x 7.91x 10.50x - - - 7.72x 7.12x - -
420.0 162.0 291.0 154.0 182.0 - - 243.3 292.5 - -
11.07x 22.88x 13.50x 18.62x 14.02x - - 12.44x 10.52x - -
EBITDA 537.00 Long-Term Rating Date -
EBIT 335.00 Long-Term Rating -
Operating Margin 8.54% Long-Term Outlook -
Pretax Margin 5.63% Short-Term Rating Date -
Return on Assets 2.57% Short-Term Rating -
Return on Common Equity 7.64%
Return on Capital - EBITDA/Interest Exp. 5.90
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 3.12
Net Debt/EBITDA 4.36
Gross Margin 25.6% Total Debt/EBITDA 4.82
EBITDA Margin 17.3%
EBIT Margin 8.5% Total Debt/Equity 117.0%
Net Income Margin 4.6% Total Debt/Capital 53.9%
Asset Turnover 0.55
Current Ratio 1.48 Net Fixed Asset Turnover 1.01
Quick Ratio 0.31 Accounts receivable turnover-days -
Debt to Assets 39.26% Inventory Days -
Tot Debt to Common Equity 116.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 159.95
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
Lonza Group AGPrice/Volume
Valuation Analysis
149'689.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
-!3 9
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
4'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MANNING & NAPIER ADV n/a EXCH 5'282'537 9.98 (1'724'233) 01.08.2012 Investment Advisor
GRUPO PLAFIN SA n/a Co File 4'120'364 7.79 - 31.12.2010 Other
FRANKLIN RESOURCES n/a ULT-AGG 3'999'687 7.56 334'502 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'801'813 5.29 (816'138) 31.12.2012 Investment Advisor
FMR LLC n/a Co File 2'673'056 5.05 - 31.12.2010 Unclassified
HARDING LOEVNER LP n/a EXCH 2'658'885 5.02 745'936 09.07.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'512'994 4.75 - 31.12.2010 Investment Advisor
BLACKROCK n/a ULT-AGG 2'044'573 3.86 551 25.02.2013 Investment Advisor
TIAA CREF INVESTMENT n/a EXCH 1'541'136 2.91 (129'058) 22.11.2010 Investment Advisor
THREADNEEDLE ASSET M n/a EXCH 1'525'377 2.88 - 11.06.2008 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'117'627 2.11 (16'921) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 931'200 1.76 14'898 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 706'798 1.34 (19'710) 28.12.2012 Mutual Fund Manager
LONZA GROUP AG n/a Co File 442'703 0.84 - 31.12.2010 Corporation
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 441'470 0.83 (48'608) 31.10.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 276'233 0.52 1'980 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 208'961 0.39 (2'645) 30.11.2012 Mutual Fund Manager
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 196'700 0.37 (11'000) 31.10.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 170'548 0.32 (4'266) 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 152'945 0.29 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue FABRICE FARIGOULE add 4 M 67 6 month 21.02.2013
Helvea OLAV ZILIAN accumulate 4 M 63 12 month 20.02.2013
Commerzbank Corporates & Markets STEPHAN KIPPE hold 3 M 55 6 month 04.02.2013
Bank Vontobel AG CARLA BAENZIGER hold 3 M 52 Not Provided 31.01.2013
S&P Capital IQ JACOB THRANE sell 1 D 48 12 month 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 30.01.2013
Credit Suisse LUISA HECTOR neutral 3 M 55 Not Provided 25.01.2013
Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 25.01.2013
Main First Bank AG BERND POMREHN underperform 1 M 57 12 month 25.01.2013
Jefferies PETER WELFORD hold 3 M 55 12 month 24.01.2013
Deutsche Bank HOLGER BLUM hold 3 M 47 12 month 22.01.2013
CA Cheuvreux MARCEL BRAND outperform 5 M 60 Not Provided 18.01.2013
Kempen & Co SACHIN SONI hold 3 D 58 12 month 15.01.2013
JPMorgan RICHARD VOSSER neutral 3 M 40 3 month 10.08.2012
Holdings By:
Lonza Group AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Lundin Petroleum AB explores for and produces oil and natural gas. The Company
operates in France, Ireland, Netherlands, Norway, Russia, Congo, Tunisia,
Indonesia, Malaysia, and Vietnam.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 170.80
52-Week Low (04.06.2012) 117.40
Daily Volume
146.5
52-Week High % Change -14.23% Dividend Yield -
52-Week Low % Change 24.79% Beta 1.01
% 52 Week Price Range High/Low 53.93% Equity Float -
Shares Out 26.02.2013 317.9 Short Int -
46'573.90 1 Yr Total Return -5.91%
Total Debt 384.19 YTD Return -2.01%
Preferred Stock 0.0 Adjusted BETA 1.007
Minority Interest 67.6 Analyst Recs 26
Cash and Equivalents 97.43 Consensus Rating 3.885
Enterprise Value 7'593.97
Average Volume 5 Day 1'223'465
LUPE SS EQUITY YTD Change - Average Volume 30 Day 1'565'301
LUPE SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'303'702
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
958.9 803.9 785.2 1'257.7 1'319.5 1'257.7 1'319.5 1'310.2 1'482.8 326.3 322.1
2.91x 3.59x 5.52x 6.24x 5.67x 18.21x 21.28x 6.41x 5.91x 24.01x 24.96x
459.6 357.7 489.6 872.0 - 0.0 300.3 983.3 1'139.7 264.8 263.0
6.07x 8.08x 8.86x 9.00x - 0.00x 0.00x 7.72x 6.66x 6.93x 6.43x
85.9 (380.3) 511.9 160.1 108.2 160.1 108.2 197.8 241.2 59.2 57.7
23.11x - 26.90x 48.21x 65.93x 48.21x 65.92x 36.21x 29.81x 31.37x 30.53x
EBITDA 872.04 Long-Term Rating Date -
EBIT 781.02 Long-Term Rating -
Operating Margin 59.19% Long-Term Outlook -
Pretax Margin 39.58% Short-Term Rating Date -
Return on Assets 3.62% Short-Term Rating -
Return on Common Equity 9.91%
Return on Capital 7.23% EBITDA/Interest Exp. 161.79
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 36.78
Net Debt/EBITDA -
Gross Margin 86.9% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 59.2% Total Debt/Equity 32.5%
Net Income Margin 8.2% Total Debt/Capital 23.5%
Asset Turnover 0.44
Current Ratio 0.78 Net Fixed Asset Turnover 0.50
Quick Ratio 0.52 Accounts receivable turnover-days 37.57
Debt to Assets 11.66% Inventory Days 53.36
Tot Debt to Common Equity 32.49% Accounts Payable Turnover Day 37.00
Accounts Receivable Turnover 9.74 Cash Conversion Cycle 53.93
Inventory Turnover 6.86
Fiscal Year Ended
Lundin Petroleum ABPrice/Volume
Valuation Analysis
614'546.00
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
'.'1'3'5'
-''-.'-1'-3'-5'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LORITO HOLDINGS LTD n/a Research 76'342'895 24.01 - 31.12.2011 Holding Company
LANDOR PARTICIPATION n/a Research 11'538'956 3.63 - 31.12.2011 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 10'858'863 3.42 - 31.12.2011 Investment Advisor
ZEBRA HOLDINGS n/a Research 10'844'643 3.41 - 31.12.2011 Holding Company
SIX SIS AG n/a Research 9'817'821 3.09 - 31.12.2011 Bank
AMF FONDER AB n/a Research 8'974'500 2.82 - 30.06.2011 Investment Advisor
SEB n/a ULT-AGG 7'918'360 2.49 (38'104) 31.12.2012 Unclassified
AFA FORSAKRINGAR n/a Research 7'113'547 2.24 - 31.12.2011 Insurance Company
HANDELSBANKEN FONDER n/a Research 7'045'002 2.22 - 30.06.2011 Investment Advisor
LUNDIN PETROLEUM AB n/a Research 6'882'638 2.16 - 31.12.2011 Corporation
JP MORGAN n/a ULT-AGG 6'339'192 1.99 (4'097) 31.10.2012 Unclassified
CLEARSTREAM BANKING n/a Research 5'957'698 1.87 - 31.12.2011 Bank
SSB CL OMNIBUS AC OM n/a Research 4'340'188 1.37 - 31.12.2011 Pension Fund (ERISA)
STATE STREET CUSTODI n/a ULT-AGG 4'248'595 1.34 - 31.12.2011 Other
LGT BANK IN LIECHTEN n/a Research 4'050'383 1.27 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'030'673 1.27 114'962 31.12.2012 Investment Advisor
BNP PARIBAS SECURITI n/a Research 3'722'727 1.17 - 31.12.2011 Investment Advisor
FJARDE AP-FONDEN n/a Research 3'590'898 1.13 - 31.12.2011 Pension Fund (ERISA)
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 2'918'807 0.92 562'201 31.12.2012 Investment Advisor
DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 2'730'000 0.86 365'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale DAVID MIRZAI sell 1 M 165 12 month 25.02.2013
Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 139 Not Provided 25.02.2013
RBC Capital Markets JAMES HOSIE sector perform 3 D 165 12 month 18.02.2013
ABG Sundal Collier ANDERS HOLTE buy 5 M 214 6 month 13.02.2013
Nordea Equity Research CHRISTIAN KOPFER buy 5 M 190 12 month 13.02.2013
Handelsbanken KJETIL SORUM accumulate 4 M 170 12 month 13.02.2013
SpareBank 1 Markets AS KRISTOFFER DAHLBERG buy 5 M 180 6 month 13.02.2013
Arctic Securities ASA CHRISTIAN YGGESETH hold 3 D 160 Not Provided 13.02.2013
Danske Markets ANDRE BAUSTAD BENONISEN buy 5 M 170 12 month 13.02.2013
Swedbank First Securities TEODOR SVEEN NILSEN buy 5 M 186 Not Provided 13.02.2013
SEB Enskilda JULIAN BEER buy 5 M 189 Not Provided 12.02.2013
Canaccord Genuity Corp THOMAS MARTIN buy 5 M 175 12 month 12.02.2013
Pareto Securities PETTER HJERTSTEDT buy 5 M 170 6 month 12.02.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 12.02.2013
Exane BNP Paribas ALEX TOPOUZOGLOU neutral 3 M 177 Not Provided 11.02.2013
Macquarie MARK WILSON outperform 5 M 179 12 month 07.02.2013
Carnegie ALEXANDER VILVAL buy 5 M #N/A N/A Not Provided 06.02.2013
Scotia Capital GAVIN WYLIE sector perform 3 M 174 12 month 04.02.2013
TD Securities SHAHIN AMINI hold 3 M 163 12 month 23.01.2013
GMP RITESH GAGGAR buy 5 M 165 Not Provided 08.01.2013
Goldman Sachs CHRISTOPHOR JOST sell/attractive 1 M 148 12 month 17.12.2012
Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 N 200 12 month 14.11.2012
Deutsche Bank PHIL CORBETT hold 3 M 165 12 month 01.11.2012
Nomura THEEPAN JOTHILINGAM buy 5 M 170 Not Provided 31.07.2012
CA Cheuvreux JOAKIM AHLBERG underperform 1 M 82 Not Provided 02.05.2011
Holdings By:
Lundin Petroleum AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Luxottica Group S.p.A. and its subsidiaries design, manufacture, distribute,
and market traditional and designer eyeglass frames and sunglasses. The
Company's LensCrafter retail chain of optical stores operates in North America.
Luxottica distributes its products around the world. The Company also sells
sunglasses through its Sunglass Hut retail chain.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (30.01.2013) 35.10
52-Week Low (05.06.2012) 24.61
Daily Volume
34.23
52-Week High % Change -2.45% Dividend Yield -
52-Week Low % Change 39.09% Beta 0.61
% 52 Week Price Range High/Low 89.70% Equity Float 133.01
Shares Out 07.02.2013 473.8 Short Int -
16'218.51 1 Yr Total Return 37.84%
Total Debt 2'936.71 YTD Return 10.17%
Preferred Stock 0.0 Adjusted BETA 0.610
Minority Interest 12.2 Analyst Recs 23
Cash and Equivalents 905.10 Consensus Rating 3.478
Enterprise Value 18'117.60
Average Volume 5 Day 903'787
LUX IM EQUITY YTD Change - Average Volume 30 Day 689'237
LUX IM EQUITY YTD % CHANGE - Average Volume 3 Month 843'660
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
4'966.1 5'201.6 5'094.3 5'798.0 6'222.5 6'059.9 6'962.9 7'100.4 7'644.1 1'643.4 -
2.58x 1.68x 2.08x 2.18x 1.94x 7.62x 7.78x 2.54x 2.33x 10.94x -
1'066.1 1'014.7 856.5 1'034.2 1'131.0 1'081.4 1'304.6 1'353.1 1'506.1 250.0 -
12.02x 8.64x 12.40x 12.25x 10.66x 10.21x 11.32x 13.39x 12.03x - -
492.2 379.7 299.1 402.2 452.3 443.1 529.3 575.0 680.8 99.5 -
20.11x 15.27x 27.77x 27.26x 22.14x 20.71x 14.95x 27.67x 23.25x - -
EBITDA 1'131.03 Long-Term Rating Date 02.03.2012
EBIT 807.14 Long-Term Rating BBB+
Operating Margin 12.97% Long-Term Outlook STABLE
Pretax Margin 11.17% Short-Term Rating Date 02.03.2012
Return on Assets 6.27% Short-Term Rating A-2
Return on Common Equity 14.38%
Return on Capital 9.59% EBITDA/Interest Exp. 9.34
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 7.45
Net Debt/EBITDA 1.45
Gross Margin 65.2% Total Debt/EBITDA 2.23
EBITDA Margin 18.7%
EBIT Margin 13.6% Total Debt/Equity 81.3%
Net Income Margin 7.3% Total Debt/Capital 44.8%
Asset Turnover 0.82
Current Ratio 1.27 Net Fixed Asset Turnover 5.71
Quick Ratio 0.82 Accounts receivable turnover-days 39.81
Debt to Assets 33.97% Inventory Days 102.92
Tot Debt to Common Equity 81.28% Accounts Payable Turnover Day 76.68
Accounts Receivable Turnover 9.19 Cash Conversion Cycle 50.62
Inventory Turnover 3.56
Fiscal Year Ended
Luxottica Group SpAPrice/Volume
Valuation Analysis
339'358.00
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
'
2
-'
-2
.'
.2
0'
02
1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DELFIN SARL n/a EXCH 312'726'567 66 - 19.09.2012 Investment Advisor
ARMANI GIORGIO n/a EXCH 23'099'950 4.88 - 19.09.2012 n/a
BLACKROCK n/a ULT-AGG 8'131'463 1.72 299'114 25.02.2013 Investment Advisor
FRANCAVILLA LUIGI n/a 20F 3'625'000 0.77 - 31.12.2011 n/a
BNP PARIBAS INV PART n/a ULT-AGG 3'137'206 0.66 464'919 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'006'031 0.63 498'938 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'976'639 0.42 302'143 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'771'994 0.37 (192'527) 30.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'636'158 0.35 1'636'158 31.12.2012 Investment Advisor
FILUNI SA n/a 20F 1'077'875 0.23 - 31.12.2011 Corporation
GENERAL ELECTRIC COM Multiple Portfolios MF-AGG 785'897 0.17 (30'643) 31.12.2012 Corporation
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 615'096 0.13 (42'561) 30.09.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 612'308 0.13 - 31.10.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 522'081 0.11 76'430 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 497'295 0.1 - 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 485'178 0.1 (41'929) 30.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 453'046 0.1 (21'705) 31.12.2012 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 423'490 0.09 (2'315) 28.12.2012 Mutual Fund Manager
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 371'082 0.08 (1'762) 31.12.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 361'574 0.08 77'591 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ARMELLE MOULIN sell 1 M 27 6 month 21.02.2013
Berenberg Bank BASSEL CHOUGHARI buy 5 M 36 Not Provided 15.02.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 35 6 month 08.02.2013
Banca IMI GIAN LUCA PACINI reduce 2 M 28 12 month 01.02.2013
Mediobanca SpA CHIARA ROTELLI neutral 3 M 34 6 month 31.01.2013
Raymond James MARC WILLAUME outperform 5 M 38 Not Provided 30.01.2013
Cantor Fitzgerald ALLEGRA PERRY buy 5 M 36 Not Provided 30.01.2013
Banca Akros(ESN) GIADA MARIA CABRINO accumulate 4 M 37 12 month 30.01.2013
Barclays JULIAN EASTHOPE overweight 5 M 37 Not Provided 30.01.2013
Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 28 12 month 29.01.2013
HSBC ANTOINE BELGE neutral 3 M 36 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 35 12 month 16.01.2013
Nomura CHRISTOPHER WALKER reduce 2 M 31 Not Provided 16.01.2013
Deutsche Bank FRANCESCA DI PASQUANTONIO hold 3 M 32 12 month 14.01.2013
Equita SIM SpA DOMENICO GHILOTTI buy 5 M 34 12 month 20.12.2012
Kepler Capital Markets DANIELE RIDOLFI hold 3 M 28 Not Provided 17.10.2012
CA Cheuvreux MARCO BACCAGLIO outperform 5 M 33 Not Provided 30.08.2012
Centrobanca SIMONE RAGAZZI hold 3 D 30 12 month 30.07.2012
Banca Profilo MELANIA GRIPPO hold 3 M 27 12 month 29.05.2012
Redburn Partners PASCAL HAUTCOEUR neutral 3 M #N/A N/A Not Provided 30.06.2009
Holdings By:
Luxottica Group SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Man Group PLC is a global provider of alternative investment
products and solutions for private and institutional investors to deliver
returns with a low correlation to equity and bond market benchmarks.
Latest Fiscal Year: 03/2011
LTM as of: 01/yy
52-Week High (02.03.2012) 152.80
52-Week Low (06.07.2012) 61.10
Daily Volume
101.6
52-Week High % Change -33.57% Dividend Yield 12.08
52-Week Low % Change 66.28% Beta 1.28
% 52 Week Price Range High/Low 44.49% Equity Float 1'664.77
Shares Out 31.01.2013 1'821.8 Short Int -
1'850.94 1 Yr Total Return -14.32%
Total Debt 1'478.00 YTD Return 22.78%
Preferred Stock 0.0 Adjusted BETA 1.279
Minority Interest 0.0 Analyst Recs 22
Cash and Equivalents 3'378.00 Consensus Rating 3.091
Enterprise Value 1'246.04
Average Volume 5 Day 9'707'526
EMG LN EQUITY YTD Change - Average Volume 30 Day 11'183'110
EMG LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'902'400
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 01/yy 01/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
2'214.0 3'222.0 2'488.0 1'345.0 1'655.0 - - 1'156.9 1'132.0 301.0 -
8.74x 4.80x 0.94x 2.69x 3.12x - - 2.01x 2.08x - -
1'399.0 2'128.0 1'500.0 624.0 592.0 - - 289.6 307.8 - -
13.82x 7.26x 1.56x 5.80x 8.73x - - 4.30x 4.05x - -
1'285.0 3'471.0 503.0 445.0 211.0 - - 140.8 167.7 - -
18.24x 11.87x 10.89x 14.62x 27.82x - - 19.26x 16.93x - -
EBITDA 592.00 Long-Term Rating Date 12.02.2013
EBIT 420.00 Long-Term Rating BBB-
Operating Margin 25.38% Long-Term Outlook NEG
Pretax Margin 19.58% Short-Term Rating Date 12.02.2013
Return on Assets -1.34% Short-Term Rating A-3
Return on Common Equity -1.98%
Return on Capital - EBITDA/Interest Exp. 6.88
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 5.94
Net Debt/EBITDA -3.27
Gross Margin - Total Debt/EBITDA 1.78
EBITDA Margin 28.7%
EBIT Margin 16.7% Total Debt/Equity 33.3%
Net Income Margin 12.7% Total Debt/Capital 25.0%
Asset Turnover 0.30
Current Ratio 4.85 Net Fixed Asset Turnover 12.88
Quick Ratio 4.34 Accounts receivable turnover-days -
Debt to Assets 21.68% Inventory Days -
Tot Debt to Common Equity 33.32% 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
Man Group PLCPrice/Volume
Valuation Analysis
5'865'990.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
-3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
-1'!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'1!'1!.''5 '1!-'!.''5'1!'1!.''6 '1!-'!.''6'1!'1!.'-' '1!-'!.'-''1!'1!.'-- '1!-'!.'-- '1!'1!.'-. '1!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 106'350'146 5.84 96'448'316 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 101'226'938 5.56 10'236'082 01.12.2012 Investment Advisor
G&S TRUSTEES LTD n/a RNS-MAJ 63'942'242 3.51 (220'251) 06.11.2012 n/a
Point Pleasant Ventu Multiple Portfolios REG 63'942'242 3.51 - 01.12.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 62'765'760 3.45 (2'198'059) 31.01.2013 Unclassified
UBS n/a ULT-AGG 60'621'432 3.33 (9'910'260) 28.12.2012 Unclassified
ODEY ASSET MANAGEMEN n/a RNS-MAJ 55'337'105 3.04 133'806 06.11.2012 Investment Advisor
ODEY ASSET MANAGEMEN Multiple Portfolios REG 55'298'497 3.04 38'547'597 01.12.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 46'743'171 2.57 (509'914) 25.02.2013 Investment Advisor
COLLINS STEWART LTD Multiple Portfolios REG 46'463'132 2.55 1'099'773 01.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 40'839'122 2.24 (2'458'843) 01.12.2012 Bank
MELLON CAPITAL MANAG Multiple Portfolios REG 39'254'663 2.15 735'478 01.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 38'094'907 2.09 963'477 01.12.2012 Government
PRIVATE INDIVIDUALS Multiple Portfolios REG 38'026'382 2.09 27'459'429 01.12.2012 Other
COUTTS PRIVATE BANKI Multiple Portfolios REG 37'549'973 2.06 (2'411'696) 01.12.2012 Unclassified
LANSDOWNE PARTNERS n/a Short (33'338'762) -1.83 (2'550'506) 06.02.2013 Investment Advisor
ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 33'104'008 1.82 2'393'847 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 28'232'953 1.55 (11'260'002) 31.12.2012 Unclassified
DIRECTOR & RELATED H Multiple Portfolios REG 27'257'500 1.5 (876'281) 01.12.2012 Other
TD WATERHOUSE GROUP Multiple Portfolios REG 26'477'262 1.45 1'406'084 01.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd DAVID MCCANN sell 1 M 64 Not Provided 27.02.2013
Societe Generale MICHAEL SANDERSON hold 3 M 88 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
Macquarie NEIL WELCH outperform 5 U 121 12 month 21.02.2013
Exane BNP Paribas ABHISHEK PARTHASARATHY underperform 1 M 70 Not Provided 20.02.2013
RBC Capital Markets PETER K LENARDOS sector perform 3 M 95 12 month 19.02.2013
Credit Suisse GURJIT KAMBO neutral 3 M 104 Not Provided 19.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Oriel Securities Ltd SARAH ING buy 5 N 110 Not Provided 11.02.2013
Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 90 12 month 05.02.2013
Barclays DANIEL R GARROD equalweight 3 M 91 Not Provided 05.02.2013
Goldman Sachs CHRIS M. TURNER neutral/neutral 3 D 111 12 month 24.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan RAE MAILE neutral 3 M 57 9 month 14.01.2013
HSBC NITIN ARORA underweight 1 D 84 Not Provided 14.01.2013
Jefferies JASON STREETS hold 3 M 75 12 month 03.01.2013
Canaccord Genuity Corp ARUN MELMANE hold 3 M 75 12 month 11.12.2012
Peel Hunt STUART DUNCAN hold 3 M 100 Not Provided 03.12.2012
Espirito Santo Investment Bank ResearchPHILIP DOBBIN neutral 3 M 78 Not Provided 19.10.2012
N+1 Singer Ltd ANDREW WATSON buy 5 M 85 12 month 04.10.2012
Holdings By:
Man Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
MAN SE manufactures vehicles, engines, turbines and defense products, and offers
engineering services. The Company manufactures trucks, buses, diesel engines,
compressors, turbines, and aerospace and defense systems, and offers industrial
plant design and project management services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.04.2012) 103.00
52-Week Low (05.09.2012) 70.39
Daily Volume
87.44
52-Week High % Change -15.14% Dividend Yield -
52-Week Low % Change 24.22% Beta 1.06
% 52 Week Price Range High/Low 53.79% Equity Float 35.20
Shares Out 31.12.2012 141.0 Short Int -
12'822.55 1 Yr Total Return 5.76%
Total Debt 5'299.00 YTD Return 8.28%
Preferred Stock 0.0 Adjusted BETA 1.064
Minority Interest 69.0 Analyst Recs 30
Cash and Equivalents 1'367.00 Consensus Rating 2.967
Enterprise Value 16'823.55
Average Volume 5 Day 153'493
MAN GY EQUITY YTD Change - Average Volume 30 Day 151'440
MAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 148'912
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
14'945.0 12'026.0 14'675.0 16'472.0 15'772.0 16'472.0 15'772.0 15'979.2 16'698.7 - -
0.49x 0.89x 1.02x 0.75x 1.00x 3.24x 4.07x 1.01x 0.96x - -
1'803.0 974.0 1'194.0 2'363.0 1'487.0 2'363.0 1'487.0 1'501.7 1'785.1 - -
4.09x 10.97x 12.50x 5.24x 10.65x 5.24x 10.68x 11.21x 9.43x - -
1'233.0 (270.0) 713.0 238.0 177.0 238.0 177.0 595.3 761.9 - -
4.99x - 16.79x 14.87x 67.29x 14.87x 67.29x 24.58x 18.40x - -
EBITDA 1'487.00 Long-Term Rating Date 20.12.2012
EBIT 781.00 Long-Term Rating NR
Operating Margin 4.95% Long-Term Outlook -
Pretax Margin 1.97% Short-Term Rating Date 20.12.2012
Return on Assets 0.92% Short-Term Rating NR
Return on Common Equity 3.20%
Return on Capital 4.29% EBITDA/Interest Exp. 3.87
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 1.91
Net Debt/EBITDA 2.64
Gross Margin 20.8% Total Debt/EBITDA 3.56
EBITDA Margin 9.4%
EBIT Margin 5.0% Total Debt/Equity 95.5%
Net Income Margin 1.1% Total Debt/Capital 48.5%
Asset Turnover 0.82
Current Ratio 1.02 Net Fixed Asset Turnover 3.45
Quick Ratio 0.44 Accounts receivable turnover-days 51.89
Debt to Assets 26.60% Inventory Days 100.82
Tot Debt to Common Equity 95.48% Accounts Payable Turnover Day 64.11
Accounts Receivable Turnover 7.05 Cash Conversion Cycle 88.59
Inventory Turnover 3.63
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
MAN SEPrice/Volume
Valuation Analysis
133'195.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VOLKSWAGEN AG n/a Co File 105'773'020 75.03 - 30.09.2012 Corporation
BLACKROCK n/a ULT-AGG 5'115'815 3.63 (257) 25.02.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 997'719 0.71 (234'145) 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 892'050 0.63 (269'150) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 749'322 0.53 8'923 31.12.2012 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 619'012 0.44 (1'400) 31.01.2013 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 508'162 0.36 (1'200) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 348'865 0.25 90'885 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 327'150 0.23 (122'475) 28.09.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 156'869 0.11 8'000 28.12.2012 Mutual Fund Manager
MAINFIRST SICAV Multiple Portfolios MF-AGG 146'458 0.1 (2'000) 31.10.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 125'830 0.09 (60'920) 28.09.2012 Mutual Fund Manager
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 100'000 0.07 - 28.12.2012 Mutual Fund Manager
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 82'307 0.06 (9'597) 28.09.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 75'391 0.05 - 28.12.2012 Unclassified
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 57'359 0.04 152 28.12.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 53'085 0.04 - 31.07.2012 Investment Advisor
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 52'100 0.04 14'500 31.08.2012 Investment Advisor
FMR LLC n/a ULT-AGG 44'577 0.03 (396'744) 31.12.2012 Investment Advisor
STATE STREET BANQUE Multiple Portfolios MF-AGG 42'831 0.03 (1'407) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HANS-PETER WODNIOK sell 1 M 69 6 month 21.02.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 87 Not Provided 15.02.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 95 12 month 12.02.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 83 12 month 11.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 11.02.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 100 12 month 11.02.2013
Natixis KATHLEEN GAILLIOT reduce 2 M 65 Not Provided 11.02.2013
Societe Generale ALASDAIR LESLIE hold 3 M 85 12 month 08.02.2013
Commerzbank Corporates & Markets SASCHA GOMMEL hold 3 M 91 6 month 08.02.2013
Nord/LB FRANK SCHWOPE sell 1 M 80 12 month 08.02.2013
JPMorgan ALEXANDER WHIGHT neutral 3 M 79 9 month 08.02.2013
Berenberg Bank FREDERIK BITTER hold 3 M 95 Not Provided 08.02.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 66 12 month 08.02.2013
DZ Bank AG MICHAEL PUNZET buy 5 M 95 12 month 08.02.2013
Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 85 12 month 30.01.2013
Day by Day VALERIE GASTALDY buy 5 M 95 3 month 22.01.2013
Barclays MICHAEL TYNDALL equalweight 3 U 83 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Makor Capital ALBERT SAPORTA buy 5 M 93 Not Provided 16.01.2013
Morgan Stanley LAURA LEMBKE not rated #N/A N/A M #N/A N/A Not Provided 14.01.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 U 91 12 month 10.01.2013
Credit Suisse GEORGE GALLIERS restricted #N/A N/A M #N/A N/A Not Provided 10.01.2013
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 70 12 month 16.11.2012
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 90 12 month 31.10.2012
BHF-Bank HERMANN REITH market weight 3 M 90 12 month 30.10.2012
National Bank AG MANFRED JAISFELD sell 1 M #N/A N/A Not Provided 23.10.2012
Deutsche Bank JOCHEN GEHRKE buy 5 U 94 12 month 10.10.2012
Bankhaus Metzler JUERGEN PIEPER sell 1 M 66 12 month 31.07.2012
Exane BNP Paribas RABIH FREIHA neutral 3 M 80 Not Provided 04.05.2012
Holdings By:
MAN SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Meggitt plc operates an engineering group, which specializes in aerospace,
defense and electronics products. The Company manufactures aircraft instruments
and valves, water injection systems, compact heat exchangers, smoke detection
systems and defense systems, including aerial target systems and surveillance
drones. Meggitt markets its products internationally.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (25.02.2013) 462.60
52-Week Low (14.06.2012) 362.50
Daily Volume
450.1
52-Week High % Change -2.68% Dividend Yield 2.42
52-Week Low % Change 24.17% Beta 1.02
% 52 Week Price Range High/Low 87.31% Equity Float 742.96
Shares Out 01.02.2013 785.1 Short Int -
3'533.67 1 Yr Total Return 18.40%
Total Debt 883.00 YTD Return 17.73%
Preferred Stock 0.0 Adjusted BETA 1.016
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 94.60 Consensus Rating 4.188
Enterprise Value 4'326.57
Average Volume 5 Day 955'094
MGGT LN EQUITY YTD Change - Average Volume 30 Day 1'523'927
MGGT LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'305'589
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 03/12 Q1 06/12 Q2
878.2 1'162.6 1'150.5 1'162.0 1'455.3 - - 1'605.5 1'689.7 - -
3.42x 1.82x 2.25x 2.84x 2.43x - - 2.66x 2.46x - -
217.1 290.1 379.3 362.5 425.5 - - 465.1 500.8 - -
13.85x 7.29x 6.83x 9.11x 8.31x - - 9.31x 8.64x - -
89.3 99.1 138.8 138.8 184.9 - - 255.2 279.8 - -
22.83x 10.67x 12.67x 18.43x 14.69x - - 13.29x 12.30x - -
EBITDA 425.50 Long-Term Rating Date -
EBIT 281.40 Long-Term Rating -
Operating Margin 19.34% Long-Term Outlook -
Pretax Margin 15.53% Short-Term Rating Date -
Return on Assets 5.12% Short-Term Rating -
Return on Common Equity 11.14%
Return on Capital 9.61% EBITDA/Interest Exp. 5.80
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 5.43
Net Debt/EBITDA 1.73
Gross Margin 42.3% Total Debt/EBITDA 1.86
EBITDA Margin 29.1%
EBIT Margin 19.1% Total Debt/Equity 49.2%
Net Income Margin 12.7% Total Debt/Capital 33.0%
Asset Turnover 0.41
Current Ratio 1.48 Net Fixed Asset Turnover 7.03
Quick Ratio 0.78 Accounts receivable turnover-days -
Debt to Assets 22.15% Inventory Days 116.63
Tot Debt to Common Equity 49.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 104.66
Inventory Turnover 3.14
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
Meggitt PLCPrice/Volume
Valuation Analysis
431'745.00
Current Price (2/dd/yy) Market Data
'2'
-''-2'.''.2'0''02'1''12'2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
5!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 86'993'907 11.08 7'799'047 08.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 80'851'778 10.3 3'205'658 02.01.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 65'315'756 8.32 (955'419) 02.01.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 59'444'016 7.57 (92'827) 02.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'753'192 4.04 (1'164'246) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 27'293'479 3.48 28'115 02.01.2013 Unclassified
BLACKROCK n/a ULT-AGG 24'984'372 3.18 (3'102'449) 25.02.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 18'196'691 2.32 326'524 02.01.2013 Government
MASSACHUSETTS FINANC Multiple Portfolios REG 17'580'029 2.24 2'476'063 02.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 16'703'377 2.13 2'007'887 02.01.2013 Unclassified
AXA FRAMLINGTON INV Multiple Portfolios REG 15'417'435 1.96 - 02.01.2013 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 14'566'634 1.86 394'338 02.01.2013 Investment Advisor
AEGON n/a ULT-AGG 14'545'180 1.85 (551'886) 02.01.2013 Unclassified
ARTISAN PARTNERS HOL Multiple Portfolios REG 14'432'822 1.84 1'923'956 02.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 13'694'913 1.74 (1'090'142) 02.01.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 13'570'174 1.73 (5'827'575) 02.01.2013 Investment Advisor
UBS n/a ULT-AGG 13'357'924 1.7 1'234'019 02.01.2013 Unclassified
THREADNEEDLE ASSET M Multiple Portfolios REG 13'022'072 1.66 773'039 02.01.2013 Investment Advisor
IGNIS ASSET MANAGEME Multiple Portfolios REG 12'370'395 1.58 (3'341'188) 02.01.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 11'150'663 1.42 3'146'468 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec ANDREW GOLLAN buy 5 M 480 12 month 22.02.2013
AlphaValue THOMAS PICHERIT add 4 M 489 6 month 21.02.2013
RBC Capital Markets ROBERT STALLARD top pick 5 M 455 12 month 20.02.2013
JPMorgan DAVID H. PERRY neutral 3 N 480 9 month 11.02.2013
Societe Generale ZAFAR KHAN hold 3 M 450 12 month 28.01.2013
Jefferies SANDY MORRIS hold 3 M 365 12 month 21.01.2013
Barclays CHRISTIAN LAUGHLIN overweight 5 U 520 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 495 Not Provided 08.01.2013
Deutsche Bank BEN FIDLER buy 5 M 445 12 month 12.12.2012
Credit Suisse OLIVER SLEATH neutral 3 M 400 Not Provided 02.11.2012
Arden Partners Ltd GRAHAM J WEBSTER buy 5 M #N/A N/A Not Provided 01.10.2012
Liberum Capital Ltd BENJAMIN BOURNE hold 3 M 430 Not Provided 08.08.2012
Holdings By:
Meggitt PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Melrose Industries PLC is an international engineering group with worldwide
interests in the design, development and manufacture of specialist components
for a wide range of markets, including aerospace, IT, telecommunications,
consumer electronics, automotive, medical and consumer durables.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (14.09.2012) 261.50
52-Week Low (16.11.2012) 198.20
Daily Volume
257.1
52-Week High % Change -1.68% Dividend Yield 2.43
52-Week Low % Change 29.72% Beta 1.22
% 52 Week Price Range High/Low 81.99% Equity Float 1'222.14
Shares Out 05.02.2013 1'266.6 Short Int -
3'256.50 1 Yr Total Return 18.93%
Total Debt 486.30 YTD Return 15.03%
Preferred Stock 0.0 Adjusted BETA 1.217
Minority Interest 0.1 Analyst Recs 12
Cash and Equivalents 195.60 Consensus Rating 4.500
Enterprise Value 3'563.00
Average Volume 5 Day 2'968'461
MRO LN EQUITY YTD Change - Average Volume 30 Day 2'329'874
MRO LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'532'162
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 - -
288.6 895.3 1'298.5 1'035.4 1'153.9 - - 1'545.7 2'358.2 - -
0.65x 1.09x 0.94x 1.77x 1.40x - - 2.74x 1.77x - -
33.5 103.6 156.6 147.2 180.2 - - 274.0 424.5 - -
5.59x 9.45x 7.78x 12.47x 8.99x - - 13.00x 8.39x - -
214.8 (48.3) 79.5 141.1 286.4 - - 153.8 219.2 - -
18.16x 21.16x 16.36x 14.95x 13.49x - - 16.07x 14.95x - -
EBITDA 180.20 Long-Term Rating Date -
EBIT 157.10 Long-Term Rating -
Operating Margin 13.61% Long-Term Outlook -
Pretax Margin 8.44% Short-Term Rating Date -
Return on Assets 13.82% Short-Term Rating -
Return on Common Equity 34.31%
Return on Capital - EBITDA/Interest Exp. 6.09
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 4.82
Net Debt/EBITDA 1.66
Gross Margin 29.6% Total Debt/EBITDA 2.30
EBITDA Margin 15.8%
EBIT Margin 14.0% Total Debt/Equity 75.0%
Net Income Margin 24.8% Total Debt/Capital 42.9%
Asset Turnover 0.61
Current Ratio 1.57 Net Fixed Asset Turnover 5.47
Quick Ratio 0.99 Accounts receivable turnover-days 67.75
Debt to Assets 27.30% Inventory Days 96.51
Tot Debt to Common Equity 75.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.40 Cash Conversion Cycle 91.55
Inventory Turnover 3.79
Fiscal Year Ended
Melrose Industries PLCPrice/Volume
Valuation Analysis
1'878'996.00
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
'
2'
-''
-2'
.''
.2'
0''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9-''!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 203'390'829 16.06 (52'846'118) 25.02.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 89'682'464 7.08 60'843'195 01.10.2012 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 70'905'404 5.6 2'964'910 31.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 66'564'094 5.26 45'275'521 01.10.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 64'947'570 5.13 937'557 31.01.2013 Unclassified
ARTEMIS INVESTMENT M n/a RNS-MAJ 63'280'471 5 - 26.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 52'535'820 4.15 49'404'951 01.10.2012 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios REG 50'985'934 4.03 36'435'203 01.10.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 42'797'072 3.38 (593'619) 31.10.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 42'783'443 3.38 16'955'892 01.10.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 42'631'153 3.37 24'803'979 31.12.2012 Investment Advisor
AVIVA PLC n/a RNS-MAJ 38'617'671 3.05 18'621'495 17.10.2012 Investment Advisor
IGNIS ASSET MANAGEME Multiple Portfolios REG 36'463'359 2.88 16'503'951 01.10.2012 Investment Advisor
DIRECTOR & RELATED H Multiple Portfolios REG 35'747'369 2.82 27'819'892 01.10.2012 Other
CREDIT SUISSE AG n/a RNS-MAJ 30'037'368 2.37 - 01.08.2012 Investment Advisor
AEGON n/a ULT-AGG 29'204'177 2.31 24'932'501 01.10.2012 Unclassified
JUPITER ASSET MANAGE Multiple Portfolios REG 25'186'105 1.99 16'720'051 01.10.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 20'365'865 1.61 11'217'085 01.10.2012 Government
AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 17'955'909 1.42 550'838 31.01.2013 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 15'138'648 1.2 11'200'214 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec CHRIS DYETT buy 5 M 260 12 month 22.02.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 245 12 month 19.02.2013
Oriel Securities Ltd HARRY PHILIPS buy 5 M 270 Not Provided 01.02.2013
Credit Suisse JONATHAN HURN neutral 3 M 245 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Arden Partners Ltd DAVID LARKAM neutral 3 U 220 12 month 27.11.2012
Barclays RICHARD PAIGE overweight 5 M 270 Not Provided 23.11.2012
JPMorgan ANDREW J WILSON overweight 5 M 255 9 month 16.11.2012
Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 250 Not Provided 16.11.2012
Holdings By:
Melrose Industries PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Metro AG operates retail stores and markets products over the Internet. The
Company operates cash and carry stores, supermarkets and hypermarkets, consumer
electronics stores, department stores, theme stores, and online sales services.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (20.03.2012) 32.15
52-Week Low (26.07.2012) 19.52
Daily Volume
23.425
52-Week High % Change -27.15% Dividend Yield -
52-Week Low % Change 20.01% Beta 0.89
% 52 Week Price Range High/Low 30.17% Equity Float 143.42
Shares Out 09.01.2013 324.1 Short Int -
7'653.94 1 Yr Total Return -14.89%
Total Debt 7'441.00 YTD Return 11.55%
Preferred Stock 0.0 Adjusted BETA 0.886
Minority Interest 73.0 Analyst Recs 41
Cash and Equivalents 3'474.00 Consensus Rating 3.195
Enterprise Value 15'372.94
Average Volume 5 Day 1'144'726
MEO GY EQUITY YTD Change - Average Volume 30 Day 1'319'795
MEO GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'321'860
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 12/yy 12/12 Y 12/13 Y 03/13 Q1 06/13 Q2
64'210.0 67'955.0 65'529.0 67'258.0 66'702.0 66'702.0 47'380.0 66'844.4 66'485.2 15'699.0 15'768.0
0.36x 0.21x 0.28x 0.32x 0.20x 1.15x 1.01x 0.18x 0.18x - -
3'127.0 3'246.0 3'005.0 3'333.0 3'201.0 3'201.0 1'540.0 3'287.0 3'360.7 381.0 643.0
7.45x 4.37x 6.11x 6.37x 4.14x 4.14x 0.00x 4.68x 4.57x 4.65x -
825.0 401.0 383.0 850.0 631.0 631.0 (25.0) 736.0 832.6 - -
22.24x 11.25x 36.38x 20.72x 14.61x 14.65x 0.00x 9.90x 9.50x - -
EBITDA 3'201.00 Long-Term Rating Date 11.10.2012
EBIT 1'885.00 Long-Term Rating BBB-
Operating Margin 2.83% Long-Term Outlook STABLE
Pretax Margin 2.21% Short-Term Rating Date 11.10.2012
Return on Assets 1.21% Short-Term Rating A-3
Return on Common Equity 6.33%
Return on Capital 4.86% EBITDA/Interest Exp. 4.49
Asset Turnover 2.13% (EBITDA-Capex)/Interest Exp. 2.51
Net Debt/EBITDA 2.76
Gross Margin 21.0% Total Debt/EBITDA 3.52
EBITDA Margin 4.2%
EBIT Margin 2.0% Total Debt/Equity 116.9%
Net Income Margin 0.9% Total Debt/Capital 53.6%
Asset Turnover 2.13
Current Ratio 0.79 Net Fixed Asset Turnover 5.45
Quick Ratio 0.21 Accounts receivable turnover-days 2.86
Debt to Assets 21.89% Inventory Days 46.58
Tot Debt to Common Equity 116.92% Accounts Payable Turnover Day 71.47
Accounts Receivable Turnover 127.82 Cash Conversion Cycle -43.85
Inventory Turnover 7.86
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
Metro AGPrice/Volume
Valuation Analysis
547'850.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
02
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANZ HANIEL & CIE G n/a Research 97'265'288 30.01 (13'709'836) 06.02.2013 Holding Company
SCHMIDT-RUTHENBECK n/a Research 51'112'077 15.77 - 08.02.2013 n/a
BEISHEIM OTTO n/a Co File 32'313'726 9.97 - 17.10.2012 n/a
FRANKLIN RESOURCES n/a ULT-AGG 18'921'633 5.84 3'192'967 31.12.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (4'764'411) -1.47 - 02.11.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'774'948 1.16 21'651 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'504'950 1.08 (445'700) 28.12.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 2'953'479 0.91 (20'017) 25.02.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'924'513 0.9 48'000 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'433'381 0.75 60'548 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'051'814 0.32 (209'670) 28.09.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'009'670 0.31 (264'728) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 934'388 0.29 (425'110) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 699'866 0.22 69'810 31.12.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 681'915 0.21 43'415 31.07.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 612'347 0.19 249'604 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 612'276 0.19 (499'000) 28.09.2012 Investment Advisor
ADELPHI CAPITAL LLP n/a Short (550'986) -0.17 - 18.01.2013 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 526'000 0.16 181'500 30.12.2011 Mutual Fund Manager
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 498'600 0.15 258'150 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nord/LB WOLFGANG VASTERLING hold 3 M 24 12 month 19.02.2013
Commerzbank Corporates & Markets JUERGEN ELFERS add 4 M 25 6 month 18.02.2013
JPMorgan JAIME VAZQUEZ underweight 1 N 24 12 month 18.02.2013
Exane BNP Paribas JOHN KERSHAW underperform 1 M 21 Not Provided 15.02.2013
AlphaValue EILEEN RYAN add 4 M 26 6 month 14.02.2013
Baader Bank VOLKER BOSSE buy 5 U 30 12 month 12.02.2013
Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 30 Not Provided 06.02.2013
Jefferies JAMES GRZINIC hold 3 M 22 12 month 01.02.2013
Nomura NICK COULTER neutral 3 M 23 Not Provided 01.02.2013
Oddo & Cie LAURENCE HOFMANN reduce 2 M 21 Not Provided 28.01.2013
Credit Suisse XAVIER LE MENE underperform 1 D 21 Not Provided 18.01.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 18.01.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 25 12 month 17.01.2013
Bankhaus Metzler STEFAN WIMMER buy 5 M 27 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Hammer Partners SA STEPHAN SEIP buy 5 M 32 Not Provided 17.01.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 22 Not Provided 16.01.2013
National Bank AG STEFFEN MANSKE buy 5 M 27 Not Provided 16.01.2013
DZ Bank AG HERBERT STURM hold 3 M 23 12 month 16.01.2013
Steubing AG TOBIAS SCHMIDT buy 5 N 37 Not Provided 14.01.2013
M.M. Warburg Investment Research THILO KLEIBAUER hold 3 M 23 12 month 10.01.2013
Barclays JAMES ANSTEAD equalweight 3 M 23 Not Provided 04.01.2013
Morgan Stanley EDOUARD AUBIN Equalwt/In-Line 3 M 23 12 month 24.12.2012
HSBC JEROME SAMUEL underweight 1 M 20 Not Provided 05.12.2012
BHF-Bank PETER STEINER market weight 3 M 24 12 month 03.12.2012
Goldman Sachs FRANKLIN WALDING not rated #N/A N/A M #N/A N/A Not Provided 03.12.2012
Main First Bank AG MATTHIAS EIFERT outperform 5 M 26 12 month 03.12.2012
Redburn Partners MARC DE SPEVILLE buy 5 M #N/A N/A Not Provided 02.11.2012
Silvia Quandt Research MARK JOSEFSON neutral 3 M 22 12 month 02.11.2012
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 30.10.2012
Kepler Capital Markets FABIENNE CARON hold 3 M 20 Not Provided 22.10.2012
Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 23 12 month 19.10.2012
Deutsche Bank JAMES G COLLINS hold 3 M 23 12 month 12.10.2012
Raymond James CEDRIC LECASBLE underperform 1 M 21 Not Provided 08.10.2012
CA Cheuvreux JUERGEN KOLB underperform 1 M 22 Not Provided 08.10.2012
Natixis PIERRE-EDOUARD BOUDOT reduce 2 M 20 Not Provided 08.10.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.10.2012
Macquarie SREEDHAR MAHAMKALI underperform 1 M 22 12 month 21.09.2012
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 31 12 month 16.08.2012
Equita SIM SpA FABIO FAZZARI buy 5 M 40 12 month 09.08.2012
CS Capital CHRISTOPHER PARKINSON buy 5 M 52 Not Provided 11.07.2011
Prosdocimi TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.01.2011
Holdings By:
Metro AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Metso Corporation is a global supplier of process industry machinery and
systems. The Company's core businesses are divided between Metso Paper (fiber
and paper technology), Metso Minerals (rock and mineral processing), and Metso
Automation (automation and control technology). Metso's main market areas are
Europe and North America. The Company also invests in venture companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.03.2012) 37.27
52-Week Low (04.06.2012) 24.88
Daily Volume
32.55
52-Week High % Change -12.69% Dividend Yield -
52-Week Low % Change 30.83% Beta 1.35
% 52 Week Price Range High/Low 61.02% Equity Float -
Shares Out 26.02.2013 150.3 Short Int -
4'893.84 1 Yr Total Return -1.87%
Total Debt 1'290.00 YTD Return 1.59%
Preferred Stock 0.0 Adjusted BETA 1.353
Minority Interest 20.0 Analyst Recs 30
Cash and Equivalents 732.00 Consensus Rating 3.833
Enterprise Value 5'471.84
Average Volume 5 Day 644'283
MEO1V FH EQUITY YTD Change - Average Volume 30 Day 626'109
MEO1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 734'597
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'400.0 5'016.0 5'552.0 6'646.0 7'504.0 6'646.0 7'504.0 7'217.1 7'188.5 1'677.6 1'822.1
0.37x 0.89x 1.22x 0.70x 0.72x 3.16x 2.62x 0.73x 0.71x 3.22x 3.00x
767.0 416.0 580.0 745.0 764.0 745.0 764.0 796.2 811.4 168.4 206.1
3.05x 10.77x 11.72x 6.24x 7.04x 6.24x 7.04x 6.88x 6.74x 6.77x 6.60x
389.0 150.0 257.0 356.0 373.0 356.0 373.0 416.1 427.6 85.8 104.7
3.10x 23.23x 24.35x 12.04x 12.86x 12.03x 12.86x 11.97x 11.61x 11.87x 11.41x
EBITDA 764.00 Long-Term Rating Date 15.05.2007
EBIT 598.00 Long-Term Rating BBB
Operating Margin 7.97% Long-Term Outlook POS
Pretax Margin 7.33% Short-Term Rating Date 12.08.2010
Return on Assets 5.63% Short-Term Rating A-2
Return on Common Equity 17.26%
Return on Capital - EBITDA/Interest Exp. 9.93
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 7.75
Net Debt/EBITDA 0.73
Gross Margin 24.0% Total Debt/EBITDA 1.69
EBITDA Margin 10.2%
EBIT Margin 8.0% Total Debt/Equity 58.5%
Net Income Margin 5.0% Total Debt/Capital 36.7%
Asset Turnover 1.13
Current Ratio 1.48 Net Fixed Asset Turnover 8.90
Quick Ratio 0.25 Accounts receivable turnover-days -
Debt to Assets 19.42% Inventory Days 102.88
Tot Debt to Common Equity 58.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 113.33
Inventory Turnover 3.56
Fiscal Year Ended
Metso OYJPrice/Volume
Valuation Analysis
551'490.00
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
'
2
-'
-2
.'
.2
0'
02
1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOLIDIUM OY n/a Research 16'695'287 11.1 - 31.10.2012 Holding Company
CEVIAN CAPITAL AB n/a Research 7'790'060 5.18 - 03.08.2012 Venture Capital
ILMARINEN MUTUAL PEN n/a Research 6'341'943 4.22 - 31.10.2012 Insurance Company
VARMA MUTUAL PENSION n/a Research 3'908'465 2.6 - 31.10.2012 Insurance Company
LANSDOWNE PARTNERS n/a Short (2'751'374) -1.83 (240'557) 03.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'437'302 1.62 65'270 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'129'448 1.42 (9'133) 25.02.2013 Investment Advisor
FINLAND STATE PENSIO n/a Research 1'940'000 1.29 - 31.10.2012 Government
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'746'811 1.16 85'856 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'609'591 1.07 277'893 31.12.2012 Investment Advisor
LOCAL GOVERNMENT PEN n/a Research 1'462'871 0.97 - 31.10.2012 Pension Fund (ERISA)
OP FUND MANAGEMENT C n/a Research 1'405'973 0.94 (29'027) 31.10.2012 Investment Advisor
MANDATUM LIFE INSURA n/a Research 1'400'000 0.93 - 31.10.2012 Insurance Company
SVENSKA LITTERATURSA n/a Research 1'174'876 0.78 - 31.10.2012 Other
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'001'386 0.67 70'856 31.01.2013 Mutual Fund Manager
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 905'101 0.6 100'643 31.01.2013 Investment Advisor
KYNIKOS ASSOCIATES L n/a Short (856'985) -0.57 - 01.11.2012 Hedge Fund Manager
ODIN FONDER n/a Research 840'020 0.56 - 31.10.2012 Mutual Fund Manager
SEB n/a ULT-AGG 787'645 0.52 258'093 31.12.2012 Unclassified
NORDEA FENNIA FUND n/a Research 775'000 0.52 - 31.10.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue LIONEL PELLICER add 4 M 38 6 month 21.02.2013
Credit Suisse ANDRE KUKHNIN outperform 5 M 38 Not Provided 20.02.2013
SEB Enskilda TOMI RAILO buy 5 M 38 Not Provided 18.02.2013
Deutsche Bank ANETTE LUOMANPERA hold 3 M 30 12 month 12.02.2013
Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 M 38 Not Provided 11.02.2013
Pareto Securities JARI HARJUNPAA hold 3 D 34 6 month 11.02.2013
FIM SANNA KAJE accumulate 4 M 37 12 month 11.02.2013
Exane BNP Paribas ALEXIS DENAUD outperform 5 M 38 Not Provided 11.02.2013
ABG Sundal Collier JOHANNES GRUNSELIUS hold 3 M 36 6 month 08.02.2013
HSBC COLIN GIBSON underweight 1 M 26 Not Provided 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 38 12 month 08.02.2013
Handelsbanken TOM SKOGMAN buy 5 M 41 12 month 08.02.2013
DNB Markets SAMPSA KARHUNEN buy 5 M 40 Not Provided 08.02.2013
Barclays ALLAN SMYLIE equalweight 3 M 32 Not Provided 08.02.2013
Danske Markets ANTTI SUTTELIN hold 3 D 36 12 month 08.02.2013
Morgan Stanley MARKUS ALMERUD Overwt/Cautious 5 M 40 12 month 07.02.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 40 12 month 07.02.2013
JPMorgan ALEXANDER WHIGHT underweight 1 M 32 9 month 07.02.2013
Nomura KLAS BERGELIND reduce 2 M 26 12 month 07.02.2013
Evli Bank Plc ELINA RIUTTA buy 5 M 35 12 month 07.02.2013
INDERES JUHA KINNUNEN accumulate 4 M 35 Not Provided 07.02.2013
CA Cheuvreux JOHAN ELIASON outperform 5 M 39 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Berenberg Bank ALEXANDER VIRGO buy 5 M 38 Not Provided 08.01.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 40 Not Provided 17.12.2012
Swedbank ERKKI VESOLA buy 5 M 30 12 month 26.10.2012
ICECAPITAL Markets LAURI LEINO buy 5 M 34 6 month 01.07.2010
Holdings By:
Metso OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Mondi Plc is is an integrated paper and packaging group. The Company
manufactures packaging paper, converted packaging products and office paper.
Mondi has operations and interests in Western Europe, Emerging Europe And South
Africa. Dually-listed company with MND SJ.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (22.02.2013) 862.00
52-Week Low (01.06.2012) 494.20
Daily Volume
840
52-Week High % Change -2.55% Dividend Yield 2.88
52-Week Low % Change 69.97% Beta 1.28
% 52 Week Price Range High/Low 91.84% Equity Float 355.36
Shares Out 02.11.2012 367.2 Short Int -
4'081.10 1 Yr Total Return 47.68%
Total Debt 1'921.00 YTD Return 25.47%
Preferred Stock 0.0 Adjusted BETA 1.280
Minority Interest 304.0 Analyst Recs 10
Cash and Equivalents 57.00 Consensus Rating 4.000
Enterprise Value 6'885.37
Average Volume 5 Day 2'206'190
MNDI LN EQUITY YTD Change - Average Volume 30 Day 1'655'835
MNDI LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'217'327
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 - -
6'345.0 5'257.0 5'610.0 5'739.0 5'807.0 - - 6'668.8 6'799.6 - -
0.50x 0.74x 0.87x 0.68x 1.06x - - 1.00x 0.96x - -
801.0 654.0 803.0 960.0 923.0 - - 1'050.1 1'085.4 - -
3.94x 5.94x 6.11x 4.09x 6.69x - - 6.56x 6.34x - -
(211.0) (33.0) 224.0 330.0 244.0 - - 388.3 417.3 - -
- - 15.85x 9.47x 16.32x - - 12.24x 11.57x - -
EBITDA 923.00 Long-Term Rating Date -
EBIT 568.00 Long-Term Rating -
Operating Margin 9.78% Long-Term Outlook -
Pretax Margin 6.39% Short-Term Rating Date -
Return on Assets 3.98% Short-Term Rating -
Return on Common Equity 9.46%
Return on Capital 8.25% EBITDA/Interest Exp. 8.03
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 5.43
Net Debt/EBITDA 2.02
Gross Margin 38.5% Total Debt/EBITDA 2.08
EBITDA Margin 15.9%
EBIT Margin 9.8% Total Debt/Equity 74.7%
Net Income Margin 4.2% Total Debt/Capital 40.0%
Asset Turnover 0.95
Current Ratio 1.29 Net Fixed Asset Turnover 1.64
Quick Ratio 0.04 Accounts receivable turnover-days -
Debt to Assets 29.04% Inventory Days 72.54
Tot Debt to Common Equity 74.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 65.43
Inventory Turnover 5.05
Fiscal Year Ended
Mondi PLCPrice/Volume
Valuation Analysis
636'040.00
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''
-'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTEC ASSET MANAG n/a Co File 17'789'698 4.84 - 31.12.2011 Investment Advisor
Investec Asset Manag Multiple Portfolios REG 17'789'698 4.84 - 01.11.2012 Unclassified
ALLAN GRAY INVESTMEN Multiple Portfolios REG 17'301'819 4.71 - 01.11.2012 Investment Advisor
CORONATION ASSET MAN Multiple Portfolios MF-AGG 15'928'065 4.34 1'775'247 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 14'848'618 4.04 (398'863) 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 14'787'841 4.03 591'858 31.01.2013 Unclassified
ALLAN GRAY UNIT TRUS n/a RNS-MAJ 10'993'007 2.99 - 28.01.2013 Investment Advisor
SANLAM ASSET MANAGEM Multiple Portfolios REG 10'936'128 2.98 - 01.11.2012 Investment Advisor
SANLAM INVESTMENT MA n/a Co File 10'936'128 2.98 - 31.12.2011 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 10'663'874 2.9 1'009'276 25.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'511'712 2.86 - 01.11.2012 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios REG 9'133'239 2.49 390'890 01.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'788'214 2.39 - 31.07.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 8'128'992 2.21 (133'180) 01.11.2012 Government
JP MORGAN n/a ULT-AGG 7'994'656 2.18 (77'109) 01.11.2012 Unclassified
LSV ASSET MANAGEMENT Multiple Portfolios REG 7'907'246 2.15 (1'377'800) 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 6'880'353 1.87 1'299'107 01.11.2012 Unclassified
PRINCIPAL GLOBAL INV Multiple Portfolios REG 4'400'317 1.2 1'379'193 01.11.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'160'662 1.13 57'614 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 3'752'268 1.02 677'963 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MATTHIAS PFEIFENBERGER buy 5 M 950 12 month 22.02.2013
BNP Paribas Cadiz Securities BRIAN MORGAN buy 5 M 939 12 month 22.02.2013
Jefferies JUSTIN JORDAN buy 5 M 960 12 month 21.02.2013
Credit Suisse LARS KJELLBERG outperform 5 U 980 Not Provided 11.02.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 04.02.2013
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 750 6 month 22.01.2013
Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 31.10.2012
Holdings By:
Mondi PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
MTU Aero Engines Holding AG develops and manufactures engines and offers
commercial engine services and support. The Company sells to manufacturers and
operators of engines and industrial gas turbines across the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 73.85
52-Week Low (04.06.2012) 55.34
Daily Volume
70.86
52-Week High % Change -4.09% Dividend Yield -
52-Week Low % Change 28.04% Beta 0.83
% 52 Week Price Range High/Low 82.12% Equity Float 50.63
Shares Out 31.12.2012 52.0 Short Int -
3'684.72 1 Yr Total Return 26.50%
Total Debt 261.60 YTD Return 2.99%
Preferred Stock 0.0 Adjusted BETA 0.833
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 242.90 Consensus Rating 3.429
Enterprise Value 4'109.22
Average Volume 5 Day 149'243
MTX GY EQUITY YTD Change - Average Volume 30 Day 127'596
MTX GY EQUITY YTD % CHANGE - Average Volume 3 Month 119'252
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
2'724.3 2'610.8 2'707.4 2'932.1 3'378.6 2'932.1 3'378.6 3'767.3 4'083.9 - -
0.45x 0.77x 0.95x 0.83x - 3.32x 2.90x 1.07x 0.98x - -
407.5 368.3 398.9 419.2 - 419.2 349.7 545.3 605.9 - -
2.99x 5.48x 6.43x 5.80x - 5.80x 0.00x 7.54x 6.78x - -
179.7 141.0 142.2 158.2 173.9 158.2 173.9 252.1 286.9 63.9 62.1
5.38x 13.21x 17.39x 15.26x 20.06x 15.26x 20.06x 14.10x 12.59x 13.71x -
EBITDA 419.20 Long-Term Rating Date 11.05.2010
EBIT 283.80 Long-Term Rating NR
Operating Margin 9.68% Long-Term Outlook -
Pretax Margin 7.87% Short-Term Rating Date -
Return on Assets 5.16% Short-Term Rating -
Return on Common Equity 20.00%
Return on Capital - EBITDA/Interest Exp. 25.56
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 18.63
Net Debt/EBITDA 0.99
Gross Margin 18.6% Total Debt/EBITDA 1.45
EBITDA Margin 12.8%
EBIT Margin 8.6% Total Debt/Equity 28.9%
Net Income Margin 5.1% Total Debt/Capital 22.4%
Asset Turnover 0.85
Current Ratio 0.99 Net Fixed Asset Turnover 5.84
Quick Ratio 0.45 Accounts receivable turnover-days 61.44
Debt to Assets 7.00% Inventory Days 103.93
Tot Debt to Common Equity 28.87% Accounts Payable Turnover Day 65.31
Accounts Receivable Turnover 5.96 Cash Conversion Cycle 113.41
Inventory Turnover 3.52
Fiscal Year Ended
MTU Aero Engines Holding AGPrice/Volume
Valuation Analysis
81'145.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!- 9
!. 9
!. 9
!0 9
!0 9
!1 9
!1 9
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 14'035'694 26.99 - 16.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'147'075 7.98 - 05.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'237'398 4.3 - 25.02.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a Research 1'966'413 3.78 - 11.05.2012 Investment Advisor
UBS n/a ULT-AGG 1'886'923 3.63 - 11.05.2012 Unclassified
GRYPHON INTERNATIONA n/a Co File 1'570'400 3.02 - 31.12.2011 Investment Advisor
AMERIPRISE FINANCIAL n/a Research 1'565'370 3.01 - 29.10.2012 Investment Advisor
INVESTEC ASSET MANAG n/a Research 1'559'657 3 - 29.11.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'443'132 2.78 (127'129) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'382'150 2.66 500 31.12.2012 Investment Advisor
MTU AERO ENGINES HOL n/a Research 1'367'315 2.63 (285) 23.01.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'251'845 2.41 (11'107) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'091'546 2.1 (3'500) 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 810'999 1.56 (51'783) 28.09.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 430'000 0.83 - 28.12.2012 Mutual Fund Manager
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 418'966 0.81 - 31.10.2012 Investment Advisor
DJE INVESTMENT SA Multiple Portfolios MF-AGG 373'415 0.72 1'915 30.11.2012 Mutual Fund Manager
PRINCIPAL FINANCIAL n/a ULT-AGG 325'178 0.63 (55'600) 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 304'401 0.59 2'823 28.12.2012 Mutual Fund Manager
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 292'040 0.56 (13'328) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH ZAFER RUZGAR hold 3 M 77 12 month 21.02.2013
Berenberg Bank FREDERIK BITTER hold 3 D 72 Not Provided 21.02.2013
AlphaValue HEINZ STEFFEN reduce 2 M 67 6 month 21.02.2013
Societe Generale ZAFAR KHAN hold 3 M 73 12 month 20.02.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 83 6 month 20.02.2013
Deutsche Bank BEN FIDLER buy 5 M 78 12 month 20.02.2013
Nord/LB WOLFGANG DONIE buy 5 M 81 12 month 20.02.2013
JPMorgan DAVID H. PERRY overweight 5 U 84 9 month 20.02.2013
Bankhaus Lampe SEBASTIAN HEIN hold 3 D 76 Not Provided 20.02.2013
Oddo & Cie YAN DEROCLES neutral 3 M 79 Not Provided 20.02.2013
Natixis ERIC CHADEYRAS neutral 3 D 76 Not Provided 20.02.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 88 12 month 20.02.2013
Main First Bank AG CHLOE LEMARIE underperform 1 M 61 12 month 20.02.2013
Exane BNP Paribas OLIVIER BROCHET underperform 1 M 67 Not Provided 20.02.2013
Barclays CHRISTIAN LAUGHLIN equalweight 3 M 67 Not Provided 20.02.2013
Morgan Stanley RUPINDER VIG Equalwt/In-Line 3 M 60 12 month 19.02.2013
HSBC RICHARD SCHRAMM neutral 3 M 73 Not Provided 19.02.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL hold 3 M 66 Not Provided 19.02.2013
Kepler Capital Markets CHRISTOPHE MENARD buy 5 M 79 Not Provided 19.02.2013
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 80 12 month 19.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Credit Suisse OLIVER SLEATH outperform 5 M 77 Not Provided 16.01.2013
Bankhaus Metzler HELENA WUESTENFELD buy 5 M 82 12 month 11.01.2013
Silvia Quandt Research EERIK KD BUDARZ neutral 3 M 51 12 month 23.10.2012
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX outperform 5 M 75 Not Provided 26.07.2012
National Bank AG STEFFEN MANSKE buy 5 M 53 Not Provided 06.10.2010
Steubing AG MICHAEL BROEKER buy 5 M #N/A N/A Not Provided 18.02.2009
Holdings By:
MTU Aero Engines Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Natixis attracts deposits and offers commercial banking services. The Bank
lends to medium-sized and large businesses in France. Natixis offers investment
banking, underwriting, bond and equity brokerage, asset management, insurance,
and venture capital services and manages mutual funds. The Bank makes real
estate loans and owns and manages real estate.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.02.2013) 3.69
52-Week Low (24.07.2012) 1.76
Daily Volume
3.187
52-Week High % Change -13.91% Dividend Yield -
52-Week Low % Change 81.08% Beta 1.34
% 52 Week Price Range High/Low 73.47% Equity Float 1'000.92
Shares Out 30.11.2012 3'086.2 Short Int -
9'835.77 1 Yr Total Return 31.36%
Total Debt 372'871.00 YTD Return 24.98%
Preferred Stock 0.0 Adjusted BETA 1.343
Minority Interest 520.0 Analyst Recs 14
Cash and Equivalents 54'210.00 Consensus Rating 3.429
Enterprise Value -
Average Volume 5 Day 6'395'753
KN FP EQUITY YTD Change - Average Volume 30 Day 5'898'824
KN FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'563'964
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
18'885.0 10'750.0 11'546.0 13'021.0 6'132.0 5'180.0 4'728.0 6'834.9 7'211.3 1'697.0 1'641.5
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'799.0) (1'707.0) 1'732.0 1'562.0 901.0 1'563.0 902.0 997.5 1'161.6 201.0 166.0
- - 7.45x 4.52x 8.70x 3.77x 8.70x 9.93x 8.50x 9.96x -
EBITDA - Long-Term Rating Date 23.01.2012
EBIT - Long-Term Rating A
Operating Margin 18.75% Long-Term Outlook NEG
Pretax Margin 25.33% Short-Term Rating Date 27.10.2008
Return on Assets 0.24% Short-Term Rating A-1
Return on Common Equity 7.11%
Return on Capital 0.33% 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 1804.0%
Net Income Margin 18.7% Total Debt/Capital 94.6%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 9.69
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 73.44% Inventory Days -
Tot Debt to Common Equity 1804.01% 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
NatixisPrice/Volume
Valuation Analysis
2'881'907.00
Current Price (2/dd/yy) Market Data
'
-
-
.
.
0
0
1
1
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BPCE SA n/a Co File 2'080'441'556 67.41 - 01.03.2011 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'685'137 0.54 279'531 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'546'630 0.28 8'639 25.02.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'198'096 0.27 (126'233) 31.12.2012 Mutual Fund Manager
FEDERAL GESTION Multiple Portfolios MF-AGG 7'970'000 0.26 800'000 30.11.2012 Investment Advisor
NATIXIS n/a Co File 4'653'020 0.15 - 31.12.2010 Bank
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 4'342'981 0.14 (3'941) 31.12.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 2'486'398 0.08 80'000 01.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'862'031 0.06 4'869 31.12.2012 Mutual Fund Manager
MMA FINANCE Multiple Portfolios MF-AGG 1'801'949 0.06 128'649 29.06.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'773'362 0.06 - 31.07.2012 Investment Advisor
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 1'637'446 0.05 - 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'548'402 0.05 3'897 30.11.2012 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 1'479'714 0.05 (28'414) 31.01.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 1'407'374 0.05 367'995 31.01.2013 Investment Advisor
COVEA FINANCE SAS Multiple Portfolios MF-AGG 1'396'250 0.05 (3'750) 30.09.2011 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'269'052 0.04 (8'163) 28.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'224'464 0.04 648'713 28.09.2012 Mutual Fund Manager
KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 1'160'000 0.04 560'000 30.11.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'145'951 0.04 (94'684) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oddo & Cie JEAN SASSUS buy 5 M 5 Not Provided 27.02.2013
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 4 12 month 25.02.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 4 6 month 21.02.2013
JPMorgan DELPHINE LEE restricted #N/A N/A M #N/A N/A Not Provided 20.02.2013
CA Cheuvreux CYRIL MEILLAND underperform 1 M 3 Not Provided 19.02.2013
Nomura JON PEACE reduce 2 M 3 Not Provided 19.02.2013
Exane BNP Paribas GUILLAUME TIBERGHIEN neutral 3 M 4 Not Provided 19.02.2013
Societe Generale SEBASTIEN LEMAIRE buy 5 U 4 12 month 18.02.2013
Morgan Stanley THIBAULT NARDIN not rated #N/A N/A M 4 12 month 18.02.2013
Credit Suisse MAXENCE LE GOUVELLO neutral 3 M 3 Not Provided 18.02.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 3 12 month 18.02.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 4 12 month 17.02.2013
HSBC ROBIN DOWN neutral 3 M 3 Not Provided 30.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
Natixis ALEX KOAGNE not rated #N/A N/A M #N/A N/A Not Provided 23.05.2012
Kepler Capital Markets TEAM COVERAGE hold 3 N 3 Not Provided 27.03.2012
Holdings By:
Natixis ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Nokian Renkaat Oyj develops, manufactures, and markets summer and winter tires
for cars and bicycles and tires for heavy machinery. The Company primarily
operates in the tire replacement market. Nokian also runs the Vianor tire
chain which owns retail outlets in Scandinavia and the Baltic states. The
Company produces in Europe, the United States, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 38.20
52-Week Low (26.06.2012) 26.92
Daily Volume
34.45
52-Week High % Change -9.71% Dividend Yield -
52-Week Low % Change 27.97% Beta 1.16
% 52 Week Price Range High/Low 66.76% Equity Float -
Shares Out 18.02.2013 132.0 Short Int -
4'545.92 1 Yr Total Return 7.05%
Total Debt 365.10 YTD Return 14.45%
Preferred Stock 0.0 Adjusted BETA 1.162
Minority Interest 0.3 Analyst Recs 22
Cash and Equivalents 430.30 Consensus Rating 3.455
Enterprise Value 4'481.02
Average Volume 5 Day 509'983
NRE1V FH EQUITY YTD Change - Average Volume 30 Day 756'676
NRE1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 626'116
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
1'080.9 798.5 1'058.1 1'456.8 1'612.4 1'456.8 1'612.5 1'740.3 1'931.8 368.0 438.8
1.21x 2.99x 3.31x 2.21x 2.42x 10.39x 11.00x 2.56x 2.26x 12.40x 10.34x
302.9 164.1 291.7 452.2 496.9 263.4 497.0 543.1 600.5 101.6 137.2
4.32x 14.54x 12.02x 7.12x 7.86x 0.00x 7.86x 8.25x 7.46x 8.54x 8.46x
139.9 58.3 169.7 308.9 330.9 308.9 331.0 361.9 406.7 69.3 96.6
7.05x 36.41x 20.50x 10.40x 11.94x 10.36x 11.88x 12.84x 11.49x 13.16x 12.12x
EBITDA 496.90 Long-Term Rating Date -
EBIT 415.00 Long-Term Rating -
Operating Margin 25.74% Long-Term Outlook -
Pretax Margin 24.04% Short-Term Rating Date -
Return on Assets 16.99% Short-Term Rating -
Return on Common Equity 25.24%
Return on Capital - EBITDA/Interest Exp. 33.75
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 21.82
Net Debt/EBITDA -0.13
Gross Margin 44.1% Total Debt/EBITDA 0.73
EBITDA Margin 30.8%
EBIT Margin 25.7% Total Debt/Equity 25.4%
Net Income Margin 20.5% Total Debt/Capital 20.3%
Asset Turnover 0.83
Current Ratio 5.48 Net Fixed Asset Turnover 2.57
Quick Ratio 3.65 Accounts receivable turnover-days 80.69
Debt to Assets 18.08% Inventory Days 129.83
Tot Debt to Common Equity 25.41% Accounts Payable Turnover Day 33.64
Accounts Receivable Turnover 4.54 Cash Conversion Cycle 176.88
Inventory Turnover 2.82
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nokian Renkaat OYJPrice/Volume
Valuation Analysis
361'500.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
02
1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9
0.0
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
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
-1'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VARMA MUTUAL PENSION n/a Research 9'000'000 6.82 - 31.10.2012 Insurance Company
JP MORGAN n/a ULT-AGG 6'900'869 5.23 (31'604) 31.10.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 6'206'000 4.7 - 31.12.2012 Investment Advisor
ILMARINEN MUTUAL PEN n/a Research 4'320'023 3.27 - 31.10.2012 Insurance Company
FMR LLC n/a ULT-AGG 4'155'456 3.15 (92'717) 31.12.2012 Investment Advisor
OP INVESTMENT FUNDS n/a Research 2'344'000 1.78 - 31.10.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'129'711 1.61 58'996 31.12.2012 Investment Advisor
NORDEA FONDER AB n/a Research 2'081'274 1.58 - 31.10.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'812'179 1.37 332'654 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'393'673 1.06 (242'432) 31.12.2012 Investment Advisor
FINLAND STATE PENSIO n/a Research 1'360'042 1.03 - 31.10.2012 Government
AQR CAPITAL MANAGEME n/a Short (1'332'767) -1.01 (145'429) 11.02.2013 Hedge Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'260'326 0.96 (12'644) 31.12.2012 Investment Advisor
ETON PARK INTERNATIO n/a Short (1'253'302) -0.95 - 01.11.2012 Hedge Fund Manager
LOCAL GOVERNMENT PEN n/a Research 1'000'867 0.76 - 31.10.2012 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 918'932 0.7 1'244 25.02.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 804'061 0.61 - 31.01.2013 Mutual Fund Manager
TAPIOLA MUTUAL PENSI n/a Research 800'000 0.61 - 31.10.2012 Insurance Company
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 750'000 0.57 (250'000) 30.06.2012 Pension Fund (ERISA)
MANDATUM LIFE INSURA n/a Research 736'404 0.56 - 31.10.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC NIELS FEHRE neutral 3 M 36 Not Provided 21.02.2013
Pohjola Bank Plc (ESN) JARI RAISANEN accumulate 4 M 39 12 month 11.02.2013
INDERES SAULI VILEN accumulate 4 M 35 Not Provided 08.02.2013
Goldman Sachs STEPHAN PUETTER neutral/attractive 3 M 38 12 month 07.02.2013
SEB Enskilda ARTEM BELETSKI hold 3 M 34 Not Provided 07.02.2013
Carnegie TOMMY ILMONI hold 3 M #N/A N/A Not Provided 07.02.2013
Nordea Equity Research RAULI JUVA buy 5 M 38 12 month 07.02.2013
Handelsbanken TOM SKOGMAN buy 5 U 43 12 month 07.02.2013
Natixis MICHAEL FOUNDOUKIDIS reduce 2 M 29 Not Provided 07.02.2013
Evli Bank Plc MIKA KARPPINEN buy 5 M 40 12 month 07.02.2013
Danske Markets KALLE KARPPINEN buy 5 M 37 12 month 07.02.2013
ABG Sundal Collier ERIK PETTERSSON-GOLRANG buy 5 M 37 6 month 06.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley EDOARDO SPINA Underwt/In-Line 1 M 32 12 month 20.12.2012
Swedbank TOMI TIILOLA buy 5 M 37 12 month 01.11.2012
FIM MARTIN SUNDMAN accumulate 4 M 33 12 month 30.10.2012
CA Cheuvreux THOMAS BESSON underperform 1 M 30 Not Provided 23.10.2012
Aton LLC MIKHAIL PAK buy 5 N 43 12 month 27.07.2012
Deutsche Bank GAETAN TOULEMONDE hold 3 D 35 12 month 16.04.2012
Holdings By:
Nokian Renkaat OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Norsk Hydro ASA is a supplier of aluminum and aluminum products. The company
provides automotive and transport products, building systems, casthouse
products, extruded products, rolled products, and wire rod.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 34.23
52-Week Low (26.07.2012) 22.97
Daily Volume
26.01
52-Week High % Change -24.01% Dividend Yield -
52-Week Low % Change 13.23% Beta 1.11
% 52 Week Price Range High/Low 29.93% Equity Float 780.68
Shares Out 30.09.2012 2'069.0 Short Int -
53'814.64 1 Yr Total Return -20.64%
Total Debt 9'630.00 YTD Return -6.71%
Preferred Stock 0.0 Adjusted BETA 1.113
Minority Interest 5'835.0 Analyst Recs 27
Cash and Equivalents 11'377.00 Consensus Rating 3.444
Enterprise Value 57'902.65
Average Volume 5 Day 5'701'876
NHY NO EQUITY YTD Change - Average Volume 30 Day 5'804'389
NHY NO EQUITY YTD % CHANGE - Average Volume 3 Month 4'891'950
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
88'643.0 67'409.0 75'754.0 91'444.0 64'181.0 91'444.0 77'941.0 70'890.8 78'565.6 17'162.6 18'070.8
0.35x 0.86x 0.76x 0.68x 0.95x 3.53x 3.23x 0.86x 0.75x 3.30x 3.19x
8'041.0 3'859.0 6'767.0 17'386.0 6'429.0 17'475.0 6'185.0 7'887.7 9'846.3 1'813.0 1'963.4
3.90x 14.96x 8.53x 3.55x 9.47x 3.53x 9.85x 7.34x 5.88x 7.07x 6.10x
(3'925.0) 299.0 1'888.0 6'705.0 (1'233.0) 6'705.0 (1'233.0) 2'199.8 3'649.6 434.7 579.6
- 196.37x 32.03x 8.13x - 7.53x 0.00x 24.17x 14.69x 23.58x 16.72x
EBITDA 6'429.00 Long-Term Rating Date 19.11.2010
EBIT 885.00 Long-Term Rating BBB
Operating Margin 1.38% Long-Term Outlook STABLE
Pretax Margin 0.13% Short-Term Rating Date 19.11.2010
Return on Assets -0.99% Short-Term Rating A-2
Return on Common Equity -1.69%
Return on Capital - EBITDA/Interest Exp. 16.36
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 8.07
Net Debt/EBITDA -0.28
Gross Margin - Total Debt/EBITDA 1.56
EBITDA Margin 7.9%
EBIT Margin 0.8% Total Debt/Equity 14.2%
Net Income Margin -1.9% Total Debt/Capital 11.5%
Asset Turnover 0.63
Current Ratio 1.89 Net Fixed Asset Turnover 1.34
Quick Ratio 0.54 Accounts receivable turnover-days -
Debt to Assets 8.26% Inventory Days -
Tot Debt to Common Equity 14.16% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Norsk Hydro ASAPrice/Volume
Valuation Analysis
7'162'180.00
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
'
2
-'
-2
.'
.2
0'
02
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORWEGIAN GOVT MINIS n/a EXCH 708'865'253 34.26 - 18.02.2013 Government
VALE AUSTRIA HOLDING n/a EXCH 447'834'465 21.64 - 18.02.2013 Other
STATE STREET n/a ULT-AGG 81'942'929 3.96 - 26.02.2013 Investment Advisor
GOVERNMENT PENSION F n/a EXCH 67'406'116 3.26 - 18.02.2013 Government
NORTHERN TRUST CO n/a EXCH 60'341'671 2.92 - 18.02.2013 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 45'155'654 2.18 - 18.02.2013 Bank
DODGE & COX Multiple Portfolios MF-AGG 34'026'190 1.64 - 29.01.2013 Investment Advisor
RASMUSSENGRUPPEN n/a EXCH 32'377'000 1.56 - 18.02.2013 Corporation
NORSK HYDRO ASA n/a EXCH 31'430'114 1.52 - 18.02.2013 Corporation
EUROCLEAR BANK SA n/a EXCH 22'140'587 1.07 - 18.02.2013 Bank
BANK OF NEW YORK MEL n/a EXCH 20'758'626 1 - 18.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'876'339 0.86 313'149 31.12.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 16'641'557 0.8 - 31.01.2013 Mutual Fund Manager
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 14'069'696 0.68 (239'828) 31.01.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 11'633'670 0.56 - 31.01.2013 Mutual Fund Manager
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 9'476'260 0.46 255'837 31.01.2013 Investment Advisor
RBC DEXIA INVESTOR S n/a EXCH 9'469'743 0.46 - 18.02.2013 Investment Advisor
STATOILS PENSJONSKAS n/a EXCH 9'331'983 0.45 - 18.02.2013 Pension Fund (ERISA)
JP MORGAN CHASE BANK n/a EXCH 9'208'597 0.45 - 18.02.2013 Investment Advisor
KLP AKSJENORGE n/a EXCH 8'529'457 0.41 - 18.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas LUC PEZ underperform 1 M 22 Not Provided 27.02.2013
Nomura NEIL SAMPAT reduce 2 M 22 12 month 26.02.2013
AlphaValue SACHIN KUMAR buy 5 M 35 6 month 21.02.2013
Fondsfinans AS ARNE EGIL ROENNING neutral 3 M 29 Not Provided 18.02.2013
Deutsche Bank ROBERT CLIFFORD hold 3 M 32 12 month 13.02.2013
SEB Enskilda TRULS KOLSRUD ENGENE buy 5 M 35 Not Provided 13.02.2013
Carnegie BENGT JONASSEN buy 5 M #N/A N/A Not Provided 13.02.2013
Nordea Equity Research ANDRE HOLO ADOLFSEN buy 5 M 33 12 month 13.02.2013
Handelsbanken ANNE GJOEN accumulate 4 M 30 12 month 13.02.2013
DNB Markets KNUT-IVAR BAKKEN buy 5 M 38 Not Provided 13.02.2013
Norne Securities AS IRMANTAS VASKELA buy 5 M 35 12 month 13.02.2013
Swedbank First Securities HANS-ERIK JACOBSEN buy 5 M 35 Not Provided 13.02.2013
ABG Sundal Collier MARTIN MELBYE buy 5 M 40 6 month 12.02.2013
JPMorgan BENJAMIN DEFAY underweight 1 M 20 9 month 12.02.2013
HSBC THORSTEN ZIMMERMANN neutral 3 M 28 Not Provided 12.02.2013
Pareto Securities EIRIK VEGEM DAHLE buy 5 M 40 6 month 12.02.2013
S&P Capital IQ CHRISTINE TISCARENO hold 3 U 28 12 month 12.02.2013
Arctic Securities ASA THOMAS LORCK buy 5 M 35 Not Provided 12.02.2013
BMO Capital Markets TONY ROBSON underperform 1 M 20 Not Provided 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs EUGENE KING sell/attractive 1 D 20 12 month 15.01.2013
SpareBank 1 Markets AS HENRIK SCHULTZ buy 5 M 33 12 month 30.11.2012
CA Cheuvreux JOAKIM AHLBERG outperform 5 M 35 Not Provided 25.07.2012
Dahlman Rose & Co ANTHONY B RIZZUTO JR hold 3 M #N/A N/A Not Provided 25.07.2012
Redburn Partners TIM JARRATT buy 5 M #N/A N/A Not Provided 24.07.2012
Holdings By:
Norsk Hydro ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Novozymes A/S is a biotechnology based company. The Company researches,
develops, produces, and sells enzymes for industrial use. Novozymes works
within three main segments: the technical enzyme market, the food enzyme market,
and the animal feed enzyme market. The Company has a worldwide distribution
network, as well as operates sales and service centers online.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 199.00
52-Week Low (06.08.2012) 144.40
Daily Volume
199
52-Week High % Change -0.25% Dividend Yield -
52-Week Low % Change 37.81% Beta 0.72
% 52 Week Price Range High/Low 98.67% Equity Float -
Shares Out 26.02.2013 271.3 Short Int -
64'675.00 1 Yr Total Return 22.31%
Total Debt 2'035.00 YTD Return 25.00%
Preferred Stock 0.0 Adjusted BETA 0.717
Minority Interest 13.0 Analyst Recs 21
Cash and Equivalents 535.00 Consensus Rating 2.810
Enterprise Value 66'188.00
Average Volume 5 Day 485'949
NZYMB DC EQUITY YTD Change - Average Volume 30 Day 675'681
NZYMB DC EQUITY YTD % CHANGE - Average Volume 3 Month 536'260
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'146.0 8'448.0 9'724.0 10'510.0 11'234.0 10'510.0 11'234.0 11'978.9 12'919.4 2'917.3 2'990.8
3.39x 3.73x 4.55x 5.43x 4.92x 18.65x 16.70x 5.43x 4.97x - -
2'060.0 2'252.0 2'732.0 3'096.0 3'448.0 0.0 0.0 3'697.3 4'031.9 924.3 929.5
13.39x 13.99x 16.19x 18.43x 16.03x 0.00x 0.00x 17.90x 16.42x 17.58x -
1'062.0 1'194.0 1'613.0 1'826.0 2'015.0 1'826.0 2'014.0 2'212.4 2'418.5 539.5 547.0
24.35x 28.06x 30.17x 30.60x 24.81x 29.11x 24.82x 28.65x 26.21x 28.31x 27.74x
EBITDA 3'448.00 Long-Term Rating Date -
EBIT 2'745.00 Long-Term Rating -
Operating Margin 24.43% Long-Term Outlook -
Pretax Margin 23.00% Short-Term Rating Date -
Return on Assets 13.91% Short-Term Rating -
Return on Common Equity 21.93%
Return on Capital - EBITDA/Interest Exp. 43.10
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 29.08
Net Debt/EBITDA -
Gross Margin 57.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 24.4% Total Debt/Equity 21.3%
Net Income Margin 17.9% Total Debt/Capital 17.5%
Asset Turnover 0.78
Current Ratio 1.87 Net Fixed Asset Turnover 1.65
Quick Ratio 1.00 Accounts receivable turnover-days 65.99
Debt to Assets 13.47% Inventory Days -
Tot Debt to Common Equity 21.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.55 Cash Conversion Cycle 133.87
Inventory Turnover -
Fiscal Year Ended
Novozymes A/SPrice/Volume
Valuation Analysis
309'800.00
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
'
2'
-''
-2'
.''
.2'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BAILLIE GIFFORD AND n/a Research 24'845'307 9.16 - 12.09.2012 Investment Advisor
NOVOZYMES A/S n/a Co File 12'749'051 4.7 - 31.12.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'895'543 2.91 88'350 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 6'858'103 2.53 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'600'467 2.43 (224'851) 25.02.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 5'388'500 1.99 5'388'500 30.09.2012 Insurance Company
SARASIN n/a ULT-AGG 3'044'187 1.12 17'564 28.12.2012 Unclassified
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'162'377 0.8 - 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'500'000 0.55 - 30.12.2012 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (1'410'533) -0.52 217'005 12.11.2012 Hedge Fund Manager
DANSKE INVEST A/S Multiple Portfolios MF-AGG 938'146 0.35 74'485 31.01.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 799'280 0.29 171'425 31.12.2012 Investment Advisor
LORING WOLCOTT AND C LORING WOLCOTT & COO 13F 598'765 0.22 37'616 31.12.2012 Investment Advisor
STATE FARM LIFE INSU STATE FARM LIFE INSU Sch-D 545'000 0.2 545'000 30.09.2012 Insurance Company
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 530'100 0.2 - 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 529'025 0.2 (25'840) 31.12.2012 Investment Advisor
JUPITER GLOBAL ACTIV Multiple Portfolios MF-AGG 483'199 0.18 - 31.07.2012 Investment Advisor
WCM INVESTMENT MANAG Multiple Portfolios MF-AGG 346'710 0.13 26'150 31.10.2012 Investment Advisor
EDINBURGH FUND MANAG Multiple Portfolios MF-AGG 336'500 0.12 - 30.11.2012 Investment Advisor
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 304'585 0.11 127'700 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue KAMLA SINGH reduce 2 M 177 6 month 14.02.2013
Jyske Bank JONAS GULDBORG HANSEN buy 5 M 215 Not Provided 08.02.2013
NYKREDIT KLAUS KEHL neutral 3 M #N/A N/A Not Provided 05.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.02.2013
Danske Markets TOBIAS CORNELIUS BJORKLUND buy 5 U 225 12 month 04.02.2013
DNB Markets RUNE MAJLUND DAHL sell 1 M 150 Not Provided 01.02.2013
Kempen & Co DENIS LEPADATU hold 3 M 180 12 month 31.01.2013
Handelsbanken CASPER BLOM reduce 2 M 161 12 month 31.01.2013
Goldman Sachs FULVIO CAZZOL Buy/Neutral 5 M 225 12 month 25.01.2013
JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 168 9 month 25.01.2013
S&P Capital IQ ALEXANDER WISCH hold 3 M 185 12 month 23.01.2013
Credit Suisse RHIAN O'CONNOR underperform 1 M 150 Not Provided 22.01.2013
SEB Enskilda SOREN SAMSOE buy 5 U 200 Not Provided 22.01.2013
Nordea Equity Research HANS GREGERSEN sell 1 M 150 12 month 22.01.2013
ABG Sundal Collier MICHAEL K RASMUSSEN buy 5 M 200 6 month 21.01.2013
Jefferies LAURENCE ALEXANDER hold 3 M 171 12 month 21.01.2013
Carnegie LARS TOPHOLM sell 1 M #N/A N/A Not Provided 04.01.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 M 170 Not Provided 25.10.2012
Deutsche Bank CATHERINE FARRANT hold 3 M 170 12 month 17.10.2012
CA Cheuvreux RICHARD KOCH underperform 1 M 160 Not Provided 20.01.2012
Sydbank MORTEN IMSGARD underweight 1 M #N/A N/A Not Provided 29.04.2011
Holdings By:
Novozymes A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
OMV AG explores for and refines crude oil and natural gas. The Company sells
refined products through gas stations and distributors. The Company also
manufactures plastics such as polyolefins and technical plastics. Customers are
in the automotive, electrical, and construction industries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 33.27
52-Week Low (04.06.2012) 21.21
Daily Volume
32.66
52-Week High % Change -1.82% Dividend Yield -
52-Week Low % Change 53.98% Beta 0.94
% 52 Week Price Range High/Low 96.89% Equity Float -
Shares Out 31.12.2012 327.3 Short Int -
10'688.73 1 Yr Total Return 21.41%
Total Debt 5'440.71 YTD Return 19.39%
Preferred Stock 0.0 Adjusted BETA 0.935
Minority Interest 2'627.5 Analyst Recs 25
Cash and Equivalents 1'704.47 Consensus Rating 3.160
Enterprise Value 17'052.48
Average Volume 5 Day 460'601
OMV AV EQUITY YTD Change - Average Volume 30 Day 259'779
OMV AV EQUITY YTD % CHANGE - Average Volume 3 Month 265'988
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
25'542.6 17'917.3 23'323.4 34'053.2 42'649.2 34'053.2 42'649.2 38'921.3 38'151.1 8'009.0 7'480.0
0.43x 0.82x 0.72x 0.44x 0.36x 1.87x 1.44x 0.42x 0.42x 1.84x 2.05x
3'786.1 2'842.2 3'961.3 4'290.9 5'137.4 4'290.9 5'137.5 4'897.7 5'025.5 1'418.0 1'452.0
2.93x 5.14x 4.22x 3.48x 2.98x 3.48x 2.98x 3.48x 3.39x 2.93x 2.93x
1'374.4 571.7 920.6 1'063.4 1'363.4 1'063.4 1'363.4 1'452.5 1'528.4 353.0 369.0
4.07x 16.07x 10.10x 6.93x 6.54x 6.94x 6.54x 7.49x 7.13x 6.88x 6.83x
EBITDA 5'137.43 Long-Term Rating Date -
EBIT 3'103.72 Long-Term Rating -
Operating Margin 7.28% Long-Term Outlook -
Pretax Margin 6.70% Short-Term Rating Date -
Return on Assets 4.63% Short-Term Rating -
Return on Common Equity 11.92%
Return on Capital - EBITDA/Interest Exp. 9.92
Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 4.23
Net Debt/EBITDA 0.73
Gross Margin 12.5% Total Debt/EBITDA 1.06
EBITDA Margin 12.0%
EBIT Margin 7.3% Total Debt/Equity 45.7%
Net Income Margin 3.2% Total Debt/Capital 27.2%
Asset Turnover 1.45
Current Ratio 1.30 Net Fixed Asset Turnover 3.01
Quick Ratio 0.76 Accounts receivable turnover-days 31.59
Debt to Assets 17.83% Inventory Days 31.13
Tot Debt to Common Equity 45.71% Accounts Payable Turnover Day 37.80
Accounts Receivable Turnover 11.59 Cash Conversion Cycle 24.93
Inventory Turnover 11.76
Fiscal Year Ended
OMV AGPrice/Volume
Valuation Analysis
167'067.00
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
'
2
-'
-2
.'
.2
0'
02
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
-!3 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OESTERR INDUSTRIE AG #N/A N/A Research 103'090'902 31.5 - 30.06.2012 Other
INTERNATIONAL PETROL #N/A N/A Research 81'490'904 24.9 - 30.06.2012 Government
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'045'875 1.85 3'700 30.09.2012 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'876'843 0.88 69'035 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'277'178 0.7 2'116 25.02.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 2'092'000 0.64 - 31.01.2013 Mutual Fund Manager
RINGTURM KAG Multiple Portfolios MF-AGG 1'650'000 0.5 (100'000) 31.10.2012 Mutual Fund Manager
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 1'014'800 0.31 7'000 31.05.2011 Investment Advisor
SPARINVEST n/a ULT-AGG 1'003'021 0.31 (50'320) 31.01.2013 Investment Advisor
OMV AG n/a Research 981'818 0.3 - 30.06.2012 n/a
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 790'855 0.24 - 30.09.2012 Investment Advisor
LEGG MASON TFI SA Multiple Portfolios MF-AGG 752'823 0.23 - 30.06.2012 Mutual Fund Manager
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 670'699 0.2 (3'256) 31.10.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 650'818 0.2 152'195 31.12.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 613'884 0.19 - 29.06.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 571'471 0.17 - 30.06.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 564'110 0.17 (43'423) 31.12.2012 Investment Advisor
LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 481'187 0.15 - 30.11.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 450'460 0.14 (43'554) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 380'836 0.12 (1'094) 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 30 Not Provided 27.02.2013
Nomura MATTHEW LOFTING neutral 3 M 29 12 month 27.02.2013
Credit Suisse THOMAS YOICHI ADOLFF underperform 1 M 27 Not Provided 25.02.2013
Societe Generale MEHDI ENNEBATI buy 5 U 36 12 month 22.02.2013
Morgan Stanley HAYTHEM RASHED Equalwt/In-Line 3 M 29 12 month 22.02.2013
Natixis ANNE PUMIR neutral 3 M 34 Not Provided 22.02.2013
Barclays LYDIA RAINFORTH underweight 1 M 29 Not Provided 22.02.2013
Canaccord Genuity Corp GORDON GRAY sell 1 M 26 12 month 21.02.2013
Kepler Capital Markets THOMAS NEUHOLD hold 3 M 31 Not Provided 21.02.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 27 6 month 21.02.2013
JPMorgan NITIN SHARMA neutral 3 M 27 3 month 19.02.2013
Raymond James BERTRAND HODEE underperform 1 M 30 Not Provided 12.02.2013
Macquarie MARC B KOFLER neutral 3 M 27 12 month 06.02.2013
KBC Securities PETER CSASZAR buy 5 M 34 12 month 30.01.2013
Erste Bank TAMAS PLETSER accumulate 4 M 35 Not Provided 28.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Raiffeisenbank AG OLEG GALBUR buy 5 M 32 12 month 23.11.2012
Goldman Sachs HENRY MORRIS neutral/cautious 3 M 31 12 month 17.10.2012
Deutsche Bank MARK BLOOMFIELD hold 3 M 30 12 month 04.10.2012
CA Cheuvreux JEAN-CHARLES LACOSTE suspended coverage #N/A N/A M #N/A N/A Not Provided 19.09.2012
Jefferies BRENDAN MICHAEL WARN hold 3 M 25 12 month 17.09.2012
Wood & Company BRAM BURING buy 5 M 34 12 month 13.08.2012
HSBC PAUL SPEDDING neutral 3 M 29 Not Provided 10.08.2012
Concorde Securities Rt ATTILA VAGO equalweight 3 D 32 Not Provided 13.07.2012
Holdings By:
OMV AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Orkla ASA manufactures branded consumer goods to the Nordic grocery market, and
operates in the branded consumer goods, materials, renewable energy and
financial investment sectors.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.01.2013) 49.98
52-Week Low (09.05.2012) 39.21
Daily Volume
47.26
52-Week High % Change -5.44% Dividend Yield -
52-Week Low % Change 20.53% Beta 0.82
% 52 Week Price Range High/Low 76.97% Equity Float 837.45
Shares Out 26.02.2013 1'018.9 Short Int -
48'154.68 1 Yr Total Return 8.15%
Total Debt 12'991.00 YTD Return -2.56%
Preferred Stock 0.0 Adjusted BETA 0.820
Minority Interest 258.0 Analyst Recs 16
Cash and Equivalents 7'201.00 Consensus Rating 3.125
Enterprise Value 54'202.68
Average Volume 5 Day 1'413'409
ORK NO EQUITY YTD Change - Average Volume 30 Day 1'508'855
ORK NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'512'582
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
65'579.0 50'233.0 57'338.0 61'009.0 30'001.0 53'346.0 45'617.0 32'557.2 33'250.8 7'357.3 7'622.6
1.19x 1.69x 1.38x 0.94x 1.84x 4.74x 4.86x 1.71x 1.63x 7.31x 8.07x
7'070.0 8'395.0 6'871.0 5'257.0 3'795.0 4'699.0 4'697.0 4'617.9 5'118.9 919.7 1'012.4
10.99x 10.12x 11.51x 10.91x 14.51x 12.20x 11.73x 11.74x 10.59x 11.77x 9.98x
(2'828.0) 2'591.0 (917.0) (776.0) 1'583.0 (776.0) 1'583.0 2'876.5 3'328.0 566.0 574.8
- 26.75x - - 15.16x 0.00x 14.85x 16.65x 14.67x 16.75x 12.62x
EBITDA 3'795.00 Long-Term Rating Date -
EBIT 2'846.00 Long-Term Rating -
Operating Margin 9.49% Long-Term Outlook -
Pretax Margin 12.91% Short-Term Rating Date -
Return on Assets 2.55% Short-Term Rating -
Return on Common Equity 4.88%
Return on Capital - EBITDA/Interest Exp. 8.93
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 4.34
Net Debt/EBITDA 1.23
Gross Margin - Total Debt/EBITDA 2.77
EBITDA Margin 10.3%
EBIT Margin 7.2% Total Debt/Equity 42.1%
Net Income Margin 5.3% Total Debt/Capital 29.5%
Asset Turnover 0.74
Current Ratio 2.44 Net Fixed Asset Turnover 3.26
Quick Ratio 0.52 Accounts receivable turnover-days -
Debt to Assets 22.52% Inventory Days -
Tot Debt to Common Equity 42.15% 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
Orkla ASAPrice/Volume
Valuation Analysis
1'014'452.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 133'495'618 13.1 205'553 26.02.2013 Investment Advisor
TVIST 5 AS n/a EXCH 77'000'000 7.56 - 18.02.2013 Unclassified
GOVERNMENT PENSION F n/a EXCH 73'184'879 7.18 - 18.02.2013 Government
CLEARSTREAM BANKING n/a EXCH 57'985'029 5.69 - 18.02.2013 Bank
FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 21'881'000 2.15 21'881'000 31.12.2012 Investment Advisor
JP MORGAN CHASE BANK n/a EXCH 18'030'866 1.77 - 18.02.2013 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 17'296'080 1.7 176'036 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 16'592'519 1.63 - 18.02.2013 Investment Advisor
CANICA AS n/a EXCH 16'000'000 1.57 - 18.02.2013 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'552'234 1.43 324'911 31.12.2012 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 12'725'000 1.25 - 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 12'589'393 1.24 1'243'807 31.12.2012 Investment Advisor
NORTHERN TRUST CO n/a EXCH 11'436'619 1.12 - 18.02.2013 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 11'266'283 1.11 (983'790) 31.01.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 8'743'745 0.86 1'242'876 30.09.2012 Hedge Fund Manager
SEB n/a ULT-AGG 8'216'555 0.81 45'129 18.02.2013 Unclassified
ORKLA ASA n/a EXCH 7'986'233 0.78 - 18.02.2013 Corporation
FMR LLC n/a ULT-AGG 7'215'412 0.71 (319'969) 31.12.2012 Investment Advisor
SIX SIS AG n/a EXCH 7'076'864 0.69 - 18.02.2013 Bank
CREDIT SUISSE SECURI n/a EXCH 6'869'376 0.67 - 18.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Danske Markets MARTIN STENSHALL sell 1 M 43 12 month 27.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 12.02.2013
SEB Enskilda ATLE VEREIDE hold 3 M 51 Not Provided 08.02.2013
Carnegie PREBEN RASCH-OLSEN hold 3 M #N/A N/A Not Provided 08.02.2013
Fondsfinans AS PER HAAGENSEN neutral 3 M 45 Not Provided 08.02.2013
SpareBank 1 Markets AS LARS DANIEL WESTBY neutral 3 M 48 6 month 08.02.2013
DNB Markets HAAKON ASCHEHOUG hold 3 M 52 Not Provided 08.02.2013
Swedbank First Securities HENNING C STEFFENRUD reduce 2 M 46 Not Provided 08.02.2013
ABG Sundal Collier PETTER NYSTROM hold 3 M 48 6 month 07.02.2013
Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 62 12 month 07.02.2013
Handelsbanken KJETIL LYE accumulate 4 M 50 12 month 07.02.2013
Pareto Securities EIRIK VEGEM DAHLE hold 3 M 50 6 month 07.02.2013
Arctic Securities ASA KENNETH SIVERTSEN sell 1 M 43 Not Provided 07.02.2013
RS Platou Markets TERJE MAUER neutral 3 M 49 6 month 02.11.2012
CA Cheuvreux DANIEL OVIN outperform 5 M 51 Not Provided 23.07.2012
Holdings By:
Orkla ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Paddy Power PLC is an international betting and gaming group, founded in Ireland
in 1988. The Group provides betting services through the Internet, licensed
bookmakers, and by telephone. Paddy Power also offers online gaming services.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (20.02.2013) 66.36
52-Week Low (28.02.2012) 43.50
Daily Volume
64.5
52-Week High % Change -2.80% Dividend Yield 1.69
52-Week Low % Change 48.28% Beta 0.75
% 52 Week Price Range High/Low 91.43% Equity Float 41.88
Shares Out 31.01.2013 49.1 Short Int -
3'168.35 1 Yr Total Return 48.81%
Total Debt 0.00 YTD Return 3.20%
Preferred Stock 0.0 Adjusted BETA 0.746
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 111.14 Consensus Rating 3.833
Enterprise Value 3'024.94
Average Volume 5 Day 94'872
PWL ID EQUITY YTD Change - Average Volume 30 Day 99'160
PWL ID EQUITY YTD % CHANGE - Average Volume 3 Month 100'236
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 - -
279.0 283.7 295.9 426.7 499.3 - - 631.7 722.7 - -
3.48x 1.98x 3.83x 3.19x 4.14x - - 4.70x 4.00x - -
93.2 93.0 85.1 128.2 144.3 - - 171.6 190.6 - -
10.43x 6.04x 13.32x 10.62x 14.34x - - 17.63x 15.87x - -
62.8 68.8 56.9 90.0 121.5 - - 122.1 137.0 - -
17.66x 9.22x 20.31x 15.93x 17.44x - - 26.05x 23.27x - -
EBITDA 144.33 Long-Term Rating Date -
EBIT 117.20 Long-Term Rating -
Operating Margin 23.47% Long-Term Outlook -
Pretax Margin 28.71% Short-Term Rating Date -
Return on Assets 33.08% Short-Term Rating -
Return on Common Equity 62.15%
Return on Capital 62.23% EBITDA/Interest Exp. 252.76
Asset Turnover 1.41% (EBITDA-Capex)/Interest Exp. 194.04
Net Debt/EBITDA -0.91
Gross Margin 85.7% Total Debt/EBITDA 0.00
EBITDA Margin 27.8%
EBIT Margin 22.5% Total Debt/Equity 0.0%
Net Income Margin 24.3% Total Debt/Capital 0.0%
Asset Turnover 1.41
Current Ratio 1.01 Net Fixed Asset Turnover 6.27
Quick Ratio 0.75 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
Paddy Power PLCPrice/Volume
Valuation Analysis
49'201.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 4'415'163 8.99 - 02.01.2013 Investment Advisor
POWER DAVID HENRY n/a RNS-DIR 3'858'692 7.86 (70'000) 31.08.2011 n/a
FMR LLC n/a ULT-AGG 3'677'063 7.49 432'113 08.01.2013 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 3'424'106 6.97 (13'130) 22.11.2012 Investment Advisor
MARATHON ASSET MANAG n/a RNS-MAJ 1'954'060 3.98 487'312 01.08.2012 Investment Advisor
SMALLCAP WORLD FUND n/a RNS-MAJ 1'506'226 3.07 - 06.12.2011 n/a
BLACKROCK n/a ULT-AGG 1'500'621 3.05 - 25.02.2013 Investment Advisor
CORCORAN JOHN JAMES n/a Co File 1'500'000 3.05 - 04.03.2011 n/a
AMERIPRISE FINANCIAL n/a RNS-MAJ 1'447'320 2.95 (353'333) 10.06.2011 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'255'586 2.56 161'395 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 822'438 1.67 (326) 28.09.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 487'327 0.99 8'017 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 453'910 0.92 20'562 31.01.2013 Investment Advisor
KENNEDY PATRICK T n/a RNS-DIR 441'111 0.9 (22'200) 08.03.2012 n/a
KENNY STEWART ROSS n/a RNS-DIR 428'502 0.87 8'280 23.05.2012 n/a
MANGAN JIMMY n/a RNS-DIR 424'511 0.86 (150'000) 31.08.2011 n/a
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 412'586 0.84 182'339 30.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 327'140 0.67 - 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 299'509 0.61 (50'608) 26.02.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 289'540 0.59 27'263 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goodbody Stockbrokers Ltd GAVIN KELLEHER buy 5 M 67 12 month 27.02.2013
AlphaValue THOMAS PICHERIT add 4 M 69 6 month 21.02.2013
Goldman Sachs NICK EDELMAN neutral/neutral 3 M 63 12 month 25.01.2013
Peel Hunt NICHOLAS BATRAM hold 3 M 58 Not Provided 25.01.2013
Natixis MATTHIEU DETROYAT neutral 3 M 55 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley VAUGHAN LEWIS Underwt/In-Line 1 M 53 12 month 07.01.2013
Deutsche Bank ANAND DATE hold 3 M 53 12 month 19.12.2012
Nomura RICHARD STUBER buy 5 N 72 Not Provided 29.11.2012
Credit Suisse MATTHEW GERARD outperform 5 M 63 Not Provided 19.11.2012
Exane BNP Paribas ROBERTA CIACCIA neutral 3 M 54 Not Provided 19.11.2012
Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 16.11.2012
Jefferies JAMES WHEATCROFT buy 5 M 68 12 month 07.09.2012
Investec JAMES HOLLINS hold 3 D 53 12 month 29.08.2012
Daniel Stewart & Co MICHAEL CAMPBELL hold 3 M 54 12 month 29.08.2012
Numis Securities Ltd IVOR JONES hold 3 M 50 Not Provided 29.08.2012
Davy DAVID JENNINGS outperform 5 M #N/A N/A Not Provided 08.03.2012
Holdings By:
Paddy Power PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Pennon Group Plc operates and invests primarily in the areas of water and
sewerage services and waste management. Their principal subsidiary, SouthWest
Water Limited, holds the water and sewerage appointments for Devon, Cornwall and
parts of Somerset and Dorset. Viridor Waste Limited operates a waste treatment
and disposal businesses in the United Kingdom.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (19.07.2012) 797.00
52-Week Low (19.11.2012) 589.00
Daily Volume
650
52-Week High % Change -18.44% Dividend Yield 4.16
52-Week Low % Change 10.36% Beta 0.67
% 52 Week Price Range High/Low 29.33% Equity Float 350.90
Shares Out 31.01.2013 364.6 Short Int -
2'370.17 1 Yr Total Return -3.82%
Total Debt 2'529.90 YTD Return 5.32%
Preferred Stock 0.0 Adjusted BETA 0.665
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 425.30 Consensus Rating 3.000
Enterprise Value 4'543.17
Average Volume 5 Day 929'637
PNN LN EQUITY YTD Change - Average Volume 30 Day 1'252'076
PNN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'508'046
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 - -
875.0 958.2 1'068.9 1'159.2 1'233.1 - - 1'241.3 1'302.8 - -
4.60x 3.57x 3.49x 3.59x 3.79x - - 3.83x 3.84x - -
370.0 386.2 398.1 400.3 413.0 - - 415.3 438.3 - -
10.87x 8.86x 9.38x 10.40x 11.31x - - 10.94x 10.37x - -
133.6 89.8 141.5 171.6 172.4 - - 155.3 165.3 - -
16.95x 15.70x 12.92x 12.92x 14.80x - - 15.19x 14.48x - -
EBITDA 413.00 Long-Term Rating Date -
EBIT 266.00 Long-Term Rating -
Operating Margin 21.57% Long-Term Outlook -
Pretax Margin 16.26% Short-Term Rating Date -
Return on Assets 4.02% Short-Term Rating -
Return on Common Equity 21.94%
Return on Capital 9.90% EBITDA/Interest Exp. 2.16
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 0.79
Net Debt/EBITDA 5.34
Gross Margin - Total Debt/EBITDA 6.47
EBITDA Margin 33.2%
EBIT Margin 21.2% Total Debt/Equity 307.7%
Net Income Margin 14.0% Total Debt/Capital 75.5%
Asset Turnover 0.28
Current Ratio 1.02 Net Fixed Asset Turnover 0.40
Quick Ratio 0.82 Accounts receivable turnover-days -
Debt to Assets 59.24% Inventory Days -
Tot Debt to Common Equity 307.74% 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
Pennon Group PLCPrice/Volume
Valuation Analysis
459'515.00
Current Price (2/dd/yy) Market Data
'-''.''0''1''2''3''4''5''6''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMERIPRISE FINANCIAL n/a Co File 35'279'187 9.68 - 13.06.2011 Investment Advisor
PICTET ASSET MANAGEM n/a Co File 25'582'778 7.02 - 13.06.2011 Investment Advisor
PICTET & CIE Multiple Portfolios REG 25'467'353 6.98 1'535'980 01.11.2012 Mutual Fund Manager
AXA INVESTMENT MANAG Multiple Portfolios REG 18'719'291 5.13 (1'233'975) 01.11.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 18'166'741 4.98 - 01.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 16'044'190 4.4 1'616'666 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 12'950'604 3.55 271'352 01.11.2012 Unclassified
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 12'403'257 3.4 629'385 01.11.2012 Investment Advisor
NORGES BANK n/a RNS-MAJ 11'180'615 3.07 - 15.02.2013 Government
BLACKROCK n/a ULT-AGG 11'011'732 3.02 18'042 25.02.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 9'094'487 2.49 - 31.08.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 8'625'490 2.37 (66'057) 01.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'586'342 2.35 347'320 25.02.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 7'529'244 2.06 (30'311) 31.10.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 6'857'907 1.88 850'510 01.11.2012 Investment Advisor
EFG HARRIS ALLDAY Multiple Portfolios REG 6'073'376 1.67 (69'387) 01.11.2012 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 6'057'755 1.66 1'335'030 31.12.2012 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios REG 5'955'081 1.63 (64'916) 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 5'460'812 1.5 (3'183'715) 01.11.2012 Unclassified
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 5'440'267 1.49 15'000 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK outperform 5 M 760 12 month 26.02.2013
Societe Generale ASHLEY THOMAS hold 3 M 691 12 month 25.02.2013
Nomura JONATHAN CONSTABLE neutral 3 M 705 Not Provided 21.02.2013
JPMorgan EDMUND REID neutral 3 M 670 12 month 18.02.2013
Credit Suisse GUY MACKENZIE neutral 3 M 660 Not Provided 15.02.2013
Bryan Garnier & Cie JULIEN DESMARETZ buy 5 M 800 6 month 15.02.2013
Goldman Sachs ANDREW MEAD sell/attractive 1 M 671 12 month 08.02.2013
Exane BNP Paribas IAIN TURNER neutral 3 M 660 Not Provided 08.02.2013
HSBC VERITY MITCHELL overweight 5 M 800 Not Provided 28.01.2013
Barclays HARRY WYBURD equalweight 3 M 670 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 24.01.2013
Deutsche Bank JAMES BRAND hold 3 M 650 12 month 16.11.2012
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 740 12 month 04.09.2012
Holdings By:
Pennon Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Persimmon plc designs, builds and develops residential housing. The Company has
regional branches in Yorkshire, the North East and North West, Scotland, the
Midlands, Anglia, Wessex, Thames Valley, the South East, South Coast, South West
and Wales.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (25.02.2013) 932.00
52-Week Low (01.06.2012) 521.50
Daily Volume
888
52-Week High % Change -4.67% Dividend Yield 0.00
52-Week Low % Change 70.28% Beta 1.13
% 52 Week Price Range High/Low 88.67% Equity Float 301.07
Shares Out 01.02.2013 302.9 Short Int -
2'689.88 1 Yr Total Return 43.13%
Total Debt 0.00 YTD Return 11.00%
Preferred Stock 0.0 Adjusted BETA 1.129
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 201.50 Consensus Rating 3.579
Enterprise Value 2'488.38
Average Volume 5 Day 803'629
PSN LN EQUITY YTD Change - Average Volume 30 Day 587'862
PSN LN EQUITY YTD % CHANGE - Average Volume 3 Month 571'442
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 - -
1'755.1 1'420.6 1'569.5 1'535.0 1'721.4 - - 1'830.7 1'934.1 - -
0.81x 1.18x 0.85x 0.90x 1.29x - - 1.41x 1.26x - -
193.5 59.3 132.1 156.7 227.3 - - 266.9 304.5 - -
7.30x 28.38x 10.13x 8.81x 9.77x - - 9.32x 8.17x - -
(625.0) 74.1 115.3 109.0 170.2 - - 200.4 232.2 - -
- 19.03x 10.88x 12.99x 14.22x - - 13.64x 11.94x - -
EBITDA 227.30 Long-Term Rating Date -
EBIT 223.20 Long-Term Rating -
Operating Margin 12.97% Long-Term Outlook -
Pretax Margin 12.88% Short-Term Rating Date -
Return on Assets 6.34% Short-Term Rating -
Return on Common Equity 8.88%
Return on Capital 9.17% EBITDA/Interest Exp. 31.14
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 30.53
Net Debt/EBITDA -0.89
Gross Margin 17.4% Total Debt/EBITDA 0.00
EBITDA Margin 13.2%
EBIT Margin 13.0% Total Debt/Equity 0.0%
Net Income Margin 9.9% Total Debt/Capital 0.0%
Asset Turnover 0.64
Current Ratio 3.84 Net Fixed Asset Turnover 58.75
Quick Ratio 0.34 Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days 521.66
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 499.35
Inventory Turnover 0.70
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
Persimmon PLCPrice/Volume
Valuation Analysis
465'977.00
Current Price (2/dd/yy) Market Data
'-''.''0''1''2''3''4''5''6''
-'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
5!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 20'040'167 6.62 (7'613'871) 31.12.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 18'274'659 6.03 1'322'057 01.11.2012 Investment Advisor
ALLIANZ GLOBAL INVES n/a Co File 18'098'600 5.97 - 27.02.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 16'215'636 5.35 1'403'444 31.12.2012 Unclassified
AMERIPRISE FINANCIAL n/a Co File 15'321'191 5.06 - 27.02.2012 Investment Advisor
TEMPLETON FOREIGN FU n/a Co File 14'827'805 4.9 - 27.02.2012 n/a
BLACKROCK n/a ULT-AGG 13'818'947 4.56 - 25.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 12'893'657 4.26 674'376 01.11.2012 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 12'660'596 4.18 (1'050'000) 01.11.2012 Other
LEGAL & GENERAL n/a ULT-AGG 11'309'483 3.73 86'618 31.01.2013 Unclassified
FMR LLC n/a ULT-AGG 10'731'853 3.54 3'019'624 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios REG 10'566'663 3.49 930'180 01.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'667'281 2.86 380'562 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 7'841'964 2.59 - 31.07.2012 Investment Advisor
OLD MUTUAL n/a ULT-AGG 7'784'338 2.57 2'528'997 31.12.2012 Unclassified
POLARIS CAPITAL MANA Multiple Portfolios REG 7'607'371 2.51 1'229'728 01.11.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 7'155'973 2.36 - 01.11.2012 Government
ABERDEEN n/a ULT-AGG 6'866'305 2.27 (1'105'632) 01.11.2012 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 6'621'221 2.19 (1'151'936) 01.11.2012 Unclassified
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 6'112'160 2.02 (26'603) 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Numis Securities Ltd CHRISTOPHER MILLINGTON reduce 2 M 800 Not Provided 25.02.2013
Panmure Gordon & Co Limited RACHAEL APPLEGATE hold 3 M 815 Not Provided 25.02.2013
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 895 6 month 18.02.2013
Northland Capital Partners Ltd SIMON BROWN buy 5 M 950 Not Provided 15.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 855 Not Provided 05.02.2013
Peel Hunt ROBIN HARDY hold 3 M 730 Not Provided 04.02.2013
JPMorgan EMILY BIDDULPH neutral 3 M 850 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
Deutsche Bank GLYNIS JOHNSON hold 3 M 849 12 month 09.01.2013
Jefferies ANTHONY CODLING hold 3 M 850 12 month 08.01.2013
Credit Suisse HARRY GOAD outperform 5 M 949 Not Provided 17.12.2012
HSBC JEFFREY G DAVIS overweight 5 U 957 Not Provided 28.11.2012
Investec MIKE BESSELL buy 5 M 760 12 month 13.08.2012
Shore Capital Stockbrokers JON BELL sell 1 M #N/A N/A Not Provided 19.07.2012
Canaccord Genuity Corp ALASTAIR STEWART sell 1 M 406 12 month 16.05.2012
Davy ROBERT GARDINER outperform 5 M #N/A N/A Not Provided 09.01.2012
Holdings By:
Persimmon PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Petroleum Geo-Services ASA is an oilfield service company primarily involved in
geophysical and floating production services. The Company provides a range of
seismic- and reservoir services, including acquisition, processing,
interpretation, and field evaluation. Petroleum operates in a worldwide basis.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.11.2012) 104.50
52-Week Low (26.06.2012) 64.30
Daily Volume
92.2
52-Week High % Change -11.77% Dividend Yield -
52-Week Low % Change 43.39% Beta 1.43
% 52 Week Price Range High/Low 72.14% Equity Float 191.60
Shares Out 26.02.2013 217.8 Short Int -
20'081.16 1 Yr Total Return 10.76%
Total Debt 916.82 YTD Return -3.30%
Preferred Stock 0.0 Adjusted BETA 1.433
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 393.30 Consensus Rating 4.516
Enterprise Value 4'050.15
Average Volume 5 Day 1'710'275
PGS NO EQUITY YTD Change - Average Volume 30 Day 1'524'940
PGS NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'626'179
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
1'647.4 1'350.2 1'135.1 1'253.3 1'518.3 1'253.3 1'518.3 1'753.8 1'997.3 383.3 436.1
1.11x 2.26x 3.27x 2.31x 2.79x 10.64x 9.99x 2.37x 2.01x 10.77x 9.54x
1'026.9 694.8 475.4 539.2 777.3 539.2 777.3 1'001.2 1'154.0 199.5 252.6
1.78x 4.39x 7.80x 5.36x 5.46x 5.36x 5.46x 4.05x 3.51x 4.09x 3.88x
417.4 165.8 (14.0) 33.7 185.5 33.7 185.5 344.7 447.8 64.7 86.2
1.69x 12.46x - 73.02x 19.92x 72.50x 19.88x 10.39x 8.08x 10.40x 9.54x
EBITDA 777.25 Long-Term Rating Date 02.12.2010
EBIT 292.97 Long-Term Rating BB
Operating Margin 19.30% Long-Term Outlook STABLE
Pretax Margin 15.05% Short-Term Rating Date -
Return on Assets 5.79% Short-Term Rating -
Return on Common Equity 10.05%
Return on Capital 7.80% EBITDA/Interest Exp. 20.57
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 11.08
Net Debt/EBITDA 0.67
Gross Margin 57.7% Total Debt/EBITDA 1.18
EBITDA Margin 51.2%
EBIT Margin 19.3% Total Debt/Equity 47.7%
Net Income Margin 12.2% Total Debt/Capital 32.3%
Asset Turnover 0.47
Current Ratio 2.27 Net Fixed Asset Turnover 1.11
Quick Ratio 1.54 Accounts receivable turnover-days 47.86
Debt to Assets 28.00% Inventory Days -
Tot Debt to Common Equity 47.71% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.65 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
Petroleum Geo-Services ASAPrice/Volume
Valuation Analysis
1'193'267.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
0.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 27'470'477 12.61 - 26.02.2013 Investment Advisor
GOVERNMENT PENSION F n/a EXCH 24'795'873 11.38 - 18.02.2013 Government
JP MORGAN CHASE BANK n/a EXCH 9'556'051 4.39 - 18.02.2013 Investment Advisor
EUROCLEAR BANK SA n/a EXCH 7'135'548 3.28 - 18.02.2013 Bank
CLEARSTREAM BANKING n/a EXCH 6'875'274 3.16 - 18.02.2013 Bank
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 6'612'370 3.04 71'242 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 6'260'743 2.87 - 18.02.2013 Investment Advisor
VARMA MUTUAL PENSION n/a EXCH 4'114'879 1.89 - 18.02.2013 Insurance Company
CITIBANK NA n/a EXCH 3'972'727 1.82 - 18.02.2013 Bank
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 3'890'292 1.79 53'763 31.01.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 3'707'397 1.7 624 31.01.2013 Mutual Fund Manager
CACEIS BANK LUXEMBOU n/a EXCH 3'664'658 1.68 - 18.02.2013 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'619'509 1.66 281'695 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 3'230'380 1.48 - 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'027'844 1.39 - 18.02.2013 Investment Advisor
TAPIOLA MUTUAL PENSI n/a EXCH 3'000'000 1.38 - 18.02.2013 Insurance Company
BLACKROCK n/a ULT-AGG 2'990'771 1.37 441'327 25.02.2013 Investment Advisor
SEB n/a ULT-AGG 2'863'047 1.31 10'764 18.02.2013 Unclassified
NORDEA FONDENE AS Multiple Portfolios MF-AGG 2'823'783 1.3 (61'106) 28.09.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'524'091 1.16 - 28.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 90 6 month 21.02.2013
Fondsfinans AS ARNE EGIL ROENNING buy 5 M 115 Not Provided 19.02.2013
Nordea Equity Research JORGEN ANDREAS LANDE hold 3 M 105 12 month 18.02.2013
Pareto Securities KRISTIAN DIESEN buy 5 M 140 6 month 18.02.2013
Swedbank First Securities EIVIND TONNESSEN buy 5 M 113 Not Provided 18.02.2013
Morgan Stanley ROBERT PULLEYN Overwt/Attractive 5 M 140 12 month 15.02.2013
HSBC DAVID PHILLIPS overweight 5 M 120 Not Provided 15.02.2013
Carnegie OLE MARTIN WESTGAARD buy 5 M #N/A N/A Not Provided 15.02.2013
Handelsbanken KNUT ERIK LOVSTAD buy 5 M 125 12 month 15.02.2013
DNB Markets MATS OLIMB buy 5 M 110 Not Provided 15.02.2013
Dahlman Rose & Co PETER HATFIELD buy 5 M 124 Not Provided 15.02.2013
Arctic Securities ASA CHRISTIAN YGGESETH buy 5 M 125 Not Provided 15.02.2013
Barclays MICK PICKUP overweight 5 M 140 Not Provided 15.02.2013
Norne Securities AS STIG MJELDE buy 5 M 120 12 month 15.02.2013
ABG Sundal Collier JOHN A SCHJ OLAISEN buy 5 M 122 6 month 14.02.2013
Fearnley Fonds MORTEN NYSTROM buy 5 M 120 Not Provided 14.02.2013
SpareBank 1 Markets AS CHRISTOPHER MOLLERLOKKEN buy 5 M 112 12 month 14.02.2013
JPMorgan ANDREW DOBBING overweight 5 M 128 9 month 29.01.2013
SEB Enskilda TERJE FATNES buy 5 M 132 Not Provided 29.01.2013
Nomura CHRISTYAN MALEK buy 5 M 150 12 month 29.01.2013
Danske Markets J HENRIK ERIKSEN buy 5 M 110 12 month 29.01.2013
Goldman Sachs MICHAEL RAE Sell/Neutral 1 D 99 12 month 23.01.2013
RBC Capital Markets KATHERINE TONKS outperform 5 M 120 12 month 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Canaccord Genuity Corp JAMES EVANS buy 5 M 120 12 month 19.12.2012
CA Cheuvreux GEOFFROY STERN select list 5 M 125 Not Provided 30.10.2012
Natixis ANNE PUMIR buy 5 M 115 Not Provided 26.10.2012
RS Platou Markets THOMAS ORNER buy 5 M 125 6 month 26.10.2012
Holdings By:
Petroleum Geo-Services ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Portugal Telecom, SGPS, S.A. offers telecommunications services in Portugal.
The Company offers domestic, long distance, and international telephone, mobile
telephone, paging, Internet access, and data communications services. Portugal
Telecom also distributes television programming over the Internet. The Company
offers some of its services in Brazil, Africa, and Asia.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.01.2013) 4.46
52-Week Low (31.05.2012) 3.00
Daily Volume
3.905
52-Week High % Change -12.44% Dividend Yield -
52-Week Low % Change 30.04% Beta 1.03
% 52 Week Price Range High/Low 60.11% Equity Float 429.87
Shares Out 30.09.2012 896.5 Short Int -
3'500.88 1 Yr Total Return 9.90%
Total Debt 12'280.96 YTD Return 4.16%
Preferred Stock 0.0 Adjusted BETA 1.025
Minority Interest 914.7 Analyst Recs 30
Cash and Equivalents 5'668.12 Consensus Rating 3.333
Enterprise Value 11'845.28
Average Volume 5 Day 3'420'145
PTC PL EQUITY YTD Change - Average Volume 30 Day 3'999'645
PTC PL EQUITY YTD % CHANGE - Average Volume 3 Month 3'959'370
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
6'068.0 6'610.8 3'689.1 3'681.6 6'000.7 5'032.8 6'017.9 6'558.8 6'378.1 1'599.6 1'555.0
2.32x 1.80x 3.82x 2.62x 1.86x 11.01x 7.61x 1.81x 1.82x 7.32x -
2'356.7 2'305.6 1'452.4 1'308.0 2'129.5 1'845.8 2'225.7 2'247.8 2'172.4 533.3 513.0
5.98x 5.17x 9.71x 7.38x 5.23x 7.73x 5.30x 5.27x 5.45x 5.53x 5.47x
741.9 576.1 684.7 5'672.2 339.1 355.9 194.2 255.2 292.5 43.3 92.0
13.39x 9.48x 12.42x 66.59x 11.41x 14.03x 15.90x 12.52x 11.19x - -
EBITDA 2'129.47 Long-Term Rating Date 11.02.2013
EBIT 803.88 Long-Term Rating BB
Operating Margin 13.40% Long-Term Outlook NEG
Pretax Margin 8.85% Short-Term Rating Date 20.01.2012
Return on Assets 0.91% Short-Term Rating B
Return on Common Equity 7.19%
Return on Capital 4.29% EBITDA/Interest Exp. 7.17
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 3.07
Net Debt/EBITDA 3.49
Gross Margin - Total Debt/EBITDA 5.06
EBITDA Margin 37.0%
EBIT Margin 12.9% Total Debt/Equity 434.3%
Net Income Margin 5.7% Total Debt/Capital 76.6%
Asset Turnover 0.28
Current Ratio 1.24 Net Fixed Asset Turnover 0.99
Quick Ratio 1.06 Accounts receivable turnover-days 176.41
Debt to Assets 53.53% Inventory Days -
Tot Debt to Common Equity 434.25% Accounts Payable Turnover Day -
Accounts Receivable Turnover 2.07 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Portugal Telecom SGPS SAPrice/Volume
Valuation Analysis
3'036'329.00
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
'--..001122
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RS HOLDING SGPS SA n/a Research 90'111'159 10.05 - 02.07.2012 Holding Company
BANCO ESPIRITO SANTO n/a EXCH 90'020'566 10.04 (1'000'000) 09.10.2012 Bank
TELEMAR NORTE LESTE n/a 13D 89'651'205 10 - 24.05.2012 Corporation
CAIXA GERAL DE DEPOS n/a Research 56'812'686 6.34 653'721 06.03.2012 Government
BRANDES INVESTMENT P n/a Research 46'953'365 5.24 - 06.03.2012 Investment Advisor
NORGES BANK n/a EXCH 44'442'888 4.96 (410'031) 01.02.2012 Government
UBS n/a ULT-AGG 42'266'106 4.71 (3'285'137) 28.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 27'330'879 3.05 (64'437) 25.02.2013 Investment Advisor
VISABEIRA GROUP n/a 20F 23'642'885 2.64 - 19.04.2012 Holding Company
CAPITAL GROUP COMPAN n/a ULT-AGG 21'130'230 2.36 3'365'702 08.02.2013 Investment Advisor
CONTROLINVESTE FINAN n/a 20F 20'419'325 2.28 - 19.04.2012 Holding Company
WELLINGTON MANAGEMEN n/a EXCH 18'409'822 2.05 - 10.10.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a EXCH 18'000'000 2.01 - 23.10.2012 Pension Fund (ERISA)
TELEFONICA SA n/a EXCH 17'912'661 2 (210'000) 20.01.2012 Corporation
GOLDMAN SACHS GROUP n/a EXCH 17'707'893 1.98 - 23.02.2012 Investment Advisor
INCOME FUND OF AMERI n/a EXCH 17'670'082 1.97 - 31.01.2012 n/a
BARCLAYS PLC n/a EXCH 17'448'794 1.95 (4'978'424) 21.01.2013 Investment Advisor
EUROPACIFIC GROWTH F n/a EXCH 15'831'045 1.77 - 07.08.2012 n/a
TPG-AXON MANAGEMENT n/a EXCH 15'666'668 1.75 (2'066'670) 21.03.2011 Hedge Fund Manager
MORGAN STANLEY n/a ULT-AGG 15'004'899 1.67 (16'154'533) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale OTTAVIO ADORISIO hold 3 M 4 12 month 25.02.2013
BPI PEDRO OLIVEIRA buy 5 M 5 Not Provided 25.02.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 5 Not Provided 25.02.2013
Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 4 12 month 22.02.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 6 6 month 21.02.2013
Caixa Banco de Investimento(ESN) GUIDO VARATOJO SANTOS buy 5 M 5 12 month 15.02.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 5 Not Provided 15.02.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 4 Not Provided 14.02.2013
New Street Research SOOMIT DATTA reduce 2 M 4 Not Provided 11.02.2013
Oddo & Cie ALEXANDRE IATRIDES neutral 3 M 4 Not Provided 30.01.2013
Macquarie GUY R PEDDY outperform 5 M 5 12 month 28.01.2013
Kepler Capital Markets JAVIER BORRACHERO reduce 2 M 4 Not Provided 25.01.2013
Barclays JONATHAN DANN equalweight 3 M 4 Not Provided 24.01.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 5 12 month 23.01.2013
Credit Suisse JUSTIN FUNNELL underperform 1 M 4 Not Provided 21.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 6 Not Provided 14.01.2013
BCP Investimento ALEXANDRA DELGADO buy 5 M 5 Not Provided 14.01.2013
JPMorgan DANIEL MORRIS underweight 1 M 4 12 month 19.12.2012
NMAS 1 Agencia de Valores JOSE RAMON OCINA neutral 3 M 4 12 month 17.12.2012
Day by Day VALERIE GASTALDY buy 5 U 4 3 month 11.12.2012
HSBC LUIGI MINERVA neutral 3 M 4 Not Provided 07.12.2012
Nomura FREDERIC BOULAN neutral 3 M 4 Not Provided 30.11.2012
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 4 12 month 28.09.2012
Deutsche Bank KEVAL KHIROYA hold 3 M 5 12 month 03.08.2012
BBVA IVON LEAL market perform 3 M 4 Not Provided 30.07.2012
Natixis BENOIT MAYNARD buy 5 M 5 Not Provided 28.06.2012
Banif TERESA MARTINHO Under Review #N/A N/A M #N/A N/A Not Provided 30.03.2012
Gabelli & Co EVAN D MILLER hold 3 M #N/A N/A Not Provided 19.07.2011
Holdings By:
Portugal Telecom SGPS SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Premier Oil plc is an international oil and gas exploration and development
company with producing interests in the United Kingdom, Indonesia, and
Pakistan. The Company has continuing exploration and appraisal efforts in the
United Kingdom, South and South East Asia, and Africa.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (28.02.2012) 451.70
52-Week Low (21.12.2012) 314.30
Daily Volume
381.1
52-Week High % Change -15.54% Dividend Yield 0.00
52-Week Low % Change 21.25% Beta 0.99
% 52 Week Price Range High/Low 46.22% Equity Float 500.58
Shares Out 01.02.2013 529.1 Short Int 0.08
2'016.44 1 Yr Total Return -13.78%
Total Debt 1'036.70 YTD Return 13.25%
Preferred Stock 0.0 Adjusted BETA 0.995
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 309.10 Consensus Rating 4.300
Enterprise Value 3'871.43
Average Volume 5 Day 912'262
PMO LN EQUITY YTD Change - Average Volume 30 Day 1'297'119
PMO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'301'205
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 - -
578.2 655.2 621.1 763.6 826.8 - - 1'435.3 1'766.9 - -
3.55x 1.62x 3.80x 5.14x 4.07x - - 2.83x 2.39x - -
327.3 402.3 344.9 391.3 355.7 - - 916.1 1'147.4 - -
6.27x 2.63x 6.85x 10.03x 9.45x - - 4.23x 3.37x - -
39.0 98.3 113.0 129.8 171.2 - - 309.0 400.6 - -
54.61x 11.89x 17.15x 27.17x 15.37x - - 10.62x 7.71x - -
EBITDA 355.70 Long-Term Rating Date -
EBIT 175.60 Long-Term Rating -
Operating Margin 21.24% Long-Term Outlook -
Pretax Margin 17.11% Short-Term Rating Date -
Return on Assets 5.08% Short-Term Rating -
Return on Common Equity 13.85%
Return on Capital 11.55% EBITDA/Interest Exp. 3.56
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -3.95
Net Debt/EBITDA 1.26
Gross Margin 49.8% Total Debt/EBITDA 1.70
EBITDA Margin 52.7%
EBIT Margin 30.8% Total Debt/Equity 78.3%
Net Income Margin 20.7% Total Debt/Capital 43.9%
Asset Turnover 0.30
Current Ratio 0.90 Net Fixed Asset Turnover 0.53
Quick Ratio 0.57 Accounts receivable turnover-days -
Debt to Assets 26.65% Inventory Days 18.53
Tot Debt to Common Equity 78.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 49.55
Inventory Turnover 19.76
Fiscal Year Ended
Premier Oil PLCPrice/Volume
Valuation Analysis
652'854.00
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
'2'
-''-2'.''.2'0''02'1''12'2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
0.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AXA INVESTMENT MGRS n/a Co File 40'173'814 7.59 - 21.03.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 34'074'789 6.44 3'120'358 02.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 32'237'856 6.09 3'349'860 02.01.2013 Investment Advisor
AXA FRAMLINGTON INV Multiple Portfolios REG 27'811'111 5.26 (623'593) 02.01.2013 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 24'666'346 4.66 - 21.03.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 20'438'224 3.86 (320'227) 02.01.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'406'950 3.29 155'312 31.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 16'293'748 3.08 6'782'153 31.12.2012 Investment Advisor
BNP PARIBAS INVESTME n/a RNS-MAJ 15'604'990 2.95 2'090'971 03.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 15'377'464 2.91 (707'536) 02.01.2013 Investment Advisor
UBS n/a ULT-AGG 14'651'684 2.77 466'648 02.01.2013 Unclassified
ARTEMIS INVESTMENT M n/a RNS-RUL8 12'495'315 2.36 171'390 12.12.2011 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 11'455'661 2.17 483'841 02.01.2013 Government
BLACKROCK n/a ULT-AGG 11'224'700 2.12 - 25.02.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 10'809'204 2.04 (127'500) 02.01.2013 Unclassified
ROYAL LONDON ASSET M Multiple Portfolios REG 9'443'213 1.78 602'936 02.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 9'182'260 1.74 (210'877) 02.01.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'953'998 1.69 (1'257) 30.11.2012 Investment Advisor
HERMES INVESTMENT MA n/a RNS-RUL8 8'534'852 1.61 70'294 23.11.2011 Investment Advisor
TD WATERHOUSE GROUP Multiple Portfolios REG 8'288'042 1.57 (258'836) 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goodbody Stockbrokers Ltd GERRY F HENNIGAN buy 5 M 540 12 month 26.02.2013
Societe Generale DAVID MIRZAI buy 5 M 460 12 month 25.02.2013
RBC Capital Markets NATHAN PIPER outperform 5 M 600 12 month 21.02.2013
Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 14.02.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 387 Not Provided 11.02.2013
Macquarie MARK WILSON outperform 5 M 583 12 month 08.02.2013
Finncap WILLIAM ARNSTEIN buy 5 M 430 12 month 05.02.2013
Investec JERRY HO hold 3 M 364 12 month 01.02.2013
Numis Securities Ltd SANJEEV BAHL add 4 U 423 Not Provided 30.01.2013
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 570 12 month 29.01.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 352 Not Provided 25.01.2013
Morgan Stanley JAMIE MADDOCK Equalwt/Attractive 3 M 425 12 month 18.01.2013
FirstEnergy Capital Corp STEPHANE FOUCAUD market perform 3 M 430 12 month 18.01.2013
Deutsche Bank PHIL CORBETT buy 5 M 570 12 month 17.01.2013
Jefferies MATTHEW LAMBOURNE hold 3 M 415 12 month 17.01.2013
Canaccord Genuity Corp THOMAS MARTIN buy 5 M 475 12 month 17.01.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 500 12 month 17.01.2013
Fox-Davies Capital ZAC PHILLIPS buy 5 M 485 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
GMP RITESH GAGGAR buy 5 M 490 Not Provided 08.01.2013
Barclays ALESSANDRO POZZI overweight 5 M 600 Not Provided 08.01.2013
Goldman Sachs CHRISTOPHOR JOST buy/attractive 5 M 579 12 month 17.12.2012
Davy JOB LANGBROEK outperform 5 M #N/A N/A Not Provided 26.11.2012
N+1 Singer Ltd SIMON HAWKINS buy 5 M 530 12 month 24.10.2012
Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 540 Not Provided 25.09.2012
Merrion Stockbrokers MUNA MULEYA hold 3 N 514 Not Provided 24.09.2012
HSBC PETER HITCHENS overweight 5 M 500 Not Provided 28.08.2012
Holdings By:
Premier Oil PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Prysmian SpA develops, designs, produces, supplies and installs a wide range of
cables for applications in the energy and telecommunications industries.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (22.01.2013) 16.42
52-Week Low (14.06.2012) 10.55
Daily Volume
15.9
52-Week High % Change -3.17% Dividend Yield -
52-Week Low % Change 50.71% Beta 0.92
% 52 Week Price Range High/Low 86.54% Equity Float 201.21
Shares Out 30.09.2012 214.5 Short Int -
3'410.69 1 Yr Total Return 26.42%
Total Debt 1'862.00 YTD Return 5.93%
Preferred Stock 0.0 Adjusted BETA 0.924
Minority Interest 62.0 Analyst Recs 21
Cash and Equivalents 807.00 Consensus Rating 4.619
Enterprise Value 4'893.69
Average Volume 5 Day 1'470'939
PRY IM EQUITY YTD Change - Average Volume 30 Day 1'151'085
PRY IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'112'629
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
5'117.7 5'144.0 3'731.0 4'571.0 7'583.0 6'845.0 7'909.0 7'998.9 8'183.4 2'051.1 -
0.76x 0.51x 0.72x 0.64x 0.41x 2.29x 1.97x 0.57x 0.54x 2.20x -
529.2 479.0 496.0 428.0 544.0 306.0 734.0 641.5 692.8 173.8 -
7.30x 5.46x 5.43x 6.87x 5.78x 11.73x 6.08x 7.63x 7.06x - -
300.2 237.0 248.0 148.0 (136.0) (97.0) 165.0 256.1 308.1 74.4 -
10.11x 8.41x 8.71x 15.55x - 0.00x 17.57x 13.03x 10.81x - -
EBITDA 544.00 Long-Term Rating Date -
EBIT 364.00 Long-Term Rating -
Operating Margin 4.80% Long-Term Outlook -
Pretax Margin -1.33% Short-Term Rating Date -
Return on Assets 2.74% Short-Term Rating -
Return on Common Equity 15.52%
Return on Capital 7.97% EBITDA/Interest Exp. 7.06
Asset Turnover 1.31% (EBITDA-Capex)/Interest Exp. 5.31
Net Debt/EBITDA 1.95
Gross Margin 35.2% Total Debt/EBITDA 2.57
EBITDA Margin 9.3%
EBIT Margin 6.8% Total Debt/Equity 178.7%
Net Income Margin -1.8% Total Debt/Capital 62.8%
Asset Turnover 1.31
Current Ratio 1.03 Net Fixed Asset Turnover 5.18
Quick Ratio 0.59 Accounts receivable turnover-days 65.32
Debt to Assets 31.65% Inventory Days 74.88
Tot Debt to Common Equity 178.69% Accounts Payable Turnover Day 102.76
Accounts Receivable Turnover 5.60 Cash Conversion Cycle 24.52
Inventory Turnover 4.89
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
Prysmian SpAPrice/Volume
Valuation Analysis
782'890.00
Current Price (2/dd/yy) Market Data
'.135
-'-.-1-3-5
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CLUBTRE SRL n/a EXCH 13'297'401 6.2 - 30.11.2012 Other
FRANKLIN RESOURCES n/a ULT-AGG 8'115'891 3.78 154'461 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'990'218 3.72 (481'287) 30.11.2012 Investment Advisor
NORGES BANK n/a EXCH 6'977'971 3.25 - 30.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'680'544 2.18 (178'183) 31.12.2012 Investment Advisor
JP MORGAN SECURITIES n/a EXCH 4'620'520 2.15 - 30.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 4'597'796 2.14 - 26.02.2013 Investment Advisor
SCHRODER INVESTMENT n/a EXCH 4'309'482 2.01 - 30.11.2012 Investment Advisor
OPPENHEIMERFUNDS INC n/a EXCH 4'292'321 2 - 30.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA n/a EXCH 4'292'321 2 - 20.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'875'288 1.34 21'293 25.02.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'656'220 1.24 (1'221'890) 31.12.2012 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 2'328'432 1.09 (5'280) 31.01.2013 Mutual Fund Manager
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 1'984'776 0.93 30'760 30.11.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 1'961'622 0.91 - 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'546'300 0.72 (49'500) 31.12.2012 Investment Advisor
ACTIVEST MUNICH Multiple Portfolios MF-AGG 1'219'934 0.57 - 30.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'184'836 0.55 (15'940) 31.12.2012 Investment Advisor
AMBER CAPITAL UK LLP n/a Short (1'158'348) -0.54 - 25.02.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 926'038 0.43 1'038 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ALESSANDRO TORTORA neutral 3 M 16 6 month 27.02.2013
Banca IMI MONICA BOSIO add 4 M 18 12 month 27.02.2013
Banca Akros(ESN) FRANCESCO PREVITERA accumulate 4 M 16 12 month 27.02.2013
Credit Suisse MAX YATES outperform 5 M 19 Not Provided 25.02.2013
AlphaValue LIONEL PELLICER buy 5 M 20 6 month 21.02.2013
Exane BNP Paribas ARNAUD BROSSARD outperform 5 M 19 Not Provided 04.02.2013
Natixis ARNAUD SCHMIT neutral 3 M 16 Not Provided 24.01.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 22 12 month 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
JPMorgan ANDREAS WILLI overweight 5 M 18 9 month 14.01.2013
Berenberg Bank MAGGIE PAXTON buy 5 M 16 Not Provided 08.01.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 19 Not Provided 08.01.2013
Barclays DAVID VOS overweight 5 M 16 Not Provided 21.12.2012
CA Cheuvreux GIORGIO IANNELLA outperform 5 D 16 Not Provided 11.12.2012
Equita SIM SpA LUIGI DE BELLIS buy 5 M 17 12 month 12.11.2012
HSBC CHRISTOPHE QUARANTE overweight 5 M 18 Not Provided 09.11.2012
Kepler Capital Markets ENRICO COCO buy 5 M 16 Not Provided 09.11.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M #N/A N/A Not Provided 11.05.2012
Centrobanca MARCO CRISTOFORI buy 5 M 15 12 month 14.02.2012
Holdings By:
Prysmian SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
PSP Swiss Property AG owns and manages real estate. The Company owns a
portfolio of office and business premises at exclusive locations in
Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and
Lausanne.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.08.2012) 89.95
52-Week Low (27.02.2012) 73.44
Daily Volume
84.15
52-Week High % Change -6.39% Dividend Yield -
52-Week Low % Change 14.58% Beta 0.67
% 52 Week Price Range High/Low 65.77% Equity Float 31.94
Shares Out 30.09.2012 45.9 Short Int -
3'859.78 1 Yr Total Return 14.01%
Total Debt 1'946.89 YTD Return -2.77%
Preferred Stock 0.0 Adjusted BETA 0.675
Minority Interest 0.0 Analyst Recs 11
Cash and Equivalents 30.99 Consensus Rating 3.364
Enterprise Value 5'652.81
Average Volume 5 Day 81'327
PSPN SE EQUITY YTD Change - Average Volume 30 Day 83'064
PSPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 73'642
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
195.6 205.7 221.9 224.1 284.2 246.3 236.9 265.0 270.9 65.3 68.1
22.95x 20.75x 20.97x 23.15x 18.75x 86.69x 93.27x 21.45x 21.29x 87.17x -
132.6 147.4 164.8 169.5 231.3 213.8 229.1 228.3 230.1 54.7 54.2
33.85x 28.96x 28.23x 30.61x 23.04x 25.79x 24.92x 24.78x 24.57x 26.14x 26.25x
291.2 224.0 231.2 280.8 404.0 366.5 385.2 155.7 156.5 38.3 -
8.72x 9.96x 10.73x 11.52x 8.36x 9.50x 9.73x 23.82x 24.02x 23.57x -
EBITDA 231.31 Long-Term Rating Date -
EBIT 230.65 Long-Term Rating -
Operating Margin 64.45% Long-Term Outlook -
Pretax Margin 181.50% Short-Term Rating Date -
Return on Assets 6.43% Short-Term Rating -
Return on Common Equity 11.63%
Return on Capital 7.36% EBITDA/Interest Exp. 4.42
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. 2.52
Net Debt/EBITDA 7.83
Gross Margin - Total Debt/EBITDA 7.98
EBITDA Margin 96.7%
EBIT Margin - Total Debt/Equity 59.6%
Net Income Margin 142.2% Total Debt/Capital 37.3%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 32.18% Inventory Days -
Tot Debt to Common Equity 59.56% 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
PSP Swiss Property AGPrice/Volume
Valuation Analysis
42'692.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
-''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!- 9
!. 9
!. 9
!0 9
!0 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HETZ NATHAN n/a Co File 7'000'000 15.26 - 31.12.2011 n/a
ALONY HETZ PROPERTIE n/a EXCH 6'685'000 14.57 (668'972) 31.08.2012 Other
BLACKROCK n/a ULT-AGG 2'357'646 5.14 (15'338) 25.02.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'524'866 3.32 (25'146) 28.12.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 612'882 1.34 2'572 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 506'810 1.1 14'585 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 435'191 0.95 (12'884) 30.11.2012 Mutual Fund Manager
STATE STREET n/a ULT-AGG 421'951 0.92 - 26.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 365'597 0.8 18'300 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 263'062 0.57 (346) 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 240'797 0.52 (2'034) 31.10.2012 Unclassified
IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 213'111 0.46 (2'506) 31.10.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 193'798 0.42 7'254 31.12.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 164'425 0.36 - 29.06.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 160'632 0.35 (2'734) 30.11.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 143'262 0.31 18'184 31.12.2012 Investment Advisor
GABRIEL LUCIANO n/a Co File 143'251 0.31 - 31.12.2011 n/a
AMUNDI Multiple Portfolios MF-AGG 133'500 0.29 - 28.09.2012 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 128'945 0.28 5'445 28.09.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 123'840 0.27 38'047 25.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank KAI MALTE KLOSE hold 3 M 90 Not Provided 20.02.2013
Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 90 Not Provided 20.02.2013
Zuercher Kantonalbank MARKUS WAEBER outperform 5 M #N/A N/A Not Provided 01.02.2013
Exane BNP Paribas NICK WEBB neutral 3 M 85 Not Provided 01.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Kempen & Co ROBERT WOERDEMAN neutral 3 M 90 12 month 13.01.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 80 12 month 26.11.2012
ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 N 85 12 month 15.11.2012
JPMorgan TIM LECKIE overweight 5 U 97 9 month 07.11.2012
Morgan Stanley BIANCA RIEMER Equalwt/Attractive 3 M 88 12 month 29.08.2012
Deutsche Bank MARKUS SCHEUFLER hold 3 M 73 12 month 24.11.2011
Edge Capital Research MARIYA PANAYOTOVA underperform 1 N 74 12 month 08.08.2011
Holdings By:
PSP Swiss Property AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
QIAGEN N.V. provides sample and assay technologies. The Company's technologies
(in the format of consumables and automated solutions) are used to process
biological samples and to analyze analytes contained therein, such as DNA and
RNA. QIAGEN provides these technologies to customers conducting molecular
diagnostics, applied testing, pharmaceutical R&D and academic research.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (18.02.2013) 16.55
52-Week Low (14.03.2012) 11.13
Daily Volume
16.18
52-Week High % Change -2.24% Dividend Yield 0.00
52-Week Low % Change 45.44% Beta 0.67
% 52 Week Price Range High/Low 96.31% Equity Float 228.56
Shares Out 03.01.2013 236.5 Short Int -
3'826.30 1 Yr Total Return 37.35%
Total Debt 846.99 YTD Return 17.67%
Preferred Stock 0.0 Adjusted BETA 0.674
Minority Interest 9.7 Analyst Recs 34
Cash and Equivalents 484.49 Consensus Rating 3.324
Enterprise Value 4'108.30
Average Volume 5 Day 474'433
QIA GY EQUITY YTD Change - Average Volume 30 Day 474'527
QIA GY EQUITY YTD % CHANGE - Average Volume 3 Month 445'410
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
893.0 1'009.8 1'087.4 1'169.7 1'254.5 1'169.7 1'254.5 1'347.0 1'428.8 306.9 324.9
4.61x 5.22x 4.13x 3.04x 3.72x 13.80x 14.15x 3.74x 3.37x 17.86x 16.71x
266.7 318.8 354.8 293.7 - 287.5 282.1 455.7 503.0 95.1 107.4
15.44x 16.52x 12.67x 12.12x - 12.38x 0.00x 11.82x 10.71x 12.17x 11.72x
89.0 137.8 144.3 96.0 129.5 96.0 129.5 262.9 295.3 53.7 63.2
22.81x 24.81x 30.08x 23.02x 26.69x 20.31x 23.27x 18.56x 16.65x 19.20x 18.81x
EBITDA 293.71 Long-Term Rating Date -
EBIT 205.93 Long-Term Rating -
Operating Margin 16.42% Long-Term Outlook -
Pretax Margin 11.57% Short-Term Rating Date -
Return on Assets 3.29% Short-Term Rating -
Return on Common Equity 4.92%
Return on Capital 4.72% EBITDA/Interest Exp. 11.58
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 8.16
Net Debt/EBITDA 1.12
Gross Margin 65.7% Total Debt/EBITDA 2.10
EBITDA Margin 25.5%
EBIT Margin 15.7% Total Debt/Equity 31.2%
Net Income Margin 10.3% Total Debt/Capital 23.7%
Asset Turnover 0.32
Current Ratio 3.31 Net Fixed Asset Turnover 3.17
Quick Ratio 2.45 Accounts receivable turnover-days 70.24
Debt to Assets 20.53% Inventory Days 113.74
Tot Debt to Common Equity 31.20% Accounts Payable Turnover Day 46.93
Accounts Receivable Turnover 5.21 Cash Conversion Cycle 137.06
Inventory Turnover 3.22
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
QIAGEN NVPrice/Volume
Valuation Analysis
287'870.00
Current Price (2/dd/yy) Market Data
'.135
-'-.-1-3-5
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 14'198'775 6 - 25.02.2013 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 10'205'811 4.32 219'068 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 9'984'919 4.22 (176'620) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 8'592'261 3.63 13'000 31.12.2012 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 7'868'116 3.33 (3'890'496) 31.12.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'081'286 2.57 (3'048'920) 31.12.2012 Investment Advisor
COLPAN METIN n/a Research 4'440'961 1.88 (100'000) 21.11.2012 n/a
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 4'306'600 1.82 382'300 31.12.2012 Investment Advisor
JOHNSTON ASSET MANAG JOHNSTON ASSET MANAG 13F 4'220'610 1.78 128'983 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'835'494 1.2 435'000 31.12.2012 Investment Advisor
ARROWGRASS CAPITAL P n/a Short (2'623'707) -1.11 - 02.11.2012 Hedge Fund Manager
PLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2'358'976 1 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'339'119 0.99 (406'786) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'337'190 0.99 397'162 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'204'107 0.93 10'527 31.01.2013 Investment Advisor
CASTLE CREEK ARBITRA n/a Short (1'938'234) -0.82 - 02.11.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'878'575 0.79 (595) 31.12.2012 Investment Advisor
SCHATZ PEER M n/a Research 1'771'128 0.75 - 03.07.2012 n/a
DOUGLAS C LANE & ASS DOUGLAS C LANE & ASS 13F 1'655'975 0.7 47'570 31.12.2012 Hedge Fund Manager
RIESNER DETLEV H n/a Research 1'654'993 0.7 - 02.01.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 26.02.2013
Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 25.02.2013
Cowen and Company DOUG SCHENKEL underperform 1 M #N/A N/A Not Provided 25.02.2013
Piper Jaffray WILLIAM R QUIRK neutral 3 M 17 12 month 22.02.2013
Wedbush ZARAK KHURSHID neutral 3 M 14 12 month 21.02.2013
Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 17 6 month 21.02.2013
AlphaValue KAMLA SINGH reduce 2 M 15 6 month 21.02.2013
Main First Bank AG MARCUS WIEPRECHT outperform 5 M 20 12 month 19.02.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 19 6 month 14.02.2013
JPMorgan TYCHO W PETERSON overweight 5 M 16 9 month 08.02.2013
DZ Bank AG SVEN OLAF KUERTEN hold 3 M 16 12 month 06.02.2013
Exane BNP Paribas ROMAIN ZANA neutral 3 M 15 Not Provided 04.02.2013
Credit Suisse VAMIL DIVAN neutral 3 M 15 Not Provided 31.01.2013
Jefferies PETER WELFORD hold 3 M 14 12 month 31.01.2013
Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 19 12 month 31.01.2013
William Blair & Co BRIAN WEINSTEIN market perform 3 M #N/A N/A Not Provided 31.01.2013
Macquarie JONATHAN P GROBERG neutral 3 M 15 12 month 31.01.2013
CA Cheuvreux OLIVER REINBERG underperform 1 M 15 Not Provided 31.01.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 16 12 month 31.01.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 17 12 month 31.01.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 15 Not Provided 31.01.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 16 Not Provided 30.01.2013
ISI Group ROSS MUKEN neutral 3 M 17 12 month 30.01.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 17 12 month 30.01.2013
Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 14 12 month 29.01.2013
HSBC JAN KEPPELER underweight 1 M 14 Not Provided 28.01.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 13 12 month 24.01.2013
Kempen & Co SACHIN SONI hold 3 M 14 12 month 15.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs ISAAC RO neutral/neutral 3 M 15 6 month 18.11.2012
Berenberg Bank ADRIAN HOWD hold 3 M 14 Not Provided 15.11.2012
Deutsche Bank HOLGER BLUM buy 5 M 17 12 month 25.10.2012
Credit Suisse RAVI MEHROTRA restricted #N/A N/A M #N/A N/A Not Provided 04.04.2011
Holdings By:
QIAGEN NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Randstad Holding N.V. provides temporary employees. The Company places workers
for temporary assignments in educational, secretarial and banking, information
technology, engineering, and finance positions. The Company operates primarily
in the Benelux countries, Germany, Canada, Denmark, France, Italy, Portugal,
Spain, the United Kingdom, Switzerland, and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 33.08
52-Week Low (01.06.2012) 20.53
Daily Volume
32.33
52-Week High % Change -2.31% Dividend Yield -
52-Week Low % Change 57.52% Beta 1.26
% 52 Week Price Range High/Low 92.03% Equity Float 110.85
Shares Out 31.12.2012 172.1 Short Int -
5'563.12 1 Yr Total Return 19.18%
Total Debt 1'287.20 YTD Return 16.27%
Preferred Stock 2.5 Adjusted BETA 1.261
Minority Interest 0.1 Analyst Recs 26
Cash and Equivalents 191.50 Consensus Rating 3.731
Enterprise Value 6'661.42
Average Volume 5 Day 868'599
RAND NA EQUITY YTD Change - Average Volume 30 Day 689'556
RAND NA EQUITY YTD % CHANGE - Average Volume 3 Month 552'475
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
14'038.4 12'399.9 14'179.3 16'224.9 17'086.8 16'224.9 17'086.8 16'924.3 17'813.1 3'876.0 4'192.0
0.29x 0.56x 0.54x 0.32x 0.34x 1.53x 1.03x 0.39x 0.35x 1.68x 1.63x
172.5 346.0 598.9 633.6 547.7 633.6 547.7 663.6 766.3 - -
23.84x 20.04x 12.72x 8.23x 10.74x 8.23x 10.74x 10.02x 8.68x - -
18.2 68.3 288.0 178.8 36.7 178.8 36.7 362.7 429.2 65.5 88.7
207.86x 96.94x 23.94x 22.86x 163.56x 22.63x 139.03x 15.72x 13.17x 8.44x -
EBITDA 547.70 Long-Term Rating Date -
EBIT 127.60 Long-Term Rating -
Operating Margin 0.75% Long-Term Outlook -
Pretax Margin 0.64% Short-Term Rating Date -
Return on Assets 0.50% Short-Term Rating -
Return on Common Equity 1.31%
Return on Capital - EBITDA/Interest Exp. 12.89
Asset Turnover 2.35% (EBITDA-Capex)/Interest Exp. 11.87
Net Debt/EBITDA 2.00
Gross Margin 18.2% Total Debt/EBITDA 2.35
EBITDA Margin 3.2%
EBIT Margin 0.7% Total Debt/Equity 47.3%
Net Income Margin 0.2% Total Debt/Capital 32.1%
Asset Turnover 2.35
Current Ratio 0.79 Net Fixed Asset Turnover 102.10
Quick Ratio 0.68 Accounts receivable turnover-days 55.95
Debt to Assets 18.94% Inventory Days -
Tot Debt to Common Equity 47.28% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.54 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Randstad Holding NVPrice/Volume
Valuation Analysis
556'060.00
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
'
2
-'
-2
.'
.2
0'
02
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOLDSCHMEDING FRITS n/a Co File 59'029'872 34.31 - 15.02.2011 n/a
ALLIANCEBERNSTEIN CO n/a Research 9'611'993 5.59 (1'448'784) 01.11.2010 Investment Advisor
ING GROEP NV n/a Research 3'644'432 2.12 (820'176) 23.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'145'421 1.83 465'387 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'721'937 1.58 106'262 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'463'177 1.43 (241'566) 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'330'329 1.35 219'109 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'140'989 1.24 75'001 31.12.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'803'800 1.05 25'140 30.11.2012 Investment Advisor
STCH RANDSTAD OPTIEF n/a Research 1'771'096 1.03 - 20.01.2011 Other
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'211'479 0.7 31'549 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'028'502 0.6 1'877 25.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 994'493 0.58 989'215 31.12.2012 Investment Advisor
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 886'210 0.52 - 28.09.2012 Mutual Fund Manager
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 812'800 0.47 176'300 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 496'955 0.29 6'000 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 469'106 0.27 103'700 31.12.2012 Investment Advisor
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 397'018 0.23 (524) 31.12.2012 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 315'862 0.18 (87) 31.12.2012 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 293'300 0.17 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HELENE COUMES buy 5 M 43 6 month 21.02.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 20.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 31 12 month 19.02.2013
KBC Securities MARGO JORIS accumulate 4 M 35 Not Provided 15.02.2013
Rabobank International DAVID TAILLEUR hold 3 M 30 12 month 15.02.2013
Natixis OLIVIER LEBRUN buy 5 M 35 Not Provided 15.02.2013
Exane BNP Paribas LAURENT BRUNELLE neutral 3 M 34 Not Provided 15.02.2013
Barclays PAUL D A SULLIVAN overweight 5 M 36 Not Provided 15.02.2013
Kempen & Co ARUN RAMBOCUS buy 5 M 35 12 month 14.02.2013
Goldman Sachs CHARLES WILSON neutral/neutral 3 M 35 12 month 14.02.2013
RBC Capital Markets ANDREW BROOKE outperform 5 M 37 12 month 14.02.2013
Credit Suisse ANDY GROBLER neutral 3 M 33 Not Provided 14.02.2013
JPMorgan ROBERT PLANT neutral 3 M 25 9 month 14.02.2013
Petercam MARCEL ACHTERBERG hold 3 M 30 Not Provided 14.02.2013
Berenberg Bank KONRAD ZOMER hold 3 M 28 Not Provided 14.02.2013
Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD buy 5 M 33 6 month 14.02.2013
ING Bank MARC ZWARTSENBURG hold 3 M 27 12 month 14.02.2013
ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 33 Not Provided 14.02.2013
Deutsche Bank THOMAS SYKES hold 3 D 32 12 month 01.02.2013
SNS Securities(ESN) GERT STEENS buy 5 M 40 12 month 22.11.2012
Kepler Capital Markets MATTHIJS VAN LEIJENHORST hold 3 M 24 Not Provided 22.11.2012
Espirito Santo Investment Bank ResearchGUY HEWETT sell 1 N 21 Not Provided 18.10.2012
HSBC MATTHEW LLOYD overweight 5 M 40 Not Provided 11.09.2012
CA Cheuvreux HANS PLUIJGERS outperform 5 M 30 Not Provided 21.05.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 45 Not Provided 31.10.2011
Holdings By:
Randstad Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Red Electrica Corporacion S.A. maintains and operates Spain's electricity
transmission grid . The Company extends the high-voltage grid and coordinates
the production and transmission systems.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.01.2013) 44.00
52-Week Low (04.06.2012) 29.00
Daily Volume
43.225
52-Week High % Change -1.73% Dividend Yield -
52-Week Low % Change 49.05% Beta 0.81
% 52 Week Price Range High/Low 86.60% Equity Float 103.14
Shares Out 30.09.2012 135.3 Short Int -
5'847.05 1 Yr Total Return 24.52%
Total Debt 5'754.47 YTD Return 17.95%
Preferred Stock 0.0 Adjusted BETA 0.807
Minority Interest 4.4 Analyst Recs 29
Cash and Equivalents 41.44 Consensus Rating 3.414
Enterprise Value 11'564.45
Average Volume 5 Day 1'006'206
REE SQ EQUITY YTD Change - Average Volume 30 Day 818'345
REE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'549'115
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
1'154.7 1'212.9 1'412.5 1'647.4 1'768.8 1'647.4 1'768.8 1'838.3 1'938.4 - -
6.71x 6.91x 7.28x 6.06x 6.09x 12.81x 11.79x 5.89x 5.56x - -
779.8 854.9 1'012.3 1'226.6 1'311.8 1'226.6 1'311.8 1'354.5 1'424.4 - -
9.93x 9.80x 10.16x 8.14x 8.21x 8.14x 8.21x 8.54x 8.12x - -
286.1 330.4 390.2 460.3 492.3 460.3 492.3 530.8 575.4 - -
16.98x 15.84x 12.14x 9.75x 10.25x 9.72x 10.25x 11.07x 10.20x - -
EBITDA 1'311.78 Long-Term Rating Date 15.10.2012
EBIT 906.28 Long-Term Rating BBB
Operating Margin 51.24% Long-Term Outlook NEG
Pretax Margin 38.47% Short-Term Rating Date 03.05.2012
Return on Assets 5.48% Short-Term Rating A-2
Return on Common Equity 25.92%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 4.36
Gross Margin 96.1% Total Debt/EBITDA 4.39
EBITDA Margin 74.2%
EBIT Margin 51.2% Total Debt/Equity 289.6%
Net Income Margin 27.8% Total Debt/Capital 74.3%
Asset Turnover 0.20
Current Ratio 0.36 Net Fixed Asset Turnover -
Quick Ratio 0.33 Accounts receivable turnover-days 67.88
Debt to Assets 62.45% Inventory Days 255.38
Tot Debt to Common Equity 289.58% Accounts Payable Turnover Day 1234.77
Accounts Receivable Turnover 5.39 Cash Conversion Cycle -911.51
Inventory Turnover 1.43
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
Red Electrica Corp SAPrice/Volume
Valuation Analysis
468'867.00
Current Price (2/dd/yy) Market Data
'2
-'-2.'.20'021'122'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIEDAD ESTATAL DE n/a Co File 27'054'000 20 - 31.12.2011 Holding Company
BLACKROCK n/a ULT-AGG 6'002'147 4.44 (257'629) 25.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'027'381 3.72 371'850 22.06.2012 Unclassified
UBS n/a ULT-AGG 4'388'473 3.24 1'025 02.01.2013 Unclassified
HSBC BANK PLC n/a Co File 4'381'395 3.24 - 31.12.2011 Bank
TALOS CAPITAL LIMITE n/a Co File 4'175'785 3.09 - 31.12.2011 Other
FIRST EAGLE INVESTME n/a Co File 4'132'499 3.06 - 31.12.2011 Hedge Fund Manager
MFS INVESTMENT MANAG n/a Co File 4'120'324 3.05 - 31.12.2011 Investment Advisor
BNP PARIBAS SA #N/A N/A EXCH 4'094'627 3.03 35'198 19.02.2013 Bank
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 2'991'693 2.21 2'988'889 29.06.2012 Mutual Fund Manager
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'526'154 1.87 (191'275) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'270'424 1.68 129'209 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'631'633 1.21 (310'987) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'543'586 1.14 (23'400) 21.01.2013 Investment Advisor
MEDITOR CAPITAL MANA n/a Short (1'028'052) -0.76 (175'851) 25.02.2013 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 758'854 0.56 97'928 29.06.2012 Investment Advisor
RED ELECTRICA DE ESP n/a Co File 667'511 0.49 - 31.12.2011 Corporation
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 587'619 0.43 (31'266) 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 539'313 0.4 (128) 31.12.2012 Unclassified
LAZARD ASSET MANAGEM n/a ULT-AGG 467'789 0.35 93'917 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO hold 3 M 40 12 month 27.02.2013
Ahorro Corporacion Financiera SA TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 27.02.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ overweight 5 M 39 12 month 27.02.2013
BPI BRUNO ALMEIDA DA SILVA buy 5 M 46 Not Provided 25.02.2013
Intermoney Valores ALVARO NAVARRO hold 3 D 40 Not Provided 22.02.2013
Exane BNP Paribas OLIVIER VAN DOOSSELAERE neutral 3 M 45 Not Provided 22.02.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 52 6 month 20.02.2013
Goldman Sachs FRED BARASI buy/attractive 5 M 57 12 month 18.02.2013
Espirito Santo Investment Bank ResearchFELIPE ECHEVARRIA buy 5 U 45 Not Provided 06.02.2013
Societe Generale JORGE ALONSO SUILS hold 3 M 40 12 month 05.02.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER neutral 3 M 42 Not Provided 05.02.2013
Grupo Santander BOSCO MUGUIRO underweight 1 M 41 Not Provided 04.02.2013
Banco Sabadell JAVIER ESTEBAN buy 5 M 51 12 month 04.02.2013
JPMorgan JAVIER GARRIDO overweight 5 M 49 9 month 29.01.2013
La Caixa FERNANDO MURILLO GUIRAO sell 1 D 36 Not Provided 28.01.2013
Barclays MONICA GIRARDI equalweight 3 M 44 Not Provided 25.01.2013
Day by Day VALERIE GASTALDY buy 5 M 45 3 month 24.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 48 Not Provided 16.01.2013
Nomura JAVIER SUAREZ buy 5 M 40 Not Provided 12.12.2012
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 37 12 month 26.10.2012
Macquarie ATALLAH ESTEPHAN neutral 3 M 38 12 month 26.10.2012
Morgan Stanley CAROLINA DORES Underwt/In-Line 1 D 38 12 month 12.10.2012
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS underperform 1 N 36 12 month 19.09.2012
Kepler Capital Markets TEAM COVERAGE buy 5 M 39 Not Provided 30.07.2012
BBVA DANIEL ORTEA HERNANDEZ market perform 3 D 37 Not Provided 26.04.2012
Equita SIM SpA STEFANO GAMBERINI hold 3 D 41 12 month 02.04.2012
Renta 4 SA SVB NATALIA AGUIRRE buy 5 M 40 Not Provided 19.04.2011
Hammer Partners SA CHRIS MOORE buy 5 N 48 Not Provided 25.03.2011
Holdings By:
Red Electrica Corp SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Rentokil Initial plc is a global business services company. The Group
structures its business into the areas of Hygiene, Security, Facilities
Management, and Parcels Delivery. The Group operates worldwide in the regions
of Europe, North America, Asia Pacific and Africa.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.01.2013) 98.85
52-Week Low (18.06.2012) 68.70
Daily Volume
91.45
52-Week High % Change -7.49% Dividend Yield 2.19
52-Week Low % Change 33.11% Beta 1.00
% 52 Week Price Range High/Low 76.45% Equity Float 1'814.39
Shares Out 12.10.2012 1'814.8 Short Int -
1'659.66 1 Yr Total Return 17.42%
Total Debt 1'008.90 YTD Return -4.49%
Preferred Stock 0.0 Adjusted BETA 1.002
Minority Interest 5.5 Analyst Recs 21
Cash and Equivalents 92.00 Consensus Rating 3.048
Enterprise Value 2'624.66
Average Volume 5 Day 3'075'739
RTO LN EQUITY YTD Change - Average Volume 30 Day 3'376'426
RTO LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'992'320
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
2'203.4 2'409.9 2'530.8 2'496.5 2'544.3 2'528.3 2'541.5 2'549.3 2'677.8 655.0 -
1.43x 0.90x 1.27x 1.09x 0.81x 0.00x 0.00x 1.03x 0.96x - -
424.0 407.3 400.8 454.1 431.3 0.0 0.0 428.6 470.3 - -
7.45x 5.33x 8.02x 5.99x 4.77x 0.00x 0.00x 6.12x 5.58x - -
656.3 18.8 47.6 (23.4) (69.7) 0.0 0.0 136.7 156.6 - -
19.95x 57.89x 43.95x - - 0.00x 0.00x 12.03x 10.51x - -
EBITDA 431.30 Long-Term Rating Date 25.07.2008
EBIT 30.40 Long-Term Rating BBB-
Operating Margin 1.19% Long-Term Outlook STABLE
Pretax Margin -1.98% Short-Term Rating Date -
Return on Assets -3.18% Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 3.93
Asset Turnover 1.41% (EBITDA-Capex)/Interest Exp. 2.19
Net Debt/EBITDA 2.28
Gross Margin - Total Debt/EBITDA 2.51
EBITDA Margin 16.5%
EBIT Margin 1.4% Total Debt/Equity -
Net Income Margin -2.7% Total Debt/Capital 111.5%
Asset Turnover 1.41
Current Ratio 0.78 Net Fixed Asset Turnover 4.40
Quick Ratio 0.64 Accounts receivable turnover-days -
Debt to Assets 56.08% Inventory Days -
Tot Debt to Common Equity - Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Rentokil Initial PLCPrice/Volume
Valuation Analysis
1'425'390.00
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
'
.'
1'
3'
5'
-''
-.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a RNS-MAJ 443'762'709 24.45 - 04.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 227'746'411 12.55 (12'424) 01.11.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 124'427'705 6.86 - 01.11.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 120'863'049 6.66 17'087'976 01.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 119'807'769 6.6 135'912 31.10.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 90'790'221 5 - 01.03.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 90'090'116 4.96 - 25.02.2013 Investment Advisor
SOCIETE GENERALE n/a Co File 87'287'805 4.81 - 01.03.2012 Bank
LEGAL & GENERAL n/a ULT-AGG 79'167'540 4.36 (3'578'248) 31.01.2013 Unclassified
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 74'351'339 4.1 1'047'558 31.07.2012 Investment Advisor
ORBIS INVESTMENT MAN Multiple Portfolios REG 64'277'495 3.54 (115'557'270) 01.11.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 60'165'571 3.32 3'027'805 31.10.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 43'626'141 2.4 - 01.11.2012 Government
MAJEDIE ASSET MANAGE Multiple Portfolios REG 39'882'813 2.2 (2'680'478) 01.11.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 24'387'336 1.34 2'386'656 01.11.2012 Unclassified
GLOBAL ASSET MANAGEM Multiple Portfolios REG 22'603'564 1.25 - 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'690'535 1.14 416'357 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 18'928'222 1.04 10'979'125 01.11.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios REG 18'585'663 1.02 2'718'601 01.11.2012 Investment Advisor
HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 17'274'794 0.95 (1'106'964) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas PIERRE-EMMANUEL CAUSSE underperform 1 M 78 Not Provided 27.02.2013
Peel Hunt CHRISTOPHER BAMBERRY sell 1 M 82 Not Provided 04.02.2013
RBC Capital Markets DAVID GREENALL outperform 5 U 105 12 month 01.02.2013
JPMorgan ROBERT PLANT underweight 1 M 59 9 month 01.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Investec GIDEON ADLER hold 3 M 94 12 month 14.01.2013
HSBC MATTHEW LLOYD underweight 1 D 77 Not Provided 09.01.2013
Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 85 Not Provided 02.01.2013
Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 129 12 month 18.12.2012
Jefferies JUSTIN JORDAN hold 3 M 88 12 month 07.12.2012
Canaccord Genuity Corp JAMES GILBERT sell 1 M 72 Not Provided 28.11.2012
Credit Suisse ANDY GROBLER outperform 5 M 93 Not Provided 13.11.2012
Espirito Santo Investment Bank ResearchDAVID BROCKTON buy 5 M 95 Not Provided 13.11.2012
Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 84 Not Provided 13.11.2012
Numis Securities Ltd MIKE MURPHY add 4 M 100 12 month 09.11.2012
Barclays JANE SPARROW overweight 5 M 96 Not Provided 09.11.2012
Baden Hill LLP CRAIG FRASER buy 5 N #N/A N/A Not Provided 17.10.2012
Deutsche Bank THOMAS SYKES hold 3 M 76 12 month 27.06.2012
Holdings By:
Rentokil Initial PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Rexam Plc manufactures and distributes packaging materials. The Company
supplies packaging solutions to the beauty, food, beverages, and healthcare
industry. Rexam's products are marketed worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (22.02.2013) 517.00
52-Week Low (25.05.2012) 391.87
Daily Volume
512.5
52-Week High % Change -0.77% Dividend Yield 2.97
52-Week Low % Change 30.78% Beta 0.83
% 52 Week Price Range High/Low 93.21% Equity Float 789.46
Shares Out 28.01.2013 790.5 Short Int -
4'051.55 1 Yr Total Return 27.09%
Total Debt 2'212.00 YTD Return 17.06%
Preferred Stock 0.0 Adjusted BETA 0.835
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 1'307.00 Consensus Rating 4.071
Enterprise Value 4'956.55
Average Volume 5 Day 3'429'423
REX LN EQUITY YTD Change - Average Volume 30 Day 2'041'477
REX LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'641'871
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
4'618.0 4'533.0 4'619.0 4'734.0 4'312.0 - - 4'556.0 4'718.0 - -
1.09x 1.00x 1.01x 0.95x 1.10x - - 1.16x 1.10x - -
644.0 619.0 710.0 740.0 653.0 - - 697.1 728.7 - -
7.83x 7.32x 6.60x 6.11x 7.25x - - 7.11x 6.80x - -
172.0 (29.0) 124.0 376.0 214.0 - - 321.3 349.5 - -
13.10x 25.49x 12.28x 10.17x 14.39x - - 12.59x 11.57x - -
EBITDA 653.00 Long-Term Rating Date 19.02.2009
EBIT 493.00 Long-Term Rating BBB-
Operating Margin 11.43% Long-Term Outlook STABLE
Pretax Margin 8.21% Short-Term Rating Date 22.02.2006
Return on Assets 3.43% Short-Term Rating A-3
Return on Common Equity 9.29%
Return on Capital 6.82% EBITDA/Interest Exp. 5.99
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 3.32
Net Debt/EBITDA 1.39
Gross Margin - Total Debt/EBITDA 3.39
EBITDA Margin 15.1%
EBIT Margin 11.4% Total Debt/Equity 96.7%
Net Income Margin 5.0% Total Debt/Capital 49.2%
Asset Turnover 0.69
Current Ratio 1.17 Net Fixed Asset Turnover 2.83
Quick Ratio 0.65 Accounts receivable turnover-days -
Debt to Assets 34.76% Inventory Days -
Tot Debt to Common Equity 96.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Rexam PLCPrice/Volume
Valuation Analysis
613'886.00
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''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
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
4'500.0
5'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 75'912'843 9.6 (6'841'594) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 39'724'430 5.02 - 25.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 34'654'260 4.38 3'247'179 01.12.2012 Unclassified
THREADNEEDLE ASSET M Multiple Portfolios REG 31'885'777 4.03 2'896'720 01.12.2012 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 26'729'064 3.38 2'672'919 01.12.2012 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 26'194'004 3.31 1'754'735 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN Multiple Portfolios REG 22'173'693 2.8 1'096'853 01.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 19'929'267 2.52 1'892'037 01.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 19'923'934 2.52 2'502'698 31.01.2013 Unclassified
CAUSEWAY CAPITAL MAN Multiple Portfolios REG 19'552'669 2.47 2'030'809 01.12.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 17'308'291 2.19 1'983'291 01.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 14'658'134 1.85 1'465'814 01.12.2012 Government
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 14'254'851 1.8 245'701 31.12.2012 Investment Advisor
MARATHON ASSET MANAG Multiple Portfolios REG 12'815'850 1.62 1'286'448 01.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 11'388'818 1.44 453'316 31.12.2012 Unclassified
RENSBURG INVESTMENT Multiple Portfolios REG 11'065'904 1.4 514'566 01.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 11'028'748 1.4 441'285 01.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'984'766 1.39 317'015 31.12.2012 Investment Advisor
HSBC Prop Trading/Ma Multiple Portfolios REG 10'631'385 1.34 (139'671) 01.12.2012 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios REG 10'580'504 1.34 6'049'519 01.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 26.02.2013
S&P Capital IQ CARL SHORT hold 3 M 540 12 month 22.02.2013
Oriel Securities Ltd HECTOR FORSYTHE buy 5 M 570 Not Provided 22.02.2013
AlphaValue THOMAS PICHERIT add 4 D 585 6 month 22.02.2013
Credit Suisse LARS KJELLBERG neutral 3 M 555 Not Provided 21.02.2013
Robert W. Baird & Co GHANSHAM PANJABI neutral 3 M 500 12 month 21.02.2013
Barclays PAUL CHECKETTS overweight 5 M 611 Not Provided 21.02.2013
Jefferies SANDY MORRIS hold 3 M 556 12 month 20.02.2013
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 572 6 month 28.01.2013
Deutsche Bank DEBBIE JONES buy 5 M 572 12 month 22.01.2013
Wells Fargo Securities, LLC CHRISTOPHER MANUEL outperform 5 M #N/A N/A Not Provided 14.05.2012
Holdings By:
Rexam PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care
facilities which offer inpatient and outpatient medical care to various
communities in Germany. These clinics and hospitals offer cardiological,
surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction
treatment, and physical therapy services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.04.2012) 22.26
52-Week Low (12.04.2012) 13.56
Daily Volume
16.205
52-Week High % Change -27.22% Dividend Yield -
52-Week Low % Change 19.51% Beta 0.47
% 52 Week Price Range High/Low 24.48% Equity Float 100.20
Shares Out 31.12.2012 138.2 Short Int -
2'240.05 1 Yr Total Return 13.71%
Total Debt 1'065.13 YTD Return 5.81%
Preferred Stock 0.0 Adjusted BETA 0.470
Minority Interest 43.7 Analyst Recs 29
Cash and Equivalents 477.54 Consensus Rating 3.345
Enterprise Value 3'053.27
Average Volume 5 Day 588'742
RHK GY EQUITY YTD Change - Average Volume 30 Day 370'921
RHK GY EQUITY YTD % CHANGE - Average Volume 3 Month 361'836
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'130.3 2'320.1 2'550.4 2'629.1 2'864.0 2'629.1 2'864.0 3'012.1 3'126.4 724.0 745.0
1.14x 1.22x 1.13x 1.01x - 4.23x 3.20x 1.00x 0.94x - -
264.4 284.6 310.2 357.9 - 370.8 215.6 336.6 379.2 78.7 81.0
9.20x 9.95x 9.31x 7.45x - 7.19x 0.00x 9.05x 8.03x 9.28x -
117.3 125.7 139.7 156.1 92.0 156.1 92.0 117.4 155.3 25.4 (14.6)
15.11x 16.00x 16.31x 13.03x 23.00x 13.03x 23.00x 18.68x 14.09x 20.01x -
EBITDA 357.89 Long-Term Rating Date -
EBIT 215.09 Long-Term Rating -
Operating Margin 8.18% Long-Term Outlook -
Pretax Margin 7.09% Short-Term Rating Date -
Return on Assets 3.48% Short-Term Rating -
Return on Common Equity 6.99%
Return on Capital - EBITDA/Interest Exp. 18.35
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 5.32
Net Debt/EBITDA 2.42
Gross Margin - Total Debt/EBITDA 2.99
EBITDA Margin 11.7%
EBIT Margin 6.2% Total Debt/Equity 68.5%
Net Income Margin 3.2% Total Debt/Capital 40.0%
Asset Turnover 0.90
Current Ratio 1.75 Net Fixed Asset Turnover 1.49
Quick Ratio 1.56 Accounts receivable turnover-days 52.69
Debt to Assets 33.54% Inventory Days -
Tot Debt to Common Equity 68.50% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.95 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Rhoen Klinikum AGPrice/Volume
Valuation Analysis
619'576.00
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
'
2
-'
-2
.'
.2
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MUENCH FAMILY n/a Co File 17'278'999 12.5 - 31.12.2011 n/a
ALECTA PENSIONSFORSA n/a Co File 12'335'000 8.92 - 31.12.2011 Pension Fund (ERISA)
ASKLEPIOS KLINIKEN G n/a Research 6'931'238 5.01 - 27.06.2012 Corporation
BRAUN LUDWIG GEORG n/a Research 6'911'897 5 - 27.08.2012 n/a
FRESENIUS SE & CO KG n/a Research 6'911'601 5 - 03.09.2012 Corporation
JP MORGAN CLEARING C n/a Research 5'895'660 4.27 - 24.01.2013 Investment Advisor
PAULSON & CO n/a Research 5'040'000 3.65 - 22.05.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 4'553'711 3.29 2'183 25.02.2013 Investment Advisor
CREDIT SUISSE AG n/a Research 4'099'089 2.97 - 27.07.2012 Investment Advisor
TEMPLETON INVEST COU n/a Research 4'057'091 2.93 - 08.05.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'810'642 2.76 (17'890) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'842'626 2.06 857'992 28.12.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'925'941 1.39 64'069 31.01.2013 Mutual Fund Manager
SUN LIFE FINANCIAL I n/a Research 1'819'760 1.32 - 30.04.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'576'812 1.14 (100'100) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'031'461 0.75 469'010 31.12.2012 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 720'000 0.52 - 31.01.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 680'636 0.49 357'681 26.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 625'224 0.45 - 30.12.2012 Investment Advisor
UBS n/a ULT-AGG 555'833 0.4 (58'047) 31.10.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe THERESA DICK buy 5 U 17 Not Provided 27.02.2013
CA Cheuvreux OLIVER REINBERG underperform 1 M 16 Not Provided 25.02.2013
Kepler Capital Markets MAJA PATAKI hold 3 M 16 Not Provided 25.02.2013
DZ Bank AG SVEN OLAF KUERTEN buy 5 M 18 12 month 25.02.2013
Main First Bank AG MARCUS WIEPRECHT outperform 5 U 20 12 month 25.02.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 16 12 month 22.02.2013
Berenberg Bank TOM JONES hold 3 M 16 Not Provided 22.02.2013
Commerzbank Corporates & Markets VOLKER BRAUN buy 5 M 19 6 month 21.02.2013
JPMorgan DAVID J ADLINGTON underweight 1 M 11 9 month 21.02.2013
HSBC JAN KEPPELER overweight 5 M 18 Not Provided 21.02.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 18 Not Provided 21.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 16 12 month 21.02.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 16 12 month 21.02.2013
Nomura MARTIN BRUNNINGER neutral 3 M 17 12 month 21.02.2013
Equinet Institutional Services(ESN) EDOUARD AUBERY buy 5 M 19 12 month 21.02.2013
S&P Capital IQ JACOB THRANE sell 1 D 14 12 month 21.02.2013
Exane BNP Paribas JULIEN DORMOIS neutral 3 M 15 Not Provided 21.02.2013
AlphaValue EILEEN RYAN add 4 M 16 6 month 21.02.2013
Jefferies INGEBORG OIE hold 3 M 15 12 month 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 27.11.2012
Nord/LB HOLGER FECHNER hold 3 M 15 12 month 14.11.2012
Deutsche Bank HOLGER BLUM hold 3 M 17 12 month 02.11.2012
Credit Suisse MARK WADLEY outperform 5 M 17 Not Provided 05.10.2012
Close Brothers Equity Markets IGOR KIM hold 3 U 16 12 month 03.09.2012
GSC Research MATTHIAS SCHRADE buy 5 U #N/A N/A Not Provided 20.07.2012
Equita SIM SpA GIANMARCO BONACINA reduce 2 D 17 12 month 27.04.2012
Hauck & Aufhaeuser THOMAS WISSLER sell 1 D 15 12 month 26.04.2012
Donner & Reuschel MARKUS NEUBURGER buy 5 U 20 12 month 04.11.2010
Holdings By:
Rhoen Klinikum AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Rotork plc is a holding company. The Group provides actuation solutions
through the design, manufacture and support of actuators, systems and related
products to the valve industry. The main business operations are: Process
Control, Electric, Fluid Systems and Gears. Rotork operates worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (20.02.2013) 2'935.00
52-Week Low (26.06.2012) 1'837.00
Daily Volume
2849
52-Week High % Change -2.93% Dividend Yield 1.37
52-Week Low % Change 55.09% Beta 0.87
% 52 Week Price Range High/Low 90.44% Equity Float 83.89
Shares Out 01.02.2013 86.8 Short Int -
2'473.30 1 Yr Total Return 40.10%
Total Debt 0.35 YTD Return 11.94%
Preferred Stock 0.0 Adjusted BETA 0.869
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 48.56 Consensus Rating 3.353
Enterprise Value 2'417.36
Average Volume 5 Day 88'923
ROR LN EQUITY YTD Change - Average Volume 30 Day 100'835
ROR LN EQUITY YTD % CHANGE - Average Volume 3 Month 94'903
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 - -
235.7 320.2 353.5 380.6 447.8 - - 519.7 572.1 - -
3.39x 2.01x 2.68x 3.91x 3.63x - - 4.62x 4.14x - -
59.3 82.3 96.7 104.2 121.4 - - 140.6 157.1 - -
13.46x 7.82x 9.81x 14.27x 13.40x - - 17.19x 15.39x - -
39.3 53.4 64.0 69.5 80.4 - - 93.7 105.6 - -
21.20x 12.76x 15.98x 22.72x 20.76x - - 25.88x 23.26x - -
EBITDA 121.35 Long-Term Rating Date -
EBIT 112.22 Long-Term Rating -
Operating Margin 25.06% Long-Term Outlook -
Pretax Margin 25.13% Short-Term Rating Date -
Return on Assets 24.38% Short-Term Rating -
Return on Common Equity 37.67%
Return on Capital 39.86% EBITDA/Interest Exp. 17.24
Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. 15.80
Net Debt/EBITDA -0.42
Gross Margin 47.2% Total Debt/EBITDA 0.00
EBITDA Margin 27.0%
EBIT Margin 24.5% Total Debt/Equity 0.2%
Net Income Margin 18.0% Total Debt/Capital 0.2%
Asset Turnover 1.39
Current Ratio 2.07 Net Fixed Asset Turnover 15.56
Quick Ratio 1.39 Accounts receivable turnover-days 62.08
Debt to Assets 0.09% Inventory Days 91.23
Tot Debt to Common Equity 0.16% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.90 Cash Conversion Cycle 94.47
Inventory Turnover 4.01
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
Rotork PLCPrice/Volume
Valuation Analysis
78'334.00
Current Price (2/dd/yy) Market Data
'
2''
-'''
-2''
.'''
.2''
0'''
02''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 7'608'074 8.76 (203'076) 25.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'989'117 6.9 (63'261) 01.01.2013 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 4'386'272 5.05 679 01.01.2013 Hedge Fund Manager
AXA FRAMLINGTON INV Multiple Portfolios REG 4'248'263 4.89 (7'720) 01.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 3'193'000 3.68 (65'291) 31.01.2013 Unclassified
WALTER SCOTT & PARTN Multiple Portfolios REG 2'728'400 3.14 - 01.01.2013 Investment Advisor
NORGES BANK n/a Co File 2'600'766 3 - 31.12.2011 Government
KAMES CAPITAL PLC n/a RNS-MAJ 2'596'832 2.99 (10'500) 09.07.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'543'341 2.93 1'285'789 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'290'162 2.64 150'321 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 1'430'022 1.65 - 01.01.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 1'423'875 1.64 (3'000) 01.01.2013 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios REG 1'402'124 1.62 24'359 01.01.2013 Investment Advisor
Cantillon Capital Multiple Portfolios REG 1'400'207 1.61 - 01.01.2013 Unclassified
LIONTRUST n/a ULT-AGG 1'327'208 1.53 - 01.01.2013 Unclassified
AEGON n/a ULT-AGG 1'221'726 1.41 (1'059'472) 01.01.2013 Unclassified
WILLIAM BLAIR & COMP Multiple Portfolios REG 1'147'811 1.32 51'614 01.01.2013 Investment Advisor
SARASIN n/a ULT-AGG 1'051'467 1.21 (34'811) 01.01.2013 Unclassified
PICTET & CIE Multiple Portfolios REG 993'131 1.14 30'873 01.01.2013 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 952'197 1.1 7'226 01.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec MICHAEL BLOGG hold 3 M 2'370 12 month 22.02.2013
Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 3'200 6 month 18.02.2013
Arden Partners Ltd BEN THEFAUT add 4 M #N/A N/A Not Provided 18.02.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 2'540 12 month 14.02.2013
Peel Hunt DOMINIC CONVEY hold 3 M 2'200 Not Provided 04.02.2013
Credit Suisse JONATHAN HURN outperform 5 M 2'780 Not Provided 23.01.2013
JPMorgan ANDREW J WILSON overweight 5 M 2'700 9 month 18.01.2013
Jefferies ANDREW DOUGLAS hold 3 M 2'600 12 month 17.01.2013
Numis Securities Ltd SCOTT CAGEHIN add 4 M 2'825 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Berenberg Bank ALEXANDER VIRGO hold 3 M 2'260 Not Provided 08.01.2013
N+1 Singer Ltd JAMES TETLEY hold 3 M 2'135 12 month 03.10.2012
Barclays NICK WEBSTER equalweight 3 M 2'200 Not Provided 03.08.2012
Liberum Capital Ltd BENJAMIN BOURNE sell 1 M 1'790 Not Provided 01.08.2012
Finncap DAVID BUXTON hold 3 M 1'800 12 month 21.04.2011
Holdings By:
Rotork PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
RSA Insurance Group PLC is a worldwide commercial insurer. The Company
provides property, automobile, liability, and specialty insurance products.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (19.02.2013) 137.30
52-Week Low (18.05.2012) 97.00
Daily Volume
120
52-Week High % Change -12.60% Dividend Yield 6.09
52-Week Low % Change 23.71% Beta 1.00
% 52 Week Price Range High/Low 54.59% Equity Float 3'584.34
Shares Out 01.02.2013 3'597.5 Short Int -
4'317.00 1 Yr Total Return 19.46%
Total Debt 1'607.00 YTD Return -4.53%
Preferred Stock 125.0 Adjusted BETA 1.002
Minority Interest 129.0 Analyst Recs 29
Cash and Equivalents 1'329.00 Consensus Rating 2.931
Enterprise Value 4'849.00
Average Volume 5 Day 42'837'780
RSA LN EQUITY YTD Change - Average Volume 30 Day 15'784'930
RSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 12'424'400
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 09/11 Q3 12/11 Q4
7'143.0 7'458.0 7'924.0 8'735.0 8'842.0 3'185.0 0.0 8'908.9 9'316.5 - -
0.67x 0.67x 0.62x 0.49x 0.57x 0.72x #DIV/0! 0.43x 0.47x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
574.0 418.0 346.0 426.0 344.0 234.0 561.0 452.9 484.4 - -
3.97x 4.88x 6.23x 8.86x 13.26x 9.99x 8.23x 9.52x 9.09x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating NR
Operating Margin 6.79% Long-Term Outlook -
Pretax Margin 5.42% Short-Term Rating Date -
Return on Assets 1.52% Short-Term Rating -
Return on Common Equity 9.02%
Return on Capital 7.91% EBITDA/Interest Exp. -
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 44.3%
Net Income Margin 3.9% Total Debt/Capital 29.3%
Asset Turnover 0.39
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 7.05% Inventory Days -
Tot Debt to Common Equity 44.33% 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
RSA Insurance Group PLCPrice/Volume
Valuation Analysis
6'789'777.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
-3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 204'541'902 5.69 3'114'598 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 188'217'284 5.23 - 25.02.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 150'518'684 4.18 8'044'396 01.09.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 130'791'044 3.64 (6'551'698) 31.10.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 125'447'431 3.49 1'171'858 01.09.2012 Unclassified
THREADNEEDLE ASSET M Multiple Portfolios REG 123'150'383 3.42 93'840'445 01.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 116'142'905 3.23 49'459'017 31.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 109'741'822 3.05 10'272'959 01.09.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 108'255'073 3.01 17'954'978 01.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 106'837'338 2.97 11'657'553 01.09.2012 Investment Advisor
RUFFER INVESTMENT MA Multiple Portfolios REG 83'576'547 2.32 (2'658'419) 01.09.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 80'027'653 2.22 5'919'401 31.10.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 77'677'008 2.16 1'937'697 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 63'944'158 1.78 1'494'464 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 58'841'227 1.64 (2'967'483) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 54'842'334 1.52 (26'108'600) 31.10.2012 Unclassified
ABBEY NATIONAL TREAS n/a RNS-MAJ 50'807'479 1.41 (69'312'086) 01.10.2012 Investment Advisor
MELLON CAPITAL MANAG Multiple Portfolios REG 47'366'254 1.32 29'268'532 01.09.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 43'681'848 1.21 29'009'828 01.09.2012 Government
BARCLAYS PERSONAL IN Multiple Portfolios REG 39'971'158 1.11 1'701'238 01.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 27.02.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 120 12 month 22.02.2013
Credit Suisse CHRIS ESSON neutral 3 M 125 Not Provided 22.02.2013
Berenberg Bank SAMI TAIPALUS buy 5 M 150 Not Provided 22.02.2013
Deutsche Bank OLIVER STEEL hold 3 D 122 12 month 21.02.2013
Raymond James RAPHAEL CARUSO underperform 1 D 112 Not Provided 21.02.2013
HSBC DHRUV GAHLAUT neutral 3 M 126 Not Provided 21.02.2013
Canaccord Genuity Corp BEN COHEN hold 3 M 120 Not Provided 21.02.2013
Nomura FAHAD CHANGAZI neutral 3 U 124 Not Provided 21.02.2013
Numis Securities Ltd NICHOLAS JOHNSON hold 3 M 115 Not Provided 21.02.2013
Exane BNP Paribas ANDY HUGHES outperform 5 M 152 Not Provided 21.02.2013
Barclays ANDREW BROADFIELD underweight 1 M 115 Not Provided 21.02.2013
AlphaValue JEROME CASSAGNE buy 5 U 146 6 month 21.02.2013
Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 128 12 month 20.02.2013
JPMorgan ANDREAS VAN EMBDEN overweight 5 M 130 3 month 20.02.2013
Keefe, Bruyette & Woods GREIG N PATERSON underperform 1 M 100 12 month 20.02.2013
Daniel Stewart & Co SIMON WILLIS hold 3 D 135 12 month 20.02.2013
Oriel Securities Ltd MARCUS BARNARD hold 3 M 110 Not Provided 20.02.2013
Panmure Gordon & Co Limited BARRIE CORNES sell 1 D 120 Not Provided 20.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Investec KEVIN RYAN sell 1 D 101 12 month 07.01.2013
Jyske Bank ROBERT JAKOBSEN strong buy 5 M 130 Not Provided 06.12.2012
Morgan Stanley JON HOCKING Underwt/In-Line 1 M 124 12 month 05.12.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH sell 1 M 112 Not Provided 17.09.2012
Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 138 Not Provided 01.03.2011
Holdings By:
RSA Insurance Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
The Sage Group plc is a software publishing company. The Group develops,
publishes and distributes accounting and payroll software for personal computer
systems. Via its subsidiaries, Sage also maintains a registered user database
which provides a market for their related products and services, including
computer forms, software support contracts, program upgrades and training.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 345.60
52-Week Low (18.05.2012) 245.30
Daily Volume
338
52-Week High % Change -2.20% Dividend Yield 3.00
52-Week Low % Change 37.79% Beta 1.01
% 52 Week Price Range High/Low 90.53% Equity Float 1'188.31
Shares Out 26.02.2013 1'190.2 Short Int -
4'022.77 1 Yr Total Return 13.81%
Total Debt 209.20 YTD Return 17.15%
Preferred Stock 0.0 Adjusted BETA 1.014
Minority Interest (2.1) Analyst Recs 28
Cash and Equivalents 61.60 Consensus Rating 2.714
Enterprise Value 4'168.27
Average Volume 5 Day 2'157'260
SGE LN EQUITY YTD Change - Average Volume 30 Day 2'729'694
SGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'907'124
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 - -
1'295.0 1'439.3 1'277.7 1'334.1 1'340.2 - - 1'388.5 1'428.0 - -
2.38x 2.42x 2.99x 2.55x 3.22x - - 3.06x 2.92x - -
322.6 346.2 363.0 394.8 391.2 - - 397.1 424.3 - -
9.54x 10.06x 10.53x 8.63x 11.02x - - 10.50x 9.82x - -
166.3 189.5 227.3 189.0 296.6 - - 255.6 269.5 - -
15.34x 16.14x 16.95x 13.19x 16.82x - - 15.43x 14.20x - -
EBITDA 391.20 Long-Term Rating Date -
EBIT 343.90 Long-Term Rating -
Operating Margin 25.66% Long-Term Outlook -
Pretax Margin 24.94% Short-Term Rating Date -
Return on Assets 11.37% Short-Term Rating -
Return on Common Equity 19.24%
Return on Capital 17.57% EBITDA/Interest Exp. 29.64
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 28.17
Net Debt/EBITDA 0.38
Gross Margin 93.7% Total Debt/EBITDA 0.53
EBITDA Margin 29.2%
EBIT Margin 25.7% Total Debt/Equity 15.2%
Net Income Margin 22.1% Total Debt/Capital 13.2%
Asset Turnover 0.51
Current Ratio 0.47 Net Fixed Asset Turnover 9.29
Quick Ratio 0.42 Accounts receivable turnover-days 71.09
Debt to Assets 8.46% Inventory Days 10.85
Tot Debt to Common Equity 15.21% Accounts Payable Turnover Day 242.91
Accounts Receivable Turnover 5.15 Cash Conversion Cycle -160.97
Inventory Turnover 33.72
Fiscal Year Ended
Sage Group PLC/ThePrice/Volume
Valuation Analysis
1'197'324.00
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
'
2'
-''
-2'
.''
.2'
0''
02'
1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 75'700'610 6.36 - 25.02.2013 Investment Advisor
UBS n/a ULT-AGG 74'749'141 6.28 (15'438'496) 28.12.2012 Unclassified
LLOYDS BANKING GROUP n/a ULT-AGG 62'470'961 5.25 176'753 31.01.2013 Investment Advisor
AVIVA PLC n/a RNS-MAJ 61'775'580 5.19 (5'206'036) 18.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 55'419'009 4.66 (1'021'754) 31.01.2013 Unclassified
MARATHON ASSET MANAG Multiple Portfolios REG 42'105'963 3.54 (3'084'345) 01.10.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 41'128'006 3.46 (1'030'925) 31.01.2013 Unclassified
THREADNEEDLE ASSET M Multiple Portfolios REG 36'316'690 3.05 29'707'231 01.10.2012 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 36'248'668 3.05 3'543'652 01.10.2012 Mutual Fund Manager
NORGES BANK INVESTME Multiple Portfolios REG 29'960'251 2.52 - 01.10.2012 Government
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 26'586'712 2.23 303'103 25.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 24'835'579 2.09 10'938'241 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios REG 23'708'269 1.99 (1'485'688) 01.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'423'542 1.97 484'975 31.12.2012 Investment Advisor
LINDSELL TRAIN INVES Multiple Portfolios REG 23'169'030 1.95 (12'000) 01.10.2012 Unclassified
F&C ASSET MANAGEMENT Multiple Portfolios REG 21'089'988 1.77 (5'644'336) 01.10.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 20'052'998 1.68 1'896'261 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 19'347'386 1.63 (1'917'221) 01.10.2012 Investment Advisor
TROY ASSET MANAGEMEN Multiple Portfolios REG 19'223'500 1.62 7'586'799 01.10.2012 Investment Advisor
CREDIT AGRICOLE GROU Multiple Portfolios REG 18'241'911 1.53 1'812'356 01.10.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Merchant Securities ROGER PHILLIPS hold 3 M 305 12 month 25.02.2013
Morgan Stanley ADAM WOOD Equalwt/In-Line 3 M 320 12 month 22.02.2013
AlphaValue HELENE COUMES add 4 M 394 6 month 21.02.2013
JPMorgan STACY E POLLARD neutral 3 M 327 9 month 20.02.2013
Numis Securities Ltd DAVID TOMS add 4 M 342 Not Provided 20.02.2013
Credit Suisse CHARLES BRENNAN underperform 1 M 284 Not Provided 18.02.2013
Berenberg Bank DAUD KHAN hold 3 M 325 Not Provided 18.02.2013
Bryan Garnier & Cie GREGORY RAMIREZ neutral 3 M 330 6 month 18.02.2013
Panmure Gordon & Co Limited GEORGE O'CONNOR hold 3 U 315 Not Provided 18.02.2013
Baader Bank KNUT WOLLER hold 3 M 340 12 month 15.02.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 335 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Exane BNP Paribas JOSEP BORI underperform 1 M 235 Not Provided 28.01.2013
Societe Generale RICHARD NGUYEN sell 1 M 280 12 month 23.01.2013
Canaccord Genuity Corp BOB LIAO hold 3 M 327 Not Provided 23.01.2013
Peel Hunt PAUL GILMER MORLAND sell 1 M 280 Not Provided 23.01.2013
Espirito Santo Investment Bank ResearchVIJAY ANAND buy 5 M 355 Not Provided 23.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 23.01.2013
Barclays GERARDUS VOS underweight 1 D 260 Not Provided 14.01.2013
Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 M 330 12 month 11.01.2013
Natixis GWENAEL GIARD neutral 3 M 316 Not Provided 10.01.2013
N+1 Singer Ltd CHRIS GLASPER not rated #N/A N/A M #N/A N/A Not Provided 14.12.2012
RBC Capital Markets ANDREW DUNN outperform 5 M 325 12 month 12.12.2012
Investec JULIAN YATES sell 1 M 270 12 month 05.12.2012
Jefferies MILAN RADIA hold 3 M 320 12 month 05.12.2012
CA Cheuvreux MICHAEL BEUCHER underperform 1 M 285 Not Provided 11.05.2012
Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 15.11.2011
Holdings By:
Sage Group PLC/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
SBM Offshore NV, through subsidiaries, offers services to the offshore oil and
gas industry worldwide. The Company supplies and installs floating production
and/or storage facilities and terminals for the loading or unloading of
tankers. SBM offers, on long-term lease, floating facilities for the
production, storage, and export of crude oil and gas.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (08.03.2012) 16.41
52-Week Low (20.11.2012) 7.73
Daily Volume
10.685
52-Week High % Change -35.01% Dividend Yield -
52-Week Low % Change 38.21% Beta 1.31
% 52 Week Price Range High/Low 33.06% Equity Float 189.14
Shares Out 31.12.2012 189.1 Short Int -
2'020.98 1 Yr Total Return -19.63%
Total Debt 2'530.98 YTD Return 1.62%
Preferred Stock 0.0 Adjusted BETA 1.314
Minority Interest 71.3 Analyst Recs 23
Cash and Equivalents 748.32 Consensus Rating 4.000
Enterprise Value 4'505.55
Average Volume 5 Day 2'241'925
SBMO NA EQUITY YTD Change - Average Volume 30 Day 1'961'599
SBMO NA EQUITY YTD % CHANGE - Average Volume 3 Month 2'883'677
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
3'060.3 2'956.5 3'055.8 3'156.8 3'695.2 0.0 816.5 4'007.8 3'962.8 1'962.0 -
1.10x 1.59x 1.79x 1.76x 1.21x #DIV/0! 0.00x 1.18x 1.20x - -
530.1 - - - - 0.0 0.0 883.0 924.9 322.0 -
6.36x - - - - 0.00x 0.00x 5.10x 4.87x - -
223.2 221.0 240.0 (472.7) (79.5) 0.0 0.0 432.5 464.9 (260.0) -
8.47x 13.43x 15.56x - - 0.00x 0.00x 6.27x 5.65x - -
EBITDA - Long-Term Rating Date -
EBIT 50.48 Long-Term Rating -
Operating Margin 1.37% Long-Term Outlook -
Pretax Margin -0.98% Short-Term Rating Date -
Return on Assets -1.37% Short-Term Rating -
Return on Common Equity -5.78%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 3.3% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 1.4% Total Debt/Equity 172.3%
Net Income Margin -2.2% Total Debt/Capital 62.2%
Asset Turnover 0.64
Current Ratio 1.17 Net Fixed Asset Turnover 1.47
Quick Ratio 0.46 Accounts receivable turnover-days 45.43
Debt to Assets 39.95% Inventory Days 2.47
Tot Debt to Common Equity 172.35% Accounts Payable Turnover Day 23.83
Accounts Receivable Turnover 8.06 Cash Conversion Cycle 24.07
Inventory Turnover 148.10
Fiscal Year Ended
SBM Offshore NVPrice/Volume
Valuation Analysis
1'226'046.00
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
'.135
-'-.-1-3-5
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HAL TRUST n/a Research 25'152'814 13.3 - 20.12.2012 Other
BIELFELDT & COMPANY n/a Research 8'643'841 4.57 - 27.01.2012 Unclassified
SPRUCEGROVE INVESTME n/a Research 8'636'128 4.57 49'060 05.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'166'306 4.32 (1'302'561) 25.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 3'782'070 2 653'093 31.12.2012 Investment Advisor
ENCOMPASS CAPITAL AD n/a Short (2'458'849) -1.3 - 29.01.2013 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 2'012'641 1.06 (1'087'689) 31.12.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 2'009'677 1.06 (130'646) 29.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'865'120 0.99 (831'488) 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 1'534'761 0.81 (7'783) 28.09.2012 Bank
AQR CAPITAL MANAGEME n/a Short (1'361'824) -0.72 (170'228) 08.02.2013 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 1'316'268 0.7 (893'091) 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'286'237 0.68 (283'293) 28.09.2012 Mutual Fund Manager
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 1'211'336 0.64 533'368 30.06.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'093'547 0.58 - 31.07.2012 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 1'075'425 0.57 (1'812) 31.10.2012 Mutual Fund Manager
FEDERAL GESTION Multiple Portfolios MF-AGG 999'996 0.53 - 30.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 959'965 0.51 (4'900) 26.02.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 906'338 0.48 (539'000) 30.09.2012 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 840'000 0.44 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale GUILLAUME DELABY buy 5 M 14 12 month 27.02.2013
KBC Securities MICHAEL ROEG buy 5 M 15 Not Provided 22.02.2013
Rabobank International MICHEL AUPERS buy 5 M 15 12 month 22.02.2013
ABN Amro Bank N.V. WIM GILLE buy 5 M 15 12 month 22.02.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 10 6 month 21.02.2013
Kempen & Co DIRK VERBIESEN buy 5 M 17 12 month 20.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013
National Bank AG MANFRED JAISFELD buy 5 M 13 Not Provided 15.02.2013
ING Bank QUIRIJN MULDER buy 5 M 17 12 month 15.02.2013
Goldman Sachs HENRY TARR neutral/neutral 3 M 13 12 month 14.02.2013
Petercam LUUK VAN BEEK buy 5 M 15 Not Provided 14.02.2013
Nomura CHRISTYAN MALEK neutral 3 M 12 12 month 29.01.2013
Morgan Stanley ROBERT PULLEYN Equalwt/Attractive 3 U 14 12 month 27.01.2013
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 15 Not Provided 15.01.2013
Kepler Capital Markets ANDRE MULDER hold 3 M 9 Not Provided 21.12.2012
Natixis JULIEN LAURENT buy 5 U 16 Not Provided 21.12.2012
Barclays MICK PICKUP overweight 5 M 14 Not Provided 21.12.2012
Pareto Securities KRISTIAN DIESEN hold 3 M 9 6 month 21.11.2012
S&P Capital IQ CHRISTINE TISCARENO hold 3 D 13 12 month 15.11.2012
HSBC DAVID PHILLIPS overweight 5 M 14 Not Provided 05.11.2012
CA Cheuvreux HANS PLUIJGERS outperform 5 M 21 Not Provided 28.05.2012
Fearnley Fonds HAAKON MAGNE ORE buy 5 M 18 Not Provided 23.08.2011
Holdings By:
SBM Offshore NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Scania AB develops, produces, and market large trucks, buses, and coaches.
The Company has manufacturing facilities in Europe and Latin America. Scania
operates a network of workshops and part distribution centers in many countries
throughout the world. The Company also makes industrial and marine engines for
boats, electrical generators, earthmoving machines, and harvesters.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 142.20
52-Week Low (28.06.2012) 111.20
Daily Volume
132.3
52-Week High % Change -6.96% Dividend Yield -
52-Week Low % Change 18.97% Beta 1.16
% 52 Week Price Range High/Low 69.35% Equity Float -
Shares Out 26.02.2013 400.0 Short Int -
104'240.00 1 Yr Total Return 6.79%
Total Debt 42'451.00 YTD Return -1.49%
Preferred Stock 0.0 Adjusted BETA 1.164
Minority Interest 62.0 Analyst Recs 27
Cash and Equivalents 12'047.00 Consensus Rating 3.111
Enterprise Value 134'706.00
Average Volume 5 Day 1'661'589
SCVB SS EQUITY YTD Change - Average Volume 30 Day 1'271'101
SCVB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'153'214
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
88'977.0 62'074.0 78'168.0 87'686.0 79'603.0 87'686.0 79'603.0 83'477.4 88'870.3 19'953.5 19'956.9
1.25x 1.82x 1.90x 1.22x 1.73x 5.71x 6.57x 1.25x 1.14x 4.70x 4.76x
21'996.0 11'164.0 20'277.0 19'931.0 14'066.0 19'931.0 14'066.0 12'674.4 14'247.5 2'730.7 2'722.7
5.05x 10.13x 7.31x 5.38x 9.80x 5.45x 9.80x 10.63x 9.45x 11.68x 12.01x
8'890.0 1'129.0 9'103.0 9'422.0 6'646.0 9'422.0 6'646.0 7'420.0 8'654.4 1'599.3 1'679.2
7.00x 65.40x 13.60x 8.66x 16.17x 8.66x 16.17x 14.38x 12.40x 15.05x 14.89x
EBITDA 14'066.00 Long-Term Rating Date 31.08.2009
EBIT 11'368.00 Long-Term Rating A-
Operating Margin 14.28% Long-Term Outlook POS
Pretax Margin 10.40% Short-Term Rating Date 25.07.2007
Return on Assets 5.98% Short-Term Rating A-2
Return on Common Equity 19.14%
Return on Capital - EBITDA/Interest Exp. 35.65
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 28.90
Net Debt/EBITDA 2.16
Gross Margin 26.0% Total Debt/EBITDA 3.02
EBITDA Margin 17.7%
EBIT Margin 14.3% Total Debt/Equity 121.5%
Net Income Margin 8.3% Total Debt/Capital 54.8%
Asset Turnover 0.72
Current Ratio 1.36 Net Fixed Asset Turnover 2.42
Quick Ratio 0.33 Accounts receivable turnover-days -
Debt to Assets 37.52% Inventory Days 89.31
Tot Debt to Common Equity 121.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 58.55
Inventory Turnover 4.10
Fiscal Year Ended
Scania ABPrice/Volume
Valuation Analysis
791'871.00
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
'
.'
1'
3'
5'
-''
-.'
-1'
-3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VOLKSWAGEN AG n/a Research 59'037'822 14.76 - 31.10.2012 Corporation
CLEARSTREAM BANKING n/a Research 33'884'343 8.47 - 31.10.2012 Bank
MAN AG n/a Research 33'718'857 8.43 - 31.10.2012 Corporation
SWEDBANK ROBUR FONDE n/a Research 21'125'421 5.28 - 31.10.2012 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 18'605'000 4.65 - 31.10.2012 Pension Fund (ERISA)
AMF PENSION n/a Research 12'760'520 3.19 - 31.10.2012 Pension Fund (ERISA)
JP MORGAN n/a ULT-AGG 10'572'476 2.64 - 31.10.2012 Unclassified
SEB n/a ULT-AGG 8'655'850 2.16 1'094'335 31.12.2012 Unclassified
SKANDIA LIV n/a Research 6'238'169 1.56 - 31.10.2012 Pension Fund (ERISA)
HANDELSBANKEN FONDER n/a Research 5'960'653 1.49 - 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'890'072 1.47 147'399 31.12.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 5'860'520 1.47 (911'700) 31.12.2012 Investment Advisor
DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 4'430'000 1.11 250'000 31.12.2012 Investment Advisor
SCANIA RESULTTATBONU n/a Research 4'069'408 1.02 - 31.10.2012 n/a
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 3'394'946 0.85 (1'127) 31.12.2012 Investment Advisor
SKANDIA FONDER AB Multiple Portfolios MF-AGG 3'032'463 0.76 334'022 31.12.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 2'526'207 0.63 704 25.02.2013 Investment Advisor
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 2'506'024 0.63 1'779'668 31.12.2012 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 2'054'944 0.51 (170'583) 31.01.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'686'759 0.42 200'860 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HANS-PETER WODNIOK reduce 2 M 138 6 month 21.02.2013
Redburn Partners MARTIN VIECHA buy 5 M #N/A N/A Not Provided 05.02.2013
Evli Bank Plc ANTTI KANSANEN accumulate 4 M 145 12 month 01.02.2013
Barclays MICHAEL TYNDALL underweight 1 M 108 Not Provided 01.02.2013
Societe Generale ALASDAIR LESLIE hold 3 M 140 12 month 31.01.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 140 12 month 31.01.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 130 12 month 31.01.2013
SEB Enskilda ANDERS TRAPP hold 3 M 135 Not Provided 31.01.2013
Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 31.01.2013
Nordea Equity Research ANDREAS BROCK buy 5 M 150 12 month 31.01.2013
Handelsbanken HAMPUS ENGELLAU accumulate 4 M 155 12 month 31.01.2013
Pareto Securities DAVID JACOBSSON hold 3 M 140 6 month 31.01.2013
Natixis KATHLEEN GAILLIOT neutral 3 U 129 Not Provided 31.01.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 110 12 month 31.01.2013
DNB Markets CHRISTER MAGNERGARD hold 3 M 140 Not Provided 31.01.2013
Danske Markets BJORN ENARSON buy 5 M 158 12 month 31.01.2013
ABG Sundal Collier ERIK PETTERSSON-GOLRANG buy 5 M 150 6 month 30.01.2013
JPMorgan ALEXANDER WHIGHT overweight 5 M 147 9 month 30.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Morgan Stanley LAURA LEMBKE not rated #N/A N/A M #N/A N/A Not Provided 14.01.2013
Credit Suisse ERICH HAUSER underperform 1 M 115 Not Provided 08.01.2013
Silvia Quandt Research ALBRECHT DENNINGHOFF avoid 1 M 105 12 month 16.11.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 115 12 month 23.10.2012
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 157 12 month 23.10.2012
Exane BNP Paribas RABIH FREIHA underperform 1 M 110 Not Provided 27.04.2012
Swedbank FREDRIK NILHOV buy 5 M 120 12 month 14.02.2012
Sydbank MORTEN IMSGARD underweight 1 D #N/A N/A Not Provided 28.04.2011
Holdings By:
Scania AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Schibsted ASA, through subsidiaries, operates media businesses. The Company
operates Media houses with print and online newspapers and services in
Scandinavia as well as in selected markets internationally. Schibsted also
offers Online classifieds with operations in Scandinavia and several
international markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.01.2013) 253.40
52-Week Low (28.02.2012) 178.60
Daily Volume
240.8
52-Week High % Change -4.97% Dividend Yield -
52-Week Low % Change 34.83% Beta 1.00
% 52 Week Price Range High/Low 82.75% Equity Float 65.25
Shares Out 26.02.2013 108.0 Short Int -
26'007.27 1 Yr Total Return 32.45%
Total Debt 2'471.00 YTD Return 2.25%
Preferred Stock 0.0 Adjusted BETA 1.001
Minority Interest 248.0 Analyst Recs 16
Cash and Equivalents 1'031.00 Consensus Rating 3.188
Enterprise Value 27'695.27
Average Volume 5 Day 199'131
SCH NO EQUITY YTD Change - Average Volume 30 Day 272'322
SCH NO EQUITY YTD % CHANGE - Average Volume 3 Month 233'824
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
13'740.0 12'745.0 13'768.0 14'378.0 14'763.0 10'620.0 14'763.0 15'315.6 16'039.8 3'707.2 3'955.8
0.79x 1.29x 1.45x 1.23x 1.82x 6.96x 6.72x 1.76x 1.62x - -
3'073.0 1'732.0 2'273.0 2'337.0 2'570.0 1'695.0 2'570.0 2'229.2 2'684.3 392.3 636.8
3.54x 9.49x 8.80x 7.59x 10.47x 0.00x 10.47x 12.42x 10.32x 12.71x 11.97x
(906.0) 395.0 2'794.0 742.0 185.0 402.0 185.0 1'053.5 1'356.7 165.0 308.8
- 159.29x 6.36x 21.28x 136.24x 0.00x 137.75x 24.29x 19.14x 25.10x 22.74x
EBITDA 2'570.00 Long-Term Rating Date -
EBIT 1'515.00 Long-Term Rating -
Operating Margin 10.26% Long-Term Outlook -
Pretax Margin 4.63% Short-Term Rating Date -
Return on Assets 1.17% Short-Term Rating -
Return on Common Equity 3.08%
Return on Capital 3.20% EBITDA/Interest Exp. 24.48
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 20.99
Net Debt/EBITDA 0.56
Gross Margin - Total Debt/EBITDA 0.96
EBITDA Margin 17.4%
EBIT Margin 10.3% Total Debt/Equity 45.0%
Net Income Margin 1.3% Total Debt/Capital 30.1%
Asset Turnover 0.93
Current Ratio 0.72 Net Fixed Asset Turnover 7.70
Quick Ratio 0.21 Accounts receivable turnover-days -
Debt to Assets 16.10% Inventory Days -
Tot Debt to Common Equity 44.99% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Schibsted ASAPrice/Volume
Valuation Analysis
415'935.00
Current Price (2/dd/yy) Market Data
'
2'
-''
-2'
.''
.2'
0''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLOMMENHOLM INDUSTRI n/a EXCH 28'188'589 26.1 - 18.02.2013 Unclassified
GOVERNMENT PENSION F n/a EXCH 7'885'646 7.3 - 18.02.2013 Government
FMR LLC n/a ULT-AGG 6'760'585 6.26 (32'100) 25.01.2013 Investment Advisor
NWT MEDIA AS n/a EXCH 4'545'815 4.21 - 18.02.2013 Other
GOLDMAN SACHS & CO n/a EXCH 3'935'507 3.64 - 18.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 3'666'280 3.39 - 26.02.2013 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 3'352'454 3.1 - 18.02.2013 Investment Advisor
DEUTSCHE BANK AG/LON n/a EXCH 2'835'983 2.63 - 18.02.2013 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 2'659'500 2.46 4'000 31.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'319'500 2.15 1'259'313 31.12.2012 Investment Advisor
JP MORGAN CLEARING C n/a EXCH 2'080'337 1.93 - 18.02.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'782'719 1.65 (264'873) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'557'754 1.44 - 18.02.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'528'922 1.42 (74'288) 31.12.2012 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 1'511'996 1.4 - 18.02.2013 Bank
SVENSKA HANDELSBANKE n/a EXCH 1'288'508 1.19 - 18.02.2013 Bank
SEB n/a ULT-AGG 1'277'364 1.18 455 18.02.2013 Unclassified
JP MORGAN CHASE BANK n/a EXCH 1'090'574 1.01 - 18.02.2013 Investment Advisor
MONTAGUE PLACE CUSTO n/a EXCH 1'023'001 0.95 - 18.02.2013 Corporation
CITIBANK NA n/a EXCH 1'022'595 0.95 - 18.02.2013 Bank
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
Carnegie PREBEN RASCH-OLSEN buy 5 M #N/A N/A Not Provided 14.02.2013
Handelsbanken RASMUS ENGBERG reduce 2 M 230 12 month 14.02.2013
SpareBank 1 Markets AS LARS DANIEL WESTBY buy 5 M 320 12 month 14.02.2013
DNB Markets CHRISTER ROTH sell 1 M 201 Not Provided 14.02.2013
Danske Markets MARTIN STENSHALL buy 5 M 290 12 month 14.02.2013
SEB Enskilda ATLE VEREIDE buy 5 M 255 Not Provided 13.02.2013
Arctic Securities ASA MARKUS BJERKE buy 5 M 277 Not Provided 13.02.2013
JPMorgan MARCUS DIEBEL neutral 3 M 244 9 month 21.01.2013
Deutsche Bank MARK BRALEY sell 1 D 200 12 month 10.12.2012
ABG Sundal Collier ALEXANDER HOST sell 1 M 180 6 month 07.11.2012
CA Cheuvreux NIKLAS KRISTOFFERSSONN outperform 5 M 250 Not Provided 11.09.2012
Berenberg Bank SARAH SIMON sell 1 N 182 Not Provided 15.08.2012
Pareto Securities THOMAS NIELSEN sell 1 M 170 6 month 11.05.2012
Swedbank First Securities ANDREAS BERTHEUSSEN neutral 3 N 190 Not Provided 16.02.2012
Natixis JEROME BODIN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.02.2010
Holdings By:
Schibsted ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Schindler Holding AG manufactures and installs elevators, escalators, and moving
walkways internationally. The Company's products are used in airports, subway
stations, railroad terminals, shopping centers, cruise ships, hotels, and office
buildings. Schindler also offers maintenance services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 144.00
52-Week Low (27.06.2012) 102.60
Daily Volume
142.9
52-Week High % Change -0.76% Dividend Yield -
52-Week Low % Change 39.28% Beta 0.89
% 52 Week Price Range High/Low 97.77% Equity Float 46.88
Shares Out 31.12.2012 46.9 Short Int -
16'624.29 1 Yr Total Return 31.38%
Total Debt 754.00 YTD Return 8.26%
Preferred Stock 0.0 Adjusted BETA 0.891
Minority Interest 33.0 Analyst Recs 12
Cash and Equivalents 2'626.00 Consensus Rating 3.500
Enterprise Value 14'785.29
Average Volume 5 Day 107'105
SCHP VX EQUITY YTD Change - Average Volume 30 Day 85'269
SCHP VX EQUITY YTD % CHANGE - Average Volume 3 Month 78'969
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 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 5'699.0 8'258.0 8'777.1 9'246.3 - -
0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.63x 1.49x - -
1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'221.2 1'323.8 - -
4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 12.11x 11.17x - -
615.0 625.0 677.0 576.0 702.0 679.0 730.0 773.7 838.3 - -
9.34x 15.44x 20.11x 23.83x 21.78x 17.74x 22.26x 21.59x 20.01x - -
EBITDA 1'104.00 Long-Term Rating Date -
EBIT 985.00 Long-Term Rating -
Operating Margin 11.93% Long-Term Outlook -
Pretax Margin 11.90% Short-Term Rating Date -
Return on Assets 9.12% Short-Term Rating -
Return on Common Equity 26.00%
Return on Capital - EBITDA/Interest Exp. 25.67
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 22.60
Net Debt/EBITDA -1.69
Gross Margin - Total Debt/EBITDA 0.68
EBITDA Margin 13.4%
EBIT Margin 12.0% Total Debt/Equity 27.1%
Net Income Margin 8.5% Total Debt/Capital 21.1%
Asset Turnover 1.07
Current Ratio 1.55 Net Fixed Asset Turnover 16.43
Quick Ratio 1.22 Accounts receivable turnover-days 62.49
Debt to Assets 9.64% Inventory Days -
Tot Debt to Common Equity 27.12% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.86 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Schindler Holding AGPrice/Volume
Valuation Analysis
53'137.00
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
'
.'
1'
3'
5'
-''
-.'
-1'
-3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!- 9
!. 9
!. 9
!0 9
!0 9
!1 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 2'022'758 4.31 57'273 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'708'568 3.64 (724'796) 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'292'402 2.76 27'157 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'279'111 2.73 (17'051) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 872'661 1.86 14'704 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 628'113 1.34 171'928 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 628'089 1.34 3'869 31.10.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 581'426 1.24 (748) 30.11.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 565'706 1.21 (21'168) 25.02.2013 Investment Advisor
WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 522'668 1.11 - 30.09.2012 Hedge Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 462'298 0.99 (10'927) 28.12.2012 Mutual Fund Manager
ROYAL BANK OF CANADA n/a ULT-AGG 455'865 0.97 (200) 28.09.2012 Bank
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 286'440 0.61 (800) 31.10.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 227'100 0.48 (23'000) 31.12.2012 Unclassified
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 189'071 0.4 - 31.12.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 176'160 0.38 1'780 30.06.2012 Investment Advisor
NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 163'832 0.35 - 31.12.2012 Investment Advisor
MIRABAUD & CIE Multiple Portfolios MF-AGG 121'000 0.26 31'000 29.06.2012 Mutual Fund Manager
FRANKLIN MUTUAL ADVI Multiple Portfolios MF-AGG 116'465 0.25 (8'194) 30.09.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 116'216 0.25 3'455 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 155 12 month 25.02.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 159 6 month 20.02.2013
Credit Suisse ANDRE KUKHNIN outperform 5 M 155 Not Provided 20.02.2013
Bank Vontobel AG SERGE ROTZER hold 3 M 140 Not Provided 20.02.2013
Kepler Capital Markets CHRISTOPH LADNER hold 3 M 140 Not Provided 20.02.2013
Helvea VOLKAN GOCMEN buy 5 M 160 12 month 20.02.2013
Canaccord Genuity Corp JAMES STETTLER buy 5 M 160 Not Provided 08.02.2013
Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 07.01.2013
Espirito Santo Investment Bank ResearchROB VIRDEE sell 1 M 105 Not Provided 30.10.2012
Exane BNP Paribas ALEXIS DENAUD outperform 5 M 124 Not Provided 05.04.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.03.2012
Holdings By:
Schindler Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Schroders PLC is an international asset management group. The Group manages
funds across all asset categories, including equities, bonds, cash, and
alternative investments and Venture Capital. Schroders clients comprise
charities, insurance companies, public authorities, pension funds and unit trust
holders.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (25.02.2013) 2'083.00
52-Week Low (23.05.2012) 1'163.00
Daily Volume
1966
52-Week High % Change -5.62% Dividend Yield 1.98
52-Week Low % Change 69.05% Beta 1.30
% 52 Week Price Range High/Low 88.80% Equity Float 101.01
Shares Out 04.01.2013 226.0 Short Int -
5'335.17 1 Yr Total Return 28.63%
Total Debt 123.80 YTD Return 16.61%
Preferred Stock 0.0 Adjusted BETA 1.296
Minority Interest 0.0 Analyst Recs 22
Cash and Equivalents 4'590.10 Consensus Rating 3.273
Enterprise Value 868.87
Average Volume 5 Day 368'599
SDR LN EQUITY YTD Change - Average Volume 30 Day 314'289
SDR LN EQUITY YTD % CHANGE - Average Volume 3 Month 251'786
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
1'191.8 1'230.2 1'037.6 1'394.8 1'501.9 - - 1'132.8 1'253.9 276.0 -
0.95x - 0.87x 1.25x - - - 2.58x 2.05x - -
358.0 110.2 149.1 395.1 404.9 - - 356.4 415.8 - -
3.17x - 6.05x 4.43x - - - 2.44x 2.09x - -
299.7 76.7 95.4 307.9 315.8 - - 273.7 319.2 139.0 -
12.42x 31.27x 38.78x 16.59x 11.33x - - 19.90x 17.07x - -
EBITDA 404.90 Long-Term Rating Date 05.12.2002
EBIT 390.80 Long-Term Rating A
Operating Margin 26.02% Long-Term Outlook POS
Pretax Margin 27.12% Short-Term Rating Date 06.12.1994
Return on Assets 2.01% Short-Term Rating A-1
Return on Common Equity 15.19%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 75.8% Total Debt/EBITDA -
EBITDA Margin 25.5%
EBIT Margin 24.5% Total Debt/Equity 6.5%
Net Income Margin 21.0% Total Debt/Capital 6.1%
Asset Turnover 0.10
Current Ratio 1.85 Net Fixed Asset Turnover 90.73
Quick Ratio 1.70 Accounts receivable turnover-days -
Debt to Assets 0.89% Inventory Days -
Tot Debt to Common Equity 6.51% 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
Schroders PLCPrice/Volume
Valuation Analysis
368'248.00
Current Price (2/dd/yy) Market Data
'
2''
-'''
-2''
.'''
.2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
0''!''
02'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FLAVIDA LIMITED n/a Co File 60'951'886 26.97 - 07.03.2012 Unclassified
FERVIDA LTD n/a RNS-MAJ 36'795'041 16.28 - 08.03.2012 Unclassified
SCHRODER BRUNO L n/a Co File 13'946'216 6.17 - 31.12.2011 n/a
SCHRODERS EMPLOY BEN n/a Co File 12'895'329 5.71 - 31.12.2011 n/a
SCHRODERS PLC ESOP Multiple Portfolios REG 12'709'419 5.62 29'051 02.01.2013 Unclassified
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'778'300 4.77 329'800 31.12.2012 Investment Advisor
NIPPON LIFE INSURANC n/a ULT-AGG 5'721'822 2.53 - 02.01.2013 Insurance Company
LINDSELL TRAIN INVES Multiple Portfolios REG 5'036'554 2.23 (23'000) 02.01.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 4'663'438 2.06 (218'019) 31.01.2013 Unclassified
AEGON n/a ULT-AGG 4'449'819 1.97 (149'416) 02.01.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 3'945'049 1.75 - 02.01.2013 Government
BLACKROCK n/a ULT-AGG 3'816'171 1.69 440'660 25.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 3'203'233 1.42 145'267 02.01.2013 Unclassified
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 2'456'119 1.09 (62'631) 28.09.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'207'265 0.98 71'526 31.12.2012 Investment Advisor
Schroders Investment Multiple Portfolios REG 1'874'758 0.83 - 02.01.2013 Unclassified
MAJEDIE ASSET MANAGE Multiple Portfolios REG 1'718'275 0.76 345'572 02.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 1'501'221 0.66 43'500 02.01.2013 Government
TRILOGY GLOBAL ADVIS Multiple Portfolios REG 1'361'809 0.6 (106'119) 02.01.2013 Hedge Fund Manager
UBS n/a ULT-AGG 1'358'874 0.6 (208'853) 02.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shore Capital Stockbrokers OWEN JONES sell 1 D #N/A N/A Not Provided 26.02.2013
Macquarie NEIL WELCH underperform 1 M 1'635 12 month 21.02.2013
Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 2'290 12 month 20.02.2013
Cantor Fitzgerald CATHERINE HEATH buy 5 N 2'232 Not Provided 19.02.2013
Exane BNP Paribas ABHISHEK PARTHASARATHY neutral 3 M 1'830 Not Provided 15.02.2013
Oriel Securities Ltd SARAH ING hold 3 N 2'000 Not Provided 11.02.2013
Numis Securities Ltd DAVID MCCANN hold 3 M 1'875 Not Provided 08.02.2013
Barclays DANIEL R GARROD underweight 1 M 1'770 Not Provided 05.02.2013
Goldman Sachs CHRIS M. TURNER Buy/Neutral 5 M 2'480 12 month 24.01.2013
Societe Generale MICHAEL SANDERSON hold 3 M 1'850 12 month 23.01.2013
RBC Capital Markets PETER K LENARDOS outperform 5 M 2'000 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan RAE MAILE overweight 5 M 2'556 9 month 14.01.2013
HSBC NITIN ARORA overweight 5 U 2'100 Not Provided 14.01.2013
Credit Suisse GURJIT KAMBO neutral 3 U 1'800 Not Provided 11.01.2013
Jefferies JASON STREETS buy 5 M 1'940 12 month 03.01.2013
Canaccord Genuity Corp ARUN MELMANE sell 1 M 1'320 Not Provided 06.12.2012
Peel Hunt STUART DUNCAN hold 3 M 1'415 Not Provided 03.12.2012
S&P Capital IQ FRANK BRADEN hold 3 M 1'575 12 month 08.11.2012
Holdings By:
Schroders PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
SCOR SE offers life, accident, property/casualty, health, and special needs
reinsurance. The Company offers services through subsidiaries in Europe, the
Americas, Asia, and Africa. SCOR also holds real estate investments.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (07.02.2013) 22.24
52-Week Low (01.06.2012) 17.06
Daily Volume
21.51
52-Week High % Change -3.26% Dividend Yield -
52-Week Low % Change 26.08% Beta 0.89
% 52 Week Price Range High/Low 83.29% Equity Float 154.30
Shares Out 30.09.2012 192.0 Short Int -
4'129.50 1 Yr Total Return 13.73%
Total Debt 1'425.00 YTD Return 5.39%
Preferred Stock - Adjusted BETA 0.893
Minority Interest 7.0 Analyst Recs 26
Cash and Equivalents 1'281.00 Consensus Rating 4.154
Enterprise Value 4'558.50
Average Volume 5 Day 355'591
SCR FP EQUITY YTD Change - Average Volume 30 Day 329'477
SCR FP EQUITY YTD % CHANGE - Average Volume 3 Month 331'367
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
5'075.0 5'754.0 6'312.0 6'724.0 7'405.0 6'987.0 8'988.0 9'062.4 9'581.5 2'152.5 2'058.0
0.40x 0.36x 0.42x 0.46x 0.47x 0.00x 0.46x 0.62x 0.55x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
407.0 315.0 370.0 418.0 330.0 0.0 2'205.0 417.3 476.3 96.8 119.0
6.29x 9.27x 8.49x 8.19x 10.04x 0.00x 0.00x 9.65x 8.47x 8.58x 8.04x
EBITDA - Long-Term Rating Date 04.06.2012
EBIT - Long-Term Rating A+
Operating Margin 5.63% Long-Term Outlook STABLE
Pretax Margin - Short-Term Rating Date -
Return on Assets 1.62% Short-Term Rating -
Return on Common Equity 11.56%
Return on Capital 10.51% 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 32.4%
Net Income Margin 4.5% Total Debt/Capital 24.4%
Asset Turnover 0.28
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.55% Inventory Days -
Tot Debt to Common Equity 32.36% 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
SCOR SEPrice/Volume
Valuation Analysis
96'394.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PATINEX AG n/a Co File 15'000'000 7.81 - 31.12.2011 Private Equity
BNP PARIBAS INV PART n/a ULT-AGG 12'346'431 6.43 749'729 31.12.2012 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 9'400'000 4.9 (600'000) 04.07.2012 Pension Fund (ERISA)
SCOR n/a Co File 7'262'600 3.78 - 31.12.2011 Insurance Company
GENERALI INVESTMENTS n/a Co File 5'903'700 3.08 - 31.12.2011 Investment Advisor
MALAKOFF MEDERIC GRO n/a Co File 5'875'506 3.06 - 31.12.2011 Insurance Company
AMUNDI ASSET MANAGEM n/a Co File 5'113'300 2.66 - 31.12.2011 Other
OFI ASSET MANAGEMENT n/a Co File 3'965'500 2.07 - 31.12.2011 Mutual Fund Manager
COVEA FINANCE SAS n/a Co File 3'937'500 2.05 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'917'524 1.52 52'456 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'341'021 1.22 10'354 25.02.2013 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'674'032 0.87 (32'336) 30.09.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'600'000 0.83 - 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'456'378 0.76 1'303'329 31.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'437'329 0.75 586'638 31.12.2012 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 978'300 0.51 3'400 31.10.2012 Investment Advisor
EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 911'400 0.47 1'700 31.12.2012 Hedge Fund Manager
SCOTTISH WIDOWS n/a ULT-AGG 857'674 0.45 (82'544) 31.10.2012 Unclassified
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 847'788 0.44 (16'743) 31.12.2012 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 776'400 0.4 99'900 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CA Cheuvreux FRANK KOPFINGER outperform 5 M 25 Not Provided 18.02.2013
Credit Suisse ADAM MCINALLY underperform 1 M 21 Not Provided 15.02.2013
AlphaValue JEROME CASSAGNE add 4 M 23 6 month 14.02.2013
JPMorgan MICHAEL HUTTNER neutral 3 M 21 9 month 12.02.2013
Canaccord Genuity Corp BEN COHEN sell 1 M 20 Not Provided 11.02.2013
Berenberg Bank TOM CARSTAIRS buy 5 M 26 Not Provided 08.02.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 23 Not Provided 07.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 24 6 month 07.02.2013
Nomura MICHAEL KLIEN buy 5 M 23 12 month 07.02.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 24 Not Provided 07.02.2013
Helvea DANIEL BISCHOF accumulate 4 M 25 12 month 07.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 25 12 month 04.02.2013
Mediobanca SpA GIANLUCA FERRARI outperform 5 M 27 6 month 30.01.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 24 12 month 18.01.2013
HSBC THOMAS FOSSARD overweight 5 M 26 Not Provided 16.01.2013
Societe Generale JASON KALAMBOUSSIS buy 5 M 24 12 month 15.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Natixis BENOIT VALLEAUX neutral 3 M 23 Not Provided 10.01.2013
Day by Day VALERIE GASTALDY buy 5 M 22 3 month 20.12.2012
Macquarie HADLEY COHEN outperform 5 M 25 12 month 27.11.2012
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 26 12 month 19.11.2012
Morgan Stanley MACIEJ WASILEWICZ Underwt/In-Line 1 M 20 12 month 15.11.2012
Raymond James DANNY JACQUES outperform 5 M 24 Not Provided 06.09.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 23 Not Provided 09.02.2012
Holdings By:
SCOR SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Securitas AB sells products and services for the protection of homes, work
places, and community. The Company's services include specialized guarding and
mobile services, monitoring, and consulting and investigations. Securitas
operates in Europe, North and South America, the Middle East and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 65.50
52-Week Low (01.11.2012) 47.85
Daily Volume
59.45
52-Week High % Change -9.24% Dividend Yield -
52-Week Low % Change 24.24% Beta 0.95
% 52 Week Price Range High/Low 62.32% Equity Float -
Shares Out 26.02.2013 347.9 Short Int -
21'702.75 1 Yr Total Return -1.36%
Total Debt 15'085.90 YTD Return 4.85%
Preferred Stock 0.0 Adjusted BETA 0.950
Minority Interest 13.9 Analyst Recs 20
Cash and Equivalents 4'880.70 Consensus Rating 2.900
Enterprise Value 31'921.85
Average Volume 5 Day 1'501'644
SECUB SS EQUITY YTD Change - Average Volume 30 Day 1'489'757
SECUB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'618'296
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
56'571.6 62'666.7 61'339.8 64'057.1 66'458.2 64'057.1 66'458.2 66'485.3 68'729.7 16'043.7 16'546.6
0.58x 0.55x 0.61x 0.50x 0.47x 2.08x 1.89x 0.47x 0.44x 2.08x 2.06x
4'535.9 4'688.1 4'625.9 4'289.1 3'731.8 4'070.9 3'731.8 4'333.2 4'507.0 990.8 1'025.0
7.29x 7.30x 8.04x 7.52x 8.29x 7.92x 8.29x 7.37x 7.08x 7.35x -
2'323.6 2'116.2 2'083.1 1'735.7 1'211.6 1'735.7 1'211.6 2'031.0 2'162.0 412.0 446.7
12.40x 12.08x 13.78x 12.49x 17.08x 12.49x 17.08x 10.50x 9.86x 10.36x 9.97x
EBITDA 3'731.80 Long-Term Rating Date 17.08.2012
EBIT 2'785.70 Long-Term Rating BBB
Operating Margin 4.19% Long-Term Outlook STABLE
Pretax Margin 2.62% Short-Term Rating Date 12.03.2002
Return on Assets 3.23% Short-Term Rating A-2
Return on Common Equity 13.62%
Return on Capital - EBITDA/Interest Exp. 7.48
Asset Turnover 1.77% (EBITDA-Capex)/Interest Exp. 5.72
Net Debt/EBITDA 2.73
Gross Margin 16.7% Total Debt/EBITDA 4.04
EBITDA Margin 5.6%
EBIT Margin 4.2% Total Debt/Equity 175.7%
Net Income Margin 1.8% Total Debt/Capital 63.7%
Asset Turnover 1.77
Current Ratio 1.00 Net Fixed Asset Turnover 28.04
Quick Ratio 0.28 Accounts receivable turnover-days -
Debt to Assets 39.23% Inventory Days -
Tot Debt to Common Equity 175.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 53.25
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
Securitas ABPrice/Volume
Valuation Analysis
758'395.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DOUGLAS CARL n/a Research 29'390'000 8.45 - 23.01.2013 n/a
DOUGLAS ELISABETH n/a Research 29'370'000 8.44 - 23.01.2013 n/a
DOUGLAS GUSTAF n/a Research 29'370'000 8.44 - 23.01.2013 n/a
DOUGLAS ERIC n/a Research 29'290'000 8.42 - 23.01.2013 n/a
JP MORGAN n/a ULT-AGG 16'904'677 4.86 (95) 01.11.2012 Unclassified
SCHORLING MELKER n/a Research 16'003'900 4.6 - 23.01.2013 n/a
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 15'818'091 4.55 666'756 31.01.2013 Investment Advisor
NORDEA INVESTMENT FU n/a Research 14'401'820 4.14 - 01.11.2012 Mutual Fund Manager
SEB n/a ULT-AGG 13'495'967 3.88 1'278'672 31.12.2012 Unclassified
SWEDBANK ROBUR FONDE n/a Research 11'897'296 3.42 - 01.11.2012 Investment Advisor
DIDNER & GERGE FONDE n/a Research 11'150'000 3.2 - 01.11.2012 Investment Advisor
LANNEBO FONDER AB n/a Research 10'842'575 3.12 - 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'810'365 2.82 134'471 31.12.2012 Investment Advisor
CARNEGIE FONDER AB/S n/a Research 9'200'000 2.64 - 01.11.2012 Investment Advisor
AMF PENSION INSURANC n/a Research 8'180'172 2.35 - 01.11.2012 Insurance Company
CACEIS BANK LUXEMBOU n/a Research 8'000'000 2.3 - 01.11.2012 Bank
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 7'174'825 2.06 256'250 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'896'094 1.69 22'529 31.12.2012 Investment Advisor
AFA INSURANCE n/a Research 5'610'294 1.61 - 01.11.2012 Insurance Company
HANDELSBANKEN FUNDS n/a Research 5'375'600 1.55 - 01.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Carnegie MIKAEL LOFDAHL buy 5 M #N/A N/A Not Provided 25.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013
AlphaValue HELENE COUMES add 4 M 67 6 month 21.02.2013
Credit Suisse ANDY GROBLER outperform 5 M 69 Not Provided 20.02.2013
CA Cheuvreux NIKLAS KRISTOFFERSSONN outperform 5 M 65 Not Provided 18.02.2013
Nordea Equity Research JOHAN GRABE buy 5 M 68 12 month 11.02.2013
Exane BNP Paribas LAURENT BRUNELLE underperform 1 M 52 Not Provided 11.02.2013
Danske Markets PETER TRIGARSZKY sell 1 D 54 12 month 11.02.2013
Handelsbanken ANDERS TEGEBACK reduce 2 M 55 12 month 10.02.2013
RBC Capital Markets ANDREW BROOKE underperform 1 M 45 12 month 08.02.2013
JPMorgan ROBERT PLANT underweight 1 M 54 12 month 08.02.2013
SEB Enskilda STEFAN ANDERSSON buy 5 M 69 Not Provided 08.02.2013
Swedbank SVEN SKOLD neutral 3 M 60 12 month 05.02.2013
Deutsche Bank SYLVIA FOTEVA buy 5 U 68 12 month 25.01.2013
HSBC RAJESH KUMAR neutral 3 U 60 Not Provided 07.01.2013
Goldman Sachs CHARLES WILSON Sell/Neutral 1 M 50 12 month 18.12.2012
Barclays PAUL CHECKETTS underweight 1 M 47 Not Provided 09.08.2012
Sydbank SOEREN LONTOFT HANSEN underweight 1 D #N/A N/A Not Provided 04.05.2011
Holdings By:
Securitas AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
SEGRO is a property investment and development company that provides flexible
business space across Europe. SEGRO's property portfolio includes offices,
light industrial, logistics, warehouses and datacentre properties.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (19.03.2012) 260.20
52-Week Low (13.06.2012) 207.90
Daily Volume
251.2
52-Week High % Change -3.46% Dividend Yield 5.89
52-Week Low % Change 20.83% Beta 1.09
% 52 Week Price Range High/Low 85.66% Equity Float 699.08
Shares Out 31.01.2013 742.1 Short Int -
1'864.07 1 Yr Total Return 14.05%
Total Debt 2'106.90 YTD Return 1.87%
Preferred Stock 0.0 Adjusted BETA 1.086
Minority Interest 1.6 Analyst Recs 21
Cash and Equivalents 16.60 Consensus Rating 3.667
Enterprise Value 3'955.97
Average Volume 5 Day 1'129'504
SGRO LN EQUITY YTD Change - Average Volume 30 Day 1'247'671
SGRO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'407'793
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
321.4 358.6 378.7 369.1 305.4 - - 275.8 273.0 - -
11.13x 13.81x 11.42x 10.44x 12.84x - - 14.53x 14.41x - -
231.9 229.0 253.3 250.9 239.9 - - 229.0 225.3 - -
15.42x 21.62x 17.08x 15.35x 16.35x - - 17.27x 17.56x - -
(938.1) (233.1) 210.3 (30.4) (197.3) - - 130.7 135.2 - -
- - 10.05x - - - - 14.27x 14.11x - -
EBITDA 239.90 Long-Term Rating Date -
EBIT 236.70 Long-Term Rating -
Operating Margin 77.50% Long-Term Outlook -
Pretax Margin -66.21% Short-Term Rating Date -
Return on Assets -4.01% Short-Term Rating -
Return on Common Equity -8.24%
Return on Capital - EBITDA/Interest Exp. 1.43
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -0.25
Net Debt/EBITDA 8.71
Gross Margin 83.4% Total Debt/EBITDA 8.78
EBITDA Margin 78.6%
EBIT Margin 77.5% Total Debt/Equity 94.3%
Net Income Margin -64.6% Total Debt/Capital 48.5%
Asset Turnover 0.06
Current Ratio 1.18 Net Fixed Asset Turnover 0.08
Quick Ratio 0.06 Accounts receivable turnover-days -
Debt to Assets 45.34% Inventory Days 1644.47
Tot Debt to Common Equity 94.27% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 1477.81
Inventory Turnover 0.22
Fiscal Year Ended
Segro PLCPrice/Volume
Valuation Analysis
1'251'781.00
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
'
2'
-''
-2'
.''
.2'
0''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 88'417'422 11.92 (652'920) 25.02.2013 Investment Advisor
APG ALGEMENE PENSIOE Multiple Portfolios REG 60'206'781 8.11 - 01.11.2012 Pension Fund (ERISA)
COHEN & STEERS INC n/a RNS-MAJ 42'076'063 5.67 (12'706'786) 11.08.2011 Corporation
THIRD AVENUE MANAGEM Multiple Portfolios REG 39'249'338 5.29 - 01.11.2012 Hedge Fund Manager
LEGAL & GENERAL n/a ULT-AGG 30'026'150 4.05 (225'115) 31.01.2013 Unclassified
AXA INVESTMENT MANAG n/a Co File 29'673'312 4 - 20.02.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 28'464'536 3.84 (43'192) 01.11.2012 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 28'343'732 3.82 (2'012'938) 01.11.2012 Bank
ARTEMIS INVESTMENT M Multiple Portfolios REG 27'421'008 3.7 (1'197'043) 01.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 23'389'200 3.15 - 01.02.2013 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 22'267'100 3 (1'212'263) 17.08.2012 Bank
STATE STREET n/a ULT-AGG 21'558'325 2.91 277'422 26.02.2013 Investment Advisor
ALECTA INVESTMENT MA Multiple Portfolios REG 20'974'485 2.83 - 01.11.2012 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 20'105'413 2.71 (3'001'101) 01.11.2012 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 19'963'498 2.69 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 17'939'085 2.42 (2'113'025) 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 17'171'493 2.31 - 01.11.2012 Government
ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 16'043'280 2.16 (206'646) 17.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'846'062 2.14 638'570 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 14'935'682 2.01 1'279'428 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale MARC MOZZI buy 5 M 290 12 month 27.02.2013
Morgan Stanley BART GYSENS Equalwt/Attractive 3 M 240 12 month 27.02.2013
Investec ALAN CARTER buy 5 M 260 12 month 27.02.2013
Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 255 Not Provided 26.02.2013
Jefferies ROBERT DUNCAN hold 3 M 228 12 month 25.02.2013
AlphaValue PIERRE-LOUP ETIENNE add 4 M 291 6 month 21.02.2013
Panmure Gordon & Co Limited MARK HUGHES buy 5 M 270 Not Provided 07.02.2013
Exane BNP Paribas NICK WEBB neutral 3 M 240 Not Provided 01.02.2013
Oriel Securities Ltd MATTHEW S SAPERIA add 4 M #N/A N/A Not Provided 24.01.2013
Peel Hunt KEITH CRAWFORD buy 5 M 260 Not Provided 23.01.2013
Barclays AARON GUY equalweight 3 D 270 Not Provided 15.01.2013
Kempen & Co RYAN PALECEK underweight 1 D 235 12 month 14.01.2013
Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 270 Not Provided 10.01.2013
JPMorgan NEIL GREEN overweight 5 M 280 9 month 09.01.2013
Deutsche Bank MARTIN ALLEN buy 5 M 310 12 month 08.01.2013
Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 247 Not Provided 18.12.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 232 12 month 04.10.2012
Liberum Capital Ltd CONOR FINN hold 3 M 242 Not Provided 19.07.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 01.05.2012
Holdings By:
Segro PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Serco Group plc provides outsourcing services to governments, international
agencies, and corporations located throughout the world. The Company manages
facilities, projects, and information technology systems. Serco runs scientific
establishments, provides critical information to manage traffic, maintains
buildings, and operates railways.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (07.08.2012) 606.00
52-Week Low (23.05.2012) 507.50
Daily Volume
568.5
52-Week High % Change -6.19% Dividend Yield 1.50
52-Week Low % Change 12.02% Beta 0.79
% 52 Week Price Range High/Low 68.02% Equity Float 496.72
Shares Out 01.02.2013 498.5 Short Int -
2'833.77 1 Yr Total Return 4.09%
Total Debt 888.70 YTD Return 6.26%
Preferred Stock 0.0 Adjusted BETA 0.786
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 254.80 Consensus Rating 3.542
Enterprise Value 3'475.47
Average Volume 5 Day 1'193'821
SRP LN EQUITY YTD Change - Average Volume 30 Day 964'639
SRP LN EQUITY YTD % CHANGE - Average Volume 3 Month 975'215
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 - -
2'810.7 3'123.5 3'970.0 4'326.7 4'646.4 - - 4'899.9 5'137.4 - -
0.86x 0.87x 0.75x 0.69x 0.64x - - 0.70x 0.64x - -
187.0 207.7 285.6 326.9 359.9 - - 383.1 402.2 - -
12.87x 13.03x 10.37x 9.14x 8.31x - - 9.07x 8.64x - -
81.9 99.5 130.2 156.7 175.1 - - 199.7 209.3 - -
27.23x 21.99x 19.81x 17.42x 13.28x - - 14.00x 13.13x - -
EBITDA 359.90 Long-Term Rating Date -
EBIT 274.40 Long-Term Rating -
Operating Margin 5.91% Long-Term Outlook -
Pretax Margin 5.13% Short-Term Rating Date -
Return on Assets 6.56% Short-Term Rating -
Return on Common Equity 19.98%
Return on Capital 13.59% EBITDA/Interest Exp. 8.98
Asset Turnover 1.63% (EBITDA-Capex)/Interest Exp. 7.74
Net Debt/EBITDA 1.80
Gross Margin 15.1% Total Debt/EBITDA 2.41
EBITDA Margin 7.5%
EBIT Margin 5.6% Total Debt/Equity 88.5%
Net Income Margin 3.8% Total Debt/Capital 47.0%
Asset Turnover 1.63
Current Ratio 1.06 Net Fixed Asset Turnover 27.77
Quick Ratio 0.87 Accounts receivable turnover-days 64.79
Debt to Assets 27.93% Inventory Days 6.05
Tot Debt to Common Equity 88.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.65 Cash Conversion Cycle 37.88
Inventory Turnover 60.49
Fiscal Year Ended
Serco Group PLCPrice/Volume
Valuation Analysis
1'087'674.00
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''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
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
4'500.0
5'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 72'654'990 14.58 1'776'308 31.12.2012 Investment Advisor
INVESCO LTD n/a RNS-MAJ 60'109'307 12.06 5'107'528 10.12.2012 Investment Advisor
LANSDOWNE PARTNERS L Multiple Portfolios REG 45'447'363 9.12 205'651 01.11.2012 Hedge Fund Manager
UBS INVESTMENT BANK n/a Co File 29'359'875 5.89 - 27.02.2012 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 29'167'980 5.85 - 31.12.2012 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 24'682'200 4.95 - 27.02.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 21'995'025 4.41 - 25.02.2013 Investment Advisor
HBOS PLC n/a Co File 20'999'775 4.21 - 27.02.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 18'718'206 3.76 271'593 31.01.2013 Unclassified
LONGVIEW PARTNERS (G Multiple Portfolios REG 14'341'613 2.88 (403'276) 01.11.2012 Unclassified
IGNIS ASSET MANAGEME Multiple Portfolios REG 14'273'373 2.86 31'524 01.11.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 11'906'149 2.39 (3'431'230) 31.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 11'305'000 2.27 - 31.03.2012 Investment Advisor
SELFTRADE Multiple Portfolios REG 10'934'453 2.19 (93'749) 01.11.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 9'642'593 1.93 (640'792) 01.11.2012 Investment Advisor
GRYPHON INVESTMENT C Multiple Portfolios REG 9'067'505 1.82 371'747 01.11.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'828'430 1.77 157'088 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'648'864 1.53 137'540 31.12.2012 Investment Advisor
AEGON n/a ULT-AGG 7'262'613 1.46 (74'641) 01.11.2012 Unclassified
MONDRIAN INVESTMENT Multiple Portfolios REG 6'272'185 1.26 1'378'920 01.11.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC ALEX MAGNI neutral 3 D 590 Not Provided 27.02.2013
Berenberg Bank SIMON MEZZANOTTE hold 3 M 600 Not Provided 26.02.2013
JPMorgan ROBERT PLANT overweight 5 M 646 9 month 22.02.2013
Westhouse Securities MICHAEL DONNELLY add 4 M 630 Not Provided 07.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Credit Suisse DAVID RIGBY neutral 3 M 620 Not Provided 14.01.2013
Liberum Capital Ltd JOE BRENT buy 5 M 600 Not Provided 09.01.2013
Espirito Santo Investment Bank ResearchDAVID BROCKTON buy 5 U 630 Not Provided 03.01.2013
Peel Hunt CHRISTOPHER BAMBERRY hold 3 M 590 Not Provided 02.01.2013
Panmure Gordon & Co Limited MIKE ALLEN buy 5 M 630 Not Provided 02.01.2013
Goldman Sachs CHARLES WILSON neutral/neutral 3 M 645 12 month 21.12.2012
S&P Capital IQ CLIVE ROBERTS buy 5 M 730 12 month 20.12.2012
Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 500 Not Provided 20.12.2012
Numis Securities Ltd MIKE MURPHY hold 3 M 544 Not Provided 19.12.2012
Canaccord Genuity Corp JULIAN CATER buy 5 M 700 Not Provided 12.12.2012
Jefferies KEAN MARDEN buy 5 M 655 12 month 28.11.2012
Shore Capital Stockbrokers ROBIN SPEAKMAN buy 5 M #N/A N/A Not Provided 23.11.2012
Investec GIDEON ADLER sell 1 M 500 12 month 16.11.2012
Barclays PAUL D A SULLIVAN equalweight 3 M 600 Not Provided 30.08.2012
RBC Capital Markets ANDREW BROOKE underperform 1 M 475 12 month 29.08.2012
Deutsche Bank ANDY CHU hold 3 D 600 12 month 23.08.2012
Arden Partners Ltd GEOFF ALLUM buy 5 M 590 12 month 30.09.2011
Holdings By:
Serco Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Severn Trent plc supplies water, waste, and utility services throughout the
United Kingdom, Europe, and the United States. The Group offers a range of water
purification, sewage treatment and disposal, and recycling services. Severn
also provides utility companies with a range of information technology services
and software solutions, as well as engineering consultancy services.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (14.08.2012) 1'836.00
52-Week Low (05.04.2012) 1'442.71
Daily Volume
1619
52-Week High % Change -11.82% Dividend Yield 4.47
52-Week Low % Change 12.22% Beta 0.62
% 52 Week Price Range High/Low 39.99% Equity Float 231.31
Shares Out 01.02.2013 238.4 Short Int -
3'859.06 1 Yr Total Return 14.05%
Total Debt 4'398.80 YTD Return 2.86%
Preferred Stock 0.0 Adjusted BETA 0.624
Minority Interest 7.9 Analyst Recs 17
Cash and Equivalents 295.10 Consensus Rating 2.765
Enterprise Value 8'031.46
Average Volume 5 Day 495'056
SVT LN EQUITY YTD Change - Average Volume 30 Day 577'510
SVT LN EQUITY YTD % CHANGE - Average Volume 3 Month 634'808
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 - -
1'552.4 1'642.2 1'703.9 1'711.3 1'770.6 - - 1'832.8 1'878.3 - -
4.38x 3.74x 3.86x 4.38x 4.39x - - 4.46x 4.40x - -
699.7 713.6 813.9 792.5 786.7 - - 828.3 851.8 - -
9.73x 8.60x 8.07x 9.45x 9.89x - - 9.70x 9.43x - -
209.5 (57.8) 249.2 272.6 171.8 - - 226.0 234.1 - -
15.89x - 11.32x 12.69x 21.30x - - 17.50x 16.81x - -
EBITDA 786.70 Long-Term Rating Date 28.01.2010
EBIT 499.90 Long-Term Rating BBB-
Operating Margin 28.23% Long-Term Outlook STABLE
Pretax Margin 8.85% Short-Term Rating Date 28.01.2010
Return on Assets 2.86% Short-Term Rating A-3
Return on Common Equity 24.61%
Return on Capital - EBITDA/Interest Exp. 2.34
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 1.23
Net Debt/EBITDA 5.36
Gross Margin - Total Debt/EBITDA 5.67
EBITDA Margin 43.1%
EBIT Margin 26.7% Total Debt/Equity 451.9%
Net Income Margin 9.7% Total Debt/Capital 81.8%
Asset Turnover 0.23
Current Ratio 1.52 Net Fixed Asset Turnover 0.27
Quick Ratio 0.86 Accounts receivable turnover-days -
Debt to Assets 57.02% Inventory Days -
Tot Debt to Common Equity 451.85% 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
Severn Trent PLCPrice/Volume
Valuation Analysis
173'542.00
Current Price (2/dd/yy) Market Data
'.''1''3''5''
-'''-.''-1''-3''-5''.'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 23'457'458 9.84 - 25.02.2013 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 13'005'607 5.46 (310'070) 01.10.2012 Mutual Fund Manager
PICTET ASSET MANAGEM n/a RNS-MAJ 11'804'658 4.95 - 11.03.2011 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'729'881 4.92 2'170'589 25.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 10'961'644 4.6 2'138'727 01.10.2012 Unclassified
KAMES CAPITAL PLC n/a RNS-MAJ 7'052'477 2.96 - 21.02.2012 Investment Advisor
AEGON n/a ULT-AGG 4'842'004 2.03 (1'742'751) 01.10.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 4'627'237 1.94 (588'611) 01.10.2012 Government
INVESCO LTD n/a RNS-MAJ 4'468'410 1.87 (7'512'220) 27.09.2010 Investment Advisor
NOMURA n/a ULT-AGG 4'454'074 1.87 (2'047'110) 01.10.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'397'473 1.84 87'683 31.12.2012 Investment Advisor
AXA INVESTMENT MANAG Multiple Portfolios REG 4'299'564 1.8 (15'763) 01.10.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 4'179'531 1.75 (289'400) 01.10.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 3'502'439 1.47 198'052 31.10.2012 Unclassified
PICTET & CIE Multiple Portfolios REG 2'917'992 1.22 (453'801) 01.10.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 2'852'152 1.2 128 30.11.2012 Mutual Fund Manager
M&G INVESTMENT MANAG Multiple Portfolios REG 2'588'380 1.09 (319'030) 01.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 2'516'338 1.06 368'126 01.10.2012 Investment Advisor
WELLINGTON MANAGEMEN Multiple Portfolios REG 2'474'972 1.04 958'545 01.10.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'435'917 1.02 1'064'248 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK sector perform 3 M 1'690 12 month 26.02.2013
Nomura JONATHAN CONSTABLE neutral 3 M 1'695 Not Provided 21.02.2013
Societe Generale ASHLEY THOMAS hold 3 M 1'504 12 month 15.02.2013
HSBC VERITY MITCHELL neutral 3 M 1'745 Not Provided 15.02.2013
JPMorgan EDMUND REID neutral 3 M 1'520 12 month 13.02.2013
Exane BNP Paribas IAIN TURNER neutral 3 M 1'740 Not Provided 08.02.2013
Goldman Sachs ANDREW MEAD neutral/attractive 3 M 1'979 12 month 29.01.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 1'600 12 month 28.01.2013
Barclays HARRY WYBURD equalweight 3 M 1'640 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Credit Suisse GUY MACKENZIE underperform 1 D 1'460 Not Provided 13.12.2012
Deutsche Bank JAMES BRAND hold 3 M 1'500 12 month 02.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 01.11.2012
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 1'645 12 month 30.05.2012
Holdings By:
Severn Trent PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Sika AG manufactures construction materials and offers related services. The
Company produces concrete and mixtures, mortar, sealants and adhesives, tooling
resins, anti-static industrial flooring, acoustic materials for automobiles,
and waterproof membranes. Sika also offers specialized contracting services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 2'388.00
52-Week Low (05.06.2012) 1'704.00
Daily Volume
2345
52-Week High % Change -1.80% Dividend Yield -
52-Week Low % Change 37.62% Beta 1.12
% 52 Week Price Range High/Low 89.91% Equity Float 1.00
Shares Out 30.09.2012 2.2 Short Int -
5'966.44 1 Yr Total Return 21.36%
Total Debt 796.00 YTD Return 11.14%
Preferred Stock 0.0 Adjusted BETA 1.119
Minority Interest 13.0 Analyst Recs 10
Cash and Equivalents 536.00 Consensus Rating 3.600
Enterprise Value 6'383.44
Average Volume 5 Day 3'560
SIK VX EQUITY YTD Change - Average Volume 30 Day 4'222
SIK VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'337
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
4'573.2 4'624.5 4'154.9 4'416.0 4'556.4 0.0 2'516.4 4'808.7 5'087.8 1'190.7 -
1.23x 0.59x 1.89x 1.21x 1.05x #DIV/0! 0.00x 1.29x 1.20x - -
637.8 556.1 560.0 576.7 477.4 0.0 0.0 564.2 634.2 125.7 -
8.85x 4.89x 14.00x 9.27x 9.99x 0.00x 0.00x 11.32x 10.07x - -
341.6 266.7 225.9 310.5 213.3 0.0 153.4 283.8 334.7 61.0 -
15.78x 8.41x 17.74x 14.13x 17.84x 0.00x 0.00x 20.59x 17.52x - -
EBITDA 477.40 Long-Term Rating Date 02.05.2000
EBIT 348.50 Long-Term Rating A-
Operating Margin 7.65% Long-Term Outlook STABLE
Pretax Margin 6.92% Short-Term Rating Date 02.05.2000
Return on Assets 5.75% Short-Term Rating A-2
Return on Common Equity 12.73%
Return on Capital 9.15% EBITDA/Interest Exp. 14.29
Asset Turnover 1.18% (EBITDA-Capex)/Interest Exp. 11.16
Net Debt/EBITDA 0.81
Gross Margin - Total Debt/EBITDA 1.60
EBITDA Margin 10.8%
EBIT Margin 7.9% Total Debt/Equity 43.6%
Net Income Margin 4.7% Total Debt/Capital 30.2%
Asset Turnover 1.18
Current Ratio 2.50 Net Fixed Asset Turnover 5.67
Quick Ratio 1.72 Accounts receivable turnover-days 77.06
Debt to Assets 20.78% Inventory Days -
Tot Debt to Common Equity 43.59% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.75 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
Sika AGPrice/Volume
Valuation Analysis
2'400.00
Current Price (2/dd/yy) Market Data
'
2''
-'''
-2''
.'''
.2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!' 9
!' 9
!' 9
!' 9
!' 9
!' 9
!' 9
!' 9
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
4'500.0
5'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCHENKER WINKLER HOL n/a Co File 1'140'136 53 - 31.12.2011 Investment Advisor
THREADNEEDLE ASSET M n/a EXCH 129'571 6.02 - 03.11.2011 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 54'836 2.55 (841) 28.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 41'215 1.92 (15'718) 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 38'500 1.79 240 28.12.2012 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 37'620 1.75 (346) 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'584 1.65 577 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 33'988 1.58 - 30.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 23'682 1.1 (61) 30.11.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 20'055 0.93 1'520 25.02.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 17'814 0.83 971 31.10.2012 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 17'507 0.81 - 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 17'142 0.8 (4) 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 16'070 0.75 200 31.10.2012 Investment Advisor
SARASIN n/a ULT-AGG 12'844 0.6 (440) 30.11.2012 Unclassified
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 11'348 0.53 14 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 10'442 0.49 348 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'350 0.48 (1'100) 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 10'055 0.47 - 31.07.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 9'707 0.45 36 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG BERND POMREHN outperform 5 M 2'450 12 month 25.02.2013
Helvea PATRICK APPENZELLER neutral 3 M 2'300 12 month 21.02.2013
Credit Suisse PATRICK LAAGER neutral 3 M 1'980 Not Provided 14.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 2'900 6 month 14.01.2013
Bank Vontobel AG SERGE ROTZER hold 3 M 2'200 Not Provided 11.01.2013
Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 10.01.2013
CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 1'720 Not Provided 17.09.2012
Kepler Capital Markets CHRISTOPH LADNER buy 5 M 2'200 Not Provided 26.07.2012
Holdings By:
Sika AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Skanska AB offers construction related and project development services. The
Company focuses on construction of housing, commercial buildings, roads, and
railways, as well as develops and carries out civil engineering projects.
Skanska is also a provider of facilities management services and provides all
services internationally.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 121.20
52-Week Low (01.06.2012) 93.30
Daily Volume
114.4
52-Week High % Change -5.61% Dividend Yield -
52-Week Low % Change 22.62% Beta 1.00
% 52 Week Price Range High/Low 74.19% Equity Float -
Shares Out 26.02.2013 400.0 Short Int -
48'321.73 1 Yr Total Return 0.62%
Total Debt 11'103.00 YTD Return 7.72%
Preferred Stock 0.0 Adjusted BETA 0.999
Minority Interest 166.0 Analyst Recs 17
Cash and Equivalents 5'770.00 Consensus Rating 2.118
Enterprise Value 53'820.73
Average Volume 5 Day 2'659'829
SKAB SS EQUITY YTD Change - Average Volume 30 Day 1'862'572
SKAB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'579'019
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
143'674.0 139'124.0 122'224.0 118'734.0 129'350.0 118'734.0 129'350.0 129'846.1 133'178.8 27'335.1 33'138.5
0.19x 0.33x 0.44x 0.42x 0.38x 1.66x 1.60x 0.39x 0.38x - -
4'521.0 7'106.0 6'224.0 4'864.0 4'462.0 3'186.0 4'462.0 6'146.7 6'548.7 1'028.1 1'494.0
6.12x 6.49x 8.62x 10.26x 11.03x 0.00x 11.03x 8.76x 8.22x 8.71x 8.72x
3'102.0 4'216.0 4'022.0 7'589.0 2'853.0 7'589.0 2'853.0 3'483.0 3'715.9 523.5 829.5
10.42x 11.97x 13.66x 6.19x 15.34x 6.19x 15.33x 13.74x 12.69x 13.19x 13.20x
EBITDA 4'462.00 Long-Term Rating Date -
EBIT 3'053.00 Long-Term Rating -
Operating Margin 2.36% Long-Term Outlook -
Pretax Margin 2.93% Short-Term Rating Date -
Return on Assets 3.34% Short-Term Rating -
Return on Common Equity 14.78%
Return on Capital 11.00% EBITDA/Interest Exp. 9.64
Asset Turnover 1.51% (EBITDA-Capex)/Interest Exp. 4.94
Net Debt/EBITDA 1.20
Gross Margin 8.9% Total Debt/EBITDA 2.49
EBITDA Margin 3.4%
EBIT Margin 2.4% Total Debt/Equity 57.9%
Net Income Margin 2.2% Total Debt/Capital 36.5%
Asset Turnover 1.51
Current Ratio 1.17 Net Fixed Asset Turnover 17.30
Quick Ratio 0.10 Accounts receivable turnover-days -
Debt to Assets 12.58% Inventory Days 3.25
Tot Debt to Common Equity 57.87% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 19.24
Inventory Turnover 112.56
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Skanska ABPrice/Volume
Valuation Analysis
929'206.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
-1'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMF FORSAKRING n/a Research 191'244'600 47.82 - 30.09.2012 Other
ALECTA PENSIONSFORSA n/a Research 33'870'000 8.47 - 30.09.2012 Pension Fund (ERISA)
INDUSTRIVARDEN AB n/a Research 21'443'238 5.36 - 30.09.2012 Holding Company
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 16'961'154 4.24 472'852 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 14'688'599 3.67 - 30.09.2012 Investment Advisor
NORDEA FONDER AB n/a Research 14'022'076 3.51 - 30.09.2012 Investment Advisor
LUNDBERGS n/a Research 7'550'000 1.89 - 30.09.2012 Corporation
FOLKSAM GROUP n/a Research 6'858'966 1.71 - 30.09.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'755'570 1.69 132'140 31.12.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 6'639'600 1.66 - 31.12.2012 Investment Advisor
CARNEGIE FONDER AB/S n/a Research 6'100'000 1.53 - 30.09.2012 Investment Advisor
LANSFORSAKRINGAR GRO n/a Research 5'762'867 1.44 - 30.09.2012 Other
DIDNER & GERGE FONDE n/a Research 5'450'000 1.36 - 30.09.2012 Investment Advisor
SEB n/a ULT-AGG 4'866'216 1.22 1'148'562 31.12.2012 Unclassified
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 4'760'326 1.19 (12'738) 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 4'070'392 1.02 (602'851) 31.01.2013 Investment Advisor
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 3'944'877 0.99 (495'581) 31.12.2012 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 3'028'465 0.76 (5'650) 31.01.2013 Investment Advisor
XACT FONDER AB Multiple Portfolios MF-AGG 1'443'800 0.36 (6'272) 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'251'222 0.31 (11'714) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Carnegie TOBIAS KAJ hold 3 D #N/A N/A Not Provided 27.02.2013
Berenberg Bank CHRIS MOORE sell 1 M 99 Not Provided 11.02.2013
Nordea Equity Research JONAS L ANDERSSON hold 3 M 118 12 month 08.02.2013
Swedbank NICLAS HOGLUND neutral 3 D 115 12 month 08.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 115 12 month 08.02.2013
DNB Markets SIMEN MORTENSEN hold 3 D 120 Not Provided 08.02.2013
Danske Markets PETER TRIGARSZKY sell 1 M 104 12 month 08.02.2013
ABG Sundal Collier FREDRIC CYON hold 3 M 113 6 month 07.02.2013
SEB Enskilda STEFAN ANDERSSON hold 3 M 115 Not Provided 07.02.2013
Handelsbanken ALBIN SANDBERG reduce 2 M 104 12 month 07.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs WILL MORGAN Sell/Neutral 1 M 108 12 month 14.01.2013
Deutsche Bank MANU RIMPELA hold 3 M 112 12 month 21.12.2012
HSBC TOBIAS LOSKAMP underweight 1 M 95 Not Provided 21.12.2012
CA Cheuvreux BJORN GUSTAFSSON underperform 1 M 105 Not Provided 17.12.2012
Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 02.12.2010
Holdings By:
Skanska AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Smiths Group plc is a global technology company. The company delivers products
and services for the threat & contraband detection, medical devices, energy and
communications market worldwide.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 1'268.00
52-Week Low (01.06.2012) 975.00
Daily Volume
1250
52-Week High % Change -1.42% Dividend Yield 3.04
52-Week Low % Change 28.21% Beta 1.04
% 52 Week Price Range High/Low 90.10% Equity Float 392.37
Shares Out 22.02.2013 393.4 Short Int -
4'916.92 1 Yr Total Return 19.45%
Total Debt 997.00 YTD Return 4.95%
Preferred Stock 0.0 Adjusted BETA 1.038
Minority Interest 8.0 Analyst Recs 21
Cash and Equivalents 205.60 Consensus Rating 3.429
Enterprise Value 5'716.32
Average Volume 5 Day 679'720
SMIN LN EQUITY YTD Change - Average Volume 30 Day 747'479
SMIN LN EQUITY YTD % CHANGE - Average Volume 3 Month 762'192
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 - -
2'321.2 2'664.6 2'769.6 2'842.0 3'030.1 - - 3'126.0 3'251.4 - -
2.08x 1.38x 1.88x 1.83x 1.65x - - 1.81x 1.70x - -
431.7 544.3 580.3 598.7 603.4 - - 657.7 698.7 - -
11.20x 6.78x 8.96x 8.67x 8.27x - - 8.69x 8.18x - -
268.5 269.5 310.0 383.8 256.6 - - 370.9 397.7 - -
16.62x 10.17x 14.82x 14.59x 16.32x - - 13.16x 12.28x - -
EBITDA 603.40 Long-Term Rating Date 15.01.2007
EBIT 461.30 Long-Term Rating BBB+
Operating Margin 15.22% Long-Term Outlook STABLE
Pretax Margin 12.08% Short-Term Rating Date 19.04.2000
Return on Assets 7.10% Short-Term Rating A-2
Return on Common Equity 21.87%
Return on Capital 14.22% EBITDA/Interest Exp. 8.37
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 7.67
Net Debt/EBITDA 1.31
Gross Margin 45.7% Total Debt/EBITDA 1.65
EBITDA Margin 19.9%
EBIT Margin 15.2% Total Debt/Equity 102.5%
Net Income Margin 8.5% Total Debt/Capital 50.4%
Asset Turnover 0.84
Current Ratio 1.56 Net Fixed Asset Turnover 10.95
Quick Ratio 0.97 Accounts receivable turnover-days 69.04
Debt to Assets 27.65% Inventory Days 96.84
Tot Debt to Common Equity 102.49% Accounts Payable Turnover Day 42.55
Accounts Receivable Turnover 5.30 Cash Conversion Cycle 123.33
Inventory Turnover 3.78
Fiscal Year Ended
Smiths Group PLCPrice/Volume
Valuation Analysis
359'280.00
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
'
.''
1''
3''
5''
-'''
-.''
-1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
0-!'4!.''6 0-!'-!.'-' 0-!'4!.'-' 0-!'-!.'-- 0-!'4!.'-- 0-!'-!.'-. 0-!'4!.'-. 0-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
M&G INVESTMENT MANAG Multiple Portfolios REG 17'340'432 4.41 1'089'998 01.10.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 17'289'790 4.4 946'866 01.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'400'000 4.17 - 25.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 15'957'540 4.06 (1'149'376) 31.01.2013 Unclassified
MASSACHUSETTS FINANC Multiple Portfolios REG 14'103'881 3.59 (334'402) 01.10.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 13'752'216 3.5 185'286 31.12.2012 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 11'740'139 2.98 406'541 01.10.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios REG 9'346'725 2.38 (574'814) 01.10.2012 Unclassified
HARRIS ASSOCIATES LP Multiple Portfolios REG 9'068'255 2.31 837'780 01.10.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 8'965'785 2.28 - 01.10.2012 Government
ARTEMIS INVESTMENT M Multiple Portfolios REG 8'788'702 2.23 (3'208'462) 01.10.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 8'445'657 2.15 (3'109) 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 7'776'009 1.98 (306'063) 31.10.2012 Unclassified
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 7'623'169 1.94 183'995 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'332'084 1.86 161'189 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 6'944'300 1.77 253'829 28.12.2012 Unclassified
TIAA CREF INVESTMENT Multiple Portfolios REG 6'797'052 1.73 - 01.10.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 6'521'955 1.66 510'500 31.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 5'957'384 1.51 (3'115'615) 31.12.2012 Investment Advisor
CREDIT AGRICOLE GROU Multiple Portfolios REG 5'849'202 1.49 3'780'520 01.10.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec CHRIS DYETT buy 5 M 1'290 12 month 22.02.2013
RBC Capital Markets ANDREW CARTER underperform 1 M 875 12 month 19.02.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 1'281 12 month 14.02.2013
HSBC SEAN D MCLOUGHLIN overweight 5 N 1'400 Not Provided 07.02.2013
JPMorgan GLEN H LIDDY overweight 5 M 1'315 9 month 04.02.2013
Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 M 1'375 Not Provided 04.02.2013
Jefferies SANDY MORRIS buy 5 M 1'400 12 month 29.01.2013
Day by Day VALERIE GASTALDY buy 5 M 1'338 3 month 24.01.2013
Credit Suisse ANDRE KUKHNIN outperform 5 M 1'200 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Berenberg Bank ALEXANDER VIRGO buy 5 M 1'350 Not Provided 08.01.2013
Deutsche Bank MARTIN WILKIE buy 5 U 1'335 12 month 14.12.2012
Societe Generale ALASDAIR LESLIE sell 1 M 940 12 month 04.12.2012
Numis Securities Ltd SCOTT CAGEHIN hold 3 M 1'180 Not Provided 19.11.2012
Nomura JUHO LAHDENPERA neutral 3 M 1'150 12 month 06.11.2012
Arden Partners Ltd DAVID LARKAM add 4 M 1'150 12 month 01.10.2012
Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 960 Not Provided 10.04.2012
Barclays ALLAN SMYLIE underweight 1 M 1'100 Not Provided 20.03.2012
Gabelli & Co WAYNE PINSENT buy 5 M #N/A N/A Not Provided 05.05.2011
Holdings By:
Smiths Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Societe BIC SA manufactures pens, pencils, lighters, shavers, and correcting
fluid. The Company also imprints its pens with company names for use as
promotional items by its customers. BIC markets pens under the BIC, Ballograf,
and Sheaffer brands.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 101.50
52-Week Low (07.03.2012) 71.87
Daily Volume
88.59
52-Week High % Change -12.60% Dividend Yield -
52-Week Low % Change 23.27% Beta 0.58
% 52 Week Price Range High/Low 50.83% Equity Float 19.42
Shares Out 04.02.2013 48.3 Short Int -
4'282.83 1 Yr Total Return 24.40%
Total Debt 12.50 YTD Return -1.92%
Preferred Stock 0.0 Adjusted BETA 0.585
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 287.30 Consensus Rating 3.667
Enterprise Value 4'008.03
Average Volume 5 Day 120'135
BB FP EQUITY YTD Change - Average Volume 30 Day 109'121
BB FP EQUITY YTD % CHANGE - Average Volume 3 Month 86'233
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
1'420.9 1'562.7 1'831.5 1'824.1 1'898.7 1'824.1 1'898.7 1'955.7 2'045.0 - -
1.26x 1.33x 1.52x 1.64x 2.16x 0.00x 0.00x 1.98x 1.85x - -
284.1 300.0 381.9 418.8 468.7 0.0 0.0 473.1 498.9 - -
6.31x 6.94x 7.27x 7.14x 8.74x 0.00x 0.00x 8.45x 8.01x - -
144.9 151.7 207.5 237.9 263.1 237.9 263.1 277.2 296.9 - -
13.72x 15.33x 14.99x 13.70x 16.24x 13.78x 16.22x 15.05x 14.00x - -
EBITDA 468.70 Long-Term Rating Date -
EBIT 370.50 Long-Term Rating -
Operating Margin 19.51% Long-Term Outlook -
Pretax Margin 20.26% Short-Term Rating Date -
Return on Assets 12.32% Short-Term Rating -
Return on Common Equity 17.76%
Return on Capital - EBITDA/Interest Exp. 293.29
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 239.92
Net Debt/EBITDA -0.59
Gross Margin 50.8% Total Debt/EBITDA 0.03
EBITDA Margin 24.7%
EBIT Margin 19.5% Total Debt/Equity 0.8%
Net Income Margin 13.9% Total Debt/Capital 0.8%
Asset Turnover 0.89
Current Ratio 3.71 Net Fixed Asset Turnover 4.98
Quick Ratio 0.85 Accounts receivable turnover-days -
Debt to Assets 0.57% Inventory Days 160.04
Tot Debt to Common Equity 0.84% Accounts Payable Turnover Day 44.00
Accounts Receivable Turnover - Cash Conversion Cycle 185.28
Inventory Turnover 2.29
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Societe BIC SAPrice/Volume
Valuation Analysis
42'313.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BICH FAMILY n/a Research 28'097'254 58.12 - 23.01.2012 n/a
BLACKROCK n/a ULT-AGG 2'613'769 5.41 125 25.02.2013 Investment Advisor
BIC n/a Co File 817'808 1.69 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 554'787 1.15 13'330 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 436'598 0.9 192'293 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 365'030 0.76 - 28.09.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 256'948 0.53 (46'366) 28.09.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 250'847 0.52 - 28.09.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 249'027 0.52 33'739 29.06.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 219'834 0.45 19'868 31.12.2012 Mutual Fund Manager
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 202'886 0.42 20'000 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 177'927 0.37 - 28.09.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 155'500 0.32 - 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 152'623 0.32 2'116 31.12.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 131'547 0.27 2'687 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 125'247 0.26 (64) 30.09.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 122'562 0.25 (640) 30.11.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 115'277 0.24 (458) 30.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 108'458 0.22 37'461 26.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 100'771 0.21 (2'819) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs MAYAN UTHAYAKUMAR neutral/neutral 3 M 96 6 month 21.02.2013
AlphaValue ARMELLE MOULIN add 4 U 98 6 month 21.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 20.02.2013
BPI HUBERT D'AILLIERES reduce 2 D 87 Not Provided 19.02.2013
Societe Generale MARIE-LINE FORT hold 3 M 93 12 month 18.02.2013
CA Cheuvreux AMANDINE LATOUR outperform 5 M 100 Not Provided 14.02.2013
Oddo & Cie CHRISTOPHE CHAPUT neutral 3 M 96 Not Provided 14.02.2013
Kepler Capital Markets FELIX LEVIOUS buy 5 M 100 Not Provided 14.02.2013
Bryan Garnier & Cie CEDRIC ROSSI neutral 3 M 90 6 month 14.02.2013
Natixis NICOLAS LANGLET neutral 3 M 91 Not Provided 14.02.2013
Main First Bank AG MOURAD LAHMIDI outperform 5 M 105 12 month 14.02.2013
Exane BNP Paribas LAURENT GELEBART outperform 5 M 97 Not Provided 14.02.2013
Baden Hill LLP ANTOINE HNEIN neutral 3 M #N/A N/A Not Provided 13.02.2013
Berenberg Bank SETH PETERSON buy 5 M 113 Not Provided 11.01.2013
Holdings By:
Societe BIC SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Sonova Holding AG provides hearing healthcare solutions. The Company develops
and manufactures hearing systems, such as wireless communication systems for
audio applications and cochlear implant systems. Sonova also provides solutions
for hearing protection.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (15.02.2013) 115.30
52-Week Low (22.05.2012) 82.23
Daily Volume
111.2
52-Week High % Change -3.47% Dividend Yield -
52-Week Low % Change 35.23% Beta 0.97
% 52 Week Price Range High/Low 87.00% Equity Float 48.19
Shares Out 18.12.2012 66.8 Short Int -
7'427.28 1 Yr Total Return 10.10%
Total Debt 257.81 YTD Return 9.66%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest 1.8 Analyst Recs 20
Cash and Equivalents 198.74 Consensus Rating 3.550
Enterprise Value 7'474.97
Average Volume 5 Day 157'698
SOON VX EQUITY YTD Change - Average Volume 30 Day 126'532
SOON VX EQUITY YTD % CHANGE - Average Volume 3 Month 125'414
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 - -
1'204.8 1'249.2 1'500.3 1'616.7 1'619.8 - - 1'839.0 1'988.6 - -
4.75x 3.42x 5.84x 3.43x 4.16x - - 3.99x 3.59x - -
364.3 366.0 459.6 373.7 366.1 - - 462.0 522.1 - -
15.72x 11.68x 19.05x 14.82x 18.39x - - 16.19x 14.33x - -
274.5 284.8 217.2 231.0 246.8 - - 329.5 378.1 - -
22.29x 15.82x 39.46x 23.39x 27.04x - - 22.17x 19.42x - -
EBITDA 366.11 Long-Term Rating Date -
EBIT 287.80 Long-Term Rating -
Operating Margin 17.77% Long-Term Outlook -
Pretax Margin 17.40% Short-Term Rating Date -
Return on Assets 13.13% Short-Term Rating -
Return on Common Equity 20.35%
Return on Capital - EBITDA/Interest Exp. 61.25
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 47.78
Net Debt/EBITDA 0.11
Gross Margin 68.3% Total Debt/EBITDA 0.60
EBITDA Margin 24.1%
EBIT Margin 19.6% Total Debt/Equity 17.5%
Net Income Margin 15.2% Total Debt/Capital 14.9%
Asset Turnover 0.78
Current Ratio 1.80 Net Fixed Asset Turnover 7.19
Quick Ratio 1.26 Accounts receivable turnover-days 68.63
Debt to Assets 11.27% Inventory Days 112.06
Tot Debt to Common Equity 17.49% Accounts Payable Turnover Day 35.37
Accounts Receivable Turnover 5.33 Cash Conversion Cycle 145.63
Inventory Turnover 3.27
Fiscal Year Ended
Sonova Holding AGPrice/Volume
Valuation Analysis
110'721.00
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
'
.'
1'
3'
5'
-''
-.'
-1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9
0.0
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MFS INVESTMENT MANAG n/a EXCH 6'648'384 9.95 (15'577) 06.12.2012 Investment Advisor
DIETHELM BEDA n/a Co File 6'638'137 9.94 - 31.03.2012 n/a
RIHS ANDREAS E n/a Co File 5'604'598 8.39 - 31.03.2012 n/a
RIHS HANS-UELI n/a Co File 4'217'013 6.31 - 31.03.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 3'356'321 5.03 1'252'163 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'186'118 3.27 (161'102) 25.02.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'140'378 3.2 (139'135) 31.12.2012 Investment Advisor
AKO CAPITAL LLP n/a EXCH 2'031'623 3.04 - 05.02.2013 Investment Advisor
HARDING LOEVNER LP n/a EXCH 2'010'767 3.01 - 01.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA n/a EXCH 2'003'478 3 - 09.10.2012 Investment Advisor
LONE PINE CAPITAL LL n/a EXCH 1'940'832 2.91 - 20.09.2011 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'828'437 2.74 (258'882) 30.09.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'301'593 1.95 (28'779) 28.12.2012 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'260'086 1.89 (21'200) 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 893'580 1.34 21'785 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 712'585 1.07 (4'286) 31.10.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 640'604 0.96 (10'512) 28.12.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 639'472 0.96 - 30.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 478'066 0.72 (1'516) 30.11.2012 Mutual Fund Manager
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 313'390 0.47 (200) 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Helvea SIMON GOETSCHMANN neutral 3 M 90 12 month 22.02.2013
AlphaValue FABRICE FARIGOULE reduce 2 M 102 6 month 14.02.2013
Credit Suisse CHRISTOPH GRETLER outperform 5 M 130 Not Provided 13.02.2013
Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 115 12 month 05.02.2013
Commerzbank Corporates & Markets OLIVER METZGER buy 5 M 140 6 month 04.02.2013
Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 111 12 month 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank YI-DAN WANG hold 3 M 92 12 month 08.01.2013
JPMorgan DAVID J ADLINGTON overweight 5 M 109 12 month 03.01.2013
Kepler Capital Markets MAJA PATAKI hold 3 M 106 Not Provided 20.11.2012
Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 15.11.2012
CA Cheuvreux DANIEL JELOVCAN select list 5 M 123 Not Provided 15.11.2012
HSBC HENDRIK LOFRUTHE overweight 5 M 115 Not Provided 14.11.2012
Bank Vontobel AG CARLA BAENZIGER buy 5 M 117 Not Provided 14.11.2012
Main First Bank AG STEPHAN VOLLERT underperform 1 M 100 12 month 14.11.2012
Exane BNP Paribas ROMAIN ZANA underperform 1 M 88 Not Provided 14.11.2012
Jefferies INGEBORG OIE hold 3 M 85 12 month 30.07.2012
SEB Enskilda NIELS GRANHOLM-LETH not rated #N/A N/A M #N/A N/A Not Provided 22.10.2010
Holdings By:
Sonova Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Spectris plc manufactures, designs and markets products for the electronic
control and process instrumentation sectors. The Company's products include
digital indication and control products, industrial computer circuit boards,
semiconductor related devices, infrared equipment for temperature measurement,
flying controls, gas analysis products, and analytical x-ray systems.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (22.02.2013) 2'509.00
52-Week Low (18.06.2012) 1'423.00
Daily Volume
2363
52-Week High % Change -5.82% Dividend Yield 1.65
52-Week Low % Change 66.06% Beta 1.28
% 52 Week Price Range High/Low 85.73% Equity Float 117.03
Shares Out 19.02.2013 117.4 Short Int -
2'774.65 1 Yr Total Return 39.53%
Total Debt 283.10 YTD Return 15.32%
Preferred Stock 0.0 Adjusted BETA 1.279
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 40.80 Consensus Rating 3.688
Enterprise Value 3'016.95
Average Volume 5 Day 386'855
SXS LN EQUITY YTD Change - Average Volume 30 Day 237'806
SXS LN EQUITY YTD % CHANGE - Average Volume 3 Month 217'778
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 - -
787.1 787.3 901.9 1'106.2 1'230.8 - - 1'249.8 1'321.3 - -
1.02x 1.31x 1.90x 1.77x 2.15x - - 2.27x 2.06x - -
131.3 96.1 158.8 215.5 249.5 - - 258.7 279.7 - -
6.13x 10.70x 10.78x 9.08x 10.61x - - 11.66x 10.79x - -
81.1 42.6 96.2 126.3 141.3 - - 163.5 179.0 - -
7.61x 19.99x 15.78x 11.86x 16.98x - - 16.35x 15.12x - -
EBITDA 249.50 Long-Term Rating Date -
EBIT 201.90 Long-Term Rating -
Operating Margin 16.40% Long-Term Outlook -
Pretax Margin 15.17% Short-Term Rating Date -
Return on Assets 10.49% Short-Term Rating -
Return on Common Equity 21.82%
Return on Capital 15.79% EBITDA/Interest Exp. 13.63
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 12.06
Net Debt/EBITDA 0.97
Gross Margin 57.9% Total Debt/EBITDA 1.13
EBITDA Margin 20.3%
EBIT Margin 16.4% Total Debt/Equity 41.0%
Net Income Margin 11.5% Total Debt/Capital 29.1%
Asset Turnover 0.91
Current Ratio 1.19 Net Fixed Asset Turnover 8.07
Quick Ratio 0.11 Accounts receivable turnover-days -
Debt to Assets 21.26% Inventory Days 118.56
Tot Debt to Common Equity 40.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 112.82
Inventory Turnover 3.09
Fiscal Year Ended
Spectris PLCPrice/Volume
Valuation Analysis
151'027.00
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
'
2''
-'''
-2''
.'''
.2''
0'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AEGON n/a ULT-AGG 10'655'695 9.07 (425'599) 01.01.2013 Unclassified
BLACKROCK n/a ULT-AGG 10'467'031 8.91 (955'145) 25.02.2013 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 9'371'996 7.98 (77'017) 12.06.2012 Investment Advisor
F&C ASSET MANAGEMENT n/a RNS-MAJ 5'212'550 4.44 (851'949) 20.04.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'513'963 3.84 1'744'200 01.01.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios REG 4'421'240 3.77 (1'219'686) 01.01.2013 Investment Advisor
MARATHON ASSET MANAG Multiple Portfolios REG 3'674'643 3.13 1'527'938 01.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 3'557'546 3.03 - 15.02.2013 Unclassified
KAMES CAPITAL PLC n/a RNS-MAJ 3'331'727 2.84 (1'160'627) 14.06.2012 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 3'035'030 2.58 1'484'546 01.01.2013 Hedge Fund Manager
SCHRODER INVESTMENT Multiple Portfolios REG 2'978'705 2.54 338'618 01.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 2'498'023 2.13 2'433'995 01.01.2013 Government
HSBC INVESTMENTS UK Multiple Portfolios REG 2'438'364 2.08 23'066 01.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'407'735 2.05 1'177'458 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 1'957'922 1.67 277'497 01.01.2013 Unclassified
PRIVATE INDIVIDUALS Multiple Portfolios REG 1'922'389 1.64 (305'807) 01.01.2013 Other
THREADNEEDLE ASSET M Multiple Portfolios REG 1'766'742 1.5 1'296'875 01.01.2013 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios REG 1'760'095 1.5 (105'432) 01.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'707'347 1.45 (175'873) 01.01.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios REG 1'599'432 1.36 215'361 01.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec MICHAEL BLOGG hold 3 M 2'575 12 month 22.02.2013
Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 3'250 6 month 21.02.2013
JPMorgan GLEN H LIDDY overweight 5 M 2'575 9 month 20.02.2013
Jefferies ANDREW DOUGLAS buy 5 M 2'270 12 month 20.02.2013
Numis Securities Ltd SCOTT CAGEHIN add 4 M 2'670 Not Provided 20.02.2013
Oriel Securities Ltd HARRY PHILIPS buy 5 M 2'700 Not Provided 20.02.2013
Peel Hunt DOMINIC CONVEY hold 3 M 2'200 Not Provided 04.02.2013
N+1 Singer Ltd JO REEDMAN hold 3 M 2'135 12 month 22.01.2013
Credit Suisse JONATHAN HURN outperform 5 M 2'370 Not Provided 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Liberum Capital Ltd BENJAMIN BOURNE hold 3 M 1'860 Not Provided 23.11.2012
Arden Partners Ltd CHRIS THOMAS neutral 3 M #N/A N/A Not Provided 01.10.2012
Barclays RICHARD PAIGE overweight 5 M 2'110 Not Provided 02.05.2012
Holdings By:
Spectris PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
STMicroelectronics N.V. designs, develops, manufactures, and markets
semiconductor integrated circuits and discrete devices. The Company's products
are used in the telecommunications, consumer electronics, automotive, computer,
and industrial sectors. Geographically, customers are located in North America,
Europe, and the Asia/Pacific region.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 6.78
52-Week Low (18.05.2012) 3.62
Daily Volume
6.08
52-Week High % Change -10.40% Dividend Yield -
52-Week Low % Change 67.86% Beta 1.00
% 52 Week Price Range High/Low 72.13% Equity Float 659.49
Shares Out 31.12.2012 910.6 Short Int -
5'536.20 1 Yr Total Return 21.21%
Total Debt 1'301.00 YTD Return 15.12%
Preferred Stock 0.0 Adjusted BETA 0.995
Minority Interest 139.0 Analyst Recs 24
Cash and Equivalents 2'488.00 Consensus Rating 3.542
Enterprise Value 4'742.08
Average Volume 5 Day 4'109'748
STM IM EQUITY YTD Change - Average Volume 30 Day 5'181'110
STM IM EQUITY YTD % CHANGE - Average Volume 3 Month 5'666'964
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
9'792.0 8'465.0 10'262.0 9'630.0 8'380.0 9'630.0 8'380.0 8'736.1 9'097.5 2'045.1 2'165.1
0.65x 1.00x 0.83x 0.50x 0.62x 3.13x 2.52x 0.75x 0.70x - -
1'453.0 799.0 1'820.0 1'400.0 - 1'400.0 (64.0) 807.6 1'336.1 49.7 152.5
4.36x 10.58x 4.71x 3.41x - 3.41x 0.00x 7.69x 4.65x 8.66x -
(519.0) (1'003.0) 830.0 650.0 (1'158.0) 650.0 (1'157.0) 39.9 448.9 (83.1) (12.7)
- - 11.10x 8.07x - 9.79x 0.00x 92.69x 17.34x 71.23x 29.12x
EBITDA - Long-Term Rating Date 18.12.2012
EBIT -2'081.00 Long-Term Rating BBB
Operating Margin -24.83% Long-Term Outlook NEG
Pretax Margin -25.50% Short-Term Rating Date 14.05.1998
Return on Assets -10.27% Short-Term Rating A-2
Return on Common Equity -16.73%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 31.9% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin -24.8% Total Debt/Equity 20.9%
Net Income Margin -13.8% Total Debt/Capital 17.0%
Asset Turnover 0.74
Current Ratio 2.15 Net Fixed Asset Turnover 2.26
Quick Ratio 1.37 Accounts receivable turnover-days 44.79
Debt to Assets 12.47% Inventory Days 92.43
Tot Debt to Common Equity 20.90% Accounts Payable Turnover Day 48.07
Accounts Receivable Turnover 8.17 Cash Conversion Cycle 89.15
Inventory Turnover 3.96
Fiscal Year Ended
STMicroelectronics NVPrice/Volume
Valuation Analysis
2'809'816.00
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
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 9
5'!' 9
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STMICROELECTRONICS H n/a 13G 250'704'754 27.53 - 31.12.2012 Holding Company
BRANDES INVESTMENT P n/a Research 36'257'953 3.98 - 13.03.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 13'540'000 1.49 1'290'000 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'549'040 1.27 269'867 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'009'093 0.99 (193'728) 31.12.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 6'600'675 0.72 100'303 25.02.2013 Investment Advisor
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 4'916'085 0.54 (79'362) 30.11.2012 Mutual Fund Manager
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 4'355'000 0.48 (15'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'767'529 0.41 216'214 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 3'510'092 0.39 (800'446) 28.09.2012 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 3'242'940 0.36 - 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 2'868'786 0.32 (263'091) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'770'451 0.3 1'429'115 31.12.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'918'009 0.21 - 31.07.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1'829'481 0.2 (4'897) 31.01.2013 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'769'037 0.19 (245'690) 28.09.2012 Mutual Fund Manager
LEONARDO INVEST FUND Multiple Portfolios MF-AGG 1'500'000 0.16 300'000 28.09.2012 Mutual Fund Manager
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 1'482'670 0.16 (377'800) 31.12.2012 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 1'416'891 0.16 (69'214) 28.12.2012 Mutual Fund Manager
NOMURA n/a ULT-AGG 1'206'085 0.13 - 06.09.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies LEE SIMPSON hold 3 M 6 12 month 26.02.2013
Banca Akros(ESN) FRANCESCO PREVITERA buy 5 M 7 12 month 25.02.2013
AlphaValue LIONEL PELLICER add 4 M 7 6 month 21.02.2013
Day by Day VALERIE GASTALDY buy 5 U 7 3 month 14.02.2013
HSBC CHRISTIAN DOMINIK RATH neutral 3 M 7 Not Provided 13.02.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 7 12 month 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 05.02.2013
Equita SIM SpA LUIGI DE BELLIS hold 3 M 6 12 month 04.02.2013
JPMorgan SANDEEP S DESHPANDE restricted #N/A N/A M #N/A N/A Not Provided 01.02.2013
Oddo & Cie EMMANUEL MATOT neutral 3 M 6 Not Provided 01.02.2013
Barclays ANDREW M GARDINER equalweight 3 M 5 Not Provided 01.02.2013
Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 5 Not Provided 31.01.2013
Morgan Stanley FRANCOIS MEUNIER Equalwt/Cautious 3 M 5 12 month 31.01.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 7 12 month 31.01.2013
CA Cheuvreux BERND LAUX outperform 5 M 7 Not Provided 28.01.2013
Main First Bank AG JUERGEN WAGNER outperform 5 M 8 12 month 10.01.2013
Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 8 12 month 09.01.2013
Liberum Capital Ltd JANARDAN MENON hold 3 M 6 Not Provided 13.12.2012
Deutsche Bank KAI KORSCHELT hold 3 M 4 12 month 25.10.2012
Societe Generale PETER KNOX buy 5 M 8 12 month 19.10.2012
Berenberg Bank ADNAAN AHMAD sell 1 M 4 Not Provided 04.09.2012
Williams Financial Group CODY G ACREE hold 3 U #N/A N/A Not Provided 15.06.2012
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 8 Not Provided 03.11.2009
Holdings By:
STMicroelectronics NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Stora Enso Oyj is an integrated, paper, packaging, and forest products company.
The Company produces publication and fine papers, packaging boards, and wood
products. Stora Enso operates in more than 40 countries around the world.
Stora Enso sells its products to publishers, printing houses, and merchants, as
well as the packaging, joinery, and construction industries worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.03.2012) 5.81
52-Week Low (04.06.2012) 4.14
Daily Volume
5.02
52-Week High % Change -13.61% Dividend Yield -
52-Week Low % Change 21.37% Beta 1.22
% 52 Week Price Range High/Low 45.18% Equity Float -
Shares Out 14.02.2013 612.4 Short Int -
4'267.29 1 Yr Total Return -5.72%
Total Debt 5'133.80 YTD Return -4.29%
Preferred Stock 0.0 Adjusted BETA 1.218
Minority Interest 91.5 Analyst Recs 16
Cash and Equivalents 1'849.90 Consensus Rating 3.750
Enterprise Value 7'642.69
Average Volume 5 Day 4'592'234
STERV FH EQUITY YTD Change - Average Volume 30 Day 3'761'940
STERV FH EQUITY YTD % CHANGE - Average Volume 3 Month 3'191'567
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
11'028.8 8'945.1 10'296.9 10'964.9 10'814.8 10'964.9 10'814.8 10'931.7 11'200.4 2'673.2 2'724.8
0.73x 0.80x 0.88x 0.64x 0.69x 2.97x 2.79x 0.69x 0.68x - -
723.6 403.3 1'201.0 1'213.9 1'112.9 1'213.9 968.1 1'175.4 1'303.9 226.8 264.0
11.15x 17.68x 7.50x 5.74x 6.75x 5.74x 7.76x 6.50x 5.86x 7.32x -
(673.4) (879.7) 766.0 339.7 480.5 339.7 480.5 334.8 408.8 10.4 73.4
- - 7.91x 10.74x 8.61x 10.74x 8.61x 12.04x 9.49x 13.83x -
EBITDA 1'112.90 Long-Term Rating Date 14.05.2009
EBIT 581.30 Long-Term Rating BB
Operating Margin 5.38% Long-Term Outlook NEG
Pretax Margin 4.45% Short-Term Rating Date 11.11.2008
Return on Assets 3.60% Short-Term Rating B
Return on Common Equity 8.24%
Return on Capital - EBITDA/Interest Exp. 8.29
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 5.61
Net Debt/EBITDA 3.39
Gross Margin - Total Debt/EBITDA 5.30
EBITDA Margin 9.0%
EBIT Margin 5.4% Total Debt/Equity 88.8%
Net Income Margin 4.4% Total Debt/Capital 46.6%
Asset Turnover 0.81
Current Ratio 2.11 Net Fixed Asset Turnover 2.11
Quick Ratio 0.73 Accounts receivable turnover-days 57.56
Debt to Assets 37.49% Inventory Days -
Tot Debt to Common Equity 88.75% 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
Stora Enso OYJPrice/Volume
Valuation Analysis
3'547'475.00
Current Price (2/dd/yy) Market Data
'
-
.
0
1
2
3
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORGES BANK n/a Research 45'391'989 7.41 - 23.05.2012 Government
REPUBLIC OF FINLAND n/a Co File 41'483'501 6.77 - 31.12.2011 Government
SOLIDIUM OY n/a Research 41'483'501 6.77 - 31.10.2012 Holding Company
NORDEA ALFA n/a Research 17'767'691 2.9 - 31.10.2012 Other
FOUNDATION ASSET MAN n/a Research 17'000'000 2.78 - 31.10.2012 Other
ZBI EQUITIES LLC n/a Short (15'432'245) -2.52 - 06.02.2013 Investment Advisor
ILMARINEN MUTUAL PEN n/a Research 11'138'108 1.82 - 31.10.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'005'031 1.63 87'565 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD n/a Short (7'899'840) -1.29 1'041'064 11.02.2013 Hedge Fund Manager
NORDEA FONDER AB/SWE n/a Research 7'691'905 1.26 - 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 7'605'957 1.24 (44'784) 25.02.2013 Investment Advisor
FINLAND STATE PENSIO n/a Research 7'380'000 1.21 - 31.10.2012 Government
UNIONEN n/a Research 5'997'200 0.98 - 31.10.2012 Corporation
MANDATUM LIFE INSURA n/a Research 5'840'444 0.95 - 31.10.2012 Insurance Company
LONE PINE CAPITAL LL n/a Short (5'633'994) -0.92 - 01.11.2012 Hedge Fund Manager
MERCHANTS' GATE CAPI n/a Short (5'205'321) -0.85 (857'347) 26.02.2013 Hedge Fund Manager
SWEDBANK ROBUR FONDE n/a Co File 4'803'241 0.78 - 31.12.2011 Investment Advisor
LOCAL GOVERNMENT PEN n/a Research 4'350'001 0.71 - 31.10.2012 Pension Fund (ERISA)
SKANDIA FONDER AB n/a Co File 4'174'571 0.68 - 31.12.2011 Mutual Fund Manager
COATUE MANAGEMENT LL n/a Short (3'796'822) -0.62 - 01.11.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABG Sundal Collier MARTIN MELBYE buy 5 U 6 6 month 25.02.2013
AlphaValue SACHIN KUMAR buy 5 M 8 6 month 21.02.2013
Credit Suisse LARS KJELLBERG neutral 3 M 5 Not Provided 11.02.2013
Pohjola Bank Plc (ESN) HENRI PARKKINEN reduce 2 M 5 12 month 06.02.2013
SEB Enskilda LINUS LARSSON buy 5 M 6 Not Provided 06.02.2013
Carnegie JOHAN SJOBERG buy 5 M #N/A N/A Not Provided 06.02.2013
Nordea Equity Research HARRI TAITTONEN hold 3 M 5 12 month 06.02.2013
Evli Bank Plc MARKKU JARVINEN accumulate 4 D 6 12 month 06.02.2013
Danske Markets ANTTI KOSKIVUORI buy 5 U 6 12 month 06.02.2013
INDERES ANTTI-PEKKA VILJAKAINEN accumulate 4 M 5 Not Provided 06.02.2013
Handelsbanken KARRI RINTA accumulate 4 M 6 12 month 05.02.2013
Goldman Sachs ESHAN TOORABALLY Sell/Neutral 1 M 4 6 month 22.01.2013
Swedbank KATJA KEITAANNIEMI strong buy 5 M 9 12 month 24.10.2012
Morgan Stanley MARKUS ALMERUD Overwt/Attractive 5 M 7 12 month 23.03.2012
CA Cheuvreux MIKAEL JAFS select list 5 M 7 Not Provided 29.11.2011
CS Capital CHRISTOPHER PARKINSON buy 5 M 9 Not Provided 22.02.2011
Holdings By:
Stora Enso OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Suez Environnement Co. provides equipment and services for potable water supply.
The Company also collects, treats, and distributes drinkable water. Suez
Environnement also provides services for waste collection, recycling, recovery,
treatment and disposal of urban and industrial waste.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.03.2012) 12.23
52-Week Low (19.11.2012) 7.81
Daily Volume
9.968
52-Week High % Change -18.45% Dividend Yield -
52-Week Low % Change 27.57% Beta 0.79
% 52 Week Price Range High/Low 41.49% Equity Float 274.02
Shares Out 30.06.2012 510.2 Short Int -
5'086.01 1 Yr Total Return 2.02%
Total Debt 10'070.80 YTD Return 9.43%
Preferred Stock 0.0 Adjusted BETA 0.792
Minority Interest 1'871.1 Analyst Recs 25
Cash and Equivalents 2'508.20 Consensus Rating 3.560
Enterprise Value 15'021.41
Average Volume 5 Day 1'316'084
SEV FP EQUITY YTD Change - Average Volume 30 Day 1'549'830
SEV FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'344'208
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
12'363.7 12'296.4 13'869.3 14'829.6 15'102.0 14'053.3 15'102.0 15'331.7 15'911.4 - -
1.01x 1.21x 1.22x 0.94x - 0.00x 0.00x 0.96x 0.93x - -
1'851.5 1'764.1 1'999.9 2'077.9 - 0.0 0.0 2'513.8 2'682.1 - -
6.76x 8.42x 8.47x 6.71x - 0.00x 0.00x 5.97x 5.60x - -
533.2 403.0 564.7 322.8 251.0 0.0 0.0 346.8 399.8 - -
11.06x 19.66x 13.43x 14.84x 18.48x 0.00x 0.00x 15.31x 13.45x - -
EBITDA 2'077.90 Long-Term Rating Date -
EBIT 1'039.40 Long-Term Rating -
Operating Margin 7.01% Long-Term Outlook -
Pretax Margin 4.88% Short-Term Rating Date -
Return on Assets 0.54% Short-Term Rating -
Return on Common Equity 2.98%
Return on Capital 4.28% EBITDA/Interest Exp. 4.99
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 1.60
Net Debt/EBITDA 4.04
Gross Margin - Total Debt/EBITDA 5.13
EBITDA Margin 13.4%
EBIT Margin 6.3% Total Debt/Equity 203.6%
Net Income Margin 1.7% Total Debt/Capital 59.6%
Asset Turnover 0.56
Current Ratio 0.87 Net Fixed Asset Turnover 1.68
Quick Ratio 0.69 Accounts receivable turnover-days 103.49
Debt to Assets 37.26% Inventory Days -
Tot Debt to Common Equity 203.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.54 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
Suez Environnement CoPrice/Volume
Valuation Analysis
788'059.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GDF SUEZ n/a Co File 182'057'361 35.68 - 31.12.2012 Corporation
GROUPE BRUXELLES LAM n/a Co File 36'746'488 7.2 - 31.12.2012 Holding Company
CAISSE DES DEPOTS ET n/a Co File 10'078'220 1.98 - 31.12.2012 Government
PICTET & CIE Multiple Portfolios MF-AGG 8'173'550 1.6 (5'695) 30.11.2012 Mutual Fund Manager
AREVA SA n/a Co File 7'251'292 1.42 - 31.12.2012 Corporation
CNP ASSURANCES n/a Co File 6'500'390 1.27 - 31.12.2012 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 6'282'149 1.23 (2'052'481) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'364'929 1.05 131'239 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'102'689 1 557'267 25.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'685'020 0.92 2'137'486 31.01.2013 Investment Advisor
SOFINA SA n/a Co File 4'125'000 0.81 - 31.12.2012 Holding Company
JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 3'617'086 0.71 (1'791) 31.10.2012 Mutual Fund Manager
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'510'769 0.69 62'027 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'256'378 0.64 187'298 31.12.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 3'137'603 0.61 538 25.02.2013 Investment Advisor
MEDITOR CAPITAL MANA n/a Short (2'245'029) -0.44 (612'280) 25.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'036'281 0.4 (136'300) 28.09.2012 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'779'500 0.35 181'500 28.12.2012 Mutual Fund Manager
JP MORGAN n/a ULT-AGG 1'614'520 0.32 (301'852) 31.12.2012 Unclassified
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'406'900 0.28 (71'400) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MARTIN YOUNG neutral 3 M 13 12 month 27.02.2013
Macquarie ATALLAH ESTEPHAN neutral 3 M 10 12 month 26.02.2013
JPMorgan NATHALIE F CASALI neutral 3 D 11 9 month 22.02.2013
Exane BNP Paribas OLIVIER VAN DOOSSELAERE outperform 5 M 12 Not Provided 20.02.2013
Day by Day VALERIE GASTALDY buy 5 U 11 3 month 19.02.2013
AlphaValue FABRICE FARIGOULE buy 5 M 12 6 month 18.02.2013
Morgan Stanley EMMANUEL TURPIN Overwt/In-Line 5 M 11 12 month 15.02.2013
Credit Suisse VINCENT GILLES outperform 5 M 12 Not Provided 15.02.2013
Raymond James EMMANUEL RETIF outperform 5 M 11 Not Provided 15.02.2013
HSBC VERITY MITCHELL overweight 5 M 12 Not Provided 15.02.2013
CM - CIC Securities(ESN) OLIVIER BAILS hold 3 M 10 12 month 15.02.2013
Bryan Garnier & Cie JULIEN DESMARETZ neutral 3 M 11 6 month 15.02.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 10 Not Provided 15.02.2013
Societe Generale VINCENT AYRAL buy 5 M 9 12 month 12.02.2013
BPI LOUIS BOUJARD neutral 3 M 10 Not Provided 11.02.2013
Berenberg Bank LAWSON STEELE buy 5 N 11 Not Provided 05.02.2013
Barclays JULIE ARAV equalweight 3 M 8 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs DARIO CARRADORI neutral/attractive 3 M 11 12 month 18.12.2012
Deutsche Bank JAMES BRAND hold 3 M 9 12 month 30.10.2012
S&P Capital IQ STEWART SCHARF hold 3 M 10 12 month 26.10.2012
Hammer Partners SA CHRIS MOORE sell 1 M 8 Not Provided 01.08.2012
Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011
National Bank AG SVEN PAULSEN buy 5 M 16 12 month 21.07.2011
Holdings By:
Suez Environnement Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Sulzer AG manufactures machinery and equipment, and operates in a surfacing
technology business. The Company provides pumping and surface technology
solution and services, services and repair of thermal turbo machinery, and
service for separation columns and static mixing.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (20.02.2013) 167.60
52-Week Low (28.06.2012) 105.70
Daily Volume
164.1
52-Week High % Change -2.15% Dividend Yield -
52-Week Low % Change 55.25% Beta 1.29
% 52 Week Price Range High/Low 89.98% Equity Float 23.06
Shares Out 31.12.2012 34.3 Short Int -
5'622.46 1 Yr Total Return 33.08%
Total Debt 609.00 YTD Return 13.88%
Preferred Stock 0.0 Adjusted BETA 1.293
Minority Interest 6.8 Analyst Recs 14
Cash and Equivalents 513.10 Consensus Rating 3.786
Enterprise Value 5'725.16
Average Volume 5 Day 141'993
SUN VX EQUITY YTD Change - Average Volume 30 Day 93'045
SUN VX EQUITY YTD % CHANGE - Average Volume 3 Month 84'329
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 - -
3'713.5 3'350.4 3'183.7 3'577.9 4'021.6 - - 4'244.0 4'514.0 - -
0.47x 0.62x 1.34x 1.04x 1.25x - - 1.30x 1.17x - -
575.3 471.2 508.0 481.8 552.0 - - 603.9 674.0 - -
3.06x 4.38x 8.38x 7.76x 9.07x - - 9.46x 8.47x - -
322.9 270.4 300.4 279.8 307.1 - - 336.5 386.9 - -
6.26x 10.06x 15.98x 12.17x 15.96x - - 16.19x 14.08x - -
EBITDA 552.00 Long-Term Rating Date -
EBIT 420.60 Long-Term Rating -
Operating Margin 10.46% Long-Term Outlook -
Pretax Margin 10.30% Short-Term Rating Date -
Return on Assets 6.72% Short-Term Rating -
Return on Common Equity 13.98%
Return on Capital 11.37% EBITDA/Interest Exp. 24.53
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 18.94
Net Debt/EBITDA 0.17
Gross Margin 31.0% Total Debt/EBITDA 1.10
EBITDA Margin 13.7%
EBIT Margin 10.5% Total Debt/Equity 26.5%
Net Income Margin 7.6% Total Debt/Capital 20.9%
Asset Turnover 0.88
Current Ratio 1.66 Net Fixed Asset Turnover 6.34
Quick Ratio 1.07 Accounts receivable turnover-days 92.48
Debt to Assets 13.26% Inventory Days 85.58
Tot Debt to Common Equity 26.51% Accounts Payable Turnover Day 54.15
Accounts Receivable Turnover 3.96 Cash Conversion Cycle 123.92
Inventory Turnover 4.28
Fiscal Year Ended
Sulzer AGPrice/Volume
Valuation Analysis
65'876.00
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
'.'1'3'5'
-''-.'-1'-3'-5'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!- 9
!. 9
!. 9
!0 9
!0 9
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
4'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIWET HOLDING AG n/a EXCH 10'699'797 31.23 - 02.08.2011 Other
BLACKROCK n/a ULT-AGG 1'467'273 4.28 87'733 25.02.2013 Investment Advisor
THREADNEEDLE ASSET M n/a EXCH 1'000'794 2.92 (27'416) 02.02.2011 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 786'464 2.3 (17'257) 28.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 547'626 1.6 (787) 30.11.2012 Mutual Fund Manager
SULZER LTD n/a Co File 457'863 1.34 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 443'318 1.29 7'982 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 417'672 1.22 (13'432) 31.01.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 409'397 1.19 (2'446) 28.12.2012 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 323'304 0.94 (123) 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 298'667 0.87 591 31.10.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 294'990 0.86 11'000 31.10.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 278'129 0.81 (20'540) 29.06.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 192'039 0.56 480 31.12.2012 Investment Advisor
SARASIN n/a ULT-AGG 142'720 0.42 12'249 30.11.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 136'014 0.4 (9'100) 31.01.2013 Investment Advisor
RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 132'430 0.39 39'300 31.10.2012 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 128'664 0.38 825 31.12.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 122'518 0.36 110 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 117'721 0.34 (15'047) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 25.02.2013
CA Cheuvreux OLIVER GIRAKHOU select list 5 U 190 Not Provided 20.02.2013
Credit Suisse PATRICK LAAGER neutral 3 M 160 Not Provided 19.02.2013
Bank Vontobel AG FABIAN HAECKI buy 5 M 180 Not Provided 19.02.2013
Berenberg Bank ALEXANDER VIRGO hold 3 M 152 Not Provided 18.02.2013
Kepler Capital Markets CHRISTOPH LADNER buy 5 M 185 Not Provided 18.02.2013
Main First Bank AG BERND POMREHN outperform 5 M 170 12 month 18.02.2013
Helvea VOLKAN GOCMEN accumulate 4 M 195 12 month 18.02.2013
Barclays RIZK MAIDI underweight 1 M 125 Not Provided 18.02.2013
HSBC JOERG-ANDRE FINKE neutral 3 M 145 Not Provided 29.11.2012
Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 180 6 month 31.10.2012
Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 D #N/A N/A Not Provided 23.07.2012
Holdings By:
Sulzer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Swiss Life Holding is a financial services company. The Company provides life
and property insurance, institutional investment management, and private banking
services.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (27.02.2013) 151.60
52-Week Low (01.06.2012) 74.35
Daily Volume
151.5
52-Week High % Change -0.13% Dividend Yield -
52-Week Low % Change 103.77% Beta 1.45
% 52 Week Price Range High/Low 88.73% Equity Float 32.02
Shares Out 31.12.2012 32.1 Short Int -
4'860.28 1 Yr Total Return 57.08%
Total Debt 2'768.00 YTD Return 24.79%
Preferred Stock 0.0 Adjusted BETA 1.446
Minority Interest 33.0 Analyst Recs 20
Cash and Equivalents 6'480.00 Consensus Rating 3.600
Enterprise Value 1'181.28
Average Volume 5 Day 197'217
SLHN VX EQUITY YTD Change - Average Volume 30 Day 149'464
SLHN VX EQUITY YTD % CHANGE - Average Volume 3 Month 153'841
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
15'356.0 17'816.0 17'844.0 17'291.0 19'076.0 0.0 0.0 17'414.0 17'761.5 - -
- - - 0.02x 0.01x #DIV/0! #DIV/0! -0.01x -0.01x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
350.0 278.0 557.0 605.0 92.0 0.0 0.0 575.1 616.6 - -
- 12.74x 7.74x 4.55x 42.10x 0.00x 0.00x 8.42x 7.66x - -
EBITDA - Long-Term Rating Date 03.05.2012
EBIT - Long-Term Rating BBB
Operating Margin 4.99% Long-Term Outlook STABLE
Pretax Margin 1.21% Short-Term Rating Date -
Return on Assets 0.06% Short-Term Rating -
Return on Common Equity 0.95%
Return on Capital 1.16% 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 27.0%
Net Income Margin 0.5% Total Debt/Capital 21.2%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.69% Inventory Days -
Tot Debt to Common Equity 27.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Swiss Life Holding AGPrice/Volume
Valuation Analysis
460'563.00
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
'
.'
1'
3'
5'
-''
-.'
-1'
-3'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
0.0
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
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TALANX BETEILIGUNGS- n/a EXCH 2'974'688 9.27 - 22.10.2010 Insurance Company
DODGE & COX n/a Co File 1'645'000 5.13 - 31.12.2010 Investment Advisor
BLACKROCK n/a ULT-AGG 1'189'688 3.71 33'059 25.02.2013 Investment Advisor
LETKO BROSSEAU & ASS n/a EXCH 956'604 2.98 (10'500) 15.04.2011 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 736'031 2.29 (61'073) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 554'921 1.73 16'050 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 440'682 1.37 - 31.07.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 361'991 1.13 (5'632) 28.12.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 247'084 0.77 (27'346) 30.11.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 210'987 0.66 (49) 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 185'183 0.58 (369) 31.10.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 181'356 0.57 (10'953) 31.01.2013 Mutual Fund Manager
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 165'732 0.52 (3'743) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 155'657 0.49 933 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 111'400 0.35 - 31.10.2012 Investment Advisor
IST FUND MANAGERS Multiple Portfolios MF-AGG 96'831 0.3 (25'351) 31.12.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 71'654 0.22 44'151 31.12.2012 Investment Advisor
UBS ETF Multiple Portfolios MF-AGG 65'870 0.21 728 31.10.2012 Investment Advisor
LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 56'000 0.17 (7'500) 31.12.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 54'870 0.17 8'071 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse RICHARD BURDEN underperform 1 M 129 Not Provided 27.02.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 137 12 month 27.02.2013
Berenberg Bank PETER ELIOT hold 3 M 170 Not Provided 27.02.2013
Nomura MICHAEL KLIEN buy 5 M 180 12 month 27.02.2013
Main First Bank AG RENE LOCHER outperform 5 M 165 12 month 25.02.2013
Helvea DANIEL BISCHOF buy 5 M 150 12 month 21.02.2013
AlphaValue DIETER HEIN buy 5 M 181 6 month 21.02.2013
Kepler Capital Markets FABRIZIO CROCE hold 3 M 133 Not Provided 15.02.2013
JPMorgan MICHAEL HUTTNER overweight 5 U 210 9 month 08.02.2013
Mediobanca SpA MARC THIELE outperform 5 M 177 6 month 30.01.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 140 12 month 18.01.2013
Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC DHRUV GAHLAUT neutral 3 M 141 Not Provided 16.01.2013
Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 160 Not Provided 14.01.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 94 12 month 08.01.2013
Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 114 12 month 05.12.2012
Societe Generale EMMANUELLE CALES hold 3 N 102 12 month 31.05.2012
CA Cheuvreux FRANK KOPFINGER suspended coverage #N/A N/A M #N/A N/A Not Provided 24.01.2012
Holdings By:
Swiss Life Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Swiss Prime Site AG is a real estate investment company. The Company owns
business and mixed-use business/residential buildings in commercial centers in
Switzerland.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (06.08.2012) 82.23
52-Week Low (06.03.2012) 65.73
Daily Volume
74.4
52-Week High % Change -9.59% Dividend Yield -
52-Week Low % Change 13.18% Beta 0.57
% 52 Week Price Range High/Low 51.31% Equity Float 55.07
Shares Out 06.12.2012 60.0 Short Int -
4'466.32 1 Yr Total Return 12.62%
Total Debt 4'162.70 YTD Return -2.55%
Preferred Stock 0.0 Adjusted BETA 0.573
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 123.94 Consensus Rating 2.667
Enterprise Value 8'712.43
Average Volume 5 Day 92'842
SPSN VX EQUITY YTD Change - Average Volume 30 Day 106'601
SPSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 144'461
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 06/10 Q2 09/10 Q3
204.8 209.6 293.7 601.1 571.6 - - 452.3 466.7 - -
17.15x 15.65x 25.04x 13.01x 13.78x - - 18.69x 18.51x - -
150.1 158.8 171.5 357.9 355.2 - - 379.3 361.0 - -
23.39x 20.65x 42.87x 21.86x 22.17x - - 22.97x 24.13x - -
198.9 116.4 187.4 235.0 355.1 - - 224.0 217.3 - -
7.07x 10.26x 9.52x 16.07x 10.80x - - 20.96x 21.38x - -
EBITDA 355.18 Long-Term Rating Date -
EBIT 207.32 Long-Term Rating -
Operating Margin 36.27% Long-Term Outlook -
Pretax Margin 83.10% Short-Term Rating Date -
Return on Assets 4.45% Short-Term Rating -
Return on Common Equity 11.47%
Return on Capital 5.00% EBITDA/Interest Exp. 2.70
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 1.13
Net Debt/EBITDA 11.96
Gross Margin - Total Debt/EBITDA 11.99
EBITDA Margin 61.6%
EBIT Margin - Total Debt/Equity 120.9%
Net Income Margin 62.1% Total Debt/Capital 54.7%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 48.33% Inventory Days -
Tot Debt to Common Equity 120.88% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Swiss Prime Site AGPrice/Volume
Valuation Analysis
36'992.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0.0
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
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
-1'!''
-3'!''
-5'!''
.''!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 4'377'862 7.29 94'600 25.02.2013 Investment Advisor
CREDIT SUISSE FUND M n/a EXCH 2'983'393 4.97 - 29.11.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'857'173 4.76 108'104 28.12.2012 Mutual Fund Manager
GROUP OF SHAREHOLDER n/a EXCH 1'802'110 3 - 23.11.2012 n/a
FUST WALTER n/a EXCH 1'619'979 2.7 (717'875) 31.07.2012 n/a
FRANKLIN RESOURCES n/a ULT-AGG 1'596'908 2.66 - 04.01.2010 Investment Advisor
UBS FUND MANAGEMENT n/a EXCH 1'548'912 2.58 - 30.11.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'082'458 1.8 7'666 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 961'265 1.6 77'291 31.12.2012 Investment Advisor
SWISS FURNISHING INS n/a EXCH 861'000 1.43 - 29.09.2009 Insurance Company
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 766'218 1.28 16'576 28.12.2012 Mutual Fund Manager
SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 694'894 1.16 - 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 640'641 1.07 - 26.02.2013 Investment Advisor
JELMOLI HOLDING AG n/a EXCH 532'478 0.89 - 21.04.2010 n/a
BNP PARIBAS INV PART n/a ULT-AGG 317'959 0.53 2'916 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 279'218 0.47 (1'464) 30.11.2012 Mutual Fund Manager
SCOTTISH WIDOWS n/a ULT-AGG 244'294 0.41 (2'162) 31.10.2012 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 164'220 0.27 (24'200) 31.10.2012 Investment Advisor
IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 142'332 0.24 - 31.10.2012 Investment Advisor
UBS ETF Multiple Portfolios MF-AGG 137'129 0.23 1'657 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABN Amro Bank N.V. RUUD VAN MAANEN sell 1 M 68 12 month 14.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Kempen & Co ROBERT WOERDEMAN neutral 3 M 77 12 month 13.01.2013
Zuercher Kantonalbank MARKUS WAEBER market perform 3 M #N/A N/A Not Provided 18.12.2012
Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 76 Not Provided 27.11.2012
Edge Capital Research MARIYA PANAYOTOVA neutral 3 N 73 12 month 08.08.2011
Holdings By:
Swiss Prime Site AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Symrise AG is a diversified chemical manufacturer. The Company produces perfume
oils, fragrance bases, cosmetic raw materials and ingredients, plant extracts,
aroma chemicals, flavorings, fruit powders, and seasonings. Symrise's customers
manufacture fragrances, cosmetics, soaps, hair care products, detergents,
household products, foods, beverages, and pharmaceuticals.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (22.02.2013) 29.31
52-Week Low (22.03.2012) 20.35
Daily Volume
28.73
52-Week High % Change -2.00% Dividend Yield -
52-Week Low % Change 41.18% Beta 0.66
% 52 Week Price Range High/Low 91.96% Equity Float 107.65
Shares Out 30.09.2012 118.2 Short Int -
3'395.12 1 Yr Total Return 36.83%
Total Debt 602.22 YTD Return 5.94%
Preferred Stock 0.0 Adjusted BETA 0.656
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 118.61 Consensus Rating 2.655
Enterprise Value 3'887.61
Average Volume 5 Day 236'463
SY1 GY EQUITY YTD Change - Average Volume 30 Day 226'018
SY1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 198'341
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
1'274.5 1'319.9 1'362.0 1'571.9 1'583.6 1'570.5 1'696.9 1'716.9 1'785.0 403.6 454.5
2.19x 1.38x 1.74x 1.87x 1.84x 7.42x 7.64x 2.24x 2.10x - -
272.0 262.1 269.5 337.0 315.9 311.3 337.7 345.3 369.8 80.2 92.0
10.27x 6.95x 8.77x 8.74x 9.24x 8.32x 10.70x 11.25x 10.50x 10.75x 10.58x
97.4 90.4 84.3 133.5 146.5 123.6 155.0 170.3 189.9 38.4 47.0
23.38x 13.13x 21.10x 18.16x 16.63x 16.79x 20.00x 19.69x 17.66x 18.70x 18.65x
EBITDA 315.94 Long-Term Rating Date -
EBIT 234.43 Long-Term Rating -
Operating Margin 14.80% Long-Term Outlook -
Pretax Margin 12.37% Short-Term Rating Date -
Return on Assets 7.34% Short-Term Rating -
Return on Common Equity 16.85%
Return on Capital - EBITDA/Interest Exp. 7.82
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 6.64
Net Debt/EBITDA 1.46
Gross Margin 41.3% Total Debt/EBITDA 1.82
EBITDA Margin 19.9%
EBIT Margin 14.9% Total Debt/Equity 65.9%
Net Income Margin 9.3% Total Debt/Capital 39.7%
Asset Turnover 0.80
Current Ratio 1.96 Net Fixed Asset Turnover 3.98
Quick Ratio 1.00 Accounts receivable turnover-days 68.20
Debt to Assets 28.70% Inventory Days 122.01
Tot Debt to Common Equity 65.91% Accounts Payable Turnover Day 41.46
Accounts Receivable Turnover 5.37 Cash Conversion Cycle 142.12
Inventory Turnover 3.00
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
Symrise AGPrice/Volume
Valuation Analysis
81'525.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
02
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
M&G INVESTMENT MANAG n/a Research 17'700'530 14.98 - 03.09.2012 Investment Advisor
GERBERDING VERMOGENS n/a Research 6'924'955 5.86 - 30.11.2012 n/a
MASSACHUSETTS FINANC n/a Research 5'929'174 5.02 - 01.04.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'736'685 3.16 2'300 31.12.2012 Investment Advisor
MONDRIAN INVESTMENT n/a Research 3'727'760 3.15 - 01.04.2012 Hedge Fund Manager
STANDARD LIFE INVEST n/a Research 3'631'647 3.07 - 01.04.2012 Investment Advisor
JAHR GMBH n/a Research 3'600'000 3.05 - 01.04.2012 Other
AMERIPRISE FINANCIAL n/a Research 3'502'220 2.96 - 15.05.2012 Investment Advisor
SCHRODERS PLC n/a Research 3'495'642 2.96 - 22.03.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'668'151 2.26 (894'640) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'574'667 2.18 21'207 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'727'808 1.46 (30'358) 25.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'649'078 1.4 (7'318) 31.10.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'601'887 1.36 113'355 31.10.2012 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'319'162 1.12 - 31.10.2012 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 999'620 0.85 - 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 790'370 0.67 790'370 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 782'000 0.66 (385'000) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 767'000 0.65 - 30.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 703'672 0.6 (2'070'900) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue MARTIN SCHNEE reduce 2 M 27 6 month 14.02.2013
Baader Bank NORBERT BARTH hold 3 M 28 12 month 11.02.2013
Helvea ANDREAS VON ARX neutral 3 M 29 12 month 08.02.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA reduce 2 M 24 12 month 05.02.2013
DZ Bank AG THOMAS MAUL hold 3 M 26 12 month 05.02.2013
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 30 6 month 04.02.2013
Nomura JEAN DE WATTEVILLE neutral 3 U 30 Not Provided 04.02.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 22 12 month 28.01.2013
Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 29 Not Provided 25.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
HSBC JESKO MAYER-WEGELIN underweight 1 M 25 Not Provided 11.01.2013
Kepler Capital Markets BETTINA EDMONDSTON hold 3 M 30 Not Provided 11.01.2013
Main First Bank AG THOMAS SWOBODA underperform 1 D 27 12 month 10.01.2013
Liberum Capital Ltd ADAM COLLINS hold 3 M 25 Not Provided 13.12.2012
JPMorgan MARTIN EVANS neutral 3 M 24 9 month 07.12.2012
Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 26 12 month 06.12.2012
Bankhaus Lampe HEIKO FEBER hold 3 M 29 12 month 03.12.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 26.11.2012
Landesbank Baden-Wuerttemberg ULLE WORNER hold 3 M 26 Not Provided 12.11.2012
Nord/LB THORSTEN STRAUSS buy 5 M 31 12 month 08.11.2012
CA Cheuvreux HANS-JOACHIM HEIMBUERGER underperform 1 M 21 Not Provided 08.11.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 29 12 month 08.11.2012
Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 25 12 month 07.11.2012
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 31 12 month 07.11.2012
Berenberg Bank JAIDEEP PANDYA hold 3 M 25 Not Provided 07.11.2012
Davy JACK GORMAN outperform 5 N #N/A N/A Not Provided 21.06.2012
National Bank AG STEFFEN MANSKE buy 5 M 25 12 month 09.11.2010
Holdings By:
Symrise AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Tate & Lyle PLC is the holding company for an international group of companies
which produces and markets ingredients and solutions for the food, beverage,
industrials and agriculture industries around the world. The Company's range
of products includes nutritive sweeteners, industrial starches, ethanol,
acidulants and animal feed.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (25.01.2013) 834.00
52-Week Low (10.09.2012) 627.50
Daily Volume
804
52-Week High % Change -3.66% Dividend Yield 3.13
52-Week Low % Change 28.13% Beta 0.66
% 52 Week Price Range High/Low 84.50% Equity Float 465.06
Shares Out 25.02.2013 466.3 Short Int -
3'748.89 1 Yr Total Return 17.70%
Total Debt 946.00 YTD Return 5.51%
Preferred Stock 0.0 Adjusted BETA 0.656
Minority Interest 25.0 Analyst Recs 19
Cash and Equivalents 424.00 Consensus Rating 3.684
Enterprise Value 4'189.89
Average Volume 5 Day 1'067'989
TATE LN EQUITY YTD Change - Average Volume 30 Day 1'234'977
TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'155'189
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 - -
2'867.0 3'553.0 2'533.0 2'720.0 3'088.0 - - 3'264.7 3'469.1 - -
1.23x 0.69x 1.15x 1.17x 1.24x - - 1.29x 1.18x - -
339.0 296.0 373.0 418.0 440.0 - - 457.1 489.7 - -
10.44x 8.24x 7.83x 7.62x 8.70x - - 9.17x 8.56x - -
194.0 65.0 15.0 163.0 305.0 - - 264.1 287.6 - -
22.69x 13.36x - 13.56x 10.70x - - 14.51x 13.38x - -
EBITDA 440.00 Long-Term Rating Date 15.07.2011
EBIT 337.00 Long-Term Rating BBB
Operating Margin 10.91% Long-Term Outlook STABLE
Pretax Margin 12.27% Short-Term Rating Date 15.07.2011
Return on Assets 10.49% Short-Term Rating A-2
Return on Common Equity 30.95%
Return on Capital 17.31% EBITDA/Interest Exp. 13.33
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 10.24
Net Debt/EBITDA 1.16
Gross Margin - Total Debt/EBITDA 2.26
EBITDA Margin 12.0%
EBIT Margin 8.5% Total Debt/Equity 91.6%
Net Income Margin 9.9% Total Debt/Capital 47.2%
Asset Turnover 1.13
Current Ratio 2.01 Net Fixed Asset Turnover 3.53
Quick Ratio 1.00 Accounts receivable turnover-days 38.91
Debt to Assets 32.55% Inventory Days -
Tot Debt to Common Equity 91.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.41 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Tate & Lyle PLCPrice/Volume
Valuation Analysis
555'013.00
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''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 49'006'842 10.51 3'980'141 25.02.2013 Investment Advisor
AEGON n/a ULT-AGG 34'488'677 7.4 (1'140'030) 01.01.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 27'917'893 5.99 3'600'032 01.01.2013 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 23'518'956 5.04 (19'093) 31.01.2013 Investment Advisor
INVESCO LTD n/a RNS-MAJ 23'111'061 4.96 (21'930'011) 02.10.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 21'847'917 4.69 5'066'492 01.01.2013 Unclassified
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 19'188'720 4.12 - 31.03.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 19'120'882 4.1 7'158 31.12.2012 Investment Advisor
KAMES CAPITAL PLC n/a Co File 18'569'241 3.98 - 30.05.2012 Investment Advisor
TIAA CREF INVESTMENT #N/A N/A RNS-MAJ 18'370'285 3.94 (503'245) 22.02.2013 Investment Advisor
LEHMAN BROTHERS INTE n/a Co File 18'122'510 3.89 - 30.05.2012 Bank
BARCLAYS GLOBAL INVE n/a Co File 17'568'133 3.77 - 30.05.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 16'401'644 3.52 338'509 01.01.2013 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios REG 16'179'450 3.47 (1'094'519) 01.01.2013 Investment Advisor
HARBINGER HOLDINGS L n/a BUS 13'311'182 2.85 (4'933'557) 27.08.2010 Hedge Fund Manager
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 12'064'928 2.59 (442'069) 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 9'010'324 1.93 245'173 01.01.2013 Government
JUPITER ASSET MANAGE Multiple Portfolios REG 8'929'794 1.92 2'302'530 01.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 8'685'886 1.86 3'230'697 01.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'307'945 1.78 147'221 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 790 12 month 25.02.2013
Investec MARTIN DEBOO hold 3 M 825 12 month 15.02.2013
Exane BNP Paribas JEFF STENT neutral 3 D 800 Not Provided 15.02.2013
Canaccord Genuity Corp ALICIA FORRY buy 5 M 900 Not Provided 08.02.2013
Mirabaud Securities JULIAN LAKIN add 4 M 870 12 month 07.02.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 900 12 month 05.02.2013
Numis Securities Ltd CHARLES PICK hold 3 M 870 Not Provided 05.02.2013
Societe Generale WARREN L ACKERMAN buy 5 M 900 12 month 04.02.2013
Berenberg Bank JAMES TARGETT buy 5 M 950 Not Provided 04.02.2013
Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 01.02.2013
Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 730 Not Provided 01.02.2013
Credit Suisse CHARLES MILLS outperform 5 M 845 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 18.12.2012
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 10.10.2012
JPMorgan ANKUR GUPTA underweight 1 M 615 9 month 05.07.2012
Deutsche Bank HAROLD THOMPSON buy 5 M 900 12 month 14.05.2012
Holdings By:
Tate & Lyle PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
TDC A/S provides telecommunications solutions. The Company offers fixed and
mobile telephone service, data communications, systems integration, website
hosting, broadband Internet access, and cable television services. TDC serves
customers and clients throughout Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.02.2012) 44.75
52-Week Low (04.06.2012) 36.90
Daily Volume
43
52-Week High % Change -3.91% Dividend Yield -
52-Week Low % Change 16.53% Beta 0.61
% 52 Week Price Range High/Low 76.82% Equity Float -
Shares Out 26.02.2013 825.0 Short Int -
35'475.00 1 Yr Total Return 9.84%
Total Debt 23'944.00 YTD Return 7.39%
Preferred Stock 0.0 Adjusted BETA 0.611
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 973.00 Consensus Rating 3.833
Enterprise Value 58'446.00
Average Volume 5 Day 3'971'900
TDC DC EQUITY YTD Change - Average Volume 30 Day 2'910'421
TDC DC EQUITY YTD % CHANGE - Average Volume 3 Month 2'455'801
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
26'917.0 26'079.0 26'167.0 26'304.0 26'116.0 26'304.0 26'116.0 25'607.7 25'474.4 6'439.3 6'404.2
3.02x 3.15x 2.38x 2.26x 2.14x 8.96x 8.67x 2.25x 2.24x - -
10'063.0 10'549.0 10'776.0 10'940.0 10'411.0 10'940.0 10'411.0 10'024.4 9'923.1 2'431.0 2'399.5
8.07x 7.78x 5.79x 5.42x 5.38x 5.42x 5.38x 5.83x 5.89x 5.92x -
708.0 2'424.0 3'007.0 2'808.0 3'593.0 2'808.0 3'593.0 2'941.0 3'027.3 695.5 672.8
23300.00x 123.48x 26.33x 13.35x 8.94x 13.35x 8.97x 11.45x 11.13x 11.49x -
EBITDA 10'411.00 Long-Term Rating Date 15.12.2010
EBIT 5'349.00 Long-Term Rating BBB
Operating Margin 20.48% Long-Term Outlook POS
Pretax Margin 15.82% Short-Term Rating Date 15.12.2010
Return on Assets 5.58% Short-Term Rating A-2
Return on Common Equity 16.42%
Return on Capital - EBITDA/Interest Exp. 9.36
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 7.05
Net Debt/EBITDA 2.21
Gross Margin 70.9% Total Debt/EBITDA 2.30
EBITDA Margin 39.9%
EBIT Margin 20.6% Total Debt/Equity 111.3%
Net Income Margin 13.8% Total Debt/Capital 52.7%
Asset Turnover 0.41
Current Ratio 0.57 Net Fixed Asset Turnover 1.70
Quick Ratio 0.45 Accounts receivable turnover-days 58.53
Debt to Assets 37.70% Inventory Days 14.40
Tot Debt to Common Equity 111.30% Accounts Payable Turnover Day 205.61
Accounts Receivable Turnover 6.25 Cash Conversion Cycle -132.67
Inventory Turnover 25.41
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
TDC A/SPrice/Volume
Valuation Analysis
2'316'014.00
Current Price (2/dd/yy) Market Data
'2
-'-2.'.20'021'122'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NTC HOLDING GP & CIE n/a Research 146'025'000 17.7 - 13.02.2013 Unclassified
BANK OF NEW YORK MEL n/a Research 46'775'725 5.67 - 13.06.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 41'620'612 5.04 - 31.12.2011 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 32'450'000 3.93 - 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 25'027'885 3.03 105'568 31.12.2012 Investment Advisor
TDC A/S n/a Co File 8'367'121 1.01 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'649'799 0.93 193'949 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 5'286'264 0.64 (318'568) 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 4'094'821 0.5 3'573 31.01.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 3'832'675 0.46 (1'225'538) 31.01.2013 Investment Advisor
MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 3'551'012 0.43 233'265 31.12.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 3'399'851 0.41 24'246 25.02.2013 Investment Advisor
SARASIN n/a ULT-AGG 3'346'198 0.41 1'154'665 28.12.2012 Unclassified
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 3'310'000 0.4 - 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'389'424 0.29 - 26.02.2013 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 1'719'805 0.21 (267'818) 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'569'191 0.19 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'517'324 0.18 106'000 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'501'095 0.18 - 26.02.2013 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 1'400'228 0.17 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 26.02.2013
ABG Sundal Collier OLE PETTER KJERKREIT buy 5 M 47 6 month 22.02.2013
Barclays MAURICE PATRICK underweight 1 M 42 Not Provided 13.02.2013
Goldman Sachs ANDREW LEE neutral/neutral 3 M 48 12 month 07.02.2013
Handelsbanken THOMAS HEATH accumulate 4 M 42 12 month 07.02.2013
JPMorgan HANNES C WITTIG overweight 5 M 48 9 month 06.02.2013
HSBC DOMINIK KLARMANN overweight 5 M 48 Not Provided 06.02.2013
SEB Enskilda ANDREAS JOELSSON hold 3 M 44 Not Provided 06.02.2013
Nordea Equity Research JESPER JENSEN hold 3 M 41 12 month 06.02.2013
Nomura JAMES BRITTON buy 5 M 45 12 month 06.02.2013
DNB Markets FREDRIK THORESEN hold 3 M 43 Not Provided 06.02.2013
Danske Markets POUL ERNST JESSEN buy 5 M 46 12 month 06.02.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN buy 5 M 46 Not Provided 05.02.2013
NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 05.02.2013
Pareto Securities THOMAS NIELSEN sell 1 D 39 6 month 05.02.2013
New Street Research JAKUB DUBANIEWICZ buy 5 M 50 Not Provided 05.02.2013
Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 47 Not Provided 05.02.2013
Credit Suisse JAKOB BLUESTONE outperform 5 M 47 Not Provided 25.01.2013
Jefferies ULRICH RATHE hold 3 M 38 12 month 21.01.2013
Berenberg Bank BARRY ZEITOUNE buy 5 M 45 Not Provided 10.01.2013
Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 47 12 month 18.12.2012
Deutsche Bank KEVAL KHIROYA hold 3 M 45 12 month 20.11.2012
Carnegie ESPEN TORGERSEN hold 3 D #N/A N/A Not Provided 19.11.2012
Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 U 51 Not Provided 08.11.2012
Swedbank SVEN SKOLD buy 5 M 47 12 month 07.11.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 47 Not Provided 10.08.2012
SpareBank 1 Markets AS TORE A TONSETH buy 5 M 45 6 month 18.06.2012
Jyske Bank TEAM COVERAGE reduce 2 M 47 Not Provided 05.09.2011
Sydbank MORTEN IMSGARD overweight 5 M #N/A N/A Not Provided 04.05.2011
Holdings By:
TDC A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Tele2 AB is a telecommunications company. The Company, through subsidiaries,
offers fixed and mobile telephony, data network, and Internet services under
the Tele2, Tango, and Comviq brands. Tele2 also provides systems integration,
credit card processing, web payment solutions, billing processing, pre-paid
calling cards, and cable TV services. The Company is active throughout Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 130.39
52-Week Low (21.02.2013) 101.50
Daily Volume
103.3
52-Week High % Change -20.78% Dividend Yield -
52-Week Low % Change 1.77% Beta 0.65
% 52 Week Price Range High/Low 2.77% Equity Float -
Shares Out 19.02.2013 423.7 Short Int -
46'308.35 1 Yr Total Return -14.09%
Total Debt 17'512.00 YTD Return -11.78%
Preferred Stock 0.0 Adjusted BETA 0.649
Minority Interest 3.0 Analyst Recs 30
Cash and Equivalents 1'732.00 Consensus Rating 3.500
Enterprise Value 62'091.35
Average Volume 5 Day 1'940'226
TEL2B SS EQUITY YTD Change - Average Volume 30 Day 2'087'532
TEL2B SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'703'297
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
39'505.0 39'265.0 40'164.0 40'750.0 43'726.0 40'919.0 43'726.0 45'048.4 46'741.6 10'804.7 11'242.1
0.89x 1.28x 1.57x 1.77x 1.54x 6.71x 6.24x 1.40x 1.34x - -
8'016.0 9'178.0 10'761.0 10'724.0 10'395.0 10'862.0 10'393.0 11'439.3 12'187.0 2'645.1 2'789.4
4.41x 5.49x 5.86x 6.71x 6.48x 6.63x 6.48x 5.43x 5.09x 5.52x 5.40x
2'433.0 4'519.0 6'926.0 4'897.0 3'264.0 4'897.0 3'264.0 4'436.3 4'907.9 994.1 1'066.9
17.81x 10.63x 9.51x 12.14x 15.95x 12.12x 15.95x 10.34x 9.27x 10.59x 10.25x
EBITDA 10'395.00 Long-Term Rating Date -
EBIT 5'653.00 Long-Term Rating -
Operating Margin 12.93% Long-Term Outlook -
Pretax Margin 10.46% Short-Term Rating Date -
Return on Assets 6.82% Short-Term Rating -
Return on Common Equity 15.59%
Return on Capital - EBITDA/Interest Exp. 10.86
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 13.20
Net Debt/EBITDA 1.52
Gross Margin 42.9% Total Debt/EBITDA 1.68
EBITDA Margin 23.8%
EBIT Margin 12.9% Total Debt/Equity 85.7%
Net Income Margin 7.5% Total Debt/Capital 46.2%
Asset Turnover 0.91
Current Ratio 0.76 Net Fixed Asset Turnover 2.55
Quick Ratio 0.72 Accounts receivable turnover-days 52.92
Debt to Assets 35.60% Inventory Days -
Tot Debt to Common Equity 85.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.92 Cash Conversion Cycle -7.05
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
Tele2 ABPrice/Volume
Valuation Analysis
608'243.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KINNEVIK INVESTMENT n/a Research 116'988'645 27.61 - 28.09.2012 Holding Company
BLACKROCK n/a ULT-AGG 23'218'438 5.48 3'203 25.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 19'121'904 4.51 4'760 28.09.2012 Unclassified
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 14'916'971 3.52 476'676 31.01.2013 Investment Advisor
SEB n/a ULT-AGG 10'073'897 2.38 341'963 31.12.2012 Unclassified
SSB CL OMNIBUS n/a Research 7'808'027 1.84 - 28.09.2012 Other
FORSTA AP FONDEN n/a Research 7'429'131 1.75 - 28.09.2012 Investment Advisor
CLEARSTREAM BANKING n/a Research 6'842'602 1.61 - 28.09.2012 Bank
SEB FONDER AB n/a Research 6'111'249 1.44 - 28.09.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'851'218 1.38 118'816 31.12.2012 Investment Advisor
NORDEA FONDER AB n/a Research 5'588'667 1.32 - 28.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 5'168'109 1.22 - 28.09.2012 Investment Advisor
PICTET & CIE n/a Research 5'049'424 1.19 - 28.09.2012 Mutual Fund Manager
AMF FONDER AB Multiple Portfolios MF-AGG 4'929'585 1.16 2'202'255 31.12.2012 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 4'856'949 1.15 (19'201) 31.01.2013 Investment Advisor
FJARDE AP-FONDEN n/a Research 4'724'078 1.11 - 28.09.2012 Pension Fund (ERISA)
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 4'401'633 1.04 (17'005) 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 3'976'952 0.94 220'331 31.01.2013 Investment Advisor
AMF PENSION INSURANC n/a Research 3'875'000 0.91 - 28.09.2012 Insurance Company
SSB TC LENDING OMNIB n/a Research 3'713'188 0.88 - 28.09.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley TERENCE TSUI Underwt/In-Line 1 M 110 12 month 22.02.2013
ABG Sundal Collier KRISTOFER ERIKSSON hold 3 M 112 6 month 22.02.2013
DNB Markets FREDRIK THORESEN sell 1 M 98 Not Provided 21.02.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 149 6 month 21.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 21.02.2013
New Street Research JAKUB DUBANIEWICZ buy 5 M 145 Not Provided 14.02.2013
Berenberg Bank BARRY ZEITOUNE buy 5 M 137 Not Provided 12.02.2013
Nomura JAMES BRITTON neutral 3 M 124 Not Provided 07.02.2013
Deutsche Bank KEVAL KHIROYA buy 5 M 127 12 month 06.02.2013
Goldman Sachs ANDREW LEE neutral/neutral 3 M 114 12 month 06.02.2013
SEB Enskilda ANDREAS JOELSSON hold 3 M 110 Not Provided 06.02.2013
Carnegie LENA OSTERBERG hold 3 M #N/A N/A Not Provided 06.02.2013
Nordea Equity Research STEFAN GAUFFIN buy 5 M 120 12 month 06.02.2013
Handelsbanken THOMAS HEATH reduce 2 M 100 12 month 06.02.2013
Swedbank SVEN SKOLD strong buy 5 U 125 12 month 06.02.2013
SpareBank 1 Markets AS TORE A TONSETH neutral 3 M 110 6 month 06.02.2013
Exane BNP Paribas MAXIME REY neutral 3 M 123 Not Provided 06.02.2013
Barclays JOHN-PAUL DAVIDS overweight 5 M 145 Not Provided 06.02.2013
Danske Markets ERIK STRANDIN PERS hold 3 D 110 12 month 06.02.2013
Pareto Securities THOMAS NIELSEN hold 3 U 101 6 month 05.02.2013
Credit Suisse JAKOB BLUESTONE underperform 1 M 100 Not Provided 24.01.2013
JPMorgan AKHIL DATTANI overweight 5 M 165 9 month 21.01.2013
Jefferies ULRICH RATHE buy 5 M 125 12 month 21.01.2013
HSBC DOMINIK KLARMANN neutral 3 M 130 Not Provided 13.12.2012
CA Cheuvreux PETER KURT NIELSEN underperform 1 M 115 Not Provided 05.11.2012
Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 D 125 Not Provided 19.10.2012
Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 24.09.2012
Alandsbanken Equities LARS SOEDERFJELL neutral 3 M 157 12 month 09.02.2011
Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 26.08.2009
Holdings By:
Tele2 AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Terna - Rete Elettrica Nazionale SpA transmits electricity over the
high-voltage and extra-high voltage grid in Italy. Through subsidiaries, the
Company owns a substantial share of the national electricity transmission grid.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (13.02.2013) 3.22
52-Week Low (25.07.2012) 2.50
Daily Volume
3.132
52-Week High % Change -2.79% Dividend Yield -
52-Week Low % Change 25.18% Beta 0.71
% 52 Week Price Range High/Low 79.72% Equity Float 1'299.46
Shares Out 30.09.2012 2'010.0 Short Int -
6'295.29 1 Yr Total Return 19.71%
Total Debt 6'798.40 YTD Return 3.57%
Preferred Stock 0.0 Adjusted BETA 0.709
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 1'114.90 Consensus Rating 4.000
Enterprise Value 12'431.59
Average Volume 5 Day 10'242'610
TRN IM EQUITY YTD Change - Average Volume 30 Day 8'623'531
TRN IM EQUITY YTD % CHANGE - Average Volume 3 Month 8'730'369
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
1'296.2 1'152.0 1'317.3 1'533.1 1'591.3 1'592.9 1'672.0 1'791.8 1'856.5 481.3 -
6.34x 7.10x 7.82x 7.48x 6.86x 29.43x 28.58x 6.81x 6.90x 25.22x -
971.4 869.2 997.6 1'165.8 1'221.1 1'222.8 1'310.8 1'374.6 1'441.9 327.7 -
8.46x 9.40x 10.33x 9.83x 8.94x 9.52x 9.13x 9.04x 8.62x - -
415.3 327.5 771.0 613.6 440.0 556.4 480.4 453.3 462.6 87.0 -
13.26x 16.27x 16.99x 13.58x 15.98x 17.65x 12.60x 13.92x 13.56x - -
EBITDA 1'221.10 Long-Term Rating Date 08.03.2012
EBIT 835.60 Long-Term Rating A-
Operating Margin 52.51% Long-Term Outlook NEG
Pretax Margin 44.91% Short-Term Rating Date 20.01.2012
Return on Assets 3.55% Short-Term Rating A-2
Return on Common Equity 17.18%
Return on Capital - EBITDA/Interest Exp. 6.91
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. 0.31
Net Debt/EBITDA 4.68
Gross Margin - Total Debt/EBITDA 6.26
EBITDA Margin 78.4%
EBIT Margin 54.0% Total Debt/Equity 247.1%
Net Income Margin 27.7% Total Debt/Capital 71.2%
Asset Turnover 0.12
Current Ratio 1.26 Net Fixed Asset Turnover 0.19
Quick Ratio 1.18 Accounts receivable turnover-days 383.76
Debt to Assets 53.59% Inventory Days -
Tot Debt to Common Equity 247.12% Accounts Payable Turnover Day -
Accounts Receivable Turnover 0.95 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
Terna Rete Elettrica Nazionale SpAPrice/Volume
Valuation Analysis
8'031'679.00
Current Price (2/dd/yy) Market Data
'
-
-
.
.
0
0
1
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
1'!' 9
0.0
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASSA DEPOSITI E PRE n/a Research 602'977'483 30 - 19.02.2013 Other
MINOZZI ROMANO n/a Research 69'867'320 3.48 - 19.02.2013 n/a
IRIS CERAMICA SPA n/a EXCH 33'968'864 1.69 - 19.02.2013 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'446'855 1.22 610'050 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'448'202 1.12 (1'679'659) 25.02.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 17'556'738 0.87 (750'112) 30.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 9'358'143 0.47 - 26.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'037'487 0.35 103'843 31.12.2012 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 6'053'269 0.3 (90'500) 31.12.2012 Mutual Fund Manager
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 4'941'223 0.25 (111'892) 31.12.2012 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 4'800'000 0.24 (800'000) 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'781'903 0.24 694'041 31.12.2012 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 4'273'845 0.21 70'875 28.12.2012 Mutual Fund Manager
EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 4'261'000 0.21 (74'400) 31.12.2012 Hedge Fund Manager
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 3'574'862 0.18 444'930 31.01.2013 Investment Advisor
JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 3'487'425 0.17 20'617 29.02.2012 Mutual Fund Manager
NOMURA n/a ULT-AGG 3'350'866 0.17 - 06.09.2012 Unclassified
CASTELLARANO FIANDRE n/a Research 3'256'187 0.16 - 19.02.2013 Other
AMUNDI Multiple Portfolios MF-AGG 3'170'710 0.16 1'247'533 28.09.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 3'070'832 0.15 1'235'011 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banca Akros(ESN) DARIO MICHI buy 5 M 4 12 month 25.02.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 22.02.2013
Centrobanca EDOARDO MONTALBANO buy 5 M 4 12 month 15.02.2013
Barclays MONICA GIRARDI overweight 5 M 4 Not Provided 15.02.2013
Berenberg Bank LAWSON STEELE hold 3 M 3 Not Provided 13.02.2013
Credit Suisse STEFANO BEZZATO outperform 5 M 3 Not Provided 12.02.2013
Equita SIM SpA STEFANO GAMBERINI buy 5 M 4 12 month 11.02.2013
Societe Generale ALBERTO PONTI hold 3 M 3 12 month 08.02.2013
Goldman Sachs FRED BARASI sell/attractive 1 M 3 12 month 08.02.2013
Banca IMI ROBERTO RANIERI hold 3 M 3 12 month 08.02.2013
Nomura JAVIER SUAREZ buy 5 M 3 12 month 08.02.2013
CA Cheuvreux FRANCESCA PEZZOLI select list 5 M 4 Not Provided 07.02.2013
ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 07.02.2013
Kepler Capital Markets CLAUDIA INTROVIGNE buy 5 M 4 Not Provided 07.02.2013
Exane BNP Paribas OLIVIER VAN DOOSSELAERE neutral 3 U 3 Not Provided 07.02.2013
Morgan Stanley ANNA MARIA SCAGLIA Overwt/In-Line 5 M 3 12 month 06.02.2013
JPMorgan SARAH L LAITUNG overweight 5 M 3 9 month 01.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Macquarie ATALLAH ESTEPHAN outperform 5 M 3 12 month 30.08.2012
Mediobanca SpA MARIA BEATRICE GEROSA outperform 5 M 3 Not Provided 25.07.2012
Hammer Partners SA CHRIS MOORE buy 5 M 3 Not Provided 25.07.2012
Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 3 Not Provided 19.04.2011
Holdings By:
Terna Rete Elettrica Nazionale SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
TGS Nopec Geophysical Company ASA offers geophysical consulting and contracting
services. The Company also collects and processes magnetic and gravitational
data. TGS focuses on planning, collection, processing, and sale of
marine seismic data. The Company's customers are international oil and
exploration companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 218.40
52-Week Low (14.06.2012) 139.70
Daily Volume
218.4
52-Week High % Change 0.00% Dividend Yield -
52-Week Low % Change 56.34% Beta 1.30
% 52 Week Price Range High/Low 95.43% Equity Float 91.59
Shares Out 30.09.2012 103.4 Short Int -
22'583.08 1 Yr Total Return 39.33%
Total Debt 0.00 YTD Return 20.33%
Preferred Stock 0.0 Adjusted BETA 1.305
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 338.67 Consensus Rating 3.478
Enterprise Value 3'627.34
Average Volume 5 Day 456'674
TGS NO EQUITY YTD Change - Average Volume 30 Day 440'964
TGS NO EQUITY YTD % CHANGE - Average Volume 3 Month 456'436
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
565.8 477.7 568.3 608.6 932.2 608.6 932.2 1'038.1 1'140.1 224.5 245.9
0.62x 3.39x 3.49x 3.15x 3.19x 13.99x 11.77x 3.46x 3.08x 15.61x 14.66x
449.0 386.9 475.0 481.9 802.1 481.9 793.2 884.9 965.8 190.7 208.9
0.78x 4.19x 4.17x 3.98x 3.71x 3.98x 3.75x 4.10x 3.76x 4.07x 3.93x
113.8 162.5 155.8 170.6 284.5 170.7 284.5 313.6 346.0 66.7 73.3
4.49x 11.42x 14.69x 13.26x 11.65x 13.25x 11.63x 12.51x 11.30x 12.63x 11.96x
EBITDA 802.09 Long-Term Rating Date -
EBIT 402.30 Long-Term Rating -
Operating Margin 43.15% Long-Term Outlook -
Pretax Margin 43.72% Short-Term Rating Date -
Return on Assets 18.85% Short-Term Rating -
Return on Common Equity 26.58%
Return on Capital - EBITDA/Interest Exp. 1958.99
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 1905.83
Net Debt/EBITDA -0.43
Gross Margin 99.2% Total Debt/EBITDA 0.00
EBITDA Margin 85.1%
EBIT Margin 43.2% Total Debt/Equity 0.0%
Net Income Margin 30.5% Total Debt/Capital 0.0%
Asset Turnover 0.62
Current Ratio 2.14 Net Fixed Asset Turnover 36.14
Quick Ratio 1.66 Accounts receivable turnover-days 104.78
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.49 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
TGS Nopec Geophysical Co ASAPrice/Volume
Valuation Analysis
514'946.00
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
'
2'
-''
-2'
.''
.2'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 10'483'213 10.14 534 26.02.2013 Investment Advisor
GOVERNMENT PENSION F n/a EXCH 8'868'814 8.58 - 18.02.2013 Government
JP MORGAN CHASE BANK n/a EXCH 8'465'111 8.19 - 18.02.2013 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 4'865'234 4.71 - 18.02.2013 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 3'731'777 3.61 - 18.02.2013 Bank
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'575'610 3.46 (30'456) 31.12.2012 Investment Advisor
NORTHERN TRUST CO n/a EXCH 2'846'276 2.75 - 18.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'138'009 2.07 112'627 31.12.2012 Investment Advisor
EGERTON CAPITAL LIMI n/a EXCH 1'978'069 1.91 - 18.02.2013 Hedge Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 1'846'129 1.79 79'780 26.02.2013 Investment Advisor
SEB n/a ULT-AGG 1'626'897 1.57 (232'671) 18.02.2013 Unclassified
HAMILTON III HENRY H n/a EXCH 1'352'400 1.31 - 18.02.2013 n/a
TGS NOPEC GEOPHYSICA n/a EXCH 1'317'200 1.27 - 18.02.2013 Corporation
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 1'234'479 1.19 (717) 31.01.2013 Investment Advisor
RBC DEXIA INVESTOR S n/a EXCH 1'220'048 1.18 - 18.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'085'227 1.05 19'253 31.12.2012 Investment Advisor
VARMA MUTUAL PENSION n/a EXCH 1'048'730 1.01 - 18.02.2013 Insurance Company
ALLIANZ ASSET MANAGE n/a ULT-AGG 950'936 0.92 2'067 31.01.2013 Investment Advisor
DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 888'336 0.86 (266'100) 28.09.2012 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 832'754 0.81 38'600 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Fearnley Fonds MORTEN NYSTROM reduce 2 M 197 Not Provided 11.02.2013
Dahlman Rose & Co PETER HATFIELD hold 3 M #N/A N/A Not Provided 11.02.2013
Carnegie OLE MARTIN WESTGAARD buy 5 M #N/A N/A Not Provided 08.02.2013
Nordea Equity Research JORGEN ANDREAS LANDE buy 5 M 235 12 month 08.02.2013
DNB Markets MATS OLIMB hold 3 M 210 Not Provided 08.02.2013
Barclays MICK PICKUP underweight 1 M 230 Not Provided 08.02.2013
Danske Markets J HENRIK ERIKSEN buy 5 M 235 12 month 08.02.2013
Swedbank First Securities EIVIND TONNESSEN neutral 3 M 205 Not Provided 08.02.2013
Morgan Stanley ROBERT PULLEYN Equalwt/Attractive 3 M 243 12 month 07.02.2013
ABG Sundal Collier JOHN A SCHJ OLAISEN hold 3 M 190 6 month 07.02.2013
Goldman Sachs MICHAEL RAE neutral/neutral 3 M 222 12 month 07.02.2013
Handelsbanken KNUT ERIK LOVSTAD accumulate 4 M 215 12 month 07.02.2013
Pareto Securities KRISTIAN DIESEN buy 5 M 230 6 month 07.02.2013
SpareBank 1 Markets AS CHRISTOPHER MOLLERLOKKEN neutral 3 M 210 6 month 07.02.2013
Arctic Securities ASA CHRISTIAN YGGESETH buy 5 M 230 Not Provided 07.02.2013
JPMorgan ANDREW DOBBING underweight 1 M 214 9 month 29.01.2013
Nomura CHRISTYAN MALEK reduce 2 M 170 12 month 29.01.2013
RBC Capital Markets KATHERINE TONKS sector perform 3 M 205 12 month 17.01.2013
SEB Enskilda TERJE FATNES buy 5 M 231 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
RS Platou Markets GORAN ANDREASSEN buy 5 M 255 6 month 09.01.2013
Canaccord Genuity Corp JAMES EVANS hold 3 M 200 12 month 25.09.2012
Fondsfinans AS ARNE EGIL ROENNING Under Review #N/A N/A M #N/A N/A Not Provided 13.02.2012
Holdings By:
TGS Nopec Geophysical Co ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Thales SA manufactures aerospace systems and industrial electronics products.
The Company manufactures radar and countermeasure systems, optronics and
electron tubes, communications, navigation, and identification systems, air
traffic management systems, computer hardware and software, missile defense
systems, and semiconductors. Thales serves the civilian and military markets.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.03.2012) 28.91
52-Week Low (14.06.2012) 23.07
Daily Volume
26.53
52-Week High % Change -8.23% Dividend Yield -
52-Week Low % Change 15.00% Beta 0.76
% 52 Week Price Range High/Low 60.33% Equity Float 91.47
Shares Out 24.01.2013 202.3 Short Int -
5'368.07 1 Yr Total Return 1.65%
Total Debt 1'931.70 YTD Return 1.09%
Preferred Stock 0.0 Adjusted BETA 0.763
Minority Interest 9.7 Analyst Recs 19
Cash and Equivalents 2'353.30 Consensus Rating 3.737
Enterprise Value 5'231.77
Average Volume 5 Day 154'216
HO FP EQUITY YTD Change - Average Volume 30 Day 222'074
HO FP EQUITY YTD % CHANGE - Average Volume 3 Month 211'437
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
12'295.6 12'664.8 12'881.5 13'124.8 13'028.4 13'077.4 13'766.0 13'814.6 13'845.3 4'707.0 -
0.68x 0.50x 0.56x 0.38x 0.34x 0.00x 0.00x 0.32x 0.30x - -
1'185.9 1'217.9 588.7 401.4 1'254.1 0.0 0.0 1'301.4 1'386.3 - -
7.01x 5.22x 12.31x 12.53x 3.54x 0.00x 0.00x 4.02x 3.77x - -
887.4 559.9 (201.8) (107.6) 511.8 0.0 0.0 510.8 606.2 - -
8.94x 10.39x - - 9.38x 0.00x 0.00x 10.03x 8.51x - -
EBITDA 1'254.10 Long-Term Rating Date 02.07.2010
EBIT 839.00 Long-Term Rating BBB+
Operating Margin 6.44% Long-Term Outlook POS
Pretax Margin 5.06% Short-Term Rating Date 10.08.2000
Return on Assets 2.52% Short-Term Rating A-2
Return on Common Equity 12.68%
Return on Capital 8.76% EBITDA/Interest Exp. 15.06
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 11.88
Net Debt/EBITDA -0.12
Gross Margin 22.7% Total Debt/EBITDA 1.46
EBITDA Margin 9.3%
EBIT Margin 6.1% Total Debt/Equity 46.9%
Net Income Margin 3.9% Total Debt/Capital 31.9%
Asset Turnover 0.67
Current Ratio 0.93 Net Fixed Asset Turnover 9.64
Quick Ratio 0.41 Accounts receivable turnover-days -
Debt to Assets 9.17% Inventory Days 90.05
Tot Debt to Common Equity 46.88% Accounts Payable Turnover Day 176.16
Accounts Receivable Turnover - Cash Conversion Cycle -22.06
Inventory Turnover 4.06
Fiscal Year Ended
Thales SAPrice/Volume
Valuation Analysis
137'887.00
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
'
2
-'
-2
.'
.2
0'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Co File 54'786'654 27.08 - 31.12.2011 Government
DASSAULT AVIATION SA n/a Research 52'531'431 25.96 - 09.07.2012 Corporation
TRADEWINDS GLOBAL IN n/a Research 10'029'597 4.96 (102'974) 10.02.2012 Investment Advisor
THALES SA n/a Co File 3'542'173 1.75 - 31.12.2011 Corporation
DNCA FINANCE Multiple Portfolios MF-AGG 3'367'528 1.66 35'000 28.09.2012 Investment Advisor
FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 2'850'886 1.41 (139'114) 31.12.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 2'398'481 1.19 24'990 30.06.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (1'901'888) -0.94 (281'237) 07.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'778'045 0.88 45'846 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'366'486 0.68 1'683 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'191'492 0.59 14'290 28.09.2012 Mutual Fund Manager
MAVERICK CAPITAL LTD n/a Short (1'011'699) -0.5 - 14.02.2013 Hedge Fund Manager
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 753'568 0.37 (33'006) 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 719'392 0.36 1'037 25.02.2013 Investment Advisor
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 696'646 0.34 (46'356) 31.01.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 597'400 0.3 - 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 539'987 0.27 (28'327) 30.11.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 536'447 0.27 (50'771) 31.12.2012 Investment Advisor
LEONARDO INVEST FUND Multiple Portfolios MF-AGG 490'800 0.24 - 28.09.2012 Mutual Fund Manager
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 367'978 0.18 (7'724) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kepler Capital Markets CHRISTOPHE MENARD buy 5 M 34 Not Provided 26.02.2013
AlphaValue THOMAS PICHERIT buy 5 M 44 6 month 21.02.2013
RBC Capital Markets ROBERT STALLARD underperform 1 M 26 12 month 20.02.2013
JPMorgan DAVID H. PERRY overweight 5 N 33 9 month 11.02.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX buy 5 M 38 12 month 05.02.2013
Societe Generale ZAFAR KHAN hold 3 M 28 12 month 28.01.2013
Oddo & Cie YAN DEROCLES neutral 3 M 30 Not Provided 25.01.2013
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 32 12 month 18.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Exane BNP Paribas TRISTAN SANSON neutral 3 M 28 Not Provided 16.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
Barclays CARTER COPELAND equalweight 3 M 26 Not Provided 15.01.2013
Deutsche Bank MILENE KERNER hold 3 M 30 12 month 12.12.2012
Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 29 Not Provided 16.10.2012
Natixis ERIC CHADEYRAS buy 5 M 39 Not Provided 02.08.2012
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX outperform 5 M 33 Not Provided 26.07.2012
Holdings By:
Thales SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
TNT Express NV transports goods and documents by truck and air. The Company
primarily transports high-tech electronics, automotive, industrial, healthcare
and fashion products. TNT specializes in time-certain and day-definite
delivery of freight.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 9.54
52-Week Low (14.01.2013) 4.05
Daily Volume
5.703
52-Week High % Change -40.27% Dividend Yield -
52-Week Low % Change 40.78% Beta 0.83
% 52 Week Price Range High/Low 28.78% Equity Float 331.73
Shares Out 31.12.2012 543.3 Short Int -
3'098.28 1 Yr Total Return -38.89%
Total Debt 191.00 YTD Return -32.35%
Preferred Stock 0.0 Adjusted BETA 0.834
Minority Interest 7.0 Analyst Recs 24
Cash and Equivalents 397.00 Consensus Rating 3.458
Enterprise Value 2'899.28
Average Volume 5 Day 3'996'283
TNTE NA EQUITY YTD Change - Average Volume 30 Day 5'482'648
TNTE NA EQUITY YTD % CHANGE - Average Volume 3 Month 6'013'539
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
- - 6'945.0 7'156.0 7'162.0 7'156.0 7'162.0 7'434.0 7'732.3 - -
- - - 0.43x 0.61x 1.38x 2.61x 0.37x 0.34x - -
- - 389.0 389.0 380.0 389.0 382.0 508.3 582.9 - -
- - - 8.00x 11.53x 8.00x 11.47x 5.70x 4.97x - -
- - 66.0 (270.0) (83.0) (270.0) (83.0) 177.2 230.4 - -
- - - - - 0.00x 0.00x 19.33x 13.81x 27.15x -
EBITDA 380.00 Long-Term Rating Date 16.01.2013
EBIT 89.00 Long-Term Rating BBB+
Operating Margin 1.24% Long-Term Outlook STABLE
Pretax Margin 0.66% Short-Term Rating Date 16.01.2013
Return on Assets -1.81% Short-Term Rating A-2
Return on Common Equity -3.01%
Return on Capital -5.63% EBITDA/Interest Exp. 8.26
Asset Turnover 1.56% (EBITDA-Capex)/Interest Exp. 5.63
Net Debt/EBITDA -0.54
Gross Margin - Total Debt/EBITDA 0.50
EBITDA Margin 5.3%
EBIT Margin 1.2% Total Debt/Equity 7.0%
Net Income Margin -1.2% Total Debt/Capital 6.6%
Asset Turnover 1.56
Current Ratio 1.36 Net Fixed Asset Turnover 8.26
Quick Ratio 1.08 Accounts receivable turnover-days 57.01
Debt to Assets 4.25% Inventory Days -
Tot Debt to Common Equity 7.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.42 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
TNT Express NVPrice/Volume
Valuation Analysis
1'826'280.00
Current Price (2/dd/yy) Market Data
'-.0123456
-'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
POSTNL NV n/a Research 162'130'035 29.84 - 01.06.2011 Corporation
ALBERTA INVESTMENT M n/a Research 24'926'005 4.59 - 22.02.2012 Government
JANA PARTNERS LLC n/a Research 24'371'653 4.49 - 22.02.2012 Hedge Fund Manager
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 14'309'904 2.63 (3'314'165) 30.09.2012 Hedge Fund Manager
WATER ISLAND CAPITAL Multiple Portfolios MF-AGG 7'944'330 1.46 (2'954'408) 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'486'332 1.38 45'443 31.12.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 7'021'283 1.29 6'031'650 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'765'454 1.06 8'880 25.02.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4'246'313 0.78 - 31.12.2012 Investment Advisor
ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 3'214'995 0.59 3'214'995 31.01.2013 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 2'822'940 0.52 (8'810) 31.01.2013 Mutual Fund Manager
GAMCO n/a ULT-AGG 2'200'000 0.4 (130'000) 31.10.2012 Unclassified
HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 2'008'227 0.37 - 30.09.2011 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'866'507 0.34 (1'617'589) 31.12.2012 Investment Advisor
AQR CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'578'472 0.29 - 31.12.2012 Hedge Fund Manager
DODGE & COX Multiple Portfolios MF-AGG 1'406'099 0.26 - 29.01.2013 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 1'286'784 0.24 - 31.10.2012 Mutual Fund Manager
IBERCAJA GESTION, S. Multiple Portfolios MF-AGG 1'257'148 0.23 - 31.12.2012 Mutual Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 883'190 0.16 883'190 31.01.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 870'288 0.16 - 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KBC Securities DIETER FURNIERE hold 3 M 6 Not Provided 25.02.2013
Kepler Capital Markets ANDRE MULDER buy 5 M 7 Not Provided 25.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013
CA Cheuvreux BEAT KEISER underperform 1 M 5 Not Provided 20.02.2013
Kempen & Co ARUN RAMBOCUS hold 3 M 6 12 month 19.02.2013
Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 8 12 month 19.02.2013
RBC Capital Markets DAMIAN BREWER sector perform 3 M 6 12 month 19.02.2013
Rabobank International PHILIP SCHOLTE buy 5 M 7 12 month 19.02.2013
Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 19.02.2013
SNS Securities(ESN) GERT STEENS hold 3 M 4 12 month 18.02.2013
Petercam MARCEL ACHTERBERG reduce 2 M 5 Not Provided 18.02.2013
ING Bank MARC ZWARTSENBURG buy 5 M 6 12 month 18.02.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 7 Not Provided 18.02.2013
JPMorgan CHRISTOPHER G COMBE overweight 5 M 7 9 month 14.02.2013
Morgan Stanley PENNY BUTCHER Underwt/In-Line 1 M 5 12 month 13.02.2013
Nomura MARK MCVICAR neutral 3 M 5 12 month 13.02.2013
Makor Capital ALBERT SAPORTA hold 3 M 7 Not Provided 01.02.2013
Davy STEPHEN FURLONG outperform 5 U #N/A N/A Not Provided 25.01.2013
Barclays DAVID E FINTZEN equalweight 3 M 5 Not Provided 21.01.2013
HSBC JULIA WINARSO neutral 3 M 5 Not Provided 15.01.2013
Credit Suisse NEIL GLYNN neutral 3 M 10 Not Provided 24.09.2012
Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 16 Not Provided 07.05.2012
Deutsche Bank ANDY CHU restricted #N/A N/A M #N/A N/A Not Provided 20.03.2012
Theodoor Gilissen Securities JOS VERSTEEG Under Review #N/A N/A M #N/A N/A Not Provided 27.10.2011
Main First Bank AG TOBIAS SITTIG neutral 3 M 8 12 month 02.08.2011
Holdings By:
TNT Express NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Travis Perkins plc markets and distributes products to the UK construction and
building trade industries, including timber, building, and plumbing and heating
materials.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (19.02.2013) 1'311.00
52-Week Low (25.05.2012) 901.50
Daily Volume
1256
52-Week High % Change -4.20% Dividend Yield 1.99
52-Week Low % Change 39.32% Beta 1.36
% 52 Week Price Range High/Low 84.62% Equity Float 244.21
Shares Out 31.01.2013 244.9 Short Int -
3'076.05 1 Yr Total Return 20.56%
Total Debt 591.30 YTD Return 15.44%
Preferred Stock 0.0 Adjusted BETA 1.360
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 139.10 Consensus Rating 3.286
Enterprise Value 3'528.25
Average Volume 5 Day 809'467
TPK LN EQUITY YTD Change - Average Volume 30 Day 672'659
TPK LN EQUITY YTD % CHANGE - Average Volume 3 Month 643'277
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 - -
3'178.6 2'930.9 3'152.8 4'779.1 4'844.9 - - 4'986.7 5'287.9 - -
0.45x 0.75x 1.04x 0.52x 0.64x - - 0.68x 0.63x - -
217.5 336.7 285.2 360.8 378.9 - - 415.1 462.4 - -
6.62x 6.56x 11.50x 6.91x 8.22x - - 8.50x 7.63x - -
101.9 157.4 141.3 212.4 259.6 - - 234.7 270.1 - -
3.90x 9.64x 15.21x 8.81x 9.99x - - 12.61x 10.97x - -
EBITDA 378.90 Long-Term Rating Date -
EBIT 309.50 Long-Term Rating -
Operating Margin 6.39% Long-Term Outlook -
Pretax Margin 6.47% Short-Term Rating Date -
Return on Assets 6.07% Short-Term Rating -
Return on Common Equity 11.76%
Return on Capital 10.31% EBITDA/Interest Exp. 9.36
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 7.32
Net Debt/EBITDA 1.19
Gross Margin 30.2% Total Debt/EBITDA 1.56
EBITDA Margin 7.8%
EBIT Margin 6.4% Total Debt/Equity 25.6%
Net Income Margin 5.4% Total Debt/Capital 20.4%
Asset Turnover 1.13
Current Ratio 0.93 Net Fixed Asset Turnover 8.49
Quick Ratio 0.08 Accounts receivable turnover-days -
Debt to Assets 13.57% Inventory Days -
Tot Debt to Common Equity 25.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 30.87
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
Travis Perkins PLCPrice/Volume
Valuation Analysis
206'558.00
Current Price (2/dd/yy) Market Data
'
.''
1''
3''
5''
-'''
-.''
-1''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
0.0
1'000.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCOTTISH WIDOWS n/a ULT-AGG 18'662'710 7.62 3'106'866 02.01.2013 Unclassified
LLOYDS BANKING GROUP n/a ULT-AGG 17'384'404 7.1 55'839 31.01.2013 Investment Advisor
SPRUCEGROVE INVESTME Multiple Portfolios REG 13'162'803 5.37 (4'170) 02.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 12'920'606 5.28 15'559 31.12.2012 Investment Advisor
TEACHERS ADVISORS IN n/a RNS-MAJ 9'877'826 4.03 2'028'385 11.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 9'502'566 3.88 210'010 31.01.2013 Unclassified
SANDERSON ASSET MANA Multiple Portfolios REG 8'926'940 3.65 (45'260) 02.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 8'863'026 3.62 (161'457) 02.01.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios REG 8'580'144 3.5 118'620 02.01.2013 Investment Advisor
UBS n/a ULT-AGG 8'512'604 3.48 - 02.01.2013 Unclassified
TRAVIS PERKINS FAMIL Multiple Portfolios REG 8'211'177 3.35 (236'701) 02.01.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 7'507'239 3.07 (3'267'553) 02.01.2013 Investment Advisor
PZENA INVESTMENT MAN Multiple Portfolios REG 7'149'678 2.92 (294'263) 02.01.2013 Hedge Fund Manager
AXA FRAMLINGTON INV Multiple Portfolios REG 6'862'121 2.8 - 02.01.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6'169'829 2.52 - 31.12.2012 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 6'122'076 2.5 (209'155) 02.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'026'868 2.46 931'625 25.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 5'627'577 2.3 395'601 02.01.2013 Investment Advisor
TRAVIS PERKINS ESOP Multiple Portfolios REG 5'532'060 2.26 5'317'923 02.01.2013 Other
NORGES BANK INVESTME Multiple Portfolios REG 5'503'202 2.25 - 02.01.2013 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank GLYNIS JOHNSON hold 3 M 1'213 12 month 22.02.2013
Goodbody Stockbrokers Ltd ROBERT EASON hold 3 M 1'235 12 month 22.02.2013
Panmure Gordon & Co Limited ANDY BROWN buy 5 M 1'350 Not Provided 22.02.2013
Jefferies SAM CULLEN hold 3 M 1'130 12 month 21.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 1'400 Not Provided 21.02.2013
AlphaValue LIONEL PELLICER reduce 2 M 1'281 6 month 21.02.2013
Oriel Securities Ltd MARK HOWSON add 4 M #N/A N/A Not Provided 20.02.2013
Numis Securities Ltd HOWARD SEYMOUR hold 3 M 1'000 Not Provided 19.02.2013
Redburn Partners JOHN MESSENGER buy 5 M #N/A N/A Not Provided 24.01.2013
Peel Hunt ANDREW NUSSEY sell 1 D 1'000 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 1'342 12 month 18.12.2012
Credit Suisse HARRY GOAD neutral 3 M 1'050 Not Provided 17.12.2012
Davy FLORENCE O'DONOGHUE outperform 5 U #N/A N/A Not Provided 04.12.2012
Berenberg Bank MICHAEL WATTS sell 1 M 1'000 Not Provided 17.10.2012
Barclays PAUL CHECKETTS equalweight 3 M 1'150 Not Provided 15.10.2012
JPMorgan EMILY BIDDULPH neutral 3 M 999 Not Provided 05.05.2012
Shore Capital Stockbrokers JON BELL buy 5 M #N/A N/A Not Provided 02.05.2012
HSBC MATTHEW LLOYD restricted #N/A N/A M #N/A N/A Not Provided 28.05.2010
Holdings By:
Travis Perkins PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
UCB SA is a biopharmaceutical company. The Company specializes in the treatment
of central nervous system disorders, inflammatory diseases, and oncology. UCB
operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (06.11.2012) 46.14
52-Week Low (02.03.2012) 29.12
Daily Volume
44.14
52-Week High % Change -4.14% Dividend Yield -
52-Week Low % Change 51.58% Beta 0.73
% 52 Week Price Range High/Low 77.11% Equity Float -
Shares Out 30.09.2012 183.4 Short Int -
8'093.73 1 Yr Total Return 49.56%
Total Debt 1'817.00 YTD Return 2.13%
Preferred Stock 0.0 Adjusted BETA 0.733
Minority Interest 2.0 Analyst Recs 27
Cash and Equivalents 267.00 Consensus Rating 3.111
Enterprise Value 9'857.73
Average Volume 5 Day 207'644
UCB BB EQUITY YTD Change - Average Volume 30 Day 184'329
UCB BB EQUITY YTD % CHANGE - Average Volume 3 Month 163'345
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
3'027.0 2'683.0 2'786.0 2'876.0 3'462.0 0.0 3'462.0 3'393.4 3'611.4 - -
2.22x 2.65x 2.20x 2.53x - #DIV/0! 0.00x 2.80x 2.55x - -
711.0 674.0 722.0 681.0 - 0.0 0.0 713.6 834.3 - -
9.46x 10.54x 8.50x 10.69x - 0.00x 0.00x 13.86x 11.86x - -
42.0 513.0 103.0 235.0 252.0 0.0 0.0 332.9 435.5 - -
- 10.40x 44.26x 26.18x 30.22x 0.00x 0.00x 23.35x 18.26x - -
EBITDA 681.00 Long-Term Rating Date -
EBIT 435.00 Long-Term Rating -
Operating Margin 15.13% Long-Term Outlook -
Pretax Margin 7.96% Short-Term Rating Date -
Return on Assets 1.93% Short-Term Rating -
Return on Common Equity 3.64%
Return on Capital - EBITDA/Interest Exp. 5.08
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 4.47
Net Debt/EBITDA 3.05
Gross Margin 64.8% Total Debt/EBITDA 3.60
EBITDA Margin 19.9%
EBIT Margin 11.8% Total Debt/Equity 37.7%
Net Income Margin 7.3% Total Debt/Capital 27.4%
Asset Turnover 0.32
Current Ratio 1.06 Net Fixed Asset Turnover 5.58
Quick Ratio 0.57 Accounts receivable turnover-days -
Debt to Assets 19.80% Inventory Days 186.79
Tot Debt to Common Equity 37.69% Accounts Payable Turnover Day 350.32
Accounts Receivable Turnover - Cash Conversion Cycle -19.75
Inventory Turnover 1.96
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
UCB SAPrice/Volume
Valuation Analysis
347'276.00
Current Price (2/dd/yy) Market Data
'2
-'-2.'.20'021'122'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
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
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINANCIERE DE TUBIZE n/a Co File 66'370'000 36.2 - 29.02.2012 Holding Company
CAPITAL GROUP COMPAN n/a ULT-AGG 44'228'143 24.12 1'768'341 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'884'666 4.3 36'919 31.12.2012 Investment Advisor
UCB FIPAR n/a Co File 3'136'150 1.71 - 29.02.2012 Other
COSYLVA SA n/a Co File 3'000'000 1.64 - 29.02.2012 Corporation
PHARMAHOLD SA n/a Co File 3'000'000 1.64 - 29.02.2012 Other
SCHWARZ VERMOEGENSVE n/a Co File 2'471'404 1.35 - 29.02.2012 n/a
COMPAR FINANCE SA n/a Co File 2'065'830 1.13 - 29.02.2012 Other
SCOPIA MANAGEMENT IN n/a Short (1'485'257) -0.81 - 02.01.2013 Hedge Fund Manager
LEVIMMO SA n/a Co File 1'230'770 0.67 - 29.02.2012 Other
FMR LLC n/a ULT-AGG 1'193'508 0.65 31'836 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'163'731 0.63 (2'136) 25.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'106'505 0.6 112'207 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'015'645 0.55 24'456 31.01.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 843'744 0.46 2'130 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 763'707 0.42 (11'228) 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 659'605 0.36 - 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 607'611 0.33 (34'518) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 572'754 0.31 (102) 31.12.2012 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 500'700 0.27 5'700 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 49 12 month 27.02.2013
Jefferies PETER WELFORD underperform 1 M 34 12 month 27.02.2013
Bank Degroof(ESN) BERNARD HANSSENS hold 3 M 45 12 month 27.02.2013
KBC Securities JAN DE KERPEL hold 3 M 44 Not Provided 27.02.2013
Berenberg Bank ADRIAN HOWD buy 5 M 50 Not Provided 27.02.2013
Bryan Garnier & Cie MARTIAL DESCOUTURES neutral 3 M 42 6 month 27.02.2013
Nomura AMIT ROY buy 5 M 35 12 month 27.02.2013
ING Bank FABIAN SMEETS hold 3 M 39 12 month 27.02.2013
ABN Amro Bank N.V. MARK VAN DER GEEST reduce 2 M 30 Not Provided 27.02.2013
Credit Suisse LUISA HECTOR neutral 3 M 47 Not Provided 26.02.2013
Kepler Capital Markets FABIAN WENNER reduce 2 M 36 Not Provided 25.02.2013
Exane BNP Paribas NICOLAS GUYON-GELLIN outperform 5 M 50 Not Provided 22.02.2013
AlphaValue KAMLA SINGH reduce 2 M 43 6 month 21.02.2013
Barclays BRIAN BOURDOT equalweight 3 M 39 Not Provided 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 12.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 38 12 month 28.01.2013
Petercam Roderick Verhelst hold 3 M 43 Not Provided 25.01.2013
Kempen & Co SACHIN SONI hold 3 M 39 12 month 15.01.2013
Deutsche Bank RICHARD J PARKES hold 3 M 42 12 month 12.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Natixis PHILIPPE LANONE neutral 3 M 41 Not Provided 15.11.2012
S&P Capital IQ SHO MATSUBARA sell 1 M 32 12 month 29.10.2012
JPMorgan RICHARD VOSSER overweight 5 M 51 9 month 05.10.2012
Societe Generale STEPHEN MCGARRY buy 5 M 49 12 month 27.09.2012
CA Cheuvreux LAURENT FLAMME underperform 1 M 42 Not Provided 10.09.2012
Main First Bank AG MARCUS WIEPRECHT neutral 3 N 30 12 month 07.11.2011
Holdings By:
UCB SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Umicore SA is a materials technology company. The Company operates in advanced
materials, precious metal products and catalysts, along with zinc specialties.
Umicore has industrial operations on all continents.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (17.04.2012) 44.90
52-Week Low (25.07.2012) 32.79
Daily Volume
38.065
52-Week High % Change -15.31% Dividend Yield 2.63
52-Week Low % Change 16.09% Beta 1.11
% 52 Week Price Range High/Low 39.43% Equity Float -
Shares Out 31.12.2012 120.0 Short Int -
4'567.80 1 Yr Total Return 0.56%
Total Debt 353.90 YTD Return -8.70%
Preferred Stock 0.0 Adjusted BETA 1.107
Minority Interest 54.1 Analyst Recs 21
Cash and Equivalents 131.40 Consensus Rating 3.143
Enterprise Value 4'844.40
Average Volume 5 Day 492'554
UMI BB EQUITY YTD Change - Average Volume 30 Day 554'615
UMI BB EQUITY YTD % CHANGE - Average Volume 3 Month 445'558
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 09/12 Q3 12/12 Q4
9'124.0 6'937.4 9'691.1 14'480.9 12'548.0 - - 14'236.4 15'066.4 - -
0.21x 0.41x 0.50x 0.27x 0.39x - - 0.34x 0.32x - -
474.6 232.7 427.7 560.3 487.1 - - 518.7 580.6 - -
4.12x 12.29x 11.31x 6.87x 10.14x - - 9.35x 8.35x - -
121.7 73.8 248.7 325.0 233.4 - - 266.6 301.9 - -
13.03x 33.91x 17.69x 11.10x 19.95x - - 16.01x 13.99x - -
EBITDA 487.10 Long-Term Rating Date -
EBIT 305.40 Long-Term Rating -
Operating Margin 2.43% Long-Term Outlook -
Pretax Margin 2.37% Short-Term Rating Date -
Return on Assets 6.32% Short-Term Rating -
Return on Common Equity 13.65%
Return on Capital - EBITDA/Interest Exp. 27.12
Asset Turnover 3.40% (EBITDA-Capex)/Interest Exp. 18.02
Net Debt/EBITDA 0.46
Gross Margin - Total Debt/EBITDA 0.73
EBITDA Margin 3.9%
EBIT Margin 2.4% Total Debt/Equity 20.2%
Net Income Margin 1.9% Total Debt/Capital 16.4%
Asset Turnover 3.40
Current Ratio 1.52 Net Fixed Asset Turnover 14.13
Quick Ratio 0.09 Accounts receivable turnover-days -
Debt to Assets 9.65% Inventory Days -
Tot Debt to Common Equity 20.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Umicore SAPrice/Volume
Valuation Analysis
378'442.00
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
'2
-'-2.'.20'021'122'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
2'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 11'982'559 9.99 (445) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 10'768'257 8.97 (462) 25.02.2013 Investment Advisor
UMICORE n/a Co File 9'243'186 7.7 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'901'472 4.92 396'883 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a Co File 3'650'564 3.04 - 31.12.2011 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'662'796 1.39 (131'464) 31.12.2012 Investment Advisor
SARASIN n/a ULT-AGG 1'290'257 1.08 8'191 28.12.2012 Unclassified
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 950'360 0.79 35'350 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 930'569 0.78 9'783 28.09.2012 Bank
LEYSEN THOMAS ANDRE n/a Co File 871'320 0.73 - 31.12.2011 n/a
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 823'500 0.69 21'300 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 712'959 0.59 (73'852) 31.12.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 709'137 0.59 99'659 29.06.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 661'042 0.55 198'353 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 654'802 0.55 (2'860) 31.12.2012 Investment Advisor
MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 592'000 0.49 - 30.11.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 559'256 0.47 (331'255) 31.01.2013 Investment Advisor
FIDELITY INVESTMENT Multiple Portfolios MF-AGG 521'854 0.43 - 30.12.2011 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 493'992 0.41 5'371 31.12.2012 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 471'328 0.39 (122'050) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Rabobank International FRANK CLAASSEN hold 3 M 37 12 month 25.02.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 44 Not Provided 25.02.2013
AlphaValue MARTIN SCHNEE add 4 M 41 6 month 21.02.2013
Equita SIM SpA MASSIMO BONISOLI hold 3 M 41 12 month 19.02.2013
Kepler Capital Markets PETER OLOFSEN buy 5 M 43 Not Provided 18.02.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 47 12 month 15.02.2013
ING Bank FILIP DE PAUW hold 3 M 39 12 month 14.02.2013
Credit Suisse RHIAN O'CONNOR neutral 3 M 35 Not Provided 12.02.2013
JPMorgan MARTIN EVANS neutral 3 M 36 9 month 12.02.2013
Bank Degroof(ESN) BERNARD HANSSENS hold 3 M 38 Not Provided 11.02.2013
Petercam MARC DEBROUWER hold 3 M 40 Not Provided 11.02.2013
KBC Securities WIM HOSTE hold 3 M 36 12 month 08.02.2013
Deutsche Bank MARTIN DUNWOODIE hold 3 M 37 12 month 07.02.2013
HSBC GEOFF HAIRE underweight 1 M 36 Not Provided 07.02.2013
ABN Amro Bank N.V. MARK VAN DER GEEST hold 3 M 44 Not Provided 31.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Kempen & Co DENIS LEPADATU hold 3 M 39 12 month 07.01.2013
Exane BNP Paribas ARNAUD W GOOSSENS neutral 3 M 40 Not Provided 17.10.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 30.01.2012
Holdings By:
Umicore SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
UBI Banca - Unione di Banche Italiane ScpA attracts deposits and offers business
loans, pension and investment fund management, mortgages, insurance, and online
securities brokerage services. UBI Banca operates network banks throughout
Italy, Germany, France, and Switzerland and performs centralized functions of
governance, control and organization for those banks.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (21.01.2013) 4.04
52-Week Low (24.07.2012) 1.82
Daily Volume
3.462
52-Week High % Change -14.26% Dividend Yield -
52-Week Low % Change 90.12% Beta 1.20
% 52 Week Price Range High/Low 69.81% Equity Float 840.79
Shares Out 30.09.2012 901.7 Short Int -
3'121.85 1 Yr Total Return 5.12%
Total Debt 58'149.64 YTD Return -1.25%
Preferred Stock 0.0 Adjusted BETA 1.203
Minority Interest 898.9 Analyst Recs 22
Cash and Equivalents 6'809.84 Consensus Rating 2.591
Enterprise Value -
Average Volume 5 Day 9'571'287
UBI IM EQUITY YTD Change - Average Volume 30 Day 7'880'230
UBI IM EQUITY YTD % CHANGE - Average Volume 3 Month 8'336'645
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
7'123.0 7'113.8 5'886.5 5'151.3 5'534.6 5'330.9 5'314.4 3'486.8 3'419.8 828.3 826.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
880.8 69.0 270.1 172.1 (1'841.5) 157.1 (1'801.4) 169.0 212.3 - -
18.59x 77.62x 24.22x 47.17x - 17.67x 0.00x 18.03x 15.05x 18.32x -
EBITDA - Long-Term Rating Date 03.08.2012
EBIT - Long-Term Rating BBB
Operating Margin -7.69% Long-Term Outlook NEG
Pretax Margin -59.14% Short-Term Rating Date 18.10.2011
Return on Assets -1.36% Short-Term Rating A-2
Return on Common Equity -17.23%
Return on Capital -2.66% 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 650.5%
Net Income Margin -51.0% Total Debt/Capital 85.5%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 2.64
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 44.80% Inventory Days -
Tot Debt to Common Equity 650.51% 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
Unione di Banche Italiane SCPAPrice/Volume
Valuation Analysis
5'396'381.00
Current Price (2/dd/yy) Market Data
'--..00112
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 47'722'747 5.29 86'719 25.02.2013 Investment Advisor
SILCHESTER INTL INVE n/a EXCH 45'096'359 5 - 14.01.2013 Investment Advisor
FONDAZIONE CASSA RIS n/a EXCH 20'541'793 2.28 - 14.01.2013 Other
FONDAZIONE BANCA MON n/a EXCH 20'325'373 2.25 - 14.01.2013 Other
NORGES BANK n/a EXCH 19'631'028 2.18 - 14.01.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'458'494 1.71 243'919 31.12.2012 Investment Advisor
BLACKROCK LIFE LTD n/a EXCH 3'706'179 0.41 - 14.01.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'364'065 0.37 114'220 31.12.2012 Investment Advisor
BLACKROCK ADVISORS U n/a EXCH 3'083'974 0.34 - 14.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'940'802 0.33 (70'800) 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'531'025 0.28 - 31.07.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 1'792'459 0.2 22'000 01.02.2013 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 1'394'688 0.15 (102'000) 28.12.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'312'485 0.15 - 28.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 1'234'803 0.14 (29'480) 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'148'730 0.13 158'152 28.09.2012 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 988'055 0.11 40'686 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 956'502 0.11 164'476 28.09.2012 Mutual Fund Manager
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 839'457 0.09 - 31.12.2012 Investment Advisor
BLACKROCK ASSET MANA n/a EXCH 838'625 0.09 - 14.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 3 12 month 27.02.2013
Mediobanca SpA RICCARDO ROVERE outperform 5 M 4 6 month 25.02.2013
Banca IMI MANUELA MERONI add 4 M 3 12 month 25.02.2013
Kepler Capital Markets ANNA MARIA BENASSI hold 3 M 4 Not Provided 25.02.2013
Exane BNP Paribas ANDREA VERCELLONE outperform 5 M 4 Not Provided 22.02.2013
Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 4 12 month 14.02.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 5 12 month 28.01.2013
Equita SIM SpA GIOVANNI RAZZOLI reduce 2 D 4 12 month 28.01.2013
Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 4 12 month 22.01.2013
ICBPI MARCO SALLUSTIO sell 1 M 3 12 month 22.01.2013
Societe Generale CARLO TOMMASELLI hold 3 M 4 12 month 21.01.2013
Deutsche Bank PAOLA SABBIONE hold 3 M 4 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Credit Suisse ANDREA UNZUETA underperform 1 M 3 Not Provided 15.01.2013
CA Cheuvreux ALDO COMI underperform 1 M 3 Not Provided 30.11.2012
HSBC JASON KEPAPTSOGLOU neutral 3 M 3 Not Provided 27.11.2012
Natixis STEVEN GOULD neutral 3 M 3 Not Provided 15.11.2012
Nomura DOMENICO SANTORO reduce 2 M 3 12 month 25.10.2012
JPMorgan KIAN ABOUHOSSEIN underweight 1 M 3 Not Provided 28.05.2012
Holdings By:
Unione di Banche Italiane SCPA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
UPM-Kymmene Oyj manufactures forest products. The Company focuses on magazine
papers, newsprint, and fine and specialty papers. UPM-Kymmene also makes
self-adhesive labels, siliconized papers, industrial wrappings, and packaging
papers. The Company's Wood Products division produces sawn products, plywood,
and other building materials. UPM-Kymmene is active in many countries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2012) 10.69
52-Week Low (04.06.2012) 7.82
Daily Volume
8.85
52-Week High % Change -17.31% Dividend Yield -
52-Week Low % Change 13.24% Beta 1.19
% 52 Week Price Range High/Low 29.57% Equity Float -
Shares Out 19.02.2013 526.1 Short Int -
4'656.20 1 Yr Total Return -9.84%
Total Debt 3'917.00 YTD Return 0.51%
Preferred Stock 0.0 Adjusted BETA 1.188
Minority Interest 16.0 Analyst Recs 17
Cash and Equivalents 468.00 Consensus Rating 3.529
Enterprise Value 8'121.20
Average Volume 5 Day 2'576'192
UPM1V FH EQUITY YTD Change - Average Volume 30 Day 2'573'431
UPM1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 2'291'873
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
9'461.0 7'719.0 8'924.0 10'068.0 10'438.0 10'068.0 10'438.0 10'165.4 10'311.8 2'518.8 2'568.2
1.00x 1.08x 1.19x 0.86x 0.78x 3.90x 3.30x 0.74x 0.70x - -
1'109.0 967.0 1'308.0 1'120.0 1'206.0 1'120.0 1'206.0 1'272.6 1'331.5 262.5 288.3
8.51x 8.65x 8.10x 7.69x 6.71x 7.69x 6.71x 6.38x 6.10x 6.98x -
(179.0) 169.0 561.0 457.0 (1'254.0) 457.0 (1'254.0) 408.9 494.5 107.3 102.7
- 25.60x 12.25x 9.72x - 9.72x 0.00x 11.08x 9.68x 10.65x -
EBITDA 1'206.00 Long-Term Rating Date 15.12.2010
EBIT -1'381.00 Long-Term Rating BB
Operating Margin -13.23% Long-Term Outlook STABLE
Pretax Margin -13.47% Short-Term Rating Date 01.04.2009
Return on Assets -8.87% Short-Term Rating B
Return on Common Equity -18.76%
Return on Capital - EBITDA/Interest Exp. 5.89
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 4.39
Net Debt/EBITDA 2.86
Gross Margin - Total Debt/EBITDA 3.25
EBITDA Margin 11.6%
EBIT Margin -13.2% Total Debt/Equity 66.3%
Net Income Margin -12.0% Total Debt/Capital 39.8%
Asset Turnover 0.74
Current Ratio 1.90 Net Fixed Asset Turnover 1.88
Quick Ratio 0.23 Accounts receivable turnover-days -
Debt to Assets 30.38% Inventory Days -
Tot Debt to Common Equity 66.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
UPM-Kymmene OYJPrice/Volume
Valuation Analysis
1'451'055.00
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
'
.
1
3
5
-'
-.
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9
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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ILMARINEN MUTUAL PEN n/a Research 12'753'560 2.42 - 31.10.2012 Insurance Company
VARMA MUTUAL PENSION n/a Research 10'000'000 1.9 - 31.10.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'504'010 1.81 183'845 31.12.2012 Investment Advisor
MANDATUM LIFE INSURA n/a Research 9'431'219 1.79 - 31.10.2012 Insurance Company
AKO CAPITAL LLP n/a Short (7'470'966) -1.42 (635'511) 24.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'614'396 1.26 9'170 25.02.2013 Investment Advisor
FINLAND STATE PENSIO n/a Research 5'950'000 1.13 - 31.10.2012 Government
ZBI EQUITIES LLC n/a Short (5'576'919) -1.06 - 06.02.2013 Investment Advisor
LOCAL GOVERNMENT PEN n/a Research 4'267'581 0.81 - 31.10.2012 Pension Fund (ERISA)
MERCHANTS' GATE CAPI n/a Short (4'208'995) -0.8 (528'234) 29.01.2013 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 4'077'062 0.77 (23'659) 31.12.2012 Unclassified
SVENSKA LITTERATURSA n/a Research 3'858'600 0.73 - 31.10.2012 Other
SERLACHIUS GUSTAF n/a Co File 3'815'870 0.73 - 31.12.2011 n/a
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 3'618'179 0.69 1'235'892 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'238'213 0.62 - 26.02.2013 Investment Advisor
SWISS NATIONAL BANK n/a Research 3'155'503 0.6 - 28.12.2012 Government
ETERA MUTUAL PENSION n/a Co File 3'100'000 0.59 - 31.12.2011 Insurance Company
AVENUE CAPITAL MANAG n/a Short (2'681'601) -0.51 - 01.11.2012 Hedge Fund Manager
GOSTA SERLACHIUS ART n/a Research 2'666'292 0.51 - 31.10.2012 Other
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'386'425 0.45 - 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue SACHIN KUMAR buy 5 M 11 6 month 14.02.2013
Credit Suisse LARS KJELLBERG neutral 3 D 10 Not Provided 11.02.2013
Evli Bank Plc MARKKU JARVINEN reduce 2 D 9 12 month 06.02.2013
Pohjola Bank Plc (ESN) HENRI PARKKINEN sell 1 M 8 12 month 01.02.2013
SEB Enskilda LINUS LARSSON buy 5 M 12 Not Provided 01.02.2013
Nordea Equity Research HARRI TAITTONEN hold 3 U 9 12 month 01.02.2013
Danske Markets ANTTI KOSKIVUORI hold 3 U 10 12 month 01.02.2013
ABG Sundal Collier MARTIN MELBYE hold 3 D 10 6 month 31.01.2013
Carnegie JOHAN SJOBERG buy 5 M #N/A N/A Not Provided 31.01.2013
Handelsbanken KARRI RINTA accumulate 4 D 11 12 month 31.01.2013
INDERES ANTTI-PEKKA VILJAKAINEN accumulate 4 M 9 Not Provided 31.01.2013
Goldman Sachs ESHAN TOORABALLY Sell/Neutral 1 M 8 6 month 22.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Swedbank KATJA KEITAANNIEMI buy 5 D 11 12 month 26.10.2012
Morgan Stanley MARKUS ALMERUD Overwt/Attractive 5 M 13 12 month 07.08.2012
CA Cheuvreux MIKAEL JAFS outperform 5 M 12 Not Provided 21.12.2011
Holdings By:
UPM-Kymmene OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Valeo SA manufactures automobile components. The Company manufactures clutches,
engine cooling, parts, lighting, electrical systems, windshield wipers, motors
and actuators, security systems, electronics, and connective systems for
automobile manufacturers and the aftermarket. Valeo's products are sold in
Europe, Asia, North America, and South America.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.03.2012) 43.31
52-Week Low (27.06.2012) 29.80
Daily Volume
42.675
52-Week High % Change -1.75% Dividend Yield -
52-Week Low % Change 43.20% Beta 1.23
% 52 Week Price Range High/Low 89.56% Equity Float 64.22
Shares Out 12.02.2013 79.5 Short Int -
3'391.06 1 Yr Total Return 11.25%
Total Debt 2'077.00 YTD Return 13.39%
Preferred Stock 0.0 Adjusted BETA 1.227
Minority Interest 143.0 Analyst Recs 19
Cash and Equivalents 1'334.00 Consensus Rating 4.316
Enterprise Value 4'277.06
Average Volume 5 Day 494'209
FR FP EQUITY YTD Change - Average Volume 30 Day 330'424
FR FP EQUITY YTD % CHANGE - Average Volume 3 Month 302'026
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 03/13 Q1 06/13 Q2
8'677.0 7'499.0 9'632.0 10'868.0 11'759.0 10'179.0 11'533.0 11'615.5 12'350.8 - -
0.19x 0.36x 0.38x 0.28x 0.32x 0.00x 0.00x 0.34x 0.32x - -
510.0 604.0 1'132.0 1'239.0 1'223.0 0.0 0.0 1'263.9 1'353.7 - -
3.29x 4.44x 3.19x 2.44x 3.07x 0.00x 0.00x 3.38x 3.15x - -
(207.0) (153.0) 365.0 427.0 380.0 0.0 0.0 395.3 449.5 - -
- - 8.68x 5.39x 7.44x 0.00x 0.00x 8.43x 7.34x - -
EBITDA 1'223.00 Long-Term Rating Date 14.09.2012
EBIT 672.00 Long-Term Rating BBB
Operating Margin 5.71% Long-Term Outlook STABLE
Pretax Margin 4.70% Short-Term Rating Date 14.09.2012
Return on Assets 4.35% Short-Term Rating A-2
Return on Common Equity 19.06%
Return on Capital 11.94% EBITDA/Interest Exp. 10.45
Asset Turnover 1.35% (EBITDA-Capex)/Interest Exp. 5.30
Net Debt/EBITDA 0.61
Gross Margin 16.6% Total Debt/EBITDA 1.70
EBITDA Margin 10.4%
EBIT Margin 5.7% Total Debt/Equity 101.2%
Net Income Margin 3.2% Total Debt/Capital 48.6%
Asset Turnover 1.35
Current Ratio 1.10 Net Fixed Asset Turnover 5.83
Quick Ratio 0.71 Accounts receivable turnover-days 50.14
Debt to Assets 23.28% Inventory Days 29.00
Tot Debt to Common Equity 101.22% Accounts Payable Turnover Day 84.65
Accounts Receivable Turnover 7.30 Cash Conversion Cycle -5.50
Inventory Turnover 12.62
Fiscal Year Ended
Valeo SAPrice/Volume
Valuation Analysis
357'008.00
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
'2
-'-2.'.20'021'12
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
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
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
1!''
1!2'
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIETE GENERALE n/a Research 7'057'175 8.88 - 20.06.2011 Bank
FONDS STRATEGIQUE D' n/a Co File 4'620'567 5.81 - 31.12.2011 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 4'415'779 5.56 213'154 31.01.2013 Unclassified
VALEO SA n/a Co File 4'241'206 5.34 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 4'127'070 5.19 (50'358) 25.02.2013 Investment Advisor
NORGES BANK n/a Research 3'949'965 4.97 (52'437) 29.11.2012 Government
CAISSE DES DEPOTS ET n/a Co File 2'410'992 3.03 - 31.12.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'338'066 1.68 (74'816) 31.12.2012 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 1'315'600 1.66 (132'379) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'016'313 1.28 (199'214) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 777'065 0.98 (7'400) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 741'990 0.93 (31'930) 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 705'200 0.89 - 31.01.2013 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 574'600 0.72 64'400 31.10.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 530'812 0.67 (17) 30.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 466'685 0.59 30'900 28.09.2012 Mutual Fund Manager
PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 450'615 0.57 33'233 31.01.2013 Insurance Company
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 390'470 0.49 324'260 30.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 343'298 0.43 (5'142) 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 293'554 0.37 (1'166) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CM - CIC Securities(ESN) FLORENT COUVREUR buy 5 M 50 12 month 26.02.2013
Societe Generale STEPHEN REITMAN buy 5 M 50 12 month 25.02.2013
Deutsche Bank GAETAN TOULEMONDE buy 5 U 53 12 month 25.02.2013
CA Cheuvreux THOMAS BESSON outperform 5 M 50 Not Provided 25.02.2013
Oddo & Cie JEAN-FRANCOIS GRANJON buy 5 M 44 Not Provided 25.02.2013
Natixis MICHAEL FOUNDOUKIDIS neutral 3 M 40 Not Provided 25.02.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 36 Not Provided 22.02.2013
HSBC NIELS FEHRE neutral 3 M 45 Not Provided 21.02.2013
AlphaValue HANS-PETER WODNIOK add 4 M 43 6 month 21.02.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 20.02.2013
Kepler Capital Markets XAVIER CAROEN buy 5 M 46 Not Provided 25.01.2013
Goldman Sachs STEPHAN PUETTER buy/attractive 5 M 51 12 month 10.01.2013
Main First Bank AG BRUNO LAPIERRE outperform 5 M 46 12 month 21.12.2012
Barclays MICHAEL TYNDALL overweight 5 M 47 Not Provided 04.12.2012
Morgan Stanley EDOARDO SPINA Equalwt/In-Line 3 D 37 12 month 28.11.2012
Equita SIM SpA FABIO FAZZARI buy 5 M 50 12 month 16.05.2012
Holdings By:
Valeo SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Vallourec SA, through subsidiaries, manufactures steel and alloy tubing and a
wide range of components. The Company's products are used by the automobile,
oil and gas refining, petrochemical, transport mechanical, construction, and
aerospace industries. Vallourec has operating and commercial subsidiaries
worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.03.2012) 54.88
52-Week Low (14.06.2012) 25.69
Daily Volume
40.96
52-Week High % Change -25.46% Dividend Yield -
52-Week Low % Change 59.47% Beta 1.18
% 52 Week Price Range High/Low 50.74% Equity Float 111.21
Shares Out 31.12.2012 124.9 Short Int -
5'117.80 1 Yr Total Return -18.88%
Total Debt 2'160.10 YTD Return 3.72%
Preferred Stock 0.0 Adjusted BETA 1.182
Minority Interest 417.0 Analyst Recs 18
Cash and Equivalents 546.20 Consensus Rating 3.167
Enterprise Value 7'148.70
Average Volume 5 Day 1'103'042
VK FP EQUITY YTD Change - Average Volume 30 Day 648'056
VK FP EQUITY YTD % CHANGE - Average Volume 3 Month 573'539
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'437.0 4'464.5 4'491.3 5'295.9 5'326.0 5'295.9 5'326.0 5'770.2 6'397.1 1'239.0 1'481.0
0.74x 1.57x 2.20x 1.44x 1.31x 6.73x 4.99x 1.28x 1.13x 5.93x 4.93x
1'693.9 980.6 924.8 939.7 785.7 939.3 785.7 956.2 1'211.4 183.5 261.0
2.82x 7.16x 10.68x 8.12x 8.86x 8.12x 8.86x 7.48x 5.90x 7.42x 6.62x
967.2 517.7 409.6 401.5 216.8 401.6 216.8 294.9 446.3 42.8 92.6
4.43x 27.03x 21.83x 14.75x 21.94x 14.89x 22.15x 16.79x 11.43x 16.91x 13.84x
EBITDA 785.70 Long-Term Rating Date 10.11.2011
EBIT 548.20 Long-Term Rating BBB+
Operating Margin 10.29% Long-Term Outlook NEG
Pretax Margin 7.19% Short-Term Rating Date 10.11.2011
Return on Assets 2.36% Short-Term Rating A-2
Return on Common Equity 4.50%
Return on Capital - EBITDA/Interest Exp. 12.03
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 0.39
Net Debt/EBITDA 2.05
Gross Margin 26.0% Total Debt/EBITDA 2.75
EBITDA Margin 14.8%
EBIT Margin 9.3% Total Debt/Equity 45.0%
Net Income Margin 4.1% Total Debt/Capital 29.3%
Asset Turnover 0.58
Current Ratio 1.55 Net Fixed Asset Turnover 1.24
Quick Ratio 0.73 Accounts receivable turnover-days 69.64
Debt to Assets 23.45% Inventory Days 130.91
Tot Debt to Common Equity 45.04% Accounts Payable Turnover Day 61.89
Accounts Receivable Turnover 5.26 Cash Conversion Cycle 138.66
Inventory Turnover 2.80
Fiscal Year Ended
Vallourec SAPrice/Volume
Valuation Analysis
424'852.00
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'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 13'559'705 10.85 869'323 31.12.2012 Investment Advisor
FSI n/a Co File 8'427'464 6.74 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'773'360 2.22 25'299 31.12.2012 Investment Advisor
BOLLORE GROUP n/a Co File 2'046'475 1.64 - 31.12.2011 Holding Company
SUMITOMO METAL INDUS n/a Co File 1'973'134 1.58 - 31.12.2011 Corporation
AQR CAPITAL MANAGEME n/a Short (1'651'688) -1.32 (315'013) 25.10.2012 Hedge Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'486'924 1.19 (43'172) 31.12.2012 Mutual Fund Manager
MORGAN STANLEY n/a ULT-AGG 1'030'803 0.82 43'944 31.12.2012 Investment Advisor
VALLOUREC n/a Co File 1'012'231 0.81 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 894'186 0.72 1'971 25.02.2013 Investment Advisor
ADAGE CAPITAL MANAGE n/a Short (574'753) -0.46 124'947 04.02.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 501'935 0.4 35'476 28.09.2012 Investment Advisor
SPARINVEST n/a ULT-AGG 491'469 0.39 - 31.01.2013 Investment Advisor
INSTITUTIONAL CAPITA Multiple Portfolios MF-AGG 487'750 0.39 (47'950) 31.12.2012 Investment Advisor
UBS O'CONNOR LIMITED n/a Short (487'291) -0.39 199'914 31.01.2013 Hedge Fund Manager
GENERAL ELECTRIC COM Multiple Portfolios MF-AGG 461'632 0.37 (25'508) 31.12.2012 Corporation
ALLIANZ ASSET MANAGE n/a ULT-AGG 451'071 0.36 (15'000) 31.12.2012 Investment Advisor
HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 412'337 0.33 (26'213) 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 410'336 0.33 290'986 26.02.2013 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 394'800 0.32 - 28.09.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale GAEL DE BRAY hold 3 M 38 12 month 27.02.2013
Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 39 Not Provided 27.02.2013
Kepler Capital Markets ROCHUS BRAUNEISER reduce 2 M 38 Not Provided 22.02.2013
AlphaValue FABRICE FARIGOULE add 4 M 43 6 month 22.02.2013
JPMorgan ALESSANDRO ABATE neutral 3 M 38 9 month 21.02.2013
CA Cheuvreux GEOFFROY STERN select list 5 M 50 Not Provided 21.02.2013
CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 U 52 12 month 21.02.2013
Oddo & Cie JEAN-FRANCOIS GRANJON neutral 3 M 41 Not Provided 21.02.2013
Natixis JULIEN LAURENT reduce 2 M 32 Not Provided 21.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 42 12 month 21.02.2013
Goldman Sachs HENRY TARR neutral/neutral 3 M 44 12 month 20.02.2013
BPI ALEXANDRE LEROY buy 5 M 50 Not Provided 19.02.2013
Credit Suisse MICHAEL SHILLAKER neutral 3 M 40 Not Provided 25.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
Morgan Stanley ROBERT PULLEYN Overwt/Attractive 5 M 52 12 month 07.11.2012
Simmons & Company International STEPHEN WILLIAMS overweight 5 U #N/A N/A Not Provided 13.01.2010
Holdings By:
Vallourec SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Veolia Environnement operates utility and public transportation businesses.
The Company supplies drinking water, provides waste management services,
manages and maintains heating and air conditioning systems, and operates rail
and road passenger transportation systems.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (16.03.2012) 13.06
52-Week Low (16.11.2012) 7.38
Daily Volume
9.458
52-Week High % Change -27.71% Dividend Yield -
52-Week Low % Change 28.21% Beta 1.21
% 52 Week Price Range High/Low 29.25% Equity Float 381.54
Shares Out 30.06.2012 522.1 Short Int -
4'937.90 1 Yr Total Return 12.88%
Total Debt 21'089.20 YTD Return 3.31%
Preferred Stock 0.0 Adjusted BETA 1.210
Minority Interest 2'765.4 Analyst Recs 25
Cash and Equivalents 5'723.90 Consensus Rating 3.560
Enterprise Value 22'896.90
Average Volume 5 Day 4'693'240
VIE FP EQUITY YTD Change - Average Volume 30 Day 4'222'846
VIE FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'760'700
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 06/11 Q2 09/11 Q3
32'628.2 35'764.8 33'951.8 28'764.2 29'647.3 32'253.6 27'283.0 29'161.6 27'947.4 - 23'953.0
1.42x 0.83x 0.86x 1.02x 0.76x 0.00x 0.00x 0.69x 0.67x - 0.83x
3'709.7 3'384.1 3'392.4 3'697.7 3'805.3 0.0 0.0 2'704.3 2'624.4 - 1'537.5
12.45x 8.74x 8.61x 7.91x 5.89x 0.00x 0.00x 8.47x 8.73x - -
927.9 405.1 584.1 558.5 (489.8) 0.0 0.0 163.2 318.6 - -
28.21x 38.43x 17.83x 20.44x - 0.00x 0.00x 25.08x 15.78x - -
EBITDA 3'805.30 Long-Term Rating Date 24.11.2000
EBIT 957.20 Long-Term Rating BBB+
Operating Margin 3.23% Long-Term Outlook NEG
Pretax Margin 0.76% Short-Term Rating Date 24.11.2000
Return on Assets -0.56% Short-Term Rating A-2
Return on Common Equity -3.73%
Return on Capital 0.64% EBITDA/Interest Exp. 4.42
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 1.80
Net Debt/EBITDA 4.24
Gross Margin 15.9% Total Debt/EBITDA 5.50
EBITDA Margin 12.0%
EBIT Margin 4.3% Total Debt/Equity 298.3%
Net Income Margin -1.7% Total Debt/Capital 68.2%
Asset Turnover 0.62
Current Ratio 1.12 Net Fixed Asset Turnover 3.84
Quick Ratio 0.72 Accounts receivable turnover-days 136.26
Debt to Assets 41.84% Inventory Days 16.86
Tot Debt to Common Equity 298.30% Accounts Payable Turnover Day 174.54
Accounts Receivable Turnover 2.69 Cash Conversion Cycle -69.01
Inventory Turnover 21.71
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
Veolia Environnement SAPrice/Volume
Valuation Analysis
4'445'362.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9.'!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
1!''
1!2'
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAISSE DES DEPOTS ET n/a Co File 47'873'873 9.17 - 31.12.2011 Government
GROUPE INDUSTRIEL MA n/a Co File 32'888'732 6.3 - 31.12.2011 Corporation
GROUPAMA ASSET MANAG n/a Co File 29'366'758 5.62 - 31.12.2011 Investment Advisor
VELO INVEST n/a Co File 24'681'519 4.73 - 31.12.2011 Other
ELECTRICITE DE FRANC n/a Co File 20'577'271 3.94 - 31.12.2011 Government
VEOLIA ENVIRONNEMENT n/a Co File 14'237'927 2.73 - 31.12.2011 Corporation
AMUNDI n/a 13G 13'947'585 2.67 (16'312'801) 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'531'940 1.25 158'722 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 6'461'052 1.24 304 30.11.2012 Mutual Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'274'282 1.2 21'054 31.12.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 5'783'427 1.11 (224'399) 30.11.2012 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 5'455'490 1.04 933'457 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'093'961 0.98 96'772 25.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'809'617 0.92 1'501'575 31.01.2013 Investment Advisor
B & G FUND PLC n/a Short (4'072'277) -0.78 (730'922) 21.02.2013 Unclassified
MARSHALL WACE LLP n/a Short (3'811'234) -0.73 (522'087) 25.02.2013 Hedge Fund Manager
AQR CAPITAL MANAGEME n/a Short (3'701'595) -0.71 (965'860) 25.10.2012 Hedge Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 3'506'453 0.67 865'066 30.11.2012 Investment Advisor
JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 3'065'847 0.59 92'713 29.02.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 2'974'900 0.57 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan NATHALIE F CASALI underweight 1 M 7 Not Provided 22.02.2013
Macquarie ATALLAH ESTEPHAN underperform 1 M 8 12 month 22.02.2013
AlphaValue FABRICE FARIGOULE buy 5 M 13 6 month 21.02.2013
Bryan Garnier & Cie JULIEN DESMARETZ buy 5 M 13 6 month 20.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013
BPI LOUIS BOUJARD buy 5 M 11 Not Provided 11.02.2013
Goldman Sachs DARIO CARRADORI buy/attractive 5 M 12 12 month 08.02.2013
Exane BNP Paribas OLIVIER VAN DOOSSELAERE underperform 1 M 9 Not Provided 08.02.2013
CM - CIC Securities(ESN) OLIVIER BAILS hold 3 M 10 12 month 05.02.2013
Berenberg Bank ANDREW FISHER buy 5 N 11 Not Provided 05.02.2013
Raymond James EMMANUEL RETIF outperform 5 M 11 Not Provided 25.01.2013
Barclays JULIE ARAV overweight 5 M 11 Not Provided 25.01.2013
HSBC VERITY MITCHELL overweight 5 M 11 Not Provided 18.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 10 12 month 09.01.2013
Deutsche Bank JAMES BRAND hold 3 M 8 12 month 07.01.2013
Nomura MARTIN YOUNG buy 5 M 10 Not Provided 12.12.2012
Societe Generale VINCENT AYRAL buy 5 M 10 12 month 04.12.2012
S&P Capital IQ STEWART SCHARF hold 3 M 10 12 month 07.08.2012
Natixis PHILIPPE OURPATIAN buy 5 M 15 Not Provided 03.08.2012
Hammer Partners SA CHRIS MOORE sell 1 D 7 Not Provided 24.04.2012
Credit Suisse VINCENT GILLES restricted #N/A N/A M #N/A N/A Not Provided 01.03.2012
DZ Bank AG HASIM SENGUEL buy 5 M 13 12 month 29.02.2012
Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011
Brean Murray Carret & Co MICHAEL E GAUGLER hold 3 M #N/A N/A Not Provided 06.09.2011
Holdings By:
Veolia Environnement SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Vesuvius PLC is a materials technology company. The Company provides
materials, processes, and services to customers worldwide. The Group's
operations consist of electronics, ceramics, and precious metals.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (14.02.2013) 393.90
52-Week Low (08.10.2012) 251.78
Daily Volume
377.6
52-Week High % Change -4.06% Dividend Yield 5.83
52-Week Low % Change 49.97% Beta 1.33
% 52 Week Price Range High/Low 84.80% Equity Float 220.17
Shares Out 10.01.2013 278.4 Short Int -
1'051.42 1 Yr Total Return 14.80%
Total Debt 556.20 YTD Return 9.13%
Preferred Stock 0.0 Adjusted BETA 1.333
Minority Interest 24.6 Analyst Recs 20
Cash and Equivalents 188.10 Consensus Rating 3.300
Enterprise Value 1'526.92
Average Volume 5 Day 774'735
VSVS LN EQUITY YTD Change - Average Volume 30 Day 658'019
VSVS LN EQUITY YTD % CHANGE - Average Volume 3 Month 953'812
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 - -
1'619.5 2'202.5 1'960.6 2'545.5 2'826.4 - - 1'837.3 1'766.4 - -
0.95x 0.46x 0.79x 0.85x 0.64x - - 0.76x 0.76x - -
204.9 314.9 169.3 311.6 346.5 - - 203.7 204.3 - -
7.54x 3.24x 9.19x 6.97x 5.19x - - 7.50x 7.48x - -
105.0 46.1 (48.5) 145.3 146.8 - - 102.3 99.1 - -
13.03x 5.83x - 12.42x 9.57x - - 10.29x 10.49x - -
EBITDA 346.50 Long-Term Rating Date -
EBIT 272.40 Long-Term Rating -
Operating Margin 9.64% Long-Term Outlook -
Pretax Margin 7.49% Short-Term Rating Date -
Return on Assets 4.60% Short-Term Rating -
Return on Common Equity 9.48%
Return on Capital 9.03% EBITDA/Interest Exp. 5.17
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 3.90
Net Debt/EBITDA 1.32
Gross Margin 26.3% Total Debt/EBITDA 1.71
EBITDA Margin 12.6%
EBIT Margin 9.9% Total Debt/Equity 42.5%
Net Income Margin 5.2% Total Debt/Capital 29.5%
Asset Turnover 1.01
Current Ratio 1.63 Net Fixed Asset Turnover 6.78
Quick Ratio 0.98 Accounts receivable turnover-days -
Debt to Assets 20.56% Inventory Days 60.31
Tot Debt to Common Equity 42.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 69.30
Inventory Turnover 6.07
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
Vesuvius PLCPrice/Volume
Valuation Analysis
449'902.00
Current Price (2/dd/yy) Market Data
'2'
-''-2'.''.2'0''02'1''12'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
5!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CEVIAN CAPITAL Multiple Portfolios REG 55'693'446 20 - 01.12.2012 Other
ARTISAN PARTNERS HOL n/a RNS-MAJ 17'070'165 6.13 2'963'911 17.12.2012 Investment Advisor
PELHAM CAPITAL LONG/ n/a RNS-MAJ 16'464'223 5.91 - 19.12.2012 Other
FMR LLC n/a ULT-AGG 15'052'712 5.41 (4'804'045) 01.12.2012 Investment Advisor
MORGAN STANLEY SECUR n/a RNS-MAJ 13'965'644 5.02 - 28.01.2013 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 13'213'742 4.75 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 12'329'140 4.43 - 25.02.2013 Investment Advisor
STANDARD LIFE INVEST n/a RNS-MAJ 11'154'567 4.01 (2'391'566) 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 10'213'627 3.67 487'636 31.01.2013 Unclassified
LSV ASSET MANAGEMENT Multiple Portfolios REG 9'809'519 3.52 (970'940) 01.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios REG 9'700'433 3.48 (425'417) 01.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios REG 9'614'114 3.45 1'652'137 01.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'776'464 3.15 1'003'504 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios REG 8'574'262 3.08 128'348 01.12.2012 Investment Advisor
IGNIS INVESTMENT SER n/a RNS-MAJ 8'254'302 2.96 (2'797'487) 27.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7'961'556 2.86 681'595 31.12.2012 Investment Advisor
GOVERNANCE FOR OWNER n/a RNS-MAJ 7'860'465 2.82 (1'781'384) 18.02.2013 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'397'131 2.3 - 31.07.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 6'045'735 2.17 (289'602) 01.12.2012 Government
CREDIT SUISSE PRIVAT Multiple Portfolios REG 5'227'822 1.88 2'891'787 01.12.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec MICHAEL BLOGG hold 3 M 360 12 month 22.02.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 410 12 month 19.02.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 385 12 month 14.02.2013
Oriel Securities Ltd HARRY PHILIPS buy 5 M 440 Not Provided 01.02.2013
Peel Hunt DOMINIC CONVEY hold 3 M 360 Not Provided 28.01.2013
JPMorgan GLEN H LIDDY overweight 5 N 420 9 month 25.01.2013
Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 400 Not Provided 25.01.2013
Goldman Sachs ADAM PINCKARD neutral/neutral 3 M 422 12 month 17.01.2013
Credit Suisse JONATHAN HURN neutral 3 N 400 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 17.01.2013
Deutsche Bank PETER REILLY hold 3 M 350 12 month 10.01.2013
Nomura JUHO LAHDENPERA neutral 3 N 400 Not Provided 10.01.2013
Arden Partners Ltd DAVID LARKAM neutral 3 M #N/A N/A Not Provided 21.12.2012
Spin-Off Research TEAM COVERAGE buy 5 M 382 Not Provided 20.12.2012
Numis Securities Ltd SCOTT CAGEHIN hold 3 M 169 Not Provided 18.12.2012
Barclays NICK WEBSTER equalweight 3 M 288 Not Provided 16.10.2012
N+1 Singer Ltd JAMES TETLEY hold 3 M 279 12 month 08.10.2012
Holdings By:
Vesuvius PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Voestalpine AG produces, processes, and distributes steel products. The
Company supplies flat and long steel products to the automotive, household
appliance, railroad equipment, and oil and gas industries.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (03.01.2013) 28.78
52-Week Low (01.06.2012) 19.72
Daily Volume
25.665
52-Week High % Change -10.79% Dividend Yield -
52-Week Low % Change 30.18% Beta 1.21
% 52 Week Price Range High/Low 63.21% Equity Float -
Shares Out 31.12.2012 172.4 Short Int -
4'425.91 1 Yr Total Return -1.33%
Total Debt 3'769.85 YTD Return -7.21%
Preferred Stock 0.0 Adjusted BETA 1.214
Minority Interest 70.4 Analyst Recs 24
Cash and Equivalents 677.23 Consensus Rating 4.083
Enterprise Value 7'544.81
Average Volume 5 Day 235'013
VOE AV EQUITY YTD Change - Average Volume 30 Day 224'566
VOE AV EQUITY YTD % CHANGE - Average Volume 3 Month 244'939
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
10'481.2 11'724.9 8'550.0 10'953.7 12'058.2 11'894.3 11'833.5 11'590.9 11'784.7 2'902.7 3'115.7
1.07x 0.50x 1.03x 0.81x 0.62x 2.79x 2.46x 0.66x 0.64x 2.84x 2.62x
2'097.1 1'707.0 1'009.1 1'661.2 1'306.5 0.0 0.0 1'391.9 1'480.3 345.0 363.5
5.35x 3.40x 8.72x 5.37x 5.68x 0.00x 0.00x 5.42x 5.09x 5.30x 5.22x
718.2 529.8 108.4 512.7 333.5 525.3 291.0 415.9 492.2 89.7 121.0
9.38x 3.02x 46.08x 10.90x 12.73x 6.97x 16.08x 10.57x 9.10x 10.20x 9.72x
EBITDA 1'306.49 Long-Term Rating Date -
EBIT 709.69 Long-Term Rating -
Operating Margin 5.89% Long-Term Outlook -
Pretax Margin 3.59% Short-Term Rating Date -
Return on Assets 2.36% Short-Term Rating -
Return on Common Equity 5.95%
Return on Capital - EBITDA/Interest Exp. 4.44
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. 2.56
Net Debt/EBITDA -
Gross Margin 20.3% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 5.5% Total Debt/Equity 79.1%
Net Income Margin 2.8% Total Debt/Capital 43.8%
Asset Turnover 0.96
Current Ratio 1.13 Net Fixed Asset Turnover 2.71
Quick Ratio 0.45 Accounts receivable turnover-days 49.18
Debt to Assets 29.89% Inventory Days 120.72
Tot Debt to Common Equity 79.10% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.44 Cash Conversion Cycle 128.63
Inventory Turnover 3.03
Fiscal Year Ended
Voestalpine AGPrice/Volume
Valuation Analysis
69'638.00
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
'
2
-'
-2
.'
.2
0'
02
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9
0.0
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
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RAIFFEISENLANDESBANK n/a Research 25'765'818 14.94 - 24.11.2012 Bank
VOESTALPINE EMP SHAR n/a Co File 21'807'346 12.65 - 31.03.2012 Other
OBERBANK AG n/a Co File 13'354'886 7.74 - 31.03.2012 Bank
NORGES BANK n/a Research 7'446'958 4.32 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'166'100 1.26 61'185 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'580'000 0.92 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'520'660 0.88 947 25.02.2013 Investment Advisor
RINGTURM KAG Multiple Portfolios MF-AGG 1'160'000 0.67 (60'000) 31.10.2012 Mutual Fund Manager
MAINFIRST SICAV Multiple Portfolios MF-AGG 855'316 0.5 - 31.10.2012 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 774'500 0.45 85'000 31.05.2011 Investment Advisor
LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 617'131 0.36 - 30.11.2012 Mutual Fund Manager
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 595'905 0.35 (63'167) 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 552'353 0.32 (2'361) 31.01.2013 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 342'979 0.2 19'345 31.10.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 327'717 0.19 130'000 31.12.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 323'729 0.19 (48'540) 28.09.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 281'267 0.16 (53'835) 30.11.2012 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 277'896 0.16 - 30.11.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 272'845 0.16 16'408 28.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 263'044 0.15 (7'378) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 28 Not Provided 27.02.2013
Nomura NEIL SAMPAT neutral 3 M 23 12 month 22.02.2013
AlphaValue HANS-PETER WODNIOK add 4 M 29 6 month 21.02.2013
Societe Generale ABHISHEK SHUKLA hold 3 N 27 12 month 19.02.2013
Raiffeisenbank AG MARKUS REMIS hold 3 D 29 12 month 14.02.2013
Jefferies SETH ROSENFELD buy 5 M 33 12 month 08.02.2013
HSBC THORSTEN ZIMMERMANN neutral 3 M 29 Not Provided 08.02.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 29 6 month 07.02.2013
Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 27 12 month 07.02.2013
Goldman Sachs STEPHEN BENSON Buy/Neutral 5 M 32 12 month 07.02.2013
Baader Bank CHRISTIAN OBST hold 3 M 28 12 month 07.02.2013
JPMorgan ALESSANDRO ABATE overweight 5 M 34 12 month 07.02.2013
Steubing AG MICHAEL BROEKER hold 3 M 31 12 month 07.02.2013
Kepler Capital Markets ROCHUS BRAUNEISER buy 5 M 27 Not Provided 30.01.2013
Credit Suisse MICHAEL SHILLAKER neutral 3 M 27 Not Provided 25.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank BASTIAN SYNAGOWITZ buy 5 M 33 12 month 15.01.2013
Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 28 12 month 09.11.2012
Erste Bank FRANZ HOERL buy 5 M 31 12 month 04.11.2012
VTB Capital WIKTOR BIELSKI buy 5 M 31 12 month 15.10.2012
Davy TIM CAHILL outperform 5 M #N/A N/A Not Provided 03.10.2012
Cyrrus JIRI SIMARA buy 5 M 35 12 month 30.01.2012
Nord/LB HOLGER FECHNER hold 3 M 28 Not Provided 03.03.2010
Holdings By:
Voestalpine AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Wartsila OYJ provides solutions for power generation and marine propulsion.
The Company delivers customized power plant solutions including gas and oil
fired power plants.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 37.92
52-Week Low (26.07.2012) 23.30
Daily Volume
35.33
52-Week High % Change -6.83% Dividend Yield -
52-Week Low % Change 51.63% Beta 1.14
% 52 Week Price Range High/Low 81.94% Equity Float -
Shares Out 26.02.2013 197.2 Short Int -
6'968.53 1 Yr Total Return 39.66%
Total Debt 794.00 YTD Return 7.98%
Preferred Stock 0.0 Adjusted BETA 1.141
Minority Interest 26.0 Analyst Recs 21
Cash and Equivalents 225.00 Consensus Rating 2.571
Enterprise Value 7'563.53
Average Volume 5 Day 377'370
WRT1V FH EQUITY YTD Change - Average Volume 30 Day 362'843
WRT1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 328'381
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
4'612.0 5'260.0 4'553.0 4'209.0 4'725.0 4'209.0 4'724.0 5'021.6 5'403.1 1'083.2 1'176.4
0.55x 0.61x 1.21x 1.07x 1.49x 4.31x 5.34x 1.47x 1.33x 6.47x 5.96x
613.0 749.0 515.0 543.0 613.0 543.0 610.0 691.1 761.3 146.0 161.2
4.17x 4.28x 10.70x 8.27x 11.50x 8.27x 11.56x 10.95x 9.94x 10.80x 10.53x
380.0 389.0 386.0 283.0 339.0 283.0 339.0 392.8 450.8 78.1 90.6
5.42x 7.12x 14.59x 15.56x 19.04x 15.56x 19.10x 17.67x 15.30x 17.47x 17.19x
EBITDA 613.00 Long-Term Rating Date -
EBIT 474.00 Long-Term Rating -
Operating Margin 10.03% Long-Term Outlook -
Pretax Margin 9.59% Short-Term Rating Date -
Return on Assets 7.03% Short-Term Rating -
Return on Common Equity 19.74%
Return on Capital - EBITDA/Interest Exp. 27.86
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. 10.05
Net Debt/EBITDA 0.93
Gross Margin - Total Debt/EBITDA 1.30
EBITDA Margin 12.9%
EBIT Margin 10.0% Total Debt/Equity 44.2%
Net Income Margin 7.2% Total Debt/Capital 30.3%
Asset Turnover 0.98
Current Ratio 1.28 Net Fixed Asset Turnover 10.28
Quick Ratio 0.57 Accounts receivable turnover-days 77.67
Debt to Assets 15.76% Inventory Days -
Tot Debt to Common Equity 44.16% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.71 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Wartsila OYJ AbpPrice/Volume
Valuation Analysis
194'371.00
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
'
2
-'
-2
.'
.2
0'
02
1'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
0.0
1'000.0
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
2'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AVLIS AB n/a Research 25'641'347 13 - 28.11.2012 Corporation
VARMA MUTUAL PENSION n/a Research 10'260'174 5.2 - 28.11.2012 Insurance Company
BLACKROCK n/a ULT-AGG 6'995'534 3.55 794'934 25.02.2013 Investment Advisor
ILMARINEN MUTUAL PEN n/a Research 5'160'986 2.62 - 28.11.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'141'060 1.59 61'383 31.12.2012 Investment Advisor
SVENSKA LITTERATURSA n/a Research 2'746'402 1.39 - 28.11.2012 Other
SOCIAL INSURANCE INS n/a Research 1'935'910 0.98 - 28.11.2012 Other
JENNY & ANTTI WIHURI n/a Research 1'263'216 0.64 - 28.11.2012 Other
KUNTIEN ELAEKEVAKUUT n/a Research 1'211'204 0.61 - 28.11.2012 Other
FINNISH CULTURAL FOU n/a Research 1'161'865 0.59 - 28.11.2012 Other
FINLAND STATE PENSIO n/a Research 1'147'000 0.58 - 28.11.2012 Government
SIGRID JUSELIUS FOUN n/a Research 1'065'000 0.54 - 28.11.2012 Other
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'022'812 0.52 (23'393) 31.12.2012 Investment Advisor
SWISS NATIONAL BANK n/a Research 1'007'555 0.51 - 28.11.2012 Government
TAPIOLA MUTUAL PENSI n/a Research 1'000'000 0.51 - 28.11.2012 Insurance Company
ENTER FONDER AB Multiple Portfolios MF-AGG 885'200 0.45 79'400 31.12.2012 Investment Advisor
INEZ & JULIUS POLINS n/a Research 810'507 0.41 - 28.11.2012 Endowment
LIVRANTEANSTALTEN HE n/a Research 755'498 0.38 - 28.11.2012 Other
SIGNE & ANE GYLLENBE n/a Research 745'888 0.38 - 28.11.2012 n/a
SAVOX INVESTMENTS SA n/a Research 730'000 0.37 - 28.11.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue LIONEL PELLICER sell 1 M 31 6 month 21.02.2013
Pohjola Bank Plc (ESN) PEKKA SPOLANDER reduce 2 D 34 12 month 28.01.2013
SEB Enskilda TOMI RAILO buy 5 M 40 Not Provided 28.01.2013
Carnegie TIMO HEINONEN hold 3 D #N/A N/A Not Provided 28.01.2013
Nordea Equity Research JAN KAIJALA sell 1 M 33 12 month 28.01.2013
Handelsbanken TOM SKOGMAN accumulate 4 M 37 12 month 28.01.2013
Exane BNP Paribas ALEXIS DENAUD outperform 5 M 38 Not Provided 28.01.2013
Danske Markets ANTTI SUTTELIN buy 5 M 40 12 month 28.01.2013
INDERES SAULI SAUMALA sell 1 M 25 Not Provided 27.01.2013
Deutsche Bank JOHAN WETTERGREN hold 3 M 30 12 month 26.01.2013
ABG Sundal Collier ANDERS IDBORG hold 3 M 34 6 month 25.01.2013
FIM SANNA KAJE hold 3 M 35 12 month 25.01.2013
DNB Markets CHRISTER MAGNERGARD buy 5 M 38 Not Provided 25.01.2013
Evli Bank Plc ELINA RIUTTA reduce 2 M 29 12 month 25.01.2013
Goldman Sachs DANIELA COSTA Sell/Neutral 1 M 30 12 month 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux JOHAN ELIASON underperform 1 M 27 Not Provided 17.12.2012
HSBC COLIN GIBSON neutral 3 M 34 Not Provided 29.11.2012
Swedbank ERKKI VESOLA reduce 2 M 27 12 month 18.10.2012
Fearnley Fonds RIKARD VABO reduce 2 M 22 6 month 17.10.2012
ICECAPITAL Markets LAURI LEINO buy 5 M 22 6 month 22.07.2010
Holdings By:
Wartsila OYJ Abp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
The Weir Group PLC is an engineering solutions provider focused on the minerals,
oil and gas and power markets. The Company manufactures and supplies engineering
products and services for mining and minerals processing, power generation, oil
and gas production, water supply and other industrial uses. The Weir Group
supplies pumps, valves, compressors and turbines.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (27.02.2013) 2'309.00
52-Week Low (14.06.2012) 1'352.00
Daily Volume
2282
52-Week High % Change -1.26% Dividend Yield 1.67
52-Week Low % Change 68.79% Beta 1.45
% 52 Week Price Range High/Low 91.24% Equity Float 205.08
Shares Out 31.07.2012 212.5 Short Int -
4'849.64 1 Yr Total Return 4.38%
Total Debt 1'080.00 YTD Return 21.45%
Preferred Stock 0.0 Adjusted BETA 1.447
Minority Interest 3.2 Analyst Recs 22
Cash and Equivalents 391.10 Consensus Rating 3.682
Enterprise Value 5'541.74
Average Volume 5 Day 759'774
WEIR LN EQUITY YTD Change - Average Volume 30 Day 782'229
WEIR LN EQUITY YTD % CHANGE - Average Volume 3 Month 743'128
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
1'353.6 1'390.2 1'635.0 2'292.0 2'538.3 - - 2'670.3 2'831.7 - -
0.66x 1.17x 2.47x 2.17x 1.84x - - 2.06x 1.87x - -
203.7 230.1 338.7 449.7 491.9 - - 555.6 604.5 - -
4.38x 7.08x 11.91x 11.05x 9.51x - - 9.97x 9.17x - -
170.8 128.8 185.1 298.9 315.4 - - 310.4 343.3 - -
5.76x 12.20x 18.88x 15.38x 12.75x - - 15.00x 13.66x - -
EBITDA 491.90 Long-Term Rating Date -
EBIT 442.50 Long-Term Rating -
Operating Margin 17.43% Long-Term Outlook -
Pretax Margin 16.70% Short-Term Rating Date -
Return on Assets 10.30% Short-Term Rating -
Return on Common Equity 26.03%
Return on Capital 16.34% EBITDA/Interest Exp. 10.31
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 7.72
Net Debt/EBITDA 1.40
Gross Margin 34.8% Total Debt/EBITDA 2.20
EBITDA Margin 19.4%
EBIT Margin 17.4% Total Debt/Equity 82.6%
Net Income Margin 12.4% Total Debt/Capital 45.2%
Asset Turnover 0.83
Current Ratio 2.19 Net Fixed Asset Turnover 7.30
Quick Ratio 0.61 Accounts receivable turnover-days -
Debt to Assets 32.90% Inventory Days -
Tot Debt to Common Equity 82.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 91.40
Inventory Turnover -
Fiscal Year Ended
Weir Group PLC/ThePrice/Volume
Valuation Analysis
1'978'680.00
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
'
2''
-'''
-2''
.'''
.2''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
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
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN n/a ULT-AGG 10'952'594 5.15 - 01.11.2012 Unclassified
AXA FRAMLINGTON INV Multiple Portfolios REG 9'362'032 4.41 (163'261) 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 9'136'110 4.3 (313'931) 01.11.2012 Unclassified
FMR LLC n/a ULT-AGG 8'880'711 4.18 1'068'296 01.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'475'979 3.99 (2'082'854) 11.02.2013 Investment Advisor
LANSDOWNE PARTNERS n/a Short (7'268'078) -3.42 - 01.11.2012 Investment Advisor
BLUE RIDGE CAPITAL L n/a Short (6'651'779) -3.13 - 01.11.2012 Hedge Fund Manager
M&G INVESTMENT MANAG Multiple Portfolios REG 6'302'689 2.97 2'661 01.11.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 6'213'201 2.92 (2'674'501) 01.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'597'842 2.63 862'997 31.12.2012 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 5'270'879 2.48 180'873 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'933'785 2.32 (1'027'043) 25.02.2013 Investment Advisor
EAST SIDE CAPITAL LL Multiple Portfolios REG 4'394'732 2.07 (302'768) 01.11.2012 Unclassified
STEADFAST CAPITAL MA n/a Short (4'292'842) -2.02 (148'762) 31.12.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'758'816 1.77 77'638 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 3'319'101 1.56 (647'118) 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 2'957'423 1.39 (204'007) 01.11.2012 Unclassified
JO HAMBRO CAPITAL MA Multiple Portfolios REG 2'694'329 1.27 74'505 01.11.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'649'396 1.25 - 30.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 2'444'890 1.15 19'740 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale ALASDAIR LESLIE sell 1 M 1'870 12 month 27.02.2013
Investec THOMAS RANDS Under Review #N/A N/A M #N/A N/A Not Provided 27.02.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 2'400 12 month 27.02.2013
Nomura JUHO LAHDENPERA neutral 3 M 1'950 12 month 27.02.2013
Numis Securities Ltd SCOTT CAGEHIN buy 5 M 2'600 Not Provided 27.02.2013
Baden Hill LLP ANTOINE HNEIN sell 1 M 1'720 12 month 27.02.2013
Oriel Securities Ltd HARRY PHILIPS add 4 M 2'200 Not Provided 25.02.2013
Barclays NICK WEBSTER overweight 5 M 2'405 Not Provided 25.02.2013
JPMorgan GLEN H LIDDY overweight 5 U 2'500 10 month 21.02.2013
CA Cheuvreux OLIVER GIRAKHOU outperform 5 N 2'400 Not Provided 21.02.2013
Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 1'830 12 month 14.02.2013
Deutsche Bank PETER REILLY buy 5 M 2'400 12 month 11.02.2013
Dahlman Rose & Co DOUG GARBER sell 1 M 1'530 Not Provided 11.02.2013
Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 M 2'300 Not Provided 25.01.2013
Goldman Sachs ADAM PINCKARD Buy/Neutral 5 M 3'150 12 month 17.01.2013
Credit Suisse JONATHAN HURN neutral 3 M 1'970 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Berenberg Bank ALEXANDER VIRGO buy 5 M 2'380 Not Provided 08.01.2013
Jefferies ANDREW DOUGLAS hold 3 M 1'994 12 month 20.12.2012
Arden Partners Ltd DAVID LARKAM neutral 3 D #N/A N/A Not Provided 05.11.2012
N+1 Singer Ltd JO REEDMAN not rated #N/A N/A M #N/A N/A Not Provided 19.06.2012
McCall Aitken McKenzie & Co TEAM COVERAGE sell 1 N #N/A N/A Not Provided 25.11.2010
Holdings By:
Weir Group PLC/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Wendel invests in manufacturing and service companies. Through its investments,
the Company manufactures switches, plugs, and other electrical components,
abrasive pellets, and automobile transmissions, cooling, heating and electrical
systems, explores for oil and natural gas, invests in real estate, and offers
telecommunications, consulting, and IT services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.02.2013) 85.98
52-Week Low (14.06.2012) 49.70
Daily Volume
83.16
52-Week High % Change -3.31% Dividend Yield -
52-Week Low % Change 67.32% Beta 1.46
% 52 Week Price Range High/Low 91.54% Equity Float 29.65
Shares Out 18.12.2012 50.5 Short Int -
4'203.62 1 Yr Total Return 36.85%
Total Debt 8'532.90 YTD Return 6.93%
Preferred Stock 0.0 Adjusted BETA 1.455
Minority Interest 604.0 Analyst Recs 13
Cash and Equivalents 943.30 Consensus Rating 3.846
Enterprise Value 12'397.22
Average Volume 5 Day 97'332
MF FP EQUITY YTD Change - Average Volume 30 Day 78'462
MF FP EQUITY YTD % CHANGE - Average Volume 3 Month 82'085
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
4'712.0 5'038.4 4'672.7 5'068.3 5'953.1 2'407.9 6'472.1 6'624.1 7'053.0 - -
2.85x 2.24x 2.25x 2.43x 1.80x 0.00x 0.00x 1.71x 1.57x - -
906.0 864.5 732.6 833.6 954.5 0.0 0.0 969.9 1'170.3 - -
14.80x 13.04x 14.36x 14.79x 11.20x 0.00x 0.00x 12.77x 10.58x - -
879.3 158.1 (918.3) 1'002.3 525.4 0.0 0.0 587.1 387.4 - -
6.22x - - 5.20x 5.06x 0.00x 0.00x 7.58x 11.40x - -
EBITDA 954.50 Long-Term Rating Date 11.04.2012
EBIT 656.00 Long-Term Rating BB
Operating Margin 11.02% Long-Term Outlook STABLE
Pretax Margin 12.70% Short-Term Rating Date 09.10.2008
Return on Assets 5.31% Short-Term Rating B
Return on Common Equity 26.29%
Return on Capital 9.74% EBITDA/Interest Exp. 1.96
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 1.16
Net Debt/EBITDA 8.85
Gross Margin - Total Debt/EBITDA 8.85
EBITDA Margin 15.2%
EBIT Margin 10.2% Total Debt/Equity 316.7%
Net Income Margin 8.8% Total Debt/Capital 72.1%
Asset Turnover 0.40
Current Ratio 1.38 Net Fixed Asset Turnover 4.20
Quick Ratio 0.78 Accounts receivable turnover-days 91.78
Debt to Assets 56.19% Inventory Days -
Tot Debt to Common Equity 316.75% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.99 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
Wendel SAPrice/Volume
Valuation Analysis
49'220.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!- 9!. 9!. 9!0 9!0 9!1 9!1 9!2 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WENDEL PARTICIPATION n/a Co File 17'392'295 34.41 - 31.12.2011 Holding Company
WENDEL SA n/a Co File 1'971'801 3.9 - 31.12.2011 Corporation
FIRST EAGLE FUNDS n/a Co File 1'668'447 3.3 - 31.12.2011 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'465'617 2.9 - 30.09.2012 Hedge Fund Manager
SEILLIERE ERNEST-ANT n/a Co File 806'911 1.6 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 537'324 1.06 11'541 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 406'437 0.8 3'111 25.02.2013 Investment Advisor
GAUTIER BERNARD n/a Co File 320'248 0.63 - 31.12.2011 n/a
DE WENDEL HUMBERT n/a Co File 267'226 0.53 - 31.12.2011 n/a
AMUNDI Multiple Portfolios MF-AGG 151'333 0.3 (16'690) 28.09.2012 Mutual Fund Manager
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 126'493 0.25 (158) 30.09.2012 Investment Advisor
BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 116'854 0.23 (464) 30.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 113'507 0.22 348 26.02.2013 Investment Advisor
ALPS MUTUAL FUNDS SE Multiple Portfolios MF-AGG 87'000 0.17 (5'800) 30.09.2012 Investment Advisor
WENDEL FRANCOIS DE n/a Co File 77'693 0.15 - 31.12.2011 n/a
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 70'862 0.14 6'000 28.09.2012 Investment Advisor
CCR GESTION Multiple Portfolios MF-AGG 68'869 0.14 (1'610) 28.09.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 63'489 0.13 (62'736) 31.05.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 58'416 0.12 6'367 31.12.2012 Investment Advisor
CPR ASSET MANAGEMENT Multiple Portfolios MF-AGG 54'041 0.11 12'221 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue PIERRE-YVES GAUTHIER add 4 M 94 6 month 21.02.2013
Societe Generale PATRICK JOUSSEAUME buy 5 M 95 12 month 08.02.2013
Oddo & Cie CHRISTOPHE CHAPUT buy 5 M 89 Not Provided 05.02.2013
HSBC PIERRE BOSSET neutral 3 M 86 Not Provided 31.01.2013
Goldman Sachs MARKUS IWAR neutral/neutral 3 M 96 12 month 25.01.2013
CA Cheuvreux DAVID CERDAN outperform 5 M 92 Not Provided 16.01.2013
Natixis CELINE CHERUBIN neutral 3 M 80 Not Provided 15.01.2013
Day by Day VALERIE GASTALDY buy 5 M 81 3 month 11.12.2012
Kepler Capital Markets PIERRE BOUCHENY buy 5 M 92 Not Provided 07.12.2012
Exane BNP Paribas CHARLES-HENRI DE MORTEMART neutral 3 M 68 Not Provided 06.12.2012
CM - CIC Securities(ESN) JEAN-PASCAL BRIVADY buy 5 M 86 12 month 04.07.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 09.04.2012
Holdings By:
Wendel SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Whitbread PLC is a hotel and restaurant group. The Company operates businesses
in budget hotels, restaurants and coffee shops.
Latest Fiscal Year: 02/2012
LTM as of: 01/yy
52-Week High (08.02.2013) 2'694.00
52-Week Low (06.03.2012) 1'633.00
Daily Volume
2469
52-Week High % Change -8.43% Dividend Yield 2.16
52-Week Low % Change 51.19% Beta 0.84
% 52 Week Price Range High/Low 78.79% Equity Float 178.80
Shares Out 01.02.2013 179.2 Short Int -
4'425.62 1 Yr Total Return 47.35%
Total Debt 544.60 YTD Return 0.90%
Preferred Stock 0.0 Adjusted BETA 0.845
Minority Interest 6.4 Analyst Recs 24
Cash and Equivalents 40.30 Consensus Rating 3.792
Enterprise Value 4'958.92
Average Volume 5 Day 669'582
WTB LN EQUITY YTD Change - Average Volume 30 Day 452'580
WTB LN EQUITY YTD % CHANGE - Average Volume 3 Month 431'782
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 - -
1'216.7 1'334.6 1'435.0 1'599.6 1'778.0 - - 2'017.7 2'239.6 - -
2.24x 1.45x 2.16x 2.20x 1.98x - - 2.46x 2.23x - -
339.6 354.6 364.9 427.1 467.3 - - 502.4 551.9 - -
8.04x 5.44x 8.51x 8.23x 7.52x - - 9.87x 8.98x - -
557.9 91.8 161.0 223.3 267.3 - - 261.5 293.6 - -
25.77x 14.17x 15.94x 13.43x 11.13x - - 16.63x 14.82x - -
EBITDA 467.30 Long-Term Rating Date -
EBIT 357.60 Long-Term Rating -
Operating Margin 20.11% Long-Term Outlook -
Pretax Margin 17.20% Short-Term Rating Date -
Return on Assets 9.39% Short-Term Rating -
Return on Common Equity 21.54%
Return on Capital 16.99% EBITDA/Interest Exp. 10.05
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 3.48
Net Debt/EBITDA 1.08
Gross Margin 83.8% Total Debt/EBITDA 1.18
EBITDA Margin 25.7%
EBIT Margin 19.7% Total Debt/Equity 42.7%
Net Income Margin 15.0% Total Debt/Capital 29.8%
Asset Turnover 0.63
Current Ratio 0.40 Net Fixed Asset Turnover 0.74
Quick Ratio 0.24 Accounts receivable turnover-days -
Debt to Assets 18.40% Inventory Days 29.67
Tot Debt to Common Equity 42.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -106.02
Inventory Turnover 12.27
Fiscal Year Ended
Whitbread PLCPrice/Volume
Valuation Analysis
460'332.00
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
'
2''
-'''
-2''
.'''
.2''
0'''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
.4!'.!.''6 .4!'5!.''6 .4!'.!.'-' .4!'5!.'-' .4!'.!.'-- .4!'5!.'-- .4!'.!.'-. .4!'5!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 17'184'930 9.59 - 25.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'746'506 6 (1'666'235) 25.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 8'184'632 4.57 238'859 02.01.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 7'454'261 4.16 (1'589'385) 02.01.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 7'233'278 4.04 439'691 02.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'105'747 2.85 640'230 02.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'745'440 2.65 2'283 31.10.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios REG 3'359'149 1.87 3'487 02.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 3'336'840 1.86 (761'165) 02.01.2013 Government
ABERDEEN n/a ULT-AGG 3'234'533 1.8 (59'692) 31.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'164'064 1.77 61'803 31.12.2012 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 3'133'553 1.75 (141'102) 02.01.2013 Investment Advisor
MARGATE CAPITAL LP Multiple Portfolios REG 3'083'584 1.72 2'984 02.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 2'985'389 1.67 1'158'799 02.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 2'932'284 1.64 88'220 02.01.2013 Unclassified
AXA INVESTMENT MANAG Multiple Portfolios REG 2'621'855 1.46 (16'622) 02.01.2013 Investment Advisor
AEGON n/a ULT-AGG 2'553'219 1.42 - 02.01.2013 Unclassified
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 2'512'444 1.4 (153'082) 02.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'442'496 1.36 667'463 25.02.2013 Investment Advisor
BAE SYSTEMS PENSION Multiple Portfolios REG 2'201'562 1.23 (57'365) 02.01.2013 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James JULIEN RICHER outperform 5 M 2'780 Not Provided 27.02.2013
Oddo & Cie FEHMI BEN NAAMANE neutral 3 M 2'050 Not Provided 27.02.2013
Natixis ANDRE JUILLARD neutral 3 M 2'300 Not Provided 27.02.2013
Oriel Securities Ltd JEFFREY HARWOOD hold 3 M #N/A N/A Not Provided 27.02.2013
Deutsche Bank GEOF COLLYER hold 3 M 2'710 12 month 26.02.2013
Investec JAMES HOLLINS sell 1 M 2'000 12 month 26.02.2013
Credit Suisse TIM RAMSKILL outperform 5 M 2'760 Not Provided 26.02.2013
JPMorgan KOMAL DHILLON overweight 5 M 2'700 12 month 26.02.2013
Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 26.02.2013
Nomura TIM BARRETT buy 5 M 2'650 12 month 26.02.2013
Numis Securities Ltd WYN ELLIS hold 3 M 2'700 Not Provided 26.02.2013
Panmure Gordon & Co Limited SIMON FRENCH hold 3 M 2'500 Not Provided 26.02.2013
AlphaValue BERENICE LACROIX reduce 2 U 2'439 6 month 22.02.2013
Exane BNP Paribas ROBERTA CIACCIA outperform 5 U 3'000 Not Provided 18.02.2013
Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 2'500 12 month 15.02.2013
Liberum Capital Ltd PATRICK COFFEY buy 5 M 2'741 Not Provided 12.02.2013
Barclays VICTORIA LEE overweight 5 M 2'810 Not Provided 07.02.2013
HSBC LENA THAKKAR overweight 5 M 2'900 Not Provided 31.01.2013
Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 3'000 12 month 28.01.2013
Jefferies IAN RENNARDSON hold 3 M 2'050 12 month 28.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Whitbread PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
William Hill plc provides bookmaking services in the United Kingdom. The Group,
which operates licensed betting offices, telephone based-betting operations, and
online betting, offers odds and takes bets on an assortment of sporting and
other events. William Hill's betting offices provide access to real-time sports
information via television and audio satellite links.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (20.02.2013) 411.60
52-Week Low (06.03.2012) 220.70
Daily Volume
402.9
52-Week High % Change -2.09% Dividend Yield 2.51
52-Week Low % Change 82.56% Beta 0.83
% 52 Week Price Range High/Low 91.62% Equity Float 684.27
Shares Out 01.02.2013 705.9 Short Int -
2'844.14 1 Yr Total Return 84.47%
Total Debt 460.60 YTD Return 15.74%
Preferred Stock 0.0 Adjusted BETA 0.834
Minority Interest 11.8 Analyst Recs 22
Cash and Equivalents 114.30 Consensus Rating 3.773
Enterprise Value 3'129.04
Average Volume 5 Day 2'110'829
WMH LN EQUITY YTD Change - Average Volume 30 Day 3'243'153
WMH LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'354'504
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 - -
933.6 963.7 997.9 1'071.8 1'136.7 - - 1'266.1 1'407.5 - -
3.15x 1.82x 1.90x 1.54x 1.48x - - 2.51x 2.45x - -
322.6 318.0 296.3 310.8 311.8 - - 362.7 368.2 - -
9.11x 5.53x 6.41x 5.31x 5.38x - - 8.63x 8.50x - -
157.4 234.0 61.1 129.7 115.2 - - 198.5 199.2 - -
11.74x 3.18x 20.03x 9.21x 11.45x - - 14.04x 14.19x - -
EBITDA 311.80 Long-Term Rating Date 27.10.2009
EBIT 270.40 Long-Term Rating BB+
Operating Margin 23.79% Long-Term Outlook STABLE
Pretax Margin 16.49% Short-Term Rating Date -
Return on Assets 6.96% Short-Term Rating -
Return on Common Equity 13.89%
Return on Capital 13.88% EBITDA/Interest Exp. 6.54
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 5.68
Net Debt/EBITDA 0.82
Gross Margin 85.6% Total Debt/EBITDA 1.41
EBITDA Margin 27.9%
EBIT Margin 24.3% Total Debt/Equity 51.9%
Net Income Margin 10.1% Total Debt/Capital 33.9%
Asset Turnover 0.65
Current Ratio 0.64 Net Fixed Asset Turnover 5.75
Quick Ratio 0.45 Accounts receivable turnover-days -
Debt to Assets 25.47% Inventory Days 0.56
Tot Debt to Common Equity 51.88% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -141.17
Inventory Turnover 653.20
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
William Hill PLCPrice/Volume
Valuation Analysis
4'015'926.00
Current Price (2/dd/yy) Market Data
'2'
-''-2'.''.2'0''02'1''12'
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 64'196'588 9.09 2'794'506 18.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 55'794'902 7.9 (1'534'345) 01.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 37'332'461 5.29 (8'027'859) 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC n/a Co File 34'409'505 4.87 - 24.02.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 30'542'994 4.33 1'678'377 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 28'335'119 4.01 (8'726'142) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 27'327'910 3.87 244'520 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 27'159'680 3.85 - 25.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 26'113'661 3.7 (1'868'596) 31.01.2013 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 23'995'319 3.4 3'060'120 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios REG 18'581'462 2.63 (307'178) 01.11.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 16'267'678 2.3 - 01.11.2012 Government
ROYAL BANK OF CANADA n/a ULT-AGG 16'143'983 2.29 (5'022'172) 01.11.2012 Bank
UBS n/a ULT-AGG 16'058'658 2.27 204'947 01.11.2012 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 15'600'178 2.21 2'067'656 01.11.2012 Unclassified
AVIVA INVESTORS Multiple Portfolios REG 15'439'501 2.19 143'309 01.11.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 14'253'380 2.02 (1'634'717) 31.12.2012 Unclassified
AXA INVESTMENT MANAG Multiple Portfolios REG 13'663'501 1.94 (619'241) 01.11.2012 Investment Advisor
OLD MUTUAL n/a ULT-AGG 11'609'745 1.64 1'304'838 31.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'810'550 1.39 187'448 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goodbody Stockbrokers Ltd GAVIN KELLEHER buy 5 M 495 12 month 26.02.2013
Panmure Gordon & Co Limited SIMON FRENCH buy 5 M 436 Not Provided 25.02.2013
Jefferies JAMES WHEATCROFT buy 5 M 500 12 month 22.02.2013
Numis Securities Ltd IVOR JONES add 4 M 460 Not Provided 22.02.2013
Barclays ED BIRKIN underweight 1 M 317 Not Provided 22.02.2013
AlphaValue BERENICE LACROIX add 4 M 449 6 month 21.02.2013
Deutsche Bank RICHARD CARTER buy 5 M 436 12 month 12.02.2013
Goldman Sachs NICK EDELMAN neutral/neutral 3 M 405 12 month 06.02.2013
JPMorgan MATTHEW WEBB overweight 5 M 410 9 month 06.02.2013
Nomura RICHARD STUBER reduce 2 M 320 Not Provided 06.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 04.02.2013
Morgan Stanley VAUGHAN LEWIS Overwt/In-Line 5 M 410 12 month 01.02.2013
Peel Hunt NICHOLAS BATRAM hold 3 M 374 Not Provided 31.01.2013
Natixis MATTHIEU DETROYAT buy 5 M 420 Not Provided 31.01.2013
Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 29.01.2013
Oriel Securities Ltd JEFFREY HARWOOD buy 5 M #N/A N/A Not Provided 29.01.2013
Exane BNP Paribas ROBERTA CIACCIA underperform 1 M 340 Not Provided 21.12.2012
Canaccord Genuity Corp SIMON DAVIES hold 3 M 285 Not Provided 07.11.2012
Credit Suisse MATTHEW GERARD restricted #N/A N/A M #N/A N/A Not Provided 24.10.2012
Daniel Stewart & Co MICHAEL CAMPBELL buy 5 M 353 12 month 02.08.2012
Investec JAMES HOLLINS buy 5 M 345 12 month 27.07.2012
Davy DAVID JENNINGS outperform 5 M #N/A N/A Not Provided 23.01.2012
Holdings By:
William Hill PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Wolters Kluwer NV publishes offers products and services for the health, tax,
accounting, corporate, financial services, legal and regulatory professions.
The Company publishes looseleaf publications, magazines, reference CDs, online
databases, and tax compliance software packages. Wolters Kluwer operates in
Europe, North America, and the Asia Pacific region.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 15.89
52-Week Low (04.06.2012) 11.39
Daily Volume
15.115
52-Week High % Change -4.91% Dividend Yield -
52-Week Low % Change 32.70% Beta 0.93
% 52 Week Price Range High/Low 82.56% Equity Float 301.83
Shares Out 31.12.2012 301.9 Short Int -
4'563.17 1 Yr Total Return 12.79%
Total Debt 2'185.00 YTD Return -2.33%
Preferred Stock 0.0 Adjusted BETA 0.933
Minority Interest 20.0 Analyst Recs 31
Cash and Equivalents 328.00 Consensus Rating 3.258
Enterprise Value 6'440.17
Average Volume 5 Day 1'678'473
WKL NA EQUITY YTD Change - Average Volume 30 Day 1'026'756
WKL NA EQUITY YTD % CHANGE - Average Volume 3 Month 972'230
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 06/11 Q2 09/11 Q3
3'374.0 3'425.0 3'308.0 3'354.0 3'603.0 3'377.0 3'413.0 3'583.0 3'656.4 - -
1.83x 1.90x 2.11x 1.85x 1.79x 7.40x 9.83x 1.79x 1.67x - -
705.0 703.0 747.0 705.0 887.0 635.0 747.0 897.7 923.5 - -
8.73x 9.24x 9.34x 8.78x 7.27x 13.71x 10.92x 7.17x 6.97x - -
313.0 118.0 288.0 120.0 322.0 321.0 917.0 452.2 483.5 - -
12.31x 37.32x 16.40x 16.29x 13.34x 24.21x 20.55x 9.58x 9.14x - -
EBITDA 887.00 Long-Term Rating Date 12.11.2003
EBIT 575.00 Long-Term Rating BBB+
Operating Margin 15.96% Long-Term Outlook NEG
Pretax Margin 12.68% Short-Term Rating Date 16.08.2001
Return on Assets 4.86% Short-Term Rating A-2
Return on Common Equity 20.93%
Return on Capital 10.72% EBITDA/Interest Exp. 6.82
Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 5.72
Net Debt/EBITDA 2.09
Gross Margin 67.5% Total Debt/EBITDA 2.46
EBITDA Margin 24.6%
EBIT Margin 16.0% Total Debt/Equity 142.2%
Net Income Margin 8.9% Total Debt/Capital 58.4%
Asset Turnover 0.54
Current Ratio 0.60 Net Fixed Asset Turnover 25.74
Quick Ratio 0.12 Accounts receivable turnover-days -
Debt to Assets 33.33% Inventory Days 27.50
Tot Debt to Common Equity 142.16% Accounts Payable Turnover Day 119.07
Accounts Receivable Turnover - Cash Conversion Cycle 10.55
Inventory Turnover 13.31
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
Wolters Kluwer NVPrice/Volume
Valuation Analysis
566'428.00
Current Price (2/dd/yy) Market Data
'.135
-'-.-1-3-5
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
1!' 9
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
4'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SILCHESTER INTL INVE n/a Co File 31'372'732 10.39 - 31.12.2011 Investment Advisor
BESTINVER GESTION SG n/a Co File 15'143'377 5.02 - 31.12.2011 Investment Advisor
DEUTSCHE BANK AG n/a Research 12'079'675 4 (71'244) 26.04.2012 Investment Advisor
UBS n/a ULT-AGG 8'913'717 2.95 (35'869) 28.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'562'539 1.84 102'010 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'365'673 1.45 (58'891) 25.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'633'478 1.2 469'420 28.09.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 2'991'069 0.99 289'082 31.10.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'455'135 0.81 447'600 31.12.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'935'953 0.64 - 31.12.2012 Mutual Fund Manager
GLG PARTNERS LP n/a Short (1'630'242) -0.54 - 18.12.2012 Hedge Fund Manager
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'169'908 0.39 (5'720) 31.12.2012 Mutual Fund Manager
DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'073'968 0.36 987 28.12.2012 Mutual Fund Manager
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 882'131 0.29 - 30.11.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 795'000 0.26 - 29.06.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 730'000 0.24 - 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 729'564 0.24 146'126 31.12.2012 Investment Advisor
CAPITAL FUND MANAGEM n/a Short (603'793) -0.2 905'690 16.01.2013 Hedge Fund Manager
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 557'450 0.18 - 31.12.2012 Mutual Fund Manager
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 506'217 0.17 (124'436) 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kempen & Co SANDER VAN OORT buy 5 M 18 12 month 27.02.2013
AlphaValue VERONIQUE CABIOC'H add 4 M 18 6 month 26.02.2013
Rabobank International HANS SLOB hold 3 M 17 12 month 25.02.2013
Kepler Capital Markets PETER OLOFSEN hold 3 M 16 Not Provided 25.02.2013
Macquarie TIMOTHY W NOLLEN neutral 3 M 16 12 month 23.02.2013
Societe Generale CHRISTOPHE CHERBLANC hold 3 M 17 12 month 21.02.2013
KBC Securities MARGO JORIS hold 3 M 17 Not Provided 21.02.2013
Nomura MATTHEW WALKER neutral 3 M 17 Not Provided 21.02.2013
S&P Capital IQ ALEXANDER WISCH hold 3 D 17 12 month 21.02.2013
Exane BNP Paribas SAMI KASSAB neutral 3 M 17 Not Provided 21.02.2013
Barclays NICK DEMPSEY overweight 5 M 19 Not Provided 21.02.2013
Deutsche Bank MARK BRALEY hold 3 M 14 12 month 20.02.2013
Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 15 12 month 20.02.2013
SNS Securities(ESN) JOHAN VAN DEN HOOVEN accumulate 4 M 16 12 month 20.02.2013
Petercam KRIS KIPPERS hold 3 M 14 Not Provided 20.02.2013
Espirito Santo Investment Bank ResearchGIASONE SALATI sell 1 M 12 Not Provided 20.02.2013
ING Bank FABIAN SMEETS buy 5 M 18 12 month 20.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013
ABN Amro Bank N.V. MAURITS HELDRING hold 3 D 16 12 month 31.01.2013
Credit Suisse JOSEPH BARNET-LAMB underperform 1 M 13 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs VIGHNESH PADIACHY Sell/Neutral 1 M 15 12 month 09.01.2013
JPMorgan MARK O'DONNELL underweight 1 M 14 9 month 30.11.2012
Berenberg Bank SARAH SIMON hold 3 M 14 Not Provided 08.11.2012
Natixis PAVEL GOVCIYAN buy 5 M 17 Not Provided 08.11.2012
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 15 12 month 07.11.2012
CA Cheuvreux ANDREA BENEVENTI underperform 1 M 15 Not Provided 26.07.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 17 Not Provided 05.03.2012
Holdings By:
Wolters Kluwer NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Ziggo NV provides telecommunications and media services. The Company offers
entertainment, information, and communication through television, broadband
Internet, and telephony services. Ziggo serves customers throughout the
Netherlands.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (10.10.2012) 27.63
52-Week Low (20.03.2012) 18.50
Daily Volume
25.98
52-Week High % Change -5.95% Dividend Yield -
52-Week Low % Change 40.43% Beta -
% 52 Week Price Range High/Low 84.17% Equity Float 142.80
Shares Out 31.12.2012 200.0 Short Int -
5'196.00 1 Yr Total Return -
Total Debt 2'943.82 YTD Return 4.93%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 92.43 Consensus Rating 4.208
Enterprise Value 8'047.39
Average Volume 5 Day 484'637
ZIGGO NA EQUITY YTD Change - Average Volume 30 Day 690'695
ZIGGO NA EQUITY YTD % CHANGE - Average Volume 3 Month 725'897
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
- 1'284.4 1'375.7 1'478.2 1'536.9 1'478.2 1'536.9 1'585.7 1'631.2 388.5 393.0
- - - - 5.08x 0.00x 20.62x 5.11x 5.05x - -
- 648.7 775.1 834.6 840.8 834.6 840.8 904.8 932.2 216.5 223.0
- - - - 9.28x 0.00x 9.28x 8.90x 8.64x 8.86x -
- (237.1) (200.4) 14.5 192.8 (26.3) 192.8 307.5 324.4 74.9 81.5
- - - - 25.79x 0.00x 25.79x 16.86x 15.89x 13.90x -
EBITDA 840.75 Long-Term Rating Date -
EBIT 561.64 Long-Term Rating -
Operating Margin 36.54% Long-Term Outlook -
Pretax Margin 17.40% Short-Term Rating Date -
Return on Assets 3.69% Short-Term Rating -
Return on Common Equity -
Return on Capital 8.63% EBITDA/Interest Exp. 3.24
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 2.16
Net Debt/EBITDA 3.39
Gross Margin 80.8% Total Debt/EBITDA 3.50
EBITDA Margin 54.7%
EBIT Margin 36.5% Total Debt/Equity 213.5%
Net Income Margin 12.5% Total Debt/Capital 68.1%
Asset Turnover 0.29
Current Ratio 0.45 Net Fixed Asset Turnover 1.08
Quick Ratio 0.30 Accounts receivable turnover-days 5.24
Debt to Assets 56.79% Inventory Days 37.26
Tot Debt to Common Equity 213.49% Accounts Payable Turnover Day 100.70
Accounts Receivable Turnover 69.87 Cash Conversion Cycle -58.20
Inventory Turnover 9.82
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
Ziggo NVPrice/Volume
Valuation Analysis
398'250.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CINVEN CABLE INVESTM n/a Research 27'328'391 13.66 (14'792'613) 30.10.2012 Investment Advisor
WP HOLDINGS IV BV n/a Research 27'328'391 13.66 (14'792'613) 30.10.2012 Corporation
BLACKROCK n/a ULT-AGG 15'083'784 7.54 1'941'447 25.02.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'196'342 1.6 67'618 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'901'706 1.45 (404'976) 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'997'000 1 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'822'937 0.91 1'039'693 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'445'137 0.72 (484'025) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'415'413 0.71 (212'206) 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 1'367'281 0.68 421'242 31.10.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 1'233'947 0.62 23'342 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'141'741 0.57 145'946 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'000'000 0.5 - 30.12.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 957'255 0.48 - 31.12.2012 Investment Advisor
ODEY ASSET MANAGEMEN n/a Short (820'000) -0.41 320'000 13.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 802'434 0.4 563'414 28.09.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 786'156 0.39 5'198 31.12.2012 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 781'501 0.39 2'500 31.10.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 753'272 0.38 20'826 31.12.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 740'998 0.37 (19'121) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 25 12 month 19.02.2013
ABN Amro Bank N.V. MARC HESSELINK buy 5 M 28 Not Provided 19.02.2013
Morgan Stanley SAROOP PUREWAL Overwt/In-Line 5 M 28 12 month 05.02.2013
Kempen & Co SANDER VAN OORT buy 5 M 29 12 month 29.01.2013
Kepler Capital Markets MATTHIJS VAN LEIJENHORST buy 5 M 27 Not Provided 29.01.2013
Nomura HENRIK NYBLOM buy 5 M 28 Not Provided 29.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 29.01.2013
JPMorgan AKHIL DATTANI overweight 5 M 28 9 month 28.01.2013
Societe Generale THIERRY COTA hold 3 M 27 12 month 25.01.2013
Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 30 12 month 25.01.2013
HSBC LUIGI MINERVA overweight 5 M 30 Not Provided 25.01.2013
Rabobank International FRANK CLAASSEN buy 5 M 29 Not Provided 25.01.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 U 25 Not Provided 25.01.2013
ING Bank EMMANUEL CARLIER buy 5 M 27 12 month 25.01.2013
New Street Research FRANK KNOWLES neutral 3 M 23 Not Provided 25.01.2013
Exane BNP Paribas MICHAEL ZORKO outperform 5 M 27 Not Provided 25.01.2013
Barclays JONATHAN DANN overweight 5 M 32 Not Provided 25.01.2013
Petercam STEFAAN GENOE add 4 M 27 Not Provided 24.01.2013
Deutsche Bank MATTHEW BLOXHAM buy 5 M 25 12 month 16.01.2013
SNS Securities(ESN) VICTOR BARENO buy 5 M 34 12 month 17.12.2012
Raymond James STEPHANE BEYAZIAN underperform 1 N 22 Not Provided 28.11.2012
Holdings By:
Ziggo NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Zodiac Aerospace manufactures and sells aeronautical equipment for airplanes,
helicopters, and weapons systems manufacturers. The Company provides
high-technology equipment and systems for essential functions in airplanes and
helicopters. Zodiac also manufactures and markets passenger and crew seats for
civil aircraft, and cabin systems and equipment.
Latest Fiscal Year: 08/2012
LTM as of: 11/yy
52-Week High (10.12.2012) 89.32
52-Week Low (07.03.2012) 69.20
Daily Volume
85.5
52-Week High % Change -4.28% Dividend Yield -
52-Week Low % Change 23.55% Beta 0.71
% 52 Week Price Range High/Low 78.03% Equity Float 47.53
Shares Out 11.01.2013 56.9 Short Int -
4'862.80 1 Yr Total Return 21.63%
Total Debt 998.17 YTD Return 4.23%
Preferred Stock 0.0 Adjusted BETA 0.707
Minority Interest 0.7 Analyst Recs 16
Cash and Equivalents 161.80 Consensus Rating 3.625
Enterprise Value 5'699.82
Average Volume 5 Day 109'574
ZC FP EQUITY YTD Change - Average Volume 30 Day 149'968
ZC FP EQUITY YTD % CHANGE - Average Volume 3 Month 143'958
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
2'014.5 2'205.7 2'150.3 2'734.8 3'440.6 2'869.8 3'573.0 3'846.1 4'089.5 - -
1.28x 0.93x 1.48x 1.38x 1.50x 0.00x 0.00x 1.45x 1.32x - -
286.1 308.0 298.5 446.3 556.5 0.0 0.0 646.3 697.5 - -
9.01x 6.67x 10.65x 8.44x 9.29x 0.00x 0.00x 8.82x 8.18x - -
511.3 173.2 148.5 238.3 318.9 0.0 0.0 358.0 388.4 - -
13.71x 8.07x 16.94x 12.60x 12.87x 0.00x 0.00x 13.16x 12.10x - -
EBITDA 556.52 Long-Term Rating Date -
EBIT 486.43 Long-Term Rating -
Operating Margin 14.14% Long-Term Outlook -
Pretax Margin 13.16% Short-Term Rating Date -
Return on Assets 8.91% Short-Term Rating -
Return on Common Equity 17.49%
Return on Capital 12.46% EBITDA/Interest Exp. 18.15
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. 15.46
Net Debt/EBITDA 1.50
Gross Margin - Total Debt/EBITDA 1.79
EBITDA Margin 16.2%
EBIT Margin 14.1% Total Debt/Equity 48.5%
Net Income Margin 9.3% Total Debt/Capital 32.7%
Asset Turnover 0.96
Current Ratio 1.60 Net Fixed Asset Turnover 12.06
Quick Ratio 0.78 Accounts receivable turnover-days 60.95
Debt to Assets 24.87% Inventory Days -
Tot Debt to Common Equity 48.55% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.00 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Zodiac AerospacePrice/Volume
Valuation Analysis
57'934.00
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'
-''
a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
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
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'1!'6!.''6 '1!'0!.'-' '1!'6!.'-' '1!'0!.'-- '1!'6!.'-- '1!'0!.'-. '1!'6!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIETE FONCIERE FIN n/a Co File 3'303'329 5.81 - 31.08.2012 Holding Company
ZODIAC AEROSPACE n/a Co File 2'780'000 4.89 - 31.08.2012 Corporation
DOMANGE ELISABETH n/a Co File 1'664'319 2.93 - 31.08.2012 n/a
MARECHAL ROBERT n/a Co File 1'597'756 2.81 - 31.08.2012 n/a
GERONDEAU VINCENT n/a Co File 1'203'440 2.12 - 31.08.2012 n/a
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'059'620 1.86 211'486 31.12.2012 Investment Advisor
DESANGES LOUIS n/a Co File 1'043'165 1.83 - 31.08.2012 n/a
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 668'569 1.18 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 603'255 1.06 9'381 31.12.2012 Investment Advisor
PINAULT MAURICE n/a Co File 450'050 0.79 - 31.08.2012 n/a
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 392'276 0.69 (3'384) 31.12.2012 Investment Advisor
SCHELCHER MARC n/a Co File 370'480 0.65 - 31.08.2012 n/a
GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 352'339 0.62 (88'648) 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 325'564 0.57 (263'502) 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 283'887 0.5 (113) 28.09.2012 Bank
BLACKROCK n/a ULT-AGG 282'614 0.5 31 25.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 269'988 0.47 (629) 31.12.2012 Investment Advisor
GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 252'350 0.44 2'200 31.10.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 228'259 0.4 (4'390) 30.09.2012 Investment Advisor
PALATINE ASSET MANAG Multiple Portfolios MF-AGG 227'890 0.4 (98'045) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue THOMAS PICHERIT add 4 M 92 6 month 21.02.2013
Societe Generale ZAFAR KHAN hold 3 M 82 12 month 28.01.2013
Oddo & Cie YAN DEROCLES neutral 3 M 90 Not Provided 25.01.2013
Barclays CHRISTIAN LAUGHLIN equalweight 3 D 88 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 90 Not Provided 16.01.2013
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX outperform 5 M 85 Not Provided 10.01.2013
HSBC CHRISTOPHE QUARANTE neutral 3 M 94 Not Provided 20.12.2012
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX hold 3 M 84 12 month 19.12.2012
Deutsche Bank MILENE KERNER hold 3 M 92 12 month 12.12.2012
Main First Bank AG CHLOE LEMARIE outperform 5 N 105 12 month 04.12.2012
Kepler Capital Markets CHRISTOPHE MENARD buy 5 M 91 Not Provided 21.11.2012
IDMidcaps TEAM COVERAGE add 4 M 80 12 month 14.06.2012
Natixis ERIC CHADEYRAS buy 5 M 98 Not Provided 13.06.2012
Redburn Partners PASCAL HAUTCOEUR neutral 3 D #N/A N/A Not Provided 03.05.2011
Holdings By:
Zodiac Aerospace ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |