fundamental equity analysis - ftse eurotop 100 index members (e100 index)
DESCRIPTION
Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)TRANSCRIPT
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October 2013
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48
Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66
NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12
FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98
SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51
S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14
S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99
HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98
MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60
NESTLE SA-REG CHF 223812 1972 3189 30 0 2 10 250.05 98836 101372 104158 109419 - - - - 3.52 3.58 3.81 4.11 21.29 20.89 20.04 18.57 8.08 -3.17 - - - AA 16.08.2007 - -
HSBC HOLDINGS PLC GBp 200559 8254 18476 458 4 13 484 142025 125099 106647 110783 - - - - 0.78 1.39 1.54 1.67 20.02 - 18.06 16.66 -10.88 - - - - A+ 29.11.2011 Aa3 21.06.2012
ROCHE HOLDING AG-GENUSSCHEIN CHF 231397 550 863 27 0 2 15 248.69 50004 50963 51968 53911 21321 21572 - - 15.15 14.54 16.53 17.75 20.29 19.98 17.85 16.62 7.67 1.55 9.25 2.94 46.52 AA 17.09.2012 - -
NOVARTIS AG-REG CHF 207151 1631 2421 22 0 0 9 244.21 62285 62797 63163 64877 18369 18107 - - 4.40 4.24 5.65 6.12 21.93 21.52 16.47 15.20 -3.55 7.45 -6.81 11.60 31.69 AA- 07.04.2008 Aa3 08.02.2013
VODAFONE GROUP PLC GBp 168521 32748 48919 67 0 2 21 216.03 71421 71421 71609 72431 22120 22120 - - 0.21 0.01 0.25 0.25 398.74 27.07 22.73 22.72 -6.83 6.95 -39.25 1.54 49.77 A- 05.09.2013 A3 04.09.2013
BP PLC GBp 131643 10249 19136 78 0 2 32 242.96 603535 598269 560193 553807 32849 40603 15736 15736 0.36 2.18 1.25 1.44 8.32 17.54 14.56 12.59 0.03 5.10 -88.96 -18.40 10.91 A 24.09.2010 - -
ROYAL DUTCH SHELL PLC-A SHS GBp 211951 1140 6331 61 0 2 30 377.18 750688 732193 721241 724682 83744 84226 23995 23995 6.61 6.06 6.25 6.57 13.99 15.04 13.56 12.90 -1.03 5.48 -11.00 -1.10 18.49 AA 03.09.2009 Aa1 20.07.2005
GLAXOSMITHKLINE PLC GBp 122629 3781 4903 29 0 2 7 149.27 42473 42452 43363 44969 17058 15926 4099 4099 2.00 1.32 1.85 2.03 30.53 23.43 21.74 19.83 -5.61 4.25 9.59 6.46 60.29 A+ 18.02.2008 - -
TOTAL SA EUR 137893 1634 2258 45 0 2 23 167.99 246483 239840 246008 255118 43730 41094 12742 12742 6.90 5.69 6.84 7.01 13.78 13.81 11.47 11.19 12.79 4.05 -2.37 1.39 23.17 AA- 12.04.2011 Aa1 30.08.2005
SANOFI EUR 134376 803 1323 20 0 0 9 148.72 47251 45468 45879 48402 16744 15211 - - 6.02 3.49 7.29 8.23 39.25 30.39 18.77 16.64 6.31 4.83 -2.24 4.14 45.23 AA 03.05.2013 A1 28.03.2013
BRITISH AMERICAN TOBACCO PLC GBp 99731 576 2026 17 0 0 3 117.67 24409 24602 24782 25422 9871 10037 5533 5533 3.29 3.31 3.54 3.81 25.51 24.57 23.83 22.14 -2.18 11.44 -4.40 20.97 65.56 A- 09.11.2012 - -
BAYER AG-REG EUR 97666 659 827 13 0 0 3 109.74 53759 54290 55228 58268 12170 12569 2499 2499 7.56 4.75 7.77 8.77 33.65 23.83 20.55 18.21 11.96 5.76 0.57 8.37 31.30 A- 30.04.2008 A3 17.07.2006
SIEMENS AG-REG EUR 105968 735 856 30 0 1 15 124.04 105863 104232 103545 106699 13052 11766 2231 2231 7.57 7.37 7.40 9.44 22.07 22.27 21.98 17.22 9.26 0.28 -10.81 1.13 15.26 A+ 05.06.2009 - -
BANCO SANTANDER SA EUR 89580 35235 9235 568 0 13 260 104325 56260 55555 58085 - - - - 0.24 0.37 0.58 0.73 29.73 15.35 18.83 14.98 -1.47 5.13 - - - BBB 16.10.2012 (P)Baa2 24.10.2012
BASF SE EUR 87576 1202 918 17 0 1 2 105.72 97524 101517 100267 96008 13073 13327 3021 3021 7.10 6.67 7.24 7.94 19.34 19.35 17.81 16.23 -2.52 5.34 -24.93 -2.16 17.75 A+ 10.05.2011 A1 17.11.2010
ROYAL DUTCH SHELL PLC-B SHS GBp 211951 1998 6331 61 0 2 30 377.18 750688 732193 721241 724682 83744 84226 23995 23995 6.61 6.06 6.25 6.57 14.69 15.79 14.24 13.55 -1.03 5.48 -11.00 -1.10 18.49 AA 03.09.2009 Aa1 20.07.2005
ANHEUSER-BUSCH INBEV NV EUR 160442 532 1602 60 0 6 19 281.90 53756 54505 59346 66217 21022 21132 6180 6180 6.03 11.05 6.45 7.38 16.54 31.55 28.34 24.76 2.47 5.64 2.22 24.19 52.42 A 01.05.2012 A3 27.03.2012
DIAGEO PLC GBp 79170 1424 2503 16 0 2 3 94.26 18372 18372 19756 21396 6317 6317 3781 3781 1.68 1.60 1.81 2.01 31.73 30.07 27.94 25.21 10.02 11.73 4.41 15.00 55.25 A- 01.09.2005 A3 17.10.2005
DAIMLER AG-REGISTERED SHARES EUR 82926 1341 1068 114 0 2 20 177.40 154539 154402 158843 169698 16412 14676 - - 7.67 8.48 6.51 7.50 12.37 25.12 16.11 13.97 9.84 6.13 -0.86 -7.01 12.85 A- 23.02.2012 A3 01.10.2007
UBS AG-REG CHF 78100 5026 3747 294 0 5 73 241.34 41492 42530 32031 32564 17067 - - - 0.58 -0.70 1.09 1.42 - 17.43 20.49 15.72 -8.40 -11.00 -12.18 -34.44 - A 29.11.2011 A2 21.06.2012
ALLIANZ SE-REG EUR 71481 842 453 26 0 4 17 82.28 129827 131187 138510 142326 - - - - 15.72 32.71 17.70 18.21 6.48 12.11 11.98 11.64 13.36 4.48 - - - AA 27.01.2012 Aa3 03.05.2004
BARCLAYS PLC GBp 58593 25673 13254 703 0 15 206 54662 53487 46608 47981 - - - - 0.19 -0.02 0.43 0.52 - 124.90 15.86 13.15 -31.37 - - - - A- 02.07.2013 (P)A3 21.06.2012
SAP AG EUR 90643 1087 1192 7 0 0 4 92.74 21935 22496 23332 25414 6763 6931 2018 2018 3.22 3.38 4.59 5.14 29.51 29.33 21.72 19.41 18.90 10.48 9.83 14.94 41.66 - - - -
NOVO NORDISK A/S-B DKK 93067 180 543 0 0 0 3 91.18 14159 14911 15415 16739 5815 6211 1652 1652 - 8.09 8.61 9.52 3.80 - 3.57 3.23 3.19 2.57 5.24 3.96 7.56 AA- 19.06.2013 - -
BNP PARIBAS EUR 84021 2194 1240 1369 10 12 189 90416 126552 52914 53969 - - - - 7.40 5.52 6.34 7.19 16.55 13.64 14.41 12.70 -7.88 -5.73 - - - A+ 25.10.2012 A2 21.06.2012
BG GROUP PLC GBp 64613 1598 3614 25 0 0 7 122.95 30424 31551 32184 35345 16388 16601 3347 3347 2.08 2.02 1.96 2.25 24.39 24.87 25.09 21.90 11.52 -5.44 10.47 9.85 84.55 - - - -
ASTRAZENECA PLC GBp 64519 851 1247 17 0 0 14 106.56 44951 42714 41846 40405 17127 17797 3622 3622 9.74 6.28 8.39 7.74 21.28 16.86 15.93 17.26 -26.88 -6.93 -31.69 -0.77 66.95 AA- 27.07.2007 A2 11.04.2013
BANCO BILBAO VIZCAYA ARGENTA EUR 63458 22182 5433 306 0 3 86 47623 29665 29736 31195 - - - - 0.79 0.40 0.81 0.95 37.22 13.33 18.45 15.70 8.89 2.88 - - - BBB- 16.10.2012 Baa3 24.10.2012
TELEFONICA SA EUR 70671 8106 4503 90 0 10 16 151.02 84310 81040 78297 77689 28706 27463 - - 1.02 1.17 1.39 1.47 17.95 21.04 15.08 14.29 -1.03 0.50 12.82 -1.94 45.82 BBB 20.12.2012 Baa2 18.10.2012
BHP BILLITON PLC GBp 168132 1616 5324 57 0 2 10 320.15 106007 106007 108408 114277 45110 45110 26595 26595 3.80 3.28 4.15 4.57 23.01 19.87 18.19 16.54 -13.92 6.79 -27.49 -0.07 68.38 A+ 15.11.2010 (P)A1 15.11.2010
UNILEVER NV-CVA EUR 118212 1998 2832 14 0 1 4 134.53 69394 69532 69285 72044 11071 11750 - - 2.06 2.26 2.16 2.34 23.30 21.87 24.32 22.49 14.13 6.95 13.15 5.26 22.85 A+ 05.10.2000 A1 11.07.2000
RIO TINTO PLC GBp 92851 1503 1847 43 0 18 12 202.79 81901 80575 83052 88000 25554 25067 19501 19501 5.74 -6.20 7.95 8.96 - 27.98 15.68 13.91 -25.40 0.60 -64.83 13.95 49.99 A- 18.04.2011 - -
LLOYDS BANKING GROUP PLC GBp 84301 47274 70424 312 0 1 170 58506 59802 29624 29595 - - - - 0.02 0.02 0.09 0.10 105.83 34.93 22.22 18.12 2.82 - - - - A- 29.11.2011 A3 21.06.2012
ENI SPA EUR 82894 8676 3623 33 0 5 11 109.10 172012 166702 158407 162444 33213 27720 9392 9392 0.85 0.85 1.96 2.40 36.13 328.28 15.74 12.83 21.75 4.40 -6.14 -1.42 22.48 A *- 16.07.2013 A3 16.07.2012
ABB LTD-REG CHF 54084 1950 2296 11 0 1 9 64.10 43231 44737 45261 47034 5818 6304 1693 1693 1.32 1.34 1.59 1.81 21.18 20.27 17.81 15.66 3.89 3.70 -7.61 2.73 15.49 A 08.06.2010 - -
GLENCORE XSTRATA PLC GBp 71560 8882 7099 57 0 5 5 201.25 344586 351139 396472 419104 7394 8359 12091 12091 0.29 -1.88 0.46 0.66 - - 30.24 21.30 24.42 19.22 6.47 -5.79 3.83 BBB 29.11.2012 - -
CIE FINANCIERE RICHEMON-REG CHF 57079 675 553 2 0 0 6 43.11 11155 11155 12127 13271 3096 3096 1796 1796 3.96 4.02 4.40 4.93 22.20 22.60 20.29 18.09 15.89 15.09 19.80 16.00 30.50 - - - -
LVMH MOET HENNESSY LOUIS VUI EUR 99394 256 500 9 0 1 3 107.90 37998 38983 40727 44883 9486 9662 - - 9.59 8.98 9.88 11.24 29.47 29.43 26.79 23.54 25.40 16.59 19.04 15.27 33.51 A 20.05.2011 - -
SABMILLER PLC GBp 80913 516 1670 30 0 2 3 158.69 37302 37302 38189 40915 9213 9213 - - 3.44 3.31 4.04 4.52 39.57 38.05 32.37 28.94 10.73 26.25 18.05 7.46 39.69 BBB+ 04.08.2003 Baa1 27.10.2005
UNILEVER PLC GBp 116727 1117 2832 16 0 1 5 158.64 82475 82639 82344 85624 13158 13964 - - 2.44 2.68 2.57 2.78 28.00 27.07 29.20 27.00 16.80 8.26 15.63 6.22 27.15 A+ 05.10.2000 A1 11.07.2000
STANDARD CHARTERED PLC GBp 57785 1004 2413 179 1 208 42925 43667 32037 34449 - - - - 3.68 2.80 3.62 3.97 22.07 15.45 17.07 15.57 15.11 5.69 - - - A+ 01.12.2011 A2 26.11.2010
PRUDENTIAL PLC GBp 46884 1185 2557 11 0 0 10 46.53 89147 86752 92373 94578 - - - - 1.23 1.02 1.37 1.53 28.97 28.29 21.50 19.28 83.50 - - - - A+ 17.08.2010 A2 20.12.2002
TESCO PLC GBp 46914 5368 8054 17 0 0 5 59.48 104172 104172 108436 112263 6616 6616 - - 0.47 0.28 0.52 0.55 33.56 19.96 17.97 17.02 2.29 9.32 -35.47 4.42 10.21 BBB+ 19.04.2013 Baa1 20.04.2012
RECKITT BENCKISER GROUP PLC GBp 51888 310 734 5 0 0 1 56.37 15374 15896 16367 16971 4368 4450 - - 4.23 3.81 4.29 4.42 30.42 26.79 27.06 26.25 1.39 16.78 4.50 26.03 44.98 A+ 16.12.2003 - -
DEUTSCHE BANK AG-REGISTERED EUR 46481 2454 929 377 0 1 199 70713 66671 44995 45825 - - - - 4.18 0.24 4.93 6.09 253.29 25.72 12.51 10.13 -0.93 -9.09 - - - A 02.07.2013 A2 21.06.2012
CREDIT SUISSE GROUP AG-REG CHF 47790 1999 1325 363 0 7 70 42107 41736 29466 30450 - - - - 2.42 1.78 2.81 3.29 18.66 11.14 11.85 10.11 -11.28 -12.16 - - - A- 02.07.2013 (P)A2 21.06.2012
DEUTSCHE TELEKOM AG-REG EUR 64155 7063 4319 60 0 6 8 131.81 78649 78826 80111 81121 23970 23659 6082 6082 1.36 -1.60 0.86 0.94 - 13.94 22.73 20.83 -1.12 0.26 -16.56 2.01 40.58 BBB+ 19.05.2008 Baa1 22.12.2011
SCHNEIDER ELECTRIC SA EUR 47195 952 547 11 0 0 5 54.55 32377 32407 33087 35603 5188 5200 - - 4.81 4.41 5.53 6.18 25.83 24.40 20.60 18.43 9.69 7.67 4.07 6.12 21.70 A- *- 17.07.2013 A3 12.01.2009
NATIONAL GRID PLC GBp 43875 2124 3666 45 0 0 10 79.22 23074 23074 23961 24707 8043 8043 - - 0.90 1.01 0.84 0.89 18.78 21.08 22.49 21.35 6.12 6.82 7.67 11.05 56.01 A- 24.08.2007 Baa1 12.01.2007
BT GROUP PLC GBp 43575 3983 7880 16 0 0 2 57.62 29332 28896 29115 28996 9553 9516 2298 2298 0.41 0.41 0.41 0.46 21.78 21.32 21.52 19.27 -8.77 -4.75 8.27 0.84 52.92 BBB 19.07.2011 - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48
Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66
NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12
FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98
SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51
S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14
S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99
HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98
MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60
ING GROEP NV-CVA EUR 43101 8296 3801 281 0 1 24 287.99 53142 53091 20534 20854 - - - - 0.92 1.01 1.36 1.51 15.09 14.49 11.17 10.02 -34.54 -8.67 - - - A 03.09.2009 A3 15.06.2012
AIR LIQUIDE SA EUR 43219 160 311 10 0 0 2 52.79 20722 20762 21323 22854 5128 5170 - - 7.03 6.85 7.21 8.00 27.36 27.48 26.00 23.42 8.13 4.97 8.68 9.19 33.67 A 02.07.2007 - -
HENNES & MAURITZ AB-B SHS SEK 72051 1352 1655 0 0 0 3 70.34 18842 19430 19984 22255 3971 3976 1341 1341 - 1.59 1.64 1.89 4.28 - 4.14 3.60 1.53 1.42 1.20 0.74 3.19 - - - -
DANONE EUR 47319 641 593 13 0 0 4 58.67 28217 29005 29698 31329 4897 4601 - - 3.77 4.02 4.14 4.47 25.24 25.29 24.51 22.69 10.86 10.43 5.27 15.34 21.45 A- 25.07.2007 A3 06.11.2007
L'OREAL EUR 103923 217 598 0 0 0 2 103.15 30371 31081 31481 33292 6136 6359 - - 6.56 6.67 6.93 7.47 34.78 34.71 33.44 31.02 14.09 8.60 19.93 7.41 27.66 - - - -
ERICSSON LM-B SHS SEK 43933 4403 3220 4 0 0 12 38.20 35528 35695 35818 37401 5003 3599 1123 1123 - -0.08 0.68 0.89 - - 3.05 2.34 0.06 0.46 0.69 0.04 1.57 BBB+ 15.06.2007 A3 10.06.2011
AXA SA EUR 55084 3365 2389 21 8 3 41 52.80 157115 157511 136372 139779 - - - - 2.44 2.14 2.75 2.93 14.56 14.01 11.34 10.64 24.57 15.30 - - - A- 18.12.2012 A2 19.03.2003
ZURICH INSURANCE GROUP AG CHF 37878 227 147 14 0 3 10 49.60 77422 78767 64599 65897 - - - - 29.11 26.25 29.82 31.94 11.83 11.82 10.41 9.72 36.24 6.94 - - - - - - -
SYNGENTA AG-REG CHF 37500 177 92 4 0 0 2 44.94 15608 15746 16531 17653 3460 3361 - - 25.01 21.28 25.60 28.84 23.00 20.68 19.12 16.97 7.74 3.43 9.85 11.26 23.46 A 15.06.2007 - -
LINDE AG EUR 36426 166 185 14 0 1 3 49.74 20660 22057 23107 24628 4655 5118 1375 1375 9.36 9.65 11.25 12.67 27.54 27.91 23.63 20.98 14.64 7.42 14.91 10.85 31.37 A 25.05.2012 A3 28.04.2010
IMPERIAL TOBACCO GROUP PLC GBp 35450 408 990 15 0 0 1 53.30 23577 23064 12602 12903 5338 5128 3032 3032 2.65 0.79 3.36 3.57 74.07 24.53 17.47 16.45 -5.44 36.46 3.06 26.39 35.73 BBB 20.05.2008 - -
SOCIETE GENERALE EUR 39463 1871 754 1002 7 6 149 59816 31222 33171 - - - - 4.91 1.60 4.58 5.84 41.80 19.37 14.58 11.44 -12.00 - - - - A 23.01.2012 A2 21.06.2012
EADS NV EUR 49770 806 822 6 0 0 15 47.87 76366 78256 79243 84362 5310 5896 1742 1742 1.96 2.31 3.63 4.92 37.05 37.03 23.51 17.36 20.23 9.98 32.18 31.24 10.19 A 06.09.2013 (P)A2 06.12.2012
NORDEA BANK AB SEK 48767 4740 4030 39 0 0 7 2723 2608 1578 1648 - - - - 0.12 0.12 0.12 0.14 1.79 1.79 1.74 1.55 0.72 -0.49 - - - AA- 29.11.2005 Aa3 24.05.2012
BAYERISCHE MOTOREN WERKE AG EUR 68535 465 656 94 0 0 18 146.25 103905 103368 106081 111640 21975 21677 - - 10.50 10.65 10.68 11.01 13.56 13.56 13.53 13.12 15.77 8.97 7.05 21.79 28.35 A 16.04.2012 A2 22.07.2011
VOLKSWAGEN AG-PREF EUR 106397 432 465 159 0 6 35 234.29 260514 264988 271080 284557 33023 33548 - - 62.58 51.08 28.57 33.04 6.18 6.20 11.04 9.55 28.29 17.14 19.36 13.58 17.12 A- 31.08.2009 A3 17.08.2009
ROLLS-ROYCE HOLDINGS PLC GBp 33417 1325 1872 2 0 0 4 33.15 19542 22153 24702 26239 2711 3196 1875 1875 1.50 0.63 1.08 1.16 45.27 17.39 26.49 24.58 14.98 21.34 22.48 31.97 23.18 A 13.04.2012 - -
ASML HOLDING NV EUR 44059 666 407 1 0 0 4 41.87 6397 5855 6966 8879 1816 1372 385 385 3.62 2.80 2.95 4.67 47.64 48.08 45.17 28.52 -22.00 64.68 -34.66 9.65 31.67 - - Baa2 11.11.2010
GDF SUEZ EUR 60516 2238 2357 78 0 15 15 132.02 131203 130133 110741 111484 24880 24196 18300 18300 1.80 0.53 1.87 1.85 63.88 22.66 18.16 18.33 9.49 20.54 19.60 27.94 25.14 A 06.05.2013 A1 03.07.2012
INDITEX EUR 95151 353 623 0 0 0 6 90.32 21560 22122 23309 25793 5310 5295 1668 1668 5.12 5.14 5.62 6.31 40.19 40.11 36.76 32.72 21.11 15.84 29.99 17.33 32.36 - - - -
E.ON SE EUR 35496 5572 1907 35 0 5 8 63.88 178601 177574 161688 164496 11416 13475 - - 2.45 1.66 1.67 1.60 14.42 9.34 14.33 14.97 22.91 13.33 132.20 -7.11 10.26 A- 27.07.2012 A3 05.10.2011
ANGLO AMERICAN PLC GBp 33504 981 1391 27 0 10 15 77.14 46217 47386 50259 51335 12345 12423 7614 7614 4.16 -2.89 2.89 3.40 - 18.10 21.54 18.32 -9.56 5.01 -52.21 -8.01 42.13 BBB 04.04.2013 Baa2 07.08.2013
MUENCHENER RUECKVER AG-REG EUR 34954 192 179 8 0 0 4 37.40 89097 88606 73672 75241 - - - - 24.31 23.55 22.55 22.67 11.19 11.19 11.69 11.62 11.07 9.16 - - - AA- 22.12.2006 - -
VIVENDI EUR 30769 1014 1323 24 0 4 6 58.51 39202 37031 33447 33374 10353 8787 - - 0.92 -0.40 1.93 1.99 - 125.51 16.11 15.62 0.85 -1.62 -18.19 5.37 32.08 BBB 26.10.2012 Baa2 13.09.2005
CENTRICA PLC GBp 30507 5517 5199 9 0 0 2 37.88 38473 41163 41059 45449 5942 6487 - - 0.42 0.34 0.45 0.48 27.88 27.28 21.22 20.07 7.87 11.97 18.84 13.02 25.32 A- 29.05.2009 A3 21.06.2006
KONINKLIJKE PHILIPS NV EUR 30002 1673 915 6 0 0 5 32.90 33515 32720 32299 33927 3330 3286 1244 1244 0.97 0.44 2.08 2.47 98.62 49.56 20.84 17.51 13.23 -2.21 145.82 -4.79 13.58 A- 11.05.2005 A3 20.04.2006
SWISS RE AG CHF 30434 487 343 22 0 0 12 42.33 36395 39016 37279 39394 - - - - 12.16 16.12 10.87 9.34 6.19 6.66 9.18 10.69 21.03 8.01 - - - - - - -
UNICREDIT SPA EUR 36658 80114 5789 446 0 5 98 56142 32912 33106 33634 - - - - 0.24 0.17 0.27 0.50 51.80 - 31.17 16.96 -1.43 -4.27 - - - BBB 12.07.2013 Baa2 16.07.2012
DEUTSCHE POST AG-REG EUR 40034 2167 1209 7 0 0 4 44.39 75057 75053 77114 80397 5326 5489 1355 1355 1.98 2.06 2.04 2.19 21.78 23.55 21.94 20.41 6.87 1.25 10.03 -3.26 9.89 NR 27.11.2012 WR 31.07.2006
IBERDROLA SA EUR 36211 19738 6053 44 0 0 9 72.01 46243 46704 46352 46520 9705 8234 - - 0.62 0.60 0.55 0.51 13.02 12.74 14.30 15.35 10.91 8.38 3.43 10.88 23.84 BBB 28.11.2012 (P)Baa1 05.11.2012
VINCI SA EUR 34623 820 536 27 0 1 9 54.51 52979 53276 53660 54361 7447 7359 - - 4.76 4.73 4.64 4.90 16.49 16.58 16.80 15.93 5.52 4.76 1.54 5.03 18.68 BBB+ 29.03.2007 Baa1 23.07.2002
ASSICURAZIONI GENERALI EUR 30754 5622 1541 32 0 4 29 37.90 110101 111790 102510 104268 - - - - 0.97 0.31 1.89 1.99 86.67 - 14.12 13.40 14.63 0.50 - - - A- 12.07.2013 Baa2 21.03.2013
ENEL SPA EUR 35854 32566 9403 90 0 22 13 139.49 111816 112024 111418 110636 21836 23770 - - 0.12 0.11 0.43 0.42 46.51 46.51 11.92 12.34 8.93 9.29 -7.59 14.53 28.69 BBB 11.07.2013 Baa2 05.11.2012
PERNOD RICARD SA EUR 32926 215 265 12 0 0 1 44.30 11594 11594 11851 12580 3103 3311 3412 3412 6.06 6.10 6.94 7.79 27.51 26.90 24.17 21.53 5.93 6.80 - 9.38 38.92 BBB- 03.10.2011 Baa3 08.09.2011
INTESA SANPAOLO EUR 33502 186995 16434 383 0 1 57 37614 22543 22368 22902 - - - - 0.12 0.06 0.12 0.19 43.63 31.30 23.40 14.40 13.66 -0.91 - - - BBB 12.07.2013 Baa2 16.07.2012
ORANGE EUR 33143 5126 2627 53 0 3 11 76.45 58836 57159 55883 54658 16731 16210 - - 1.00 0.08 1.36 1.33 208.54 23.39 12.43 12.70 -5.26 -6.21 -23.81 -11.43 38.34 BBB+ 22.04.2013 A3 23.06.2005
VOLVO AB-B SHS SEK 31721 4058 2028 21 0 0 5 49.30 47362 42426 43084 46640 5353 3575 1043 1043 - 0.30 0.62 1.16 7.80 - 3.76 2.01 -0.34 0.07 -3.03 0.04 1.31 BBB 15.04.2011 - -
REPSOL SA EUR 32218 1985 1256 26 0 1 9 52.52 79670 80799 78270 82637 9488 9258 2108 2108 2.22 2.14 2.27 2.21 15.62 - 14.72 15.12 21.31 -0.04 28.37 -6.65 15.49 BBB- 19.04.2012 - -
STATOIL ASA NOK 72358 1325 3180 20 0 0 13 85.87 117405 105552 105964 108771 44154 36726 9398 9398 - 1.99 2.46 2.61 1.90 - 1.54 1.45 1.55 0.15 0.22 1.43 5.79 AA- 03.08.2007 Aa2 23.06.2005
HEINEKEN NV EUR 40576 240 576 18 0 1 1 59.01 24855 25634 26744 27664 4693 5165 - - 6.68 6.60 3.94 4.48 14.44 14.47 24.18 21.28 9.95 10.66 3.52 15.73 27.24 BBB+ 02.10.2012 Baa1 07.03.2012
SWATCH GROUP AG/THE-BR CHF 33513 37 54 0 0 0 2 32.44 8568 8926 9641 10595 2467 2499 1614 1614 32.55 33.48 35.46 39.91 20.94 20.96 19.77 17.57 16.77 8.94 23.97 10.26 30.77 - - - -
ATLAS COPCO AB-A SHS SEK 34612 998 1213 3 0 0 2 36.53 14121 13556 13388 14061 3414 3269 789 789 - 1.67 1.64 1.76 2.71 - 2.77 2.57 1.79 0.58 1.42 1.47 3.76 A 24.02.2011 A2 15.11.2012
HENKEL AG & CO KGAA VORZUG EUR 41180 246 434 5 0 0 5 41.54 22323 22465 22761 23858 3761 3798 1018 1018 4.93 4.81 5.45 5.98 28.85 27.11 25.49 23.22 7.84 4.48 18.70 12.97 22.86 A 18.05.2011 A2 01.06.2011
TELIASONERA AB SEK 33000 4888 4330 14 0 1 5 44.29 16362 16023 15824 15939 5459 5289 1382 1382 - 0.71 0.65 0.68 1.66 - 1.84 1.76 0.01 0.02 -0.81 0.38 5.15 A- 28.10.2005 A3 30.10.2007
TELENOR ASA NOK 34668 1509 1544 8 0 1 1 41.78 16923 16921 17213 17832 6633 6207 1570 1570 - 1.48 1.69 1.91 2.58 - 2.25 2.00 0.54 0.28 2.67 1.10 6.10 A- 12.04.2010 A3 27.01.2009
AP MOELLER-MAERSK A/S-B DKK 39567 3 4 20 0 2 3 57.24 62070 60291 59308 62062 13228 12899 3410 3410 899.69 778.77 790.31 1001.11 2.16 - 2.13 1.68 1.10 0.40 -1.30 0.43 3.88 BBB+ 25.09.2013 Baa1 25.09.2013
ROYAL BANK OF SCOTLAND GROUP GBp 64950 5846 11171 509 0 4 174 45417 44548 33084 32505 - - - - 0.17 -0.45 0.28 0.47 - 33.88 33.33 19.68 -20.66 -25.76 - - - A- 29.11.2011 Baa1 *- 05.07.2013
TENARIS SA EUR 27199 957 1181 2 0 0 2 36.74 14648 14768 15005 16014 3954 3946 940 940 1.95 1.87 1.96 2.18 22.54 22.49 21.53 19.29 11.68 -0.01 26.23 -4.56 36.13 - - - -
ATLAS COPCO AB-B SHS SEK 34612 490 1213 3 0 0 2 36.53 14121 13556 13388 14061 3414 3269 789 789 - 1.67 1.64 1.76 2.44 - 2.49 2.31 1.79 0.58 1.42 1.47 3.76 A 24.02.2011 A2 15.11.2012
CHRISTIAN DIOR EUR 35112 21 179 12 0 23 3 67.08 40402 40402 41752 44877 9763 9763 - - 11.27 10.81 12.70 14.69 24.17 23.09 20.58 17.79 2.68 - - - 32.67 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2%
Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5%
NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1%
FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5%
SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5%
S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1%
S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0%
HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3%
MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3%
NESTLE SA-REG 3.32 3.16 2.93 2.76 2.21 2.15 2.05 1.93 1.82 15.19 14.90 13.67 12.53 13.04 12.68 11.89 11.15 10.23 18.54 18.24 16.89 15.53 14.40 3.28 3.41 3.62 3.85 3.84 69.14 9.5%
HSBC HOLDINGS PLC 1.17 1.12 1.08 1.03 0.94 2.95 3.04 2.92 2.77 2.84 11.80 10.44 9.39 8.61 12.22 11.24 10.37 9.30 9.70 3.99 4.77 5.29 5.91 5.65 775.80 16.0%
ROCHE HOLDING AG-GENUSSCHEIN 12.86 10.00 7.94 6.55 5.19 4.64 4.44 4.28 4.14 4.03 15.71 13.52 12.53 11.63 11.74 12.61 11.24 10.66 10.15 9.63 17.87 16.24 15.13 14.15 13.36 3.00 3.28 3.56 3.84 4.16 272.11 11.4%
NOVARTIS AG-REG 2.65 2.58 2.46 2.35 2.08 3.69 3.63 3.53 3.41 3.31 12.92 12.83 12.13 10.93 10.69 13.01 13.24 12.61 11.86 11.44 14.71 14.99 13.83 12.70 12.12 3.17 3.28 3.42 3.65 3.91 74.21 6.5%
VODAFONE GROUP PLC 1.40 1.30 1.21 1.09 2.36 2.35 2.33 2.30 2.24 7.70 7.49 6.54 5.98 10.19 10.25 10.03 9.85 9.58 13.96 14.14 14.14 13.87 13.36 4.81 4.71 4.85 5.18 4.90 222.35 2.7%
BP PLC 1.13 1.06 1.00 0.94 1.04 0.37 0.38 0.38 0.38 0.43 5.08 4.55 4.23 4.10 4.17 4.02 3.78 3.63 3.49 3.77 7.73 9.06 7.84 7.61 7.28 4.82 5.19 5.51 5.65 5.82 490.56 12.7%
ROYAL DUTCH SHELL PLC-A SHS 1.11 1.07 1.01 0.96 0.87 0.45 0.47 0.47 0.47 0.44 4.68 4.72 4.37 4.22 4.39 3.95 3.86 3.70 3.59 3.82 7.82 8.44 8.03 7.94 7.54 5.24 5.48 5.61 5.74 6.07 2399.76 18.0%
GLAXOSMITHKLINE PLC 10.80 12.47 11.65 10.68 8.98 2.88 2.83 2.73 2.63 2.55 13.06 10.89 9.89 9.11 7.80 9.50 9.76 9.14 8.72 8.19 14.01 13.53 12.34 11.29 10.45 4.75 5.00 5.29 5.59 5.97 1769.16 13.3%
TOTAL SA 1.32 1.26 1.16 1.07 1.03 0.57 0.56 0.54 0.54 0.58 4.44 4.53 4.06 3.82 3.77 3.68 3.88 3.68 3.49 3.25 7.86 8.48 8.28 8.06 7.46 5.45 5.54 5.68 5.82 6.13 46.34 8.0%
SANOFI 1.71 1.71 1.66 1.60 1.46 2.85 2.93 2.78 2.64 2.61 10.64 11.66 10.52 9.13 8.36 8.18 9.51 8.54 7.82 7.32 12.10 13.89 12.30 11.01 10.17 3.72 3.74 4.09 4.56 5.22 86.78 15.9%
BRITISH AMERICAN TOBACCO PLC 7.70 8.37 8.27 7.72 7.92 4.04 4.02 3.92 3.76 3.55 13.98 13.49 12.90 11.67 10.19 12.01 11.56 11.03 10.33 9.58 15.85 14.83 13.78 12.59 11.23 4.11 4.44 4.78 5.24 5.80 3749.86 14.8%
BAYER AG-REG 3.62 3.51 3.12 2.75 2.48 1.82 1.77 1.68 1.59 1.52 12.94 11.77 10.55 9.68 8.96 9.79 9.51 8.64 7.96 7.39 16.12 15.20 13.47 12.10 10.98 2.07 2.37 2.66 2.94 3.23 92.40 5.8%
SIEMENS AG-REG 2.39 2.52 2.30 2.10 1.64 1.01 1.02 0.99 0.96 0.92 10.64 12.82 10.09 8.66 7.55 9.25 10.63 8.45 7.75 7.10 14.50 16.26 12.74 11.44 9.91 3.45 3.49 3.69 3.92 3.99 90.34 1.6%
BANCO SANTANDER SA 0.78 0.88 0.88 0.85 1.50 1.61 1.54 1.46 1.45 2.28 2.87 2.80 2.69 10.70 13.92 11.08 9.22 9.74 9.86 9.94 8.74 8.84 5.11 5.59 -6.4%
BASF SE 2.49 2.42 2.29 2.08 1.81 0.83 0.87 0.91 0.87 0.84 8.05 8.55 7.89 7.68 6.33 6.32 7.71 7.19 6.69 6.11 12.99 13.17 12.00 10.91 9.64 3.66 3.81 4.00 4.23 4.50 74.75 6.0%
ROYAL DUTCH SHELL PLC-B SHS 1.16 1.13 1.06 1.01 0.91 0.45 0.47 0.47 0.47 0.44 4.91 4.96 4.59 4.43 4.61 3.95 3.86 3.70 3.59 3.82 8.21 8.86 8.43 8.33 7.92 4.99 5.23 5.37 5.48 5.64 2361.87 10.6%
ANHEUSER-BUSCH INBEV NV 3.74 3.35 3.08 2.78 2.46 4.04 3.66 3.28 3.09 2.98 14.26 11.83 12.06 11.10 10.24 13.46 12.24 10.79 10.05 9.39 21.37 20.96 18.32 16.41 14.69 1.91 2.42 2.81 3.18 3.66 77.11 4.4%
DIAGEO PLC 6.85 5.54 4.57 3.74 3.09 4.32 4.01 3.70 3.43 3.18 21.48 16.29 14.35 12.56 11.05 14.92 13.91 12.71 11.67 10.80 19.13 17.38 15.69 14.07 12.10 2.41 2.63 2.88 3.14 3.90 2244.58 14.5%
DAIMLER AG-REGISTERED SHARES 1.43 1.33 1.24 1.15 1.04 0.54 0.52 0.49 0.46 0.50 6.96 6.82 5.74 5.07 3.61 10.25 9.39 9.11 8.10 6.37 12.40 11.92 10.34 8.87 8.15 3.73 3.82 3.91 4.36 4.36 57.55 0.4%
UBS AG-REG 1.46 1.44 1.36 1.31 2.83 2.44 2.40 2.29 2.38 119.42 17.38 11.68 8.65 18.20 18.64 14.30 11.39 9.54 0.71 1.33 3.23 6.34 6.96 19.72 6.6%
ALLIANZ SE-REG 1.02 1.01 0.95 0.89 1.08 0.51 0.52 0.50 0.49 0.48 10.29 8.86 8.61 8.27 8.20 3.96 4.45 4.64 4.84 5.13 132.75 14.5%
BARCLAYS PLC 0.65 0.73 0.70 0.67 0.63 1.25 1.26 1.22 1.18 1.13 2.98 9.87 8.18 7.30 8.14 9.87 8.18 6.85 6.12 2.24 2.39 4.29 5.69 6.52 304.36 15.5%
SAP AG 4.60 3.92 3.36 2.86 2.37 4.11 3.88 3.57 3.26 3.02 16.92 14.52 12.67 11.38 9.41 12.43 11.10 9.91 8.97 8.17 17.67 16.06 14.35 12.66 11.28 1.54 1.70 1.97 2.21 2.20 64.84 18.8%
NOVO NORDISK A/S-B 13.05 11.33 9.95 8.86 9.32 6.58 6.04 5.56 5.12 4.73 22.38 18.47 16.76 14.53 12.78 15.78 14.25 13.02 11.75 10.87 24.48 19.66 17.78 15.62 13.71 1.85 2.33 2.59 2.95 3.28 1082.24 16.1%
BNP PARIBAS 0.81 0.77 0.73 0.69 1.59 1.59 1.56 1.51 1.49 6.26 6.07 5.53 4.81 9.17 10.66 9.39 8.15 7.70 3.01 3.53 4.11 4.88 5.31 54.30 8.7%
BG GROUP PLC 1.94 1.83 1.66 1.50 1.50 2.88 3.24 2.95 2.39 2.17 8.00 8.33 7.52 6.06 5.98 6.84 7.21 6.31 5.07 5.11 14.01 15.62 13.63 10.57 8.47 1.35 1.42 1.55 1.71 2.28 1381.19 17.0%
ASTRAZENECA PLC 2.79 2.73 2.66 2.59 2.61 2.31 2.49 2.58 2.65 2.75 8.33 8.63 9.05 8.98 9.08 6.07 7.37 7.51 7.68 7.83 8.35 9.91 10.74 10.95 11.35 5.66 5.43 5.47 5.45 5.51 3222.83 0.5%
BANCO BILBAO VIZCAYA ARGENTA 1.08 1.03 0.98 0.92 2.06 2.13 2.03 1.93 1.92 3.55 3.99 3.83 3.59 23.10 13.64 11.61 9.43 9.35 5.12 5.10 4.76 5.18 5.24 7.74 -5.6%
TELEFONICA SA 2.29 2.26 2.19 2.09 0.84 0.90 0.91 0.91 0.92 3.59 4.09 3.90 3.86 8.51 5.27 5.69 5.73 5.69 5.77 9.46 11.15 10.58 9.99 10.07 1.11 6.33 6.77 6.60 7.31 11.50 0.1%
BHP BILLITON PLC 2.13 1.98 1.80 1.66 1.54 2.52 2.50 2.38 2.25 2.15 8.10 7.33 6.77 6.62 5.44 7.01 6.57 6.10 5.85 5.70 11.86 11.32 10.29 9.93 9.50 4.00 4.21 4.52 4.79 4.92 2121.60 17.1%
UNILEVER NV-CVA 5.21 4.86 4.33 3.85 3.26 1.71 1.70 1.64 1.55 1.48 14.50 13.44 12.82 11.64 10.27 12.07 11.61 11.01 10.22 9.41 18.20 17.98 16.63 15.21 13.83 3.30 3.60 3.83 4.10 4.61 32.81 14.0%
RIO TINTO PLC 1.71 1.69 1.49 1.32 1.28 1.83 1.80 1.70 1.60 1.51 7.78 6.62 5.97 5.37 5.24 6.97 6.63 5.93 5.44 5.17 9.73 9.76 8.65 7.71 7.54 3.24 3.73 3.99 4.34 4.37 3717.65 24.4%
LLOYDS BANKING GROUP PLC 1.14 1.16 1.10 1.05 1.05 2.85 2.85 2.85 2.80 3.06 18.33 11.28 9.16 7.79 30.54 13.83 11.28 9.77 9.52 0.00 0.82 3.00 4.64 6.28 78.16 6.6%
ENI SPA 1.02 0.99 0.95 0.91 0.86 0.51 0.52 0.51 0.49 0.55 3.67 4.08 3.41 3.21 3.46 2.74 3.25 2.88 2.72 2.76 8.40 11.64 9.49 8.80 8.83 6.40 6.50 6.62 6.73 6.99 19.23 14.0%
ABB LTD-REG 3.24 2.95 2.66 2.40 1.38 1.32 1.27 1.20 1.14 14.38 12.72 10.91 10.05 10.54 10.86 9.50 8.62 7.92 8.13 17.99 16.20 14.25 12.90 12.78 3.02 3.26 3.44 3.64 4.00 22.56 6.1%
GLENCORE XSTRATA PLC 1.20 1.21 1.13 1.06 0.35 0.29 0.28 0.27 0.24 10.33 8.04 6.84 5.32 22.14 10.35 8.33 7.35 5.92 11.71 18.82 13.25 10.48 8.24 2.73 2.84 3.06 3.38 4.61 368.29 9.7%
CIE FINANCIERE RICHEMON-REG 3.93 3.42 2.97 2.58 2.16 4.19 3.84 6.39 3.21 3.02 18.75 16.13 14.32 12.75 14.05 12.70 11.34 10.32 9.90 20.80 18.47 16.46 14.84 14.09 0.85 1.29 1.51 1.72 2.02 98.12 8.5%
LVMH MOET HENNESSY LOUIS VUI 2.91 2.68 2.42 2.19 1.73 2.63 2.44 2.21 2.05 1.90 15.28 14.46 13.30 12.11 14.76 11.36 10.73 9.57 8.72 8.24 20.08 19.81 17.41 15.56 13.49 2.07 2.19 2.46 2.74 3.02 154.60 6.8%
SABMILLER PLC 2.99 2.83 2.61 2.42 2.09 3.45 3.42 3.19 2.86 2.86 17.07 16.65 15.04 13.34 11.70 16.36 15.10 13.82 12.80 10.68 21.18 20.14 18.01 16.22 14.64 2.02 2.15 2.43 2.68 2.89 3465.07 10.3%
UNILEVER PLC 5.27 4.91 4.37 3.89 3.29 1.69 1.69 1.62 1.54 1.47 14.65 13.58 12.96 11.76 10.38 11.98 11.52 10.92 10.14 9.34 18.40 18.17 16.80 15.37 13.98 3.35 3.57 3.86 4.20 4.49 2835.28 16.3%
STANDARD CHARTERED PLC 1.34 1.24 1.15 1.08 3.04 2.91 2.71 2.51 2.33 10.74 9.07 8.71 8.04 10.95 10.63 9.69 8.87 8.43 3.42 3.72 4.06 4.45 4.45 1704.88 14.9%
PRUDENTIAL PLC 2.97 2.58 2.27 1.95 1.74 0.59 0.51 0.50 0.58 174.44 16.43 13.38 12.00 10.85 9.44 2.33 2.76 2.96 3.20 3.49 1311.55 15.0%
TESCO PLC 1.55 1.60 1.48 1.37 0.44 0.43 0.42 0.40 0.38 7.59 6.87 6.71 6.36 7.62 7.19 6.89 6.62 6.32 12.08 11.18 10.59 10.01 8.52 4.07 4.18 4.40 4.65 5.17 400.90 11.0%
RECKITT BENCKISER GROUP PLC 5.19 4.96 4.34 3.98 4.06 3.38 3.17 3.06 2.90 2.77 16.63 15.92 14.73 14.00 13.41 13.20 12.60 12.25 11.52 10.90 18.15 16.84 16.34 15.39 14.27 2.87 3.09 3.26 3.49 3.67 4697.39 4.5%
DEUTSCHE BANK AG-REGISTERED 0.56 0.59 0.57 0.53 1.02 1.03 1.01 0.99 0.93 5.95 7.56 5.99 4.45 9.42 9.26 7.49 6.10 5.77 2.23 2.39 3.03 4.42 3.33 40.41 19.8%
CREDIT SUISSE GROUP AG-REG 1.04 1.00 0.93 0.89 0.81 1.78 1.62 1.57 1.51 1.47 17.67 10.40 8.80 7.80 11.45 10.78 9.20 8.35 8.37 2.52 2.89 4.01 4.84 5.67 29.93 8.6%
DEUTSCHE TELEKOM AG-REG 1.62 1.67 1.59 1.53 1.67 0.82 0.80 0.79 0.79 0.80 3.45 3.39 3.34 3.36 3.33 5.40 5.66 5.52 5.40 5.27 16.60 16.81 15.40 14.46 11.91 6.56 4.95 4.77 4.93 5.45 10.11 -5.2%
SCHNEIDER ELECTRIC SA 2.02 1.93 1.80 1.69 1.46 1.43 1.33 1.26 1.19 12.69 11.99 11.00 10.10 10.16 10.64 10.02 9.06 8.32 7.89 16.24 15.24 13.63 12.39 11.80 2.82 3.08 3.38 3.70 3.63 64.21 3.1%
NATIONAL GRID PLC 2.64 2.50 2.38 2.26 1.90 1.83 1.78 1.69 1.62 8.10 7.63 7.42 7.48 6.37 9.85 9.31 8.89 8.48 7.87 13.51 14.00 13.28 12.75 12.93 5.59 5.77 5.94 6.13 6.34 800.64 9.4%
BT GROUP PLC 15.59 35.00 12.89 9.00 1.50 1.50 1.50 1.50 1.48 6.26 6.86 6.45 6.79 9.58 5.86 5.94 5.78 5.65 5.55 13.56 13.40 11.99 11.06 10.27 2.77 3.21 3.65 4.20 4.93 341.62 -0.4%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2%
Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5%
NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1%
FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5%
SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5%
S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1%
S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0%
HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3%
MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3%
ING GROEP NV-CVA 0.63 0.60 0.57 0.56 0.45 0.75 2.10 2.07 2.02 1.88 9.13 6.75 5.85 10.73 8.26 7.41 6.94 6.54 0.00 0.00 0.98 3.20 9.40 13.2%
AIR LIQUIDE SA 2.98 2.82 2.63 2.43 2.09 2.03 1.89 1.76 1.67 11.09 10.70 9.96 9.13 10.34 9.84 9.03 8.30 7.77 20.01 19.23 17.32 15.63 14.13 2.45 2.57 2.79 3.02 3.28 104.24 1.7%
HENNES & MAURITZ AB-B SHS 10.25 10.10 9.25 8.36 7.65 3.81 3.61 3.24 2.92 2.64 22.69 21.55 18.43 16.84 17.05 17.63 17.01 14.91 13.34 12.71 27.51 26.57 23.06 20.78 19.67 3.43 3.44 3.69 4.03 3.83 280.04 0.3%
DANONE 2.66 2.63 2.46 2.30 2.09 1.69 1.59 1.51 1.42 1.32 13.09 12.78 11.75 10.63 9.65 11.99 11.64 10.93 10.22 9.24 18.38 18.12 16.78 15.19 13.80 2.63 2.68 2.88 3.14 3.64 60.06 8.3%
L'OREAL 4.01 3.46 3.20 2.96 2.59 3.44 3.30 3.12 2.93 2.79 21.09 19.76 18.19 16.70 15.56 17.17 16.12 14.98 13.86 13.11 26.51 24.73 22.95 21.10 19.52 1.74 1.97 2.16 2.37 2.58 129.61 2.2%
ERICSSON LM-B SHS 1.92 1.98 1.88 1.77 1.24 1.23 1.17 1.13 1.14 17.51 14.45 11.73 12.15 9.78 9.03 7.50 6.77 6.70 19.87 19.58 15.01 13.17 3.03 3.39 3.66 3.95 89.28 4.4%
AXA SA 0.85 0.81 0.77 0.72 0.66 0.40 0.40 0.39 0.38 10.99 11.20 9.34 8.39 7.87 7.35 7.07 4.28 4.75 5.03 5.37 6.02 19.38 13.8%
ZURICH INSURANCE GROUP AG 1.13 1.13 1.08 1.04 0.99 0.62 0.65 0.64 0.64 0.55 11.53 9.47 8.84 8.53 8.43 7.20 7.01 7.11 7.17 7.11 263.19 13.2%
SYNGENTA AG-REG 4.46 3.80 3.43 3.07 2.65 2.51 2.35 2.22 2.11 15.27 15.20 13.42 12.29 12.81 12.33 11.16 10.32 9.87 18.32 17.40 15.44 14.09 13.24 2.31 2.68 2.97 3.20 3.43 410.48 12.0%
LINDE AG 1.95 1.97 1.84 1.71 1.57 1.77 1.58 1.48 1.38 1.31 9.69 8.46 7.97 7.37 6.57 10.52 9.11 8.43 7.80 7.27 18.66 17.48 15.52 13.77 12.30 1.83 2.01 2.25 2.48 2.80 162.33 11.6%
IMPERIAL TOBACCO GROUP PLC 2.87 3.59 3.41 3.25 3.56 2.78 2.81 2.75 2.65 2.55 10.15 10.33 9.92 9.06 8.30 9.81 9.82 9.50 9.13 8.74 11.42 10.87 10.23 9.53 8.92 4.59 5.08 5.58 6.13 6.85 2488.16 9.3%
SOCIETE GENERALE 0.65 0.61 0.58 0.55 1.27 1.26 1.19 1.15 1.22 5.58 5.13 4.32 3.95 13.19 10.78 8.46 7.20 7.96 1.38 2.53 4.16 5.37 38.20 4.5%
EADS NV 3.88 3.74 3.02 2.44 2.00 0.67 0.63 0.59 0.55 0.54 12.67 11.89 8.91 6.27 5.45 8.05 6.40 5.42 4.85 4.83 24.21 17.39 12.84 10.75 10.35 1.32 2.05 2.78 3.38 2.87 50.73 8.6%
NORDEA BANK AB 1.28 1.23 1.16 1.10 3.55 3.56 3.41 3.29 11.18 11.56 10.79 9.22 11.87 11.15 9.93 9.20 3.34 4.69 5.52 6.18 86.28 11.8%
BAYERISCHE MOTOREN WERKE AG 1.66 1.54 1.40 1.27 1.15 0.66 0.65 0.61 0.59 0.56 6.12 5.13 4.95 4.58 3.66 8.24 8.49 8.20 7.74 6.85 10.17 10.01 9.70 9.27 8.72 3.31 3.43 3.71 3.98 4.32 81.79 3.5%
VOLKSWAGEN AG-PREF 1.04 0.98 0.87 0.77 0.72 0.41 0.39 0.37 0.36 0.34 3.62 3.78 3.41 3.34 2.96 7.94 7.31 6.54 6.08 5.47 8.04 8.17 7.06 6.35 5.64 2.24 2.45 3.16 3.80 5.05 205.35 19.0%
ROLLS-ROYCE HOLDINGS PLC 3.65 3.01 2.66 2.37 2.10 1.69 1.35 1.27 1.18 1.13 17.98 15.94 13.37 11.19 11.33 9.01 8.36 7.69 6.29 19.27 16.48 15.30 13.86 11.43 1.78 1.97 2.18 2.39 2.80 1224.38 10.7%
ASML HOLDING NV 7.08 5.23 4.58 3.71 2.45 6.88 6.32 4.96 4.41 3.71 24.81 32.59 18.50 14.29 9.35 22.56 25.61 16.82 13.04 9.82 29.34 33.41 21.10 16.28 11.74 0.63 0.76 0.88 1.10 1.12 70.80 -2.9%
GDF SUEZ 0.66 0.73 0.73 0.73 0.70 0.48 0.55 0.54 0.53 0.54 3.71 4.28 4.30 4.17 3.77 5.72 7.21 7.30 7.18 7.04 11.90 13.43 13.56 12.94 12.33 8.09 8.09 8.09 7.47 7.01 18.10 -2.4%
INDITEX 8.27 7.40 6.50 5.71 5.02 4.41 4.08 3.69 3.34 2.82 21.82 20.41 18.19 16.43 16.82 16.06 14.29 12.78 11.41 29.48 27.19 24.20 21.60 18.91 2.01 2.14 2.43 2.76 3.14 114.12 1.1%
E.ON SE 0.66 0.69 0.67 0.65 0.63 0.23 0.22 0.22 0.21 0.21 3.21 3.70 4.00 3.96 4.22 4.38 5.06 5.19 5.25 5.39 5.86 10.60 11.07 11.04 11.82 8.33 5.21 4.91 4.92 4.45 12.63 -3.7%
ANGLO AMERICAN PLC 0.75 0.82 0.80 0.76 1.19 1.08 1.05 0.98 0.84 5.75 4.98 4.63 4.05 6.01 5.59 5.21 4.57 4.25 12.58 13.41 11.40 9.32 9.81 3.13 3.52 3.61 3.85 4.02 1591.65 6.4%
MUENCHENER RUECKVER AG-REG 0.96 0.95 0.91 0.86 0.89 0.47 0.47 0.46 0.46 0.43 8.16 8.64 8.60 8.26 8.68 4.73 4.97 5.13 5.30 5.61 154.48 7.2%
VIVENDI 1.08 1.22 1.19 1.18 0.80 0.92 0.92 0.95 0.76 3.72 4.69 4.94 4.89 5.44 6.75 6.94 7.32 5.29 8.46 11.92 11.55 11.38 7.80 5.90 5.44 5.34 5.23 6.41 18.26 7.5%
CENTRICA PLC 3.17 3.14 2.96 2.73 2.44 0.82 0.74 0.67 0.64 0.61 10.27 7.97 7.07 6.16 5.78 6.51 5.71 5.39 5.17 4.91 13.69 13.20 12.49 11.66 10.91 4.44 4.68 4.92 5.17 5.44 400.43 8.3%
KONINKLIJKE PHILIPS NV 1.89 1.91 1.80 1.66 0.90 0.93 0.88 0.84 0.81 11.53 10.34 8.58 7.37 8.83 7.48 6.67 6.03 5.85 19.80 15.41 12.95 11.25 9.74 3.21 3.31 3.55 3.81 3.99 27.29 15.4%
SWISS RE AG 0.88 0.92 0.89 0.85 0.87 0.93 0.90 0.85 0.80 0.77 8.70 11.16 9.28 8.61 8.10 8.35 9.73 9.02 8.52 4.60 6.01 5.65 5.67 5.68 78.74 5.4%
UNICREDIT SPA 0.44 0.43 0.43 0.41 1.07 1.11 1.09 1.05 1.06 2.67 4.46 3.76 3.31 32.71 23.04 12.55 8.25 9.36 1.24 1.84 2.76 3.72 4.42 -5.5%
DEUTSCHE POST AG-REG 2.65 2.81 2.56 2.34 1.78 0.53 0.52 0.50 0.48 0.45 15.56 9.94 9.27 8.43 7.10 8.33 7.74 7.18 6.59 6.11 19.00 16.23 15.10 13.50 12.08 3.01 3.13 3.37 3.69 4.02 23.83 -2.7%
IBERDROLA SA 0.74 0.76 0.76 0.75 0.85 0.78 0.78 0.75 0.82 4.54 4.31 4.80 4.87 5.43 6.87 7.13 7.19 7.00 6.78 9.41 10.57 11.36 11.06 10.05 7.27 6.89 6.76 6.43 6.22 4.17 -2.8%
VINCI SA 1.75 1.68 1.58 1.47 0.67 0.65 0.64 0.63 0.61 6.23 6.31 6.03 5.70 7.38 7.30 7.01 6.73 6.51 12.35 12.42 11.77 10.78 10.35 4.19 4.15 4.33 4.60 4.81 45.95 7.7%
ASSICURAZIONI GENERALI 1.14 1.09 1.02 0.95 0.84 0.28 0.30 0.29 0.29 0.35 2.36 2.15 17.19 10.44 9.91 8.88 8.99 1.96 2.88 3.53 4.28 2.90 14.48 -0.9%
ENEL SPA 0.65 0.69 0.66 0.63 0.59 0.32 0.32 0.32 0.32 0.33 2.94 2.83 2.69 2.88 2.91 6.21 6.44 6.62 6.50 6.40 7.68 8.81 9.13 8.47 8.32 5.32 4.68 4.54 4.82 5.04 2.84 0.6%
PERNOD RICARD SA 2.08 1.99 1.84 1.70 1.52 2.82 2.78 2.62 2.48 2.33 16.25 15.32 13.84 12.12 11.41 13.40 12.99 12.03 11.25 10.12 19.16 17.88 15.92 14.39 12.80 1.82 1.97 2.20 2.41 3.01 99.67 8.6%
INTESA SANPAOLO 0.51 0.50 0.49 0.48 1.43 1.50 1.46 1.42 1.43 3.17 4.83 4.01 3.63 15.54 17.31 10.65 8.14 7.25 3.35 3.28 4.14 5.25 5.91 1.50 -1.5%
ORANGE 0.89 0.97 0.94 0.90 0.56 0.59 0.61 0.61 0.61 2.43 2.77 2.71 2.78 4.14 4.47 4.63 4.73 4.75 7.18 9.19 9.39 9.38 8.54 8.68 8.17 7.48 7.68 7.92 8.80 -5.0%
VOLVO AB-B SHS 2.21 2.51 2.26 1.97 0.67 0.74 0.68 0.64 0.68 11.25 8.76 7.02 5.79 9.68 11.79 8.62 7.39 7.81 15.48 24.13 12.87 9.81 3.04 3.04 3.62 4.26 104.70 9.6%
REPSOL SA 0.87 0.81 0.78 0.77 0.95 0.39 0.41 0.39 0.40 0.42 4.69 4.78 4.91 4.60 4.19 5.52 5.35 5.31 5.06 4.85 11.65 10.88 11.18 10.67 10.55 4.84 5.31 5.35 5.49 5.46 19.15 4.7%
STATOIL ASA 1.36 1.24 1.15 1.06 0.99 0.60 0.68 0.67 0.66 0.68 3.57 3.98 3.54 3.37 3.16 1.98 2.30 2.13 2.10 2.31 8.26 9.24 8.69 8.58 8.40 4.90 5.10 5.20 5.36 5.58 147.54 8.2%
HEINEKEN NV 2.80 2.45 2.23 1.96 1.96 1.64 1.52 1.47 1.40 1.33 10.43 9.74 8.80 7.83 7.45 11.24 10.07 9.46 8.83 8.40 18.38 17.89 15.74 14.22 12.39 1.69 1.75 1.96 2.17 2.32 54.38 4.4%
SWATCH GROUP AG/THE-BR 3.44 3.10 2.71 2.40 3.93 3.47 3.15 2.90 2.70 21.86 18.28 15.53 13.63 17.96 13.75 11.84 10.48 9.43 9.04 21.11 17.99 15.99 14.34 13.26 1.17 1.33 1.52 1.71 2.02 622.00 7.1%
ATLAS COPCO AB-A SHS 6.43 5.58 4.87 4.24 2.46 2.59 2.46 2.34 1.95 15.35 14.86 14.24 13.27 10.71 11.47 10.83 10.09 8.32 16.30 17.73 16.49 15.22 3.09 3.12 3.37 3.57 192.32 3.2%
HENKEL AG & CO KGAA VORZUG 3.38 3.14 2.80 2.49 2.17 1.84 1.81 1.73 1.64 1.58 16.35 15.22 13.93 12.93 12.11 11.38 10.64 9.92 9.24 8.54 20.47 18.86 17.18 15.66 14.33 1.22 1.37 1.52 1.65 1.83 79.39 4.5%
TELIASONERA AB 1.80 1.85 1.76 1.69 1.68 2.02 2.09 2.07 2.06 2.04 6.29 7.93 7.47 7.49 8.32 7.94 8.16 7.90 7.78 7.73 11.86 11.77 11.26 10.83 10.89 6.34 6.34 6.61 6.80 8.53 47.24 -3.3%
TELENOR ASA 2.76 2.74 2.56 2.39 2.28 2.06 2.01 1.94 1.89 1.84 10.31 7.75 7.40 7.07 6.91 7.75 7.06 6.56 6.27 5.97 16.68 13.50 12.00 10.98 9.76 4.15 5.05 5.70 6.32 7.28 140.81 2.5%
AP MOELLER-MAERSK A/S-B 1.05 1.00 0.92 0.84 0.76 0.64 0.67 0.64 0.61 0.55 4.95 4.77 4.26 3.77 3.68 4.20 4.47 4.00 3.66 3.35 12.16 11.72 9.25 7.69 6.64 2.08 2.39 2.63 2.94 3.50 54365.82 6.5%
ROYAL BANK OF SCOTLAND GROUP 0.60 0.63 0.61 0.58 1.71 1.96 2.00 2.01 9.95 15.53 13.29 9.02 8.14 18.03 20.74 12.25 9.86 9.88 0.00 0.00 0.59 2.26 3.79 330.00 -8.0%
TENARIS SA 2.29 2.15 1.95 1.77 2.51 2.45 2.30 2.17 10.02 11.96 11.21 10.05 9.46 9.41 8.62 8.02 14.32 15.93 14.27 13.20 2.13 2.21 2.37 2.46 15.74 -7.6%
ATLAS COPCO AB-B SHS 5.79 5.02 4.38 3.81 2.46 2.59 2.46 2.34 1.95 13.81 13.37 12.81 11.94 10.71 11.47 10.83 10.09 8.32 14.66 15.95 14.84 13.69
CHRISTIAN DIOR 3.10 2.28 2.06 1.66 1.28 1.08 0.84 0.78 0.71 0.63 7.75 6.08 5.61 5.18 4.07 8.33 6.66 6.03 5.38 4.79 20.36 15.22 13.16 11.68 9.46 1.60 2.27 2.43 2.49 2.65 157.80 10.4%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Price to
Book
Ratio
Positive
Net
Income
Positive
Operati
ng Cash
Flow
Increasi
ng ROA
Quality
of
Earning
s
Long
Term
Debt
vs.
Assets
Current
ratio
Shares
Out -
Same
or Dec.
Inc.
Gross
Margin
Inc.
Asset
Turnov
er
Pitroski
F Score
Tangiable
Assets
Working
Captial
Retained
Earnings
Trailing
12M
Operating
Inc (Loss)
Market CapTotal
Liabilities
Net Sales
(T12M)
Total
Shareholder
s Equity
Altman Z
Score
Altman Z
Score
Bankruptcy
flag
PE PE < 40Price to
Sales
Price To
Sales <
10
Price to
Book
Price to
Book <
10
Price to
Cash
Flow
Price to
Cash
Flow <
10
Dividen
d Yield
Div
Yield >
7%
Final
Score
PEG <
0.75PE < 20
EPS
Growth >
15%
Relative
Strength
> 0
ROCE >
12%
Market
Cap >
20m
Market <
1000m
FINAL
SCORE
NESTLE SA-REG CHF 3.1 1 1 1 1 0 0 0 0 1 5 80337 -3934 60685 13388 190038 62987 89931 62664 4.66 1.00 18.6 1 2 1 3 1 12 0 3.4396 0 3 0 1 0 1 1 1 1 5
HSBC HOLDINGS PLC GBp 1.1 1 0 0 0 0 - 0 - 0 1 2662685 - 155920 10068 194126 2509409 88382 183129 - - 13.6 1 2 1 1 1 - - 4.2829 0 3 0 1 0 1 - 1 1 4
ROCHE HOLDING AG-GENUSSCHEIN CHF 11.0 1 1 0 1 1 0 1 1 1 7 53111 11162 14334 16979 158712 48077 45499 16728 5.56 1.00 16.4 1 3 1 11 0 12 0 3.9946 0 2 0 1 0 1 1 1 1 5
NOVARTIS AG-REG CHF 2.2 1 1 1 1 1 1 0 0 0 6 62795 3953 68092 11794 152316 54997 56673 69219 5.22 1.00 16.0 1 3 1 2 1 11 0 3.9889 0 3 0 1 0 1 1 1 1 5
VODAFONE GROUP PLC GBp 1.3 1 1 0 1 0 0 1 0 0 4 90301 -7937 -86668 6065 91282 70210 44445 72488 0.04 0.00 214.0 1 2 1 1 1 6 1 5.4609 0 4 - 0 0 1 0 1 1 3
BP PLC GBp 1.1 1 1 0 1 0 1 0 0 0 4 264291 28641 102107 7961 132029 180573 375580 119620 2.77 1.00 11.3 1 0 1 1 1 6 1 4.7829 0 4 0 1 0 1 0 1 1 4
ROYAL DUTCH SHELL PLC-A SHS GBp 1.2 1 1 0 1 1 1 0 0 0 5 355855 17755 187952 37499 221603 170398 467153 189927 3.15 1.00 8.1 1 0 1 1 1 5 1 4.9905 0 4 0 1 0 1 1 1 1 5
GLAXOSMITHKLINE PLC GBp 11.3 1 1 0 0 0 0 1 0 0 3 26955 -123 2439 9170 65450 34728 26431 6747 3.47 1.00 14.4 1 2 1 11 0 18 0 5.5431 0 2 0 1 0 1 1 1 1 5
TOTAL SA EUR 1.2 1 1 0 1 1 1 0 - 1 6 158971 18498 66997 21862 88067 97636 182299 74193 2.81 1.00 8.2 1 0 1 1 1 4 1 5.9985 0 4 - 1 0 1 1 1 1 5
SANOFI EUR 1.6 1 1 0 1 1 1 1 1 0 7 42142 8940 47817 7787 94466 42935 34947 57472 3.19 1.00 19.0 1 3 1 2 1 12 0 3.8801 0 3 0 1 0 1 1 1 1 5
BRITISH AMERICAN TOBACCO PLC GBp 8.5 1 1 1 1 0 1 0 - 0 5 15617 1044 3049 5668 63240 19548 15190 7779 4.32 1.00 15.8 1 4 1 8 1 15 0 4.3223 0 3 0 1 1 1 1 1 1 6
BAYER AG-REG EUR 3.2 1 1 0 1 1 0 1 1 1 7 32579 5887 10185 6041 59449 32767 39760 18569 3.69 1.00 24.3 1 1 1 3 1 14 0 2.6429 0 3 0 0 0 1 1 1 1 4
SIEMENS AG-REG EUR 2.2 1 1 0 1 0 1 1 0 1 6 86618 9492 21917 6909 66721 76980 78296 31302 2.14 1.00 13.5 1 1 1 2 1 11 0 3.8501 0 3 0 1 0 1 1 1 1 5
BANCO SANTANDER SA EUR 0.8 1 0 0 0 0 - 0 - 0 1 1241566 - 32081 3838 56334 1185302 77159 84326 - - 26.4 1 1 1 1 1 - - 9.8361 1 4 1 0 0 1 - 1 1 4
BASF SE EUR 2.7 1 1 0 1 1 0 1 0 0 5 50533 10757 20247 6381 65350 37105 72129 25621 3.64 1.00 13.6 1 1 1 3 1 10 1 3.6543 0 4 0 1 0 1 1 1 1 5
ROYAL DUTCH SHELL PLC-B SHS GBp 1.2 1 1 0 1 1 1 0 0 0 5 355855 17755 187952 37499 221603 170398 467153 189927 3.15 1.00 8.1 1 0 1 1 1 5 1 4.9905 0 4 0 1 0 1 1 1 1 5
ANHEUSER-BUSCH INBEV NV EUR 3.4 1 1 1 1 0 1 0 1 0 6 46484 222 21834 12765 138992 77180 39758 45441 4.00 1.00 19.2 1 3 1 3 1 10 0 1.9133 0 3 0 1 1 1 1 1 1 6
DIAGEO PLC GBp 6.7 1 1 1 0 1 1 1 1 0 7 16029 3050 4895 3528 47056 16970 11433 8107 3.76 1.00 18.9 1 4 1 7 1 23 0 2.5213 0 3 0 1 1 1 1 1 1 6
DAIMLER AG-REGISTERED SHARES EUR 1.0 1 0 0 0 0 1 0 0 0 2 154093 8013 28790 8071 44130 117468 114297 45510 1.39 1.00 7.2 1 0 1 1 1 - - 5.3243 0 3 0 1 0 1 1 1 1 5
UBS AG-REG CHF 1.2 0 1 0 1 0 - 0 - 0 2 1252770 - 11614 1612 53475 1208983 37754 50249 - - - - 1 1 1 1 1 1 1.0512 0 3 - - - 1 - 1 1 3
ALLIANZ SE-REG EUR 0.9 1 1 1 1 1 - 0 - 1 6 681531 - 24738 10190 47492 638403 96020 56218 - - 4.6 1 0 1 1 1 5 1 4.2939 0 4 1 1 1 1 - 1 1 6
BARCLAYS PLC GBp 0.6 0 0 0 0 0 - 0 - 0 0 1480420 - 38138 2880 32126 1428349 34016 59986 - - - - 1 1 1 1 - - 2.4771 0 2 - - - 1 - 1 1 3
SAP AG EUR 5.1 1 1 0 1 0 0 0 0 1 4 10327 -31 12442 4139 72342 12664 16223 14171 7.33 1.00 25.6 1 4 1 5 1 19 0 1.4006 0 3 0 0 0 1 1 1 1 4
NOVO NORDISK A/S-B DKK 12.2 1 1 1 1 1 0 1 1 1 8 64174 18525 40072 29474 513240 25037 78026 40632 13.85 1.00 23.4 1 6 1 12 0 23 0 1.964 0 2 0 0 1 1 1 1 1 5
BNP PARIBAS EUR 0.7 1 1 1 1 0 - 0 - 0 4 1894114 - 51931 8581 52811 1812868 66872 94422 - - 8.3 1 1 1 1 1 1 1 3.5224 0 4 1 1 0 1 - 1 1 5
BG GROUP PLC GBp 1.8 1 1 0 1 1 1 0 - 0 5 60754 3074 31840 7605 59432 32153 18933 33094 2.51 1.00 16.9 1 3 1 2 1 7 1 1.5895 0 4 0 1 0 1 0 1 1 4
ASTRAZENECA PLC GBp 2.5 1 1 0 1 0 0 1 0 0 4 27188 4885 19921 8140 58928 29582 27973 23952 4.23 1.00 9.5 1 2 1 2 1 8 1 5.9252 0 4 - 1 0 1 1 1 1 5
BANCO BILBAO VIZCAYA ARGENTA EUR 0.9 1 0 0 0 1 - 0 - 0 2 628873 - 17792 1418 37816 593983 35222 43802 - - 28.6 1 1 1 1 1 - - 6.0345 0 3 0 0 0 1 - 1 1 3
TELEFONICA SA EUR 2.2 1 1 0 1 0 1 0 - 0 4 79732 -5915 15450 10798 45887 102112 62356 27661 1.79 1.00 11.7 1 1 1 2 1 3 1 5.2012 0 4 - 1 0 1 1 1 1 5
BHP BILLITON PLC GBp 1.9 1 1 0 1 0 1 0 - 0 4 132883 -586 68409 21127 145840 66074 65968 72035 3.60 1.00 12.5 1 2 1 2 1 7 1 4.5417 0 4 1 1 0 1 0 1 1 5
UNILEVER NV-CVA EUR 5.4 1 1 0 1 1 0 0 1 1 6 24448 -3668 14535 6989 81655 30450 51324 15716 4.50 1.00 18.3 1 2 1 5 1 12 0 3.2946 0 3 0 1 0 1 1 1 1 5
RIO TINTO PLC GBp 2.2 0 1 0 1 0 0 1 - 0 3 108171 4006 36676 11461 179239 59552 50967 58021 2.12 1.00 - - 2 1 2 1 11 0 2.9281 0 2 - - - 1 - 1 1 3
LLOYDS BANKING GROUP PLC GBp 0.8 0 0 1 0 1 - 0 - 1 3 919744 - 20085 1864 33744 879868 36408 44684 - - - - 1 1 1 1 - - 0 0 2 - - 1 1 - 1 1 4
ENI SPA EUR 1.1 1 1 1 1 1 1 0 - 1 7 135154 15272 55194 15026 66442 76928 127220 62713 2.42 1.00 16.4 1 1 1 1 1 5 1 5.8888 0 4 0 1 0 1 0 1 1 4
ABB LTD-REG CHF 2.8 1 1 0 1 0 1 0 0 0 4 35343 9028 15215 4112 47151 31624 39336 17446 3.71 1.00 17.4 1 1 1 3 1 12 0 3.3111 0 3 0 1 0 1 1 1 1 5
GLENCORE XSTRATA PLC GBp 1.3 1 1 0 1 1 0 0 0 0 4 102873 6910 4507 3128 40508 71237 214436 34300 1.89 1.00 39.6 1 0 1 1 1 8 1 2.7603 0 4 0 0 0 1 - 1 1 3
CIE FINANCIERE RICHEMON-REG CHF 3.3 1 1 1 0 0 0 0 1 0 4 14106 7097 9882 2434 33871 4282 10150 10215 7.62 1.00 16.7 1 3 1 3 1 21 0 1.3114 0 3 0 1 1 1 1 1 1 6
LVMH MOET HENNESSY LOUIS VUI EUR 2.8 1 1 0 1 1 1 0 0 1 6 30614 4791 20563 5921 69399 24264 28103 25666 4.23 1.00 20.2 1 2 1 3 1 17 0 2.0893 0 3 0 0 0 1 1 1 1 4
SABMILLER PLC GBp 3.3 1 1 0 1 1 0 0 - 0 4 26797 -2964 19624 4416 87852 28834 23213 27460 4.13 1.00 25.6 1 4 1 3 1 16 0 1.9196 0 3 0 0 0 1 1 1 1 4
UNILEVER PLC GBp 5.4 1 1 0 1 1 0 0 1 1 6 24448 -3668 14535 6989 82459 30450 51324 15716 4.57 1.00 18.4 1 2 1 5 1 12 0 3.3311 0 3 0 1 0 1 1 1 1 5
STANDARD CHARTERED PLC GBp 1.4 1 1 0 0 0 - 0 - 0 2 629206 - 38679 7566 61669 590463 26712 46055 - - 12.5 1 2 1 1 1 25 0 3.2868 0 3 0 1 0 1 - 1 1 4
PRUDENTIAL PLC GBp 2.1 1 1 1 0 1 - 0 - 1 5 308606 - 8342 3090 22133 299889 55476 10364 - - 10.0 1 0 1 2 1 132 0 3.3726 0 3 0 1 1 1 - 1 1 5
TESCO PLC GBp 1.8 1 1 0 1 0 1 0 0 0 4 45767 -5889 11220 2527 29981 33468 64826 16661 2.32 1.00 21.5 1 0 1 2 1 10 0 3.9651 0 3 0 0 0 1 0 1 1 3
RECKITT BENCKISER GROUP PLC GBp 4.8 1 1 0 1 1 0 0 1 0 5 3905 -3430 5664 2570 28480 9158 9567 5922 7.20 1.00 15.4 1 3 1 5 1 15 0 3.4545 0 3 0 1 0 1 - 1 1 4
DEUTSCHE BANK AG-REGISTERED EUR 0.6 1 0 0 0 0 - 0 - 0 1 1998110 - 27845 2905 30617 1957919 52299 54410 - - 131.8 1 1 1 1 1 - - 2.2762 0 3 0 0 0 1 - 1 1 3
CREDIT SUISSE GROUP AG-REG CHF 0.8 1 0 0 0 0 - 0 - 0 1 915648 - 11809 1573 28800 881996 38313 42284 - - 27.1 1 1 1 1 1 - - 3.3693 0 3 0 0 0 1 - 1 1 3
DEUTSCHE TELEKOM AG-REG EUR 1.4 0 1 0 1 0 1 1 0 1 5 66210 -7989 -36649 6720 37125 77399 58169 30543 0.56 0.00 - - 1 1 1 1 3 1 8.1443 1 4 - - - 1 - 1 1 3
SCHNEIDER ELECTRIC SA EUR 1.8 1 1 0 1 1 1 0 1 0 6 18733 4570 7535 3030 29983 19340 23946 16816 3.67 1.00 16.2 1 1 1 2 1 11 0 3.1005 0 3 0 1 0 1 1 1 1 5
NATIONAL GRID PLC GBp 2.7 1 1 1 1 0 1 1 - 0 6 49088 2131 8451 3644 28045 44472 14359 10233 1.19 1.00 12.2 1 2 1 3 1 9 1 5.3399 0 4 0 1 0 1 0 1 1 4
BT GROUP PLC GBp - 1 1 1 1 0 1 0 - 0 5 21568 -2930 -732 3102 21907 25088 18253 -262 1.78 1.00 10.4 1 1 1 - - 5 1 3.4173 0 3 0 1 0 1 1 1 1 5
Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis
FUNDAMENTAL SCORING
Pitroski F Score
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Price to
Book
Ratio
Positive
Net
Income
Positive
Operati
ng Cash
Flow
Increasi
ng ROA
Quality
of
Earning
s
Long
Term
Debt
vs.
Assets
Current
ratio
Shares
Out -
Same
or Dec.
Inc.
Gross
Margin
Inc.
Asset
Turnov
er
Pitroski
F Score
Tangiable
Assets
Working
Captial
Retained
Earnings
Trailing
12M
Operating
Inc (Loss)
Market CapTotal
Liabilities
Net Sales
(T12M)
Total
Shareholder
s Equity
Altman Z
Score
Altman Z
Score
Bankruptcy
flag
PE PE < 40Price to
Sales
Price To
Sales <
10
Price to
Book
Price to
Book <
10
Price to
Cash
Flow
Price to
Cash
Flow <
10
Dividen
d Yield
Div
Yield >
7%
Final
Score
PEG <
0.75PE < 20
EPS
Growth >
15%
Relative
Strength
> 0
ROCE >
12%
Market
Cap >
20m
Market <
1000m
FINAL
SCORE
ING GROEP NV-CVA EUR 0.5 1 0 0 0 0 - 0 - 0 1 1165993 - 2250 4970 26842 1110944 39304 57688 - - 11.4 1 1 1 0 1 - - 0 0 3 - 1 0 1 - 1 1 4
AIR LIQUIDE SA EUR 2.9 1 1 0 1 1 0 1 - 1 6 19145 144 8473 2561 29587 14560 15326 10444 3.16 1.00 18.4 1 2 1 3 1 11 0 2.6302 0 3 0 1 0 1 1 1 1 5
HENNES & MAURITZ AB-B SHS SEK 8.2 1 1 1 1 0 0 1 0 1 6 58615 23222 43628 21754 357330 16338 120799 43835 19.35 1.00 21.2 1 3 1 8 1 19 0 4.4002 0 3 0 0 0 1 1 1 1 4
DANONE EUR 2.4 1 1 0 1 1 0 1 0 1 6 13272 -1630 8543 2958 29610 17283 20869 12254 3.63 1.00 18.0 1 1 1 2 1 10 0 2.9055 0 3 0 1 0 1 1 1 1 5
L'OREAL EUR 3.0 1 1 1 1 1 1 0 0 0 6 20422 1840 19131 3697 62768 8589 22463 20936 8.01 1.00 21.9 1 3 1 3 1 18 0 2.1926 0 3 0 0 1 1 1 1 1 5
ERICSSON LM-B SHS SEK 1.5 1 1 0 1 0 0 0 0 1 4 225550 95850 95626 22189 209639 136513 227779 138483 3.83 1.00 36.3 1 1 1 2 1 10 0 4.2243 0 3 - 0 0 1 0 1 1 3
AXA SA EUR 0.7 1 1 0 1 1 - 0 - 1 5 740061 - 21710 6313 31888 705830 116202 56019 - - 8.1 1 0 1 1 1 3 1 5.3933 0 4 1 1 0 1 - 1 1 5
ZURICH INSURANCE GROUP AG CHF 1.1 1 1 0 0 1 - 0 - 1 4 399712 - 26311 5872 39176 372405 70446 36862 - - 10.1 1 1 1 1 1 11 0 6.8244 0 3 0 1 0 1 - 1 1 4
SYNGENTA AG-REG CHF 4.2 1 1 1 0 1 0 0 1 1 6 15900 4537 5302 2550 36836 10645 14202 8756 3.87 1.00 19.7 1 3 1 4 1 27 0 2.5851 0 3 0 1 1 1 1 1 1 6
LINDE AG EUR 1.9 1 1 0 1 0 1 0 0 0 4 18897 -129 5922 1905 24445 19819 15280 13658 2.31 1.00 18.8 1 2 1 2 1 11 0 2.0455 0 3 0 1 0 1 1 1 1 5
IMPERIAL TOBACCO GROUP PLC GBp 3.8 1 1 0 1 0 1 1 1 1 7 10030 -2029 95 2747 22694 21555 14672 6084 2.43 1.00 33.6 1 2 1 4 1 14 0 4.6073 0 3 0 0 0 1 - 1 1 3
SOCIETE GENERALE EUR 0.5 1 1 0 1 0 - 0 - 0 3 1243725 - 18343 2737 21368 1196599 44240 54097 - - 44.3 1 0 1 0 1 1 1 1.5879 0 4 0 0 0 1 - 1 1 3
EADS NV EUR 2.3 1 1 1 1 1 1 0 1 1 8 78680 -3319 2329 1890 24253 81668 56480 10434 1.17 1.00 19.7 1 0 1 2 1 6 1 2.0339 0 4 1 1 1 1 1 1 1 7
NORDEA BANK AB SEK 1.0 1 1 1 1 0 - 0 - 0 4 673995 - 23081 4024 29052 649204 17457 28216 - - 9.3 1 2 1 1 1 2 1 4.7161 0 4 1 1 1 1 - 1 1 6
BAYERISCHE MOTOREN WERKE AG EUR 1.6 1 1 0 0 1 1 0 0 1 5 126643 2046 27666 8298 47841 101448 76848 30402 1.42 1.00 9.4 1 1 1 2 1 10 1 3.4279 0 4 0 1 0 1 1 1 1 5
VOLKSWAGEN AG-PREF EUR 1.0 1 1 1 0 0 1 1 1 0 6 250486 3310 64815 11310 77316 227819 192676 81825 1.45 1.00 3.5 1 0 1 1 1 11 0 - - 3 1 1 1 1 1 1 1 7
ROLLS-ROYCE HOLDINGS PLC GBp 2.7 1 1 1 0 1 1 1 1 1 8 15214 2399 5714 1200 16352 12010 12161 6105 2.27 1.00 7.1 1 1 1 3 1 13 0 2.2324 0 3 1 1 1 1 1 1 1 7
ASML HOLDING NV EUR 4.8 1 1 0 0 0 1 1 0 0 4 7251 3746 3546 1157 19544 3344 4732 4067 6.90 1.00 17.8 1 4 1 5 1 29 0 1.1042 0 3 1 1 0 1 1 1 1 6
GDF SUEZ EUR 0.6 1 1 0 1 0 0 0 - 1 4 162443 4038 0 9520 36715 134291 97038 71207 1.24 1.00 22.9 1 0 1 1 1 3 1 9.6308 1 5 - 0 0 1 0 1 1 3
INDITEX EUR 7.6 1 1 1 1 0 0 1 1 1 7 12558 3207 8332 3117 64328 4408 15946 8482 11.15 1.00 27.2 1 4 1 8 1 21 0 1.8411 0 3 0 0 1 1 1 1 1 5
E.ON SE EUR 0.8 1 1 1 1 1 1 0 - 1 7 120117 7257 19216 4940 26866 101607 132093 38819 1.77 1.00 12.4 1 0 1 1 1 3 1 7.807 1 5 - 1 - 1 0 1 1 4
ANGLO AMERICAN PLC GBp 1.1 0 1 0 1 0 1 0 0 0 3 74798 11822 32528 5393 42789 35582 28761 43787 1.90 1.00 - - 1 1 1 1 8 1 2.7631 0 3 - - - 1 - 1 1 3
MUENCHENER RUECKVER AG-REG EUR 0.9 1 1 1 1 0 - 0 - 1 5 253466 - 19791 4374 24390 230937 65896 27423 - - 7.6 1 0 1 1 1 4 1 5.1471 0 4 - 1 1 1 - 1 1 5
VIVENDI EUR 1.2 1 1 0 1 1 0 0 1 1 6 26341 -6211 2912 4935 22416 38078 28994 21436 1.83 1.00 130.4 1 1 1 1 1 3 1 5.8997 0 4 0 0 0 1 1 1 1 4
CENTRICA PLC GBp 2.9 1 1 1 1 0 1 0 1 0 6 17830 -352 4677 2422 17344 16025 23942 5927 3.00 1.00 13.6 1 1 1 3 1 6 1 4.9161 0 4 0 1 1 1 1 1 1 6
KONINKLIJKE PHILIPS NV EUR 1.6 1 1 1 1 0 0 1 0 1 6 18400 2573 9645 1030 18196 17905 24788 11174 3.16 1.00 71.1 1 1 1 2 1 10 1 3.7698 0 4 - 0 - 1 0 1 1 3
SWISS RE AG CHF 0.7 1 1 1 1 0 - 0 - 1 5 211693 - 25144 5751 24770 181759 33116 34026 - - 6.1 1 1 1 1 1 6 1 3.8099 0 4 - 1 1 1 - 1 1 5
UNICREDIT SPA EUR 0.3 1 0 1 0 0 - 0 - 0 2 911169 - 10258 266 21456 860374 41523 66453 - - 20.3 1 0 1 0 1 - - 2.4285 0 3 1 0 - 1 - 1 1 4
DEUTSCHE POST AG-REG EUR 1.7 1 0 1 0 0 1 1 - 1 5 21970 -336 8488 2895 20070 21957 55512 12164 3.92 1.00 12.1 1 0 1 2 1 - - 4.2169 0 3 0 1 1 1 1 1 1 6
IBERDROLA SA EUR 0.8 1 1 0 1 1 0 0 0 1 5 77413 1549 14488 3828 25393 62732 34201 34085 1.49 1.00 9.1 1 1 1 1 1 5 1 0.7151 0 4 - 1 0 1 0 1 1 4
VINCI SA EUR 1.4 1 1 0 1 1 0 1 - 0 5 31044 -3400 4403 3569 19283 47521 39183 14070 1.95 1.00 10.1 1 0 1 1 1 5 1 4.9221 0 4 0 1 0 1 1 1 1 5
ASSICURAZIONI GENERALI EUR 1.1 1 1 0 1 0 - 1 - 1 5 431842 - 11174 3305 21172 419176 81431 22569 - - 171.8 1 0 1 1 1 10 0 1.4556 0 3 0 0 0 1 - 1 1 3
ENEL SPA EUR 0.8 1 1 0 1 0 1 1 - 1 6 135686 3168 22076 7735 29508 118498 82699 53158 1.16 1.00 34.1 1 0 1 1 1 3 1 4.7801 0 4 0 0 0 1 0 1 1 3
PERNOD RICARD SA EUR 2.0 1 - 1 - 1 0 0 1 1 5 10735 2090 11183 2106 22601 16137 8575 11351 3.84 1.00 19.0 1 3 1 2 1 - - 1.9251 0 3 0 1 0 1 - 1 1 4
INTESA SANPAOLO EUR 0.4 1 0 1 0 1 - 0 - 1 4 658753 - 10133 3060 21364 623273 27819 50199 - - 13.0 1 1 1 0 1 - - - - 3 1 1 - 1 - 1 1 5
ORANGE EUR 0.9 1 1 0 1 0 0 1 - 0 4 52389 -8790 -3080 6045 21910 63596 43515 26384 1.13 1.00 26.9 1 1 1 1 1 2 1 9.3536 1 5 1 0 0 1 1 1 1 5
VOLVO AB-B SHS SEK 2.1 1 1 0 0 1 0 0 0 0 3 298369 10670 83094 19564 180058 251828 303647 86914 1.72 1.00 16.3 1 1 1 2 1 47 0 3.3784 0 3 1 1 0 1 1 1 1 6
REPSOL SA EUR 0.7 1 1 0 1 0 1 0 - 1 5 59407 6851 18992 4430 19264 37449 58924 27472 2.31 1.00 9.8 1 0 1 1 1 4 1 6.345 0 4 1 1 1 1 0 1 1 6
STATOIL ASA NOK 1.4 1 1 0 1 1 0 1 0 0 5 696800 19500 270600 204900 442016 464500 705700 319900 2.68 1.00 6.4 1 1 1 1 1 3 1 4.8561 0 4 - 1 0 1 1 1 1 5
HEINEKEN NV EUR 2.5 1 1 1 0 0 0 0 - 0 3 18254 -2263 8068 2206 29071 23217 18383 12762 2.65 1.00 9.8 1 2 1 2 1 11 0 1.7634 0 3 0 1 1 1 1 1 1 6
SWATCH GROUP AG/THE-BR CHF 2.7 1 1 1 0 1 1 0 - 1 6 10607 6623 9200 1984 24909 1878 7796 9344 11.25 1.00 15.6 1 2 1 3 1 14 0 1.4636 0 3 0 1 1 1 1 1 1 6
ATLAS COPCO AB-A SHS SEK 6.2 1 1 1 0 0 1 0 1 1 6 65270 31061 34292 19227 211397 46017 90533 35132 5.55 1.00 15.6 1 2 1 6 1 16 0 3.0847 0 3 0 1 0 1 1 1 1 5
HENKEL AG & CO KGAA VORZUG EUR 2.9 1 1 1 1 1 0 1 1 1 8 10880 1746 8286 2373 27012 10014 16510 9511 5.39 1.00 17.9 1 2 1 3 1 11 0 - - 3 0 1 1 1 1 1 1 6
TELIASONERA AB SEK 1.7 1 1 1 1 0 1 1 0 0 6 171063 21814 73996 14444 190784 140945 104898 113396 2.78 1.00 9.6 1 2 1 2 1 3 1 6.4685 0 4 0 1 0 1 1 1 1 5
TELENOR ASA NOK 2.3 1 1 1 1 0 0 1 - 1 6 122864 -13992 64846 17645 173259 92127 101718 77237 2.97 1.00 17.4 1 2 1 2 1 8 1 5.3476 0 4 0 1 1 1 1 1 1 6
AP MOELLER-MAERSK A/S-B DKK 0.9 1 1 1 1 1 1 0 - 1 7 386508 10469 204404 41924 181626 198147 342058 222544 2.60 1.00 8.6 1 1 1 1 1 4 1 2.8169 0 4 0 1 1 1 0 1 1 5
ROYAL BANK OF SCOTLAND GROUP GBp 0.5 0 0 0 0 1 - 0 - 0 1 1298750 - 36756 6077 36249 1241847 28263 70448 - - - - 1 1 1 1 - - 0 0 2 - - 0 1 - 1 1 3
TENARIS SA EUR 2.1 1 1 1 1 0 0 0 1 1 6 12764 4158 9598 2357 24319 4404 10834 11560 6.45 1.00 14.3 1 2 1 2 1 13 0 2.0874 0 3 - 1 1 1 1 1 1 6
ATLAS COPCO AB-B SHS SEK 6.2 1 1 1 0 0 1 0 1 1 6 65270 31061 34292 19227 211397 46017 90533 35132 5.55 1.00 15.6 1 2 1 6 1 16 0 3.0847 0 3 0 1 0 1 1 1 1 5
CHRISTIAN DIOR EUR 2.2 1 1 - 1 - - - - - 3 32347 4231 8396 6090 23685 27555 29881 28000 2.58 1.00 16.5 1 1 1 2 1 5 1 2.1912 0 4 - 1 0 1 - 1 1 4
Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis
FUNDAMENTAL SCORING
Pitroski F Score
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Nestle SA is a multinational packaged food company that manufactures and markets
a wide range of food products. The Company's product line includes milk,
chocolate, confectionery, bottled water, coffee, creamer, food seasoning and
pet foods.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (03.04.2013) 70.00
52-Week Low (16.11.2012) 58.30
Daily Volume
63.15
52-Week High % Change -9.79% Dividend Yield -
52-Week Low % Change 8.32% Beta 0.77
% 52 Week Price Range High/Low 42.31% Equity Float 3'218.97
Shares Out 30.06.2013 3'224.8 Short Int -
203'646.13 1 Yr Total Return 9.82%
Total Debt 27'416.00 YTD Return 9.27%
Preferred Stock 0.0 Adjusted BETA 0.771
Minority Interest 1'657.0 Analyst Recs 41
Cash and Equivalents 9'296.00 Consensus Rating 3.756
Enterprise Value 227'519.12
Average Volume 5 Day 3'147'305
NESN VX EQUITY YTD Change - Average Volume 30 Day 4'121'787
NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'354'536
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
103'086.0 100'579.0 88'015.0 83'770.0 89'931.0 85'516 93'257 94'773 99'560 24'109 25'353
1.64x 1.96x 2.08x 2.23x 2.33x 0.00x 0.00x 2.33x 2.20x - -
15'533.0 16'048.0 15'611.0 15'373.0 - 0.0 0.0 17'916.9 19'122.3 - -
10.89x 12.28x 11.72x 12.17x - 0.00x 0.00x 12.68x 11.89x - -
18'039.0 10'428.0 34'233.0 9'487.0 10'228.0 0.0 0.0 10'987.1 11'836.2 - -
20.80x 19.38x 21.06x 18.18x 18.57x 0.00x 0.00x 18.24x 16.89x - -
EBITDA - Long-Term Rating Date 16.08.2007
EBIT 13'388.00 Long-Term Rating AA
Operating Margin 14.89% Long-Term Outlook STABLE
Pretax Margin 15.50% Short-Term Rating Date 23.11.1981
Return on Assets 8.61% Short-Term Rating A-1+
Return on Common Equity 17.63%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 47.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 15.1% Total Debt/Equity 44.9%
Net Income Margin 11.4% Total Debt/Capital 30.4%
Asset Turnover 0.76
Current Ratio 0.90 Net Fixed Asset Turnover 3.65
Quick Ratio 0.24 Accounts receivable turnover-days -
Debt to Assets 21.82% Inventory Days 72.59
Tot Debt to Common Equity 44.94% Accounts Payable Turnover Day 101.58
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 5.03
Fiscal Year Ended
Nestle SAPrice/Volume
Valuation Analysis
1'972'305.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 119'317'602 3.7 - 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 82'413'972 2.56 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 73'166'337 2.27 (9'679'860) 31.07.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 43'559'622 1.35 (706'405) 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 38'099'853 1.18 (286'474) 30.06.2013 Unclassified
UBS AG n/a ULT-AGG 35'305'429 1.09 (106'500) 27.09.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 29'314'398 0.91 1'924'672 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 22'256'091 0.69 (652'986) 31.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 18'952'159 0.59 (255'323) 30.08.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 18'210'070 0.56 (418'183) 30.08.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 14'539'715 0.45 3'957'246 30.04.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 13'738'810 0.43 1'149'170 28.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'012'758 0.4 2'709'903 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'851'701 0.37 (35'644) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 10'613'656 0.33 741'449 31.07.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 10'051'508 0.31 (44'643) 28.03.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 8'153'102 0.25 197'400 31.07.2013 Hedge Fund Manager
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'192'776 0.22 (185'635) 31.07.2013 Investment Advisor
COVEA FINANCE SAS Multiple Portfolios MF-AGG 7'189'604 0.22 7'056'334 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'838'510 0.18 264'291 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 71 12 month 27.09.2013
JPMorgan CELINE PANNUTI overweight 5 M 72 12 month 27.09.2013
AlphaValue SOPHIE CABO-BROSETA add 4 M 69 6 month 26.09.2013
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 68 12 month 25.09.2013
Exane BNP Paribas JEFF STENT neutral 3 M 72 Not Provided 25.09.2013
SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 U 72 Not Provided 24.09.2013
Societe Generale WARREN L ACKERMAN buy 5 M 73 12 month 23.09.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 20.09.2013
First Global Stockbroking DEVINA MEHRA long-term outperform 5 M 82 Not Provided 18.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 17.09.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 17.09.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 78 12 month 13.09.2013
Goldman Sachs MITCHELL COLLETT neutral/neutral 3 M 64 12 month 12.09.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 67 Not Provided 12.09.2013
Natixis PIERRE TEGNER buy 5 M 70 Not Provided 12.09.2013
Bank am Bellevue MICHAEL HEIDER hold 3 M 65 Not Provided 05.09.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 69 12 month 05.09.2013
Nomura DAVID HAYES reduce 2 M 60 12 month 02.09.2013
Credit Suisse ALEX MOLLOY outperform 5 M 76 Not Provided 15.08.2013
Helvea ANDREAS VON ARX hold 3 M 67 12 month 15.08.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 14.08.2013
Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 12.08.2013
Investec MARTIN DEBOO hold 3 M 65 12 month 09.08.2013
Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 09.08.2013
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 09.08.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 60 12 month 08.08.2013
Jefferies ALEX HOWSON buy 5 M 74 12 month 08.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 08.08.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 66 12 month 08.08.2013
Kepler Cheuvreux JON COX hold 3 M 60 Not Provided 08.08.2013
S&P Capital IQ CARL SHORT hold 3 M 66 12 month 08.08.2013
Barclays LIAM ROWLEY overweight 5 M 73 Not Provided 08.08.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 22.07.2013
UBS ALAN ERSKINE neutral 3 M 65 12 month 13.06.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 65 12 month 02.05.2013
HSBC CEDRIC BESNARD neutral 3 M 67 Not Provided 18.04.2013
Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 18.04.2013
National Bank AG STEFFEN MANSKE hold 3 M 64 Not Provided 24.01.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 6 month 18.10.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
Holdings By:
Nestle SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
HSBC Holdings plc is the holding company for the HSBC Group. The Company
provides a variety of international banking and financial services, including
retail and corporate banking, trade, trusteeship, securities, custody, capital
markets, treasury, private and investment banking, and insurance. The Group
operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 772.50
52-Week Low (01.10.2012) 574.00
Daily Volume
669
52-Week High % Change -13.35% Dividend Yield 4.35
52-Week Low % Change 16.55% Beta 1.22
% 52 Week Price Range High/Low 52.24% Equity Float 18'645.86
Shares Out 30.08.2013 18'655.9 Short Int -
124'807.90 1 Yr Total Return 21.90%
Total Debt 284'987.00 YTD Return 7.05%
Preferred Stock 2'728.0 Adjusted BETA 1.222
Minority Interest 7'887.0 Analyst Recs 47
Cash and Equivalents 301'381.00 Consensus Rating 3.787
Enterprise Value -
Average Volume 5 Day 17'759'700
HSBA LN EQUITY YTD Change - Average Volume 30 Day 20'670'760
HSBA LN EQUITY YTD % CHANGE - Average Volume 3 Month 20'337'750
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
126'036.0 97'533.0 91'171.0 94'799.0 88'382.0 72'964.0 77'849.0 66'366.5 68'940.0 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
5'728.0 5'834.0 13'159.0 16'797.0 14'027.0 16'020.0 15'873.0 18'141.1 19'690.3 - -
19.90x 31.93x 13.43x 8.03x 13.58x 9.67x 11.95x 11.24x 10.37x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A+
Operating Margin 14.52% Long-Term Outlook NEG
Pretax Margin 29.77% Short-Term Rating Date 29.11.2011
Return on Assets 0.60% Short-Term Rating A-1
Return on Common Equity 9.00%
Return on Capital 3.98% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 165.2%
Net Income Margin 20.2% Total Debt/Capital 60.9%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 7.34
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 10.58% Inventory Days -
Tot Debt to Common Equity 165.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
HSBC Holdings PLCPrice/Volume
Valuation Analysis
8'253'991.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 1'338'629'211 7.18 (389'304) 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'110'172'768 5.95 - 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 748'467'133 4.01 (9'835'788) 31.07.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 588'120'515 3.15 98'539'136 31.07.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 476'556'585 2.55 - 01.05.2013 Government
NORGES BANK Multiple Portfolios MF-AGG 466'932'178 2.5 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 461'215'618 2.47 26'400'348 30.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 460'045'487 2.47 (2'452'327) 31.08.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 435'553'028 2.33 4'229'864 27.09.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 320'926'235 1.72 34'625'647 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 235'074'113 1.26 31'038'871 27.09.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 225'751'909 1.21 (6'887'857) 31.08.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 216'147'783 1.16 14'200'208 31.07.2013 Investment Advisor
BARCLAYS GLOBAL INVE Multiple Portfolios MF-AGG 213'843'953 1.15 - 28.06.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 200'206'455 1.07 (1'681'056) 31.08.2013 Investment Advisor
DZ BANK AG Multiple Portfolios REG 199'626'669 1.07 (243'050) 01.05.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 198'945'867 1.07 519'114 01.05.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 178'830'276 0.96 (1'738'451) 30.06.2013 Unclassified
AXA n/a ULT-AGG 153'923'594 0.83 5'011'957 30.06.2013 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 148'430'627 0.8 6'437'582 01.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura CHINTAN JOSHI buy 5 M 850 12 month 27.09.2013
Exane BNP Paribas TOM RAYNER neutral 3 M 750 Not Provided 27.09.2013
Mizuho Securities JIM ANTOS neutral 3 M 750 12 month 26.09.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 823 12 month 26.09.2013
AlphaValue DAVID GRINSZTAJN sell 1 M 579 6 month 26.09.2013
Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 780 12 month 24.09.2013
Grupo Santander ARTURO DE FRIAS underweight 1 D 690 12 month 23.09.2013
Deutsche Bank JASON NAPIER hold 3 M 730 12 month 23.09.2013
JPMorgan RAUL SINHA neutral 3 D 800 15 month 11.09.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 860 12 month 09.09.2013
Shore Capital Stockbrokers GARY GREENWOOD hold 3 D #N/A N/A Not Provided 06.09.2013
Macquarie THOMAS STOEGNER outperform 5 M 800 12 month 05.09.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 700 12 month 04.09.2013
China International Capital Corp MAO JUNHUA accumulate 4 M 765 Not Provided 03.09.2013
Credit Suisse AMIT GOEL outperform 5 M 780 Not Provided 02.09.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 790 Not Provided 02.09.2013
Citic Securities Co., Ltd STEVEN CHAN overweight 5 M 805 6 month 02.09.2013
Barclays ROHITH CHANDRA-RAJAN overweight 5 M 810 Not Provided 02.09.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 780 12 month 23.08.2013
Day by Day VALERIE GASTALDY buy 5 M 750 3 month 23.08.2013
Investec IAN GORDON buy 5 U 745 12 month 09.08.2013
Phillip Securities CHEN XINGYU buy 5 M 832 Not Provided 08.08.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 835 12 month 07.08.2013
Societe Generale JAMES INVINE buy 5 M 810 12 month 06.08.2013
Morgan Stanley ANIL AGARWAL Equalwt/In-Line 3 D 747 12 month 06.08.2013
Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 757 12 month 06.08.2013
DBS Vickers ALEXANDER LEE hold 3 D 750 12 month 06.08.2013
Bankhaus Lampe NEIL SMITH sell 1 M 650 12 month 06.08.2013
Canaccord Genuity Corp GARETH HUNT buy 5 M 825 12 month 06.08.2013
Numis Securities Ltd MICHAEL J TRIPPITT hold 3 M 712 Not Provided 06.08.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 733 Not Provided 06.08.2013
EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 06.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 780 Not Provided 05.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 N #N/A N/A Not Provided 05.08.2013
S&P Capital IQ FRANK BRADEN buy 5 M 800 12 month 05.08.2013
Oriel Securities Ltd VIVEK RAJA buy 5 M 860 Not Provided 05.08.2013
CCB International Securities Ltd ADAM CHAN neutral 3 M 756 Not Provided 05.08.2013
Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 16.07.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 850 Not Provided 03.07.2013
Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 950 12 month 03.06.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 745 Not Provided 08.05.2013
Liberum Capital Ltd CORMAC LEECH hold 3 D 650 Not Provided 12.04.2013
UBS JOHN-PAUL CRUTCHLEY neutral 3 M 750 12 month 05.03.2013
Holdings By:
HSBC Holdings PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Roche Holding AG develops and manufactures pharmaceutical and diagnostic
products. The Company produces prescription drugs in the areas of
cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,
metabolic disorders, oncology, transplantation, and the central nervous system.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 258.60
52-Week Low (16.11.2012) 174.20
Daily Volume
244.3
52-Week High % Change -5.53% Dividend Yield -
52-Week Low % Change 40.24% Beta 0.96
% 52 Week Price Range High/Low 82.58% Equity Float 701.88
Shares Out 30.06.2013 702.6 Short Int -
210'548.06 1 Yr Total Return 43.82%
Total Debt 24'590.00 YTD Return 37.33%
Preferred Stock 0.0 Adjusted BETA 0.960
Minority Interest 2'234.0 Analyst Recs 32
Cash and Equivalents 13'991.00 Consensus Rating 4.500
Enterprise Value 226'287.07
Average Volume 5 Day 815'451
ROG VX EQUITY YTD Change - Average Volume 30 Day 907'314
ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 949'552
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 43'283.0 46'371.0 47'285.3 49'053.6 11'709.3 12'208.3
2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.63x 4.35x - -
16'673.0 18'936.0 18'358.0 17'894.0 19'400.0 0.0 0.0 20'096.4 21'180.6 - -
8.03x 9.38x 7.65x 8.68x 8.84x 0.00x 0.00x 11.24x 10.66x - -
8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'688.5 13'720.2 - -
15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 16.24x 15.13x - -
EBITDA 19'400.00 Long-Term Rating Date 17.09.2012
EBIT 16'979.00 Long-Term Rating AA
Operating Margin 37.32% Long-Term Outlook STABLE
Pretax Margin 27.08% Short-Term Rating Date 01.02.2006
Return on Assets 18.86% Short-Term Rating A-1+
Return on Common Equity 95.24%
Return on Capital 32.70% EBITDA/Interest Exp. 13.90
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 12.34
Net Debt/EBITDA 0.69
Gross Margin 73.8% Total Debt/EBITDA 1.09
EBITDA Margin 42.3%
EBIT Margin 37.1% Total Debt/Equity 169.7%
Net Income Margin 21.0% Total Debt/Capital 59.5%
Asset Turnover 0.78
Current Ratio 1.55 Net Fixed Asset Turnover 2.98
Quick Ratio 1.16 Accounts receivable turnover-days 75.45
Debt to Assets 37.94% Inventory Days 172.09
Tot Debt to Common Equity 169.66% Accounts Payable Turnover Day 50.98
Accounts Receivable Turnover 4.84 Cash Conversion Cycle 181.16
Inventory Turnover 2.12
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Roche Holding AGPrice/Volume
Valuation Analysis
550'192.00
Current Price (9/dd/yy) Market Data
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30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC n/a ULT-AGG 21'048'484 3 122'672 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 16'154'814 2.3 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 15'092'299 2.15 (1'202'673) 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 12'853'543 1.83 467'907 26.09.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'513'329 1.5 (85'966) 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 9'877'114 1.41 (142'317) 30.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 9'230'473 1.31 (671'627) 31.08.2013 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 9'115'734 1.3 101'592 31.08.2013 Investment Advisor
UBS AG n/a ULT-AGG 8'038'915 1.14 (39'234) 27.09.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 7'496'200 1.07 (220'000) 30.06.2013 Investment Advisor
DODGE & COX WORLDWID Multiple Portfolios MF-AGG 7'367'775 1.05 - 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'721'720 0.67 103'523 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'700'633 0.67 1'789 31.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'691'073 0.67 (5'018) 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 4'440'628 0.63 (50'098) 30.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'673'776 0.52 (16'576) 27.09.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'538'214 0.5 (347'600) 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'979'110 0.42 218'749 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'645'689 0.38 (832'594) 30.04.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 2'368'760 0.34 (15'066) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale STEPHEN MCGARRY buy 5 M 312 12 month 30.09.2013
Jefferies JEFFREY HOLFORD buy 5 M 280 12 month 30.09.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 252 6 month 30.09.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 273 12 month 27.09.2013
AlphaValue ARMELLE MOULIN add 4 M 252 6 month 26.09.2013
Natixis PHILIPPE LANONE buy 5 M 285 6 month 23.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.09.2013
Exane BNP Paribas VINCENT MEUNIER neutral 3 M 250 Not Provided 23.09.2013
Helvea ODILE RUNDQUIST buy 5 M 270 12 month 23.09.2013
JPMorgan RICHARD VOSSER overweight 5 M 280 9 month 19.09.2013
UBS ANDREW WHITNEY neutral 3 M 225 12 month 17.09.2013
Barclays MARK PURCELL overweight 5 M 258 Not Provided 16.09.2013
Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 05.09.2013
Deutsche Bank TIM RACE buy 5 M 280 12 month 04.09.2013
Bank am Bellevue BRUNO ESCHLI buy 5 M 263 Not Provided 28.08.2013
Kepler Cheuvreux FABIAN WENNER buy 5 M 260 Not Provided 27.08.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 270 Not Provided 30.07.2013
Credit Suisse LUISA HECTOR outperform 5 M 270 Not Provided 26.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 295 12 month 26.07.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 26.07.2013
Bank Vontobel AG ANDREW C WEISS buy 5 M 263 Not Provided 26.07.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 290 Not Provided 25.07.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 284 12 month 25.07.2013
Liberum Capital Ltd NARESH CHOUHAN buy 5 U 250 Not Provided 28.06.2013
CM - CIC Securities(ESN) ARSENE GUEKAM buy 5 U 281 12 month 18.06.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 310 12 month 17.05.2013
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 262 12 month 10.05.2013
National Bank AG STEFFEN MANSKE hold 3 N 210 Not Provided 31.01.2013
Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011
Holdings By:
Roche Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Novartis AG manufactures pharmaceutical and consumer healthcare products. The
Company produces pharmaceuticals for cardiovascular, respiratory and infectious
diseases, oncology, neuroscience, transplantation, dermatology,
gastrointestinal and urinary conditions, and arthritis, vaccines and
diagnostics, vision, and animal health products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 73.75
52-Week Low (20.11.2012) 55.20
Daily Volume
69.65
52-Week High % Change -5.56% Dividend Yield -
52-Week Low % Change 26.18% Beta 0.88
% 52 Week Price Range High/Low 77.90% Equity Float 2'423.83
Shares Out 30.06.2013 2'706.2 Short Int -
188'486.34 1 Yr Total Return 25.49%
Total Debt 19'726.00 YTD Return 25.71%
Preferred Stock 0.0 Adjusted BETA 0.882
Minority Interest 126.0 Analyst Recs 30
Cash and Equivalents 8'119.00 Consensus Rating 3.933
Enterprise Value 222'207.87
Average Volume 5 Day 2'399'169
NOVN VX EQUITY YTD Change - Average Volume 30 Day 3'250'692
NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 3'127'324
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 57'662.0 57'139.0 57'472.1 59'032.0 14'272.3 14'646.7
2.76x 2.72x 3.08x 2.61x 2.89x 10.61x 12.33x 3.77x 3.59x - -
12'109.0 12'318.0 15'866.0 17'818.0 16'714.0 16'889.0 16'476.0 16'751.8 17'582.2 - -
9.44x 9.79x 9.81x 8.58x 9.82x 8.96x 11.37x 13.24x 12.61x - -
8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 8'534.0 9'408.0 12'601.5 13'437.1 3'188.0 2'975.0
13.89x 14.73x 13.70x 14.94x 16.01x 15.87x 18.37x 14.99x 13.83x 14.96x 14.47x
EBITDA 16'714.00 Long-Term Rating Date 07.04.2008
EBIT 11'794.00 Long-Term Rating AA-
Operating Margin 20.81% Long-Term Outlook STABLE
Pretax Margin 19.84% Short-Term Rating Date 14.01.1997
Return on Assets 7.85% Short-Term Rating A-1+
Return on Common Equity 14.08%
Return on Capital 11.58% EBITDA/Interest Exp. 23.09
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 19.36
Net Debt/EBITDA 0.83
Gross Margin 66.9% Total Debt/EBITDA 1.15
EBITDA Margin 28.8%
EBIT Margin 20.1% Total Debt/Equity 28.5%
Net Income Margin 16.8% Total Debt/Capital 22.2%
Asset Turnover 0.48
Current Ratio 1.16 Net Fixed Asset Turnover 3.53
Quick Ratio 0.76 Accounts receivable turnover-days 67.96
Debt to Assets 15.88% Inventory Days 131.10
Tot Debt to Common Equity 28.55% Accounts Payable Turnover Day 88.33
Accounts Receivable Turnover 5.37 Cash Conversion Cycle 90.49
Inventory Turnover 2.78
Fiscal Year Ended
Novartis AGPrice/Volume
Valuation Analysis
1'631'482.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 124'079'873 4.59 (2'058'246) 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 118'843'860 4.39 8'408'828 26.09.2013 Investment Advisor
NOVARTIS AG n/a EXCH 109'194'165 4.03 - 09.05.2012 Corporation
EMASAN AG n/a Co File 87'859'938 3.25 - 31.12.2011 Hedge Fund Manager
NOVARTIS FOUNDATION n/a EXCH 78'926'882 2.92 - 25.02.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 60'347'393 2.23 - 31.12.2012 Government
DODGE & COX WORLDWID Multiple Portfolios MF-AGG 37'058'506 1.37 - 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 36'398'922 1.35 (534'812) 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 33'278'472 1.23 884'368 30.06.2013 Unclassified
UBS AG n/a ULT-AGG 30'093'271 1.11 21'264 27.09.2013 Unclassified
PICTET FUNDS n/a ULT-AGG 15'275'859 0.56 (182'751) 31.05.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'441 0.5 (145) 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'705'499 0.43 (294'812) 27.09.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'323'016 0.38 1'160'179 27.09.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'867'796 0.36 - 31.07.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8'816'259 0.33 49'996 28.03.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 8'442'000 0.31 7'906'126 28.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'045'224 0.3 (224'496) 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 7'611'647 0.28 254'641 31.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'403'531 0.24 188'898 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 80 12 month 27.09.2013
Helvea ODILE RUNDQUIST buy 5 M 76 12 month 27.09.2013
AlphaValue ARMELLE MOULIN add 4 M 72 6 month 26.09.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 76 6 month 23.09.2013
Natixis BEATRICE MUZARD neutral 3 M 72 6 month 23.09.2013
Exane BNP Paribas FLORENT CESPEDES outperform 5 M 79 Not Provided 19.09.2013
Bank Vontobel AG ANDREW C WEISS reduce 2 M 60 Not Provided 16.09.2013
Barclays MARK PURCELL underweight 1 D 64 Not Provided 16.09.2013
Jefferies JEFFREY HOLFORD buy 5 M 80 12 month 10.09.2013
Deutsche Bank TIM RACE hold 3 M 74 12 month 04.09.2013
Credit Suisse MATTHEW WESTON outperform 5 M 79 Not Provided 29.08.2013
Societe Generale STEPHEN MCGARRY buy 5 M 82 12 month 28.08.2013
Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 20.08.2013
Liberum Capital Ltd NARESH CHOUHAN buy 5 M 85 Not Provided 16.08.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 83 Not Provided 26.07.2013
Bank am Bellevue BRUNO ESCHLI hold 3 M 70 Not Provided 23.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 22.07.2013
Kepler Cheuvreux FABIAN WENNER hold 3 M 66 Not Provided 19.07.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 75 Not Provided 17.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 17.07.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 17.07.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 12 month 17.07.2013
S&P Capital IQ SHO MATSUBARA hold 3 M 69 12 month 17.07.2013
JPMorgan RICHARD VOSSER overweight 5 M 78 9 month 10.07.2013
Redburn Partners TEAM COVERAGE neutral 3 D #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 76 12 month 17.05.2013
UBS ANDREW WHITNEY buy 5 M 80 12 month 19.03.2013
Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012
Holdings By:
Novartis AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Vodafone Group PLC is a mobile telecommunications company providing a range of
services, including voice and data communications. The Company operates in
Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa
and the Middle East through its subsidiaries, associates, and investments.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (26.09.2013) 219.20
52-Week Low (31.12.2012) 154.20
Daily Volume
216.4
52-Week High % Change -1.25% Dividend Yield 4.71
52-Week Low % Change 40.34% Beta 0.75
% 52 Week Price Range High/Low 96.92% Equity Float 48'432.73
Shares Out 30.09.2013 48'461.3 Short Int -
104'870.32 1 Yr Total Return 30.46%
Total Debt 41'529.00 YTD Return 45.47%
Preferred Stock 0.0 Adjusted BETA 0.746
Minority Interest 1'011.0 Analyst Recs 31
Cash and Equivalents 12'973.00 Consensus Rating 3.871
Enterprise Value 134'437.32
Average Volume 5 Day 98'125'260
VOD LN EQUITY YTD Change - Average Volume 30 Day #########
VOD LN EQUITY YTD % CHANGE - Average Volume 3 Month 90'535'080
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
41'017.0 44'472.0 45'884.0 46'417.0 44'445.0 45'525.0 44'778.0 44'562.1 45'073.9 - -
2.36x 2.54x 2.67x 2.43x 2.72x 0.00x 0.00x 2.99x 2.88x - -
14'520.0 14'820.0 14'668.0 18'214.0 13'765.0 0.0 0.0 13'118.1 13'399.7 - -
6.67x 7.62x 8.35x 6.20x 8.78x 0.00x 0.00x 10.25x 10.03x - -
3'078.0 8'645.0 7'968.0 6'957.0 429.0 0.0 0.0 7'624.6 6'797.8 - -
21.03x 9.25x 11.61x 12.54x 213.97x 0.00x 0.00x 14.14x 14.14x - -
EBITDA 13'765.00 Long-Term Rating Date 05.09.2013
EBIT 6'065.00 Long-Term Rating A-
Operating Margin 13.65% Long-Term Outlook STABLE
Pretax Margin 7.32% Short-Term Rating Date 30.05.2006
Return on Assets 0.30% Short-Term Rating A-2
Return on Common Equity 0.58%
Return on Capital 0.92% EBITDA/Interest Exp. 7.70
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 5.09
Net Debt/EBITDA 2.07
Gross Margin 31.4% Total Debt/EBITDA 3.02
EBITDA Margin 31.0%
EBIT Margin 13.6% Total Debt/Equity 58.1%
Net Income Margin 1.0% Total Debt/Capital 36.4%
Asset Turnover 0.31
Current Ratio 0.75 Net Fixed Asset Turnover 2.28
Quick Ratio 0.54 Accounts receivable turnover-days 32.36
Debt to Assets 29.10% Inventory Days 5.60
Tot Debt to Common Equity 58.10% Accounts Payable Turnover Day 53.03
Accounts Receivable Turnover 11.28 Cash Conversion Cycle -15.08
Inventory Turnover 65.18
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Vodafone Group PLCPrice/Volume
Valuation Analysis
32'747'580.00
Current Price (9/dd/yy) Market Data
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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
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 3'367'545'539 6.95 - 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 2'086'376'701 4.31 34'853'609 31.07.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 1'911'082'045 3.94 (97'984'099) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'412'874'653 2.92 50'993'181 30.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 1'404'336'633 2.9 56'284'040 31.08.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 1'370'547'139 2.83 - 30.06.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 1'190'966'875 2.46 64'373'245 03.06.2013 Government
NORGES BANK Multiple Portfolios MF-AGG 1'121'139'281 2.31 - 31.12.2012 Government
UBS AG n/a ULT-AGG 986'310'427 2.04 (50'535'912) 27.09.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 900'696'650 1.86 30'176'025 27.09.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 789'150'799 1.63 (36'252'725) 31.08.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 740'416'478 1.53 53'178'665 03.06.2013 Government
FIL LIMITED n/a ULT-AGG 645'514'034 1.33 (79'708'675) 03.06.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 638'193'168 1.32 (100'065'739) 31.07.2013 Investment Advisor
BARCLAYS GLOBAL INVE Multiple Portfolios MF-AGG 556'207'191 1.15 - 28.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 554'021'342 1.14 68'686'103 30.08.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 544'419'847 1.12 11'066'075 03.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 515'954'525 1.06 (4'648'532) 31.08.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 471'211'875 0.97 (16'801'017) 03.06.2013 Unclassified
AXA n/a ULT-AGG 465'325'373 0.96 (5'601'758) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 230 12 month 30.09.2013
Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 202 Not Provided 30.09.2013
Oriel Securities Ltd JOHN KARIDIS hold 3 M 215 Not Provided 27.09.2013
AlphaValue JEAN-MICHEL SALVADOR add 4 M 247 6 month 26.09.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 230 12 month 25.09.2013
Day by Day VALERIE GASTALDY buy 5 M 235 3 month 25.09.2013
Nomura JAMES BRITTON buy 5 M 235 Not Provided 24.09.2013
UBS NICK LYALL buy 5 M 245 12 month 23.09.2013
New Street Research JAMES RATZER buy 5 M 235 Not Provided 23.09.2013
National Bank AG MARKUS GLOCKENMEIER buy 5 M 230 Not Provided 17.09.2013
Credit Suisse JUSTIN FUNNELL outperform 5 M 195 Not Provided 13.09.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 220 Not Provided 13.09.2013
Banca Akros(ESN) ANDREA DEVITA hold 3 M 220 12 month 13.09.2013
Natixis BENOIT MAYNARD neutral 3 M 220 Not Provided 12.09.2013
Societe Generale OTTAVIO ADORISIO sell 1 M 130 12 month 06.09.2013
JPMorgan AKHIL DATTANI restricted #N/A N/A M #N/A N/A Not Provided 06.09.2013
Jefferies JEREMY A DELLIS hold 3 M 216 12 month 06.09.2013
Deutsche Bank DAVID A WRIGHT buy 5 M 246 12 month 05.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 05.09.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 215 Not Provided 04.09.2013
Grupo Santander JOHN DAVIES hold 3 M 190 Not Provided 03.09.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 220 12 month 03.09.2013
Macquarie GUY R PEDDY neutral 3 D 230 12 month 03.09.2013
Oddo & Cie VINCENT MAULAY buy 5 M 240 Not Provided 03.09.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 233 Not Provided 03.09.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 229 12 month 03.09.2013
Barclays MAURICE PATRICK suspended coverage #N/A N/A M #N/A N/A Not Provided 03.09.2013
Morgan Stanley LUIS PROTA restricted #N/A N/A M #N/A N/A Not Provided 29.08.2013
Makor Capital ALBERT SAPORTA buy 5 N 250 Not Provided 29.08.2013
HSBC STEPHEN HOWARD overweight 5 M 230 Not Provided 01.07.2013
Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 12.06.2013
Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 05.04.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
Northland Capital Partners Ltd DAVID JOHNSON not rated #N/A N/A M #N/A N/A Not Provided 13.04.2010
Holdings By:
Vodafone Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
BP plc is an oil and petrochemicals company. The Company explores for and
produces oil and natural gas, refines, markets, and supplies petroleum
products, generates solar energy, and manufactures and markets chemicals. BP's
chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and
polyethylene.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 485.00
52-Week Low (16.11.2012) 416.35
Daily Volume
435.4
52-Week High % Change -10.23% Dividend Yield 5.12
52-Week Low % Change 4.58% Beta 0.99
% 52 Week Price Range High/Low 36.05% Equity Float 18'812.10
Shares Out 27.09.2013 18'815.3 Short Int -
81'921.63 1 Yr Total Return 5.00%
Total Debt 48'797.00 YTD Return 6.52%
Preferred Stock 21.0 Adjusted BETA 0.993
Minority Interest 1'206.0 Analyst Recs 33
Cash and Equivalents 20'114.00 Consensus Rating 3.364
Enterprise Value 151'194.28
Average Volume 5 Day 19'499'030
BP/ LN EQUITY YTD Change - Average Volume 30 Day 20'909'330
BP/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 20'181'310
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
361'143.0 239'272.0 297'107.0 375'517.0 375'580.0 378'677.0 372'303.0 348'608.1 344'634.2 96'000.7 94'599.0
0.47x 0.87x 0.55x 0.44x 0.43x 1.70x 1.70x 0.45x 0.46x 1.60x 1.63x
41'761.0 33'392.0 38'497.0 45'796.0 20'442.0 37'562.0 25'267.0 39'977.0 41'608.1 9'792.7 10'620.0
4.05x 6.24x 4.22x 3.63x 7.92x 4.24x 5.93x 3.78x 3.63x 3.58x 3.53x
21'157.0 16'578.0 (3'719.0) 25'700.0 11'582.0 16'976.0 25'957.0 14'556.9 17'113.3 4'086.8 4'213.8
6.81x 10.95x - 5.25x 11.34x 7.39x 5.09x 9.06x 7.84x 8.38x 7.93x
EBITDA 20'442.00 Long-Term Rating Date 24.09.2010
EBIT 7'961.00 Long-Term Rating A
Operating Margin 2.12% Long-Term Outlook POS
Pretax Margin 5.01% Short-Term Rating Date 24.09.2010
Return on Assets 8.66% Short-Term Rating A-1
Return on Common Equity 21.52%
Return on Capital 16.12% EBITDA/Interest Exp. 13.60
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. -1.75
Net Debt/EBITDA 0.70
Gross Margin 11.6% Total Debt/EBITDA 1.86
EBITDA Margin 6.8%
EBIT Margin 3.2% Total Debt/Equity 41.2%
Net Income Margin 3.1% Total Debt/Capital 29.0%
Asset Turnover 1.24
Current Ratio 1.37 Net Fixed Asset Turnover 3.03
Quick Ratio 0.59 Accounts receivable turnover-days -
Debt to Assets 16.26% Inventory Days 30.69
Tot Debt to Common Equity 41.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 23.17
Inventory Turnover 11.89
Fiscal Year Ended
BP PLCPrice/Volume
Valuation Analysis
10'248'614.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LEGAL & GENERAL n/a ULT-AGG 1'352'774'589 7.19 (19'852'881) 31.07.2013 Unclassified
BLACKROCK n/a ULT-AGG 1'032'917'387 5.49 - 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 743'547'210 3.95 - 30.06.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 538'558'781 2.86 13'522'251 31.08.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 462'524'968 2.46 17'177'883 30.06.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 440'435'909 2.34 (1'478'376) 01.05.2013 Government
NORGES BANK Multiple Portfolios MF-AGG 431'404'955 2.29 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 369'057'339 1.96 (5'453'358) 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 364'090'920 1.94 19'708'620 27.09.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 350'663'522 1.86 7'453'927 27.09.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 341'051'304 1.81 7'324'940 01.05.2013 Government
KUWAIT INVESTMENT AU Multiple Portfolios REG 328'143'792 1.74 - 01.05.2013 Government
PRUDENTIAL PLC n/a ULT-AGG 308'914'530 1.64 (868'987) 30.06.2013 Unclassified
FIL LIMITED n/a ULT-AGG 256'052'066 1.36 12'209'422 01.05.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 239'057'923 1.27 (1'652'884) 01.05.2013 Investment Advisor
BARCLAYS GLOBAL INVE Multiple Portfolios MF-AGG 219'945'184 1.17 - 28.06.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 175'533'364 0.93 6'799'667 01.05.2013 Investment Advisor
AXA n/a ULT-AGG 175'363'926 0.93 (3'819'486) 30.06.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 163'921'193 0.87 2'308'050 31.08.2013 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 136'057'977 0.72 7'560'582 01.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jyske Bank ROBERT JAKOBSEN buy 5 M 507 Not Provided 30.09.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 490 12 month 30.09.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 550 Not Provided 30.09.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 450 12 month 27.09.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 450 6 month 26.09.2013
Simmons & Company International GUY BABER overweight 5 M #N/A N/A Not Provided 23.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.09.2013
Societe Generale IRENE HIMONA hold 3 M 490 12 month 17.09.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 09.09.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 460 12 month 05.09.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 530 12 month 30.08.2013
Grupo Santander JASON KENNEY underweight 1 D 485 12 month 28.08.2013
Barclays RAHIM KARIM underweight 1 M 485 Not Provided 22.08.2013
Canaccord Genuity Corp SAMUEL SIMON hold 3 M 470 12 month 15.08.2013
EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 05.08.2013
Jefferies IAIN REID hold 3 M 500 12 month 31.07.2013
Macquarie JASON D GAMMEL outperform 5 M 550 12 month 31.07.2013
Natixis ANNE PUMIR neutral 3 M 465 Not Provided 31.07.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 445 Not Provided 31.07.2013
Deutsche Bank LUCAS HERRMANN buy 5 M 500 12 month 30.07.2013
Morgan Stanley MARTIJN P RATS Underwt/In-Line 1 M 452 12 month 30.07.2013
Investec NEILL MORTON hold 3 M 440 12 month 30.07.2013
JPMorgan FREDERICK G LUCAS overweight 5 M 515 3 month 30.07.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 530 Not Provided 30.07.2013
Independent Research GmbH SVEN DIERMEIER hold 3 D 510 12 month 30.07.2013
S&P Capital IQ CHRISTINE TISCARENO hold 3 M 595 12 month 30.07.2013
Oriel Securities Ltd RICHARD GRIFFITH hold 3 M #N/A N/A Not Provided 30.07.2013
VSA Capital Ltd DOUGIE YOUNGSON sell 1 M 400 12 month 30.07.2013
VTB Capital COLIN SMITH hold 3 M 490 12 month 30.07.2013
UBS JONATHON RIGBY buy 5 M 500 12 month 19.02.2013
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 500 Not Provided 15.10.2012
Holdings By:
BP PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (30.01.2013) 2'323.50
52-Week Low (30.09.2013) 2'020.00
Daily Volume
2034
52-Week High % Change -12.46% Dividend Yield 5.36
52-Week Low % Change 0.69% Beta 0.91
% 52 Week Price Range High/Low 4.19% Equity Float 3'859.07
Shares Out 27.09.2013 3'860.7 Short Int -
131'896.89 1 Yr Total Return 0.12%
Total Debt 37'754.00 YTD Return -0.21%
Preferred Stock 0.0 Adjusted BETA 0.910
Minority Interest 1'433.0 Analyst Recs 26
Cash and Equivalents 18'550.00 Consensus Rating 3.885
Enterprise Value 234'719.35
Average Volume 5 Day 2'067'720
RDSA LN EQUITY YTD Change - Average Volume 30 Day 2'621'217
RDSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'825'288
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 475'975.0 455'644.0 448'828.0 450'969.8 115'677.3 118'919.0
0.37x 0.76x 0.65x 0.56x 0.52x 2.01x 2.05x 0.54x 0.54x 2.05x 2.06x
57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 52'487.0 52'414.0 60'849.5 63'491.9 14'932.0 15'826.0
2.98x 7.28x 5.69x 4.73x 4.65x 4.46x 4.29x 3.86x 3.70x 3.79x 3.79x
26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 26'296.0 23'723.0 24'255.8 26'230.1 5'686.0 6'531.3
6.16x 14.87x 10.16x 7.39x 8.12x 7.99x 8.45x 8.44x 8.03x 8.33x 8.09x
EBITDA 52'114.00 Long-Term Rating Date 03.09.2009
EBIT 37'499.00 Long-Term Rating AA
Operating Margin 8.03% Long-Term Outlook STABLE
Pretax Margin 10.76% Short-Term Rating Date 06.03.1990
Return on Assets 6.86% Short-Term Rating A-1+
Return on Common Equity 13.42%
Return on Capital 11.73% EBITDA/Interest Exp. 22.42
Asset Turnover 1.32% (EBITDA-Capex)/Interest Exp. 8.41
Net Debt/EBITDA 0.39
Gross Margin 15.2% Total Debt/EBITDA 0.63
EBITDA Margin 11.5%
EBIT Margin 7.2% Total Debt/Equity 20.0%
Net Income Margin 5.7% Total Debt/Capital 16.6%
Asset Turnover 1.32
Current Ratio 1.18 Net Fixed Asset Turnover 2.71
Quick Ratio 0.61 Accounts receivable turnover-days 53.48
Debt to Assets 10.48% Inventory Days 27.28
Tot Debt to Common Equity 20.03% Accounts Payable Turnover Day 69.49
Accounts Receivable Turnover 6.83 Cash Conversion Cycle 22.13
Inventory Turnover 13.38
Fiscal Year Ended
Royal Dutch Shell PLCPrice/Volume
Valuation Analysis
1'139'559.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LEGAL & GENERAL n/a ULT-AGG 299'944'409 7.77 (30'560'568) 31.07.2013 Unclassified
BLACKROCK n/a ULT-AGG 190'215'159 4.93 - 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 151'294'420 3.92 - 31.12.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 92'522'996 2.4 211'803 31.08.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 88'021'023 2.28 3'696'588 01.07.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 58'028'458 1.5 486'044 27.09.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 54'024'002 1.4 29'616 01.07.2013 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 46'954'362 1.22 621'383 31.07.2013 Investment Advisor
BARCLAYS GLOBAL INVE Multiple Portfolios MF-AGG 43'490'791 1.13 - 28.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 41'980'727 1.09 (631'069) 27.09.2013 Unclassified
FIL LIMITED n/a ULT-AGG 36'504'506 0.95 2'864'098 01.07.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 31'885'730 0.83 (7'434'748) 01.07.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 28'604'365 0.74 974'555 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 25'077'899 0.65 3'591'933 31.08.2013 Investment Advisor
BP INVESTMENT MANAGE Multiple Portfolios REG 22'150'138 0.57 (250'000) 01.07.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 19'626'812 0.51 (71'901) 31.07.2013 Investment Advisor
NORTHERN TRUST GLOBA Multiple Portfolios REG 17'748'060 0.46 (50'509) 01.07.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 16'558'440 0.43 308'395 31.07.2013 Investment Advisor
HALIFAX FUND MANAGEM Multiple Portfolios MF-AGG 15'753'161 0.41 15'753'161 30.04.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 14'671'783 0.38 (124'558) 01.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'200 12 month 27.09.2013
ING Bank QUIRIJN MULDER buy 5 M 2'322 12 month 26.09.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 2'034 6 month 26.09.2013
Simmons & Company International GUY BABER overweight 5 M #N/A N/A Not Provided 23.09.2013
JPMorgan FREDERICK G LUCAS underweight 1 M 2'200 3 month 18.09.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 12.09.2013
Tudor Pickering & Co ROBERT KESSLER buy 5 M 2'700 Not Provided 05.09.2013
EVA Dimensions DOUG WALTERS buy 5 N #N/A N/A Not Provided 02.09.2013
RBC Capital Markets PETER HUTTON outperform 5 M 2'520 12 month 28.08.2013
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 2'485 Not Provided 22.08.2013
Barclays RAHIM KARIM overweight 5 M 2'410 Not Provided 22.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.08.2013
Canaccord Genuity Corp SAMUEL SIMON buy 5 M 2'650 12 month 15.08.2013
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 2'320 12 month 13.08.2013
Investec NEILL MORTON buy 5 M 2'550 Not Provided 07.08.2013
UBS JONATHON RIGBY neutral 3 M 2'200 12 month 02.08.2013
Jefferies IAIN REID buy 5 M 2'450 12 month 02.08.2013
Macquarie JASON D GAMMEL outperform 5 M 2'500 12 month 02.08.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 2'259 12 month 02.08.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 02.08.2013
Natixis ANNE PUMIR neutral 3 M 2'350 Not Provided 02.08.2013
Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 02.08.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 2'580 Not Provided 01.08.2013
Deutsche Bank LUCAS HERRMANN hold 3 M 2'400 12 month 19.07.2013
VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012
VTB Capital COLIN SMITH hold 3 N 2'500 12 month 27.09.2012
S&P Capital IQ CHRISTINE TISCARENO hold 3 D 2'315 12 month 03.10.2011
Holdings By:
Royal Dutch Shell PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company
develops, manufactures, and markets vaccines, prescription, and over-the-counter
medicines, as well as health-related consumer products. GlaxoSmithKline
provides products for infections, depression, skin conditions, asthma, heart &
circulatory disease, and cancer.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 1'816.00
52-Week Low (19.11.2012) 1'314.00
Daily Volume
1561
52-Week High % Change -14.01% Dividend Yield 4.87
52-Week Low % Change 18.80% Beta 0.71
% 52 Week Price Range High/Low 50.70% Equity Float 4'616.82
Shares Out 27.09.2013 4'888.7 Short Int -
76'311.86 1 Yr Total Return 14.94%
Total Debt 18'302.00 YTD Return 21.26%
Preferred Stock 0.0 Adjusted BETA 0.711
Minority Interest 937.0 Analyst Recs 30
Cash and Equivalents 4'265.00 Consensus Rating 3.400
Enterprise Value 92'890.86
Average Volume 5 Day 7'879'555
GSK LN EQUITY YTD Change - Average Volume 30 Day 6'996'232
GSK LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'348'261
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
24'352.0 28'368.0 28'392.0 27'387.0 26'431.0 27'184.0 26'418.0 26'984.9 27'984.4 6'780.4 7'067.4
3.17x 2.77x 2.61x 3.07x 3.04x 11.81x 13.03x 3.33x 3.18x - -
9'115.0 11'117.0 6'932.0 10'017.7 10'615.3 9'453.0 9'911.0 9'519.0 10'160.3 2'551.0 2'771.0
8.47x 7.08x 10.70x 8.39x 7.58x 8.61x 9.73x 9.76x 9.14x - -
4'602.0 5'531.0 1'634.0 5'261.0 4'565.0 5'176.0 3'992.0 5'591.2 6'070.1 1'386.0 1'588.0
14.50x 12.09x 38.59x 14.06x 14.36x 13.89x 20.06x 13.53x 12.34x 13.22x 12.89x
EBITDA 10'615.30 Long-Term Rating Date 18.02.2008
EBIT 9'170.30 Long-Term Rating A+
Operating Margin 34.70% Long-Term Outlook STABLE
Pretax Margin 25.32% Short-Term Rating Date 18.02.2008
Return on Assets 9.45% Short-Term Rating A-1
Return on Common Equity 59.35%
Return on Capital 18.54% EBITDA/Interest Exp. 13.14
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 11.84
Net Debt/EBITDA 1.59
Gross Margin 71.8% Total Debt/EBITDA 1.88
EBITDA Margin 37.5%
EBIT Margin 29.7% Total Debt/Equity 315.0%
Net Income Margin 17.3% Total Debt/Capital 73.1%
Asset Turnover 0.63
Current Ratio 0.99 Net Fixed Asset Turnover 3.00
Quick Ratio 0.61 Accounts receivable turnover-days -
Debt to Assets 44.13% Inventory Days 187.14
Tot Debt to Common Equity 315.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 124.87
Inventory Turnover 1.95
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
GlaxoSmithKline PLCPrice/Volume
Valuation Analysis
3'780'683.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 271'061'000 5.54 - 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 199'157'242 4.07 (517'183) 31.07.2013 Unclassified
INVESCO LTD n/a ULT-AGG 196'610'906 4.02 1'630'171 27.09.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 150'301'277 3.07 5'975'844 31.08.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 149'918'516 3.07 10'689'400 01.07.2013 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 139'489'742 2.85 1'809'167 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 120'548'689 2.47 1'306'873 01.07.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 115'208'137 2.36 (21'446) 01.07.2013 Government
NORGES BANK Multiple Portfolios MF-AGG 114'425'878 2.34 - 31.12.2012 Government
FIL LIMITED n/a ULT-AGG 112'062'901 2.29 11'077'079 01.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 91'996'990 1.88 (3'463'075) 31.08.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 91'808'108 1.88 4'269 27.09.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 76'685'874 1.57 (6'390'814) 01.07.2013 Unclassified
UBS AG n/a ULT-AGG 73'620'883 1.51 (8'401'306) 27.09.2013 Unclassified
NEWTON INV MGMT Multiple Portfolios REG 69'380'765 1.42 (1'147'509) 01.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 68'939'885 1.41 8'174'724 31.07.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 66'513'616 1.36 9'874'025 01.07.2013 Government
DODGE & COX WORLDWID Multiple Portfolios MF-AGG 62'449'823 1.28 - 31.03.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 62'294'467 1.27 1'315'302 31.07.2013 Unclassified
AXA n/a ULT-AGG 58'702'551 1.2 3'973'187 01.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 1'755 12 month 27.09.2013
AlphaValue ARMELLE MOULIN sell 1 M 1'440 6 month 26.09.2013
Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 1'850 Not Provided 24.09.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1'870 6 month 23.09.2013
Helvea ODILE RUNDQUIST hold 3 M 1'710 12 month 23.09.2013
Barclays MARK PURCELL equalweight 3 M 1'555 Not Provided 23.09.2013
Exane BNP Paribas FLORENT CESPEDES underperform 1 M 1'600 Not Provided 19.09.2013
Deutsche Bank MARK CLARK buy 5 M 1'850 12 month 17.09.2013
Jefferies JEFFREY HOLFORD hold 3 M 1'750 12 month 12.09.2013
Societe Generale STEPHEN MCGARRY buy 5 M 2'000 12 month 11.09.2013
Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M 1'836 12 month 11.09.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 1'845 Not Provided 11.09.2013
S&P Capital IQ SHO MATSUBARA sell 1 M 1'400 12 month 09.09.2013
Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 05.09.2013
Credit Suisse KERRY HOLFORD neutral 3 M 1'670 Not Provided 28.08.2013
JPMorgan JAMES D GORDON neutral 3 U 1'900 9 month 14.08.2013
Natixis PHILIPPE LANONE neutral 3 M 1'700 Not Provided 13.08.2013
Day by Day VALERIE GASTALDY buy 5 M 1'781 3 month 12.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 05.08.2013
Cenkos Securities Ltd NAVID MALIK buy 5 M 1'933 Not Provided 29.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 1'750 12 month 25.07.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 1'650 Not Provided 24.07.2013
Kepler Cheuvreux FABIAN WENNER buy 5 M 1'900 Not Provided 24.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 17.07.2013
UBS ANDREW WHITNEY neutral 3 M 1'745 12 month 17.06.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013
Liberum Capital Ltd NARESH CHOUHAN hold 3 U 1'600 Not Provided 10.06.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 1'740 12 month 17.05.2013
Cyrrus TOMAS MENCIK hold 3 M 1'420 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER buy 5 M 1'640 Not Provided 02.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M #N/A N/A Not Provided 13.01.2012
First Global Stockbroking KAVITA THOMAS market perform 3 R #N/A N/A Not Provided 23.08.2011
Holdings By:
GlaxoSmithKline PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Total SA explores for, produces, refines, transports, and markets oil and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.09.2013) 43.79
52-Week Low (17.04.2013) 35.18
Daily Volume
42.91
52-Week High % Change -1.96% Dividend Yield 5.50
52-Week Low % Change 21.99% Beta 0.86
% 52 Week Price Range High/Low 98.72% Equity Float 2'045.62
Shares Out 30.06.2013 2'376.7 Short Int -
101'985.71 1 Yr Total Return 18.04%
Total Debt 33'290.00 YTD Return 15.07%
Preferred Stock 0.0 Adjusted BETA 0.860
Minority Interest 1'281.0 Analyst Recs 34
Cash and Equivalents 17'031.00 Consensus Rating 4.206
Enterprise Value 124'243.71
Average Volume 5 Day 5'241'466
FP FP EQUITY YTD Change - Average Volume 30 Day 4'634'791
FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'171'695
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
160'331.0 112'153.0 140'476.0 166'550.0 182'299.0 175'834.0 177'386.0 181'947.5 188'685.0 43'852.5 40'841.5
0.62x 1.03x 0.74x 0.65x 0.58x 2.28x 2.39x 0.67x 0.64x 2.82x 2.98x
29'887.0 22'234.0 28'045.0 32'919.0 32'343.0 31'821.0 30'393.0 31'956.6 33'714.4 9'424.0 9'481.0
3.32x 5.22x 3.72x 3.28x 3.27x 3.10x 3.53x 3.88x 3.68x 3.33x 3.28x
10'590.0 8'447.0 10'571.0 12'276.0 10'694.0 10'790.0 9'521.0 11'591.8 12'034.0 3'226.5 3'263.0
8.21x 11.87x 8.38x 7.23x 8.23x 7.43x 8.91x 8.48x 8.28x 8.19x 8.18x
EBITDA 32'343.00 Long-Term Rating Date 12.04.2011
EBIT 21'862.00 Long-Term Rating AA-
Operating Margin 11.99% Long-Term Outlook STABLE
Pretax Margin 13.11% Short-Term Rating Date 13.09.1999
Return on Assets 5.60% Short-Term Rating A-1+
Return on Common Equity 13.30%
Return on Capital 9.43% EBITDA/Interest Exp. 48.20
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 18.54
Net Debt/EBITDA 0.68
Gross Margin - Total Debt/EBITDA 1.07
EBITDA Margin 17.1%
EBIT Margin 11.4% Total Debt/Equity 45.7%
Net Income Margin 5.9% Total Debt/Capital 31.0%
Asset Turnover 1.04
Current Ratio 1.38 Net Fixed Asset Turnover 2.51
Quick Ratio 0.74 Accounts receivable turnover-days 40.46
Debt to Assets 19.37% Inventory Days -
Tot Debt to Common Equity 45.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.02 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
Total SAPrice/Volume
Valuation Analysis
1'633'699.00
Current Price (9/dd/yy) Market Data
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200'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMUNDI n/a 13G 180'919'481 7.61 - 31.12.2012 Investment Advisor
TOTAL SA n/a 20F 108'732'635 4.57 - 31.12.2012 Corporation
GROUPE BRUXELLES LAM n/a 20F 94'636'768 3.98 559'401 31.12.2012 Holding Company
QATAR HOLDINGS LLC n/a Research 47'275'059 1.99 - 14.03.2012 Government
NORGES BANK n/a Research 47'038'683 1.98 - 31.12.2011 Government
BLACKROCK n/a ULT-AGG 37'115'841 1.56 268'077 26.09.2013 Investment Advisor
NATIONALE A PORTEFEU n/a 20F 33'122'869 1.39 (2'333'425) 31.12.2012 Private Equity
VANGUARD GROUP INC n/a ULT-AGG 25'178'731 1.06 (167'127) 30.06.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 22'406'254 0.94 2'983'384 31.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 17'113'676 0.72 1'014'679 31.08.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 13'107'361 0.55 895'479 31.07.2013 Hedge Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 12'428'800 0.52 (7'965'265) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 10'863'198 0.46 3'661'305 31.07.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 10'566'114 0.44 (3'635'391) 31.05.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 10'279'015 0.43 10'255 30.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'151'303 0.43 15'626 27.09.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 7'843'202 0.33 4'635 28.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'564'200 0.32 - 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 7'135'265 0.3 (77'688) 27.09.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 6'918'600 0.29 800'000 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 52 12 month 30.09.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 48 Not Provided 30.09.2013
Deutsche Bank LUCAS HERRMANN buy 5 M 45 12 month 27.09.2013
AlphaValue ALEXANDRE ANDLAUER sell 1 M 37 6 month 26.09.2013
S&P Capital IQ CHRISTINE TISCARENO strong buy 5 U 48 12 month 25.09.2013
Societe Generale IRENE HIMONA buy 5 M 48 12 month 24.09.2013
Investec NEILL MORTON hold 3 M 43 12 month 24.09.2013
RBC Capital Markets PETER HUTTON outperform 5 M 46 12 month 24.09.2013
Raymond James BERTRAND HODEE outperform 5 M 47 12 month 24.09.2013
Macquarie JASON D GAMMEL neutral 3 M 42 12 month 24.09.2013
Independent Research GmbH SVEN DIERMEIER hold 3 U 47 12 month 24.09.2013
CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 24.09.2013
Oddo & Cie AHMED BEN SALEM buy 5 M 50 Not Provided 24.09.2013
Canaccord Genuity Corp SAMUEL SIMON buy 5 M 45 12 month 24.09.2013
Kepler Cheuvreux PETER OPPITZHAUSER buy 5 M 49 Not Provided 24.09.2013
Natixis ANNE PUMIR buy 5 M 48 Not Provided 24.09.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 45 Not Provided 24.09.2013
Day by Day VALERIE GASTALDY buy 5 M 45 3 month 24.09.2013
Barclays LYDIA RAINFORTH equalweight 3 U 47 Not Provided 24.09.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 47 12 month 23.09.2013
Simmons & Company International GUY BABER overweight 5 M #N/A N/A Not Provided 23.09.2013
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 45 Not Provided 19.09.2013
JPMorgan NITIN SHARMA overweight 5 M 49 9 month 17.09.2013
Grupo Santander JASON KENNEY hold 3 D 46 12 month 28.08.2013
UBS JONATHON RIGBY buy 5 M 44 12 month 14.08.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 30.07.2013
Jefferies IAIN REID buy 5 M 48 12 month 29.07.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 45 Not Provided 26.07.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
VTB Capital COLIN SMITH buy 5 M 50 12 month 15.05.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 42 12 month 20.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 47 12 month 15.02.2013
Holdings By:
Total SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Sanofi is a global pharmaceutical company that researches, develops and
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 87.03
52-Week Low (11.10.2012) 65.63
Daily Volume
74.9
52-Week High % Change -13.89% Dividend Yield -
52-Week Low % Change 14.12% Beta 0.75
% 52 Week Price Range High/Low 44.30% Equity Float 1'188.18
Shares Out 11.09.2013 1'326.9 Short Int -
99'384.84 1 Yr Total Return 16.65%
Total Debt 14'531.00 YTD Return 8.41%
Preferred Stock 0.0 Adjusted BETA 0.753
Minority Interest 134.0 Analyst Recs 35
Cash and Equivalents 6'381.00 Consensus Rating 4.343
Enterprise Value 109'992.84
Average Volume 5 Day 2'039'902
SAN FP EQUITY YTD Change - Average Volume 30 Day 2'891'960
SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'659'685
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
27'568.0 29'306.0 32'367.0 33'389.0 34'947.0 34'642.0 33'628.0 33'931.8 35'798.1 8'949.3 8'841.0
2.22x 2.61x 1.99x 2.59x 2.94x 5.12x 6.51x 3.09x 2.85x - -
9'940.0 12'805.0 13'156.0 12'593.0 12'384.0 9'570.0 7'976.0 11'562.4 12'875.2 - -
6.16x 5.97x 4.90x 6.88x 8.30x 0.00x 0.00x 9.51x 8.54x - -
3'851.0 5'265.0 5'467.0 5'693.0 4'967.0 6'431.0 3'417.0 7'049.9 7'956.2 2'104.8 1'897.4
15.94x 14.13x 11.42x 13.17x 18.99x 12.32x 30.86x 13.89x 12.30x 13.06x 12.71x
EBITDA 12'384.00 Long-Term Rating Date 03.05.2013
EBIT 7'787.00 Long-Term Rating AA
Operating Margin 22.28% Long-Term Outlook STABLE
Pretax Margin 17.94% Short-Term Rating Date 18.02.2011
Return on Assets 3.44% Short-Term Rating A-1+
Return on Common Equity 6.09%
Return on Capital 5.46% EBITDA/Interest Exp. 29.70
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 25.83
Net Debt/EBITDA 0.93
Gross Margin 68.2% Total Debt/EBITDA 1.30
EBITDA Margin 33.5%
EBIT Margin 19.3% Total Debt/Equity 25.3%
Net Income Margin 14.2% Total Debt/Capital 20.2%
Asset Turnover 0.34
Current Ratio 1.65 Net Fixed Asset Turnover 3.18
Quick Ratio 1.00 Accounts receivable turnover-days 85.79
Debt to Assets 14.47% Inventory Days 223.55
Tot Debt to Common Equity 25.34% Accounts Payable Turnover Day 106.36
Accounts Receivable Turnover 4.25 Cash Conversion Cycle 184.13
Inventory Turnover 1.63
Fiscal Year Ended
SanofiPrice/Volume
Valuation Analysis
802'687.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
L'OREAL SA n/a 20F 118'227'307 8.91 - 31.01.2013 Corporation
NORGES BANK Multiple Portfolios MF-AGG 31'319'685 2.36 - 31.12.2012 Government
DODGE & COX WORLDWID Multiple Portfolios MF-AGG 30'181'783 2.27 - 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 26'853'200 2.02 54'953 26.09.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'748'299 1.64 133'312 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 18'432'990 1.39 (601'201) 30.06.2013 Unclassified
SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.3 - 31.01.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 16'598'982 1.25 (350'000) 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 16'044'481 1.21 229'816 31.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 14'744'957 1.11 407'364 31.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 10'869'805 0.82 (965'968) 31.07.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'350'443 0.55 542'686 31.05.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'845'541 0.52 (64'764) 30.08.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'586'812 0.5 (7'639) 30.08.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'965'946 0.45 (30'300) 31.07.2013 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'939'633 0.37 716'336 31.08.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'682'226 0.35 (135'315) 28.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'505'620 0.34 54'697 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'230'552 0.32 200'135 27.09.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'854'683 0.29 (103'617) 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 86 12 month 27.09.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 92 Not Provided 27.09.2013
AlphaValue ARMELLE MOULIN add 4 M 80 6 month 26.09.2013
Deutsche Bank RICHARD J PARKES buy 5 M 95 12 month 25.09.2013
Helvea ODILE RUNDQUIST buy 5 M 83 12 month 24.09.2013
Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 20.09.2013
Day by Day VALERIE GASTALDY buy 5 U 81 3 month 19.09.2013
Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 19.09.2013
Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 87 Not Provided 17.09.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 88 6 month 17.09.2013
Societe Generale STEPHEN MCGARRY buy 5 M 91 12 month 16.09.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 16.09.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 76 12 month 16.09.2013
Barclays MARK PURCELL overweight 5 U 81 Not Provided 16.09.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 16.09.2013
Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 95 12 month 13.09.2013
Credit Suisse LUISA HECTOR neutral 3 M 80 Not Provided 12.09.2013
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M 83 12 month 12.09.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 86 12 month 12.09.2013
Jefferies JEFFREY HOLFORD buy 5 M 100 12 month 10.09.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 85 12 month 20.08.2013
JPMorgan RICHARD VOSSER overweight 5 M 88 9 month 05.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 83 12 month 05.08.2013
UBS ANDREW WHITNEY buy 5 M 89 12 month 02.08.2013
Kepler Cheuvreux FABIAN WENNER hold 3 M 80 Not Provided 02.08.2013
Natixis PHILIPPE LANONE neutral 3 M 85 Not Provided 02.08.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 85 Not Provided 01.08.2013
Intermonte Securities SpA ZHANG YANGMEI buy 5 M 86 Not Provided 17.07.2013
Liberum Capital Ltd NARESH CHOUHAN hold 3 M 80 Not Provided 28.06.2013
Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013
Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013
National Bank AG STEFFEN MANSKE buy 5 M 78 Not Provided 13.02.2013
Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012
Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012
Holdings By:
Sanofi ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
British American Tobacco PLC is the holding company for a group of companies
that manufacture, market and sell cigarettes and other tobacco products,
including cigars and roll-your-own tobacco.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.05.2013) 3'807.50
52-Week Low (02.11.2012) 3'060.50
Daily Volume
3267.5
52-Week High % Change -14.16% Dividend Yield 4.21
52-Week Low % Change 6.76% Beta 0.78
% 52 Week Price Range High/Low 31.39% Equity Float 1'897.76
Shares Out 27.09.2013 1'899.4 Short Int -
62'062.87 1 Yr Total Return 6.93%
Total Debt 10'719.00 YTD Return 8.93%
Preferred Stock 0.0 Adjusted BETA 0.783
Minority Interest 307.0 Analyst Recs 28
Cash and Equivalents 2'107.00 Consensus Rating 4.036
Enterprise Value 73'223.87
Average Volume 5 Day 1'785'052
BATS LN EQUITY YTD Change - Average Volume 30 Day 2'580'221
BATS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'484'622
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
12'122.0 14'208.0 14'883.0 15'399.0 15'190.0 9'866.0 12'122.0 15'422.1 15'820.1 - -
3.84x 3.52x 3.90x 4.56x 4.75x 8.70x 7.34x 4.63x 4.53x - -
3'978.0 5'091.0 5'888.0 6'316.0 6'143.0 873.0 0.0 6'335.1 6'641.6 - -
11.69x 9.82x 9.87x 11.12x 11.75x 0.00x 0.00x 11.56x 11.03x - -
2'457.0 2'713.0 2'879.0 3'095.0 3'841.0 2'130.0 2'457.0 4'208.5 4'445.0 - -
14.60x 14.72x 16.97x 19.45x 15.76x 18.69x 14.60x 14.83x 13.78x - -
EBITDA 6'143.00 Long-Term Rating Date 09.11.2012
EBIT 5'668.00 Long-Term Rating A-
Operating Margin 37.31% Long-Term Outlook STABLE
Pretax Margin 37.18% Short-Term Rating Date 16.05.2003
Return on Assets 14.42% Short-Term Rating A-2
Return on Common Equity 55.73%
Return on Capital 23.35% EBITDA/Interest Exp. 12.16
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 10.85
Net Debt/EBITDA 1.74
Gross Margin - Total Debt/EBITDA 2.02
EBITDA Margin 40.8%
EBIT Margin 37.6% Total Debt/Equity 143.5%
Net Income Margin 25.3% Total Debt/Capital 57.9%
Asset Turnover 0.56
Current Ratio 1.13 Net Fixed Asset Turnover 4.98
Quick Ratio 0.52 Accounts receivable turnover-days -
Debt to Assets 39.22% Inventory Days -
Tot Debt to Common Equity 143.46% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
British American Tobacco PLCPrice/Volume
Valuation Analysis
575'666.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'000.0
4'000.0
6'000.0
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10'000.0
12'000.0
14'000.0
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18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LEGAL & GENERAL n/a ULT-AGG 156'848'836 8.26 494'876 31.07.2013 Unclassified
BLACKROCK n/a ULT-AGG 132'816'502 6.99 - 26.09.2013 Investment Advisor
REINET INVESTMENTS S Multiple Portfolios REG 76'518'264 4.03 (7'785'406) 03.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 72'383'353 3.81 616'324 27.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 67'759'582 3.57 - 30.06.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 54'390'224 2.86 535'150 31.08.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 52'074'497 2.74 1'543'386 30.06.2013 Unclassified
MORGAN STANLEY n/a ULT-AGG 51'048'140 2.69 10'441 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 42'890'939 2.26 (3'240'863) 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 40'352'339 2.12 (3'270'569) 03.06.2013 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 40'036'620 2.11 543'657 30.08.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 36'239'699 1.91 (618'784) 31.08.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 31'932'943 1.68 151'471 27.09.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 31'681'389 1.67 (609'588) 03.06.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 25'576'533 1.35 (1'827'714) 30.06.2013 Unclassified
UBS AG n/a ULT-AGG 25'120'446 1.32 830'928 27.09.2013 Unclassified
BARCLAYS GLOBAL INVE Multiple Portfolios MF-AGG 21'977'479 1.16 - 28.06.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 20'489'760 1.08 509'084 03.06.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 19'154'821 1.01 463'153 30.06.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 16'728'625 0.88 660'294 31.07.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oriel Securities Ltd CHRIS WICKHAM hold 3 M 3'700 Not Provided 30.09.2013
AlphaValue ISABELLE COMBEMALE add 4 M 3'746 6 month 26.09.2013
Exane BNP Paribas JAMES BUSHNELL outperform 5 M 3'700 Not Provided 25.09.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 3'000 12 month 23.09.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 3'800 12 month 19.09.2013
Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 19.09.2013
Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 3'550 12 month 12.09.2013
Berenberg Bank ERIK BLOOMQUIST buy 5 M 3'850 Not Provided 12.09.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 3'700 Not Provided 11.09.2013
Renaissance Capital REY WIUM hold 3 M 3'453 Not Provided 11.09.2013
Natixis NICOLAS LANGLET buy 5 M 3'900 6 month 11.09.2013
Nomura DAVID HAYES buy 5 M 4'100 12 month 11.09.2013
Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 3'900 Not Provided 11.09.2013
Morgan Stanley MATTHEW GRAINGER Equalwt/Attractive 3 M 3'700 12 month 10.09.2013
Investec MARTIN DEBOO hold 3 U 3'580 Not Provided 21.08.2013
Macquarie WYNAND VAN ZYL neutral 3 M 3'671 12 month 12.08.2013
Goldman Sachs FULVIO CAZZOL buy/attractive 5 M 4'280 12 month 11.08.2013
Avior Research RICHARD TESSENDORF neutral 3 M 3'953 Not Provided 07.08.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 3'700 12 month 05.08.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 3'600 12 month 01.08.2013
S&P Capital IQ CARL SHORT hold 3 M 3'760 12 month 01.08.2013
Barclays SIMON HALES overweight 5 M 3'950 Not Provided 01.08.2013
JPMorgan RAE MAILE overweight 5 M 4'209 3 month 31.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 15.07.2013
UBS JONATHAN LEINSTER buy 5 M 3'850 12 month 26.06.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013
Imara RICHARD CLARKE sell 1 N #N/A N/A Not Provided 17.05.2011
Holdings By:
British American Tobacco PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 91.03
52-Week Low (15.11.2012) 64.65
Daily Volume
87.35
52-Week High % Change -4.04% Dividend Yield -
52-Week Low % Change 35.11% Beta 0.99
% 52 Week Price Range High/Low 86.58% Equity Float 801.82
Shares Out 30.06.2013 826.9 Short Int -
72'233.89 1 Yr Total Return 33.83%
Total Debt 9'532.00 YTD Return 24.41%
Preferred Stock 0.0 Adjusted BETA 0.987
Minority Interest 100.0 Analyst Recs 37
Cash and Equivalents 2'551.00 Consensus Rating 4.027
Enterprise Value 81'160.89
Average Volume 5 Day 1'632'000
BAYN GY EQUITY YTD Change - Average Volume 30 Day 1'871'079
BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'830'159
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 38'081.0 40'153.0 40'846.7 43'095.1 9'972.8 10'369.0
1.40x 1.80x 1.53x 1.32x 1.67x 5.12x 6.96x 1.92x 1.77x - -
6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 9'332.0 9'296.0 8'519.5 9'378.8 1'848.0 2'050.5
6.86x 7.30x 6.04x 5.36x 7.39x 5.86x 8.24x 9.51x 8.64x - -
1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'560.0 2'903.0 4'587.0 5'221.9 847.5 1'094.0
18.72x 32.92x 35.22x 16.52x 24.29x 18.24x 23.30x 15.20x 13.47x - -
EBITDA 9'001.00 Long-Term Rating Date 30.04.2008
EBIT 6'041.00 Long-Term Rating A-
Operating Margin 15.19% Long-Term Outlook POS
Pretax Margin 8.17% Short-Term Rating Date 11.07.2006
Return on Assets 5.50% Short-Term Rating A-2
Return on Common Equity 15.33%
Return on Capital - EBITDA/Interest Exp. 12.11
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.52
Net Debt/EBITDA 0.95
Gross Margin 52.1% Total Debt/EBITDA 1.22
EBITDA Margin 23.2%
EBIT Margin 16.0% Total Debt/Equity 51.6%
Net Income Margin 6.2% Total Debt/Capital 33.9%
Asset Turnover 0.76
Current Ratio 1.45 Net Fixed Asset Turnover 4.06
Quick Ratio 0.76 Accounts receivable turnover-days 79.64
Debt to Assets 18.57% Inventory Days 131.78
Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 70.17
Accounts Receivable Turnover 4.58 Cash Conversion Cycle 119.75
Inventory Turnover 2.77
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
Bayer AGPrice/Volume
Valuation Analysis
659'401.00
Current Price (9/dd/yy) Market Data
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 70'955'351 8.58 533'918 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 70'759'889 8.56 (743'466) 31.07.2013 Investment Advisor
SEB n/a ULT-AGG 41'431'997 5.01 (196'834) 26.04.2013 Unclassified
UBS AG n/a ULT-AGG 24'980'019 3.02 47'203 27.09.2013 Unclassified
CREDIT SUISSE GROUP n/a Research 20'623'972 2.49 - 15.05.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 19'085'378 2.31 - 31.12.2012 Government
FMR LLC n/a ULT-AGG 14'659'626 1.77 (72'770) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 11'899'744 1.44 216'614 30.06.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 10'591'070 1.28 (288'800) 30.06.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 10'415'990 1.26 374'099 31.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 10'217'170 1.24 (41'508) 30.06.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 8'727'331 1.06 (441'999) 30.09.2013 Bank
DEUTSCHE BANK AG n/a ULT-AGG 7'794'629 0.94 (317'621) 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'641'101 0.8 (13'035) 27.09.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'316'450 0.64 60'812 31.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'911'757 0.59 (27'066) 31.07.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 4'702'366 0.57 (555'211) 31.08.2013 Unclassified
SOCIETE GENERALE SA n/a Research 4'502'247 0.54 - 10.05.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'999'285 0.48 80'895 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 3'528'261 0.43 (70'251) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 78 12 month 27.09.2013
AlphaValue MARTIN SCHNEE reduce 2 M 85 6 month 26.09.2013
Day by Day VALERIE GASTALDY buy 5 M 95 3 month 25.09.2013
Helvea ODILE RUNDQUIST hold 3 M 90 12 month 23.09.2013
Exane BNP Paribas FLORENT CESPEDES outperform 5 M 94 Not Provided 19.09.2013
Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 94 Not Provided 16.09.2013
Barclays MARK PURCELL equalweight 3 M 85 Not Provided 16.09.2013
Bryan Garnier & Cie MARTIAL DESCOUTURES buy 5 M 98 6 month 12.09.2013
Jefferies JEFFREY HOLFORD buy 5 M 98 12 month 10.09.2013
Deutsche Bank TIM RACE buy 5 M 99 12 month 04.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 98 12 month 04.09.2013
Societe Generale STEPHEN MCGARRY sell 1 M 79 12 month 27.08.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 97 Not Provided 16.08.2013
DZ Bank AG PETER SPENGLER buy 5 M 95 Not Provided 15.08.2013
Morgan Stanley AMY WALKER Equalwt/Attractive 3 M 95 12 month 14.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 08.08.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 D 97 Not Provided 06.08.2013
Kepler Cheuvreux FABIAN WENNER hold 3 M 84 Not Provided 03.08.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 97 6 month 02.08.2013
Goldman Sachs STEVE CHESNEY Buy/Neutral 5 M 105 12 month 02.08.2013
Credit Suisse JOHANNA WALTON outperform 5 M 95 Not Provided 01.08.2013
JPMorgan RICHARD VOSSER overweight 5 M 100 9 month 01.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 91 12 month 01.08.2013
Natixis BEATRICE MUZARD buy 5 M 98 Not Provided 01.08.2013
Liberum Capital Ltd NARESH CHOUHAN buy 5 M 110 Not Provided 01.08.2013
Nord/LB THORSTEN STRAUSS sell 1 M 69 12 month 31.07.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 89 12 month 31.07.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 87 12 month 31.07.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 96 12 month 31.07.2013
Main First Bank AG RONALD KOEHLER outperform 5 M 90 12 month 01.07.2013
Ahorro Corporacion Financiera SA JOSE VALLE buy 5 M 91 Not Provided 24.06.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Nomura JEAN DE WATTEVILLE not rated #N/A N/A M #N/A N/A Not Provided 17.04.2013
National Bank AG EKKEHARD D LINK hold 3 M 80 Not Provided 12.04.2013
UBS ANDREW WHITNEY neutral 3 M 82 12 month 22.03.2013
Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012
Holdings By:
Bayer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Siemens AG is an engineering and manufacturing company. The Company focuses on
four major business sectors including infrastructure and cities, healthcare,
industry and energy. Siemens AG also provides engineering solutions in
automation and control, power, transportation, and medical.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 91.33
52-Week Low (24.06.2013) 73.08
Daily Volume
88.96
52-Week High % Change -2.62% Dividend Yield -
52-Week Low % Change 21.72% Beta 0.94
% 52 Week Price Range High/Low 91.78% Equity Float 771.11
Shares Out 30.06.2013 881.0 Short Int -
78'373.76 1 Yr Total Return 22.65%
Total Debt 22'166.00 YTD Return 15.81%
Preferred Stock 0.0 Adjusted BETA 0.939
Minority Interest 569.0 Analyst Recs 38
Cash and Equivalents 11'415.00 Consensus Rating 4.000
Enterprise Value 91'736.76
Average Volume 5 Day 1'828'117
SIE GY EQUITY YTD Change - Average Volume 30 Day 1'988'111
SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'306'907
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 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 76'980.0 77'090.0 76'581.6 78'914.6 20'662.4 18'579.5
0.82x 0.81x 1.09x 0.92x 1.00x 3.69x 4.24x 1.21x 1.14x 4.55x 5.16x
8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'726.0 8'702.0 8'617.6 10'841.9 1'650.0 2'418.0
7.77x 6.77x 7.87x 6.40x 8.08x 6.83x 9.39x 10.63x 8.45x 9.44x 8.52x
5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 4'185.0 4'491.0 4'432.2 5'928.5 1'103.8 1'397.0
34.66x 24.49x 16.42x 8.24x 13.50x 12.03x 14.30x 16.26x 12.74x 12.75x 11.99x
EBITDA 9'653.00 Long-Term Rating Date 05.06.2009
EBIT 6'909.00 Long-Term Rating A+
Operating Margin 8.82% Long-Term Outlook STABLE
Pretax Margin 9.30% Short-Term Rating Date 18.04.2011
Return on Assets 4.18% Short-Term Rating A-1+
Return on Common Equity 15.19%
Return on Capital 10.32% EBITDA/Interest Exp. 21.45
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 16.55
Net Debt/EBITDA 1.48
Gross Margin 28.4% Total Debt/EBITDA 2.62
EBITDA Margin 11.3%
EBIT Margin 7.7% Total Debt/Equity 72.1%
Net Income Margin 5.7% Total Debt/Capital 41.5%
Asset Turnover 0.72
Current Ratio 1.22 Net Fixed Asset Turnover 7.37
Quick Ratio 0.62 Accounts receivable turnover-days 75.68
Debt to Assets 20.47% Inventory Days 111.86
Tot Debt to Common Equity 72.12% Accounts Payable Turnover Day 48.72
Accounts Receivable Turnover 4.82 Cash Conversion Cycle 120.05
Inventory Turnover 3.26
Fiscal Year Ended
Siemens AGPrice/Volume
Valuation Analysis
734'983.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
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
! !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 58'492'501 6.64 245'443 26.09.2013 Investment Advisor
SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a
QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government
SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation
NORGES BANK Multiple Portfolios MF-AGG 20'908'158 2.37 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 13'033'963 1.48 (192'774) 30.06.2013 Unclassified
UBS AG n/a ULT-AGG 8'283'672 0.94 (110'634) 27.09.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 7'482'100 0.85 (2'112'700) 30.06.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 6'464'669 0.73 (59'727) 30.09.2013 Bank
DEUTSCHE BANK AG n/a ULT-AGG 6'232'647 0.71 1'965'989 31.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'643'625 0.64 (92'858) 28.06.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'170'870 0.59 4'928'947 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'686'512 0.53 332'271 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'349'550 0.38 470'431 31.08.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'200'095 0.36 (2'141'123) 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'833'230 0.32 272'315 31.07.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'559'203 0.29 13'074 26.09.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'056'539 0.23 (157'559) 30.04.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'876'127 0.21 289'086 31.07.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'821'925 0.21 295'600 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 102 Not Provided 30.09.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 83 12 month 26.09.2013
Nomura DANIEL CUNLIFFE buy 5 M 102 Not Provided 24.09.2013
JPMorgan ANDREAS WILLI neutral 3 M 98 15 month 23.09.2013
National Bank AG EKKEHARD D LINK hold 3 M 82 12 month 20.09.2013
Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 97 12 month 19.09.2013
AlphaValue HEINZ STEFFEN reduce 2 M 90 6 month 19.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Canaccord Genuity Corp ANDREW BELL hold 3 M 80 12 month 11.09.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 90 Not Provided 09.09.2013
Societe Generale GAEL DE BRAY buy 5 M 100 12 month 06.09.2013
Deutsche Bank PETER REILLY buy 5 M 95 12 month 05.09.2013
Barclays JAMES STETTLER overweight 5 U 100 Not Provided 05.09.2013
HSBC MICHAEL HAGMANN neutral 3 M 90 Not Provided 28.08.2013
Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER buy 5 M 100 Not Provided 28.08.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 26.08.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 84 6 month 21.08.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 83 12 month 09.08.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 05.08.2013
DZ Bank AG JASKO TERZIC hold 3 M 83 Not Provided 05.08.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 90 12 month 02.08.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 90 Not Provided 02.08.2013
Nord/LB WOLFGANG DONIE hold 3 M 85 12 month 01.08.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 82 12 month 01.08.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M 83 12 month 01.08.2013
S&P Capital IQ UNAI FRANCO hold 3 M 88 12 month 01.08.2013
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 01.08.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 93 12 month 01.08.2013
Goldman Sachs DANIELA COSTA neutral/neutral 3 M 80 12 month 31.07.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 87 12 month 31.07.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 95 Not Provided 30.07.2013
Natixis ARNAUD SCHMIT not rated #N/A N/A M #N/A N/A Not Provided 17.07.2013
Spin-Off Research TEAM COVERAGE hold 3 M 83 Not Provided 09.07.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 87 12 month 15.02.2013
UBS FREDRIC STAHL buy 5 M 85 12 month 31.01.2013
SRH AlsterResearch OLIVER DREBING buy 5 M 89 12 month 23.01.2013
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 97 Not Provided 12.10.2012
Holdings By:
Siemens AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Banco Santander SA attracts deposits and offers retail, commercial and private
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.01.2013) 6.68
52-Week Low (24.06.2013) 4.79
Daily Volume
5.973
52-Week High % Change -10.53% Dividend Yield -
52-Week Low % Change 24.67% Beta 1.16
% 52 Week Price Range High/Low 68.42% Equity Float 10'881.12
Shares Out 09.08.2013 11'092.1 Short Int -
66'253.17 1 Yr Total Return 14.57%
Total Debt 420'024.00 YTD Return 6.24%
Preferred Stock 0.0 Adjusted BETA 1.164
Minority Interest 9'672.0 Analyst Recs 40
Cash and Equivalents 192'388.00 Consensus Rating 2.950
Enterprise Value -
Average Volume 5 Day 59'399'420
SAN SQ EQUITY YTD Change - Average Volume 30 Day 59'948'260
SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 81'338'900
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
70'114.3 69'736.2 68'965.5 78'009.0 77'159.0 43'979.0 41'610.0 41'088.5 42'959.8 10'087.0 10'208.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
8'876.4 8'942.5 8'180.9 5'351.0 2'205.0 3'577.0 2'756.0 4'841.7 6'394.4 1'407.0 1'406.0
5.74x 11.09x 8.39x 9.18x 26.44x 13.18x 18.04x 13.92x 11.08x - -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB
Operating Margin 7.95% Long-Term Outlook NEG
Pretax Margin 7.35% Short-Term Rating Date 30.04.2012
Return on Assets 0.22% Short-Term Rating A-2
Return on Common Equity 3.85%
Return on Capital 0.74% 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 562.6%
Net Income Margin 4.6% Total Debt/Capital 83.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 2.48
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 33.08% Inventory Days -
Tot Debt to Common Equity 562.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Banco Santander SAPrice/Volume
Valuation Analysis
35'235'392.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNP PARIBAS SA n/a EXCH 317'600'714 2.86 (23'663'677) 16.04.2013 Bank
NORGES BANK Multiple Portfolios MF-AGG 229'355'687 2.07 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 197'861'338 1.78 375'705 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 161'069'923 1.45 8'901'773 30.06.2013 Unclassified
DE LOS RIOS EMILIO B n/a EXCH 79'291'178 0.71 7'442 01.08.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 78'001'217 0.7 8'057'177 30.06.2013 Investment Advisor
BANCO SANTANDER SA n/a ULT-AGG 74'306'648 0.67 - 10.09.2013 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 62'980'304 0.57 1'797'991 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 61'394'251 0.55 61'394'251 30.06.2013 Investment Advisor
PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 54'995'669 0.5 - 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 51'844'179 0.47 31'967'355 31.08.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 48'259'341 0.44 8'645'722 31.07.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 34'125'536 0.31 174'378 26.09.2013 Investment Advisor
UBS AG n/a ULT-AGG 32'628'616 0.29 (507'162) 27.09.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 28'196'365 0.25 (429'313) 31.08.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 25'279'047 0.23 (1'366'347) 27.09.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 20'537'140 0.19 5'366'493 30.09.2013 Bank
CREDIT SUISSE AG n/a ULT-AGG 19'536'957 0.18 196'929 30.08.2013 Investment Advisor
O'SHEA JAVIER BOTIN- n/a EXCH 16'282'411 0.15 1'228 01.08.2013 n/a
STATE STREET CORP n/a ULT-AGG 15'345'202 0.14 128'705 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 6 12 month 27.09.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 27.09.2013
BPI CARLOS JOAQUIM PEIXOTO neutral 3 M 6 Not Provided 26.09.2013
BBVA IGNACIO ULARGUI outperform 5 M 7 Not Provided 26.09.2013
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 26.09.2013
Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 26.09.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 8 6 month 26.09.2013
Banco Sabadell MARIO LODOS buy 5 M 7 12 month 25.09.2013
Nomura DARAGH QUINN reduce 2 M 5 12 month 25.09.2013
Deutsche Bank JASON NAPIER hold 3 M 6 12 month 24.09.2013
Oddo & Cie JULIE LEGRAND buy 5 M 7 Not Provided 24.09.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 20.09.2013
HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 17.09.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 7 12 month 16.09.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.09.2013
JPMorgan JAIME BECERRIL neutral 3 U 6 15 month 11.09.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 05.09.2013
RBC Capital Markets PATRICK LEE underperform 1 M 5 12 month 04.09.2013
Berenberg Bank NICK ANDERSON sell 1 M 4 Not Provided 02.09.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 02.09.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO sell 1 M 5 Not Provided 29.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 27.08.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 6 12 month 23.08.2013
EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 20.08.2013
Bankhaus Lampe NEIL SMITH sell 1 D 5 12 month 16.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 6 12 month 02.08.2013
Mediobanca SpA ANDREA FILTRI underperform 1 M 4 12 month 31.07.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 31.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 6 Not Provided 31.07.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 6 Not Provided 30.07.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 30.07.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 29.07.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 18.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.07.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013
UBS IGNACIO SANZ neutral 3 U 6 12 month 23.04.2013
La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Renta 4 SA SVB NURIA ALVAREZ hold 3 M 6 Not Provided 26.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012
Holdings By:
Banco Santander SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (04.06.2013) 76.39
52-Week Low (24.10.2012) 62.05
Daily Volume
70.52
52-Week High % Change -7.64% Dividend Yield -
52-Week Low % Change 13.65% Beta 1.11
% 52 Week Price Range High/Low 66.11% Equity Float 813.96
Shares Out 30.06.2013 918.5 Short Int -
64'771.11 1 Yr Total Return 11.37%
Total Debt 12'798.00 YTD Return 2.76%
Preferred Stock 0.0 Adjusted BETA 1.110
Minority Interest 1'010.0 Analyst Recs 39
Cash and Equivalents 1'661.00 Consensus Rating 3.538
Enterprise Value 78'193.11
Average Volume 5 Day 1'998'970
BAS GY EQUITY YTD Change - Average Volume 30 Day 2'584'078
BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'799'457
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
62'304.0 50'693.0 63'873.0 73'497.0 72'129.0 72'351.0 75'082.0 74'157.8 71'007.8 17'801.3 18'402.5
0.62x 1.07x 1.09x 0.84x 1.07x 3.45x 4.02x 1.05x 1.07x 4.42x 4.22x
10'238.0 8'500.0 11'903.0 11'855.0 9'669.0 11'258.0 9'857.0 10'141.0 10'864.5 2'234.0 2'311.7
3.74x 6.36x 5.85x 5.20x 8.02x 5.54x 7.79x 7.71x 7.19x - -
2'912.0 1'410.0 4'557.0 6'188.0 4'819.0 5'234.0 4'532.0 4'787.6 5'244.7 1'013.0 1'145.0
8.86x 28.22x 12.04x 8.00x 13.55x 9.60x 14.00x 13.17x 12.00x - -
EBITDA 9'669.00 Long-Term Rating Date 10.05.2011
EBIT 6'381.00 Long-Term Rating A+
Operating Margin 8.85% Long-Term Outlook STABLE
Pretax Margin 8.29% Short-Term Rating Date 12.02.2009
Return on Assets 7.13% Short-Term Rating A-1
Return on Common Equity 18.59%
Return on Capital 13.65% EBITDA/Interest Exp. 13.35
Asset Turnover 1.18% (EBITDA-Capex)/Interest Exp. 7.81
Net Debt/EBITDA 1.26
Gross Margin 24.8% Total Debt/EBITDA 1.49
EBITDA Margin 13.1%
EBIT Margin 9.1% Total Debt/Equity 52.0%
Net Income Margin 6.7% Total Debt/Capital 33.3%
Asset Turnover 1.18
Current Ratio 1.64 Net Fixed Asset Turnover 4.39
Quick Ratio 0.67 Accounts receivable turnover-days 54.33
Debt to Assets 20.40% Inventory Days 62.97
Tot Debt to Common Equity 52.00% Accounts Payable Turnover Day 32.21
Accounts Receivable Turnover 6.72 Cash Conversion Cycle 85.23
Inventory Turnover 5.80
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
BASF SEPrice/Volume
Valuation Analysis
1'202'484.00
Current Price (9/dd/yy) Market Data
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 63'927'154 6.96 - 26.09.2013 Investment Advisor
NORGES BANK n/a Research 27'715'437 3.02 - 19.06.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 16'676'000 1.82 3'046'200 30.06.2013 Investment Advisor
SEB AG n/a Research 12'879'295 1.4 - 29.04.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 12'487'374 1.36 294'832 30.06.2013 Unclassified
DEUTSCHE BANK AG n/a ULT-AGG 11'916'182 1.3 (335'284) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'052'439 0.88 (303'374) 31.07.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'248'759 0.79 (222'398) 24.09.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 6'696'815 0.73 (16'868) 30.09.2013 Bank
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'377'307 0.69 (439'057) 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'224'755 0.68 (65'350) 31.08.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'224'267 0.35 (3'152'762) 31.08.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'179'430 0.35 45'000 31.05.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'042'286 0.33 316'260 31.07.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 3'029'479 0.33 (703'206) 31.08.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'827'730 0.31 14'452 26.09.2013 Investment Advisor
UBS AG n/a ULT-AGG 2'654'970 0.29 (30'970) 27.09.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'458'610 0.27 (1'000) 28.06.2013 Investment Advisor
SEB n/a ULT-AGG 2'086'640 0.23 248'150 30.04.2013 Unclassified
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 2'024'615 0.22 196'938 31.07.2013 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 86 12 month 27.09.2013
Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 27.09.2013
AlphaValue MARTIN SCHNEE reduce 2 M 70 6 month 26.09.2013
UBS THOMAS GILBERT neutral 3 M 75 12 month 23.09.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 75 12 month 23.09.2013
Jefferies LAURENCE ALEXANDER hold 3 M 74 12 month 20.09.2013
Baader Bank NORBERT BARTH buy 5 M 75 12 month 16.09.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA hold 3 M 75 Not Provided 16.09.2013
Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 15.09.2013
Morgan Stanley PAUL RICHARD WALSH Overwt/In-Line 5 M 78 12 month 13.09.2013
JPMorgan MARTIN EVANS underweight 1 M 54 15 month 13.09.2013
HSBC GEOFF HAIRE overweight 5 M 82 Not Provided 11.09.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 10.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 U 75 12 month 04.09.2013
Goldman Sachs MICHAEL RAE Sell/Neutral 1 M 68 12 month 30.08.2013
Day by Day VALERIE GASTALDY buy 5 U 77 3 month 23.08.2013
Exane BNP Paribas JAMES KNIGHT outperform 5 M 73 Not Provided 22.08.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 79 12 month 15.08.2013
Kepler Cheuvreux MARKUS MAYER buy 5 M 80 Not Provided 13.08.2013
Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 78 6 month 29.07.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 78 Not Provided 29.07.2013
DZ Bank AG PETER SPENGLER buy 5 M 81 Not Provided 29.07.2013
Societe Generale PETER CLARK hold 3 M 70 12 month 26.07.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 61 12 month 26.07.2013
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 26.07.2013
Barclays ANDREAS HEINE overweight 5 M 79 Not Provided 26.07.2013
Nord/LB THORSTEN STRAUSS hold 3 M 70 12 month 25.07.2013
Credit Suisse CHRIS COUNIHAN neutral 3 M 73 Not Provided 25.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 77 12 month 25.07.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 82 12 month 25.07.2013
S&P Capital IQ JACOB THRANE hold 3 M 72 12 month 25.07.2013
Main First Bank AG RONALD KOEHLER outperform 5 U 75 12 month 01.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 15.04.2013
Gilford Securities PAUL C CHRISTOPHERSON neutral 3 U #N/A N/A Not Provided 08.04.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013
National Bank AG EKKEHARD D LINK hold 3 M 64 Not Provided 26.10.2012
Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010
Holdings By:
BASF SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (30.01.2013) 2'374.50
52-Week Low (16.11.2012) 2'092.50
Daily Volume
2135.5
52-Week High % Change -10.04% Dividend Yield 5.11
52-Week Low % Change 2.05% Beta 0.88
% 52 Week Price Range High/Low 18.97% Equity Float 2'497.74
Shares Out 27.09.2013 2'499.2 Short Int -
131'896.89 1 Yr Total Return 2.26%
Total Debt 37'754.00 YTD Return 2.07%
Preferred Stock 0.0 Adjusted BETA 0.884
Minority Interest 1'433.0 Analyst Recs 18
Cash and Equivalents 18'550.00 Consensus Rating 3.556
Enterprise Value 234'719.35
Average Volume 5 Day 3'759'435
RDSB LN EQUITY YTD Change - Average Volume 30 Day 4'112'472
RDSB LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'175'594
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 475'975.0 455'644.0 448'828.0 450'969.8 115'677.3 118'919.0
0.37x 0.76x 0.65x 0.56x 0.52x 2.01x 2.05x 0.54x 0.54x 2.05x 2.06x
57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 52'487.0 52'414.0 60'849.5 63'491.9 14'932.0 15'826.0
2.98x 7.28x 5.69x 4.73x 4.65x 4.46x 4.29x 3.86x 3.70x 3.79x 3.79x
26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 26'296.0 23'723.0 24'255.8 26'230.1 5'686.0 6'531.3
6.16x 14.87x 10.16x 7.39x 8.12x 7.99x 8.45x 8.86x 8.43x 8.74x 8.49x
EBITDA 52'114.00 Long-Term Rating Date 03.09.2009
EBIT 37'499.00 Long-Term Rating AA
Operating Margin 8.03% Long-Term Outlook STABLE
Pretax Margin 10.76% Short-Term Rating Date 06.03.1990
Return on Assets 6.86% Short-Term Rating A-1+
Return on Common Equity 13.42%
Return on Capital 11.73% EBITDA/Interest Exp. 22.42
Asset Turnover 1.32% (EBITDA-Capex)/Interest Exp. 8.41
Net Debt/EBITDA 0.39
Gross Margin 15.2% Total Debt/EBITDA 0.63
EBITDA Margin 11.5%
EBIT Margin 7.2% Total Debt/Equity 20.0%
Net Income Margin 5.7% Total Debt/Capital 16.6%
Asset Turnover 1.32
Current Ratio 1.18 Net Fixed Asset Turnover 2.71
Quick Ratio 0.61 Accounts receivable turnover-days 53.48
Debt to Assets 10.48% Inventory Days 27.28
Tot Debt to Common Equity 20.03% Accounts Payable Turnover Day 69.49
Accounts Receivable Turnover 6.83 Cash Conversion Cycle 22.13
Inventory Turnover 13.38
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Royal Dutch Shell PLCPrice/Volume
Valuation Analysis
1'998'140.00
Current Price (9/dd/yy) Market Data
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200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LEGAL & GENERAL n/a ULT-AGG 189'404'755 7.58 (2'685'750) 31.07.2013 Unclassified
BLACKROCK n/a ULT-AGG 169'732'143 6.79 - 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 91'859'138 3.68 1'105'984 01.07.2013 Unclassified
CREDIT SUISSE AG n/a ULT-AGG 90'302'687 3.61 2'002'540 01.07.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 84'271'957 3.37 10'743'809 31.07.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 73'734'073 2.95 (18'228'650) 01.07.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 60'912'105 2.44 1'350 01.07.2013 Government
PEOPLES REPUBLIC OF Multiple Portfolios REG 45'831'136 1.83 3'213'253 01.07.2013 Government
QATAR INVESTMENT AUT Multiple Portfolios REG 44'703'170 1.79 - 01.07.2013 Government
STATE STREET CORP n/a ULT-AGG 44'170'243 1.77 (893'810) 27.09.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 43'528'747 1.74 (1'538'711) 01.07.2013 Unclassified
AXA n/a ULT-AGG 43'512'477 1.74 1'492'483 01.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 40'052'906 1.6 861'457 01.07.2013 Unclassified
ABERDEEN n/a ULT-AGG 38'190'671 1.53 667'800 31.08.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 32'953'132 1.32 484'560 01.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 32'673'563 1.31 (4'169'783) 31.08.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 30'790'847 1.23 (291'635) 01.07.2013 Unclassified
BARCLAYS GLOBAL INVE Multiple Portfolios MF-AGG 29'009'861 1.16 - 28.06.2013 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 26'911'800 1.08 (143'054) 01.07.2013 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 24'621'539 0.99 (431'135) 01.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'200 12 month 30.09.2013
Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 U 2'310 12 month 27.09.2013
JPMorgan FREDERICK G LUCAS underweight 1 M 2'200 3 month 18.09.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 2'400 12 month 05.09.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 2'350 Not Provided 02.09.2013
EVA Dimensions DOUG WALTERS buy 5 N #N/A N/A Not Provided 30.08.2013
Barclays RAHIM KARIM overweight 5 M 2'410 Not Provided 22.08.2013
Canaccord Genuity Corp SAMUEL SIMON buy 5 M 2'650 12 month 15.08.2013
Grupo Santander JASON KENNEY hold 3 U 2'368 12 month 09.08.2013
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 D 2'320 12 month 08.08.2013
Societe Generale IRENE HIMONA buy 5 M 2'500 12 month 02.08.2013
RBC Capital Markets PETER HUTTON outperform 5 M 2'520 12 month 02.08.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 2'200 Not Provided 02.08.2013
VTB Capital COLIN SMITH hold 3 M 2'500 12 month 01.08.2013
Deutsche Bank LUCAS HERRMANN hold 3 M 2'400 12 month 01.07.2013
VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 02.05.2013
Natixis ANNE PUMIR buy 5 M 2'600 Not Provided 01.02.2013
Holdings By:
Royal Dutch Shell PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (03.04.2013) 79.60
52-Week Low (24.06.2013) 63.44
Daily Volume
73.83
52-Week High % Change -7.24% Dividend Yield -
52-Week Low % Change 16.38% Beta 0.81
% 52 Week Price Range High/Low 64.11% Equity Float -
Shares Out 11.09.2013 1'607.2 Short Int -
118'662.88 1 Yr Total Return 14.21%
Total Debt 44'341.00 YTD Return 14.96%
Preferred Stock 0.0 Adjusted BETA 0.807
Minority Interest 4'299.0 Analyst Recs 37
Cash and Equivalents 13'878.00 Consensus Rating 3.622
Enterprise Value 208'492.48
Average Volume 5 Day 1'242'298
ABI BB EQUITY YTD Change - Average Volume 30 Day 1'364'184
ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'451'665
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
23'507.0 36'758.0 36'297.0 39'046.0 39'758.0 39'294.0 40'312.0 43'892.5 48'974.2 11'989.8 12'173.0
4.07x 3.57x 3.70x 3.49x 4.37x 7.65x 9.04x 4.64x 4.05x - -
7'734.0 12'925.0 13'768.0 15'297.0 15'548.0 15'940.0 16'406.0 17'016.6 19'306.0 4'570.8 5'076.3
12.37x 10.15x 9.76x 8.91x 11.18x 10.30x 11.61x 12.24x 10.79x - -
1'927.0 4'613.0 4'026.0 5'855.0 7'243.0 7'047.0 13'104.0 7'690.2 8'821.4 2'024.3 2'185.2
11.99x 17.92x 22.61x 16.71x 19.15x 17.56x 10.87x 20.96x 18.32x - -
EBITDA 15'548.00 Long-Term Rating Date 01.05.2012
EBIT 12'765.00 Long-Term Rating A
Operating Margin 32.11% Long-Term Outlook STABLE
Pretax Margin 28.05% Short-Term Rating Date 01.05.2012
Return on Assets 10.46% Short-Term Rating A-1
Return on Common Equity 30.77%
Return on Capital 18.56% EBITDA/Interest Exp. 7.53
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 5.95
Net Debt/EBITDA 2.78
Gross Margin 58.6% Total Debt/EBITDA 3.22
EBITDA Margin 38.8%
EBIT Margin 32.0% Total Debt/Equity 107.8%
Net Income Margin 18.2% Total Debt/Capital 49.4%
Asset Turnover 0.32
Current Ratio 1.01 Net Fixed Asset Turnover 2.23
Quick Ratio 0.88 Accounts receivable turnover-days 41.47
Debt to Assets 36.16% Inventory Days 63.73
Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 265.22
Accounts Receivable Turnover 8.80 Cash Conversion Cycle -214.08
Inventory Turnover 5.73
Fiscal Year Ended
Anheuser-Busch InBev NVPrice/Volume
Valuation Analysis
532'132.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING INBEV n/a 20F 663'074'830 41.26 - 31.12.2012 n/a
EUGENIE PATRI SEBAST n/a 20F 130'234'791 8.1 - 31.12.2012 Corporation
BLACKROCK n/a ULT-AGG 48'302'036 3.01 - 26.09.2013 Investment Advisor
BRC SARL n/a 20F 32'966'462 2.05 - 31.12.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 29'314'521 1.82 (2'756'441) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 17'367'904 1.08 - 31.12.2012 Government
FMR LLC n/a ULT-AGG 13'391'286 0.83 282'718 31.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'534'658 0.66 (63'066) 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 10'324'221 0.64 34'232 30.06.2013 Unclassified
BNP PARIBAS n/a ULT-AGG 9'720'443 0.6 (731'887) 31.07.2013 Unclassified
VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 31.12.2012 Other
INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 31.12.2012 Other
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'293'694 0.27 133'574 31.03.2013 Investment Advisor
ANHEUSER-BUSCH INBEV n/a 20F 4'190'715 0.26 - 31.12.2012 Corporation
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'833'157 0.24 (57'201) 31.08.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'652'374 0.23 965'431 31.08.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 3'387'045 0.21 4'311 31.08.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'004'748 0.19 (288'985) 30.06.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 2'575'000 0.16 176'050 31.05.2013 Unclassified
INVESCO LTD n/a ULT-AGG 2'451'494 0.15 (420'403) 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ISABELLE COMBEMALE sell 1 M 61 6 month 26.09.2013
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 85 12 month 25.09.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 64 Not Provided 25.09.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 84 12 month 19.09.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 88 12 month 13.09.2013
Nomura IAN SHACKLETON reduce 2 D 66 Not Provided 12.09.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 83 Not Provided 11.09.2013
HSBC LAUREN E TORRES overweight 5 M 85 Not Provided 09.09.2013
ING Bank MARCO GULPERS hold 3 M 78 12 month 09.09.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 80 12 month 05.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Petercam KRIS KIPPERS buy 5 M 80 Not Provided 05.08.2013
ISI Group ROBERT E OTTENSTEIN buy 5 M #N/A N/A Not Provided 05.08.2013
KBC Securities WIM HOSTE accumulate 4 M 75 12 month 02.08.2013
Societe Generale ANDREW HOLLAND hold 3 M 71 12 month 01.08.2013
Credit Suisse SANJEET AUJLA outperform 5 M 88 Not Provided 01.08.2013
JPMorgan MIKE J GIBBS overweight 5 M 92 9 month 01.08.2013
Mirabaud Securities JONATHAN FYFE add 4 U 82 12 month 01.08.2013
Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 01.08.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.08.2013
Barclays SIMON HALES equalweight 3 M 77 Not Provided 01.08.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 U 72 12 month 01.08.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 70 12 month 31.07.2013
Kempen & Co SANDER VAN OORT hold 3 M 75 12 month 31.07.2013
Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 65 12 month 31.07.2013
Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 31.07.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 77 12 month 31.07.2013
Rabobank International KAREL ZOETE buy 5 U 80 12 month 31.07.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 82 Not Provided 31.07.2013
S&P Capital IQ CARL SHORT hold 3 M 75 12 month 31.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 70 Not Provided 03.07.2013
Erste Group HANS ENGEL hold 3 M #N/A N/A Not Provided 01.07.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 10.06.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013
UBS MELISSA EARLAM buy 5 M 80 12 month 28.02.2013
Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012
Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012
Holdings By:
Anheuser-Busch InBev NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Diageo plc produces, distills and markets alcoholic beverages. The Company
offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,
gins, and beer.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (06.08.2013) 2'152.50
52-Week Low (01.10.2012) 1'739.50
Daily Volume
1961
52-Week High % Change -8.87% Dividend Yield 2.42
52-Week Low % Change 12.73% Beta 0.73
% 52 Week Price Range High/Low 57.51% Equity Float 2'509.08
Shares Out 27.09.2013 2'512.4 Short Int -
49'267.52 1 Yr Total Return 15.39%
Total Debt 10'091.00 YTD Return 12.32%
Preferred Stock 0.0 Adjusted BETA 0.735
Minority Interest 1'071.0 Analyst Recs 34
Cash and Equivalents 1'772.00 Consensus Rating 4.206
Enterprise Value 58'657.52
Average Volume 5 Day 4'000'800
DGE LN EQUITY YTD Change - Average Volume 30 Day 3'286'300
DGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'417'855
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
9'311.0 9'780.0 9'936.0 10'762.0 11'433.0 - - 12'294.2 13'314.8 - -
3.27x 3.57x 3.98x 4.68x 4.94x - - 4.71x 4.28x - -
2'777.0 2'984.0 3'232.0 3'826.0 3'931.0 - - 4'217.3 4'615.6 - -
10.96x 11.70x 12.24x 13.16x 14.36x - - 13.91x 12.71x - -
1'605.0 1'629.0 1'900.0 1'942.0 2'485.0 - - 2'852.1 3'154.5 - -
13.51x 15.99x 16.71x 21.00x 18.93x - - 17.38x 15.69x - -
EBITDA 3'931.00 Long-Term Rating Date 01.09.2005
EBIT 3'528.00 Long-Term Rating A-
Operating Margin 30.86% Long-Term Outlook STABLE
Pretax Margin 27.32% Short-Term Rating Date 01.09.2005
Return on Assets 10.48% Short-Term Rating A-2
Return on Common Equity 39.37%
Return on Capital 17.90% EBITDA/Interest Exp. 7.83
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 6.55
Net Debt/EBITDA 2.12
Gross Margin 60.9% Total Debt/EBITDA 2.57
EBITDA Margin 34.4%
EBIT Margin 30.9% Total Debt/Equity 143.4%
Net Income Margin 21.7% Total Debt/Capital 55.5%
Asset Turnover 0.48
Current Ratio 1.55 Net Fixed Asset Turnover 3.55
Quick Ratio 0.69 Accounts receivable turnover-days 60.75
Debt to Assets 40.24% Inventory Days 333.85
Tot Debt to Common Equity 143.42% Accounts Payable Turnover Day 83.87
Accounts Receivable Turnover 6.01 Cash Conversion Cycle 310.73
Inventory Turnover 1.09
Fiscal Year Ended
Diageo PLCPrice/Volume
Valuation Analysis
1'423'823.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 147'296'928 5.86 - 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 138'861'163 5.53 (6'547'300) 15.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 109'201'911 4.35 1'616'206 31.07.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 101'592'328 4.04 (316'680) 31.07.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 73'278'562 2.92 7'397'453 30.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 68'917'166 2.74 2'608'342 31.08.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 51'673'621 2.06 - 31.12.2012 Government
FIL LIMITED n/a ULT-AGG 51'519'317 2.05 (5'057'780) 01.06.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 51'504'767 2.05 (932'957) 01.06.2013 Government
UBS AG n/a ULT-AGG 43'133'150 1.72 (9'031'334) 27.09.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 40'474'294 1.61 89'287 27.09.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 38'992'784 1.55 (3'923'273) 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38'858'938 1.55 63'368 30.06.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 38'833'995 1.55 206'762 01.06.2013 Government
Northern Cross Inter Multiple Portfolios REG 33'451'519 1.33 661'040 01.06.2013 Unclassified
BARCLAYS GLOBAL INVE Multiple Portfolios MF-AGG 28'946'011 1.15 - 28.06.2013 Investment Advisor
CASCADE INVESTMENT L Multiple Portfolios REG 27'516'958 1.1 - 01.06.2013 Investment Advisor
AXA n/a ULT-AGG 25'628'057 1.02 (1'510'311) 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 22'587'421 0.9 586'361 01.06.2013 Investment Advisor
DIAGEO PLC ESOP Multiple Portfolios REG 20'207'977 0.8 (578'334) 01.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'250 Not Provided 30.09.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 2'300 12 month 27.09.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 27.09.2013
Nomura IAN SHACKLETON buy 5 M 2'350 12 month 26.09.2013
AlphaValue ISABELLE COMBEMALE reduce 2 M 1'991 6 month 26.09.2013
Credit Suisse SANJEET AUJLA outperform 5 M 2'350 Not Provided 25.09.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 2'010 Not Provided 25.09.2013
Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 U 2'410 12 month 19.09.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 2'000 12 month 13.09.2013
HSBC CEDRIC BESNARD neutral 3 M 2'200 Not Provided 09.09.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 1'950 12 month 05.09.2013
Grupo Santander ANTHONY J BUCALO hold 3 M 2'050 Not Provided 03.09.2013
JPMorgan MATTHEW WEBB overweight 5 M 2'200 9 month 28.08.2013
Day by Day VALERIE GASTALDY buy 5 M 2'300 3 month 20.08.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 20.08.2013
Shore Capital Stockbrokers PHIL CARROLL hold 3 D #N/A N/A Not Provided 08.08.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 2'300 12 month 02.08.2013
Societe Generale NICOLAS CERON hold 3 M 2'150 12 month 01.08.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 2'200 12 month 01.08.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 2'400 Not Provided 01.08.2013
Barclays SIMON HALES overweight 5 M 2'250 Not Provided 01.08.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 01.08.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 2'300 12 month 31.07.2013
Stifel MARK D SWARTZBERG buy 5 M 2'400 12 month 31.07.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 2'250 Not Provided 31.07.2013
Kepler Cheuvreux LAETITIA DELAYE buy 5 M 2'215 Not Provided 31.07.2013
S&P Capital IQ CARL SHORT buy 5 M 2'270 12 month 31.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 2'250 Not Provided 03.07.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 2'620 12 month 27.06.2013
Investec MARTIN DEBOO hold 3 M 1'970 12 month 07.05.2013
UBS MELISSA EARLAM neutral 3 M 2'050 12 month 10.04.2013
National Bank AG STEFFEN MANSKE buy 5 M 2'100 Not Provided 31.01.2013
Holdings By:
Diageo PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.09.2013) 59.56
52-Week Low (16.11.2012) 35.15
Daily Volume
57.35
52-Week High % Change -3.61% Dividend Yield -
52-Week Low % Change 63.18% Beta 1.25
% 52 Week Price Range High/Low 93.61% Equity Float 942.25
Shares Out 06.08.2013 1'069.4 Short Int -
61'332.15 1 Yr Total Return 60.38%
Total Debt 84'642.00 YTD Return 46.20%
Preferred Stock 0.0 Adjusted BETA 1.252
Minority Interest 1'631.0 Analyst Recs 39
Cash and Equivalents 15'055.00 Consensus Rating 3.615
Enterprise Value 131'208.15
Average Volume 5 Day 2'846'944
DAI GY EQUITY YTD Change - Average Volume 30 Day 3'098'947
DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'383'308
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 111'368.0 114'196.0 117'480.0 125'508.6 29'639.3 32'565.7
0.87x 1.15x 1.10x 0.93x 1.01x 3.69x 4.07x 0.66x 0.62x - -
11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'317.0 10'854.0 13'970.3 14'399.1 - -
7.14x 29.84x 10.26x 8.09x 9.50x 8.78x 11.01x 9.39x 9.11x - -
1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'825.0 6'700.0 5'539.1 5'932.4 1'283.5 1'390.5
15.61x - 11.85x 6.38x 7.24x 6.46x 7.40x 11.92x 10.34x - -
EBITDA 12'138.00 Long-Term Rating Date 23.02.2012
EBIT 8'071.00 Long-Term Rating A-
Operating Margin 7.06% Long-Term Outlook STABLE
Pretax Margin 6.75% Short-Term Rating Date 26.02.2001
Return on Assets 4.10% Short-Term Rating A-2
Return on Common Equity 16.82%
Return on Capital 7.41% EBITDA/Interest Exp. 20.54
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 12.37
Net Debt/EBITDA 6.38
Gross Margin 22.3% Total Debt/EBITDA 7.96
EBITDA Margin 9.5%
EBIT Margin 5.8% Total Debt/Equity 192.9%
Net Income Margin 5.3% Total Debt/Capital 65.0%
Asset Turnover 0.70
Current Ratio 1.13 Net Fixed Asset Turnover 2.46
Quick Ratio 0.38 Accounts receivable turnover-days 26.01
Debt to Assets 51.93% Inventory Days 77.76
Tot Debt to Common Equity 192.90% Accounts Payable Turnover Day 42.15
Accounts Receivable Turnover 14.03 Cash Conversion Cycle 58.83
Inventory Turnover 4.69
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Daimler AGPrice/Volume
Valuation Analysis
1'341'069.00
Current Price (9/dd/yy) Market Data
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40'000.0
60'000.0
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100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DEUTSCHE BANK AG n/a ULT-AGG 140'497'673 13.14 - 23.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 93'897'996 8.78 (161'418) 26.09.2013 Investment Advisor
KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.88 - 06.02.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 43'507'194 4.07 (2'675'000) 31.07.2013 Investment Advisor
COMMERZBANK AKTIENGE n/a Research 38'268'282 3.58 - 11.04.2013 Bank
AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.09 - 06.02.2012 Government
NORGES BANK n/a Research 31'839'135 2.98 - 27.03.2013 Government
NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2013 Corporation
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 14'357'505 1.34 2'212'510 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 13'217'297 1.24 392'736 30.06.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'511'692 0.98 - 30.06.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 10'353'255 0.97 (1'259'644) 30.09.2013 Bank
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'356'137 0.59 (34'395) 31.07.2013 Hedge Fund Manager
CREDIT SUISSE GROUP n/a Research 4'071'305 0.38 - 16.04.2013 Unclassified
DIMENSIONAL FUND ADV n/a ULT-AGG 3'437'987 0.32 8'169 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'314'133 0.31 (288'511) 31.07.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'023'880 0.28 15'448 26.09.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 3'000'000 0.28 - 31.12.2012 Pension Fund (ERISA)
AMUNDI Multiple Portfolios MF-AGG 2'808'112 0.26 (2'291'565) 30.04.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 2'719'961 0.25 (5'882) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC HORST SCHNEIDER overweight 5 M 68 Not Provided 30.09.2013
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 55 12 month 27.09.2013
Oddo & Cie FRANCOIS MAURY buy 5 M 68 Not Provided 26.09.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 41 6 month 26.09.2013
DZ Bank AG MICHAEL PUNZET sell 1 M 50 Not Provided 25.09.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 66 6 month 23.09.2013
Deutsche Bank JOCHEN GEHRKE buy 5 M 62 12 month 23.09.2013
Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 46 12 month 23.09.2013
UBS PHILIPPE HOUCHOIS buy 5 M 62 12 month 23.09.2013
JPMorgan JOSE ASUMENDI overweight 5 M 66 15 month 23.09.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 60 Not Provided 23.09.2013
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 60 12 month 23.09.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 66 12 month 23.09.2013
Kepler Cheuvreux MICHAEL RAAB reduce 2 M 52 Not Provided 23.09.2013
Natixis GEORGES DIENG buy 5 M 65 Not Provided 23.09.2013
Barclays KRISTINA CHURCH underweight 1 M 39 Not Provided 23.09.2013
ISI Group ARNDT ELLINGHORST buy 5 M 60 12 month 20.09.2013
Nomura HARALD C HENDRIKSE neutral 3 M 55 12 month 20.09.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 63 Not Provided 06.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 D #N/A N/A Not Provided 29.08.2013
Equinet Institutional Services(ESN) TIM SCHULDT reduce 2 M 46 12 month 27.08.2013
Baader Bank KLAUS BREITENBACH hold 3 M 55 12 month 12.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 72 12 month 07.08.2013
Nord/LB FRANK SCHWOPE buy 5 M 59 12 month 02.08.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 30.07.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 76 Not Provided 29.07.2013
Societe Generale STEPHEN REITMAN buy 5 M 60 12 month 25.07.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 63 12 month 25.07.2013
S&P Capital IQ RODERICK BRIDGE hold 3 U 56 12 month 25.07.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 47 12 month 24.07.2013
Bankhaus Lampe CHRISTIAN LUDWIG hold 3 M 53 12 month 24.07.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 58 Not Provided 23.07.2013
Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 02.05.2013
Creative Global Investments CARLO R BESENIUS buy 5 M 52 Not Provided 16.04.2013
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013
Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012
Holdings By:
Daimler AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
UBS AG is a wealth management, investment banking, and asset management firm.
The Company provides a variety of financial services to individuals,
institutions, corporations, governments, and financial intermediaries around the
world.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 19.60
52-Week Low (01.10.2012) 11.29
Daily Volume
18.51
52-Week High % Change -5.56% Dividend Yield -
52-Week Low % Change 63.97% Beta 1.34
% 52 Week Price Range High/Low 89.77% Equity Float 3'469.49
Shares Out 30.06.2013 3'839.2 Short Int -
71'063.45 1 Yr Total Return 63.11%
Total Debt 267'401.00 YTD Return 30.87%
Preferred Stock 0.0 Adjusted BETA 1.339
Minority Interest 4'353.0 Analyst Recs 43
Cash and Equivalents 66'383.00 Consensus Rating 3.628
Enterprise Value 219'594.44
Average Volume 5 Day 6'657'980
UBSN VX EQUITY YTD Change - Average Volume 30 Day 8'075'220
UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 8'544'331
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
67'219.0 44'658.0 46'526.0 40'880.0 37'754.0 37'651.0 38'698.0 29'144.9 29'630.2 6'908.0 7'276.0
8.31x 9.51x 8.39x 9.20x 6.86x 35.58x 25.76x 37.90x 33.33x - -
37'052.0 19'874.0 20'964.0 17'464.0 15'529.0 12'178.0 13'651.0 - - - -
15.08x 21.36x 18.62x 21.53x 16.67x 0.00x 0.00x - - - -
(21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 2'762.0 (2'384.0) 3'831.6 4'888.6 822.0 1'034.0
- - 7.71x 10.16x - 15.14x 0.00x 18.64x 14.30x 14.84x 13.71x
EBITDA 15'529.00 Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 5.80% Long-Term Outlook STABLE
Pretax Margin -4.70% Short-Term Rating Date 19.12.2008
Return on Assets -0.19% Short-Term Rating A-1
Return on Common Equity -4.68%
Return on Capital -0.63% 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 582.6%
Net Income Margin -6.7% Total Debt/Capital 84.2%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 6.44
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 21.24% Inventory Days -
Tot Debt to Common Equity 582.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
UBS AGPrice/Volume
Valuation Analysis
5'025'665.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GIC PRIVATE LIMITED n/a ULT-AGG 245'596'591 6.4 - 12.09.2013 Government
UBS AG n/a ULT-AGG 216'192'741 5.63 (20'610'868) 27.09.2013 Unclassified
NORGES BANK n/a EXCH 116'490'210 3.03 - 27.09.2011 Government
FMR LLC n/a ULT-AGG 101'598'767 2.65 14'311'401 30.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 62'295'964 1.62 10'743'000 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 58'857'023 1.53 (1'640'766) 31.07.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 50'539'582 1.32 (401'100) 31.05.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38'747'528 1.01 4'128'293 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'255'664 0.81 (1'114'824) 26.09.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 29'879'115 0.78 (14'305'536) 30.06.2013 Investment Advisor
ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 24'085'894 0.63 (2'534'077) 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 23'172'660 0.6 332'960 31.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 23'125'477 0.6 4'674'008 31.07.2013 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 22'168'898 0.58 4'697'001 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 21'828'303 0.57 (263'056) 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'670'005 0.56 (2'974'135) 30.06.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 16'886'540 0.44 7'764'122 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 16'432'471 0.43 4'932'798 27.09.2013 Investment Advisor
AXA n/a ULT-AGG 15'645'128 0.41 3'097'530 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'105'719 0.39 752'938 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 20 12 month 27.09.2013
Nomura JON PEACE buy 5 M 20 12 month 27.09.2013
Exane BNP Paribas DANIEL DAVIES neutral 3 M 18 Not Provided 27.09.2013
AlphaValue DIETER HEIN sell 1 M 17 6 month 26.09.2013
Grupo Santander AURELIA FAURE underweight 1 M 16 12 month 25.09.2013
Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 19 12 month 25.09.2013
Macquarie PIERS BROWN outperform 5 M 21 12 month 19.09.2013
Main First Bank AG KILIAN MAIER underperform 1 M 18 12 month 18.09.2013
Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 21 12 month 16.09.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 15 month 11.09.2013
Oddo & Cie JEAN SASSUS neutral 3 M 19 Not Provided 06.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 02.09.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 20 Not Provided 02.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.08.2013
Bankhaus Lampe NEIL SMITH sell 1 M 16 12 month 20.08.2013
Kepler Cheuvreux DIRK BECKER hold 3 M 19 Not Provided 20.08.2013
Helvea TIM DAWSON buy 5 M 20 12 month 15.08.2013
Barclays KIRI VIJAYARAJAH overweight 5 M 22 Not Provided 14.08.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 20 12 month 13.08.2013
Bank am Bellevue MARC DEUSTER hold 3 M 20 Not Provided 08.08.2013
Credit Suisse AMIT GOEL neutral 3 M 16 Not Provided 07.08.2013
Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 18 6 month 06.08.2013
Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 22 Not Provided 06.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 20 12 month 05.08.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 24 12 month 01.08.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 19 Not Provided 01.08.2013
Mirabaud Securities Claudia von Turk Myers accumulate 4 M 21 12 month 01.08.2013
Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 U 19 12 month 31.07.2013
Natixis ANTOINE BURGARD buy 5 M 20 Not Provided 31.07.2013
Deutsche Bank MATT SPICK buy 5 M 21 12 month 30.07.2013
Bankhaus Metzler GUIDO HOYMANN sell 1 M 14 12 month 30.07.2013
S&P Capital IQ FRANK BRADEN buy 5 M 20 12 month 30.07.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 26.07.2013
Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 16.07.2013
HSBC ROBERT MURPHY overweight 5 M 20 Not Provided 17.06.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 23 Not Provided 05.06.2013
Societe Generale GEOFF DAWES sell 1 M 15 12 month 29.05.2013
Liberum Capital Ltd CORMAC LEECH buy 5 M 18 Not Provided 25.03.2013
Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 11 Not Provided 03.07.2012
Holdings By:
UBS AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 122.10
52-Week Low (11.10.2012) 90.36
Daily Volume
115.95
52-Week High % Change -5.04% Dividend Yield -
52-Week Low % Change 28.32% Beta 1.23
% 52 Week Price Range High/Low 86.29% Equity Float 448.87
Shares Out 30.06.2013 456.0 Short Int -
52'867.40 1 Yr Total Return 30.03%
Total Debt 19'574.00 YTD Return 14.88%
Preferred Stock 0.0 Adjusted BETA 1.231
Minority Interest 2'665.0 Analyst Recs 39
Cash and Equivalents 12'437.00 Consensus Rating 4.256
Enterprise Value 60'851.40
Average Volume 5 Day 1'248'673
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'631'629
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'609'538
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 90'556.0 97'026.0 102'442.2 105'264.4 24'605.0 24'916.0
0.57x 0.50x 0.60x 2.07x 2.31x 0.66x 0.64x - -
- - - - - 0.0 0.0 - - - -
- - - 0.00x 0.00x - - - -
(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 3'317.0 5'859.0 5'858.5 6'005.3 1'230.5 1'430.5
7.94x 13.13x 4.62x 10.58x 4.64x 8.86x 8.61x - -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 10.61% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 23.03.2009
Return on Assets 0.86% Short-Term Rating A-1+
Return on Common Equity 12.22%
Return on Capital 10.33% 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 36.6%
Net Income Margin 5.4% Total Debt/Capital 25.8%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.82% Inventory Days -
Tot Debt to Common Equity 36.55% 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
Allianz SEPrice/Volume
Valuation Analysis
842'320.00
Current Price (9/dd/yy) Market Data
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100'000.0
120'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 9'837'831 2.16 - 31.12.2012 Government
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 5'480'394 1.2 122'040 30.06.2013 Unclassified
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'802'438 1.05 4'701'470 24.09.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'776'032 1.05 (72'639) 31.07.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 4'300'429 0.94 - 16.05.2013 Unclassified
MORGAN STANLEY n/a ULT-AGG 3'878'270 0.85 (1'408) 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'876'259 0.85 79'760 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'687'392 0.81 (372'988) 31.07.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 3'655'951 0.8 79'004 30.09.2013 Bank
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 3'208'800 0.7 159'500 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'657'513 0.58 (1'139'274) 31.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'169'864 0.48 107'355 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 2'088'052 0.46 37'573 31.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'054'950 0.45 (153'200) 30.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'967'279 0.43 (89'450) 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'962'949 0.43 (2'267'727) 30.04.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'725'151 0.38 7'000 28.06.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'589'980 0.35 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 115 12 month 26.09.2013
Berenberg Bank PETER ELIOT buy 5 M 144 Not Provided 26.09.2013
AlphaValue DIETER HEIN add 4 M 131 6 month 26.09.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 140 3 month 24.09.2013
Bankhaus Lampe ANDREAS SCHAEFER buy 5 M 135 12 month 23.09.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 135 12 month 20.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.09.2013
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 118 12 month 18.09.2013
Oddo & Cie NICOLAS JACOB buy 5 M 130 12 month 18.09.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 151 12 month 17.09.2013
Nomura MICHAEL KLIEN buy 5 M 140 12 month 13.09.2013
Main First Bank AG MICHAEL HAID outperform 5 M 150 12 month 09.09.2013
Helvea DANIEL BISCHOF buy 5 M 128 12 month 09.09.2013
Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 140 Not Provided 03.09.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 135 Not Provided 22.08.2013
Societe Generale NICK HOLMES hold 3 M 125 12 month 09.08.2013
Credit Suisse RICHARD BURDEN neutral 3 M 132 Not Provided 05.08.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 140 12 month 05.08.2013
HSBC KAILESH MISTRY overweight 5 M 145 Not Provided 05.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 05.08.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 110 12 month 05.08.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 120 12 month 05.08.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 130 12 month 05.08.2013
Nord/LB JULIA SIEKMANN buy 5 M 132 12 month 02.08.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 02.08.2013
Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 02.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 125 Not Provided 02.08.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 145 12 month 02.08.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 140 6 month 02.08.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 134 Not Provided 02.08.2013
Deutsche Bank OLIVER STEEL buy 5 M 130 12 month 25.07.2013
Barclays ANDREW BROADFIELD overweight 5 M 118 Not Provided 22.07.2013
Mediobanca SpA MARC THIELE neutral 3 M 123 Not Provided 20.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Natixis BENOIT VALLEAUX buy 5 M 130 Not Provided 16.05.2013
Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013
Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013
Holdings By:
Allianz SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Barclays PLC is a global financial services provider engaged in retail banking,
credit cards, wholesale banking, investment banking, wealth management and
investment management services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 312.41
52-Week Low (01.10.2012) 198.14
Daily Volume
263.55
52-Week High % Change -15.58% Dividend Yield 2.28
52-Week Low % Change 33.01% Beta 1.75
% 52 Week Price Range High/Low 59.21% Equity Float 12'044.59
Shares Out 18.09.2013 12'876.3 Short Int -
36'462.38 1 Yr Total Return 35.76%
Total Debt 437'733.00 YTD Return 10.69%
Preferred Stock 0.0 Adjusted BETA 1.747
Minority Interest 9'371.0 Analyst Recs 32
Cash and Equivalents 128'126.00 Consensus Rating 3.813
Enterprise Value -
Average Volume 5 Day 90'196'650
BARC LN EQUITY YTD Change - Average Volume 30 Day 50'854'320
BARC LN EQUITY YTD % CHANGE - Average Volume 3 Month 48'717'760
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
37'159.0 41'789.0 40'449.0 42'266.0 34'016.0 37'151.0 33'285.0 29'004.1 29'858.8 6'762.2 6'873.5
- - - - - 0.00x 0.00x -3.97x -4.39x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'382.0 9'393.0 3'514.0 2'924.0 (624.0) 1'657.0 (101.0) 3'759.7 5'231.0 816.0 488.5
3.00x 11.49x 8.73x 7.22x - 11.81x 0.00x 9.87x 8.18x - -
EBITDA - Long-Term Rating Date 02.07.2013
EBIT - Long-Term Rating A-
Operating Margin 10.88% Long-Term Outlook STABLE
Pretax Margin 3.01% Short-Term Rating Date 02.07.2013
Return on Assets -0.01% Short-Term Rating A-2
Return on Common Equity -0.20%
Return on Capital 0.13% 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 864.8%
Net Income Margin -2.4% Total Debt/Capital 87.9%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 5.78
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 29.41% Inventory Days -
Tot Debt to Common Equity 864.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Barclays PLCPrice/Volume
Valuation Analysis
25'673'300.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR HOLDINGS LLC Multiple Portfolios REG 813'964'552 6.32 - 01.08.2013 Government
BLACKROCK n/a ULT-AGG 690'750'564 5.36 - 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 638'027'354 4.96 145'407'660 19.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 504'601'003 3.92 (8'712'201) 01.08.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 362'210'686 2.81 38'375'618 01.08.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 340'939'698 2.65 27'730'961 01.08.2013 Unclassified
FIL LIMITED n/a ULT-AGG 307'688'534 2.39 (23'941'544) 01.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 287'045'959 2.23 - 31.12.2012 Government
NORGES BANK INVESTME Multiple Portfolios REG 281'756'683 2.19 (12'130'533) 01.08.2013 Government
UPPER CHANCE GROUP L Multiple Portfolios REG 248'872'808 1.93 - 01.08.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 241'006'035 1.87 9'164'347 01.08.2013 Investment Advisor
UBS AG n/a ULT-AGG 238'286'993 1.85 (32'955'405) 27.09.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 214'267'834 1.66 6'423'345 27.09.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 207'960'957 1.62 (39'188'341) 30.06.2013 Investment Advisor
DODGE & COX Multiple Portfolios REG 204'449'298 1.59 (34'052'000) 01.08.2013 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 203'383'874 1.58 (9'865'580) 01.08.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 181'527'386 1.41 46'609'382 01.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 143'836'281 1.12 2'605'984 31.08.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 142'553'706 1.11 27'066'918 01.08.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 141'482'313 1.1 - 01.08.2013 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 310 12 month 27.09.2013
RBC Capital Markets FIONA SWAFFIELD outperform 5 M 310 12 month 27.09.2013
Nomura CHINTAN JOSHI buy 5 M 330 Not Provided 27.09.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 341 6 month 26.09.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 260 12 month 24.09.2013
Deutsche Bank JASON NAPIER buy 5 M 342 12 month 23.09.2013
Macquarie EDWARD FIRTH neutral 3 M 280 12 month 23.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.09.2013
Morgan Stanley CHRISTOPHER MANNERS restricted #N/A N/A M #N/A N/A Not Provided 20.09.2013
Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 330 12 month 20.09.2013
S&P Capital IQ WILLIAM HOWLETT buy 5 M 320 12 month 19.09.2013
Numis Securities Ltd MICHAEL J TRIPPITT reduce 2 M 222 Not Provided 19.09.2013
Investec IAN GORDON add 4 M 300 12 month 18.09.2013
UBS JOHN-PAUL CRUTCHLEY neutral 3 M 295 12 month 18.09.2013
HSBC PETER TOEMAN overweight 5 M 315 Not Provided 18.09.2013
JPMorgan RAUL SINHA overweight 5 M 340 15 month 17.09.2013
Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 17.09.2013
Exane BNP Paribas TOM RAYNER restricted #N/A N/A M #N/A N/A Not Provided 17.09.2013
Jefferies JOSEPH DICKERSON buy 5 N 339 12 month 13.09.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 342 Not Provided 12.09.2013
Redburn Partners FAHED KUNWAR neutral 3 M #N/A N/A Not Provided 11.09.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA market perform 3 M 268 12 month 06.09.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 203 Not Provided 05.09.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 345 12 month 27.08.2013
Bankhaus Lampe NEIL SMITH buy 5 M 342 12 month 19.08.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 323 12 month 13.08.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 07.08.2013
Societe Generale JAMES INVINE hold 3 D 300 12 month 31.07.2013
Oriel Securities Ltd VIVEK RAJA buy 5 M 300 Not Provided 31.07.2013
Credit Suisse CARLA ANTUNES-SILVA restricted #N/A N/A M #N/A N/A Not Provided 30.07.2013
Canaccord Genuity Corp GARETH HUNT hold 3 M #N/A N/A Not Provided 30.07.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013
Baden Hill LLP JAMIE MOYES sell 1 M #N/A N/A Not Provided 12.04.2013
Liberum Capital Ltd CORMAC LEECH hold 3 D 212 Not Provided 14.11.2012
Holdings By:
Barclays PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (15.03.2013) 65.00
52-Week Low (23.10.2012) 52.62
Daily Volume
54.57
52-Week High % Change -16.08% Dividend Yield -
52-Week Low % Change 3.71% Beta 0.83
% 52 Week Price Range High/Low 20.76% Equity Float 913.65
Shares Out 30.06.2013 1'228.5 Short Int -
67'039.48 1 Yr Total Return 0.49%
Total Debt 5'248.00 YTD Return -8.75%
Preferred Stock 0.0 Adjusted BETA 0.831
Minority Interest 8.0 Analyst Recs 44
Cash and Equivalents 2'631.00 Consensus Rating 4.045
Enterprise Value 68'590.48
Average Volume 5 Day 2'262'199
SAP GY EQUITY YTD Change - Average Volume 30 Day 2'668'288
SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'832'845
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
11'575.0 10'672.0 12'464.0 14'233.0 16'223.0 15'157.0 16'638.0 17'256.6 18'795.9 4'193.9 5'386.6
2.71x 3.65x 3.71x 3.31x 4.62x 13.82x 17.12x 3.87x 3.40x 16.33x 12.53x
3'300.0 3'301.0 4'125.0 4'663.0 5'002.0 4'810.0 5'126.0 6'182.6 6'920.4 1'492.5 2'324.5
9.49x 11.81x 11.20x 10.10x 14.99x 11.69x 13.37x 11.10x 9.91x 10.74x 10.38x
1'847.0 1'748.0 1'811.0 3'438.0 2'823.0 3'553.0 2'967.0 3'920.4 4'394.3 957.1 1'548.6
16.28x 22.45x 25.07x 14.13x 25.61x 15.71x 22.47x 16.06x 14.35x 15.26x 14.83x
EBITDA 5'002.00 Long-Term Rating Date -
EBIT 4'139.00 Long-Term Rating -
Operating Margin 25.51% Long-Term Outlook -
Pretax Margin 23.57% Short-Term Rating Date -
Return on Assets 11.42% Short-Term Rating -
Return on Common Equity 21.86%
Return on Capital 17.00% EBITDA/Interest Exp. 28.58
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 25.49
Net Debt/EBITDA 0.30
Gross Margin 68.8% Total Debt/EBITDA 1.02
EBITDA Margin 30.8%
EBIT Margin 25.2% Total Debt/Equity 37.1%
Net Income Margin 17.4% Total Debt/Capital 27.0%
Asset Turnover 0.64
Current Ratio 1.00 Net Fixed Asset Turnover 9.77
Quick Ratio 0.94 Accounts receivable turnover-days 72.33
Debt to Assets 19.56% Inventory Days -
Tot Debt to Common Equity 37.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.05 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
SAP AGPrice/Volume
Valuation Analysis
1'087'254.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PLATTNER HASSO n/a 20F 120'857'498 9.84 - 07.03.2013 n/a
TSCHIRA KLAUS n/a 20F 92'079'595 7.5 - 07.03.2013 n/a
BLACKROCK n/a ULT-AGG 66'743'066 5.43 - 26.09.2013 Investment Advisor
HOPP DIETMAR n/a 20F 65'273'200 5.31 - 07.03.2013 n/a
SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation
MORGAN STANLEY n/a ULT-AGG 23'436'828 1.91 1'118'820 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 20'930'681 1.7 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 12'787'680 1.04 175'862 30.06.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'385'174 1.01 (43'008) 31.08.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 30.06.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 10'842'503 0.88 (1'205'718) 30.09.2013 Bank
FIL LIMITED n/a ULT-AGG 9'595'557 0.78 (1'220'400) 30.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'250'500 0.67 (132'500) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 7'583'646 0.62 (2'509'077) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'249'371 0.59 (192'396) 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'538'742 0.53 (4'744) 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'520'724 0.53 (550'635) 31.07.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'573'465 0.45 (1'507'903) 31.07.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 5'180'145 0.42 (9'477) 31.05.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'175'655 0.42 3'986'320 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
M.M. Warburg Investment Research ANDREAS WOLF hold 3 D 60 12 month 30.09.2013
HSBC ANTONIN BAUDRY overweight 5 M 74 Not Provided 27.09.2013
Natixis GWENAEL GIARD neutral 3 M 59 Not Provided 20.09.2013
Baader Bank KNUT WOLLER buy 5 M 65 12 month 19.09.2013
Main First Bank AG CHANDRAMOULI SRIRAMAN outperform 5 M 68 12 month 19.09.2013
AlphaValue HEINZ STEFFEN buy 5 M 73 6 month 19.09.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 62 6 month 18.09.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 70 Not Provided 18.09.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 U 61 Not Provided 11.09.2013
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 90 12 month 11.09.2013
Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 69 6 month 11.09.2013
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 67 12 month 06.09.2013
Exane BNP Paribas BRICE PRUNAS neutral 3 M 54 Not Provided 06.09.2013
Redburn Partners NEIL STEER sell 1 D #N/A N/A Not Provided 03.09.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 29.08.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 U 65 Not Provided 15.08.2013
Day by Day VALERIE GASTALDY buy 5 U 65 3 month 14.08.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 M 62 Not Provided 09.08.2013
UBS MICHAEL BRIEST neutral 3 M 62 12 month 09.08.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 31.07.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 65 12 month 29.07.2013
Societe Generale RICHARD NGUYEN buy 5 M 68 12 month 22.07.2013
Jefferies ROSS MACMILLAN hold 3 M 60 12 month 22.07.2013
William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 22.07.2013
Cross Research RICHARD T WILLIAMS hold 3 M 59 12 month 22.07.2013
Nomura RICHARD G SHERLUND buy 5 M 68 12 month 21.07.2013
JPMorgan STACY E POLLARD neutral 3 D 62 6 month 19.07.2013
Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 19.07.2013
Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 19.07.2013
DZ Bank AG HARALD SCHNITZER buy 5 M 63 Not Provided 19.07.2013
Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 19.07.2013
Deutsche Bank KAI KORSCHELT hold 3 M 57 12 month 18.07.2013
Nord/LB WOLFGANG DONIE buy 5 M 68 12 month 18.07.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 63 12 month 18.07.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.07.2013
Kepler Cheuvreux LAURENT DAURE buy 5 M 66 Not Provided 18.07.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 65 12 month 18.07.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 17.07.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
National Bank AG STEFFEN MANSKE buy 5 U 64 Not Provided 23.01.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012
Holdings By:
SAP AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The
Company focuses on diabetes care and offers insulin delivery systems and other
diabetes products. Novo Nordisk also works in areas such as haemostatis
management, growth disorders, and hormone replacement therapy. The Company
offers educational and training materials. Novo Nordisk markets worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (07.02.2013) 1'100.00
52-Week Low (24.06.2013) 848.00
Daily Volume
932.5
52-Week High % Change -15.23% Dividend Yield -
52-Week Low % Change 9.96% Beta 1.16
% 52 Week Price Range High/Low 35.52% Equity Float -
Shares Out 29.09.2013 442.5 Short Int -
512'875.00 1 Yr Total Return 3.70%
Total Debt 500.00 YTD Return 3.70%
Preferred Stock 0.0 Adjusted BETA 1.164
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 16'105.00 Consensus Rating 3.909
Enterprise Value 502'467.99
Average Volume 5 Day 501'614
NOVOB DC EQUITY YTD Change - Average Volume 30 Day 591'747
NOVOB DC EQUITY YTD % CHANGE - Average Volume 3 Month 558'495
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
45'553.0 51'078.0 60'776.0 66'346.0 78'026.0 71'871.0 82'170.0 84'949.9 92'242.7 21'238.2 22'328.5
3.45x 3.47x 5.98x 5.52x 6.38x 20.34x 23.46x 5.85x 5.35x - -
14'815.0 17'484.0 21'358.0 24'864.0 32'047.0 28'083.0 34'229.0 35'272.9 38'603.6 9'105.2 8'800.0
10.60x 10.13x 17.02x 14.73x 15.53x 16.05x 13.62x 14.25x 13.02x 13.84x 13.73x
9'645.0 10'768.0 14'403.0 17'097.0 21'432.0 18'900.0 24'138.0 25'642.0 27'684.7 6'671.2 6'562.5
17.30x 18.47x 25.35x 21.83x 23.45x 24.98x 20.03x 19.66x 17.78x 19.28x 19.26x
EBITDA 32'047.00 Long-Term Rating Date 19.06.2013
EBIT 29'474.00 Long-Term Rating AA-
Operating Margin 37.77% Long-Term Outlook STABLE
Pretax Margin 35.64% Short-Term Rating Date 19.06.2013
Return on Assets 38.54% Short-Term Rating A-1+
Return on Common Equity 72.39%
Return on Capital - EBITDA/Interest Exp. 552.53
Asset Turnover 1.31% (EBITDA-Capex)/Interest Exp. 494.40
Net Debt/EBITDA -0.30
Gross Margin 82.7% Total Debt/EBITDA 0.02
EBITDA Margin 41.7%
EBIT Margin 38.4% Total Debt/Equity 1.2%
Net Income Margin 27.5% Total Debt/Capital 1.2%
Asset Turnover 1.31
Current Ratio 1.86 Net Fixed Asset Turnover 3.84
Quick Ratio 1.19 Accounts receivable turnover-days 46.46
Debt to Assets 0.76% Inventory Days 251.51
Tot Debt to Common Equity 1.23% Accounts Payable Turnover Day 71.84
Accounts Receivable Turnover 7.86 Cash Conversion Cycle 206.05
Inventory Turnover 1.45
Fiscal Year Ended
Novo Nordisk A/SPrice/Volume
Valuation Analysis
179'710.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 82'015'437 18.53 802'246 31.07.2013 Investment Advisor
NOVO AS n/a 20F 35'312'800 7.98 (5'100'000) 31.01.2013 Holding Company
NOVO-NORDISK A/S n/a Research 17'186'048 3.88 - 06.09.2013 Corporation
NORGES BANK Multiple Portfolios MF-AGG 10'248'509 2.32 - 31.12.2012 Government
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'618'888 1.5 (4'991) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'144'082 1.39 (199'262) 26.09.2013 Investment Advisor
FMR LLC n/a ULT-AGG 6'078'065 1.37 (269'876) 31.07.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 5'553'844 1.26 440'771 28.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 5'498'536 1.24 20'076 30.06.2013 Unclassified
FIL LIMITED n/a ULT-AGG 4'723'941 1.07 (956'598) 30.04.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'400'349 0.99 - 31.07.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'096'263 0.47 (1'617) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'598'879 0.36 (33'805) 30.06.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'596'886 0.36 1'992 31.07.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'285'975 0.29 (49'381) 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'213'993 0.27 (78'252) 31.08.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'163'920 0.26 1'109'960 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 981'600 0.22 47'978 30.06.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 956'856 0.22 33'328 30.08.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 891'013 0.2 - 25.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue KAMLA SINGH add 4 M 1'048 6 month 26.09.2013
SEB Enskilda PETER HUGREFFE buy 5 M 1'300 Not Provided 25.09.2013
Nordea Equity Research MICHAEL NOVOD strong buy 5 M 1'285 12 month 25.09.2013
Natixis PHILIPPE LANONE buy 5 M 1'180 Not Provided 25.09.2013
Sanford C. Bernstein & Co AARON GAL market perform 3 M 1'000 12 month 24.09.2013
Handelsbanken PETER SEHESTED buy 5 M 1'165 12 month 23.09.2013
Exane BNP Paribas VINCENT MEUNIER underperform 1 M 850 Not Provided 19.09.2013
Barclays MICHAEL LEUCHTEN overweight 5 U 1'000 Not Provided 16.09.2013
Helvea OLAV ZILIAN buy 5 M 1'190 12 month 13.09.2013
Jefferies JEFFREY HOLFORD hold 3 M 1'000 12 month 10.09.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 1'320 6 month 09.09.2013
ABG Sundal Collier MORTEN LARSEN buy 5 M 1'200 6 month 09.09.2013
Danske Markets MARTIN PARKHOI buy 5 M 1'150 12 month 09.09.2013
Swedbank JOHAN UNNERUS buy 5 D 1'125 12 month 06.09.2013
Deutsche Bank TIM RACE hold 3 M 980 12 month 04.09.2013
Jyske Bank FRANK HOERNING ANDERSEN buy 5 M 1'096 Not Provided 04.09.2013
Carnegie CARSTEN LONBORG MADSEN buy 5 M #N/A N/A Not Provided 04.09.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1'040 6 month 04.09.2013
DNB Markets RUNE MAJLUND DAHL buy 5 M 1'150 Not Provided 03.09.2013
Societe Generale STEPHEN MCGARRY sell 1 M 801 12 month 27.08.2013
Credit Suisse LUISA HECTOR neutral 3 M 1'080 Not Provided 09.08.2013
JPMorgan RICHARD VOSSER underweight 1 M 800 3 month 09.08.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 1'090 Not Provided 09.08.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 M 1'020 12 month 08.08.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 1'080 12 month 08.08.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 1'260 12 month 17.05.2013
Kepler Cheuvreux RICHARD KOCH hold 3 M 980 Not Provided 14.05.2013
UBS ANDREW WHITNEY buy 5 M 1'040 12 month 12.02.2013
Mirabaud Securities NICHOLAS TURNER reduce 2 D 819 Not Provided 23.11.2012
NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 23.07.2012
Cyrrus TOMAS MENCIK sell 1 M 627 Not Provided 05.04.2012
Sydbank SOEREN LONTOFT HANSEN overweight 5 U #N/A N/A Not Provided 02.02.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 648 Not Provided 15.04.2011
Holdings By:
Novo Nordisk A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 51.56
52-Week Low (01.10.2012) 36.57
Daily Volume
49.935
52-Week High % Change -3.09% Dividend Yield -
52-Week Low % Change 36.57% Beta 1.58
% 52 Week Price Range High/Low 95.53% Equity Float 1'099.81
Shares Out 10.07.2013 1'244.5 Short Int -
62'142.25 1 Yr Total Return 39.49%
Total Debt 1'012'615.00 YTD Return 21.13%
Preferred Stock 7'241.0 Adjusted BETA 1.576
Minority Interest 8'536.0 Analyst Recs 37
Cash and Equivalents 139'568.00 Consensus Rating 4.162
Enterprise Value -
Average Volume 5 Day 3'238'322
BNP FP EQUITY YTD Change - Average Volume 30 Day 3'450'677
BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'648'226
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
77'571.0 70'439.0 72'579.0 71'009.0 66'872.0 0.0 9'395.0 39'135.0 39'915.3 9'757.0 9'785.8
- - - - - #DIV/0! 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'021.0 5'832.0 7'843.0 6'050.0 6'553.0 6'023.0 5'185.0 5'829.9 6'619.4 1'344.0 1'292.0
9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 9.95x 10.66x 9.39x - -
EBITDA - Long-Term Rating Date 25.10.2012
EBIT - Long-Term Rating A+
Operating Margin 19.44% Long-Term Outlook NEG
Pretax Margin 23.50% Short-Term Rating Date 25.10.2012
Return on Assets 0.27% Short-Term Rating A-1
Return on Common Equity 6.74%
Return on Capital 0.54% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1287.6%
Net Income Margin 14.8% Total Debt/Capital 91.5%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 5.20
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 53.09% Inventory Days -
Tot Debt to Common Equity 1287.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
BNP Paribas SAPrice/Volume
Valuation Analysis
2'193'746.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BELGIAN STATE n/a Research 127'747'434 10.27 (1'419'545) 23.05.2013 Government
AXA n/a ULT-AGG 66'464'562 5.34 - 31.12.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 25'617'790 2.06 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 21'954'990 1.76 342'217 31.08.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 18'934'630 1.52 101'737 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 17'926'254 1.44 824'578 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 16'426'152 1.32 858'625 30.06.2013 Unclassified
STATE OF LUXEMBOURG n/a Co File 12'540'483 1.01 - 31.12.2012 Government
FMR LLC n/a ULT-AGG 11'007'841 0.88 30'604 31.07.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'745'800 0.86 2'345'800 30.06.2013 Investment Advisor
COVEA FINANCE SAS Multiple Portfolios MF-AGG 8'464'103 0.68 8'255'846 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'181'726 0.66 (50'444) 31.05.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 6'394'558 0.51 1'461'558 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'043'823 0.49 (316'289) 30.08.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 5'932'371 0.48 (72'837) 30.04.2013 Unclassified
AVIVA PLC Multiple Portfolios MF-AGG 5'467'119 0.44 (62'806) 30.08.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'142'845 0.41 (3'255'061) 30.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'117'763 0.41 684'101 30.08.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'763'636 0.38 (23'166) 28.03.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 4'661'706 0.37 (2'640'476) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Natixis ALEX KOAGNE buy 5 M 62 Not Provided 30.09.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 60 12 month 27.09.2013
AlphaValue CHRISTOPHE NIJDAM reduce 2 M 51 6 month 26.09.2013
HSBC ROBIN DOWN overweight 5 M 56 Not Provided 18.09.2013
Macquarie PIERS BROWN neutral 3 M 45 12 month 18.09.2013
Morgan Stanley SARA MINELLI Overwt/In-Line 5 M 60 12 month 16.09.2013
JPMorgan DELPHINE LEE neutral 3 M 49 15 month 11.09.2013
Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 06.09.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 25 Not Provided 06.09.2013
Jefferies OMAR FALL hold 3 N 51 12 month 03.09.2013
Societe Generale GEOFF DAWES buy 5 M 58 12 month 02.09.2013
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 57 Not Provided 02.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 27.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.08.2013
Barclays JEREMY SIGEE overweight 5 M 59 Not Provided 14.08.2013
Mediobanca SpA ANTONIO GUGLIELMI outperform 5 M 56 12 month 07.08.2013
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 60 12 month 05.08.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 68 12 month 02.08.2013
Bankhaus Lampe NEIL SMITH buy 5 M 56 12 month 02.08.2013
RBC Capital Markets ANKE REINGEN outperform 5 M 53 12 month 01.08.2013
Kepler Cheuvreux CYRIL MEILLAND buy 5 M 57 Not Provided 01.08.2013
Nomura JON PEACE buy 5 M 56 12 month 01.08.2013
Deutsche Bank FLORA BENHAKOUN buy 5 M 53 12 month 31.07.2013
UBS NICK DAVEY neutral 3 M 46 12 month 31.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 50 Not Provided 31.07.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 31.07.2013
S&P Capital IQ WILLIAM HOWLETT buy 5 M 52 12 month 31.07.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 54 12 month 31.07.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 50 12 month 22.07.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 16.07.2013
Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 26.06.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
Banco Sabadell MARIO LODOS buy 5 M 48 12 month 15.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 43 Not Provided 30.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012
Holdings By:
BNP Paribas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
BG Group PLC operates as an integrated natural gas company. The Company explores
develops, produces, liquefies, and markets hydrocarbons with a focus on natural
gas. BG Group extends its services throughout global networks.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.10.2012) 1'357.00
52-Week Low (19.11.2012) 991.00
Daily Volume
1181
52-Week High % Change -12.97% Dividend Yield 1.43
52-Week Low % Change 19.17% Beta 1.12
% 52 Week Price Range High/Low 54.92% Equity Float 3'229.41
Shares Out 02.09.2013 3'404.6 Short Int -
40'208.80 1 Yr Total Return -4.02%
Total Debt 15'507.00 YTD Return 18.50%
Preferred Stock 0.0 Adjusted BETA 1.117
Minority Interest 57.0 Analyst Recs 30
Cash and Equivalents 4'434.00 Consensus Rating 3.867
Enterprise Value 76'510.09
Average Volume 5 Day 3'821'849
BG/ LN EQUITY YTD Change - Average Volume 30 Day 5'645'560
BG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'101'588
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
23'270.8 15'992.8 17'166.0 17'667.0 18'933.0 17'283.0 19'634.0 20'028.1 21'995.1 5'196.0 5'560.3
2.83x 4.28x 4.68x 5.03x 3.73x 19.50x 15.09x 3.86x 3.69x 14.28x 13.66x
11'459.4 8'440.4 8'672.0 9'574.0 10'198.0 9'780.0 10'331.0 10'605.9 12'128.8 2'083.0 2'019.0
5.75x 8.10x 9.27x 9.29x 6.92x 8.16x 6.72x 7.21x 6.31x 8.89x 8.60x
5'790.8 3'394.9 3'351.0 4'234.0 4'519.0 3'891.0 5'316.0 4'147.3 4'776.6 1'123.5 1'207.0
10.25x 17.40x 20.19x 17.67x 16.87x 20.33x 13.52x 15.62x 13.63x 13.67x 13.32x
EBITDA 10'198.00 Long-Term Rating Date -
EBIT 7'605.00 Long-Term Rating -
Operating Margin 40.17% Long-Term Outlook -
Pretax Margin 33.62% Short-Term Rating Date -
Return on Assets 8.11% Short-Term Rating -
Return on Common Equity 16.86%
Return on Capital 11.60% EBITDA/Interest Exp. 15.20
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 0.33
Net Debt/EBITDA 1.12
Gross Margin - Total Debt/EBITDA 1.58
EBITDA Margin 52.6%
EBIT Margin 38.5% Total Debt/Equity 46.9%
Net Income Margin 23.9% Total Debt/Capital 31.9%
Asset Turnover 0.30
Current Ratio 1.38 Net Fixed Asset Turnover 0.47
Quick Ratio 0.83 Accounts receivable turnover-days -
Debt to Assets 23.77% Inventory Days -
Tot Debt to Common Equity 46.94% 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
BG Group PLCPrice/Volume
Valuation Analysis
1'597'970.00
Current Price (9/dd/yy) Market Data
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10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 259'128'305 7.61 - 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 237'765'696 6.98 (1'741'530) 31.07.2013 Unclassified
NORGES BANK n/a RNS-MAJ 172'003'916 5.05 - 27.08.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 170'367'213 5 2'998'397 01.07.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 98'893'176 2.9 16'712'550 31.07.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 94'531'762 2.78 604'072 31.08.2013 Unclassified
FIL LIMITED n/a ULT-AGG 81'916'346 2.41 (1'936'983) 01.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 58'668'349 1.72 10'013'324 31.07.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 57'510'813 1.69 (1'623'221) 27.09.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 57'446'481 1.69 25'578 01.07.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 53'370'409 1.57 41'935'269 31.08.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 48'532'540 1.43 573'783 01.07.2013 Unclassified
AXA n/a ULT-AGG 46'554'299 1.37 (4'057'822) 01.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 45'967'364 1.35 278'645 30.06.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 43'605'600 1.28 (40'959) 01.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 43'207'821 1.27 9'125'768 27.09.2013 Unclassified
THREADNEEDLE n/a ULT-AGG 42'853'996 1.26 (2'490'329) 01.07.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 42'802'945 1.26 393'238 01.07.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 41'839'173 1.23 (5'445'420) 01.07.2013 Government
STATE FARM MUTUAL AU Multiple Portfolios REG 41'334'000 1.21 378'800 01.07.2013 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'770 12 month 30.09.2013
Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 1'620 12 month 27.09.2013
RBC Capital Markets PETER HUTTON outperform 5 M 1'400 12 month 27.09.2013
AlphaValue ALEXANDRE ANDLAUER sell 1 M 738 6 month 26.09.2013
Simmons & Company International GUY BABER overweight 5 M #N/A N/A Not Provided 23.09.2013
Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 19.09.2013
Macquarie JASON D GAMMEL outperform 5 M 1'400 12 month 12.09.2013
Deutsche Bank LUCAS HERRMANN buy 5 M 1'400 12 month 11.09.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'260 Not Provided 11.09.2013
Societe Generale IRENE HIMONA hold 3 M 1'300 12 month 10.09.2013
Investec NEILL MORTON sell 1 M 1'100 12 month 10.09.2013
Credit Suisse THOMAS YOICHI ADOLFF underperform 1 D 1'190 Not Provided 10.09.2013
JPMorgan FREDERICK G LUCAS overweight 5 M 1'550 9 month 10.09.2013
Raymond James BERTRAND HODEE outperform 5 M 1'400 12 month 10.09.2013
Independent Research GmbH SVEN DIERMEIER hold 3 D 1'350 12 month 10.09.2013
Canaccord Genuity Corp SAMUEL SIMON hold 3 M 1'250 12 month 10.09.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 1'450 Not Provided 10.09.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 1'450 Not Provided 10.09.2013
Barclays RAHIM KARIM equalweight 3 D 1'320 Not Provided 10.09.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 1'370 12 month 09.09.2013
Grupo Santander JASON KENNEY buy 5 M 1'455 12 month 04.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 05.08.2013
Jefferies BRENDAN MICHAEL WARN buy 5 M 1'700 12 month 29.07.2013
S&P Capital IQ CHRISTINE TISCARENO sell 1 M 1'150 12 month 26.07.2013
Tudor Pickering & Co ANISH KAPADIA hold 3 M 1'600 Not Provided 31.05.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 1'460 12 month 17.05.2013
UBS JONATHON RIGBY buy 5 M 1'400 12 month 12.11.2012
Shore Capital Stockbrokers GERARD LANE not rated #N/A N/A M #N/A N/A Not Provided 05.03.2012
Holdings By:
BG Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
AstraZeneca PLC is a holding company. The Company, through its subsidiaries,
researches, manufactures, and sells pharmaceutical and medical products.
AstraZeneca focuses its operations on eight therapeutic areas:
Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous
System, Pain Control, Anaesthesia, and Infection.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 3'544.50
52-Week Low (16.11.2012) 2'786.00
Daily Volume
3205.5
52-Week High % Change -9.55% Dividend Yield 5.41
52-Week Low % Change 15.06% Beta 0.74
% 52 Week Price Range High/Low 54.71% Equity Float 1'098.23
Shares Out 02.09.2013 1'252.5 Short Int -
40'150.05 1 Yr Total Return 14.98%
Total Debt 10'310.00 YTD Return 16.78%
Preferred Stock 0.0 Adjusted BETA 0.740
Minority Interest 215.0 Analyst Recs 36
Cash and Equivalents 8'524.00 Consensus Rating 2.611
Enterprise Value 66'309.24
Average Volume 5 Day 1'468'114
AZN LN EQUITY YTD Change - Average Volume 30 Day 1'842'800
AZN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'858'659
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
31'601.0 32'804.0 33'269.0 33'591.0 27'973.0 30'878.0 26'581.0 26'040.8 25'144.2 6'438.2 7'066.2
2.11x 2.07x 1.84x 1.71x 2.18x 7.54x 9.42x 2.56x 2.62x - -
11'657.0 13'235.0 14'170.0 13'276.0 10'658.0 14'028.0 11'075.0 8'999.9 8'826.8 2'254.3 2'503.3
5.72x 5.14x 4.31x 4.32x 5.72x 4.16x 5.48x 7.37x 7.51x - -
6'101.0 7'521.0 8'053.0 9'983.0 6'297.0 8'185.0 4'880.0 6'452.3 5'863.5 1'626.7 1'551.6
9.74x 9.05x 8.14x 6.29x 9.46x 7.18x 12.10x 9.91x 10.74x 10.62x 10.86x
EBITDA 10'658.00 Long-Term Rating Date 27.07.2007
EBIT 8'140.00 Long-Term Rating AA-
Operating Margin 29.10% Long-Term Outlook NEG
Pretax Margin 27.59% Short-Term Rating Date 27.07.2007
Return on Assets 9.08% Short-Term Rating A-1+
Return on Common Equity 20.79%
Return on Capital 16.08% EBITDA/Interest Exp. 11.13
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 10.42
Net Debt/EBITDA 0.12
Gross Margin 80.7% Total Debt/EBITDA 0.94
EBITDA Margin 41.7%
EBIT Margin 30.0% Total Debt/Equity 43.4%
Net Income Margin 22.5% Total Debt/Capital 30.1%
Asset Turnover 0.49
Current Ratio 1.35 Net Fixed Asset Turnover 4.52
Quick Ratio 1.02 Accounts receivable turnover-days -
Debt to Assets 19.26% Inventory Days 146.86
Tot Debt to Common Equity 43.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 63.02
Inventory Turnover 2.49
Fiscal Year Ended
AstraZeneca PLCPrice/Volume
Valuation Analysis
850'664.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 100'885'181 8.05 - 26.09.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 95'031'897 7.59 2'454'214 27.09.2013 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 70'008'786 5.59 127'633 30.08.2013 Investment Advisor
AXA n/a ULT-AGG 68'555'410 5.47 (541'502) 30.06.2013 Investment Advisor
INVESTOR AB Multiple Portfolios REG 51'587'810 4.12 - 01.05.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 50'180'731 4.01 (689'566) 31.07.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 46'936'428 3.75 3'114'680 30.06.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 42'370'000 3.38 5'760'000 30.06.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 41'020'112 3.27 (3'381'442) 31.08.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 29'841'326 2.38 963'792 01.05.2013 Government
NORGES BANK Multiple Portfolios MF-AGG 29'399'381 2.35 - 31.12.2012 Government
UBS AG n/a ULT-AGG 23'877'559 1.91 6'313'441 27.09.2013 Unclassified
THREADNEEDLE n/a ULT-AGG 22'468'435 1.79 1'260'207 31.07.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 21'682'917 1.73 195'362 27.09.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 16'435'885 1.31 (1'649'061) 01.05.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 15'042'917 1.2 1'295'706 01.05.2013 Government
BARCLAYS GLOBAL INVE Multiple Portfolios MF-AGG 14'674'651 1.17 - 28.06.2013 Investment Advisor
GMO LLC Multiple Portfolios REG 13'347'455 1.07 1'189'255 01.05.2013 Corporation
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'492'061 0.84 342'617 30.08.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 10'209'672 0.82 (1'243'310) 01.05.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 3'485 12 month 27.09.2013
AlphaValue ARMELLE MOULIN reduce 2 M 3'256 6 month 26.09.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 3'450 12 month 20.09.2013
Handelsbanken PETER SEHESTED reduce 2 N 3'430 12 month 19.09.2013
Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 3'200 Not Provided 19.09.2013
Helvea ODILE RUNDQUIST neutral 3 M 3'280 12 month 18.09.2013
Nordea Equity Research ERIK HULTGARD buy 5 U 3'865 12 month 16.09.2013
Barclays MARK PURCELL equalweight 3 M 3'050 Not Provided 16.09.2013
Jefferies JEFFREY HOLFORD hold 3 M 2'850 12 month 12.09.2013
Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 3'200 Not Provided 12.09.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER sell 1 M 2'900 Not Provided 10.09.2013
Deutsche Bank MARK CLARK hold 3 M 3'425 12 month 04.09.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 3'620 6 month 04.09.2013
Morgan Stanley PETER VERDULT Underwt/Attractive 1 M 3'200 12 month 02.09.2013
Danske Markets MATTIAS HAGGBLOM sell 1 D 3'000 12 month 02.09.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 3'472 Not Provided 29.08.2013
Credit Suisse LUISA HECTOR underperform 1 M 3'130 Not Provided 28.08.2013
JPMorgan JAMES D GORDON neutral 3 M 3'300 9 month 28.08.2013
Societe Generale STEPHEN MCGARRY sell 1 M 2'700 12 month 27.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.08.2013
Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 02.08.2013
Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 02.08.2013
Pareto Securities YILMAZ MAHSHID sell 1 M 3'128 6 month 02.08.2013
Swedbank JOHAN UNNERUS reduce 2 U 2'921 12 month 02.08.2013
SEB Enskilda LARS HEVRENG hold 3 M 3'240 Not Provided 01.08.2013
Natixis BEATRICE MUZARD neutral 3 M 3'504 Not Provided 01.08.2013
S&P Capital IQ SHO MATSUBARA sell 1 M 2'900 12 month 01.08.2013
Redburn Partners TEAM COVERAGE sell 1 M #N/A N/A Not Provided 19.07.2013
Liberum Capital Ltd NARESH CHOUHAN hold 3 M 3'100 Not Provided 28.06.2013
Kepler Cheuvreux FABIAN WENNER reduce 2 D 2'700 Not Provided 08.06.2013
EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 3'750 12 month 17.05.2013
ABG Sundal Collier STEN GUSTAFSSON sell 1 N 2'573 6 month 25.04.2013
UBS ANDREW WHITNEY buy 5 M 3'600 12 month 19.03.2013
Mirabaud Securities NICHOLAS TURNER reduce 2 U 2'700 Not Provided 02.04.2012
MP Advisors Pvt Ltd BHAVITA NAGRANI underperform 1 M 2'509 Not Provided 07.01.2010
Edward Jones LINDA BANNISTER sell 1 M #N/A N/A Not Provided 20.11.2008
Holdings By:
AstraZeneca PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (26.09.2013) 8.46
52-Week Low (11.10.2012) 5.82
Daily Volume
8.199
52-Week High % Change -3.03% Dividend Yield -
52-Week Low % Change 41.00% Beta 1.21
% 52 Week Price Range High/Low 96.22% Equity Float 5'546.88
Shares Out 05.07.2013 5'724.3 Short Int -
46'933.75 1 Yr Total Return 44.57%
Total Debt 226'217.00 YTD Return 24.94%
Preferred Stock 0.0 Adjusted BETA 1.213
Minority Interest 2'372.0 Analyst Recs 41
Cash and Equivalents 63'956.00 Consensus Rating 3.512
Enterprise Value -
Average Volume 5 Day 49'298'260
BBVA SQ EQUITY YTD Change - Average Volume 30 Day 36'716'800
BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 65'562'180
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
41'508.0 34'467.0 32'482.0 33'049.0 35'222.0 20'422.0 21'940.0 21'992.8 23'072.0 5'310.0 5'403.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
5'020.0 4'210.0 4'606.0 3'004.0 1'676.0 2'175.0 3'047.0 3'723.6 4'221.8 - -
6.41x 11.37x 6.46x 11.78x 28.56x 14.03x 21.64x 13.64x 11.61x - -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB-
Operating Margin 5.89% Long-Term Outlook NEG
Pretax Margin 6.89% Short-Term Rating Date 16.10.2012
Return on Assets 0.49% Short-Term Rating A-3
Return on Common Equity 7.08%
Return on Capital 1.31% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 546.0%
Net Income Margin 7.0% Total Debt/Capital 83.8%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 2.90
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.47% Inventory Days -
Tot Debt to Common Equity 546.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Banco Bilbao Vizcaya Argentaria SAPrice/Volume
Valuation Analysis
22'182'456.00
Current Price (9/dd/yy) Market Data
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNP PARIBAS SA n/a EXCH 177'140'051 3.09 10'373'306 09.05.2013 Bank
INVERAVANTE INVERSIO n/a 13G 160'934'820 2.81 (86'470'698) 24.07.2012 Other
NORGES BANK Multiple Portfolios MF-AGG 120'502'641 2.11 - 31.12.2012 Government
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 96'932'947 1.69 44'886'457 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 82'886'040 1.45 (8'863'937) 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 67'412'598 1.18 2'946'896 30.06.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 43'112'614 0.75 1'276'482 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 34'170'896 0.6 15'497'126 30.04.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 25'714'816 0.45 3'727'073 31.07.2013 Unclassified
FMR LLC n/a ULT-AGG 24'639'266 0.43 2'244'950 31.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 21'157'900 0.37 2'851'016 30.06.2013 Investment Advisor
PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 20'528'011 0.36 5'021 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 19'908'967 0.35 (2'565) 31.07.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 17'611'224 0.31 89'984 26.09.2013 Investment Advisor
UBS AG n/a ULT-AGG 16'451'089 0.29 288'291 27.09.2013 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 14'855'689 0.26 (19'828'799) 30.06.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 13'402'902 0.23 5'207'814 30.09.2013 Bank
BANCO BILBAO VIZCAYA n/a EXCH 12'076'251 0.21 - 22.08.2013 Bank
PIONEER n/a ULT-AGG 11'005'863 0.19 1'094'112 31.07.2013 Unclassified
AVIVA PLC Multiple Portfolios MF-AGG 8'781'077 0.15 16'604 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 27.09.2013
BPI CARLOS JOAQUIM PEIXOTO neutral 3 M 8 Not Provided 26.09.2013
AlphaValue DAVID GRINSZTAJN reduce 2 M 8 6 month 26.09.2013
Banco Sabadell MARIO LODOS buy 5 M 9 12 month 25.09.2013
Nomura DARAGH QUINN neutral 3 M 7 12 month 25.09.2013
Day by Day VALERIE GASTALDY buy 5 M 9 3 month 25.09.2013
Deutsche Bank JASON NAPIER hold 3 M 7 12 month 24.09.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 8 12 month 24.09.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 9 12 month 20.09.2013
Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 19.09.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 M 8 Not Provided 18.09.2013
HSBC CARLO DIGRANDI neutral 3 M 9 Not Provided 17.09.2013
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 8 12 month 17.09.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 10 12 month 16.09.2013
Societe Generale CARLOS GARCIA GONZALEZ buy 5 M 8 12 month 11.09.2013
JPMorgan JAIME BECERRIL underweight 1 M 7 15 month 11.09.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 9 6 month 09.09.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 06.09.2013
Credit Suisse IGNACIO CEREZO outperform 5 U 9 Not Provided 05.09.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 7 12 month 04.09.2013
Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 02.09.2013
Barclays ROHITH CHANDRA-RAJAN equalweight 3 M 7 Not Provided 02.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 27.08.2013
Bankhaus Lampe NEIL SMITH sell 1 M 6 12 month 13.08.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 06.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 8 12 month 06.08.2013
EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 06.08.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 8 Not Provided 02.08.2013
Mediobanca SpA ANDREA FILTRI neutral 3 M 7 12 month 01.08.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 01.08.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 8 Not Provided 31.07.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 7 12 month 31.07.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 29.07.2013
UBS IGNACIO SANZ buy 5 U 8 12 month 22.07.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 M 8 Not Provided 18.07.2013
La Caixa DAVID FERNANDEZ buy 5 M 8 Not Provided 13.06.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 12 month 26.04.2013
Inteligo SAB LUIS ORDONEZ buy 5 M 8 12 month 24.04.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 6 Not Provided 31.07.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012
Holdings By:
Banco Bilbao Vizcaya Argentaria SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Telefonica S.A. provides telecommunications services mainly to countries in
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.03.2013) 11.63
52-Week Low (21.02.2013) 9.47
Daily Volume
11.485
52-Week High % Change -1.16% Dividend Yield -
52-Week Low % Change 21.33% Beta 1.00
% 52 Week Price Range High/Low 96.29% Equity Float 4'512.12
Shares Out 30.06.2013 4'551.0 Short Int -
52'268.52 1 Yr Total Return 10.70%
Total Debt 66'853.00 YTD Return 12.71%
Preferred Stock 0.0 Adjusted BETA 0.995
Minority Interest 7'200.0 Analyst Recs 37
Cash and Equivalents 11'719.00 Consensus Rating 3.622
Enterprise Value 111'691.52
Average Volume 5 Day 22'605'180
TEF SQ EQUITY YTD Change - Average Volume 30 Day 24'162'260
TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 22'179'600
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
57'946.0 56'731.0 60'737.0 62'837.0 62'356.0 62'932.0 59'937.0 57'908.1 57'458.7 14'002.5 14'857.5
2.10x 2.42x 2.29x 1.99x 1.74x 7.73x 7.25x 1.85x 1.83x - -
22'919.0 22'603.0 25'777.0 19'392.0 21'231.0 18'455.9 20'311.7 19'634.9 19'494.4 - -
5.31x 6.07x 5.39x 6.46x 5.10x 6.19x 5.11x 5.69x 5.73x - -
7'592.0 7'776.0 10'167.0 5'402.9 3'928.0 4'315.9 3'909.0 4'619.0 4'798.2 982.0 530.0
9.72x 11.43x 7.54x 11.18x 11.71x 10.89x 11.38x 11.15x 10.58x - -
EBITDA 21'231.00 Long-Term Rating Date 20.12.2012
EBIT 10'798.00 Long-Term Rating BBB
Operating Margin 17.32% Long-Term Outlook NEG
Pretax Margin 9.40% Short-Term Rating Date 20.12.2012
Return on Assets 3.13% Short-Term Rating A-2
Return on Common Equity 19.88%
Return on Capital - EBITDA/Interest Exp. 6.86
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.80
Net Debt/EBITDA 2.61
Gross Margin - Total Debt/EBITDA 3.09
EBITDA Margin 33.9%
EBIT Margin 16.5% Total Debt/Equity 326.7%
Net Income Margin 6.3% Total Debt/Capital 70.7%
Asset Turnover 0.48
Current Ratio 0.81 Net Fixed Asset Turnover 1.77
Quick Ratio 0.71 Accounts receivable turnover-days 65.58
Debt to Assets 51.52% Inventory Days -
Tot Debt to Common Equity 326.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.57 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Telefonica SAPrice/Volume
Valuation Analysis
8'106'008.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO BILBAO VIZCAYA n/a 20F 261'798'437 5.75 3'581'300 21.03.2013 Bank
CAIXABANK n/a 20F 254'697'815 5.6 7'798'898 21.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 177'257'649 3.89 - 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 97'834'735 2.15 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 45'953'772 1.01 267'987 30.06.2013 Unclassified
PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 37'507'740 0.82 (48) 30.06.2013 Investment Advisor
TELEFONICA SA n/a ULT-AGG 30'901'456 0.68 - 25.07.2013 Corporation
FRANKLIN RESOURCES n/a ULT-AGG 30'023'849 0.66 6'484'037 28.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 25'942'653 0.57 166'795 31.08.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 15'696'768 0.34 2'348'371 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 15'333'636 0.34 7'558'473 31.05.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 12'713'294 0.28 2'823'749 30.04.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 12'244'102 0.27 62'562 26.09.2013 Investment Advisor
UBS AG n/a ULT-AGG 11'216'842 0.25 (101'001) 27.09.2013 Unclassified
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 8'936'350 0.2 989'051 30.09.2013 Bank
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7'005'886 0.15 (225'400) 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 6'058'218 0.13 (37'437) 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'029'180 0.13 80'913 28.03.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 5'789'478 0.13 30'691 27.09.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'542'162 0.12 157'142 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 13 12 month 30.09.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 11 Not Provided 30.09.2013
BPI PEDRO OLIVEIRA strong buy 5 M 13 Not Provided 26.09.2013
HSBC LUIGI MINERVA neutral 3 M 12 Not Provided 26.09.2013
BBVA IVON LEAL outperform 5 M 13 Not Provided 26.09.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 26.09.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 18 6 month 26.09.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 26.09.2013
Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 12 month 25.09.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 13 Not Provided 25.09.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 13 12 month 25.09.2013
Jefferies JEREMY A DELLIS underperform 1 M 9 12 month 24.09.2013
Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 13 12 month 24.09.2013
National Bank AG MARKUS GLOCKENMEIER buy 5 N 13 Not Provided 24.09.2013
Berenberg Bank PAUL ANDREW MARSCH sell 1 M 9 Not Provided 24.09.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA strong buy 5 M 13 12 month 24.09.2013
New Street Research JAMES RATZER reduce 2 M 8 Not Provided 24.09.2013
Credit Suisse JUSTIN FUNNELL neutral 3 M 12 Not Provided 23.09.2013
Nomura FREDERIC BOULAN reduce 2 M 9 12 month 23.09.2013
Barclays JONATHAN DANN equalweight 3 M 12 Not Provided 16.09.2013
Natixis BENOIT MAYNARD neutral 3 M 13 Not Provided 12.09.2013
Raymond James STEPHANE BEYAZIAN underperform 1 M 10 12 month 05.09.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 10 12 month 27.08.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 22.08.2013
JPMorgan AKHIL DATTANI restricted #N/A N/A M #N/A N/A Not Provided 01.08.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 M 10 Not Provided 29.07.2013
Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 13 Not Provided 29.07.2013
Macquarie GUY R PEDDY neutral 3 M 10 12 month 26.07.2013
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 26.07.2013
Kepler Cheuvreux JAVIER BORRACHERO buy 5 M 13 Not Provided 26.07.2013
Morgan Stanley LUIS PROTA restricted #N/A N/A M #N/A N/A Not Provided 25.07.2013
Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 25.07.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 9 12 month 25.07.2013
Deutsche Bank KEVAL KHIROYA restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013
Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 23.07.2013
BCP Investimento ALEXANDRA DELGADO buy 5 M 15 Not Provided 18.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 15.07.2013
La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 22.05.2013
Banesto Bolsa SA Sociedad MARTA GOMEZ overweight 5 M 12 12 month 03.04.2013
UBS GIOVANNI MONTALTI neutral 3 M 10 12 month 02.04.2013
Renta 4 SA SVB IVAN SAN FELIX hold 3 M 19 Not Provided 23.07.2012
Holdings By:
Telefonica SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
BHP Billiton Plc is an international resources company. The Company's principal
business lines are mineral exploration and production, including coal, iron ore,
gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum
exploration and production. Dually-listed company with BHP AU.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (19.02.2013) 2'251.50
52-Week Low (03.07.2013) 1'644.00
Daily Volume
1812.5
52-Week High % Change -19.52% Dividend Yield 3.96
52-Week Low % Change 10.25% Beta 1.36
% 52 Week Price Range High/Low 32.43% Equity Float 2'013.16
Shares Out 22.07.2013 2'112.1 Short Int -
104'628.36 1 Yr Total Return -2.22%
Total Debt 35'165.00 YTD Return -11.61%
Preferred Stock 0.0 Adjusted BETA 1.365
Minority Interest 1'371.0 Analyst Recs 32
Cash and Equivalents 6'219.00 Consensus Rating 3.969
Enterprise Value 199'229.02
Average Volume 5 Day 4'122'796
BLT LN EQUITY YTD Change - Average Volume 30 Day 5'911'852
BLT LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'509'017
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
50'211.0 52'798.0 71'739.0 72'226.0 65'968.0 - - 67'462.3 71'114.7 - -
2.97x 2.83x 3.00x 2.42x 2.67x - - 2.95x 2.77x - -
21'761.0 24'590.0 38'093.0 33'866.0 28'072.0 - - 30'304.1 32'667.8 - -
6.86x 6.07x 5.65x 5.15x 6.28x - - 6.57x 6.10x - -
5'877.0 12'722.0 23'648.0 15'417.0 10'876.0 - - 13'850.2 15'004.8 - -
21.26x 11.48x 9.18x 9.78x 12.50x - - 11.32x 10.29x - -
EBITDA 28'072.00 Long-Term Rating Date 15.11.2010
EBIT 21'127.00 Long-Term Rating A+
Operating Margin 32.03% Long-Term Outlook STABLE
Pretax Margin 27.09% Short-Term Rating Date 06.02.2008
Return on Assets 8.14% Short-Term Rating A-1
Return on Common Equity 15.93%
Return on Capital 11.40% EBITDA/Interest Exp. 27.23
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 5.02
Net Debt/EBITDA 1.03
Gross Margin - Total Debt/EBITDA 1.25
EBITDA Margin 42.6%
EBIT Margin 32.0% Total Debt/Equity 49.8%
Net Income Margin 16.5% Total Debt/Capital 32.8%
Asset Turnover 0.49
Current Ratio 0.97 Net Fixed Asset Turnover 0.67
Quick Ratio 0.31 Accounts receivable turnover-days 43.13
Debt to Assets 25.46% Inventory Days -
Tot Debt to Common Equity 49.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.49 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
BHP Billiton PLCPrice/Volume
Valuation Analysis
1'616'420.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LEGAL & GENERAL n/a ULT-AGG 172'687'106 8.18 (2'010'116) 31.07.2013 Unclassified
BLACKROCK n/a ULT-AGG 168'784'326 7.99 - 26.09.2013 Investment Advisor
GEPF EQUITY n/a 20F 87'131'000 4.13 - 24.08.2012 n/a
ABERDEEN n/a ULT-AGG 79'489'309 3.76 7'984'859 31.08.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 65'345'943 3.09 3'690'452 01.05.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 59'082'815 2.8 (3'950'848) 30.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 49'378'270 2.34 209'810 31.08.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 44'295'906 2.1 6'839'307 30.06.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 39'732'063 1.88 1'570'469 01.05.2013 Government
STATE STREET CORP n/a ULT-AGG 35'453'649 1.68 2'698'684 27.09.2013 Investment Advisor
INDUSTRIAL DEVELOPME n/a 20F 33'804'582 1.6 - 24.08.2012 Unclassified
UBS AG n/a ULT-AGG 28'268'660 1.34 (770'024) 27.09.2013 Unclassified
BNP PARIBAS SA Multiple Portfolios REG 25'260'320 1.2 5'127'605 01.05.2013 Bank
FIL LIMITED n/a ULT-AGG 23'403'934 1.11 (1'775'088) 01.05.2013 Investment Advisor
AXA n/a ULT-AGG 21'572'365 1.02 (212'158) 30.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 21'127'581 1 (1'345'049) 01.05.2013 Investment Advisor
ALECTA INVESTMENT MA Multiple Portfolios REG 19'570'000 0.93 500'000 01.05.2013 Unclassified
PRUDENTIAL PLC n/a ULT-AGG 19'385'286 0.92 342'337 01.05.2013 Unclassified
Northern Cross Inter Multiple Portfolios REG 19'195'308 0.91 (371'341) 01.05.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 18'768'637 0.89 79'795 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan FRASER JAMIESON neutral 3 M 2'345 9 month 27.09.2013
Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 2'050 12 month 27.09.2013
Deutsche Bank ANNA MULHOLLAND buy 5 M 2'500 12 month 26.09.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2'250 12 month 26.09.2013
Macquarie JEFFREY LARGEY outperform 5 M 2'250 12 month 26.09.2013
AlphaValue SACHIN KUMAR add 4 U 2'022 6 month 26.09.2013
Exane BNP Paribas SYLVAIN BRUNET underperform 1 M 1'650 Not Provided 23.09.2013
Credit Suisse PAUL MCTAGGART neutral 3 M 2'250 Not Provided 20.09.2013
Nomura SAM CATALANO buy 5 M 2'200 Not Provided 19.09.2013
Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 18.09.2013
RBC Capital Markets DES KILALEA outperform 5 M 2'200 12 month 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Jefferies Christopher LaFemina buy 5 M 2'350 12 month 09.09.2013
Investec ALBERT MINASSIAN hold 3 M 2'001 Not Provided 05.09.2013
Natixis RAOUDHA BOUZEKRI buy 5 M 2'275 Not Provided 29.08.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 2'100 12 month 28.08.2013
Societe Generale ABHISHEK SHUKLA sell 1 M 1'654 12 month 22.08.2013
UBS MYLES ALLSOP buy 5 M 2'180 12 month 21.08.2013
Avior Research CLINTON DUNCAN outperform 5 M 2'443 Not Provided 21.08.2013
BMO Capital Markets TONY ROBSON outperform 5 M 2'250 Not Provided 20.08.2013
Morgan Stanley MENNO SANDERSE Overwt/In-Line 5 M 2'000 12 month 20.08.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/neutral 3 M 2'000 12 month 20.08.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 1'700 12 month 20.08.2013
EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 20.08.2013
Barclays DAVID BUTLER overweight 5 M 2'225 Not Provided 19.08.2013
Espirito Santo Investment Bank ResearchNICK MELLOR buy 5 U 2'130 Not Provided 01.08.2013
HSBC ANDREW KEEN overweight 5 M 1'990 Not Provided 16.07.2013
SBG Securities PETER DAVEY buy 5 M 2'200 12 month 28.06.2013
Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 24.06.2013
Imara STEPHEN MEINTJES hold 3 M #N/A N/A Not Provided 09.04.2013
Standard Chartered SUBRAMANIAM VARADA in-line 3 D 2'000 12 month 08.09.2012
Holdings By:
BHP Billiton PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Unilever NV manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 33.09
52-Week Low (24.10.2012) 27.34
Daily Volume
28.775
52-Week High % Change -13.06% Dividend Yield 3.48
52-Week Low % Change 5.25% Beta 0.73
% 52 Week Price Range High/Low 25.30% Equity Float -
Shares Out 30.06.2013 1'714.7 Short Int -
87'429.95 1 Yr Total Return 8.17%
Total Debt 10'221.00 YTD Return 2.39%
Preferred Stock 0.0 Adjusted BETA 0.733
Minority Interest 557.0 Analyst Recs 39
Cash and Equivalents 2'866.00 Consensus Rating 3.590
Enterprise Value 99'499.95
Average Volume 5 Day 4'481'114
UNA NA EQUITY YTD Change - Average Volume 30 Day 4'356'573
UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 4'332'363
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 49'077.0 51'426.0 51'242.9 53'283.8 13'144.7 12'638.7
1.40x 1.77x 1.64x 1.82x 1.75x 0.00x 0.00x 1.86x 1.77x - -
6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'562.9 9'029.0 - -
8.36x 10.25x 9.54x 11.30x 10.94x 0.00x 0.00x 11.61x 11.01x - -
5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 0.0 0.0 4'701.7 5'079.4 1'140.0 1'190.0
9.69x 18.80x 15.43x 17.60x 18.25x 0.00x 0.00x 17.98x 16.63x - -
EBITDA 8'188.00 Long-Term Rating Date 05.10.2000
EBIT 6'989.00 Long-Term Rating A+
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 13.02% Short-Term Rating Date 05.10.2000
Return on Assets 9.59% Short-Term Rating A-1
Return on Common Equity 34.61%
Return on Capital 19.15% EBITDA/Interest Exp. 15.57
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 11.81
Net Debt/EBITDA 1.34
Gross Margin 40.2% Total Debt/EBITDA 1.83
EBITDA Margin 16.9%
EBIT Margin 14.6% Total Debt/Equity 67.4%
Net Income Margin 8.7% Total Debt/Capital 39.4%
Asset Turnover 1.04
Current Ratio 0.77 Net Fixed Asset Turnover 5.61
Quick Ratio 0.36 Accounts receivable turnover-days -
Debt to Assets 22.14% Inventory Days -
Tot Debt to Common Equity 67.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -8.85
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Unilever NVPrice/Volume
Valuation Analysis
1'997'918.00
Current Price (9/dd/yy) Market Data
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20'000.0
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40'000.0
50'000.0
60'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FOUNDATION UNILEVER n/a Co File 1'321'784'807 77.08 - 04.03.2013 Other
UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2012 Other
AXA INVESTMENT MANAG Multiple Portfolios MF-AGG 58'405'762 3.41 58'405'762 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 53'670'976 3.13 - 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 41'882'875 2.44 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 19'799'857 1.15 (15'301) 30.06.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 19'523'232 1.14 (10'348'242) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 12'073'477 0.7 1'392'749 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 11'102'682 0.65 1'903'776 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 9'847'975 0.57 2'203'162 30.04.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'468'509 0.55 21'507 31.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'060'499 0.47 (60'991) 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 7'321'360 0.43 3'591'219 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'562'016 0.38 722'982 28.03.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 6'341'513 0.37 243 30.06.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'297'297 0.37 226'618 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'929'524 0.35 (63'786) 31.08.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'417'382 0.32 (65'812) 30.06.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 5'206'317 0.3 338'475 30.09.2013 Bank
THREADNEEDLE n/a ULT-AGG 4'934'643 0.29 227'418 31.05.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ING Bank MARCO GULPERS hold 3 M 31 12 month 30.09.2013
JPMorgan CELINE PANNUTI neutral 3 M 30 12 month 27.09.2013
Credit Suisse CHARLES MILLS underperform 1 M 31 Not Provided 25.09.2013
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 36 12 month 25.09.2013
Exane BNP Paribas JEFF STENT neutral 3 M 33 Not Provided 25.09.2013
Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 30 12 month 24.09.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 37 Not Provided 20.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 16.09.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 30 12 month 13.09.2013
Goldman Sachs ROSIE EDWARDS Buy/Neutral 5 M 38 12 month 12.09.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 32 Not Provided 12.09.2013
Natixis PIERRE TEGNER reduce 2 M 29 Not Provided 12.09.2013
Nomura DAVID HAYES buy 5 M 34 12 month 12.09.2013
UBS ALAN ERSKINE buy 5 M 33 12 month 09.09.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 05.09.2013
Rabobank International KAREL ZOETE buy 5 M 35 12 month 27.08.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 22.08.2013
Helvea ANDREAS VON ARX buy 5 M 35 12 month 15.08.2013
SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 28 12 month 13.08.2013
Kepler Cheuvreux JON COX buy 5 M 34 Not Provided 13.08.2013
S&P Capital IQ CARL SHORT buy 5 M 35 12 month 12.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Societe Generale WARREN L ACKERMAN buy 5 M 36 12 month 26.07.2013
Jefferies ALEX HOWSON hold 3 M 32 12 month 26.07.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 33 12 month 26.07.2013
Berenberg Bank JAMES TARGETT buy 5 M 36 Not Provided 26.07.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 26.07.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 26.07.2013
HSBC CEDRIC BESNARD overweight 5 M 36 Not Provided 25.07.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 32 Not Provided 25.07.2013
Barclays IAIN SIMPSON overweight 5 M 36 Not Provided 25.07.2013
Petercam FERNAND DE BOER reduce 2 D 30 Not Provided 05.07.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013
Kempen & Co ERWIN DUT hold 3 M 33 Not Provided 04.06.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 33 12 month 29.04.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 26 6 month 23.01.2013
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012
Holdings By:
Unilever NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Rio Tinto PLC is an international mining company. The Company has interests in
mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,
uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.
Dually-listed company with RIO AU.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.02.2013) 3'838.00
52-Week Low (24.06.2013) 2'579.50
Daily Volume
2989.5
52-Week High % Change -22.08% Dividend Yield 3.69
52-Week Low % Change 15.89% Beta 1.48
% 52 Week Price Range High/Low 38.74% Equity Float 1'228.24
Shares Out 02.09.2013 1'412.6 Short Int -
57'781.40 1 Yr Total Return 7.27%
Total Debt 27'019.00 YTD Return -11.87%
Preferred Stock 0.0 Adjusted BETA 1.484
Minority Interest 11'156.0 Analyst Recs 31
Cash and Equivalents 7'615.00 Consensus Rating 4.516
Enterprise Value 126'196.29
Average Volume 5 Day 3'014'557
RIO LN EQUITY YTD Change - Average Volume 30 Day 3'517'054
RIO LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'991'371
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 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
54'264.0 41'825.0 55'171.0 60'537.0 50'967.0 0.0 46'038.0 51'683.2 54'762.4 - -
1.28x 5.29x 4.32x 2.78x 4.12x #DIV/0! 8.17x 2.45x 2.28x - -
18'964.0 10'920.0 22'752.0 26'657.0 15'902.0 0.0 13'532.0 19'042.4 21'290.1 - -
3.66x 20.24x 10.46x 6.30x 13.19x 0.00x 0.00x 6.63x 5.93x - -
3'676.0 4'872.0 14'238.0 5'826.0 (2'990.0) 0.0 9'402.0 9'048.0 10'359.0 - -
6.19x 18.14x 9.63x 16.07x - 0.00x 0.00x 9.76x 8.65x - -
EBITDA 15'902.00 Long-Term Rating Date 18.04.2011
EBIT 11'461.00 Long-Term Rating A-
Operating Margin 22.49% Long-Term Outlook NEG
Pretax Margin -5.04% Short-Term Rating Date 08.07.2009
Return on Assets -6.02% Short-Term Rating A-2
Return on Common Equity -14.21%
Return on Capital - EBITDA/Interest Exp. 10.90
Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. -1.07
Net Debt/EBITDA 1.42
Gross Margin - Total Debt/EBITDA 1.92
EBITDA Margin 31.1%
EBIT Margin 21.8% Total Debt/Equity 57.7%
Net Income Margin -5.9% Total Debt/Capital 31.8%
Asset Turnover 0.42
Current Ratio 1.29 Net Fixed Asset Turnover 0.68
Quick Ratio 0.78 Accounts receivable turnover-days 41.36
Debt to Assets 22.98% Inventory Days -
Tot Debt to Common Equity 57.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.82 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Rio Tinto PLCPrice/Volume
Valuation Analysis
1'502'841.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHINING PROSPECT PTE Multiple Portfolios REG 182'550'329 12.92 - 03.06.2013 Holding Company
BLACKROCK n/a ULT-AGG 127'744'871 9.04 - 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 53'572'054 3.79 (364'086) 31.07.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 41'031'494 2.9 - 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 32'700'781 2.31 1'306'110 27.09.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 32'090'672 2.27 383'206 31.07.2013 Unclassified
ABERDEEN n/a ULT-AGG 31'610'232 2.24 561'615 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 30'708'074 2.17 (534'999) 30.06.2013 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 24'082'565 1.7 1'154'958 03.06.2013 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 22'868'087 1.62 229'621 31.07.2013 Investment Advisor
BNP PARIBAS SA Multiple Portfolios REG 22'673'647 1.61 (2'842'902) 03.06.2013 Bank
STATE STREET CORP n/a ULT-AGG 22'285'560 1.58 3'467 27.09.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 21'644'386 1.53 (224'208) 03.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 18'800'150 1.33 (2'141'734) 31.08.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 15'717'679 1.11 1'116'256 30.06.2013 Unclassified
AXA n/a ULT-AGG 14'883'693 1.05 1'026'407 03.06.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 14'259'821 1.01 323'537 31.07.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 13'892'388 0.98 294'310 03.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 13'034'042 0.92 (105'047) 03.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 12'394'711 0.88 (1'887'256) 03.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec TIM GERRARD buy 5 M 3'303 12 month 27.09.2013
JPMorgan DOMINIC O'KANE overweight 5 M 4'300 9 month 27.09.2013
Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 4'000 12 month 27.09.2013
Deutsche Bank ROBERT CLIFFORD buy 5 M 4'570 12 month 26.09.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 4'125 12 month 26.09.2013
Macquarie JEFFREY LARGEY outperform 5 M 4'200 12 month 26.09.2013
Nomura SAM CATALANO buy 5 M 3'700 12 month 26.09.2013
AlphaValue SACHIN KUMAR reduce 2 M 2'968 6 month 26.09.2013
Credit Suisse JAMES GURRY outperform 5 M 3'900 Not Provided 24.09.2013
Day by Day VALERIE GASTALDY buy 5 M 3'740 3 month 24.09.2013
Exane BNP Paribas LUC PEZ outperform 5 M 4'070 Not Provided 23.09.2013
Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 18.09.2013
RBC Capital Markets DES KILALEA outperform 5 M 3'800 12 month 16.09.2013
Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 3'590 12 month 09.09.2013
Jefferies Christopher LaFemina buy 5 M 3'600 12 month 09.09.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Neutral 1 M 2'550 12 month 05.09.2013
BMO Capital Markets TONY ROBSON outperform 5 M 3'500 Not Provided 04.09.2013
Societe Generale ABHISHEK SHUKLA buy 5 M 3'698 12 month 29.08.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 3'300 Not Provided 29.08.2013
S&P Capital IQ JOHNSON IMODE buy 5 M 3'800 12 month 12.08.2013
Independent Research GmbH SVEN DIERMEIER buy 5 M 3'500 12 month 09.08.2013
Espirito Santo Investment Bank ResearchNICK MELLOR buy 5 U 3'980 Not Provided 01.08.2013
UBS MYLES ALLSOP buy 5 M 3'650 12 month 30.07.2013
Barclays AMOS FLETCHER equalweight 3 M 3'000 Not Provided 26.07.2013
HSBC ANDREW KEEN overweight 5 M 4'070 Not Provided 16.07.2013
SBG Securities PETER DAVEY buy 5 M 3'460 12 month 28.06.2013
Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 24.06.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Standard Chartered SUBRAMANIAM VARADA outperform 5 M 3'430 12 month 22.11.2012
Axiom Capital GORDON L JOHNSON sell 1 N 2'059 12 month 30.07.2012
Holdings By:
Rio Tinto PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Lloyds Banking Group plc, through subsidiaries and associated companies, offers
a range of banking and financial services. The Company provides retail banking,
mortgages, pensions, asset management, insurance services, corporate banking,
and treasury services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (11.09.2013) 78.78
52-Week Low (09.10.2012) 36.74
Daily Volume
73.3
52-Week High % Change -6.97% Dividend Yield 0.00
52-Week Low % Change 99.54% Beta 1.40
% 52 Week Price Range High/Low 89.18% Equity Float 48'032.00
Shares Out 30.08.2013 71'367.2 Short Int -
52'460.47 1 Yr Total Return 88.77%
Total Debt 194'299.00 YTD Return 52.98%
Preferred Stock 0.0 Adjusted BETA 1.403
Minority Interest 685.0 Analyst Recs 33
Cash and Equivalents 105'871.00 Consensus Rating 3.515
Enterprise Value -
Average Volume 5 Day #########
LLOY LN EQUITY YTD Change - Average Volume 30 Day #########
LLOY LN EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
20'413.0 44'007.0 43'432.0 35'780.0 36'408.0 34'977.0 37'215.0 18'435.0 18'416.8 4'575.0 4'604.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
772.0 2'827.0 (320.0) (2'787.0) (1'427.0) (1'179.0) 809.0 3'627.2 4'403.1 - -
18.90x 6.76x - - - 0.00x 56.75x 13.83x 11.28x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 8.49% Long-Term Outlook NEG
Pretax Margin -2.60% Short-Term Rating Date 29.11.2011
Return on Assets 0.09% Short-Term Rating A-2
Return on Common Equity 1.81%
Return on Capital 0.36% 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 441.6%
Net Income Margin -6.5% Total Debt/Capital 81.3%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 4.90
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 21.02% Inventory Days -
Tot Debt to Common Equity 441.60% 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
Lloyds Banking Group PLCPrice/Volume
Valuation Analysis
47'274'270.00
Current Price (9/dd/yy) Market Data
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25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNITED KINGDOM GOVER n/a RNS-MAJ 23'326'529'533 32.69 (4'282'034'109) 20.09.2013 Government
BLACKROCK n/a ULT-AGG 2'605'742'339 3.65 90'188'805 26.09.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'753'214'825 2.46 (166'613'564) 01.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 1'596'221'504 2.24 (95'090'074) 01.09.2013 Unclassified
HALIFAX SHARE DEALIN Multiple Portfolios REG 1'405'483'353 1.97 381'533'402 01.09.2013 Corporation
NORGES BANK INVESTME Multiple Portfolios REG 1'315'234'776 1.84 - 01.09.2013 Government
UBS AG n/a ULT-AGG 1'250'559'585 1.75 98'758'020 27.09.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 1'073'537'233 1.5 85'558'919 01.09.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 1'051'964'895 1.47 - 31.12.2012 Government
Northern Cross Inter Multiple Portfolios REG 986'276'991 1.38 - 01.09.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 959'058'246 1.34 (1'248'914) 01.09.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 943'794'318 1.32 307'924'915 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 803'787'493 1.13 (61'166'490) 01.09.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 765'389'162 1.07 (21'208'752) 01.09.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 708'682'159 0.99 (6'577'499) 27.09.2013 Investment Advisor
TD DIRECT INVESTING Multiple Portfolios REG 680'235'802 0.95 (18'272'867) 01.09.2013 Investment Advisor
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 650'331'357 0.91 (227'328'310) 01.09.2013 Unclassified
HARRIS ASSOCIATES LP Multiple Portfolios REG 567'521'700 0.8 (309'943'400) 01.09.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 541'942'300 0.76 (52'741'900) 30.06.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 510'517'833 0.72 14'303'079 01.09.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue DAVID GRINSZTAJN sell 1 M 55 6 month 30.09.2013
JPMorgan RAUL SINHA neutral 3 M 84 15 month 27.09.2013
Nomura CHINTAN JOSHI neutral 3 M 64 12 month 27.09.2013
Exane BNP Paribas TOM RAYNER outperform 5 M 90 Not Provided 27.09.2013
Investec IAN GORDON hold 3 U 76 12 month 24.09.2013
Deutsche Bank JASON NAPIER buy 5 M 77 12 month 23.09.2013
Jefferies JOSEPH DICKERSON hold 3 M 69 12 month 17.09.2013
S&P Capital IQ FRANK BRADEN hold 3 M 75 12 month 17.09.2013
Numis Securities Ltd MICHAEL J TRIPPITT add 4 M 85 Not Provided 17.09.2013
Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 75 12 month 11.09.2013
Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 11.09.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 100 12 month 06.09.2013
Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 06.09.2013
Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 100 12 month 04.09.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 50 Not Provided 02.09.2013
Macquarie EDWARD FIRTH underperform 1 M 60 12 month 29.08.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 88 Not Provided 28.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.08.2013
HSBC PETER TOEMAN overweight 5 M 90 Not Provided 15.08.2013
Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 65 Not Provided 07.08.2013
UBS JOHN-PAUL CRUTCHLEY buy 5 M 100 12 month 05.08.2013
Societe Generale JAMES INVINE buy 5 M 86 12 month 02.08.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 80 12 month 02.08.2013
RBC Capital Markets CLAIRE KANE outperform 5 M 88 12 month 02.08.2013
Barclays ROHITH CHANDRA-RAJAN overweight 5 U 85 Not Provided 02.08.2013
Keefe, Bruyette & Woods MARK J PHIN underperform 1 M 54 12 month 01.08.2013
Canaccord Genuity Corp GARETH HUNT Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013
Oriel Securities Ltd VIVEK RAJA hold 3 M 68 Not Provided 01.08.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA sell 1 M 59 Not Provided 22.07.2013
Liberum Capital Ltd CORMAC LEECH buy 5 M 62 Not Provided 02.04.2013
Daniel Stewart & Co SIMON WILLIS sell 1 M 39 12 month 01.03.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Lloyds Banking Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (18.01.2013) 19.59
52-Week Low (25.06.2013) 15.16
Daily Volume
16.87
52-Week High % Change -13.88% Dividend Yield -
52-Week Low % Change 11.28% Beta 0.84
% 52 Week Price Range High/Low 44.02% Equity Float 2'532.59
Shares Out 30.06.2013 3'634.2 Short Int -
61'308.71 1 Yr Total Return 5.25%
Total Debt 24'463.00 YTD Return -2.32%
Preferred Stock 0.0 Adjusted BETA 0.845
Minority Interest 3'514.0 Analyst Recs 34
Cash and Equivalents 8'000.00 Consensus Rating 3.765
Enterprise Value 80'688.71
Average Volume 5 Day 29'691'860
ENI IM EQUITY YTD Change - Average Volume 30 Day 24'354'930
ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 16'944'400
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
108'082.0 83'227.0 98'523.0 109'589.0 127'220.0 119'417.0 123'293.0 117'157.5 120'143.4 31'541.0 32'708.0
0.74x 1.10x 0.91x 0.83x 0.68x 3.07x 2.80x 0.67x 0.66x 2.44x 2.34x
26'939.0 20'817.0 24'992.0 25'732.0 24'564.0 26'157.0 20'502.0 24'795.3 27'986.9 6'946.0 7'525.0
2.98x 4.39x 3.58x 3.53x 3.52x 3.80x 4.03x 3.25x 2.88x 2.79x 2.71x
8'825.0 4'367.0 6'318.0 6'860.0 7'788.0 6'903.0 5'762.0 5'136.5 6'367.8 1'419.0 1'712.0
6.89x 14.71x 9.39x 8.47x 16.38x 8.82x 24.99x 11.64x 9.49x 10.18x 9.40x
EBITDA 24'564.00 Long-Term Rating Date 16.07.2013
EBIT 15'026.00 Long-Term Rating A *-
Operating Margin 11.81% Long-Term Outlook -
Pretax Margin 13.05% Short-Term Rating Date 16.07.2013
Return on Assets 4.00% Short-Term Rating A-1 *-
Return on Common Equity 9.81%
Return on Capital - EBITDA/Interest Exp. 25.07
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 13.61
Net Debt/EBITDA 0.81
Gross Margin - Total Debt/EBITDA 1.20
EBITDA Margin 16.6%
EBIT Margin 8.9% Total Debt/Equity 41.3%
Net Income Margin 6.1% Total Debt/Capital 28.1%
Asset Turnover 0.86
Current Ratio 1.45 Net Fixed Asset Turnover 1.92
Quick Ratio 0.82 Accounts receivable turnover-days 54.33
Debt to Assets 17.52% Inventory Days -
Tot Debt to Common Equity 41.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.72 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Eni SpAPrice/Volume
Valuation Analysis
8'676'029.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASSA DEPOSITI E PRE n/a Research 958'298'322 26.37 - 22.05.2013 Other
MINISTERO DELL'ECONO n/a Research 142'968'850 3.93 - 22.05.2013 Government
NORGES BANK Multiple Portfolios MF-AGG 67'438'543 1.86 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 67'065'119 1.85 (5'967'638) 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 52'099'300 1.43 (90'000) 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 32'673'825 0.9 58'788 30.06.2013 Unclassified
FMR LLC n/a ULT-AGG 31'684'426 0.87 (474'387) 31.07.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 17'198'850 0.47 200'300 31.08.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 17'041'681 0.47 1'678'014 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 17'005'119 0.47 1'771'267 28.06.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 11'727'100 0.32 749'900 31.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'626'309 0.32 575'821 31.08.2013 Investment Advisor
VERITAS ASSET MANAGE Multiple Portfolios MF-AGG 10'045'209 0.28 10'044'649 30.06.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 9'961'153 0.27 (229'785) 31.07.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8'232'415 0.23 42'068 26.09.2013 Investment Advisor
UBS AG n/a ULT-AGG 7'907'422 0.22 (26'348) 27.09.2013 Unclassified
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 7'788'888 0.21 1'315'312 30.09.2013 Bank
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'887'750 0.16 1'176'636 28.03.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'668'299 0.16 547'359 28.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'555'953 0.15 (53'225) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 21 12 month 30.09.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 18 12 month 27.09.2013
Mediobanca SpA ANDREA SCAURI outperform 5 M 21 12 month 26.09.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 18 6 month 26.09.2013
Day by Day VALERIE GASTALDY buy 5 M 19 3 month 23.09.2013
Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 20.09.2013
JPMorgan NITIN SHARMA overweight 5 M 22 9 month 17.09.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 12.09.2013
Equita SIM SpA ROBERTO LETIZIA buy 5 M 21 12 month 12.09.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 19 12 month 10.09.2013
Nomura THEEPAN JOTHILINGAM neutral 3 D 18 Not Provided 05.09.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 18 Not Provided 04.09.2013
Macquarie MARC B KOFLER outperform 5 M 21 12 month 03.09.2013
Grupo Santander JASON KENNEY hold 3 M 19 12 month 29.08.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 28.08.2013
Barclays RAHIM KARIM overweight 5 M 21 Not Provided 22.08.2013
Canaccord Genuity Corp SAMUEL SIMON sell 1 M 17 12 month 15.08.2013
Banca IMI ROBERTO RANIERI add 4 M 19 12 month 08.08.2013
UBS JONATHON RIGBY buy 5 M 19 12 month 07.08.2013
Societe Generale IRENE HIMONA hold 3 M 18 12 month 02.08.2013
Jefferies IAIN REID buy 5 M 22 12 month 02.08.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 20 Not Provided 02.08.2013
Natixis ANNE PUMIR neutral 3 M 18 Not Provided 02.08.2013
VTB Capital COLIN SMITH hold 3 M 19 12 month 02.08.2013
Deutsche Bank MARK BLOOMFIELD buy 5 M 20 12 month 01.08.2013
Independent Research GmbH SVEN DIERMEIER sell 1 D 15 12 month 01.08.2013
ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 01.08.2013
S&P Capital IQ CHRISTINE TISCARENO hold 3 M 18 12 month 01.08.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 21 12 month 18.06.2013
Kepler Cheuvreux ENRICO COCO hold 3 M 18 Not Provided 17.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 14.05.2013
Investec NEILL MORTON hold 3 M 16 Not Provided 25.04.2013
Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010
Holdings By:
Eni SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
ABB Limited provides power and automation technologies. The Company operates
under segments that include power products, power systems, automation products,
process automation and robotics.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 22.10
52-Week Low (16.11.2012) 16.11
Daily Volume
21.26
52-Week High % Change -3.80% Dividend Yield -
52-Week Low % Change 31.95% Beta 1.31
% 52 Week Price Range High/Low 90.48% Equity Float 2'129.96
Shares Out 30.06.2013 2'314.7 Short Int -
49'211.44 1 Yr Total Return 24.41%
Total Debt 10'071.00 YTD Return 17.05%
Preferred Stock 0.0 Adjusted BETA 1.311
Minority Interest 540.0 Analyst Recs 40
Cash and Equivalents 8'481.00 Consensus Rating 3.625
Enterprise Value 58'321.19
Average Volume 5 Day 3'224'727
ABBN VX EQUITY YTD Change - Average Volume 30 Day 4'168'775
ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'015'151
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 38'478.0 40'706.0 41'183.1 42'796.2 10'007.0 11'297.5
0.83x 1.18x 1.42x 1.10x 1.25x 4.40x 5.03x 1.36x 1.27x 5.61x 4.98x
5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'454.0 5'736.0 6'133.2 6'761.2 1'540.7 1'687.1
5.48x 7.67x 9.49x 7.37x 9.31x 7.67x 9.36x 9.50x 8.62x 9.17x 9.03x
3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 2'961.0 2'790.0 3'321.7 3'811.0 844.5 959.8
10.76x 15.27x 19.85x 13.65x 17.40x 12.71x 17.77x 16.20x 14.25x 15.64x -
EBITDA 5'294.00 Long-Term Rating Date 08.06.2010
EBIT 4'112.00 Long-Term Rating A
Operating Margin 10.45% Long-Term Outlook STABLE
Pretax Margin 9.76% Short-Term Rating Date 08.06.2010
Return on Assets 6.14% Short-Term Rating A-1
Return on Common Equity 17.59%
Return on Capital 12.54% EBITDA/Interest Exp. 18.07
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 13.66
Net Debt/EBITDA 0.60
Gross Margin 28.9% Total Debt/EBITDA 1.42
EBITDA Margin 14.1%
EBIT Margin 10.9% Total Debt/Equity 59.6%
Net Income Margin 6.9% Total Debt/Capital 36.6%
Asset Turnover 0.90
Current Ratio 1.48 Net Fixed Asset Turnover 7.28
Quick Ratio 0.88 Accounts receivable turnover-days -
Debt to Assets 20.52% Inventory Days 80.03
Tot Debt to Common Equity 59.57% Accounts Payable Turnover Day 60.35
Accounts Receivable Turnover - Cash Conversion Cycle 89.35
Inventory Turnover 4.56
Fiscal Year Ended
ABB LtdPrice/Volume
Valuation Analysis
1'950'221.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2 ! E
-! ! E
-2 ! E
.! ! E
.2 ! E
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
! !!
2 !!
-! !!
-2 !!
.! !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTOR AB n/a Co File 182'030'142 7.86 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 89'861'036 3.88 52'964 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 53'617'789 2.32 - 31.12.2012 Government
CREDIT SUISSE AG n/a ULT-AGG 33'715'781 1.46 (536'391) 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 33'301'443 1.44 1'544'794 30.06.2013 Unclassified
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 29'672'514 1.28 14'183'006 30.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 26'479'160 1.14 (5'329) 27.09.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 30.06.2013 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'815'966 0.99 (789'433) 30.08.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 15'192'696 0.66 (188'601) 31.05.2013 Investment Advisor
SEB n/a ULT-AGG 14'366'955 0.62 2'632'729 26.08.2013 Unclassified
AMF FONDER AB Multiple Portfolios MF-AGG 11'080'901 0.48 1'637'501 31.03.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 10'641'737 0.46 - 30.08.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'900'000 0.43 - 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'141'820 0.39 658'306 27.09.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 8'261'233 0.36 248'815 30.08.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 7'809'229 0.34 25'220 28.03.2013 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 7'750'666 0.33 1'685'882 31.03.2013 Investment Advisor
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 5'905'912 0.26 5'427'446 31.07.2013 Insurance Company
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'368'860 0.23 463'740 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 27.09.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 23 12 month 26.09.2013
AlphaValue HEINZ STEFFEN reduce 2 D 22 6 month 26.09.2013
Barclays JAMES STETTLER equalweight 3 M 21 Not Provided 18.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 D 23 Not Provided 09.09.2013
Exane BNP Paribas OLIVIER ESNOU underperform 1 M 22 Not Provided 09.09.2013
HSBC COLIN GIBSON underweight 1 D 20 Not Provided 28.08.2013
Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.08.2013
Goldman Sachs DANIELA COSTA neutral/neutral 3 D 21 12 month 01.08.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 30.07.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.07.2013
Societe Generale SEBASTIEN GRUTER buy 5 M 24 12 month 26.07.2013
Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 20 12 month 26.07.2013
Bank am Bellevue MICHAEL ROOST hold 3 M 20 Not Provided 26.07.2013
UBS FREDRIC STAHL buy 5 M 23 12 month 26.07.2013
JPMorgan ANDREAS WILLI underweight 1 M 22 15 month 26.07.2013
Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 26.07.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 26.07.2013
Nordea Equity Research ANDREAS BROCK buy 5 M 23 12 month 26.07.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 20 Not Provided 26.07.2013
Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 24 Not Provided 26.07.2013
Danske Markets CARL GUSTAFSSON buy 5 M 25 12 month 26.07.2013
Deutsche Bank MARTIN WILKIE hold 3 M 20 12 month 25.07.2013
ABG Sundal Collier ANDERS IDBORG buy 5 M 24 6 month 25.07.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 22 Not Provided 25.07.2013
SEB Enskilda DANIEL SCHMIDT buy 5 M 22 Not Provided 25.07.2013
Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 25.07.2013
Canaccord Genuity Corp ANDREW BELL hold 3 M 20 12 month 25.07.2013
Handelsbanken HAMPUS ENGELLAU buy 5 M 27 12 month 25.07.2013
Swedbank MATS LISS buy 5 M 23 12 month 25.07.2013
Natixis ARNAUD SCHMIT neutral 3 M 20 Not Provided 25.07.2013
Nomura DANIEL CUNLIFFE buy 5 M 27 12 month 25.07.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 22 12 month 25.07.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 25.07.2013
Baden Hill LLP NICHOLAS WOODIFIELD buy 5 M #N/A N/A Not Provided 09.07.2013
Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 22 Not Provided 15.05.2013
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 17.04.2013
Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012
Holdings By:
ABB Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Glencore Xstrata plc is a diversified natural resources company. The
Company operates in three groups: Metals and Minerals, Energy Products, and
Agricultural Products. Glencore Xstrata offers its products and services around
the world.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (13.02.2013) 386.81
52-Week Low (10.07.2013) 253.22
Daily Volume
335.75
52-Week High % Change -13.16% Dividend Yield 2.91
52-Week Low % Change 32.59% Beta 1.35
% 52 Week Price Range High/Low 67.96% Equity Float 8'430.91
Shares Out 30.06.2013 13'263.4 Short Int -
44'531.89 1 Yr Total Return 0.89%
Total Debt 35'526.00 YTD Return -1.47%
Preferred Stock 0.0 Adjusted BETA 1.347
Minority Interest 3'034.0 Analyst Recs 27
Cash and Equivalents 2'820.00 Consensus Rating 4.074
Enterprise Value 125'240.27
Average Volume 5 Day 19'733'380
GLEN LN EQUITY YTD Change - Average Volume 30 Day 29'777'170
GLEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 27'510'260
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 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
152'236.0 106'364.0 144'978.0 186'152.0 214'436.0 131'129.0 167'091.0 246'724.6 260'808.2 - -
- - - 0.39x 0.36x 0.00x 0.48x 0.50x 0.46x - -
5'068.0 3'074.0 4'474.0 4'423.0 4'601.0 3'708.0 5'333.0 12'105.4 15'030.3 - -
- - - 16.24x 16.57x 0.00x 15.01x 10.35x 8.33x - -
1'044.0 1'633.0 3'751.0 4'048.0 1'004.0 2'136.0 4'755.0 3'755.7 5'402.1 - -
- - - 8.50x 39.57x 0.00x 0.00x 18.82x 13.25x - -
EBITDA 4'601.00 Long-Term Rating Date 29.11.2012
EBIT 3'128.00 Long-Term Rating BBB
Operating Margin 1.46% Long-Term Outlook STABLE
Pretax Margin 0.50% Short-Term Rating Date 29.11.2012
Return on Assets -8.17% Short-Term Rating A-2
Return on Common Equity -25.36%
Return on Capital - EBITDA/Interest Exp. 3.36
Asset Turnover 1.75% (EBITDA-Capex)/Interest Exp. 1.19
Net Debt/EBITDA 9.47
Gross Margin 1.9% Total Debt/EBITDA 10.15
EBITDA Margin 2.4%
EBIT Margin 1.3% Total Debt/Equity 113.6%
Net Income Margin 0.5% Total Debt/Capital 50.9%
Asset Turnover 1.75
Current Ratio 1.15 Net Fixed Asset Turnover 4.98
Quick Ratio 0.45 Accounts receivable turnover-days 29.62
Debt to Assets 33.66% Inventory Days 31.83
Tot Debt to Common Equity 113.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.32 Cash Conversion Cycle 32.71
Inventory Turnover 11.47
Fiscal Year Ended
Glencore Xstrata PLCPrice/Volume
Valuation Analysis
8'882'437.00
Current Price (9/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!
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.! ! E
1! ! E
3! ! E
5! ! E
-!! ! E
-.! ! E
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
! !!
-! !!
.! !!
0! !!
1! !!
2! !!
3! !!
4! !!
!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0 !- !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] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GLASENBERG IVAN n/a RNS-MAJ 1'101'848'752 8.31 - 02.05.2013 n/a
QATAR HOLDINGS LLC n/a RNS-MAJ 1'080'779'642 8.15 - 02.05.2013 Government
BLACKROCK n/a ULT-AGG 705'228'886 5.32 - 26.09.2013 Investment Advisor
MATE BADENE DANIEL F n/a RNS-MAJ 417'468'330 3.15 - 02.05.2013 n/a
MISTAKIDIS ARISTOTEL n/a RNS-MAJ 414'730'597 3.13 - 02.05.2013 n/a
PETERSON TOR n/a RNS-MAJ 366'074'885 2.76 - 02.05.2013 n/a
BEARD ALEXANDER FRAN n/a RNS-MAJ 320'260'410 2.41 - 02.05.2013 n/a
JSC VERNY CAPITAL n/a RNS-RUL8 176'742'520 1.33 - 11.10.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 165'545'629 1.25 19'799'811 31.07.2013 Unclassified
FEGEL GARY n/a RNS-RUL8 154'814'588 1.17 - 15.02.2012 n/a
MAHONEY CHRIS n/a RNS-RUL8 143'834'821 1.08 - 15.02.2012 n/a
FR GALAXY HOLDINGS S n/a RNS-RUL8 129'372'165 0.98 16'875'000 29.01.2013 Holding Company
STATE STREET CORP n/a ULT-AGG 122'267'999 0.92 (896'343) 27.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 117'078'214 0.88 (455'409) 31.07.2013 Investment Advisor
ABU DHABI INVESTMENT n/a RNS-RUL8 99'299'065 0.75 3'072'650 02.02.2012 Government
POPOVIC NIKOLA n/a RNS-RUL8 93'437'150 0.7 - 15.02.2012 n/a
WOLFENSBERGER CHRIST n/a RNS-RUL8 87'403'187 0.66 - 15.02.2012 n/a
BLUMGART STEVEN n/a RNS-RUL8 86'736'565 0.65 - 15.02.2012 n/a
ALVAREZ LUIS n/a RNS-RUL8 81'654'211 0.62 - 15.02.2012 n/a
CUTLER STUART n/a RNS-RUL8 78'568'743 0.59 200'000 18.05.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ROBERT CLIFFORD buy 5 M 367 12 month 26.09.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 525 12 month 26.09.2013
Macquarie JEFFREY LARGEY outperform 5 M 390 12 month 26.09.2013
S&P Capital IQ JOHNSON IMODE buy 5 N 390 12 month 26.09.2013
Exane BNP Paribas SYLVAIN BRUNET outperform 5 M 410 Not Provided 23.09.2013
Liberum Capital Ltd BEN DAVIS buy 5 M #N/A N/A Not Provided 20.09.2013
Nomura SAM CATALANO neutral 3 M 290 12 month 19.09.2013
AlphaValue SACHIN KUMAR add 4 M 359 6 month 19.09.2013
Credit Suisse LIAM FITZPATRICK outperform 5 M 400 Not Provided 17.09.2013
Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 309 12 month 16.09.2013
RBC Capital Markets TIMOTHY HUFF outperform 5 M 350 12 month 16.09.2013
UBS MYLES ALLSOP neutral 3 D 335 12 month 16.09.2013
Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.09.2013
JPMorgan DOMINIC O'KANE overweight 5 M 380 9 month 11.09.2013
Jefferies Christopher LaFemina buy 5 M 425 12 month 11.09.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 370 12 month 11.09.2013
Barclays IAN ROSSOUW equalweight 3 M 305 Not Provided 11.09.2013
Goldman Sachs EUGENE KING neutral/neutral 3 M 270 12 month 26.08.2013
Societe Generale ALAIN WILLIAM buy 5 M 345 12 month 12.08.2013
BMO Capital Markets TONY ROBSON restricted #N/A N/A M #N/A N/A Not Provided 17.07.2013
SBG Securities PETER DAVEY sell 1 M 270 12 month 28.06.2013
Standard Chartered SUBRAMANIAM VARADA in-line 3 D 342 12 month 21.06.2013
Kepler Cheuvreux JOAKIM AHLBERG buy 5 N 360 Not Provided 18.06.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 N 415 12 month 31.10.2012
Holdings By:
Glencore Xstrata PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Compagnie Financiere Richemont SA, through subsidiaries, manufactures and
retails luxury goods. The Company produces jewelry, watches, leather goods,
writing instruments, and men's and women's wear.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (14.08.2013) 96.15
52-Week Low (01.10.2012) 56.55
Daily Volume
90.45
52-Week High % Change -5.93% Dividend Yield -
52-Week Low % Change 59.95% Beta 1.42
% 52 Week Price Range High/Low 88.64% Equity Float 521.72
Shares Out 31.03.2013 522.0 Short Int -
51'936.39 1 Yr Total Return 62.09%
Total Debt 1'938.00 YTD Return 28.04%
Preferred Stock 0.0 Adjusted BETA 1.424
Minority Interest (1.0) Analyst Recs 37
Cash and Equivalents 5'155.00 Consensus Rating 3.919
Enterprise Value 39'224.75
Average Volume 5 Day 954'472
CFR VX EQUITY YTD Change - Average Volume 30 Day 1'008'346
CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 990'627
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2
5'418.0 5'176.0 6'892.0 8'868.0 10'150.0 6'430.0 9'697.0 11'034.6 12'075.7 - -
1.05x 2.82x 2.72x 2.56x 3.02x 0.00x 0.00x 3.47x 3.07x - -
1'345.0 1'259.0 1'669.0 2'387.0 2'817.0 0.0 0.0 3'087.3 3'455.9 - -
4.23x 11.59x 11.22x 9.50x 10.88x 0.00x 0.00x 12.70x 11.34x - -
1'075.0 599.0 1'090.0 1'544.0 2'013.0 0.0 0.0 2'248.6 2'507.9 - -
8.94x 26.38x 20.65x 16.70x 16.74x 0.00x 0.00x 18.47x 16.46x - -
EBITDA 2'817.00 Long-Term Rating Date -
EBIT 2'434.00 Long-Term Rating -
Operating Margin 23.98% Long-Term Outlook -
Pretax Margin 23.40% Short-Term Rating Date -
Return on Assets 15.33% Short-Term Rating -
Return on Common Equity 21.45%
Return on Capital - EBITDA/Interest Exp. 74.13
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 58.55
Net Debt/EBITDA -1.14
Gross Margin 64.2% Total Debt/EBITDA 0.69
EBITDA Margin 27.8%
EBIT Margin 24.0% Total Debt/Equity 19.0%
Net Income Margin 19.8% Total Debt/Capital 15.9%
Asset Turnover 0.77
Current Ratio 3.05 Net Fixed Asset Turnover 6.12
Quick Ratio 1.66 Accounts receivable turnover-days 19.01
Debt to Assets 13.37% Inventory Days 401.84
Tot Debt to Common Equity 18.97% Accounts Payable Turnover Day 112.06
Accounts Receivable Turnover 19.21 Cash Conversion Cycle 308.78
Inventory Turnover 0.91
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cie Financiere Richemont SAPrice/Volume
Valuation Analysis
675'411.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORGES BANK Multiple Portfolios MF-AGG 12'658'931 2.43 - 31.12.2012 Government
CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'746'169 2.25 (681'540) 28.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'166'906 1.76 - 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 8'091'303 1.55 42'933 30.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 7'542'610 1.44 (801'577) 26.09.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 7'296'213 1.4 (65'642) 30.08.2013 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'797'657 1.3 (528'190) 30.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 5'953'421 1.14 (34'361) 27.09.2013 Unclassified
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'474'079 0.86 133'758 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'732'573 0.72 147'089 31.08.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 3'662'500 0.7 1'093'200 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 3'492'016 0.67 (42'645) 30.08.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 3'120'488 0.6 180'971 31.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'005'205 0.58 134'902 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'208'497 0.42 425'944 31.07.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'207'609 0.42 (3'188'126) 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'075'606 0.4 (1'072'579) 30.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'897'534 0.36 166'100 31.07.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'535'081 0.29 21'369 28.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'460'368 0.28 188'677 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UBS EVA QUIROGA buy 5 M 101 12 month 27.09.2013
Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 105 12 month 27.09.2013
Aurel - BGC DAVID DA MAIA hold 3 M 96 6 month 27.09.2013
Kepler Cheuvreux JON COX buy 5 M 110 Not Provided 27.09.2013
Societe Generale THIERRY COTA buy 5 M 115 12 month 26.09.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 100 Not Provided 26.09.2013
Nomura CHRISTOPHER WALKER buy 5 M 105 12 month 26.09.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 110 Not Provided 26.09.2013
AlphaValue VIRGINIE BLIN reduce 2 M 84 6 month 26.09.2013
Renaissance Capital REY WIUM hold 3 M 89 Not Provided 23.09.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 90 Not Provided 20.09.2013
Mirabaud Securities ALESSANDRO MIGLIORINI accumulate 4 N 110 12 month 20.09.2013
Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 86 12 month 13.09.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 97 12 month 13.09.2013
Morgan Stanley NATASHA MOOLMAN Equalwt/In-Line 3 M 80 12 month 12.09.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 95 18 month 12.09.2013
Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 12.09.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 99 12 month 12.09.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 100 Not Provided 12.09.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 95 6 month 12.09.2013
S&P Capital IQ WILLIAM MACK buy 5 M 105 12 month 12.09.2013
Main First Bank AG MATTHIAS EIFERT underperform 1 M 85 12 month 12.09.2013
Berenberg Bank JOHN GUY hold 3 M 86 Not Provided 10.09.2013
HSBC ERWAN RAMBOURG overweight 5 M 104 Not Provided 05.09.2013
Barclays HELEN NORRIS overweight 5 M 107 Not Provided 28.08.2013
Macquarie WYNAND VAN ZYL outperform 5 M 109 12 month 19.08.2013
Bank am Bellevue SERGE MONNERAT hold 3 M 72 Not Provided 13.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.07.2013
Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 17.07.2013
BNP Paribas Cadiz Securities JASMINE LIN hold 3 M 87 12 month 15.07.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 121 12 month 17.05.2013
Bank Vontobel AG RENE WEBER hold 3 M 90 Not Provided 17.05.2013
Natixis JOSEPHINE CHEVALLIER neutral 3 M 75 Not Provided 17.05.2013
ISI Group OMAR SAAD strong buy 5 M 105 12 month 16.05.2013
Investec THANE DUFF hold 3 M 87 12 month 25.03.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013
Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012
Holdings By:
Cie Financiere Richemont SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 150.05
52-Week Low (01.10.2012) 117.00
Daily Volume
144.75
52-Week High % Change -3.50% Dividend Yield 2.07
52-Week Low % Change 23.72% Beta 1.04
% 52 Week Price Range High/Low 87.90% Equity Float 256.68
Shares Out 06.09.2013 507.9 Short Int -
73'511.73 1 Yr Total Return 26.58%
Total Debt 6'812.00 YTD Return 5.83%
Preferred Stock 0.0 Adjusted BETA 1.035
Minority Interest 1'102.0 Analyst Recs 35
Cash and Equivalents 2'196.00 Consensus Rating 4.257
Enterprise Value 79'800.74
Average Volume 5 Day 617'333
MC FP EQUITY YTD Change - Average Volume 30 Day 678'903
MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 718'756
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
17'193.0 17'053.0 20'320.0 23'659.0 28'103.0 26'333.0 28'832.0 30'122.0 33'195.8 7'371.0 8'808.5
1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.63x 2.34x - -
4'323.0 4'055.0 5'106.0 6'150.0 7'016.0 0.0 0.0 7'433.3 8'329.4 - -
6.34x 10.13x 12.27x 9.84x 10.71x 0.00x 0.00x 10.73x 9.57x - -
2'026.0 1'755.0 3'032.0 3'065.0 3'424.0 0.0 0.0 3'696.7 4'191.1 - -
11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 19.81x 17.41x - -
EBITDA 7'016.00 Long-Term Rating Date 20.05.2011
EBIT 5'921.00 Long-Term Rating A
Operating Margin 21.07% Long-Term Outlook POS
Pretax Margin 20.39% Short-Term Rating Date 20.05.2011
Return on Assets 6.65% Short-Term Rating A-1
Return on Common Equity 13.54%
Return on Capital 11.73% EBITDA/Interest Exp. 42.27
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 32.55
Net Debt/EBITDA 0.73
Gross Margin 64.7% Total Debt/EBITDA 1.00
EBITDA Margin 24.8%
EBIT Margin 20.7% Total Debt/Equity 27.7%
Net Income Margin 12.2% Total Debt/Capital 21.0%
Asset Turnover 0.58
Current Ratio 1.51 Net Fixed Asset Turnover 3.37
Quick Ratio 0.44 Accounts receivable turnover-days 21.20
Debt to Assets 13.64% Inventory Days 269.47
Tot Debt to Common Equity 27.73% Accounts Payable Turnover Day 99.90
Accounts Receivable Turnover 17.21 Cash Conversion Cycle 177.70
Inventory Turnover 1.35
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
LVMH Moet Hennessy Louis Vuitton SAPrice/Volume
Valuation Analysis
255'848.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUPE ARNAULT SAS n/a Co File 235'886'503 46.45 - 31.12.2012 Holding Company
LVMH MOET HENNESSY L n/a Co File 8'167'519 1.61 - 31.12.2012 Holding Company
NORGES BANK Multiple Portfolios MF-AGG 7'487'936 1.47 - 31.12.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 5'666'634 1.12 298'467 31.07.2013 Investment Advisor
QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'085'056 0.8 - 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'456'972 0.68 110'279 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'316'500 0.65 20'206 30.06.2013 Unclassified
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'022'869 0.6 953'610 31.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'760'449 0.54 (35'719) 30.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'019'981 0.4 (61'453) 31.07.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'673'045 0.33 (21'172) 30.04.2013 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'558'703 0.31 (35'799) 31.05.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'528'000 0.3 - 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'441'966 0.28 22'798 31.08.2013 Investment Advisor
TRAPANI FRANCESCO n/a Co File 1'382'092 0.27 - 31.12.2012 n/a
FIL LIMITED n/a ULT-AGG 1'354'713 0.27 (590'416) 30.04.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'278'715 0.25 1'513 30.08.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'263'900 0.25 1'263'900 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'209'736 0.24 185'059 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 27.09.2013
Aurel - BGC DAVID DA MAIA buy 5 M 165 6 month 27.09.2013
Societe Generale THIERRY COTA hold 3 M 153 12 month 26.09.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 142 Not Provided 26.09.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 26.09.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 160 6 month 26.09.2013
Nomura CHRISTOPHER WALKER buy 5 M 163 12 month 26.09.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 160 Not Provided 26.09.2013
AlphaValue VIRGINIE BLIN add 4 D 173 6 month 26.09.2013
Morgan Stanley TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 25.09.2013
Renaissance Capital REY WIUM hold 3 M 156 Not Provided 23.09.2013
HSBC ANTOINE BELGE neutral 3 M 160 Not Provided 20.09.2013
Mirabaud Securities ALESSANDRO MIGLIORINI accumulate 4 N 170 12 month 20.09.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 175 12 month 19.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.09.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 10.09.2013
Kepler Cheuvreux CATHERINE ROLLAND buy 5 M 165 Not Provided 09.09.2013
S&P Capital IQ WILLIAM MACK hold 3 M 146 12 month 03.09.2013
Deutsche Bank WARWICK OKINES hold 3 M 145 12 month 02.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 02.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 165 Not Provided 29.07.2013
UBS EVA QUIROGA buy 5 U 155 12 month 26.07.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 141 15 month 26.07.2013
ISI Group OMAR SAAD buy 5 M 160 Not Provided 26.07.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 154 12 month 26.07.2013
Barclays JULIAN EASTHOPE overweight 5 M 164 Not Provided 26.07.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 12 month 26.07.2013
Berenberg Bank JOHN GUY hold 3 M 140 Not Provided 22.07.2013
Raymond James HERMINE DE BENTZMANN strong buy 5 M 163 Not Provided 28.06.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 17.06.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 189 12 month 19.04.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013
Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012
Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012
Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012
Holdings By:
LVMH Moet Hennessy Louis Vuitton SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
SABMiller plc is an international beer company. The Company bottles and
distributes beer through breweries worldwide. SABMiller also bottles and
distributes a number of soft drinks.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (16.05.2013) 3'683.50
52-Week Low (19.10.2012) 2'593.50
Daily Volume
3140.5
52-Week High % Change -14.71% Dividend Yield 1.99
52-Week Low % Change 21.09% Beta 0.95
% 52 Week Price Range High/Low 52.43% Equity Float 821.73
Shares Out 30.08.2013 1'603.3 Short Int -
50'352.23 1 Yr Total Return 17.89%
Total Debt 18'548.00 YTD Return 12.91%
Preferred Stock 0.0 Adjusted BETA 0.945
Minority Interest 1'088.0 Analyst Recs 37
Cash and Equivalents 2'171.00 Consensus Rating 3.595
Enterprise Value 98'753.64
Average Volume 5 Day 1'382'796
SAB LN EQUITY YTD Change - Average Volume 30 Day 1'690'079
SAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'859'264
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -
18'703.0 18'020.0 19'408.0 21'760.0 23'213.0 - - 23'765.0 25'461.6 - -
1.79x 3.21x 3.45x 3.96x 4.54x - - 4.05x 3.69x - -
3'663.0 4'212.0 4'682.0 5'154.0 5'733.0 - - 6'541.2 7'147.0 - -
9.13x 13.74x 14.30x 16.73x 18.37x - - 15.10x 13.82x - -
1'881.0 1'910.0 2'408.0 4'221.0 3'274.0 - - 4'042.7 4'542.8 - -
11.84x 23.94x 23.21x 15.05x 25.55x - - 20.14x 18.01x - -
EBITDA 5'733.00 Long-Term Rating Date 04.08.2003
EBIT 4'416.00 Long-Term Rating BBB+
Operating Margin 19.02% Long-Term Outlook POS
Pretax Margin 20.30% Short-Term Rating Date 16.10.2006
Return on Assets 5.83% Short-Term Rating A-2
Return on Common Equity 12.73%
Return on Capital 10.01% EBITDA/Interest Exp. 4.05
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 3.10
Net Debt/EBITDA 2.86
Gross Margin - Total Debt/EBITDA 3.24
EBITDA Margin 24.7%
EBIT Margin 19.0% Total Debt/Equity 70.3%
Net Income Margin 14.1% Total Debt/Capital 40.3%
Asset Turnover 0.41
Current Ratio 0.65 Net Fixed Asset Turnover 2.55
Quick Ratio 0.44 Accounts receivable turnover-days 23.37
Debt to Assets 32.95% Inventory Days -
Tot Debt to Common Equity 70.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 15.62 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
SABMiller PLCPrice/Volume
Valuation Analysis
516'459.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALTRIA GROUP INC n/a Co File 430'000'000 26.82 - 03.06.2013 Corporation
BEVCO INTERNATIONAL n/a Co File 225'000'000 14.03 - 03.06.2013 Corporation
PUBLIC INVESTMENT CO n/a Co File 67'663'248 4.22 - 03.06.2013 Government
KULCZYK HOLDING n/a Co File 48'000'000 2.99 - 03.06.2013 Holding Company
BLACKROCK n/a ULT-AGG 34'956'442 2.18 (1'412'448) 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 34'220'790 2.13 (1'366'620) 31.07.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 30'009'387 1.87 370'805 01.05.2013 Government
NORGES BANK Multiple Portfolios MF-AGG 29'116'788 1.82 - 31.12.2012 Government
FIL LIMITED n/a ULT-AGG 24'155'085 1.51 1'597'369 01.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 22'482'699 1.4 646'332 30.06.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 21'343'012 1.33 (867'800) 31.07.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 20'329'744 1.27 (1'818'503) 01.05.2013 Unclassified
JP MORGAN n/a ULT-AGG 17'659'071 1.1 4'456'320 30.08.2013 Investment Advisor
KULCZYK INVESTMENT H Multiple Portfolios REG 17'475'287 1.09 (42'524'713) 01.05.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 14'958'613 0.93 (88'391) 27.09.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 14'850'920 0.93 (2'259'728) 31.08.2013 Investment Advisor
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 13'973'231 0.87 (866'761) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 13'951'082 0.87 367'312 31.07.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 13'251'875 0.83 8'370 01.05.2013 Government
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'223'684 0.76 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oriel Securities Ltd CHRIS WICKHAM add 4 M 3'300 Not Provided 30.09.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 3'300 12 month 26.09.2013
AlphaValue ISABELLE COMBEMALE sell 1 M 2'699 6 month 26.09.2013
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 3'370 12 month 25.09.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 3'600 Not Provided 25.09.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 3'680 12 month 20.09.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M 2'700 Not Provided 20.09.2013
Societe Generale ANDREW HOLLAND buy 5 M 3'620 12 month 17.09.2013
Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 3'400 12 month 17.09.2013
Renaissance Capital REY WIUM hold 3 M 3'325 Not Provided 17.09.2013
Mirabaud Securities JONATHAN FYFE hold 3 D 3'500 12 month 17.09.2013
Numis Securities Ltd WYN ELLIS buy 5 M 3'700 Not Provided 17.09.2013
Nomura IAN SHACKLETON reduce 2 M 2'800 12 month 16.09.2013
BNP Paribas Equity Research DAN LEECH buy 5 M 3'700 12 month 10.09.2013
HSBC CEDRIC BESNARD overweight 5 U 3'600 Not Provided 09.09.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 3'000 12 month 05.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.08.2013
SBG Securities BRENDAN GRUNDLINGH hold 3 M 3'800 12 month 12.08.2013
Macquarie WYNAND VAN ZYL outperform 5 M 3'747 12 month 07.08.2013
Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 26.07.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 3'400 12 month 25.07.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 3'850 12 month 25.07.2013
Credit Suisse SANJEET AUJLA outperform 5 M 3'800 Not Provided 25.07.2013
S&P Capital IQ CARL SHORT hold 3 M 3'300 12 month 25.07.2013
Barclays SIMON HALES equalweight 3 M 3'550 Not Provided 25.07.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 3'500 Not Provided 18.07.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 3'675 12 month 12.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 3'370 Not Provided 03.07.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 01.07.2013
JPMorgan MATTHEW WEBB overweight 5 M 3'520 9 month 28.06.2013
Avior Research DE WET SCHUTTE underperform 1 M 3'230 Not Provided 13.06.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 3'800 Not Provided 23.05.2013
Investec MARTIN DEBOO hold 3 M 3'600 12 month 09.04.2013
UBS MELISSA EARLAM neutral 3 M 3'300 12 month 11.02.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 10.12.2012
Holdings By:
SABMiller PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Unilever PLC manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with UNA NA.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 2'908.00
52-Week Low (01.10.2012) 2'243.00
Daily Volume
2437
52-Week High % Change -16.13% Dividend Yield 3.59
52-Week Low % Change 8.65% Beta 0.79
% 52 Week Price Range High/Low 32.18% Equity Float 1'212.16
Shares Out 26.07.2013 1'283.5 Short Int -
72'639.13 1 Yr Total Return 11.92%
Total Debt 10'221.00 YTD Return 5.62%
Preferred Stock 0.0 Adjusted BETA 0.792
Minority Interest 557.0 Analyst Recs 26
Cash and Equivalents 2'866.00 Consensus Rating 3.654
Enterprise Value 98'723.82
Average Volume 5 Day 2'511'894
ULVR LN EQUITY YTD Change - Average Volume 30 Day 2'459'046
ULVR LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'370'818
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 49'077.0 51'426.0 51'242.9 53'283.8 13'144.7 12'638.7
1.35x 1.75x 1.62x 1.77x 1.76x 0.00x 0.00x 1.85x 1.76x - -
6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'562.9 9'029.0 - -
8.04x 10.14x 9.40x 11.04x 11.04x 0.00x 0.00x 11.52x 10.92x - -
5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 0.0 0.0 4'701.7 5'079.4 1'140.0 1'190.0
9.21x 18.57x 15.17x 17.14x 18.39x 0.00x 0.00x 18.17x 16.80x - -
EBITDA 8'188.00 Long-Term Rating Date 05.10.2000
EBIT 6'989.00 Long-Term Rating A+
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 13.02% Short-Term Rating Date 05.10.2000
Return on Assets 9.59% Short-Term Rating A-1
Return on Common Equity 34.61%
Return on Capital 19.15% EBITDA/Interest Exp. 15.57
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 11.81
Net Debt/EBITDA 1.34
Gross Margin 40.2% Total Debt/EBITDA 1.83
EBITDA Margin 16.9%
EBIT Margin 14.6% Total Debt/Equity 67.4%
Net Income Margin 8.7% Total Debt/Capital 39.4%
Asset Turnover 1.04
Current Ratio 0.77 Net Fixed Asset Turnover 5.61
Quick Ratio 0.36 Accounts receivable turnover-days -
Debt to Assets 22.14% Inventory Days -
Tot Debt to Common Equity 67.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -8.85
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Unilever PLCPrice/Volume
Valuation Analysis
1'117'294.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LEGAL & GENERAL n/a ULT-AGG 100'229'308 7.81 (264'326) 31.07.2013 Unclassified
BLACKROCK n/a ULT-AGG 74'570'243 5.81 - 26.09.2013 Investment Advisor
The Leverhulme Trust Multiple Portfolios REG 70'566'764 5.5 - 01.07.2013 Unclassified
MORGAN STANLEY n/a ULT-AGG 39'495'231 3.08 612'496 01.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 34'011'195 2.65 (304'305) 01.07.2013 Unclassified
PRUDENTIAL PLC n/a ULT-AGG 30'995'172 2.41 (2'028'424) 01.07.2013 Unclassified
COMMONWEALTH BANK OF n/a ULT-AGG 29'472'341 2.3 1'534'822 01.07.2013 Bank
THREADNEEDLE n/a ULT-AGG 29'065'425 2.26 258'541 31.07.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 29'021'651 2.26 (185'808) 01.07.2013 Government
NORGES BANK Multiple Portfolios MF-AGG 28'683'284 2.23 - 31.12.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 24'833'966 1.93 282'811 31.07.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 19'816'447 1.54 (180'480) 27.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'517'900 1.52 (3'398'000) 31.07.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 17'414'434 1.36 (1'096'149) 01.07.2013 Government
OPPENHEIMERFUNDS INC Multiple Portfolios REG 17'021'470 1.33 (438'268) 01.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 16'976'959 1.32 141'170 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 16'005'493 1.25 968'091 27.09.2013 Unclassified
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 13'951'186 1.09 2'465 01.07.2013 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 12'958'273 1.01 (106'389) 01.07.2013 Hedge Fund Manager
CEDAR ROCK CAPITAL L Multiple Portfolios REG 12'778'186 1 (30'193) 01.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oriel Securities Ltd CHRIS WICKHAM hold 3 M 2'800 Not Provided 30.09.2013
JPMorgan CELINE PANNUTI neutral 3 M 2'600 12 month 27.09.2013
Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 2'800 Not Provided 27.09.2013
AlphaValue SOPHIE CABO-BROSETA reduce 2 M 2'432 6 month 26.09.2013
Credit Suisse CHARLES MILLS underperform 1 M 2'730 Not Provided 25.09.2013
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 3'050 12 month 25.09.2013
Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 2'500 12 month 24.09.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 2'600 12 month 13.09.2013
Goldman Sachs ROSIE EDWARDS Buy/Neutral 5 M 3'280 12 month 12.09.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'730 Not Provided 12.09.2013
Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 13.08.2013
S&P Capital IQ CARL SHORT buy 5 M 2'980 12 month 12.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 29.07.2013
Investec MARTIN DEBOO buy 5 M 3'000 12 month 26.07.2013
Jefferies ALEX HOWSON hold 3 M 2'760 12 month 26.07.2013
Berenberg Bank JAMES TARGETT buy 5 M 3'000 Not Provided 26.07.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 2'590 12 month 25.07.2013
HSBC CEDRIC BESNARD overweight 5 M 3'070 Not Provided 25.07.2013
Barclays IAIN SIMPSON overweight 5 M 3'100 Not Provided 11.07.2013
Exane BNP Paribas JEFF STENT neutral 3 M 2'800 Not Provided 13.06.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 3'250 Not Provided 10.06.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 2'810 12 month 29.04.2013
UBS ALAN ERSKINE buy 5 M 2'990 12 month 26.03.2013
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012
Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 03.07.2012
Nomura DAVID HAYES reduce 2 M 1'870 Not Provided 17.01.2012
Holdings By:
Unilever PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Standard Chartered plc is an international banking group operating principally
in Asia, Africa, and the Middle East. The Company offers its products and
services in the personal, consumer, corporate, institutional and treasury
areas.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (05.03.2013) 1'860.50
52-Week Low (10.10.2012) 1'376.50
Daily Volume
1483.5
52-Week High % Change -20.24% Dividend Yield 3.57
52-Week Low % Change 7.77% Beta 1.26
% 52 Week Price Range High/Low 24.48% Equity Float 1'984.12
Shares Out 05.09.2013 2'424.0 Short Int -
35'959.36 1 Yr Total Return 9.57%
Total Debt 111'255.00 YTD Return -2.51%
Preferred Stock - Adjusted BETA 1.260
Minority Interest 693.0 Analyst Recs 43
Cash and Equivalents 129'424.00 Consensus Rating 3.535
Enterprise Value -
Average Volume 5 Day 3'424'760
STAN LN EQUITY YTD Change - Average Volume 30 Day 4'138'613
STAN LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'107'480
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
22'429.0 20'558.0 21'355.0 24'416.0 26'712.0 - - 19'936.9 21'437.5 - -
- - - - - - - 32.36x 31.77x - -
- - - - - - - - - - -
- - - - - - - - - - -
3'241.0 3'380.0 4'332.0 4'849.0 4'887.0 - - 5'376.9 6'094.5 - -
6.41x 14.69x 13.38x 10.66x 12.53x - - 10.63x 9.69x - -
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating A+
Operating Margin 38.87% Long-Term Outlook NEG
Pretax Margin 35.33% Short-Term Rating Date 10.01.2008
Return on Assets 0.67% Short-Term Rating A-1
Return on Common Equity 9.44%
Return on Capital 2.60% 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 245.3%
Net Income Margin 25.1% Total Debt/Capital 70.7%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 4.41
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.48% Inventory Days -
Tot Debt to Common Equity 245.26% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Standard Chartered PLCPrice/Volume
Valuation Analysis
1'003'766.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a ULT-AGG 438'346'486 18.08 - 31.12.2012 Government
ABERDEEN n/a ULT-AGG 199'264'079 8.22 5'884'953 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 154'291'839 6.37 - 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 80'472'080 3.32 (4'429'755) 31.07.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 76'317'331 3.15 (8'186'893) 01.07.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 65'422'522 2.7 5'708'275 31.07.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 55'288'230 2.28 499'076 01.07.2013 Government
NORGES BANK Multiple Portfolios MF-AGG 53'675'810 2.21 - 31.12.2012 Government
BNP PARIBAS SA Multiple Portfolios REG 46'902'118 1.93 1'322'959 01.07.2013 Bank
SCOTTISH WIDOWS n/a ULT-AGG 45'314'701 1.87 (1'798'413) 01.07.2013 Unclassified
JP MORGAN n/a ULT-AGG 39'112'290 1.61 9'052'221 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 35'649'062 1.47 847'363 01.07.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 33'674'973 1.39 (148'561) 27.09.2013 Investment Advisor
FMR LLC n/a ULT-AGG 33'101'578 1.37 3'567'769 31.07.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios REG 31'949'623 1.32 1'206'240 01.07.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 31'714'907 1.31 - 30.06.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 31'644'919 1.31 1'836'656 01.07.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 30'164'127 1.24 2'534'878 01.07.2013 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 27'617'606 1.14 2'065'700 31.07.2013 Investment Advisor
WALTER SCOTT & PARTN Multiple Portfolios REG 26'831'010 1.11 4'350'239 01.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura CHINTAN JOSHI buy 5 M 1'830 12 month 27.09.2013
Exane BNP Paribas TOM RAYNER outperform 5 M 1'650 Not Provided 27.09.2013
Mizuho Securities JIM ANTOS neutral 3 M 1'700 12 month 26.09.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 1'905 12 month 26.09.2013
AlphaValue DAVID GRINSZTAJN add 4 M 1'715 6 month 26.09.2013
Deutsche Bank JASON NAPIER hold 3 M 1'645 12 month 23.09.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA underperform 1 M 1'330 12 month 18.09.2013
JPMorgan RAUL SINHA neutral 3 M 1'800 15 month 11.09.2013
Shore Capital Stockbrokers GARY GREENWOOD hold 3 D #N/A N/A Not Provided 06.09.2013
Macquarie THOMAS STOEGNER neutral 3 D 1'650 12 month 05.09.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 1'500 12 month 04.09.2013
Credit Suisse AMIT GOEL underperform 1 M 1'350 Not Provided 02.09.2013
China International Capital Corp MAO JUNHUA hold 3 M 1'662 Not Provided 02.09.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 1'450 Not Provided 02.09.2013
Citic Securities Co., Ltd STEVEN CHAN hold 3 M 1'571 6 month 02.09.2013
Barclays ROHITH CHANDRA-RAJAN equalweight 3 D 1'530 Not Provided 02.09.2013
Baden Hill LLP JAMIE MOYES sell 1 M #N/A N/A Not Provided 02.09.2013
Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 1'640 12 month 28.08.2013
Keefe, Bruyette & Woods MARK J PHIN market perform 3 M 1'700 12 month 23.08.2013
Bankhaus Lampe NEIL SMITH sell 1 M 1'450 12 month 22.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.08.2013
Investec IAN GORDON buy 5 M 1'900 12 month 13.08.2013
EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 13.08.2013
UBS JOHN-PAUL CRUTCHLEY buy 5 M 1'790 12 month 09.08.2013
Societe Generale JAMES INVINE buy 5 M 1'800 12 month 07.08.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 1'700 12 month 07.08.2013
HSBC PETER TOEMAN neutral 3 M 1'650 Not Provided 07.08.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 1'900 12 month 07.08.2013
Numis Securities Ltd MICHAEL J TRIPPITT add 4 U 1'780 Not Provided 07.08.2013
Oriel Securities Ltd VIVEK RAJA add 4 M 1'935 Not Provided 07.08.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 1'960 Not Provided 06.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 1'800 Not Provided 06.08.2013
S&P Capital IQ FRANK BRADEN hold 3 M 1'715 12 month 06.08.2013
CCB International Securities Ltd ADAM CHAN outperform 5 M 1'846 Not Provided 06.08.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 1'840 Not Provided 26.07.2013
Canaccord Genuity Corp GARETH HUNT sell 1 M 1'325 12 month 27.06.2013
Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 1'900 12 month 08.05.2013
Redburn Partners FAHED KUNWAR neutral 3 M #N/A N/A Not Provided 25.04.2013
JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'975 Not Provided 09.04.2013
Liberum Capital Ltd CORMAC LEECH hold 3 D 1'875 Not Provided 12.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 1'888 Not Provided 06.03.2013
Daniel Stewart & Co SIMON WILLIS buy 5 M 1'900 12 month 08.08.2012
Holdings By:
Standard Chartered PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Prudential plc is an international company which provides a wide assortment of
insurance and investment products and services. Insurance products include life,
accident and health, property and casualty insurance, as well as fixed and
variable annuities. Financial and investment services include personal and
group pensions, equity plans, mortgages and deposit accounts.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (13.08.2013) 1'270.00
52-Week Low (01.10.2012) 801.50
Daily Volume
1140
52-Week High % Change -10.24% Dividend Yield 2.68
52-Week Low % Change 42.23% Beta 1.42
% 52 Week Price Range High/Low 76.09% Equity Float 2'454.17
Shares Out 26.09.2013 2'559.3 Short Int -
29'176.08 1 Yr Total Return 46.30%
Total Debt 6'832.00 YTD Return 35.48%
Preferred Stock 0.0 Adjusted BETA 1.419
Minority Interest 5.0 Analyst Recs 27
Cash and Equivalents 6'384.00 Consensus Rating 4.222
Enterprise Value 28'957.08
Average Volume 5 Day 2'485'866
PRU LN EQUITY YTD Change - Average Volume 30 Day 4'126'036
PRU LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'941'140
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 06/yy 06/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
(10'269.0) 48'099.0 47'646.0 36'506.0 55'476.0 0.0 0.0 57'484.0 58'855.7 - -
- 0.38x 0.39x 0.47x 0.41x #DIV/0! #DIV/0! - - - -
- - - - - 0.0 0.0 166.0 - - -
- - - - - 0.00x 0.00x 174.44x - - -
(396.0) 676.0 1'431.0 1'415.0 2'197.0 0.0 0.0 2'151.6 2'385.0 - -
- 23.20x 11.78x 11.43x 10.01x 0.00x 0.00x 13.38x 12.00x - -
EBITDA - Long-Term Rating Date 17.08.2010
EBIT - Long-Term Rating A+
Operating Margin 5.57% Long-Term Outlook STABLE
Pretax Margin 5.07% Short-Term Rating Date 17.08.2010
Return on Assets 0.53% Short-Term Rating A-1
Return on Common Equity 17.02%
Return on Capital 11.53% EBITDA/Interest Exp. -
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 66.0%
Net Income Margin 4.0% Total Debt/Capital 39.7%
Asset Turnover 0.18
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.20% Inventory Days -
Tot Debt to Common Equity 65.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Prudential PLCPrice/Volume
Valuation Analysis
1'185'244.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 259'009'041 10.12 3'157'087 31.07.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 218'237'677 8.53 (3'939'642) 17.09.2013 Unclassified
BLACKROCK n/a ULT-AGG 129'499'098 5.06 - 26.09.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 113'488'282 4.43 - 01.07.2013 Government
FRAMLINGTON INVESTME Multiple Portfolios MF-AGG 101'907'451 3.98 97'273'768 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 90'414'720 3.53 524'059 01.07.2013 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 89'441'724 3.49 (1'868'089) 01.07.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 73'281'664 2.86 1'001'565 31.07.2013 Unclassified
FIL LIMITED n/a ULT-AGG 71'927'431 2.81 12'644'813 01.07.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 53'489'976 2.09 (14'254'165) 01.07.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 46'690'714 1.82 (58'411) 01.07.2013 Unclassified
UBS AG n/a ULT-AGG 44'679'276 1.75 (1'034'303) 01.07.2013 Unclassified
JP MORGAN n/a ULT-AGG 38'837'472 1.52 (4'679'522) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 37'808'865 1.48 11'135'343 31.07.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 34'754'886 1.36 - 01.07.2013 Government
AXA n/a ULT-AGG 29'317'273 1.15 274'720 01.07.2013 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 28'647'689 1.12 3'947 01.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 28'514'943 1.11 (5'519'461) 31.08.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 28'097'266 1.1 (641'090) 01.07.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 26'062'474 1.02 2'813'383 01.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEROME CASSAGNE reduce 2 U 1'155 6 month 27.09.2013
Berenberg Bank MATTHEW PRESTON buy 5 M 1'400 Not Provided 26.09.2013
Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1'355 12 month 25.09.2013
Mediobanca SpA MAARTEN ALTENA outperform 5 N 1'317 12 month 17.09.2013
Goldman Sachs WILLIAM ELDERKIN Buy/Neutral 5 M 1'480 12 month 17.09.2013
HSBC KAILESH MISTRY overweight 5 M 1'460 Not Provided 17.09.2013
Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 16.09.2013
Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1'453 Not Provided 16.09.2013
UBS JAMES SHUCK neutral 3 M 1'150 12 month 09.09.2013
Barclays ALAN DEVLIN overweight 5 M 1'450 Not Provided 09.09.2013
Deutsche Bank OLIVER STEEL buy 5 M 1'290 12 month 23.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.08.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 1'320 12 month 22.08.2013
Exane BNP Paribas ANDY HUGHES underperform 1 M 835 Not Provided 22.08.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 1'259 12 month 21.08.2013
Nomura FAHAD CHANGAZI buy 5 M 1'487 Not Provided 16.08.2013
Societe Generale ABID HUSSAIN buy 5 M 1'300 12 month 13.08.2013
Oriel Securities Ltd MARCUS BARNARD buy 5 M 1'350 Not Provided 13.08.2013
Credit Suisse CHRIS ESSON outperform 5 M 1'300 Not Provided 12.08.2013
Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 1'045 12 month 12.08.2013
JPMorgan ASHIK MUSADDI underweight 1 M 836 3 month 01.08.2013
Macquarie NEIL WELCH outperform 5 U 1'200 12 month 02.07.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 12.06.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 1'270 12 month 07.05.2013
Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 20.03.2013
Holdings By:
Prudential PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Tesco plc is a food retailer. The Group operates stores in the United Kingdom,
Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan,
Malaysia, South Korea, China, Thailand, and the United States.
Latest Fiscal Year: 02/2013
LTM as of: 01/yy
52-Week High (28.05.2013) 388.05
52-Week Low (05.10.2012) 306.40
Daily Volume
361.25
52-Week High % Change -6.85% Dividend Yield 4.09
52-Week Low % Change 17.90% Beta 0.86
% 52 Week Price Range High/Low 68.83% Equity Float 7'670.50
Shares Out 02.09.2013 8'081.5 Short Int -
29'194.46 1 Yr Total Return 13.49%
Total Debt 10'834.00 YTD Return 10.50%
Preferred Stock 0.0 Adjusted BETA 0.857
Minority Interest 18.0 Analyst Recs 30
Cash and Equivalents 3'034.00 Consensus Rating 3.567
Enterprise Value 37'012.45
Average Volume 5 Day 14'559'330
TSCO LN EQUITY YTD Change - Average Volume 30 Day 13'060'620
TSCO LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'302'870
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
28.02.2009 28.02.2010 28.02.2011 29.02.2012 28.02.2013 01/yy 01/yy 02/14 Y 02/15 Y 08/12 Q2 11/12 Q3
53'898.0 56'910.0 60'455.0 63'916.0 64'826.0 - - 67'479.5 69'861.4 32'917.0 -
0.70x 0.75x 0.67x 0.53x 0.58x - - 0.52x 0.49x - -
4'122.0 4'464.0 4'905.0 5'283.0 4'117.0 - - 5'144.7 5'374.7 - -
9.09x 9.57x 8.23x 6.39x 9.18x - - 7.19x 6.89x - -
2'133.0 2'327.0 2'655.0 2'806.0 124.0 - - 2'624.8 2'774.9 - -
12.28x 14.31x 11.79x 8.09x 21.52x - - 11.18x 10.59x - -
EBITDA 4'117.00 Long-Term Rating Date 19.04.2013
EBIT 2'527.00 Long-Term Rating BBB+
Operating Margin 3.90% Long-Term Outlook STABLE
Pretax Margin 3.02% Short-Term Rating Date 29.07.2008
Return on Assets 0.25% Short-Term Rating A-2
Return on Common Equity 0.72%
Return on Capital 1.56% EBITDA/Interest Exp. 7.07
Asset Turnover 1.28% (EBITDA-Capex)/Interest Exp. 2.57
Net Debt/EBITDA 1.89
Gross Margin 6.3% Total Debt/EBITDA 2.63
EBITDA Margin 6.4%
EBIT Margin 3.9% Total Debt/Equity 65.1%
Net Income Margin 0.2% Total Debt/Capital 39.4%
Asset Turnover 1.28
Current Ratio 0.69 Net Fixed Asset Turnover 2.56
Quick Ratio 0.16 Accounts receivable turnover-days -
Debt to Assets 21.61% Inventory Days 22.00
Tot Debt to Common Equity 65.10% Accounts Payable Turnover Day 35.89
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 16.55
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
Tesco PLCPrice/Volume
Valuation Analysis
5'368'018.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 406'665'281 5.03 7'799'083 26.09.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 396'583'770 4.91 (6'050'566) 01.07.2013 Government
LEGAL & GENERAL n/a ULT-AGG 319'254'151 3.95 (3'020'119) 31.07.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 280'132'052 3.47 12'028'252 31.08.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 257'443'328 3.19 - 01.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 199'145'926 2.46 6'911'918 01.07.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 170'117'669 2.11 1'673'398 01.07.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 138'429'699 1.71 1'399'523 27.09.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 133'300'613 1.65 16'606'024 01.07.2013 Government
UBS AG n/a ULT-AGG 133'122'315 1.65 8'597'320 27.09.2013 Unclassified
WALTER SCOTT & PARTN Multiple Portfolios REG 130'535'474 1.62 4'078'939 01.07.2013 Investment Advisor
SILCHESTER INTL INVE Multiple Portfolios REG 128'762'362 1.59 32'588'641 01.07.2013 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 114'807'330 1.42 6'421'337 01.07.2013 Hedge Fund Manager
ARTISAN PARTNERS HOL Multiple Portfolios REG 110'613'354 1.37 13'021'795 01.07.2013 Investment Advisor
GEICO CORP Multiple Portfolios REG 90'000'000 1.11 - 01.07.2013 Unclassified
FIL LIMITED n/a ULT-AGG 79'675'730 0.99 2'985'715 01.07.2013 Investment Advisor
GENERAL REINSURANCE Multiple Portfolios REG 72'862'000 0.9 - 01.07.2013 Insurance Company
PRUDENTIAL PLC n/a ULT-AGG 72'804'200 0.9 (529'133) 01.07.2013 Unclassified
MANNING & NAPIER ADV Multiple Portfolios REG 72'430'910 0.9 11'553'520 01.07.2013 Unclassified
ABERDEEN n/a ULT-AGG 70'919'225 0.88 (762'800) 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander TIM ATTENBOROUGH buy 5 M 425 12 month 30.09.2013
Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 443 Not Provided 27.09.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK buy 5 M #N/A N/A Not Provided 26.09.2013
Oriel Securities Ltd JONATHAN PRITCHARD buy 5 M 425 Not Provided 26.09.2013
Exane BNP Paribas JOHN KERSHAW outperform 5 M 425 Not Provided 26.09.2013
AlphaValue VIRGINIE BLIN add 4 M 401 6 month 26.09.2013
Societe Generale ARNAUD JOLY sell 1 M 290 12 month 25.09.2013
JPMorgan JAIME VAZQUEZ underweight 1 D 350 3 month 25.09.2013
Jefferies JAMES GRZINIC buy 5 M 440 12 month 25.09.2013
Barclays JAMES ANSTEAD equalweight 3 M 365 Not Provided 24.09.2013
Credit Suisse ANDREW KASOULIS outperform 5 M 430 Not Provided 20.09.2013
HSBC JEROME SAMUEL overweight 5 M 430 Not Provided 20.09.2013
UBS BENJAMIN PETERS buy 5 M 430 12 month 19.09.2013
Deutsche Bank JAMES G COLLINS buy 5 M 415 12 month 18.09.2013
Nomura DAVID PAYNE neutral 3 D 400 12 month 18.09.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 440 12 month 17.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Baader Bank VOLKER BOSSE buy 5 M 410 12 month 11.09.2013
S&P Capital IQ WILLIAM MACK hold 3 D 380 12 month 05.09.2013
Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 02.09.2013
Kepler Cheuvreux FABIENNE CARON hold 3 M 380 Not Provided 28.08.2013
Morgan Stanley EDOUARD AUBIN restricted #N/A N/A M #N/A N/A Not Provided 09.08.2013
Macquarie SREEDHAR MAHAMKALI outperform 5 M 400 12 month 04.07.2013
Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 440 Not Provided 01.07.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
Investec DAVID MCCARTHY sell 1 M 295 12 month 05.06.2013
Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI sell 1 M 310 Not Provided 22.04.2013
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 390 12 month 11.04.2013
Aurel - BGC JEAN-MARIE L'HOME sell 1 M 300 Not Provided 10.01.2013
Holdings By:
Tesco PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Reckitt Benckiser Group PLC manufactures and distributes a wide range of
household, toiletry, pharmaceutical and food products on a global basis. The
Company's products include fabric treatments , disinfectant spray and cleaners,
dishwashing detergent, personal care, food, and prescription drugs.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (10.07.2013) 4'986.00
52-Week Low (01.10.2012) 3'561.00
Daily Volume
4493
52-Week High % Change -9.81% Dividend Yield 3.07
52-Week Low % Change 26.17% Beta 0.59
% 52 Week Price Range High/Low 67.16% Equity Float 638.85
Shares Out 27.09.2013 718.7 Short Int -
32'289.90 1 Yr Total Return 29.84%
Total Debt 3'274.00 YTD Return 19.33%
Preferred Stock 0.0 Adjusted BETA 0.593
Minority Interest 1.0 Analyst Recs 32
Cash and Equivalents 891.00 Consensus Rating 2.906
Enterprise Value 35'080.90
Average Volume 5 Day 851'506
RB/ LN EQUITY YTD Change - Average Volume 30 Day 936'120
RB/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'047'236
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
6'563.0 7'753.0 8'453.0 9'485.0 9'567.0 9'533.0 9'892.0 10'185.4 10'560.8 2'611.0 2'642.0
2.96x 3.10x 3.28x 2.65x 3.23x 2.63x 0.00x 3.36x 3.16x - -
1'612.0 2'030.0 2'375.0 2'644.0 2'718.0 0.0 0.0 2'784.8 2'864.4 - -
12.05x 11.84x 11.66x 9.49x 11.36x 0.00x 0.00x 12.60x 12.25x - -
1'120.0 1'418.0 1'568.0 1'745.0 1'829.0 986.0 0.0 1'955.9 2'025.1 516.0 599.0
16.36x 16.87x 16.28x 13.26x 15.36x 0.00x 0.00x 16.84x 16.34x - -
EBITDA 2'718.00 Long-Term Rating Date 16.12.2003
EBIT 2'570.00 Long-Term Rating A+
Operating Margin 26.86% Long-Term Outlook STABLE
Pretax Margin 25.30% Short-Term Rating Date 01.05.1990
Return on Assets 11.37% Short-Term Rating A-1
Return on Common Equity 29.74%
Return on Capital 19.36% EBITDA/Interest Exp. 66.29
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 62.24
Net Debt/EBITDA 1.01
Gross Margin 57.9% Total Debt/EBITDA 1.30
EBITDA Margin 28.0%
EBIT Margin 26.4% Total Debt/Equity 55.3%
Net Income Margin 19.1% Total Debt/Capital 35.6%
Asset Turnover 0.66
Current Ratio 0.47 Net Fixed Asset Turnover 13.47
Quick Ratio 0.33 Accounts receivable turnover-days -
Debt to Assets 21.71% Inventory Days 68.57
Tot Debt to Common Equity 55.29% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 25.97
Inventory Turnover 5.32
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
Reckitt Benckiser Group PLCPrice/Volume
Valuation Analysis
310'400.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAB HOLDINGS BV n/a Co File 76'659'342 10.67 - 01.03.2013 Other
JAB INVESTMENTS BV Multiple Portfolios REG 76'659'342 10.67 - 03.06.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 36'608'287 5.09 - 01.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 36'323'474 5.05 (359'245) 27.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 29'850'534 4.15 (1'500'594) 26.09.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 28'266'229 3.93 1'100'756 30.06.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 25'293'266 3.52 469'475 31.07.2013 Unclassified
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 23'836'570 3.32 (354'341) 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 16'386'994 2.28 493'569 30.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 15'413'516 2.14 (169'751) 30.06.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 15'225'822 2.12 (35'000) 03.06.2013 Government
FIL LIMITED n/a ULT-AGG 14'937'153 2.08 (1'593'681) 03.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 14'863'926 2.07 - 31.12.2012 Government
MORGAN STANLEY INVES Multiple Portfolios REG 12'309'781 1.71 184'456 03.06.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 11'311'473 1.57 (103'046) 27.09.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 11'010'401 1.53 791'561 31.08.2013 Investment Advisor
WALTER SCOTT & PARTN Multiple Portfolios REG 10'986'837 1.53 (270'098) 03.06.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 10'075'592 1.4 (1'294'694) 31.07.2013 Investment Advisor
CEDAR ROCK CAPITAL L Multiple Portfolios REG 8'971'380 1.25 - 03.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 8'249'377 1.15 (100'519) 27.09.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oriel Securities Ltd CHRIS WICKHAM buy 5 M 5'200 Not Provided 30.09.2013
JPMorgan CELINE PANNUTI neutral 3 M 4'450 12 month 27.09.2013
Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 4'625 Not Provided 27.09.2013
AlphaValue ARMELLE MOULIN reduce 2 M 4'332 6 month 26.09.2013
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 5'450 12 month 25.09.2013
Exane BNP Paribas EAMONN FERRY underperform 1 M 4'400 Not Provided 25.09.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M 3'700 Not Provided 20.09.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 5'200 12 month 13.09.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 5'100 12 month 10.09.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 4'100 12 month 05.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 05.08.2013
Berenberg Bank JAMES TARGETT Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013
Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 31.07.2013
Societe Generale CHAS MANSO DE ZUNIGA sell 1 M 4'300 12 month 30.07.2013
Investec MARTIN DEBOO sell 1 M 4'425 12 month 30.07.2013
Jefferies ALEX HOWSON hold 3 M 4'500 12 month 30.07.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 5'000 12 month 30.07.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 4'500 6 month 29.07.2013
Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 4'500 12 month 29.07.2013
Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 5'130 12 month 29.07.2013
Credit Suisse CHARLES MILLS neutral 3 M 4'650 Not Provided 29.07.2013
Raymond James HERMINE DE BENTZMANN market perform 3 M #N/A N/A Not Provided 29.07.2013
Nomura GUILLAUME DELMAS buy 5 M 4'800 12 month 29.07.2013
S&P Capital IQ CARL SHORT hold 3 M 4'800 12 month 29.07.2013
Barclays IAIN SIMPSON equalweight 3 M 4'400 Not Provided 29.07.2013
HSBC CEDRIC BESNARD neutral 3 M 4'800 Not Provided 16.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 4'160 Not Provided 03.07.2013
UBS EVA QUIROGA buy 5 M 5'210 12 month 31.05.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 4'320 12 month 09.05.2013
Redburn Partners JEREMY FIALKO sell 1 M #N/A N/A Not Provided 09.05.2013
Holdings By:
Reckitt Benckiser Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (01.02.2013) 38.73
52-Week Low (18.04.2013) 29.41
Daily Volume
33.72
52-Week High % Change -12.87% Dividend Yield -
52-Week Low % Change 14.65% Beta 1.40
% 52 Week Price Range High/Low 50.80% Equity Float 1'013.93
Shares Out 30.06.2013 1'019.5 Short Int -
34'377.53 1 Yr Total Return 12.03%
Total Debt 278'501.00 YTD Return 4.53%
Preferred Stock 0.0 Adjusted BETA 1.401
Minority Interest 407.0 Analyst Recs 41
Cash and Equivalents 147'433.00 Consensus Rating 4.024
Enterprise Value -
Average Volume 5 Day 6'290'401
DBK GY EQUITY YTD Change - Average Volume 30 Day 5'472'198
DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 5'732'171
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
58'492.0 45'167.0 46'151.0 52'660.0 52'299.0 49'520.0 49'310.0 33'278.0 33'892.0 7'709.4 7'760.2
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(3'835.0) 4'973.0 2'310.0 4'132.0 237.0 2'916.0 190.0 3'831.6 4'520.2 749.8 780.8
- 6.24x 12.74x 6.61x 131.80x 9.08x 179.61x 9.26x 7.49x 8.13x -
EBITDA - Long-Term Rating Date 02.07.2013
EBIT - Long-Term Rating A
Operating Margin 8.08% Long-Term Outlook STABLE
Pretax Margin 2.18% Short-Term Rating Date 19.12.2008
Return on Assets 0.01% Short-Term Rating A-1
Return on Common Equity 0.34%
Return on Capital 0.06% 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 515.7%
Net Income Margin 0.7% Total Debt/Capital 83.7%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 9.91
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 13.84% Inventory Days -
Tot Debt to Common Equity 515.71% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Deutsche Bank AGPrice/Volume
Valuation Analysis
2'454'154.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 47'776'278 4.69 - 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 40'566'540 3.98 (1'003'950) 31.07.2013 Investment Advisor
DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 23'529'706 2.31 (982'040) 30.06.2013 Bank
NORGES BANK Multiple Portfolios MF-AGG 21'866'137 2.14 - 31.12.2012 Government
COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 19'790'330 1.94 (195'485) 30.06.2013 Bank
CREDIT SUISSE AG n/a ULT-AGG 17'110'481 1.68 2'100 31.05.2013 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 15'521'141 1.52 (891'299) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 14'939'396 1.47 (8'703'861) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 11'760'269 1.15 1'253'747 30.06.2013 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'724'776 1.05 5'157'052 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 9'222'003 0.9 6'873'841 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'023'986 0.69 5'835'740 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'738'764 0.66 2'080'863 30.06.2013 Investment Advisor
HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 5'921'773 0.58 (11'954'777) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 5'363'452 0.53 1'496'235 30.06.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'295'797 0.52 (162'624) 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'245'301 0.51 (639'919) 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 5'161'922 0.51 (2'666'221) 27.09.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 4'715'162 0.46 181'927 30.04.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'337'613 0.43 (341'928) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Natixis ANTOINE BURGARD buy 5 M 44 Not Provided 30.09.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 36 12 month 27.09.2013
Nomura JON PEACE neutral 3 M 38 12 month 27.09.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 27.09.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 42 12 month 26.09.2013
Oddo & Cie JEAN SASSUS neutral 3 M 40 Not Provided 26.09.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 40 12 month 26.09.2013
AlphaValue DIETER HEIN add 4 M 40 6 month 26.09.2013
HSBC ROBERT MURPHY overweight 5 M 49 Not Provided 25.09.2013
Credit Suisse AMIT GOEL outperform 5 M 41 Not Provided 24.09.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 46 12 month 24.09.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 40 15 month 23.09.2013
Macquarie PIERS BROWN neutral 3 M 34 12 month 19.09.2013
Grupo Santander AURELIA FAURE hold 3 M 37 Not Provided 18.09.2013
Main First Bank AG KILIAN MAIER outperform 5 M 42 12 month 18.09.2013
Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 39 12 month 16.09.2013
UBS DANIELE BRUPBACHER buy 5 U 47 12 month 16.09.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 26 Not Provided 02.09.2013
Kepler Cheuvreux DIRK BECKER buy 5 M 40 Not Provided 20.08.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.08.2013
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 45 12 month 15.08.2013
Barclays JEREMY SIGEE overweight 5 M 47 Not Provided 14.08.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 40 12 month 13.08.2013
Commerzbank Corporates & Markets MICHAEL DUNST buy 5 M 44 6 month 01.08.2013
Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 M 36 12 month 01.08.2013
Bankhaus Lampe NEIL SMITH buy 5 M 42 12 month 31.07.2013
Nord/LB MICHAEL SEUFERT hold 3 D 35 12 month 30.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 40 Not Provided 30.07.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 42 12 month 30.07.2013
S&P Capital IQ FRANK BRADEN buy 5 M 40 12 month 30.07.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 M 45 12 month 26.07.2013
Redburn Partners NICHOLAS WATTS neutral 3 D #N/A N/A Not Provided 16.07.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013
Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 28 Not Provided 03.07.2013
Societe Generale GEOFF DAWES buy 5 M 43 12 month 29.05.2013
DZ Bank AG CHRISTOPH BAST buy 5 M 40 Not Provided 10.05.2013
Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012
SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010
Holdings By:
Deutsche Bank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Credit Suisse Group AG is an international financial services group. The Group
provides investment banking, private banking, and asset management services to
customers located around the world.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (21.05.2013) 29.32
52-Week Low (01.10.2012) 19.39
Daily Volume
27.56
52-Week High % Change -6.04% Dividend Yield -
52-Week Low % Change 42.11% Beta 1.55
% 52 Week Price Range High/Low 83.88% Equity Float 1'423.56
Shares Out 30.06.2013 1'577.8 Short Int -
43'484.00 1 Yr Total Return 42.19%
Total Debt 330'510.00 YTD Return 27.31%
Preferred Stock 0.0 Adjusted BETA 1.555
Minority Interest 6'786.0 Analyst Recs 42
Cash and Equivalents 63'708.00 Consensus Rating 3.762
Enterprise Value -
Average Volume 5 Day 3'622'493
CSGN VX EQUITY YTD Change - Average Volume 30 Day 4'394'206
CSGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'325'713
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
48'697.0 51'547.0 50'345.0 42'693.0 38'313.0 39'473.0 37'976.0 26'811.1 27'706.8 6'539.3 6'638.7
- - - - - 0.00x 0.00x 32.71x 31.57x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(8'218.0) 6'724.0 5'098.0 1'953.0 1'349.0 878.0 2'999.0 4'143.4 4'911.1 1'002.3 994.3
- 9.96x 9.59x 16.11x 27.15x 42.10x 15.43x 10.78x 9.20x 9.42x -
EBITDA - Long-Term Rating Date 02.07.2013
EBIT - Long-Term Rating A-
Operating Margin 6.73% Long-Term Outlook STABLE
Pretax Margin 9.34% Short-Term Rating Date 27.07.2012
Return on Assets 0.31% Short-Term Rating NR
Return on Common Equity 6.10%
Return on Capital 0.85% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 931.1%
Net Income Margin 5.8% Total Debt/Capital 88.7%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 6.17
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.76% Inventory Days -
Tot Debt to Common Equity 931.07% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Credit Suisse Group AGPrice/Volume
Valuation Analysis
1'998'749.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CRESCENT HOLDING GMB n/a EXCH 88'475'201 5.61 - 25.02.2013 Investment Advisor
QATAR INVESTMENT AUT n/a Co File 74'953'677 4.75 - 31.12.2012 Government
DODGE & COX n/a Co File 65'086'135 4.13 - 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 55'202'293 3.5 - 12.09.2013 Investment Advisor
DODGE & COX WORLDWID Multiple Portfolios MF-AGG 46'888'695 2.97 - 31.03.2013 Investment Advisor
NORGES BANK n/a EXCH 40'786'715 2.59 - 12.03.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 40'357'258 2.56 5'478'521 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 39'533'428 2.51 - 26.09.2013 Investment Advisor
HARRIS ASSOCIATES LP n/a Co File 37'800'423 2.4 - 31.12.2012 Investment Advisor
KOOR INDUSTRIES LTD n/a Research 31'060'000 1.97 - 22.07.2013 Holding Company
VANGUARD GROUP INC n/a ULT-AGG 22'494'902 1.43 2'707'602 30.06.2013 Unclassified
CREDIT SUISSE AG n/a ULT-AGG 20'576'142 1.3 254'233 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 17'291'658 1.1 664'980 27.09.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'867'359 0.82 (240'419) 30.06.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'624'475 0.55 3'918'148 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 7'471'729 0.47 147'795 31.05.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 6'965'852 0.44 - 31.12.2012 Pension Fund (ERISA)
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'379'886 0.34 382'485 31.07.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 4'492'368 0.28 72'189 28.03.2013 Investment Advisor
CREDIT SUISSE n/a EXCH 4'392'336 0.28 (33'747'664) 05.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets FIONA SWAFFIELD outperform 5 M 33 12 month 27.09.2013
Nomura JON PEACE buy 5 M 33 12 month 27.09.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 31 Not Provided 27.09.2013
AlphaValue DIETER HEIN add 4 M 30 6 month 26.09.2013
Macquarie PIERS BROWN outperform 5 M 33 12 month 19.09.2013
Main First Bank AG KILIAN MAIER outperform 5 M 32 12 month 18.09.2013
Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 31 12 month 16.09.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 35 12 month 12.09.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 34 15 month 11.09.2013
Oddo & Cie JEAN SASSUS neutral 3 M 27 Not Provided 06.09.2013
Bankhaus Lampe NEIL SMITH sell 1 M 25 12 month 02.09.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 13 Not Provided 02.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.08.2013
Helvea TIM DAWSON hold 3 M 30 12 month 15.08.2013
Barclays JEREMY SIGEE equalweight 3 M 28 Not Provided 14.08.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 33 12 month 13.08.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 36 12 month 07.08.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 32 12 month 01.08.2013
HSBC ROBERT MURPHY neutral 3 M 29 Not Provided 01.08.2013
Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 28 6 month 30.07.2013
Bank Vontobel AG TERESA NIELSEN hold 3 M 28 Not Provided 30.07.2013
EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 30.07.2013
Bank am Bellevue MARC DEUSTER hold 3 M 27 Not Provided 29.07.2013
Natixis ANTOINE BURGARD neutral 3 M 25 Not Provided 29.07.2013
UBS DANIELE BRUPBACHER buy 5 M 33 12 month 26.07.2013
Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 26.07.2013
Mirabaud Securities Claudia von Turk Myers accumulate 4 M 29 12 month 26.07.2013
Canaccord Genuity Corp ARUN MELMANE hold 3 M 28 12 month 26.07.2013
Bankhaus Metzler GUIDO HOYMANN sell 1 M 23 12 month 26.07.2013
Kepler Cheuvreux DIRK BECKER buy 5 M 32 Not Provided 26.07.2013
Deutsche Bank MATT SPICK hold 3 M 28 12 month 25.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 28 Not Provided 25.07.2013
S&P Capital IQ FRANK BRADEN hold 3 M 30 12 month 25.07.2013
Grupo Santander AURELIA FAURE buy 5 U 33 12 month 23.07.2013
Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 16.07.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013
Societe Generale GEOFF DAWES buy 5 M 36 12 month 29.05.2013
Liberum Capital Ltd CORMAC LEECH hold 3 M 24 Not Provided 18.04.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 25 Not Provided 30.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 21 Not Provided 03.07.2012
Holdings By:
Credit Suisse Group AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.09.2013) 10.89
52-Week Low (21.02.2013) 7.98
Daily Volume
10.66
52-Week High % Change -2.11% Dividend Yield -
52-Week Low % Change 33.65% Beta 0.68
% 52 Week Price Range High/Low 96.23% Equity Float 3'031.21
Shares Out 30.06.2013 4'451.1 Short Int -
47'448.93 1 Yr Total Return 19.80%
Total Debt 44'614.00 YTD Return 33.46%
Preferred Stock 0.0 Adjusted BETA 0.680
Minority Interest 4'623.0 Analyst Recs 42
Cash and Equivalents 6'046.00 Consensus Rating 3.381
Enterprise Value 97'485.93
Average Volume 5 Day 14'059'130
DTE GY EQUITY YTD Change - Average Volume 30 Day 12'782'290
DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 12'348'600
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 58'392.0 58'300.0 59'250.2 59'997.2 14'894.7 15'444.3
1.49x 1.46x 1.48x 1.45x 1.38x 5.86x 5.76x 1.55x 1.50x 6.27x 6.01x
17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 19'592.0 17'498.0 17'202.2 17'636.1 4'498.0 4'268.0
5.24x 5.46x 5.20x 4.22x 4.53x 4.31x 5.13x 5.66x 5.52x - -
1'483.0 353.0 1'695.0 557.0 (5'255.0) 756.0 (5'013.0) 2'771.0 3'047.8 590.5 500.0
31.62x 128.63x 24.76x 68.19x - 47.97x 0.00x 16.81x 15.40x - -
EBITDA 17'728.00 Long-Term Rating Date 19.05.2008
EBIT 6'720.00 Long-Term Rating BBB+
Operating Margin 11.55% Long-Term Outlook STABLE
Pretax Margin -10.71% Short-Term Rating Date 08.04.2002
Return on Assets -4.23% Short-Term Rating A-2
Return on Common Equity -17.40%
Return on Capital - EBITDA/Interest Exp. 7.58
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 4.88
Net Debt/EBITDA 2.46
Gross Margin 41.2% Total Debt/EBITDA 2.88
EBITDA Margin 30.0%
EBIT Margin 12.2% Total Debt/Equity 172.1%
Net Income Margin -9.0% Total Debt/Capital 59.4%
Asset Turnover 0.49
Current Ratio 0.65 Net Fixed Asset Turnover 1.48
Quick Ratio 0.54 Accounts receivable turnover-days -
Debt to Assets 41.33% Inventory Days 13.48
Tot Debt to Common Equity 172.12% Accounts Payable Turnover Day 63.93
Accounts Receivable Turnover - Cash Conversion Cycle -16.66
Inventory Turnover 27.07
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
Deutsche Telekom AGPrice/Volume
Valuation Analysis
7'062'700.00
Current Price (9/dd/yy) Market Data
!
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KREDITANSTALT FUER W n/a Research 774'494'730 17.4 - 30.06.2013 Government
FEDERAL REPUBLIC OF n/a Research 645'412'275 14.5 - 30.06.2013 Government
BLACKSTONE n/a ULT-AGG 191'700'000 4.31 - 03.08.2012 Unclassified
BLACKROCK n/a ULT-AGG 137'220'030 3.08 - 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 68'078'517 1.53 - 31.12.2012 Government
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 38'107'769 0.86 10'489'242 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 34'696'477 0.78 2'274'262 30.06.2013 Unclassified
ONTARIO TEACHERS PEN n/a Research 27'700'000 0.62 - 31.12.2011 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 26'197'611 0.59 (322'815) 27.09.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 23'899'710 0.54 7'755'081 30.09.2013 Bank
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 15'545'121 0.35 2'377'173 06.09.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 13'370'877 0.3 11'676'421 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 12'178'782 0.27 (2'345'777) 28.03.2013 Investment Advisor
UBS AG n/a ULT-AGG 10'238'226 0.23 450'569 27.09.2013 Unclassified
PIONEER n/a ULT-AGG 9'833'493 0.22 986'203 30.04.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 9'354'577 0.21 47'798 26.09.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'357'003 0.19 (504) 31.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 8'327'504 0.19 1'309'266 31.08.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 6'359'036 0.14 (463'921) 28.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'304'811 0.14 282'591 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 13 12 month 30.09.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 30.09.2013
National Bank AG MARKUS GLOCKENMEIER hold 3 M 11 Not Provided 26.09.2013
AlphaValue HEINZ STEFFEN reduce 2 D 11 6 month 26.09.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 D 11 12 month 25.09.2013
Morgan Stanley RYAN FOX Underwt/In-Line 1 M 9 12 month 20.09.2013
Bankhaus Lampe WOLFGANG SPECHT hold 3 M 10 12 month 18.09.2013
Natixis JACQUES DE GRELING reduce 2 M 7 Not Provided 12.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 U #N/A N/A Not Provided 10.09.2013
Nomura FREDERIC BOULAN buy 5 M 11 12 month 10.09.2013
Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 06.09.2013
Deutsche Bank DAVID A WRIGHT buy 5 M 11 12 month 05.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 03.09.2013
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 10 6 month 28.08.2013
Credit Suisse JUSTIN FUNNELL outperform 5 M 10 Not Provided 23.08.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 11 Not Provided 21.08.2013
Kepler Cheuvreux PETER KURT NIELSEN buy 5 M 11 Not Provided 15.08.2013
JPMorgan HANNES C WITTIG neutral 3 M 10 3 month 13.08.2013
Jefferies ULRICH RATHE buy 5 M 11 12 month 13.08.2013
Nord/LB WOLFGANG DONIE buy 5 M 12 12 month 12.08.2013
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 10 12 month 12.08.2013
Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 12.08.2013
M.M. Warburg Investment Research JOCHEN REICHERT buy 5 U 12 12 month 09.08.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 10 12 month 09.08.2013
DZ Bank AG CHRISTOPH BAST sell 1 M 9 Not Provided 09.08.2013
Barclays JONATHAN DANN equalweight 3 M 10 Not Provided 09.08.2013
Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 08.08.2013
Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 08.08.2013
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 08.08.2013
S&P Capital IQ ALEXANDER WISCH hold 3 M 10 12 month 08.08.2013
New Street Research CHARLES GAYNOR reduce 2 M 8 Not Provided 08.08.2013
Macquarie GUY R PEDDY underperform 1 M 8 12 month 05.08.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 29.07.2013
Steubing AG TEAM COVERAGE buy 5 M 10 Not Provided 29.07.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 11 Not Provided 10.07.2013
HSBC DOMINIK KLARMANN neutral 3 M 10 Not Provided 27.05.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 8 Not Provided 05.04.2013
UBS POLO TANG neutral 3 M 9 12 month 01.04.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Deutsche Telekom AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Schneider Electric SA manufactures power distribution and automation systems.
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 66.99
52-Week Low (01.10.2012) 45.85
Daily Volume
62.27
52-Week High % Change -7.05% Dividend Yield -
52-Week Low % Change 35.83% Beta 1.32
% 52 Week Price Range High/Low 88.89% Equity Float 505.49
Shares Out 19.09.2013 560.5 Short Int -
34'905.30 1 Yr Total Return 39.66%
Total Debt 8'132.00 YTD Return 17.31%
Preferred Stock 0.0 Adjusted BETA 1.317
Minority Interest 174.0 Analyst Recs 25
Cash and Equivalents 3'737.00 Consensus Rating 3.720
Enterprise Value 40'343.31
Average Volume 5 Day 1'247'878
SU FP EQUITY YTD Change - Average Volume 30 Day 1'302'069
SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'354'335
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
18'311.0 15'793.0 19'580.0 22'345.0 23'946.0 23'459.0 23'968.0 24'470.9 26'332.2 6'306.0 6'798.5
0.95x 1.51x 1.68x 1.23x 1.44x 0.00x 0.00x 1.61x 1.46x - -
3'321.0 2'575.0 3'575.0 3'725.0 3'837.0 0.0 0.0 4'020.6 4'445.9 - -
5.24x 9.26x 9.20x 7.36x 9.01x 0.00x 0.00x 10.02x 9.06x - -
1'682.0 824.0 1'720.0 1'793.0 1'840.0 0.0 0.0 2'215.7 2'490.4 - -
7.55x 24.63x 17.00x 12.18x 16.17x 0.00x 0.00x 15.24x 13.63x - -
EBITDA 3'837.00 Long-Term Rating Date 17.07.2013
EBIT 3'030.00 Long-Term Rating A- *-
Operating Margin 12.65% Long-Term Outlook -
Pretax Margin 10.42% Short-Term Rating Date 14.03.2007
Return on Assets 4.98% Short-Term Rating A-2
Return on Common Equity 11.00%
Return on Capital 8.71% EBITDA/Interest Exp. 9.97
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 8.74
Net Debt/EBITDA 1.37
Gross Margin 37.8% Total Debt/EBITDA 2.08
EBITDA Margin 16.0%
EBIT Margin 12.7% Total Debt/Equity 48.9%
Net Income Margin 7.7% Total Debt/Capital 32.6%
Asset Turnover 0.67
Current Ratio 1.51 Net Fixed Asset Turnover 9.23
Quick Ratio 1.01 Accounts receivable turnover-days 83.09
Debt to Assets 22.49% Inventory Days 84.62
Tot Debt to Common Equity 48.86% Accounts Payable Turnover Day 105.83
Accounts Receivable Turnover 4.39 Cash Conversion Cycle 57.20
Inventory Turnover 4.31
Fiscal Year Ended
Schneider Electric SAPrice/Volume
Valuation Analysis
952'328.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 29'876'141 5.33 (1'068) 15.08.2013 Investment Advisor
AMUNDI n/a Research 27'220'485 4.86 (1'168'334) 16.05.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'784'746 4.06 17'008 26.09.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 22'227'781 3.97 365'026 28.08.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a Research 20'349'002 3.63 - 31.12.2012 Government
CREDIT AGRICOLE SA n/a RNS-RUL8 19'194'142 3.42 196'876 20.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 18'060'558 3.22 308 28.08.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 15'269'981 2.72 85'990 31.08.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 14'539'679 2.59 (3'007) 20.09.2013 Investment Advisor
NORGES BANK n/a RNS-RUL8 12'762'212 2.28 - 12.07.2013 Government
STATE STREET CORP n/a ULT-AGG 12'759'847 2.28 28'686 27.09.2013 Investment Advisor
SAFE INVESTMENT COMP n/a RNS-RUL8 12'614'776 2.25 - 22.07.2013 Government
NORTHERN CROSS LLC n/a RNS-RUL8 12'361'186 2.21 8'005 30.07.2013 Investment Advisor
WELLINGTON MANAGEMEN n/a RNS-RUL8 12'359'201 2.2 3'460 28.08.2013 Investment Advisor
DODGE & COX n/a RNS-RUL8 11'305'324 2.02 - 11.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'805'527 1.93 (43'810) 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 10'609'344 1.89 199'823 20.09.2013 Investment Advisor
SCHNEIDER ELECTRIC S n/a RNS-RUL8 9'009'626 1.61 (139'993) 05.08.2013 Corporation
SOCIETE GENERALE n/a RNS-RUL8 8'997'787 1.61 8'228 15.08.2013 Bank
UBS AG n/a ULT-AGG 8'901'657 1.59 (140'284) 27.09.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale GAEL DE BRAY buy 5 M 73 12 month 30.09.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 65 12 month 27.09.2013
UBS FREDRIC STAHL sell 1 D 53 12 month 27.09.2013
AlphaValue LIONEL PELLICER add 4 M 73 6 month 26.09.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 66 12 month 18.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 72 Not Provided 09.09.2013
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 65 Not Provided 09.09.2013
Barclays JAMES STETTLER suspended coverage #N/A N/A M #N/A N/A Not Provided 05.09.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 N 75 12 month 27.08.2013
HSBC MICHAEL HAGMANN overweight 5 M 74 Not Provided 14.08.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 09.08.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 65 12 month 05.08.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 65 12 month 02.08.2013
Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 02.08.2013
Oddo & Cie ALFRED GLASER buy 5 M 64 Not Provided 01.08.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 01.08.2013
Kepler Cheuvreux PIERRE BOUCHENY reduce 2 M 58 Not Provided 01.08.2013
Natixis ARNAUD SCHMIT neutral 3 M 63 Not Provided 01.08.2013
Nomura DANIEL CUNLIFFE neutral 3 M 58 Not Provided 01.08.2013
Canaccord Genuity Corp ANDREW BELL hold 3 M 60 12 month 31.07.2013
Morgan Stanley BEN UGLOW restricted #N/A N/A M #N/A N/A Not Provided 17.07.2013
Deutsche Bank MARTIN WILKIE restricted #N/A N/A M #N/A N/A Not Provided 12.07.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 12.07.2013
JPMorgan ANDREAS WILLI restricted #N/A N/A M #N/A N/A Not Provided 12.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 23.04.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013
Holdings By:
Schneider Electric SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
National Grid PLC is an investor-owned utility company which distributes gas.
The PLC owns and operates the electricity transmission network in England and
Wales, the gas transmission network in Great Britain, and electricity
transmission networks in the Northeastern United States. National Grid also
operates the electricity transmission networks in Scotland.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (15.05.2013) 849.50
52-Week Low (15.02.2013) 678.00
Daily Volume
732
52-Week High % Change -13.83% Dividend Yield 5.58
52-Week Low % Change 7.96% Beta 0.53
% 52 Week Price Range High/Low 35.57% Equity Float 3'724.43
Shares Out 02.09.2013 3'729.9 Short Int -
27'303.11 1 Yr Total Return 13.29%
Total Debt 28'095.00 YTD Return 7.83%
Preferred Stock 0.0 Adjusted BETA 0.525
Minority Interest 5.0 Analyst Recs 21
Cash and Equivalents 6'102.00 Consensus Rating 3.238
Enterprise Value 49'301.10
Average Volume 5 Day 6'035'238
NG/ LN EQUITY YTD Change - Average Volume 30 Day 6'539'885
NG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'332'556
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -
15'624.0 14'007.0 14'343.0 13'832.0 14'359.0 - - 14'911.0 15'375.5 - -
2.41x 2.84x 2.90x 3.16x 3.49x - - 3.38x 3.37x - -
4'037.0 4'309.0 4'845.0 4'777.0 5'005.0 - - 5'293.0 5'545.0 - -
9.34x 9.24x 8.58x 9.14x 10.00x - - 9.31x 8.89x - -
944.0 1'386.0 2'159.0 2'036.0 2'295.0 - - 1'930.3 2'059.3 - -
14.32x 13.25x 9.30x 11.04x 12.21x - - 14.00x 13.28x - -
EBITDA 5'005.00 Long-Term Rating Date 24.08.2007
EBIT 3'644.00 Long-Term Rating A-
Operating Margin 25.38% Long-Term Outlook STABLE
Pretax Margin 20.34% Short-Term Rating Date 24.08.2007
Return on Assets 4.50% Short-Term Rating A-2
Return on Common Equity 23.58%
Return on Capital 11.34% EBITDA/Interest Exp. 2.18
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 0.78
Net Debt/EBITDA 4.39
Gross Margin - Total Debt/EBITDA 5.61
EBITDA Margin 34.9%
EBIT Margin 25.4% Total Debt/Equity 274.7%
Net Income Margin 16.0% Total Debt/Capital 73.3%
Asset Turnover 0.28
Current Ratio 1.29 Net Fixed Asset Turnover 0.41
Quick Ratio 1.00 Accounts receivable turnover-days 28.70
Debt to Assets 51.36% Inventory Days -
Tot Debt to Common Equity 274.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.72 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
National Grid PLCPrice/Volume
Valuation Analysis
2'124'007.00
Current Price (9/dd/yy) Market Data
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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 403'430'699 10.82 (1'921'199) 01.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 182'630'798 4.9 - 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 150'762'820 4.04 4'264'861 31.07.2013 Unclassified
CRESCENT HOLDING GMB n/a RNS-MAJ 149'414'285 4.01 - 17.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 130'759'413 3.51 14'622'233 30.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 88'220'510 2.37 (1'187'842) 03.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 87'631'999 2.35 - 31.12.2012 Government
NORGES BANK INVESTME Multiple Portfolios REG 87'598'229 2.35 (2'830'674) 03.06.2013 Government
STATE STREET CORP n/a ULT-AGG 62'659'319 1.68 (2'360'716) 27.09.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 49'092'363 1.32 (779'643) 16.07.2013 Investment Advisor
NOMURA n/a ULT-AGG 46'953'805 1.26 644'804 03.06.2013 Unclassified
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 43'256'010 1.16 (680'082) 03.06.2013 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 41'613'515 1.12 16'540'273 03.06.2013 Hedge Fund Manager
AXA n/a ULT-AGG 37'487'005 1.01 (668'863) 30.06.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 37'000'018 0.99 3'763'450 03.06.2013 Government
PRUDENTIAL PLC n/a ULT-AGG 34'263'175 0.92 (19'830'814) 03.06.2013 Unclassified
STOCK LENDING ACCOUN Multiple Portfolios REG 33'192'138 0.89 15'889'686 03.06.2013 Other
FIL LIMITED n/a ULT-AGG 32'401'485 0.87 (1'977'792) 03.06.2013 Investment Advisor
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 30'101'911 0.81 5'447'195 03.06.2013 Unclassified
THREADNEEDLE n/a ULT-AGG 29'309'222 0.79 6'304'725 30.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK outperform 5 M 900 12 month 30.09.2013
AlphaValue MYRIAM COHEN reduce 2 M 786 6 month 26.09.2013
UBS STEPHEN HUNT neutral 3 D 740 12 month 23.09.2013
Barclays PETER BISZTYGA overweight 5 M 850 Not Provided 13.09.2013
Goldman Sachs ANDREW MEAD Sell/Neutral 1 M 695 12 month 09.09.2013
Exane BNP Paribas IAIN TURNER neutral 3 M 780 Not Provided 02.09.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 810 12 month 28.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Societe Generale ASHLEY THOMAS sell 1 M 730 12 month 08.08.2013
Credit Suisse MARK FRESHNEY outperform 5 M 800 Not Provided 07.08.2013
HSBC VERITY MITCHELL overweight 5 M 885 Not Provided 07.08.2013
Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 880 12 month 06.08.2013
Liberum Capital Ltd PETER ATHERTON buy 5 N 730 Not Provided 31.07.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 789 12 month 29.07.2013
Deutsche Bank MARTIN BROUGH sell 1 M 660 12 month 10.06.2013
Berenberg Bank TEAM COVERAGE hold 3 M 740 Not Provided 10.06.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
JPMorgan EDMUND REID neutral 3 M 735 6 month 31.05.2013
Redburn Partners JAMIE TUNNICLIFFE neutral 3 D #N/A N/A Not Provided 24.05.2013
Holdings By:
National Grid PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
BT Group plc provides telecommunications services. The Company provides local
and long-distance telephone call products and services in the UK, international
telephone calls to and from the UK, broadband network solutions and web hosting
to corporate customers, network ADSL, ISDN, and IP services to communication
companies and narrowband and broadband internet access and related services.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (13.09.2013) 350.60
52-Week Low (31.10.2012) 212.50
Daily Volume
342.9
52-Week High % Change -2.17% Dividend Yield 2.77
52-Week Low % Change 61.36% Beta 0.82
% 52 Week Price Range High/Low 96.96% Equity Float 7'896.02
Shares Out 20.09.2013 7'908.1 Short Int -
27'116.87 1 Yr Total Return 53.49%
Total Debt 10'013.00 YTD Return 51.31%
Preferred Stock 0.0 Adjusted BETA 0.819
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 1'455.00 Consensus Rating 3.593
Enterprise Value 35'859.87
Average Volume 5 Day 8'495'382
BT/A LN EQUITY YTD Change - Average Volume 30 Day 11'588'160
BT/A LN EQUITY YTD % CHANGE - Average Volume 3 Month 12'848'830
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
21'390.0 20'859.0 20'076.0 19'307.0 18'253.0 19'047.0 17'982.0 18'118.5 18'044.0 4'459.0 4'497.0
0.88x 1.01x 1.23x 1.41x 1.67x 5.21x 6.56x 1.90x 1.85x 7.97x 7.72x
3'629.0 5'594.0 5'886.0 5'654.0 5'945.0 5'670.0 5'922.0 6'038.2 6'207.1 1'430.0 1'523.0
5.19x 3.76x 4.19x 4.82x 5.12x 4.61x 5.59x 5.94x 5.78x - -
(193.0) 1'028.0 1'502.0 2'003.0 2'091.0 2'033.0 1'985.0 1'972.0 2'202.7 - -
- 9.33x 9.58x 8.77x 10.41x 8.10x 12.22x 13.40x 11.99x - -
EBITDA 5'945.00 Long-Term Rating Date 19.07.2011
EBIT 3'102.00 Long-Term Rating BBB
Operating Margin 16.99% Long-Term Outlook STABLE
Pretax Margin 13.70% Short-Term Rating Date 19.07.2011
Return on Assets 7.95% Short-Term Rating A-2
Return on Common Equity 170.17%
Return on Capital 21.08% EBITDA/Interest Exp. 8.86
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 5.16
Net Debt/EBITDA 1.48
Gross Margin - Total Debt/EBITDA 1.70
EBITDA Margin 32.9%
EBIT Margin 17.3% Total Debt/Equity -
Net Income Margin 11.5% Total Debt/Capital 102.7%
Asset Turnover 0.72
Current Ratio 0.61 Net Fixed Asset Turnover 1.27
Quick Ratio 0.39 Accounts receivable turnover-days -
Debt to Assets 40.33% Inventory Days -
Tot Debt to Common Equity - Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
BT Group PLCPrice/Volume
Valuation Analysis
3'983'077.00
Current Price (9/dd/yy) Market Data
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18'500.0
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20'000.0
20'500.0
21'000.0
21'500.0
22'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a ULT-AGG 782'112'111 9.89 4'074'464 27.09.2013 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 530'869'513 6.71 906'276 30.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 382'736'261 4.84 - 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 331'177'506 4.19 (5'865'047) 01.08.2013 Unclassified
BT GROUP PLC SHAREVI Multiple Portfolios REG 274'615'887 3.47 11'272'301 01.08.2013 Unclassified
THREADNEEDLE n/a ULT-AGG 267'823'498 3.39 (2'001'993) 01.08.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 203'634'704 2.58 26'113'685 01.08.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 196'241'263 2.48 8'359'939 01.08.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 174'035'329 2.2 23'086'002 01.08.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 173'818'968 2.2 34'695'884 01.08.2013 Government
FIL LIMITED n/a ULT-AGG 155'820'521 1.97 12'229'270 01.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 146'448'697 1.85 - 31.12.2012 Government
STATE STREET CORP n/a ULT-AGG 133'807'225 1.69 (4'020'921) 27.09.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 113'972'546 1.44 (1'388'931) 31.07.2013 Investment Advisor
AXA n/a ULT-AGG 104'377'931 1.32 (15'303'089) 01.08.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 104'096'932 1.32 8'219'129 01.08.2013 Government
PRUDENTIAL PLC n/a ULT-AGG 99'255'333 1.26 (2'556'548) 01.08.2013 Unclassified
AVIVA INVESTORS Multiple Portfolios REG 91'662'854 1.16 (27'322'335) 01.08.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 90'844'770 1.15 12'800'853 31.12.2012 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 86'745'508 1.1 (3'719'189) 01.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 385 12 month 30.09.2013
Nomura JAMES BRITTON buy 5 M 390 12 month 30.09.2013
Exane BNP Paribas MICHAEL WILLIAMS neutral 3 M 277 Not Provided 30.09.2013
AlphaValue JEAN-MICHEL SALVADOR reduce 2 M 325 6 month 26.09.2013
Barclays MAURICE PATRICK overweight 5 M 400 Not Provided 23.09.2013
Berenberg Bank BARRY ZEITOUNE buy 5 M 375 Not Provided 13.09.2013
Deutsche Bank DAVID A WRIGHT hold 3 M 300 12 month 05.09.2013
Credit Suisse PAUL SIDNEY outperform 5 M 350 Not Provided 02.09.2013
Jefferies JEREMY A DELLIS buy 5 M 385 12 month 20.08.2013
Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 310 12 month 15.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 M 405 Not Provided 02.08.2013
Macquarie GUY R PEDDY underperform 1 M 180 12 month 31.07.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 30.07.2013
UBS NICK LYALL neutral 3 M 330 12 month 26.07.2013
Societe Generale OTTAVIO ADORISIO hold 3 M 245 12 month 25.07.2013
JPMorgan CARL MURDOCK-SMITH neutral 3 M 330 6 month 25.07.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 340 Not Provided 25.07.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK sell 1 M 242 Not Provided 25.07.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 370 12 month 25.07.2013
Oriel Securities Ltd JOHN KARIDIS buy 5 M 390 Not Provided 25.07.2013
New Street Research JAMES RATZER neutral 3 M 350 Not Provided 25.07.2013
Goldman Sachs ANDREW LEE Buy/Neutral 5 M 400 12 month 11.07.2013
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 175 Not Provided 30.05.2013
HSBC STEPHEN HOWARD neutral 3 M 220 Not Provided 20.11.2012
Holdings By:
BT Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 9.20
52-Week Low (28.03.2013) 5.52
Daily Volume
8.304
52-Week High % Change -9.68% Dividend Yield -
52-Week Low % Change 50.41% Beta 1.79
% 52 Week Price Range High/Low 79.12% Equity Float -
Shares Out 02.07.2013 3'838.8 Short Int -
31'877.46 1 Yr Total Return 35.05%
Total Debt 207'649.00 YTD Return 17.60%
Preferred Stock 0.0 Adjusted BETA 1.786
Minority Interest 1'081.0 Analyst Recs 34
Cash and Equivalents 17'657.00 Consensus Rating 4.029
Enterprise Value 212'995.46
Average Volume 5 Day 14'443'770
INGA NA EQUITY YTD Change - Average Volume 30 Day 17'996'380
INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 19'985'380
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
64'680.0 46'025.0 51'411.0 52'787.0 39'304.0 43'490.0 39'266.0 15'187.1 15'423.9 3'743.5 3'746.5
4.40x 5.41x 4.99x 4.38x 5.54x 22.40x 22.32x 6.89x 6.76x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(729.0) (935.0) 2'810.0 5'766.0 3'894.0 4'899.0 4'635.0 3'849.2 4'309.8 957.7 717.2
- - 12.77x 6.70x 11.39x 8.57x 9.41x 8.26x 7.41x 8.39x -
EBITDA - Long-Term Rating Date 03.09.2009
EBIT - Long-Term Rating A
Operating Margin 12.65% Long-Term Outlook NEG
Pretax Margin 9.91% Short-Term Rating Date 31.03.2009
Return on Assets 0.39% Short-Term Rating A-1
Return on Common Equity 8.77%
Return on Capital 1.78% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 366.8%
Net Income Margin 9.9% Total Debt/Capital 78.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.77% Inventory Days -
Tot Debt to Common Equity 366.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
ING Groep NVPrice/Volume
Valuation Analysis
8'296'373.00
Current Price (9/dd/yy) Market Data
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
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30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 189'941'686 4.95 - 26.09.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 180'654'154 4.71 (814'810) 31.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 90'214'200 2.35 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 60'462'630 1.58 (1'096'298) 30.06.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 42'306'308 1.1 1'426'126 31.07.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 41'376'650 1.08 2'840'522 28.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 41'280'000 1.08 18'750'000 30.06.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 33'413'069 0.87 6'116'889 31.08.2013 Unclassified
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 28'773'377 0.75 (1'347'595) 30.06.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 26'018'515 0.68 20'555'914 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 25'155'275 0.66 1'370'536 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 24'611'894 0.64 827'681 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 20'024'798 0.52 1'163'679 28.03.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'776'736 0.52 1'316 30.06.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 18'398'613 0.48 (4'688'475) 31.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'018'179 0.44 (903'636) 30.06.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 11'988'686 0.31 6'808'036 24.09.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'881'213 0.31 60'710 26.09.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 11'646'676 0.3 3'915'994 30.04.2013 Investment Advisor
WADDELL & REED FINAN n/a ULT-AGG 11'180'790 0.29 6'753'710 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEROME CASSAGNE reduce 2 M 8 6 month 26.09.2013
Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 10 12 month 25.09.2013
Exane BNP Paribas FRANCOIS BOISSIN neutral 3 D 9 Not Provided 23.09.2013
Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 10 12 month 20.09.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 10 12 month 20.09.2013
JPMorgan ASHIK MUSADDI overweight 5 M 11 15 month 20.09.2013
KBC Securities MATTHIAS DE WIT hold 3 M 9 Not Provided 20.09.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 8 Not Provided 20.09.2013
Kepler Cheuvreux BENOIT PETRARQUE reduce 2 M 7 Not Provided 20.09.2013
Nomura MARCO KISIC buy 5 M 10 Not Provided 20.09.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 19.09.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 9 12 month 19.09.2013
Theodoor Gilissen Securities TOM MULLER hold 3 M 9 Not Provided 18.09.2013
Goldman Sachs MARTIN LEITGEB Buy/Neutral 5 M 12 12 month 16.09.2013
SNS Securities(ESN) LEMER SALAH buy 5 M 11 Not Provided 16.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 12.09.2013
Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 05.09.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 9 Not Provided 04.09.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 10 Not Provided 02.09.2013
HSBC STEVEN HAYWOOD neutral 3 M 9 Not Provided 28.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 10 12 month 27.08.2013
Petercam TOM VAN KEMPEN add 4 D 9 Not Provided 27.08.2013
Rabobank International COR KLUIS buy 5 M 10 12 month 27.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 9 Not Provided 26.08.2013
Macquarie THOMAS STOEGNER neutral 3 M 8 12 month 21.08.2013
Jefferies OMAR FALL buy 5 M 11 12 month 19.08.2013
Deutsche Bank DAVID LOCK buy 5 M 10 12 month 12.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Societe Generale PHILIP RICHARDS buy 5 M 10 12 month 08.08.2013
UBS ANTON KRYACHOK buy 5 M 10 12 month 08.08.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
DZ Bank AG WERNER EISENMANN buy 5 M 8 Not Provided 10.05.2013
Holdings By:
ING Groep NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Air Liquide SA, through its subsidiaries, produces, markets, and sells
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 105.65
52-Week Low (21.02.2013) 88.55
Daily Volume
102.5
52-Week High % Change -2.98% Dividend Yield -
52-Week Low % Change 15.75% Beta 0.75
% 52 Week Price Range High/Low 86.26% Equity Float 310.50
Shares Out 06.09.2013 311.9 Short Int -
31'965.09 1 Yr Total Return 9.04%
Total Debt 7'273.70 YTD Return 10.65%
Preferred Stock 0.0 Adjusted BETA 0.752
Minority Interest 232.6 Analyst Recs 34
Cash and Equivalents 1'154.20 Consensus Rating 3.588
Enterprise Value 39'044.19
Average Volume 5 Day 445'472
AI FP EQUITY YTD Change - Average Volume 30 Day 540'656
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 566'554
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'702.2 15'354.0 15'770.5 16'902.9 3'944.0 4'170.4
1.73x 2.25x 2.38x 2.25x 2.34x 0.00x 0.00x 2.44x 2.26x - 9.10x
2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 3'965.1 4'320.1 - 2'081.0
7.71x 9.08x 9.50x 9.13x 9.48x 0.00x 0.00x 9.84x 9.03x - -
1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'656.8 1'854.3 - 905.0
13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 19.23x 17.32x - -
EBITDA 3'792.30 Long-Term Rating Date 02.07.2007
EBIT 2'560.50 Long-Term Rating A
Operating Margin 16.71% Long-Term Outlook STABLE
Pretax Margin 14.63% Short-Term Rating Date 06.05.2004
Return on Assets 6.36% Short-Term Rating A-1
Return on Common Equity 15.94%
Return on Capital - EBITDA/Interest Exp. 13.84
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 6.51
Net Debt/EBITDA 1.79
Gross Margin - Total Debt/EBITDA 2.06
EBITDA Margin 24.9%
EBIT Margin 16.8% Total Debt/Equity 71.2%
Net Income Margin 10.5% Total Debt/Capital 41.1%
Asset Turnover 0.62
Current Ratio 1.03 Net Fixed Asset Turnover 1.20
Quick Ratio 0.77 Accounts receivable turnover-days 68.07
Debt to Assets 29.09% Inventory Days -
Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.36 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Air Liquide SAPrice/Volume
Valuation Analysis
159'905.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
6'000.0
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12'000.0
14'000.0
16'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORGES BANK Multiple Portfolios MF-AGG 6'786'466 2.18 - 31.12.2012 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'338'844 1.39 - 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'897'949 1.25 23'508 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'600'917 1.15 71'615 30.06.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 2'807'011 0.9 (38'991) 31.07.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (2'774'061) -0.89 31'170 18.06.2013 Hedge Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 2'250'550 0.72 62'584 31.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'061'795 0.66 1'380'410 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'774'082 0.57 (29'601) 31.05.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'519'087 0.49 950'589 30.04.2013 Unclassified
DEUTSCHE BANK AG n/a ULT-AGG 1'446'000 0.46 2'627 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'265'614 0.41 (10'648) 27.09.2013 Investment Advisor
AIR LIQUIDE n/a Co File 1'003'394 0.32 - 31.12.2012 Corporation
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 961'885 0.31 4'920 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 942'077 0.3 37'000 30.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 844'641 0.27 (4'158) 28.03.2013 Investment Advisor
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 809'084 0.26 801'157 31.07.2013 Insurance Company
ALLIANZ ASSET MANAGE n/a ULT-AGG 796'354 0.26 (2'145) 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 763'181 0.24 (8'199) 27.09.2013 Unclassified
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 680'866 0.22 35'583 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 124 12 month 27.09.2013
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 90 12 month 27.09.2013
Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 105 Not Provided 26.09.2013
Societe Generale PETER CLARK hold 3 M 105 12 month 19.09.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 18.09.2013
JPMorgan MARCUS DIEBEL overweight 5 M 122 15 month 18.09.2013
Deutsche Bank TIMOTHY JONES buy 5 M 115 12 month 17.09.2013
AlphaValue FABRICE FARIGOULE reduce 2 M 100 6 month 05.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 116 12 month 04.09.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 118 12 month 30.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.08.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 20.08.2013
Kepler Cheuvreux MARKUS MAYER buy 5 M 111 Not Provided 13.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 09.08.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 112 Not Provided 07.08.2013
Jefferies LAURENCE ALEXANDER hold 3 M 110 12 month 06.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 103 12 month 05.08.2013
Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 120 6 month 01.08.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 106 12 month 01.08.2013
HSBC GEOFF HAIRE neutral 3 M 108 Not Provided 31.07.2013
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 31.07.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 104 Not Provided 31.07.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 30.07.2013
Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 98 Not Provided 23.07.2013
Barclays GUNTHER ZECHMANN underweight 1 M 93 Not Provided 17.07.2013
CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 M 106 12 month 13.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 109 Not Provided 26.04.2013
UBS THOMAS GILBERT neutral 3 M 91 12 month 25.04.2013
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013
Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012
Holdings By:
Air Liquide SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens,
and children. The Company sells a variety trendy, sporty, and classic garments
in addition to accessories such as jewelery, bags, and scarves, and cosmetics.
H&M owns and operates stores in many European countries and the United States.
Latest Fiscal Year: 11/2012
LTM as of: 08/yy
52-Week High (26.09.2013) 285.00
52-Week Low (16.11.2012) 209.70
Daily Volume
279.1
52-Week High % Change -2.04% Dividend Yield -
52-Week Low % Change 33.09% Beta 0.90
% 52 Week Price Range High/Low 94.29% Equity Float -
Shares Out 29.09.2013 1'460.7 Short Int -
461'930.59 1 Yr Total Return 27.47%
Total Debt 0.00 YTD Return 29.57%
Preferred Stock 0.0 Adjusted BETA 0.904
Minority Interest 0.0 Analyst Recs 36
Cash and Equivalents 17'143.00 Consensus Rating 3.083
Enterprise Value 450'977.60
Average Volume 5 Day 4'724'231
HMB SS EQUITY YTD Change - Average Volume 30 Day 2'676'101
HMB SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'347'101
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 08/yy 08/yy 11/13 Y 11/14 Y 11/13 Q4 02/14 Q1
88'532.0 101'393.0 108'483.0 109'999.0 120'799.0 119'248.0 124'569.0 128'122.2 142'684.3 35'768.3 31'619.6
2.53x 3.15x 3.39x 3.03x 2.82x 12.00x 11.77x 3.49x 3.13x - -
22'340.0 24'474.0 27'720.0 23'641.0 25'459.0 25'444.0 25'491.0 26'508.6 30'238.7 8'594.6 4'918.3
10.02x 13.04x 13.28x 14.08x 13.36x 15.05x 15.38x 17.01x 14.91x 15.77x 15.25x
15'294.0 16'384.0 18'681.0 15'821.0 16'867.0 16'937.0 16'831.0 17'387.9 19'946.8 5'930.7 2'956.4
16.12x 20.82x 21.03x 22.39x 21.19x 23.41x 23.94x 26.57x 23.06x 24.48x 23.90x
EBITDA 25'459.00 Long-Term Rating Date -
EBIT 21'754.00 Long-Term Rating -
Operating Margin 18.01% Long-Term Outlook -
Pretax Margin 18.45% Short-Term Rating Date -
Return on Assets 30.87% Short-Term Rating -
Return on Common Equity 43.45%
Return on Capital 43.46% EBITDA/Interest Exp. 5091.80
Asset Turnover 2.28% (EBITDA-Capex)/Interest Exp. 3877.60
Net Debt/EBITDA -0.43
Gross Margin 59.5% Total Debt/EBITDA 0.00
EBITDA Margin 20.5%
EBIT Margin 17.2% Total Debt/Equity 0.0%
Net Income Margin 14.0% Total Debt/Capital 0.0%
Asset Turnover 2.28
Current Ratio 2.66 Net Fixed Asset Turnover 6.53
Quick Ratio 1.38 Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days 103.76
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 84.41
Inventory Turnover 3.52
Fiscal Year Ended
Hennes & Mauritz ABPrice/Volume
Valuation Analysis
1'351'930.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PERSSON STEFAN n/a Research 429'449'332 29.4 - 31.01.2013 n/a
THAM LOTTIE n/a Research 88'080'400 6.03 - 31.01.2013 n/a
ALECTA PENSIONSFORSA n/a Research 65'340'000 4.47 - 31.01.2013 Pension Fund (ERISA)
SWEDBANK ROBUR FONDE n/a Research 46'207'198 3.16 - 31.01.2013 Investment Advisor
SEB n/a ULT-AGG 34'238'883 2.34 128'689 31.03.2013 Unclassified
AMF FORAKRING OCH FO n/a Research 33'183'861 2.27 - 31.01.2013 n/a
CLEARSTREAM BANKING n/a Research 29'003'861 1.99 - 31.01.2013 Bank
JP MORGAN CHASE BANK n/a Research 28'345'566 1.94 - 31.01.2013 Investment Advisor
SSB CL OMNIBUS n/a Research 27'316'541 1.87 - 31.01.2013 Other
FOLKSAM GROUP n/a Research 17'812'084 1.22 - 28.09.2012 Insurance Company
AFA FORSAKRINGAR n/a Research 17'365'420 1.19 - 31.01.2013 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 15'541'950 1.06 (3'779'000) 30.06.2013 Investment Advisor
FJARDE AP-FONDEN n/a Research 15'518'751 1.06 - 31.01.2013 Pension Fund (ERISA)
HANDELSBANKEN FONDER n/a Research 15'328'521 1.05 - 28.09.2012 Investment Advisor
BENGTSSON JAN n/a Research 14'222'030 0.97 - 31.01.2013 n/a
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 14'119'251 0.97 (1'609'372) 30.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 13'811'864 0.95 - 31.12.2012 Government
AMF FONDER AB Multiple Portfolios MF-AGG 13'572'880 0.93 1'267'000 31.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 12'011'946 0.82 (505'600) 31.07.2013 Investment Advisor
NORDEA INVESTMENT FU n/a Research 11'904'522 0.82 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JAMIE MERRIMAN underperform 1 M 195 12 month 30.09.2013
Independent Research GmbH ZAFER RUZGAR hold 3 U 300 12 month 30.09.2013
Grupo Santander REBECCA MCCLELLAN underweight 1 M 254 12 month 27.09.2013
Societe Generale ANNE CRITCHLOW buy 5 U 317 12 month 27.09.2013
Credit Suisse SIMON IRWIN outperform 5 U 315 Not Provided 27.09.2013
Raymond James CEDRIC LECASBLE underperform 1 M 242 12 month 27.09.2013
SEB Enskilda NICKLAS FHARM buy 5 M 300 Not Provided 27.09.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 U 270 Not Provided 27.09.2013
Nordea Equity Research STEFAN STJERNHOLM sell 1 M 255 12 month 27.09.2013
Handelsbanken ERIK SANDSTEDT buy 5 M 340 12 month 27.09.2013
Swedbank CHRISTIAN ANDERSON buy 5 M 305 12 month 27.09.2013
Natixis JEAN BAPTISTE TEISSIER neutral 3 M 260 Not Provided 27.09.2013
Nomura FRASER RAMZAN neutral 3 M 278 Not Provided 27.09.2013
Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 27.09.2013
Exane BNP Paribas SIMON BOWLER underperform 1 M 240 Not Provided 27.09.2013
Barclays CHRISTODOULOS CHAVIARAS overweight 5 M 315 Not Provided 27.09.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 245 12 month 27.09.2013
Danske Markets ANDERS HANSSON buy 5 M 315 12 month 27.09.2013
UBS ADAM COCHRANE buy 5 M 310 12 month 26.09.2013
Carnegie NIKLAS EKMAN buy 5 M #N/A N/A Not Provided 26.09.2013
Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 26.09.2013
ISI Group OMAR SAAD neutral 3 M 290 12 month 26.09.2013
S&P Capital IQ WILLIAM MACK hold 3 M 295 12 month 26.09.2013
AlphaValue VIRGINIE BLIN reduce 2 M 235 6 month 26.09.2013
DNB Markets HAAKON ASCHEHOUG sell 1 M 200 Not Provided 19.09.2013
Deutsche Bank CHARLIE MUIR-SANDS buy 5 M 275 12 month 17.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 22.07.2013
ABG Sundal Collier ANDREAS LUNDBERG buy 5 U 250 6 month 25.06.2013
HSBC PAUL ROSSINGTON underweight 1 M 230 Not Provided 20.06.2013
Kepler Cheuvreux DANIEL OVIN hold 3 U 230 Not Provided 20.06.2013
Morgan Stanley GEOFFREY RUDDELL Underwt/Cautious 1 M 195 12 month 19.06.2013
Goldman Sachs FRANKLIN WALDING Sell/Neutral 1 D 205 12 month 28.05.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 25.04.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA sell 1 M 185 Not Provided 19.11.2012
Sydbank SOEREN LONTOFT HANSEN hold 3 M #N/A N/A Not Provided 01.10.2012
Holdings By:
Hennes & Mauritz AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Danone is a food processing company. The Company produces dairy products,
beverages, baby food and clinical/medical nutrition products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.08.2013) 60.45
52-Week Low (23.10.2012) 45.61
Daily Volume
55.46
52-Week High % Change -8.24% Dividend Yield -
52-Week Low % Change 21.61% Beta 0.63
% 52 Week Price Range High/Low 66.25% Equity Float 534.79
Shares Out 31.08.2013 631.0 Short Int -
34'996.81 1 Yr Total Return 18.68%
Total Debt 9'522.00 YTD Return 13.94%
Preferred Stock 0.0 Adjusted BETA 0.630
Minority Interest 63.0 Analyst Recs 40
Cash and Equivalents 3'017.00 Consensus Rating 3.250
Enterprise Value 43'392.81
Average Volume 5 Day 1'515'853
BN FP EQUITY YTD Change - Average Volume 30 Day 1'473'033
BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'435'540
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
15'220.0 14'982.0 17'010.0 19'318.0 20'869.0 20'065.0 21'451.0 21'964.9 23'170.7 5'434.2 5'394.3
2.09x 2.20x 2.11x 1.89x 1.73x 0.00x 0.00x 1.87x 1.75x - -
2'796.0 2'844.0 3'194.0 3'486.0 3'622.0 0.0 0.0 3'717.6 3'960.2 - -
11.35x 11.61x 11.23x 10.45x 9.99x 0.00x 0.00x 11.64x 10.93x - -
1'313.0 1'361.0 1'875.0 1'671.0 1'672.0 0.0 0.0 1'792.3 1'944.6 - -
19.75x 17.77x 15.42x 17.53x 17.95x 0.00x 0.00x 18.12x 16.78x - -
EBITDA 3'622.00 Long-Term Rating Date 25.07.2007
EBIT 2'958.00 Long-Term Rating A-
Operating Margin 14.17% Long-Term Outlook STABLE
Pretax Margin 11.97% Short-Term Rating Date 11.07.2007
Return on Assets 5.84% Short-Term Rating A-2
Return on Common Equity 15.12%
Return on Capital 9.31% EBITDA/Interest Exp. 14.78
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 10.80
Net Debt/EBITDA 2.46
Gross Margin 50.1% Total Debt/EBITDA 3.26
EBITDA Margin 15.9%
EBIT Margin 12.7% Total Debt/Equity 78.1%
Net Income Margin 8.0% Total Debt/Capital 43.7%
Asset Turnover 0.71
Current Ratio 0.81 Net Fixed Asset Turnover 5.02
Quick Ratio 0.58 Accounts receivable turnover-days 35.67
Debt to Assets 32.24% Inventory Days 41.59
Tot Debt to Common Equity 78.11% Accounts Payable Turnover Day 105.79
Accounts Receivable Turnover 10.23 Cash Conversion Cycle -27.01
Inventory Turnover 8.78
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Danone SAPrice/Volume
Valuation Analysis
641'430.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 55'564'634 8.81 - 31.12.2012 Investment Advisor
GROUPE DANONE n/a ULT-AGG 44'051'229 6.98 - 31.12.2012 Corporation
AMUNDI SA n/a Co File 20'039'020 3.18 - 31.12.2012 Other
EURAZEO n/a Co File 16'433'370 2.6 - 31.12.2012 Investment Advisor
NORGES BANK n/a Co File 15'048'614 2.38 - 31.12.2012 Government
SOFINA & HENEX GROUP n/a Co File 13'584'541 2.15 - 31.12.2012 Other
NATIXIS ASSET MANAGE n/a Co File 12'811'179 2.03 - 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'376'606 1.8 997'735 31.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'939'780 1.58 4'868 30.06.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 9'783'434 1.55 - 31.12.2012 Government
FCPE FONDS GROUPE DA n/a Co File 8'533'644 1.35 - 31.12.2012 n/a
FMR LLC n/a ULT-AGG 7'751'956 1.23 168'774 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 6'930'071 1.1 4'862'980 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'501'099 1.03 18'442 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 6'469'985 1.03 7'388 30.06.2013 Unclassified
TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.02 - 07.11.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'733'658 0.91 105'109 31.08.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'521'375 0.72 (157'544) 31.08.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'467'453 0.71 22'809 31.05.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.69 745'570 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH LARS LUSEBRINK hold 3 D 61 12 month 30.09.2013
Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 49 12 month 28.09.2013
JPMorgan CELINE PANNUTI overweight 5 M 74 12 month 27.09.2013
Redburn Partners JEREMY FIALKO neutral 3 D #N/A N/A Not Provided 27.09.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 67 12 month 27.09.2013
Helvea ANDREAS VON ARX buy 5 M 64 12 month 27.09.2013
Jefferies ALEX HOWSON hold 3 M 58 12 month 26.09.2013
AlphaValue SOPHIE CABO-BROSETA add 4 M 63 6 month 26.09.2013
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 60 12 month 25.09.2013
Exane BNP Paribas JEFF STENT neutral 3 M 66 Not Provided 25.09.2013
Credit Suisse CHARLES MILLS underperform 1 M 54 Not Provided 24.09.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 20.09.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 57 12 month 13.09.2013
Goldman Sachs MITCHELL COLLETT Buy/Neutral 5 M 71 12 month 12.09.2013
Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.09.2013
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 63 Not Provided 12.09.2013
Natixis PIERRE TEGNER neutral 3 M 56 Not Provided 12.09.2013
Oddo & Cie LAURENCE HOFMANN neutral 3 M 56 Not Provided 11.09.2013
UBS ALAN ERSKINE neutral 3 M 56 12 month 09.09.2013
CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 52 12 month 09.09.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 45 12 month 05.09.2013
Societe Generale WARREN L ACKERMAN hold 3 M 59 12 month 04.09.2013
Kepler Cheuvreux JON COX buy 5 M 63 Not Provided 01.09.2013
Nomura DAVID HAYES buy 5 M 70 12 month 30.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.08.2013
Investec MARTIN DEBOO hold 3 M 61 Not Provided 07.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 58 Not Provided 06.08.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 02.08.2013
Berenberg Bank JAMES TARGETT sell 1 M 58 Not Provided 02.08.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 50 12 month 29.07.2013
HSBC CEDRIC BESNARD overweight 5 M 66 Not Provided 29.07.2013
S&P Capital IQ CARL SHORT buy 5 M 67 12 month 29.07.2013
Barclays LIAM ROWLEY equalweight 3 M 57 Not Provided 29.07.2013
Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 53 12 month 12.04.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011
Holdings By:
Danone SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
L'Oreal SA manufactures, markets, and distributes health and beauty aids. The
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.05.2013) 137.85
52-Week Low (11.10.2012) 94.55
Daily Volume
126.8
52-Week High % Change -8.02% Dividend Yield -
52-Week Low % Change 34.11% Beta 0.67
% 52 Week Price Range High/Low 76.44% Equity Float 228.55
Shares Out 31.08.2013 606.2 Short Int -
76'861.37 1 Yr Total Return 34.02%
Total Debt 248.00 YTD Return 22.98%
Preferred Stock 0.0 Adjusted BETA 0.673
Minority Interest 4.8 Analyst Recs 37
Cash and Equivalents 1'823.20 Consensus Rating 3.432
Enterprise Value 76'293.06
Average Volume 5 Day 408'553
OR FP EQUITY YTD Change - Average Volume 30 Day 514'633
OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 486'182
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
17'541.8 17'472.6 19'495.8 20'343.1 22'462.7 21'406.7 22'987.6 23'283.5 24'622.8 5'592.7 5'866.3
2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 3.19x 2.97x - -
3'441.7 3'368.7 3'757.5 3'955.1 4'538.0 0.0 0.0 4'719.2 5'078.5 - -
11.63x 14.12x 13.05x 12.00x 13.49x 0.00x 0.00x 16.12x 14.98x - -
1'948.3 1'792.2 2'239.7 2'438.4 2'867.7 0.0 0.0 3'103.7 3'352.6 - -
17.80x 22.81x 21.75x 19.64x 21.90x 0.00x 0.00x 24.73x 22.95x - -
EBITDA 4'538.00 Long-Term Rating Date -
EBIT 3'697.30 Long-Term Rating -
Operating Margin 16.46% Long-Term Outlook -
Pretax Margin 17.25% Short-Term Rating Date 05.06.2006
Return on Assets 9.99% Short-Term Rating A-1+
Return on Common Equity 14.59%
Return on Capital 14.04% EBITDA/Interest Exp. 131.54
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 103.86
Net Debt/EBITDA -0.12
Gross Margin 70.7% Total Debt/EBITDA 0.14
EBITDA Margin 20.5%
EBIT Margin 16.7% Total Debt/Equity 1.2%
Net Income Margin 12.8% Total Debt/Capital 1.2%
Asset Turnover 0.78
Current Ratio 1.29 Net Fixed Asset Turnover 7.61
Quick Ratio 0.79 Accounts receivable turnover-days 56.95
Debt to Assets 0.84% Inventory Days 118.79
Tot Debt to Common Equity 1.18% Accounts Payable Turnover Day 179.22
Accounts Receivable Turnover 6.41 Cash Conversion Cycle -18.84
Inventory Turnover 3.07
Fiscal Year Ended
L'Oreal SAPrice/Volume
Valuation Analysis
216'746.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BETTENCOURT FAMILY n/a Co File 185'661'879 30.63 - 31.12.2012 n/a
NESTLE SA n/a Co File 178'381'021 29.43 - 31.12.2012 Corporation
L'OREAL SA n/a Co File 10'454'165 1.72 - 31.12.2012 Corporation
NORGES BANK Multiple Portfolios MF-AGG 6'199'218 1.02 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 5'105'265 0.84 645'213 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 5'013'043 0.83 (727'601) 30.06.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'446'174 0.73 - 30.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'089'800 0.67 (1'414'300) 30.06.2013 Investment Advisor
OWEN-JONES LINDSAY n/a Co File 2'998'095 0.49 - 31.12.2012 n/a
COVEA FINANCE SAS Multiple Portfolios MF-AGG 2'694'718 0.44 2'609'350 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'049'181 0.34 (406'216) 30.08.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'562'693 0.26 18'561 31.08.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'507'676 0.25 (363'961) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'301'676 0.21 (52'229) 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'151'766 0.19 (39'626) 27.09.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 974'438 0.16 (70'028) 28.03.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 894'329 0.15 381'519 30.04.2013 Investment Advisor
COMGEST S A Multiple Portfolios MF-AGG 856'708 0.14 193'233 30.08.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 726'408 0.12 (42'796) 30.04.2013 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan CELINE PANNUTI overweight 5 M 145 12 month 27.09.2013
Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 108 12 month 25.09.2013
Exane BNP Paribas EAMONN FERRY outperform 5 M 167 Not Provided 25.09.2013
Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 150 12 month 24.09.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 24.09.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 138 12 month 23.09.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 170 Not Provided 20.09.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 120 6 month 19.09.2013
Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 110 12 month 19.09.2013
Natixis PIERRE TEGNER neutral 3 M 110 Not Provided 19.09.2013
Nomura GUILLAUME DELMAS reduce 2 M 97 12 month 19.09.2013
AlphaValue ARMELLE MOULIN reduce 2 M 119 6 month 19.09.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 19.09.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 147 6 month 18.09.2013
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 18.09.2013
Bankhaus Lampe MICHAEL GORNY buy 5 N 145 12 month 17.09.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 135 12 month 13.09.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 112 12 month 05.09.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 135 Not Provided 02.09.2013
Kepler Cheuvreux CATHERINE ROLLAND buy 5 M 135 Not Provided 02.09.2013
Main First Bank AG GAEL COLCOMBET underperform 1 M 130 12 month 02.09.2013
Barclays IAIN SIMPSON overweight 5 M 144 Not Provided 02.09.2013
Credit Suisse NICOLAS SOCHOVSKY neutral 3 M 125 Not Provided 30.08.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 135 12 month 30.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 30.08.2013
S&P Capital IQ CARL SHORT hold 3 M 133 12 month 30.08.2013
Telsey Advisory Group DAVID WU no rating system #N/A N/A M 130 12 month 30.08.2013
Berenberg Bank BASSEL CHOUGHARI Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2013
Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 159 12 month 23.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.07.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 120 Not Provided 18.07.2013
Jefferies ALEX HOWSON buy 5 M 106 12 month 17.07.2013
HSBC CEDRIC BESNARD overweight 5 M 121 Not Provided 05.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 105 Not Provided 03.07.2013
Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013
UBS EVA QUIROGA neutral 3 M 140 12 month 29.05.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 110 12 month 18.04.2013
Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012
Holdings By:
L'Oreal SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Telefonaktiebolaget LM Ericsson develops and manufactures network equipment and
software, as well as services for network and business operations. The
Company's portfolio also includes products for the enterprise, cable, mobile
platform and power module markets.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (16.09.2013) 90.95
52-Week Low (16.11.2012) 56.60
Daily Volume
85.55
52-Week High % Change -5.88% Dividend Yield -
52-Week Low % Change 51.15% Beta 0.92
% 52 Week Price Range High/Low 89.37% Equity Float -
Shares Out 29.09.2013 3'043.3 Short Int -
281'660.88 1 Yr Total Return 48.03%
Total Debt 28'667.00 YTD Return 36.09%
Preferred Stock 0.0 Adjusted BETA 0.918
Minority Interest 1'600.0 Analyst Recs 37
Cash and Equivalents 76'708.00 Consensus Rating 3.892
Enterprise Value 244'875.89
Average Volume 5 Day 7'321'200
ERICB SS EQUITY YTD Change - Average Volume 30 Day 7'959'426
ERICB SS EQUITY YTD % CHANGE - Average Volume 3 Month 6'725'653
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
208'930.0 206'477.0 203'348.0 226'921.0 227'779.0 225'478.0 228'849.0 229'636.8 239'783.4 54'897.5 67'143.2
0.71x 0.81x 0.98x 0.79x 0.72x 3.11x 3.33x 1.08x 1.00x 4.63x 3.66x
23'592.0 25'441.0 25'925.0 30'714.0 32'078.0 33'503.0 23'074.0 27'118.9 32'639.9 7'197.1 9'494.4
6.26x 6.57x 7.72x 5.83x 5.09x 5.04x 9.25x 9.03x 7.50x 8.41x 8.52x
11'273.0 3'672.0 11'146.0 12'194.0 5'775.0 15'035.0 (1'611.0) 13'669.5 18'187.4 3'667.7 5'199.4
16.60x 57.25x 22.42x 18.51x 36.25x 13.46x 0.00x 19.58x 15.01x 16.79x 16.28x
EBITDA 32'078.00 Long-Term Rating Date 15.06.2007
EBIT 22'189.00 Long-Term Rating BBB+
Operating Margin 9.74% Long-Term Outlook NEG
Pretax Margin 4.47% Short-Term Rating Date 15.06.2007
Return on Assets -0.60% Short-Term Rating A-2
Return on Common Equity -1.17%
Return on Capital - EBITDA/Interest Exp. 18.50
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 15.37
Net Debt/EBITDA -1.66
Gross Margin 31.6% Total Debt/EBITDA 1.15
EBITDA Margin 10.1%
EBIT Margin 5.7% Total Debt/Equity 20.9%
Net Income Margin 2.5% Total Debt/Capital 17.2%
Asset Turnover 0.85
Current Ratio 1.98 Net Fixed Asset Turnover 19.73
Quick Ratio 1.44 Accounts receivable turnover-days 103.99
Debt to Assets 10.42% Inventory Days 73.05
Tot Debt to Common Equity 20.94% Accounts Payable Turnover Day 53.71
Accounts Receivable Turnover 3.51 Cash Conversion Cycle 117.20
Inventory Turnover 5.00
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
Telefonaktiebolaget LM EricssonPrice/Volume
Valuation Analysis
4'402'753.00
Current Price (9/dd/yy) Market Data
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150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SWEDBANK ROBUR FONDE n/a Co File 141'913'401 4.66 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 107'069'425 3.52 54'425 26.09.2013 Investment Advisor
SEB n/a ULT-AGG 89'710'312 2.95 (2'445'742) 31.03.2013 Unclassified
AMF FONDER AB n/a Co File 75'600'000 2.48 - 31.12.2011 Investment Advisor
NORGES BANK INVESTME n/a Co File 69'572'027 2.29 - 31.12.2011 Government
OPPENHEIMERFUNDS INC n/a Co File 67'628'249 2.22 - 31.12.2011 Investment Advisor
ABERDEEN ASSET MANAG n/a Co File 58'953'636 1.94 - 31.12.2011 Investment Advisor
INVESTOR AB n/a Co File 58'709'995 1.93 - 31.12.2011 Investment Advisor
DODGE & COX n/a Co File 54'067'771 1.78 - 31.12.2011 Investment Advisor
HANDELSBANKEN FONDER n/a Co File 54'063'621 1.78 - 31.12.2011 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 40'199'300 1.32 1'302'613 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 39'140'497 1.29 396'107 30.06.2013 Unclassified
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 34'211'824 1.12 702'957 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 30'894'099 1.02 (590'656) 28.06.2013 Investment Advisor
ORBIS HOLDINGS LIMIT Multiple Portfolios MF-AGG 25'562'957 0.84 (8'988'043) 27.06.2013 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'561'543 0.74 (470'973) 30.08.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 20'423'446 0.67 (1'033'849) 30.06.2013 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 18'209'026 0.6 462'381 31.03.2013 Investment Advisor
PLATINUM INVESTMENT Multiple Portfolios MF-AGG 17'915'222 0.59 (377'850) 31.08.2013 Hedge Fund Manager
AFA FORSAKRINGAR n/a Co File 15'779'975 0.52 - 31.12.2011 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SEB Enskilda ANDREAS JOELSSON buy 5 M 102 Not Provided 27.09.2013
Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 27.09.2013
HSBC RICHARD DINEEN overweight 5 M 105 Not Provided 23.09.2013
DNB Markets FREDRIK THORESEN hold 3 D 92 Not Provided 20.09.2013
Danske Markets ILKKA RAUVOLA sell 1 M 70 12 month 20.09.2013
Natixis ERIC BEAUDET buy 5 M 105 Not Provided 19.09.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 17.09.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 108 12 month 15.09.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 D 93 Not Provided 13.09.2013
Nordea Equity Research DANIEL DJURBERG sell 1 M 70 12 month 12.09.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 108 6 month 12.09.2013
Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 115 12 month 11.09.2013
National Bank AG MARKUS GLOCKENMEIER buy 5 M 100 Not Provided 11.09.2013
Berenberg Bank ADNAAN AHMAD buy 5 M 108 Not Provided 11.09.2013
Swedbank HAKAN WRANNE neutral 3 D 87 12 month 11.09.2013
Exane BNP Paribas ALEXANDER PETERC outperform 5 M 95 Not Provided 10.09.2013
Credit Suisse ACHAL SULTANIA outperform 5 U 100 Not Provided 06.09.2013
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 100 12 month 04.09.2013
Nomura STUART JEFFREY buy 5 M 88 12 month 04.09.2013
Day by Day VALERIE GASTALDY buy 5 U 89 3 month 04.09.2013
Deutsche Bank KAI KORSCHELT buy 5 M 88 12 month 27.08.2013
Societe Generale ANDY PERKINS sell 1 M 70 12 month 06.08.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 85 12 month 23.07.2013
Pohjola Bank Plc (ESN) HANNU RAUHALA buy 5 M 102 12 month 22.07.2013
Kepler Cheuvreux SEBASTIEN SZTABOWICZ buy 5 M 95 Not Provided 22.07.2013
UBS GARETH JENKINS neutral 3 M 77 12 month 19.07.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 90 3 month 19.07.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 80 Not Provided 19.07.2013
Handelsbanken FREDRIK LITHELL reduce 2 M 66 12 month 19.07.2013
Liberum Capital Ltd JANARDAN MENON buy 5 M 90 Not Provided 19.07.2013
Barclays ANDREW M GARDINER equalweight 3 M 65 Not Provided 19.07.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 88 12 month 18.07.2013
ABG Sundal Collier PER LINDBERG buy 5 M 90 6 month 18.07.2013
Pareto Securities ERIK PAULSSON hold 3 M 85 6 month 18.07.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 D 90 12 month 18.07.2013
Jyske Bank ROBERT JAKOBSEN sell 1 D 70 Not Provided 26.03.2012
Holdings By:
Telefonaktiebolaget LM Ericsson ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 18.30
52-Week Low (11.10.2012) 11.36
Daily Volume
17.03
52-Week High % Change -6.89% Dividend Yield -
52-Week Low % Change 49.98% Beta 1.54
% 52 Week Price Range High/Low 86.97% Equity Float 2'047.45
Shares Out 29.08.2013 2'392.3 Short Int -
40'740.43 1 Yr Total Return 54.24%
Total Debt 15'172.00 YTD Return 33.91%
Preferred Stock 5'735.0 Adjusted BETA 1.545
Minority Interest 2'355.0 Analyst Recs 36
Cash and Equivalents 30'546.00 Consensus Rating 4.139
Enterprise Value 39'054.43
Average Volume 5 Day 5'379'389
CS FP EQUITY YTD Change - Average Volume 30 Day 6'578'042
CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'164'237
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
51'235.0 122'704.0 117'414.0 98'334.0 116'202.0 0.0 0.0 100'861.1 103'380.3 - -
0.62x 0.36x 0.29x 0.18x 0.21x #DIV/0! #DIV/0! 0.52x 0.57x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'887.0 5'221.1 - -
51.67x 10.60x 12.33x 5.88x 8.10x 0.00x 0.00x 8.39x 7.87x - -
EBITDA - Long-Term Rating Date 18.12.2012
EBIT - Long-Term Rating A-
Operating Margin 5.43% Long-Term Outlook STABLE
Pretax Margin 4.66% Short-Term Rating Date 18.12.2012
Return on Assets 0.53% Short-Term Rating A-2
Return on Common Equity 8.47%
Return on Capital 6.89% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 31.7%
Net Income Margin 3.6% Total Debt/Capital 21.3%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.99% Inventory Days -
Tot Debt to Common Equity 31.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AXA SAPrice/Volume
Valuation Analysis
3'365'090.00
Current Price (9/dd/yy) Market Data
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MUTUELLES AXA n/a Co File 342'767'775 14.33 - 31.12.2012 Insurance Company
AMUNDI n/a Research 91'682'238 3.83 (20'493'797) 15.05.2012 Investment Advisor
BNP PARIBAS n/a ULT-AGG 79'955'003 3.34 (14'422) 30.04.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 67'215'128 2.81 (3'214'857) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 58'028'406 2.43 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 52'315'734 2.19 4'606'485 26.09.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50'254'088 2.1 - 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 34'512'929 1.44 (5'729'981) 28.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 20'205'167 0.84 291'281 30.06.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 14'469'916 0.6 (244'046) 31.08.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'576'227 0.57 (2'396'252) 31.05.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 13'511'837 0.56 (53'831) 30.08.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'663'315 0.53 (527'389) 30.06.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'904'504 0.5 11'904'504 30.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 11'827'759 0.49 93'680 28.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'218'190 0.47 1'960'855 31.08.2013 Investment Advisor
UBS AG n/a ULT-AGG 7'841'626 0.33 204'627 27.09.2013 Unclassified
FMR LLC n/a ULT-AGG 7'808'671 0.33 4'060'795 31.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'723'212 0.28 (52'789) 30.04.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 6'432'683 0.27 (1'217'214) 30.09.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank PETER ELIOT buy 5 U 20 Not Provided 26.09.2013
AlphaValue JEROME CASSAGNE add 4 M 20 6 month 26.09.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 19 12 month 18.09.2013
Oddo & Cie NICOLAS JACOB buy 5 M 21 12 month 18.09.2013
Goldman Sachs WILLIAM ELDERKIN Buy/Neutral 5 M 22 12 month 17.09.2013
Natixis BENOIT VALLEAUX buy 5 M 21 Not Provided 17.09.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 21 Not Provided 12.09.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 16 12 month 09.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.09.2013
Raymond James RAPHAEL CARUSO strong buy 5 M 21 12 month 22.08.2013
Helvea DANIEL BISCHOF buy 5 M 19 12 month 15.08.2013
Day by Day VALERIE GASTALDY buy 5 M 19 3 month 12.08.2013
Societe Generale NICK HOLMES buy 5 M 23 12 month 09.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 19 12 month 09.08.2013
Credit Suisse RICHARD BURDEN outperform 5 M 20 Not Provided 06.08.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 D 19 12 month 06.08.2013
HSBC KAILESH MISTRY overweight 5 M 21 Not Provided 05.08.2013
Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 19 Not Provided 05.08.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 20 Not Provided 05.08.2013
EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 05.08.2013
Deutsche Bank OLIVER STEEL buy 5 M 20 12 month 02.08.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 02.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 19 Not Provided 02.08.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 19 12 month 02.08.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 19 6 month 02.08.2013
Nomura MICHAEL KLIEN buy 5 M 23 12 month 02.08.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 20 12 month 02.08.2013
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 14 3 month 29.07.2013
Barclays CLAUDIA GASPARI underweight 1 M 15 Not Provided 22.07.2013
Macquarie NEIL WELCH neutral 3 D 16 12 month 13.07.2013
Mediobanca SpA MARC THIELE neutral 3 D 17 6 month 20.06.2013
Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013
Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013
Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012
BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011
Holdings By:
AXA SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Zurich Insurance Group AG provides insurance-based financial services. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (15.05.2013) 270.90
52-Week Low (16.11.2012) 205.94
Daily Volume
232.4
52-Week High % Change -14.21% Dividend Yield -
52-Week Low % Change 12.85% Beta 1.12
% 52 Week Price Range High/Low 42.73% Equity Float 148.14
Shares Out 30.06.2013 148.3 Short Int -
34'464.95 1 Yr Total Return 6.01%
Total Debt 12'521.00 YTD Return 2.00%
Preferred Stock 0.0 Adjusted BETA 1.122
Minority Interest 2'368.0 Analyst Recs 37
Cash and Equivalents 9'098.00 Consensus Rating 3.486
Enterprise Value 45'134.67
Average Volume 5 Day 334'800
ZURN VX EQUITY YTD Change - Average Volume 30 Day 538'749
ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 423'098
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
32'331.0 70'123.0 67'819.0 52'978.0 70'446.0 57'825.0 71'670.0 58'779.0 59'959.4 - -
0.99x 0.50x 0.64x 0.73x 0.64x 2.74x 2.52x 0.90x 0.88x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'039.0 3'963.0 3'428.0 3'750.0 3'878.0 4'006.0 3'505.0 4'113.7 4'370.9 973.3 948.3
9.86x 7.83x 10.92x 8.80x 10.08x 8.20x 10.84x 9.47x 8.84x 8.57x 8.11x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 8.34% Long-Term Outlook -
Pretax Margin 7.48% Short-Term Rating Date -
Return on Assets 0.89% Short-Term Rating -
Return on Common Equity 11.07%
Return on Capital 8.86% EBITDA/Interest Exp. -
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 36.3%
Net Income Margin 5.5% Total Debt/Capital 25.4%
Asset Turnover 0.18
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.06% Inventory Days -
Tot Debt to Common Equity 36.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Zurich Insurance Group AGPrice/Volume
Valuation Analysis
227'010.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'884'551 4.64 (12'193) 26.09.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 4'538'439 3.06 (23'127) 31.08.2013 Investment Advisor
NORGES BANK n/a EXCH 4'495'862 3.03 - 23.06.2011 Government
CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 2'166'943 1.46 (35'608) 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'906'015 1.29 39'029 30.06.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 1'867'766 1.26 (35'516) 30.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 1'795'721 1.21 17'915 27.09.2013 Unclassified
FMR LLC n/a ULT-AGG 1'623'819 1.09 (173'068) 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'224'016 0.83 (653'336) 30.04.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 790'605 0.53 (14'638) 31.05.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 788'348 0.53 31'432 31.07.2013 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 606'910 0.41 93'692 27.09.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 569'132 0.38 2'471 31.07.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 491'146 0.33 (4'854) 28.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 477'153 0.32 3'271 31.07.2013 Investment Advisor
WADDELL & REED FINAN n/a ULT-AGG 433'600 0.29 433'600 30.06.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 389'064 0.26 - 31.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 381'497 0.26 (4'502) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 250 12 month 26.09.2013
Berenberg Bank PETER ELIOT buy 5 M 275 Not Provided 26.09.2013
Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 295 Not Provided 26.09.2013
AlphaValue DIETER HEIN buy 5 M 312 6 month 26.09.2013
Canaccord Genuity Corp BEN COHEN hold 3 M 245 12 month 20.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.09.2013
Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 246 12 month 18.09.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 286 12 month 17.09.2013
Helvea DANIEL BISCHOF buy 5 M 265 12 month 12.09.2013
Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 09.09.2013
Raymond James RAPHAEL CARUSO outperform 5 M 272 12 month 02.09.2013
Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 02.09.2013
Nomura MICHAEL KLIEN neutral 3 M 280 12 month 30.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 U 230 Not Provided 29.08.2013
Exane BNP Paribas NICCOLO DALLA PALMA outperform 5 M 296 Not Provided 22.08.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 21.08.2013
Barclays ANDREW BROADFIELD equalweight 3 U 224 Not Provided 21.08.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 265 12 month 19.08.2013
HSBC DHRUV GAHLAUT neutral 3 M 260 Not Provided 19.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 270 12 month 19.08.2013
Bank am Bellevue ANDREAS FRICK hold 3 M 240 Not Provided 16.08.2013
Credit Suisse RICHARD BURDEN neutral 3 M 273 Not Provided 16.08.2013
Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 260 Not Provided 16.08.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 290 12 month 15.08.2013
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 15.08.2013
Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 15.08.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 308 6 month 15.08.2013
S&P Capital IQ RODERICK WALLACE hold 3 U 245 12 month 15.08.2013
DZ Bank AG THORSTEN WENZEL sell 1 M 235 Not Provided 15.08.2013
Deutsche Bank OLIVER STEEL hold 3 M 265 12 month 25.07.2013
EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 15.07.2013
UBS JAMES SHUCK neutral 3 M 250 12 month 09.07.2013
Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 20.06.2013
JPMorgan MICHAEL HUTTNER underweight 1 D 240 3 month 07.06.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 20.05.2013
Holdings By:
Zurich Insurance Group AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Syngenta AG produces crop protection products and seeds. The Company produces
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (15.03.2013) 416.00
52-Week Low (23.10.2012) 341.00
Daily Volume
366.4
52-Week High % Change -11.88% Dividend Yield -
52-Week Low % Change 7.45% Beta 0.83
% 52 Week Price Range High/Low 45.07% Equity Float 92.99
Shares Out 30.06.2013 93.1 Short Int -
34'121.42 1 Yr Total Return 6.77%
Total Debt 3'348.00 YTD Return 2.38%
Preferred Stock 0.0 Adjusted BETA 0.827
Minority Interest 11.0 Analyst Recs 30
Cash and Equivalents 1'599.00 Consensus Rating 3.867
Enterprise Value 40'892.75
Average Volume 5 Day 176'196
SYNN VX EQUITY YTD Change - Average Volume 30 Day 183'223
SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 210'605
LTM-4Q 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 06/13 Q2 09/13 Q3
11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 8'265.0 14'327.0 15'041.4 16'062.4 4'062.5 2'922.4
1.71x 2.56x 2.45x 2.11x 2.72x 0.00x 0.00x 2.60x 2.40x - -
2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'313.7 3'662.7 - -
7.99x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x 12.33x 11.16x - -
1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'171.7 2'418.5 1'867.0 -
12.86x 19.06x 19.37x 16.84x 19.65x 0.00x 0.00x 17.40x 15.44x - -
EBITDA 3'148.00 Long-Term Rating Date 15.06.2007
EBIT 2'550.00 Long-Term Rating A
Operating Margin 17.96% Long-Term Outlook STABLE
Pretax Margin 15.15% Short-Term Rating Date 15.06.2007
Return on Assets 8.86% Short-Term Rating A-1
Return on Common Equity 20.64%
Return on Capital - EBITDA/Interest Exp. 22.17
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 18.59
Net Debt/EBITDA 1.03
Gross Margin 49.2% Total Debt/EBITDA 1.28
EBITDA Margin 21.3%
EBIT Margin 17.2% Total Debt/Equity 38.3%
Net Income Margin 13.2% Total Debt/Capital 27.7%
Asset Turnover 0.71
Current Ratio 1.71 Net Fixed Asset Turnover 4.65
Quick Ratio 0.75 Accounts receivable turnover-days 139.15
Debt to Assets 17.26% Inventory Days 205.65
Tot Debt to Common Equity 38.28% Accounts Payable Turnover Day 171.60
Accounts Receivable Turnover 2.62 Cash Conversion Cycle 154.33
Inventory Turnover 1.77
Fiscal Year Ended
Syngenta AGPrice/Volume
Valuation Analysis
176'576.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2 E
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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 4'640'124 4.98 - 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'634'983 4.98 - 31.07.2013 Investment Advisor
BANK OF NEW YORK n/a EXCH 4'254'126 4.57 346'967 31.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'118'825 2.28 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 1'931'441 2.07 74'211 30.06.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'664'500 1.79 - 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'641'455 1.76 (305'702) 31.07.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 1'370'675 1.47 (14'655) 31.05.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'072'410 1.15 88'036 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 1'054'874 1.13 13'702 31.08.2013 Unclassified
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 646'762 0.69 (14'044) 31.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 573'332 0.62 (6'267) 31.05.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 536'300 0.58 (76'790) 31.12.2012 Investment Advisor
THREADNEEDLE n/a ULT-AGG 517'654 0.56 100'622 31.05.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 434'262 0.47 172'658 30.08.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 374'611 0.4 (2'883) 27.09.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 296'779 0.32 103'930 31.07.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 282'549 0.3 (310'200) 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 281'193 0.3 70'471 30.06.2013 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 274'611 0.29 17'865 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 313 12 month 27.09.2013
Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 430 12 month 27.09.2013
AlphaValue FABRICE FARIGOULE buy 5 M 466 6 month 19.09.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 420 Not Provided 18.09.2013
Exane BNP Paribas JAMES KNIGHT neutral 3 M 371 Not Provided 13.09.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 12.09.2013
Liberum Capital Ltd SOPHIE JOURDIER hold 3 M 400 Not Provided 05.09.2013
JPMorgan MARTIN EVANS neutral 3 M 376 15 month 04.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 430 12 month 04.09.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 500 12 month 30.08.2013
Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 22.08.2013
Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 19.08.2013
Bank am Bellevue BRUNO ESCHLI buy 5 M 435 Not Provided 15.08.2013
Main First Bank AG RONALD KOEHLER outperform 5 M 415 12 month 14.08.2013
Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 13.08.2013
Kepler Cheuvreux MARTIN ROEDIGER buy 5 M 410 Not Provided 05.08.2013
EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 30.07.2013
UBS THOMAS GILBERT sell 1 M 330 12 month 29.07.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 25.07.2013
Barclays ANDREAS HEINE equalweight 3 M 389 Not Provided 25.07.2013
Morgan Stanley PAUL RICHARD WALSH Equalwt/In-Line 3 M 380 12 month 24.07.2013
Jefferies LAURENCE ALEXANDER hold 3 M 400 12 month 24.07.2013
Nomura PATRICK LAMBERT buy 5 M 488 12 month 24.07.2013
S&P Capital IQ JACOB THRANE hold 3 M 395 12 month 24.07.2013
HSBC GEOFF HAIRE neutral 3 M 420 Not Provided 12.07.2013
Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 510 Not Provided 02.07.2013
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 01.07.2013
Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 27.06.2013
Holdings By:
Syngenta AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Linde AG is a gases and engineering company. The Gases Division offers a wide
range of industrial and medical gases mainly used in energy sector, steel
production, chemical processing, as well as in food processing. The Engineering
Division develops olefin plants, natural gas plants and air separation plants,
as well as hydrogen and synthesis gas plants.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 154.80
52-Week Low (16.11.2012) 125.00
Daily Volume
145.45
52-Week High % Change -6.01% Dividend Yield -
52-Week Low % Change 16.36% Beta 0.77
% 52 Week Price Range High/Low 75.00% Equity Float 179.31
Shares Out 30.06.2013 185.2 Short Int -
26'941.03 1 Yr Total Return 10.51%
Total Debt 10'204.00 YTD Return 12.18%
Preferred Stock 0.0 Adjusted BETA 0.767
Minority Interest 564.0 Analyst Recs 43
Cash and Equivalents 2'041.00 Consensus Rating 4.070
Enterprise Value 36'788.03
Average Volume 5 Day 360'642
LIN GY EQUITY YTD Change - Average Volume 30 Day 380'144
LIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 382'999
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
12'663.0 11'211.0 12'868.0 13'787.0 15'280.0 14'438.0 16'313.0 17'090.1 18'215.0 4'259.5 4'458.3
1.34x 1.86x 1.97x 1.88x 2.17x 7.44x 8.62x 2.07x 1.91x 8.52x 8.07x
2'468.0 2'320.0 2'847.0 3'101.0 3'443.0 3'299.0 3'785.0 4'037.3 4'361.9 1'016.8 1'036.6
6.86x 8.97x 8.92x 8.37x 9.63x 8.66x 9.64x 9.11x 8.43x - -
717.0 591.0 1'005.0 1'174.0 1'250.0 1'194.0 1'319.0 1'480.2 1'681.6 364.5 369.0
14.02x 23.98x 19.12x 16.71x 18.78x 17.54x 20.10x 17.48x 15.52x - -
EBITDA 3'443.00 Long-Term Rating Date 25.05.2012
EBIT 1'905.00 Long-Term Rating A
Operating Margin 12.47% Long-Term Outlook STABLE
Pretax Margin 11.04% Short-Term Rating Date 25.05.2012
Return on Assets 4.13% Short-Term Rating A-1
Return on Common Equity 10.74%
Return on Capital - EBITDA/Interest Exp. 8.63
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 4.15
Net Debt/EBITDA 2.39
Gross Margin 36.2% Total Debt/EBITDA 2.87
EBITDA Margin 23.2%
EBIT Margin 12.6% Total Debt/Equity 77.9%
Net Income Margin 8.2% Total Debt/Capital 42.8%
Asset Turnover 0.51
Current Ratio 0.98 Net Fixed Asset Turnover 1.57
Quick Ratio 0.68 Accounts receivable turnover-days 59.44
Debt to Assets 30.48% Inventory Days 39.99
Tot Debt to Common Equity 77.93% Accounts Payable Turnover Day 94.31
Accounts Receivable Turnover 6.14 Cash Conversion Cycle -7.09
Inventory Turnover 9.13
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Linde AGPrice/Volume
Valuation Analysis
166'040.00
Current Price (9/dd/yy) Market Data
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4'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 17'203'963 9.29 44'553 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'389'550 3.45 (201'215) 31.07.2013 Investment Advisor
NORGES BANK n/a Research 5'764'533 3.11 - 12.06.2013 Government
UBS AG n/a ULT-AGG 5'461'669 2.95 2'605 31.08.2013 Unclassified
CREDIT SUISSE AG n/a ULT-AGG 5'138'495 2.77 - 31.05.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'934'493 2.66 149'880 31.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'801'614 2.59 - 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'156'608 2.24 17'314 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'984'677 1.61 (232'450) 31.07.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'598'954 1.4 26'713 31.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'131'813 1.15 46'124 30.06.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'844'783 1 45 31.08.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 1'809'402 0.98 (58'441) 30.09.2013 Bank
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'591'900 0.86 11'382 28.03.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'487'424 0.8 (2'989) 31.07.2013 Unclassified
FIL LIMITED n/a ULT-AGG 1'366'622 0.74 (329'931) 30.04.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 832'256 0.45 (248) 30.06.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 820'205 0.44 - 30.06.2013 Investment Advisor
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 716'112 0.39 (176) 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 677'872 0.37 (1'834) 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe HEIKO FEBER buy 5 M 168 Not Provided 30.09.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 M 160 12 month 30.09.2013
Deutsche Bank TIMOTHY JONES buy 5 M 160 12 month 27.09.2013
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 185 12 month 27.09.2013
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 141 12 month 27.09.2013
Baader Bank NORBERT BARTH buy 5 M 164 12 month 26.09.2013
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 143 Not Provided 26.09.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 24.09.2013
AlphaValue HANS-PETER WODNIOK add 4 M 168 6 month 12.09.2013
Societe Generale PETER CLARK buy 5 M 165 12 month 11.09.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 170 12 month 11.09.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 176 12 month 06.09.2013
JPMorgan MARCUS DIEBEL neutral 3 M 177 15 month 04.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 165 12 month 04.09.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 187 12 month 30.08.2013
Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 174 6 month 28.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.08.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 165 Not Provided 20.08.2013
Kepler Cheuvreux MARKUS MAYER buy 5 M 163 Not Provided 13.08.2013
Jefferies LAURENCE ALEXANDER buy 5 M 164 12 month 06.08.2013
DZ Bank AG PETER SPENGLER buy 5 M 169 Not Provided 06.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 152 12 month 01.08.2013
HSBC SEBASTIAN SATZ overweight 5 M 166 Not Provided 31.07.2013
M.M. Warburg Investment Research EGGERT KULS buy 5 M 170 12 month 31.07.2013
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 147 6 month 31.07.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 155 Not Provided 31.07.2013
SRH AlsterResearch CARSTEN MAINITZ buy 5 M 180 12 month 31.07.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 155 12 month 30.07.2013
Nord/LB THORSTEN STRAUSS buy 5 M 170 12 month 30.07.2013
Credit Suisse CHRIS COUNIHAN underperform 1 M 140 Not Provided 30.07.2013
S&P Capital IQ JOHNSON IMODE buy 5 M 160 12 month 30.07.2013
Bankhaus Metzler LARS HETTCHE buy 5 M 156 12 month 24.07.2013
Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 175 Not Provided 23.07.2013
Barclays GUNTHER ZECHMANN equalweight 3 M 150 Not Provided 17.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
UBS THOMAS GILBERT neutral 3 M 144 12 month 10.05.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 156 Not Provided 23.04.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 160 12 month 08.03.2013
National Bank AG EKKEHARD D LINK hold 3 M 140 Not Provided 07.03.2013
Alembic Global Advisors HASSAN I AHMED neutral 3 M 120 12 month 15.10.2012
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 08.10.2012
Holdings By:
Linde AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Imperial Tobacco Group plc is an international tobacco company that
manufactures, markets, and sells a range of cigarettes, tobaccos,
rolling papers, and cigars.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (05.12.2012) 2'545.00
52-Week Low (28.08.2013) 2'106.00
Daily Volume
2276
52-Week High % Change -10.57% Dividend Yield 4.79
52-Week Low % Change 8.07% Beta 0.66
% 52 Week Price Range High/Low 41.91% Equity Float 968.59
Shares Out 23.09.2013 969.3 Short Int -
22'060.23 1 Yr Total Return 4.04%
Total Debt 9'587.00 YTD Return 0.49%
Preferred Stock 0.0 Adjusted BETA 0.657
Minority Interest 49.0 Analyst Recs 25
Cash and Equivalents 631.00 Consensus Rating 3.680
Enterprise Value 33'168.23
Average Volume 5 Day 1'303'163
IMT LN EQUITY YTD Change - Average Volume 30 Day 1'928'708
IMT LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'064'477
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
10'116.0 14'748.0 15'018.0 15'186.0 14'672.0 - - 7'842.3 8'029.5 - -
2.96x 2.00x 1.93x 2.05x 2.16x - - 3.94x 3.82x - -
1'958.0 3'158.0 3'307.0 3'260.0 3'322.0 - - 3'377.2 3'491.9 - -
15.29x 9.34x 8.75x 9.53x 9.54x - - 9.82x 9.50x - -
428.0 663.0 1'505.0 1'796.0 678.0 - - 2'043.4 2'138.5 - -
35.54x 27.61x 12.78x 12.26x 33.65x - - 10.87x 10.23x - -
EBITDA 3'322.00 Long-Term Rating Date 20.05.2008
EBIT 2'747.00 Long-Term Rating BBB
Operating Margin 18.72% Long-Term Outlook STABLE
Pretax Margin 7.37% Short-Term Rating Date 20.05.2008
Return on Assets 1.58% Short-Term Rating A-2
Return on Common Equity 7.10%
Return on Capital 8.51% EBITDA/Interest Exp. 2.26
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 2.05
Net Debt/EBITDA 3.46
Gross Margin 37.4% Total Debt/EBITDA 3.67
EBITDA Margin 22.2%
EBIT Margin 18.2% Total Debt/Equity 158.9%
Net Income Margin 4.6% Total Debt/Capital 61.2%
Asset Turnover 0.48
Current Ratio 0.78 Net Fixed Asset Turnover 6.69
Quick Ratio 0.38 Accounts receivable turnover-days 81.71
Debt to Assets 34.69% Inventory Days 156.32
Tot Debt to Common Equity 158.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.47 Cash Conversion Cycle 149.45
Inventory Turnover 2.33
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
Imperial Tobacco Group PLCPrice/Volume
Valuation Analysis
407'880.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MORGAN STANLEY n/a ULT-AGG 61'764'487 6.37 (357'175) 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 61'000'000 6.29 - 30.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 53'000'000 5.47 - 26.09.2013 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 50'298'923 5.19 1'648'729 30.08.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 41'375'945 4.27 766'943 31.07.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 41'000'000 4.23 - 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 29'551'075 3.05 826'272 30.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 27'960'852 2.88 (2'196'131) 30.06.2013 Unclassified
FIL LIMITED n/a ULT-AGG 21'512'767 2.22 368'846 03.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 20'782'201 2.14 7'109'224 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 19'287'717 1.99 82'331 30.06.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 18'925'084 1.95 598'711 27.09.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 18'144'726 1.87 2'976'907 31.08.2013 Investment Advisor
CEDAR ROCK CAPITAL L Multiple Portfolios REG 17'669'281 1.82 137'270 03.06.2013 Unclassified
THREADNEEDLE n/a ULT-AGG 17'459'462 1.8 (2'740'661) 31.07.2013 Unclassified
PRUDENTIAL PLC n/a ULT-AGG 15'291'266 1.58 1'948'715 30.06.2013 Unclassified
AXA n/a ULT-AGG 12'644'818 1.3 (786'031) 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 12'397'351 1.28 264'634 03.06.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios REG 10'592'294 1.09 2'015'813 03.06.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 10'288'350 1.06 (3'239'512) 03.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'900 Not Provided 30.09.2013
AlphaValue ISABELLE COMBEMALE buy 5 M 2'991 6 month 26.09.2013
Exane BNP Paribas JAMES BUSHNELL underperform 1 M 2'350 Not Provided 25.09.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 2'450 12 month 23.09.2013
Jefferies DIRK VAN VLAANDEREN hold 3 M 2'500 12 month 19.09.2013
Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 19.09.2013
Berenberg Bank ERIK BLOOMQUIST hold 3 M 2'500 Not Provided 06.09.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 2'700 Not Provided 02.09.2013
UBS JONATHAN LEINSTER buy 5 M 2'500 12 month 30.08.2013
Renaissance Capital REY WIUM buy 5 M 2'450 Not Provided 28.08.2013
Natixis NICOLAS LANGLET neutral 3 M 2'350 Not Provided 19.08.2013
Morgan Stanley MATTHEW GRAINGER Overwt/Attractive 5 M 2'680 12 month 15.08.2013
JPMorgan RAE MAILE neutral 3 M 3'067 3 month 15.08.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 2'650 12 month 15.08.2013
Nomura DAVID HAYES reduce 2 M 2'150 12 month 15.08.2013
S&P Capital IQ CARL SHORT sell 1 D 2'040 12 month 15.08.2013
Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 2'650 Not Provided 15.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Goldman Sachs FULVIO CAZZOL neutral/attractive 3 M 2'465 12 month 11.08.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 08.08.2013
Investec MARTIN DEBOO buy 5 U 2'440 12 month 07.08.2013
Barclays SIMON HALES equalweight 3 M 2'600 Not Provided 11.07.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 3'000 12 month 21.06.2013
Holdings By:
Imperial Tobacco Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Societe Generale attracts deposits and offers commercial, retail, investment,
and private banking services. The Bank offers consumer credit, vehicle lease
financing, information technology equipment leasing, life and non-life
insurance, custodian services, trade and project financing, currency exchange,
treasury services, and financial and commodities futures brokerage services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 38.94
52-Week Low (01.10.2012) 22.02
Daily Volume
36.545
52-Week High % Change -6.14% Dividend Yield -
52-Week Low % Change 66.00% Beta 1.82
% 52 Week Price Range High/Low 89.51% Equity Float 710.68
Shares Out 16.07.2013 798.7 Short Int -
29'186.89 1 Yr Total Return 67.76%
Total Debt 740'837.00 YTD Return 30.82%
Preferred Stock 5'270.0 Adjusted BETA 1.818
Minority Interest 4'288.0 Analyst Recs 34
Cash and Equivalents 110'225.00 Consensus Rating 3.618
Enterprise Value -
Average Volume 5 Day 3'890'879
GLE FP EQUITY YTD Change - Average Volume 30 Day 4'732'854
GLE FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'138'507
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
57'829.0 43'984.0 45'295.0 48'549.0 44'240.0 6'504.0 21'337.0 23'091.5 24'532.9 5'863.7 5'919.5
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'010.0 678.0 3'917.0 2'385.0 774.0 1'893.0 928.0 2'652.4 3'391.2 706.5 631.0
10.65x 108.78x 8.11x 5.38x 44.28x 7.39x 22.33x 10.78x 8.46x - -
EBITDA - Long-Term Rating Date 23.01.2012
EBIT - Long-Term Rating A
Operating Margin 10.67% Long-Term Outlook NEG
Pretax Margin 6.01% Short-Term Rating Date 07.05.2009
Return on Assets 0.07% Short-Term Rating A-1
Return on Common Equity 2.10%
Return on Capital 0.18% EBITDA/Interest Exp. -
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1663.3%
Net Income Margin 3.0% Total Debt/Capital 93.2%
Asset Turnover -
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 59.23% Inventory Days -
Tot Debt to Common Equity 1663.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Societe Generale SAPrice/Volume
Valuation Analysis
1'871'487.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOC GEN ESOP n/a Co File 59'344'358 7.43 - 31.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 56'413'062 7.06 - 30.06.2013 Investment Advisor
LYXOR INTERNATIONAL n/a Research 50'619'422 6.34 - 26.09.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 37'169'504 4.65 - 26.09.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 19'567'063 2.45 - 31.12.2012 Government
NORGES BANK Multiple Portfolios MF-AGG 18'243'614 2.28 - 31.12.2012 Government
MEIJI YASUDA LIFE IN n/a Co File 11'069'312 1.39 - 31.12.2012 Insurance Company
SOCIETE GENERALE n/a Co File 8'987'016 1.13 - 31.12.2012 Bank
VANGUARD GROUP INC n/a ULT-AGG 8'810'347 1.1 150'827 30.06.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 7'992'124 1 5'707'917 30.06.2013 Investment Advisor
CNP ASSURANCES n/a Co File 7'769'307 0.97 - 31.12.2012 Insurance Company
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'962'976 0.62 272'059 31.05.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 4'503'593 0.56 (131'323) 30.08.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'653'017 0.46 (4'353) 28.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'557'663 0.45 (467'389) 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'218'652 0.4 (186'101) 30.08.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'024'552 0.38 52'858 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'548'988 0.32 (139'257) 31.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'543'288 0.32 (62'660) 30.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 2'314'417 0.29 203'503 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Natixis ALEX KOAGNE buy 5 M 46 Not Provided 30.09.2013
Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 38 Not Provided 27.09.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 40 6 month 26.09.2013
Kepler Cheuvreux CYRIL MEILLAND reduce 2 D 41 Not Provided 24.09.2013
Nomura JON PEACE buy 5 M 45 Not Provided 23.09.2013
Macquarie PIERS BROWN underperform 1 M 32 12 month 18.09.2013
Morgan Stanley SARA MINELLI Equalwt/In-Line 3 M 44 12 month 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 43 12 month 13.09.2013
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 50 12 month 12.09.2013
JPMorgan DELPHINE LEE overweight 5 M 39 15 month 11.09.2013
Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 36 12 month 09.09.2013
Oddo & Cie JEAN SASSUS neutral 3 M 34 Not Provided 06.09.2013
Jefferies OMAR FALL hold 3 N 38 12 month 03.09.2013
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 43 Not Provided 02.09.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 16 Not Provided 02.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 28.08.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 38 Not Provided 14.08.2013
HSBC ROBIN DOWN overweight 5 M 45 Not Provided 13.08.2013
Grupo Santander AURELIA FAURE buy 5 M 38 Not Provided 06.08.2013
RBC Capital Markets ANKE REINGEN sector perform 3 M 37 12 month 02.08.2013
UBS NICK DAVEY sell 1 M 26 12 month 02.08.2013
Main First Bank AG FEDERICO SALERNO underperform 1 D 34 12 month 02.08.2013
Deutsche Bank FLORA BENHAKOUN buy 5 U 40 12 month 01.08.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 34 Not Provided 01.08.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE accumulate 4 M 37 12 month 01.08.2013
S&P Capital IQ WILLIAM HOWLETT strong buy 5 U 40 12 month 01.08.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 16.07.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 U 42 12 month 03.06.2013
Espirito Santo Investment Bank ResearchANDREW LIM buy 5 U 40 Not Provided 13.05.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Banco Sabadell MARIO LODOS buy 5 M 32 Not Provided 30.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 19.06.2012
Holdings By:
Societe Generale SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
European Aeronautic Defence and Space Company manufactures airplanes and
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.09.2013) 47.74
52-Week Low (23.11.2012) 24.26
Daily Volume
46.725
52-Week High % Change -2.11% Dividend Yield -
52-Week Low % Change 92.64% Beta 0.75
% 52 Week Price Range High/Low 98.79% Equity Float 454.48
Shares Out 30.09.2013 787.8 Short Int -
36'809.65 1 Yr Total Return 92.00%
Total Debt 4'779.00 YTD Return 60.53%
Preferred Stock 0.0 Adjusted BETA 0.750
Minority Interest 25.0 Analyst Recs 29
Cash and Equivalents 11'084.00 Consensus Rating 4.414
Enterprise Value 35'402.65
Average Volume 5 Day 2'071'270
EAD FP EQUITY YTD Change - Average Volume 30 Day 2'033'042
EAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'164'843
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 52'126.0 57'878.0 58'608.1 62'394.3 13'318.7 17'854.3
0.09x 0.13x 0.17x 0.31x 0.32x 1.33x 1.68x 0.56x 0.53x 2.40x 1.54x
4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'881.0 4'361.0 5'531.4 6'531.0 1'288.5 1'835.0
0.89x 4.62x 3.02x 4.81x 4.58x 5.08x 7.33x 6.40x 5.42x - -
1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'503.0 1'393.0 2'082.3 2'691.3 454.0 761.0
6.17x - 25.65x 19.02x 19.67x 15.26x 24.08x 17.39x 12.84x 18.88x 19.72x
EBITDA 3'927.00 Long-Term Rating Date 06.09.2013
EBIT 1'890.00 Long-Term Rating A
Operating Margin 3.35% Long-Term Outlook STABLE
Pretax Margin 2.97% Short-Term Rating Date 02.10.2012
Return on Assets 1.53% Short-Term Rating A-1
Return on Common Equity 17.52%
Return on Capital 12.66% EBITDA/Interest Exp. 7.52
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA -0.33
Gross Margin 14.0% Total Debt/EBITDA 1.54
EBITDA Margin 7.5%
EBIT Margin 4.0% Total Debt/Equity 45.9%
Net Income Margin 2.2% Total Debt/Capital 31.4%
Asset Turnover 0.64
Current Ratio 0.93 Net Fixed Asset Turnover 3.87
Quick Ratio 0.37 Accounts receivable turnover-days 40.20
Debt to Assets 5.19% Inventory Days 192.40
Tot Debt to Common Equity 45.91% Accounts Payable Turnover Day 65.53
Accounts Receivable Turnover 9.08 Cash Conversion Cycle 142.58
Inventory Turnover 1.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
European Aeronautic Defence and Space Co NVPrice/Volume
Valuation Analysis
806'142.00
Current Price (9/dd/yy) Market Data
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Research 112'072'054 14.23 (12'977'088) 16.04.2013 Government
FEDERAL REPUBLIC OF n/a Research 83'837'750 10.64 61'112'568 02.04.2013 Government
EUROPEAN AERONAUTIC n/a Research 49'001'830 6.22 - 17.04.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 39'788'818 5.05 1'188'304 25.07.2013 Investment Advisor
SOCIEDAD ESTATAL DE n/a Research 34'687'784 4.4 (53'355) 04.04.2013 Government
BLACKROCK n/a ULT-AGG 34'457'610 4.37 (459'400) 26.09.2013 Investment Advisor
VNESHECONOMBANK n/a Research 22'614'753 2.87 - 26.07.2013 Government
CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.98 - 25.09.2012 Government
AMUNDI SA n/a RNS-RUL8 15'385'347 1.95 (2'721) 10.10.2012 Other
VANGUARD GROUP INC n/a ULT-AGG 12'117'860 1.54 3'341 09.10.2012 Unclassified
VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.51 (1'079'438) 10.10.2012 Hedge Fund Manager
STATE STREET CORP n/a ULT-AGG 9'567'342 1.21 30'763 27.09.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 9'409'523 1.19 (18'074) 31.08.2013 Unclassified
OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.17 (9'990) 05.10.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 6'100'000 0.77 - 31.12.2012 Pension Fund (ERISA)
INVESCO LTD n/a ULT-AGG 3'879'592 0.49 - 13.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'008'625 0.38 (79'222) 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 2'952'843 0.37 27'046 27.09.2013 Unclassified
JP MORGAN n/a ULT-AGG 2'820'052 0.36 264'039 23.08.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'666'169 0.34 13'499 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ROBERT STALLARD outperform 5 M 52 12 month 30.09.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 64 Not Provided 27.09.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 53 12 month 26.09.2013
Oddo & Cie YAN DEROCLES buy 5 M 50 Not Provided 26.09.2013
AlphaValue THOMAS PICHERIT buy 5 M 60 6 month 26.09.2013
UBS CHARLES ARMITAGE buy 5 M 55 12 month 25.09.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 46 12 month 25.09.2013
Kepler Cheuvreux CHRISTOPHE MENARD buy 5 M 57 Not Provided 20.09.2013
Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 55 Not Provided 19.09.2013
Investec ANDREW GOLLAN buy 5 M 50 12 month 18.09.2013
Jefferies SANDY MORRIS buy 5 M 45 12 month 11.09.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 31 Not Provided 02.09.2013
Day by Day VALERIE GASTALDY sell 1 D 36 3 month 20.08.2013
Deutsche Bank BEN FIDLER buy 5 M 55 12 month 19.08.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 12.08.2013
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 54 12 month 06.08.2013
Nord/LB WOLFGANG DONIE buy 5 U 53 12 month 05.08.2013
Societe Generale ZAFAR KHAN buy 5 M 53 12 month 01.08.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 53 6 month 01.08.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 34 12 month 01.08.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 51 Not Provided 01.08.2013
JPMorgan DAVID H PERRY overweight 5 M 67 15 month 31.07.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 50 Not Provided 31.07.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 52 12 month 31.07.2013
S&P Capital IQ UNAI FRANCO strong buy 5 M 53 12 month 31.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Barclays CARTER COPELAND overweight 5 M 49 Not Provided 15.05.2013
Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011
Holdings By:
European Aeronautic Defence and Space Co NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Nordea Bank AB is a financial services group that provides banking services,
financial solutions, and related advisory services. The Group attracts deposits
and offers credit, investment banking, securities trading, and insurance
products to private individuals, companies, institutions, and the public sector.
Nordea services the Scandinavian countries and the Baltic Sea region.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.08.2013) 85.00
52-Week Low (16.11.2012) 57.50
Daily Volume
77.2
52-Week High % Change -9.24% Dividend Yield -
52-Week Low % Change 34.26% Beta 1.19
% 52 Week Price Range High/Low 75.09% Equity Float -
Shares Out 29.09.2013 4'050.0 Short Int -
312'656.28 1 Yr Total Return 23.37%
Total Debt 247'563.00 YTD Return 29.03%
Preferred Stock 0.0 Adjusted BETA 1.185
Minority Interest 5.0 Analyst Recs 32
Cash and Equivalents 46'488.00 Consensus Rating 4.219
Enterprise Value -
Average Volume 5 Day 21'262'110
NDA SS EQUITY YTD Change - Average Volume 30 Day 10'257'260
NDA SS EQUITY YTD % CHANGE - Average Volume 3 Month 8'033'791
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
20'485.0 15'492.0 14'595.0 16'685.0 17'457.0 17'228.0 16'723.0 10'118.8 10'568.5 2'521.1 2'601.8
- - - - - 0.00x 0.00x -64.44x -62.92x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'671.0 2'314.0 2'657.0 2'627.0 3'119.0 2'782.0 3'092.0 3'229.9 3'611.6 821.0 855.1
4.84x 11.79x 12.35x 9.15x 9.30x 9.86x 11.06x 11.15x 9.93x 10.77x 10.41x
EBITDA - Long-Term Rating Date 29.11.2005
EBIT - Long-Term Rating AA-
Operating Margin 36.77% Long-Term Outlook NEG
Pretax Margin 37.62% Short-Term Rating Date 29.11.2005
Return on Assets 0.46% Short-Term Rating A-1+
Return on Common Equity 11.44%
Return on Capital 1.13% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 877.5%
Net Income Margin 28.5% Total Debt/Capital 89.8%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 38.36
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 36.54% Inventory Days -
Tot Debt to Common Equity 877.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Nordea Bank ABPrice/Volume
Valuation Analysis
4'740'274.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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-.! ! E
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMPO OYJ n/a Research 866'689'708 21.4 - 31.05.2013 Insurance Company
NORDEA FONDER AB/SWE n/a Research 157'948'124 3.9 - 31.05.2013 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 133'648'413 3.3 - 31.05.2013 Investment Advisor
AMF PENSION n/a Research 85'048'990 2.1 - 31.05.2013 Pension Fund (ERISA)
NORWEGIAN PETROLEUM n/a Research 76'949'086 1.9 - 31.05.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 67'034'599 1.66 - 31.12.2012 Government
SHB FUNDS n/a Research 64'799'230 1.6 - 31.05.2013 n/a
SEB n/a ULT-AGG 52'650'036 1.3 167'204 31.05.2013 Unclassified
ALECTA PENSIONSFORSA n/a Research 52'649'375 1.3 - 31.05.2013 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 49'921'484 1.23 26'227'297 26.09.2013 Investment Advisor
FJARDE AP-FONDEN n/a Research 44'549'471 1.1 - 31.05.2013 Pension Fund (ERISA)
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 40'705'230 1.01 (767'524) 30.08.2013 Investment Advisor
AFA INSURANCE n/a Research 36'449'567 0.9 - 31.05.2013 Insurance Company
AMF FONDER AB Multiple Portfolios MF-AGG 35'493'330 0.88 6'994'000 31.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 33'770'583 0.83 4'211'756 30.06.2013 Unclassified
VARMA MUTUAL PENSION n/a Research 32'399'615 0.8 - 31.05.2013 Insurance Company
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 31'042'864 0.77 894'343 31.03.2013 Investment Advisor
NORDEA FUNDS n/a Research 28'349'663 0.7 - 31.05.2013 n/a
FORSTA AP FONDEN n/a Research 28'349'663 0.7 - 31.05.2013 Investment Advisor
SKANDIA LIV n/a Research 28'349'663 0.7 - 31.05.2013 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ANDREAS HAKANSSON neutral 3 M 77 Not Provided 27.09.2013
Kepler Cheuvreux MATS ANDERSON buy 5 M 90 Not Provided 26.09.2013
Nomura OMAR KEENAN buy 5 M 86 12 month 26.09.2013
AlphaValue CHRISTOPHE NIJDAM reduce 2 M 78 6 month 26.09.2013
Keefe, Bruyette & Woods RONNY REHN outperform 5 U 86 12 month 25.09.2013
HSBC CARLO DIGRANDI overweight 5 U 88 Not Provided 25.09.2013
SEB Enskilda MASIH YAZDI buy 5 M 88 Not Provided 23.09.2013
Morgan Stanley ALVARO SERRANO Equalwt/In-Line 3 M 87 12 month 16.09.2013
UBS NICK DAVEY buy 5 M 94 12 month 11.09.2013
JPMorgan SOFIE PETERZENS overweight 5 M 97 18 month 11.09.2013
Handelsbanken MATTI AHOKAS buy 5 M 96 12 month 09.09.2013
Berenberg Bank NICK ANDERSON buy 5 M 85 Not Provided 05.09.2013
Pareto Securities JON DAVID GJERTSEN buy 5 M 94 6 month 26.08.2013
Barclays CHRISTOFFER ROSQUIST overweight 5 M 93 Not Provided 05.08.2013
Societe Generale GEOFF DAWES buy 5 M 88 12 month 22.07.2013
Macquarie EDWARD FIRTH neutral 3 M 84 12 month 19.07.2013
Alm Brand Markets JESPER CHRISTENSEN neutral 3 M 83 12 month 18.07.2013
ABG Sundal Collier MAGNUS ANDERSSON buy 5 M 90 6 month 18.07.2013
Carnegie TOBIAS KAJ buy 5 M #N/A N/A Not Provided 18.07.2013
DNB Markets HAKON FURE buy 5 M 85 Not Provided 18.07.2013
S&P Capital IQ FRANK BRADEN buy 5 M 82 12 month 17.07.2013
SpareBank 1 Markets AS NILS CHRISTIAN OYEN buy 5 M 85 12 month 17.07.2013
Arctic Securities ASA FRIDTJOF BERENTS buy 5 M 85 Not Provided 17.07.2013
Danske Markets PER GRONBORG hold 3 M 82 12 month 17.07.2013
Swedbank First Securities BENGT KIRKOEN buy 5 M 90 Not Provided 17.07.2013
NYKREDIT RICKY S RASMUSSEN neutral 3 M #N/A N/A Not Provided 15.07.2013
RBC Capital Markets CLAIRE KANE outperform 5 M 78 12 month 09.07.2013
Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 04.07.2013
Goldman Sachs PAWEL DZIEDZIC neutral/neutral 3 D 90 12 month 09.06.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
Jyske Bank CHRISTIAN HEDE strong buy 5 M 98 Not Provided 13.05.2013
Mediobanca SpA RICCARDO ROVERE underperform 1 M 73 Not Provided 25.03.2013
Evli Bank Plc KIMMO RAMA buy 5 U 86 12 month 29.05.2012
Nordea Equity Research MATHS LILJEDAHL not rated #N/A N/A M #N/A N/A Not Provided 16.04.2012
Holdings By:
Nordea Bank AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 82.44
52-Week Low (01.10.2012) 56.51
Daily Volume
79.02
52-Week High % Change -4.14% Dividend Yield -
52-Week Low % Change 39.83% Beta 1.19
% 52 Week Price Range High/Low 90.98% Equity Float 320.86
Shares Out 30.06.2013 602.0 Short Int -
50'688.43 1 Yr Total Return 43.68%
Total Debt 69'507.00 YTD Return 12.12%
Preferred Stock 0.0 Adjusted BETA 1.190
Minority Interest 107.0 Analyst Recs 42
Cash and Equivalents 12'982.00 Consensus Rating 4.048
Enterprise Value 108'164.43
Average Volume 5 Day 1'113'339
BMW GY EQUITY YTD Change - Average Volume 30 Day 1'435'057
BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'442'081
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 72'391.0 76'451.0 78'457.7 82'569.3 20'993.0 22'876.7
1.19x 1.40x 1.49x 1.31x 1.36x 5.07x 5.27x 0.49x 0.45x - -
4'468.0 9'311.0 12'905.0 15'447.0 16'253.0 16'348.0 16'032.0 12'747.0 13'184.4 - -
14.18x 7.59x 6.99x 5.86x 6.43x 5.77x 6.34x 8.49x 8.20x - -
324.0 204.0 3'227.0 4'881.0 5'096.0 4'596.0 5'173.0 5'237.0 5'362.6 1'396.0 1'530.5
44.10x 102.58x 11.94x 6.95x 9.39x 8.11x 8.54x 10.01x 9.70x - -
EBITDA 16'253.00 Long-Term Rating Date 16.04.2012
EBIT 8'298.00 Long-Term Rating A
Operating Margin 10.80% Long-Term Outlook STABLE
Pretax Margin 10.17% Short-Term Rating Date 16.04.2012
Return on Assets 3.97% Short-Term Rating A-1
Return on Common Equity 17.36%
Return on Capital 5.69% EBITDA/Interest Exp. 17.80
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 12.07
Net Debt/EBITDA 3.58
Gross Margin 20.2% Total Debt/EBITDA 4.37
EBITDA Margin 21.0%
EBIT Margin 10.5% Total Debt/Equity 229.4%
Net Income Margin 6.6% Total Debt/Capital 69.6%
Asset Turnover 0.59
Current Ratio 1.04 Net Fixed Asset Turnover 2.06
Quick Ratio 0.32 Accounts receivable turnover-days 10.49
Debt to Assets 52.72% Inventory Days 63.30
Tot Debt to Common Equity 229.43% Accounts Payable Turnover Day 38.04
Accounts Receivable Turnover 34.80 Cash Conversion Cycle 36.53
Inventory Turnover 5.77
Fiscal Year Ended
Bayerische Motoren Werke AGPrice/Volume
Valuation Analysis
465'164.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
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
! !!
. !!
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5 !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2012 n/a
QUANDT JOHANNA n/a Co File 100'533'195 16.7 - 31.12.2012 n/a
KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 36'931'505 6.13 (6'324) 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 14'432'872 2.4 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 13'010'155 2.16 (1'906'900) 31.07.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 7'619'900 1.27 891'400 30.06.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 4'993'700 0.83 4'993'700 30.06.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'734'485 0.79 4'660'332 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 4'200'666 0.7 38'312 30.06.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'045'326 0.67 541'749 30.06.2013 Investment Advisor
WADDELL & REED FINAN n/a ULT-AGG 3'907'100 0.65 (4'537'600) 30.06.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 3'861'226 0.64 (480'416) 30.09.2013 Bank
BESTINVER GESTION SG Multiple Portfolios MF-AGG 3'773'414 0.63 45'105 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 3'729'907 0.62 38'206 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'176'598 0.36 (311'830) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'136'927 0.35 5'949 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'026'648 0.34 (2'253) 31.07.2013 Investment Advisor
SEB n/a ULT-AGG 1'380'299 0.23 123'139 30.04.2013 Unclassified
UBS AG n/a ULT-AGG 1'309'460 0.22 (9'856) 27.09.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 27.09.2013
Oddo & Cie FRANCOIS MAURY reduce 2 M 63 Not Provided 26.09.2013
AlphaValue HANS-PETER WODNIOK add 4 M 92 6 month 26.09.2013
Barclays KRISTINA CHURCH overweight 5 M 92 Not Provided 23.09.2013
National Bank AG EKKEHARD D LINK buy 5 M 85 Not Provided 20.09.2013
Day by Day VALERIE GASTALDY buy 5 M 84 3 month 19.09.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 17.09.2013
Natixis GEORGES DIENG neutral 3 M 77 Not Provided 13.09.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 11.09.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 94 12 month 10.09.2013
JPMorgan JOSE ASUMENDI neutral 3 M 78 15 month 06.09.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 76 Not Provided 06.09.2013
Nomura HARALD C HENDRIKSE buy 5 N 85 Not Provided 05.09.2013
ISI Group ARNDT ELLINGHORST strong buy 5 N 90 12 month 02.09.2013
DZ Bank AG MICHAEL PUNZET buy 5 M 80 Not Provided 27.08.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.08.2013
Baader Bank KLAUS BREITENBACH buy 5 M 80 12 month 08.08.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 08.08.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 85 12 month 07.08.2013
Nord/LB FRANK SCHWOPE sell 1 M 64 12 month 05.08.2013
Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 02.08.2013
Kepler Cheuvreux MICHAEL RAAB buy 5 M 88 Not Provided 02.08.2013
Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 01.08.2013
Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 79 12 month 01.08.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 72 Not Provided 01.08.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 80 12 month 01.08.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 01.08.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 D 68 12 month 01.08.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 01.08.2013
S&P Capital IQ RODERICK BRIDGE buy 5 D 80 12 month 01.08.2013
HSBC HORST SCHNEIDER neutral 3 M 79 Not Provided 29.07.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 100 Not Provided 23.07.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 14.06.2013
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 82 12 month 13.06.2013
Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 30.04.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 83 Not Provided 09.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013
Bank of Valletta TEAM COVERAGE neutral 3 M 71 Not Provided 20.03.2013
UBS PHILIPPE HOUCHOIS neutral 3 D 73 12 month 18.02.2013
Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012
Holdings By:
Bayerische Motoren Werke AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.01.2013) 187.40
52-Week Low (18.04.2013) 136.60
Daily Volume
172.55
52-Week High % Change -7.95% Dividend Yield -
52-Week Low % Change 26.32% Beta 1.19
% 52 Week Price Range High/Low 74.70% Equity Float 170.15
Shares Out 31.07.2013 170.1 Short Int -
78'691.30 1 Yr Total Return 24.48%
Total Debt 117'663.00 YTD Return 2.64%
Preferred Stock 0.0 Adjusted BETA 1.188
Minority Interest 4'310.0 Analyst Recs 38
Cash and Equivalents 25'921.00 Consensus Rating 4.342
Enterprise Value 173'284.31
Average Volume 5 Day 704'079
VOW3 GY EQUITY YTD Change - Average Volume 30 Day 999'259
VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 938'980
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 176'948.0 195'985.0 200'490.6 210'458.3 49'458.8 50'520.0
1.22x 0.97x 0.83x 0.77x 0.90x 2.83x 3.35x 0.38x 0.35x - -
14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 23'081.0 24'812.0 23'721.3 26'502.5 - -
9.34x 9.35x 6.29x 5.76x 7.10x 5.98x 6.62x 7.31x 6.54x - -
4'753.0 960.0 6'835.0 15'409.0 21'717.0 17'936.0 17'801.0 10'114.9 11'672.1 - -
20.97x 32.35x 6.98x 3.13x 3.51x 3.06x 3.97x 8.17x 7.06x - -
EBITDA 24'424.00 Long-Term Rating Date 31.08.2009
EBIT 11'310.00 Long-Term Rating A-
Operating Margin 5.87% Long-Term Outlook POS
Pretax Margin 13.23% Short-Term Rating Date 15.06.2004
Return on Assets 5.99% Short-Term Rating A-2
Return on Common Equity 24.78%
Return on Capital - EBITDA/Interest Exp. 17.46
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 9.96
Net Debt/EBITDA 3.72
Gross Margin 18.2% Total Debt/EBITDA 4.89
EBITDA Margin 12.7%
EBIT Margin 5.4% Total Debt/Equity 151.8%
Net Income Margin 11.3% Total Debt/Capital 59.0%
Asset Turnover 0.66
Current Ratio 1.03 Net Fixed Asset Turnover 3.51
Quick Ratio 0.33 Accounts receivable turnover-days 68.67
Debt to Assets 38.00% Inventory Days 68.22
Tot Debt to Common Equity 151.79% Accounts Payable Turnover Day 40.43
Accounts Receivable Turnover 5.32 Cash Conversion Cycle 46.11
Inventory Turnover 5.35
Fiscal Year Ended
Volkswagen AGPrice/Volume
Valuation Analysis
431'638.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 7'477'269 4.39 (83'555) 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'156'855 3.03 (1'075'152) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'574'181 2.1 85'097 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'350'802 1.38 728'811 30.06.2013 Unclassified
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'684'876 0.99 (308'807) 28.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'676'441 0.99 606'771 30.04.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'427'041 0.84 39'628 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'381'412 0.81 (116'634) 31.07.2013 Investment Advisor
BG MASTER FUND PLC n/a Short (1'173'985) -0.69 17'015 22.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'072'054 0.63 (202'718) 31.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 996'683 0.59 (190'153) 28.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 907'527 0.53 (71'295) 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 878'532 0.52 (12'126) 27.09.2013 Unclassified
ADIG INVESTMENT Multiple Portfolios MF-AGG 784'624 0.46 (12'000) 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 708'483 0.42 271'648 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 637'766 0.37 (200'672) 27.09.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 619'552 0.36 25'873 30.09.2013 Bank
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 455'360 0.27 20'000 28.06.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 415'306 0.24 936 26.09.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 373'977 0.22 (83'819) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 27.09.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 170 Not Provided 26.09.2013
AlphaValue HANS-PETER WODNIOK reduce 2 U 162 6 month 26.09.2013
JPMorgan JOSE ASUMENDI overweight 5 M 214 15 month 25.09.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 217 12 month 25.09.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 215 12 month 23.09.2013
Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 23.09.2013
Berenberg Bank ADAM HULL buy 5 M 240 Not Provided 20.09.2013
Natixis GEORGES DIENG buy 5 M 208 Not Provided 13.09.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 205 6 month 12.09.2013
Deutsche Bank JOCHEN GEHRKE buy 5 M 240 12 month 10.09.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 210 12 month 10.09.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 12 month 10.09.2013
Nomura HARALD C HENDRIKSE neutral 3 M 170 12 month 09.09.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 220 12 month 09.09.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 212 Not Provided 06.09.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 M 165 12 month 04.09.2013
Redburn Partners CHARLES WINSTON neutral 3 M #N/A N/A Not Provided 04.09.2013
ISI Group ARNDT ELLINGHORST neutral 3 N 180 12 month 02.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 14.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 220 12 month 09.08.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 238 12 month 07.08.2013
Baader Bank KLAUS BREITENBACH buy 5 M 220 12 month 05.08.2013
Societe Generale STEPHEN REITMAN buy 5 M 220 12 month 01.08.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 200 12 month 01.08.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 205 Not Provided 01.08.2013
Kepler Cheuvreux MICHAEL RAAB buy 5 M 210 Not Provided 01.08.2013
Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 31.07.2013
S&P Capital IQ RODERICK BRIDGE buy 5 M 192 12 month 31.07.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 07.05.2013
HSBC HORST SCHNEIDER overweight 5 M 191 Not Provided 02.05.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 227 Not Provided 09.04.2013
UBS PHILIPPE HOUCHOIS neutral 3 M 165 12 month 25.02.2013
Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012
Holdings By:
Volkswagen AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines
for civil and military aircraft. The Group designs, constructs and installs
power generation systems, transmission and distribution systems, and equipment
for the marine propulsion, oil and gas pumping, and defense markets.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (25.07.2013) 1'248.00
52-Week Low (01.10.2012) 827.34
Daily Volume
1106
52-Week High % Change -11.38% Dividend Yield 1.85
52-Week Low % Change 33.68% Beta 0.94
% 52 Week Price Range High/Low 70.76% Equity Float 1'877.72
Shares Out 30.08.2013 1'880.3 Short Int -
20'795.63 1 Yr Total Return 33.76%
Total Debt 1'383.00 YTD Return 27.95%
Preferred Stock 0.0 Adjusted BETA 0.942
Minority Interest 17.0 Analyst Recs 22
Cash and Equivalents 2'596.00 Consensus Rating 3.591
Enterprise Value 20'627.63
Average Volume 5 Day 3'867'448
RR/ LN EQUITY YTD Change - Average Volume 30 Day 3'933'194
RR/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'456'885
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
9'082.0 10'414.0 11'085.0 11'124.0 12'161.0 - - 15'372.1 16'328.8 - -
0.56x 0.76x 0.93x 1.25x 1.25x - - 1.26x 1.16x - -
1'096.0 1'396.0 1'404.0 1'480.0 1'687.0 - - 2'290.5 2'466.7 - -
4.63x 5.67x 7.36x 9.36x 8.98x - - 9.01x 8.36x - -
(1'340.0) 2'221.0 539.0 850.0 2'281.0 - - 1'280.9 1'376.7 - -
- 4.02x 21.34x 16.25x 7.09x - - 16.48x 15.30x - -
EBITDA 1'687.00 Long-Term Rating Date 13.04.2012
EBIT 1'200.00 Long-Term Rating A
Operating Margin 9.87% Long-Term Outlook STABLE
Pretax Margin 22.24% Short-Term Rating Date 13.04.2012
Return on Assets 3.66% Short-Term Rating A-1
Return on Common Equity 14.58%
Return on Capital 26.56% EBITDA/Interest Exp. 3.52
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 2.61
Net Debt/EBITDA -0.43
Gross Margin 22.6% Total Debt/EBITDA 1.30
EBITDA Margin 14.4%
EBIT Margin 10.0% Total Debt/Equity 22.7%
Net Income Margin 18.8% Total Debt/Capital 18.5%
Asset Turnover 0.70
Current Ratio 1.33 Net Fixed Asset Turnover 4.90
Quick Ratio 0.79 Accounts receivable turnover-days -
Debt to Assets 7.63% Inventory Days 112.49
Tot Debt to Common Equity 22.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 97.64
Inventory Turnover 3.24
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Rolls-Royce Holdings PLCPrice/Volume
Valuation Analysis
1'325'015.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a ULT-AGG 120'487'796 6.41 298'988 27.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 93'990'210 5 - 26.09.2013 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 84'928'999 4.52 48'778'690 30.04.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 81'858'814 4.35 (4'010'286) 31.07.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 64'246'008 3.42 1'596'751 30.06.2013 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 60'277'271 3.21 208'582 01.05.2013 Investment Advisor
HARBOR FUNDS n/a RNS-MAJ 58'969'691 3.14 - 18.09.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 57'062'291 3.03 - 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 56'038'651 2.98 (22'642'963) 01.05.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 49'502'250 2.63 602'116 30.06.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 45'553'844 2.42 - 01.05.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 44'676'196 2.38 - 31.12.2012 Government
NORGES BANK INVESTME Multiple Portfolios REG 44'674'730 2.38 (36'831) 01.05.2013 Government
SCOTTISH WIDOWS n/a ULT-AGG 42'004'275 2.23 (833'953) 31.07.2013 Unclassified
THREADNEEDLE n/a ULT-AGG 34'736'953 1.85 (564'879) 31.05.2013 Unclassified
M FINANCIAL INVESTME Multiple Portfolios MF-AGG 32'727'840 1.74 32'455'108 30.06.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 32'074'111 1.71 (312'843) 27.09.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios REG 31'189'550 1.66 5'082'190 01.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'726'987 1.63 139'539 31.07.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 24'329'225 1.29 (811'123) 01.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ROBERT STALLARD outperform 5 M 1'340 12 month 30.09.2013
Jefferies SANDY MORRIS buy 5 M 1'400 12 month 30.09.2013
AlphaValue THOMAS PICHERIT sell 1 M 1'009 6 month 26.09.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 950 Not Provided 25.09.2013
Investec ANDREW GOLLAN add 4 M 1'180 12 month 18.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 1'340 Not Provided 12.09.2013
Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 1'350 Not Provided 02.09.2013
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 1'300 12 month 27.08.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 1'365 Not Provided 20.08.2013
EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 19.08.2013
Societe Generale ZAFAR KHAN sell 1 M 1'150 12 month 26.07.2013
Deutsche Bank BEN FIDLER sell 1 D 1'020 12 month 26.07.2013
JPMorgan DAVID H PERRY overweight 5 M 1'560 15 month 26.07.2013
Shore Capital Stockbrokers GERARD LANE corporate #N/A N/A M #N/A N/A Not Provided 26.07.2013
S&P Capital IQ UNAI FRANCO buy 5 M 1'400 12 month 26.07.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 1'100 12 month 22.07.2013
UBS CHARLES ARMITAGE sell 1 M 900 12 month 09.07.2013
Barclays NICK WEBSTER overweight 5 M 1'225 Not Provided 09.07.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX sell 1 M 800 12 month 18.02.2013
Kepler Cheuvreux CHRISTOPHE MENARD hold 3 M 1'050 Not Provided 15.02.2013
Holdings By:
Rolls-Royce Holdings PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (30.09.2013) 73.28
52-Week Low (18.10.2012) 38.25
Daily Volume
72.93
52-Week High % Change -0.41% Dividend Yield -
52-Week Low % Change 90.67% Beta 0.92
% 52 Week Price Range High/Low 99.45% Equity Float 353.75
Shares Out 01.07.2013 446.8 Short Int -
32'585.73 1 Yr Total Return 112.42%
Total Debt 759.49 YTD Return 53.37%
Preferred Stock 0.0 Adjusted BETA 0.924
Minority Interest 0.0 Analyst Recs 40
Cash and Equivalents 2'697.60 Consensus Rating 3.800
Enterprise Value 30'970.73
Average Volume 5 Day 998'809
ASML NA EQUITY YTD Change - Average Volume 30 Day 981'467
ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'059'336
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
2'953.7 1'596.1 4'507.9 5'651.0 4'731.6 5'149.0 4'330.7 5'152.1 6'566.9 1'339.1 1'762.3
1.71x 6.29x 2.52x 2.02x 3.72x 9.58x 17.99x 6.00x 4.60x 23.53x 18.06x
406.2 (21.5) 1'402.1 1'806.4 1'343.4 1'540.5 1'014.4 1'206.9 1'837.7 284.7 474.0
12.42x - 8.11x 6.33x 13.11x 9.65x 25.11x 25.61x 16.82x 18.37x 16.17x
322.4 (150.9) 1'021.8 1'467.0 1'146.3 1'213.8 889.4 911.8 1'467.7 218.1 380.1
17.00x - 12.30x 9.41x 17.78x 13.67x 29.29x 33.41x 21.10x 23.12x 21.15x
EBITDA 1'343.39 Long-Term Rating Date -
EBIT 1'156.77 Long-Term Rating -
Operating Margin 24.45% Long-Term Outlook -
Pretax Margin 24.32% Short-Term Rating Date -
Return on Assets 10.11% Short-Term Rating -
Return on Common Equity 17.62%
Return on Capital - EBITDA/Interest Exp. 58.97
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 51.43
Net Debt/EBITDA -1.59
Gross Margin 42.4% Total Debt/EBITDA 0.73
EBITDA Margin 23.4%
EBIT Margin 19.4% Total Debt/Equity 18.7%
Net Income Margin 24.2% Total Debt/Capital 15.7%
Asset Turnover 0.49
Current Ratio 2.80 Net Fixed Asset Turnover 3.76
Quick Ratio 1.58 Accounts receivable turnover-days 52.44
Debt to Assets 10.25% Inventory Days 291.26
Tot Debt to Common Equity 18.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.96 Cash Conversion Cycle 252.00
Inventory Turnover 1.25
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
ASML Holding NVPrice/Volume
Valuation Analysis
665'730.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING ADM MAKTSJ n/a Research 62'977'877 14.1 - 30.05.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 51'453'097 11.52 - 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 36'311'008 8.13 - 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 22'238'594 4.98 (639'895) 26.09.2013 Investment Advisor
STICHT ADM TSMC n/a 20F 20'992'625 4.7 - 06.02.2013 Other
ASML HOLDING NV n/a Co File 8'980'030 2.01 - 01.07.2012 Corporation
NORGES BANK Multiple Portfolios MF-AGG 6'596'866 1.48 - 31.12.2012 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'257'013 1.4 - 31.07.2013 Investment Advisor
WADDELL & REED FINAN n/a ULT-AGG 5'430'772 1.22 (1'694'310) 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'864'722 0.86 315'941 30.06.2013 Unclassified
FIL LIMITED n/a ULT-AGG 3'152'658 0.71 (607'933) 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'011'019 0.67 (25'086) 31.08.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'890'391 0.42 1'694'676 31.08.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'864'690 0.42 (27'012) 31.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'648'623 0.37 173'062 31.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'583'090 0.35 143'905 30.06.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'448'183 0.32 (9'103) 30.06.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'208'197 0.27 - 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'115'503 0.25 664'922 31.05.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'108'563 0.25 (18'903) 30.04.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 83 12 month 30.09.2013
Cowen and Company TIMOTHY M ARCURI outperform 5 M 80 12 month 30.09.2013
Deutsche Bank KAI KORSCHELT buy 5 M 75 12 month 26.09.2013
Natixis STEPHANE HOURI buy 5 M 83 Not Provided 26.09.2013
AlphaValue LIONEL PELLICER reduce 2 M 64 6 month 26.09.2013
Jefferies LEE SIMPSON buy 5 M 80 12 month 25.09.2013
Berenberg Bank #N/A N/A hold 3 M 73 Not Provided 25.09.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M #N/A N/A Not Provided 23.09.2013
Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 23.09.2013
Exane BNP Paribas JEROME RAMEL neutral 3 M 67 Not Provided 20.09.2013
HSBC CHRISTIAN DOMINIK RATH overweight 5 M 76 Not Provided 18.09.2013
Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 105 12 month 11.09.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.09.2013
ING Bank MARC ZWARTSENBURG hold 3 M 73 12 month 09.09.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 70 12 month 22.08.2013
Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 75 Not Provided 22.08.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 80 12 month 21.08.2013
Piper Jaffray JAGADISH IYER neutral 3 M 58 12 month 13.08.2013
Credit Suisse JOHN W PITZER outperform 5 M 75 Not Provided 26.07.2013
Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 23.07.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 51 12 month 19.07.2013
Liberum Capital Ltd JANARDAN MENON hold 3 M 45 Not Provided 19.07.2013
Societe Generale PETER KNOX hold 3 M 66 12 month 18.07.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 70 12 month 18.07.2013
UBS GARETH JENKINS buy 5 M 75 12 month 18.07.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 75 6 month 18.07.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 71 Not Provided 18.07.2013
Petercam MARCEL ACHTERBERG hold 3 M 66 Not Provided 18.07.2013
Rabobank International PHILIP SCHOLTE hold 3 M 60 Not Provided 18.07.2013
Kepler Cheuvreux BERND LAUX buy 5 M 75 Not Provided 18.07.2013
Barclays ANDREW M GARDINER overweight 5 M 80 Not Provided 18.07.2013
Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 17.07.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 53 12 month 17.07.2013
SNS Securities(ESN) EDWIN DE JONG suspended coverage #N/A N/A M 31 12 month 17.07.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 75 12 month 17.07.2013
Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013
Kempen & Co ERWIN DUT hold 3 M 68 Not Provided 04.06.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013
Holdings By:
ASML Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
GDF Suez offers a full range of electricity, gas and associated energy and
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.09.2013) 19.05
52-Week Low (01.03.2013) 14.05
Daily Volume
18.55
52-Week High % Change -2.62% Dividend Yield 8.09
52-Week Low % Change 32.03% Beta 1.05
% 52 Week Price Range High/Low 95.80% Equity Float 1'355.86
Shares Out 30.06.2013 2'412.8 Short Int -
44'757.89 1 Yr Total Return 11.03%
Total Debt 57'552.00 YTD Return 24.04%
Preferred Stock 0.0 Adjusted BETA 1.053
Minority Interest 11'462.0 Analyst Recs 33
Cash and Equivalents 11'383.00 Consensus Rating 3.636
Enterprise Value 97'638.89
Average Volume 5 Day 4'551'098
GSZ FP EQUITY YTD Change - Average Volume 30 Day 4'556'468
GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'282'891
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
67'923.8 79'908.0 84'478.0 90'673.0 97'038.0 90'449.0 96'246.0 81'904.2 82'453.3 - -
1.64x 1.32x 1.24x 1.18x 0.97x 0.00x 0.00x 1.09x 1.06x - -
9'605.7 13'781.0 15'918.0 16'071.0 18'401.0 0.0 0.0 13'534.3 13'371.1 - -
11.61x 7.63x 6.59x 6.64x 5.13x 0.00x 0.00x 7.21x 7.30x - -
4'857.1 4'477.0 4'616.0 4'003.0 1'550.0 0.0 0.0 3'325.1 3'286.2 - -
11.85x 14.77x 12.79x 11.73x 22.90x 0.00x 0.00x 13.43x 13.56x - -
EBITDA 18'401.00 Long-Term Rating Date 06.05.2013
EBIT 9'520.00 Long-Term Rating A
Operating Margin 9.81% Long-Term Outlook NEG
Pretax Margin 4.96% Short-Term Rating Date 06.05.2013
Return on Assets 0.46% Short-Term Rating A-1
Return on Common Equity 1.56%
Return on Capital 2.30% EBITDA/Interest Exp. 7.20
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.61
Net Debt/EBITDA 2.34
Gross Margin - Total Debt/EBITDA 2.96
EBITDA Margin 18.6%
EBIT Margin 9.8% Total Debt/Equity 96.3%
Net Income Margin 1.6% Total Debt/Capital 44.7%
Asset Turnover 0.47
Current Ratio 1.07 Net Fixed Asset Turnover 1.12
Quick Ratio 0.65 Accounts receivable turnover-days 90.29
Debt to Assets 28.01% Inventory Days -
Tot Debt to Common Equity 96.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.04 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
GDF SuezPrice/Volume
Valuation Analysis
2'237'926.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Co File 885'506'488 36.7 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 183'318'950 7.6 (1'121'371) 30.06.2013 Investment Advisor
GROUPE BRUXELLES LAM n/a Research 57'953'937 2.4 46'162 17.05.2013 Holding Company
GDF SUEZ n/a Co File 55'494'957 2.3 - 31.12.2012 Corporation
CAISSE DES DEPOTS ET n/a Co File 45'843'660 1.9 - 31.12.2012 Government
NORGES BANK Multiple Portfolios MF-AGG 41'698'795 1.73 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 29'320'368 1.22 4'042'513 26.09.2013 Investment Advisor
CNP ASSURANCES n/a Co File 24'128'242 1 - 31.12.2012 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 20'247'204 0.84 (1'847'430) 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 14'901'317 0.62 208'084 30.06.2013 Unclassified
PICTET FUNDS n/a ULT-AGG 13'691'858 0.57 6'233'317 16.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 12'486'862 0.52 4'663'950 31.08.2013 Investment Advisor
SOFINA SA n/a Co File 12'064'121 0.5 - 31.12.2012 Holding Company
BNP PARIBAS n/a ULT-AGG 11'727'981 0.49 (111'444) 30.04.2013 Unclassified
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 11'348'900 0.47 (1'775'500) 31.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 9'407'576 0.39 627'478 31.07.2013 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'392'588 0.31 (385'377) 31.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 6'854'128 0.28 (1'296'624) 28.03.2013 Investment Advisor
UBS AG n/a ULT-AGG 6'632'241 0.27 (439'252) 27.09.2013 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'606'543 0.27 (1'606'784) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets MARTIN YOUNG outperform 5 M 20 12 month 30.09.2013
Kepler Cheuvreux XAVIER CAROEN buy 5 M 21 Not Provided 19.09.2013
Credit Suisse MICHEL DEBS outperform 5 M 20 Not Provided 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
AlphaValue MYRIAM COHEN add 4 M 20 6 month 12.09.2013
BPI LOUIS BOUJARD neutral 3 N 17 Not Provided 09.09.2013
Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 22 12 month 09.09.2013
Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 15 Not Provided 04.09.2013
Raymond James EMMANUEL RETIF underperform 1 M #N/A N/A Not Provided 02.09.2013
Grupo Santander OSCAR NAJAR RIOS buy 5 M 19 12 month 30.08.2013
HSBC ADAM DICKENS neutral 3 D 18 Not Provided 21.08.2013
EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 21.08.2013
S&P Capital IQ CLIVE ROBERTS sell 1 D 15 12 month 16.08.2013
Societe Generale VINCENT AYRAL hold 3 M 16 12 month 09.08.2013
Deutsche Bank MARTIN BROUGH buy 5 U 20 12 month 07.08.2013
Bryan Garnier & Cie JULIEN DESMARETZ buy 5 M 19 6 month 06.08.2013
UBS ALBERTO GANDOLFI buy 5 M 19 12 month 02.08.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 19 12 month 02.08.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 18 Not Provided 02.08.2013
Main First Bank AG ANDREAS THIELEN outperform 5 M 19 12 month 02.08.2013
Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 16 12 month 01.08.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 D 17 Not Provided 01.08.2013
KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 01.08.2013
Berenberg Bank TEAM COVERAGE sell 1 M 14 Not Provided 22.05.2013
Investec HAROLD HUTCHINSON hold 3 N 15 Not Provided 13.05.2013
CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 24.04.2013
Macquarie SHAI HILL outperform 5 M 17 12 month 23.04.2013
JPMorgan NATHALIE F CASALI neutral 3 U 15 9 month 11.04.2013
Barclays JULIE ARAV equalweight 3 M 16 Not Provided 08.04.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 12 month 15.02.2013
Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012
Holdings By:
GDF Suez ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Latest Fiscal Year: 01/2013
LTM as of: 07/yy
52-Week High (26.09.2013) 116.10
52-Week Low (24.06.2013) 90.13
Daily Volume
112.9
52-Week High % Change -2.67% Dividend Yield -
52-Week Low % Change 25.26% Beta 0.71
% 52 Week Price Range High/Low 90.76% Equity Float 221.78
Shares Out 31.07.2013 623.3 Short Int -
70'374.00 1 Yr Total Return 19.15%
Total Debt 80.66 YTD Return 8.18%
Preferred Stock 0.0 Adjusted BETA 0.711
Minority Interest 35.9 Analyst Recs 39
Cash and Equivalents 4'111.38 Consensus Rating 3.538
Enterprise Value 66'802.00
Average Volume 5 Day 1'114'417
ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'080'128
ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 999'903
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 07/yy 07/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4
10'407.0 11'083.5 12'526.6 13'792.6 15'946.1 14'823.3 16'361.6 17'239.1 19'076.1 4'494.7 5'067.5
1.68x 2.36x 2.48x 2.76x 3.78x 11.04x 14.46x 3.81x 3.39x - -
2'186.9 2'353.1 2'966.2 3'214.6 3'927.6 3'575.4 3'916.1 4'160.4 4'673.2 1'233.7 1'289.0
7.97x 11.09x 10.46x 11.86x 15.36x 13.63x 15.04x 16.06x 14.29x 15.37x 14.66x
1'253.5 1'314.4 1'731.8 1'932.3 2'360.8 2'159.1 2'367.4 2'589.7 2'912.5 807.4 839.8
14.82x 21.63x 19.86x 21.51x 27.25x 24.20x 26.38x 27.19x 24.20x 25.43x 24.34x
EBITDA 3'927.64 Long-Term Rating Date -
EBIT 3'116.84 Long-Term Rating -
Operating Margin 19.55% Long-Term Outlook -
Pretax Margin 19.63% Short-Term Rating Date -
Return on Assets 19.09% Short-Term Rating -
Return on Common Equity 31.02%
Return on Capital - EBITDA/Interest Exp. 1378.60
Asset Turnover 1.32% (EBITDA-Capex)/Interest Exp. 960.00
Net Debt/EBITDA -0.92
Gross Margin 59.8% Total Debt/EBITDA 0.00
EBITDA Margin 23.9%
EBIT Margin 19.0% Total Debt/Equity 1.0%
Net Income Margin 14.8% Total Debt/Capital 0.9%
Asset Turnover 1.32
Current Ratio 1.92 Net Fixed Asset Turnover 3.46
Quick Ratio 1.42 Accounts receivable turnover-days 17.29
Debt to Assets 0.63% Inventory Days 85.61
Tot Debt to Common Equity 0.96% Accounts Payable Turnover Day 194.67
Accounts Receivable Turnover 21.11 Cash Conversion Cycle -58.36
Inventory Turnover 4.26
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
Inditex SAPrice/Volume
Valuation Analysis
352'523.00
Current Price (9/dd/yy) Market Data
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30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified
PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation
ROSP CORUNNA n/a EXCH 31'494'806 5.05 - 15.08.2013 Unclassified
JP MORGAN n/a ULT-AGG 16'126'169 2.59 (2'666'104) 31.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'981'213 1.28 328'000 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'764'590 0.92 1'461'214 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'725'374 0.92 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 5'404'831 0.87 (78'023) 30.06.2013 Unclassified
CARMIGNAC GESTION Multiple Portfolios MF-AGG 5'314'710 0.85 290'786 28.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'044'239 0.65 17'762 31.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'873'258 0.46 88'992 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'632'156 0.42 47'784 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'542'902 0.41 (83'629) 31.08.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'562'000 0.25 115'700 28.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'156'342 0.19 (1'255'440) 30.04.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'149'037 0.18 - 31.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 1'114'981 0.18 16'334 31.07.2013 Investment Advisor
COMGEST S A Multiple Portfolios MF-AGG 1'041'835 0.17 355'434 30.08.2013 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 894'465 0.14 519'493 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 774'119 0.12 12'471 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander REBECCA MCCLELLAN buy 5 M 129 12 month 27.09.2013
BPI JOSE RITO buy 5 M 127 Not Provided 26.09.2013
BBVA ISABEL CARBALLO market perform 3 M 115 Not Provided 26.09.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 92 Not Provided 26.09.2013
AlphaValue VIRGINIE BLIN sell 1 M 92 6 month 26.09.2013
Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 130 12 month 25.09.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 122 12 month 25.09.2013
Day by Day VALERIE GASTALDY buy 5 M 126 3 month 23.09.2013
Societe Generale ANNE CRITCHLOW buy 5 M 141 12 month 19.09.2013
Credit Suisse SIMON IRWIN underperform 1 M 93 Not Provided 19.09.2013
Raymond James CEDRIC LECASBLE outperform 5 M 119 12 month 19.09.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 112 Not Provided 19.09.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 19.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 19.09.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 107 Not Provided 19.09.2013
Natixis JEAN BAPTISTE TEISSIER buy 5 M 125 Not Provided 19.09.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 115 12 month 19.09.2013
Deutsche Bank WARWICK OKINES buy 5 M 120 12 month 18.09.2013
Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 18.09.2013
La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 111 Not Provided 18.09.2013
Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 M 98 12 month 18.09.2013
ISI Group OMAR SAAD strong buy 5 M 130 Not Provided 18.09.2013
Nomura FRASER RAMZAN buy 5 M 117 12 month 18.09.2013
S&P Capital IQ WILLIAM MACK buy 5 M 130 12 month 18.09.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 123 12 month 18.09.2013
Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 120 Not Provided 18.09.2013
HSBC PAUL ROSSINGTON neutral 3 M 116 Not Provided 17.09.2013
SEB Enskilda NICKLAS FHARM not rated #N/A N/A M #N/A N/A Not Provided 16.09.2013
BCP Investimento JOAO C FLORES neutral 3 D 112 Not Provided 10.09.2013
Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 29.08.2013
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 100 Not Provided 29.08.2013
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 96 Not Provided 29.07.2013
Kepler Cheuvreux DANIEL OVIN reduce 2 M 95 Not Provided 12.06.2013
Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 03.06.2013
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 03.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 02.04.2013
Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013
UBS ANDREW HUGHES neutral 3 M 105 12 month 30.01.2013
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012
Renta 4 SA SVB IVAN SAN FELIX hold 3 M 81 Not Provided 12.09.2012
Link Securities PAULA SAMPEDRO accumulate 4 D 47 Not Provided 26.11.2009
Holdings By:
Inditex SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
E.ON SE operates in power generation and gas production businesses. The
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.10.2012) 18.85
52-Week Low (08.07.2013) 11.82
Daily Volume
13.12
52-Week High % Change -30.38% Dividend Yield -
52-Week Low % Change 11.05% Beta 1.04
% 52 Week Price Range High/Low 22.76% Equity Float 1'847.04
Shares Out 30.06.2013 2'001.0 Short Int -
26'253.12 1 Yr Total Return -22.98%
Total Debt 25'944.00 YTD Return 0.94%
Preferred Stock 0.0 Adjusted BETA 1.040
Minority Interest 3'862.0 Analyst Recs 36
Cash and Equivalents 6'097.00 Consensus Rating 2.778
Enterprise Value 47'249.12
Average Volume 5 Day 6'863'377
EOAN GY EQUITY YTD Change - Average Volume 30 Day 10'463'780
EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 9'345'915
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 100'850.0 103'107.0 119'584.2 121'661.5 - -
1.08x 1.11x 0.78x 0.52x 0.38x 2.38x 1.94x 0.40x 0.38x - -
5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 4'407.0 7'043.0 9'327.3 9'096.7 - -
17.28x 7.18x 5.56x 13.73x 5.99x 0.00x 0.00x 5.06x 5.19x - -
1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 (190.0) 2'559.0 2'382.4 2'301.3 - -
37.92x 6.50x 6.53x - 12.36x 0.00x 0.00x 10.60x 11.07x - -
EBITDA 8'443.00 Long-Term Rating Date 27.07.2012
EBIT 4'940.00 Long-Term Rating A-
Operating Margin 3.74% Long-Term Outlook STABLE
Pretax Margin 2.51% Short-Term Rating Date 27.07.2012
Return on Assets 1.69% Short-Term Rating A-2
Return on Common Equity 6.74%
Return on Capital 6.90% EBITDA/Interest Exp. 2.90
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 0.71
Net Debt/EBITDA 1.78
Gross Margin - Total Debt/EBITDA 2.38
EBITDA Margin 7.6%
EBIT Margin 4.9% Total Debt/Equity 74.2%
Net Income Margin 1.7% Total Debt/Capital 40.1%
Asset Turnover 0.93
Current Ratio 1.20 Net Fixed Asset Turnover 2.46
Quick Ratio 0.61 Accounts receivable turnover-days -
Debt to Assets 18.48% Inventory Days -
Tot Debt to Common Equity 74.22% 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
E.ON SEPrice/Volume
Valuation Analysis
5'572'214.00
Current Price (9/dd/yy) Market Data
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30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 175'161'844 8.75 831'589 26.09.2013 Investment Advisor
E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation
GOVERNMENT OF NORWAY n/a Research 58'428'022 2.92 - 25.04.2013 Government
CREDIT SUISSE AG n/a ULT-AGG 47'239'166 2.36 - 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 44'456'040 2.22 - 31.12.2012 Government
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 26'967'138 1.35 23'123'001 31.07.2013 Investment Advisor
MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 21'153'194 1.06 668'398 30.06.2013 Unclassified
SOCIETE GENERALE SA n/a Research 19'195'947 0.96 - 14.05.2013 Unclassified
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 12'863'703 0.64 (1'838'618) 30.09.2013 Bank
PICTET FUNDS n/a ULT-AGG 11'926'783 0.6 166'783 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 11'867'950 0.59 (1'964'569) 28.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'475'000 0.37 - 30.06.2013 Investment Advisor
PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 7'002'471 0.35 - 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'981'054 0.35 1'357'797 30.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 6'442'280 0.32 (20'175) 27.09.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'777'028 0.29 13'048 26.09.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'705'123 0.29 (1'320'681) 31.08.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4'682'600 0.23 (95'700) 28.06.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'438'987 0.22 254'908 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 30.09.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 13 Not Provided 27.09.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 13 6 month 27.09.2013
AlphaValue EILEEN RYAN buy 5 M 17 6 month 26.09.2013
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 13 Not Provided 20.09.2013
Societe Generale ALBERTO PONTI sell 1 M 12 12 month 19.09.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 15 12 month 12.09.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 16 12 month 11.09.2013
Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 17 12 month 09.09.2013
HSBC ADAM DICKENS underweight 1 M 10 Not Provided 09.09.2013
JPMorgan NATHALIE F CASALI underweight 1 M 11 9 month 04.09.2013
Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 04.09.2013
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 15 12 month 02.09.2013
Credit Suisse VINCENT GILLES underperform 1 M 10 Not Provided 02.09.2013
Kepler Cheuvreux INGO BECKER hold 3 M 12 Not Provided 30.08.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 12 Not Provided 27.08.2013
Deutsche Bank ALEXANDER KARNICK hold 3 M 12 12 month 19.08.2013
EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 16.08.2013
Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 11 12 month 15.08.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 15.08.2013
Nord/LB HEINO HAMMANN hold 3 M 14 12 month 14.08.2013
Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 14.08.2013
Barclays PETER BISZTYGA overweight 5 M 15 Not Provided 14.08.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.08.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 13.08.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 14 12 month 13.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Investec HAROLD HUTCHINSON reduce 2 M 12 Not Provided 07.08.2013
UBS PATRICK HUMMEL neutral 3 M 12 12 month 07.08.2013
Main First Bank AG ANDREAS THIELEN outperform 5 M 15 12 month 07.06.2013
Berenberg Bank TEAM COVERAGE sell 1 M 11 Not Provided 24.05.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013
National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 31.01.2013
Holdings By:
E.ON SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Anglo American PLC is a global mining company. The Company's mining portfolio
includes bulk commodities including iron ore, manganese and metallurgical
coal, base metals including copper and nickel and precious metals and minerals
including platinum and diamonds. Anglo American PLC has mining operations in
Africa, Europe, North and South America, Asia and Australia.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (15.02.2013) 2'088.50
52-Week Low (03.07.2013) 1'195.50
Daily Volume
1495.5
52-Week High % Change -28.35% Dividend Yield 3.52
52-Week Low % Change 25.09% Beta 1.37
% 52 Week Price Range High/Low 38.58% Equity Float 1'222.99
Shares Out 02.09.2013 1'394.1 Short Int -
20'849.29 1 Yr Total Return -14.95%
Total Debt 16'760.00 YTD Return -18.40%
Preferred Stock 0.0 Adjusted BETA 1.374
Minority Interest 6'130.0 Analyst Recs 32
Cash and Equivalents 9'094.00 Consensus Rating 3.156
Enterprise Value 48'006.10
Average Volume 5 Day 2'694'053
AAL LN EQUITY YTD Change - Average Volume 30 Day 3'260'122
AAL LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'548'983
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
26'311.0 20'858.0 27'960.0 30'580.0 28'761.0 - - 31'276.1 31'945.5 - -
1.61x 3.39x 2.84x 1.75x 1.97x - - 1.63x 1.65x - -
9'986.0 4'465.0 10'301.0 11'379.0 7'682.0 - - 8'584.6 9'220.2 - -
4.23x 15.82x 7.71x 4.69x 7.37x - - 5.59x 5.21x - -
5'215.0 2'425.0 6'544.0 6'169.0 (1'493.0) - - 2'171.4 2'707.1 - -
5.19x 21.67x 9.58x 7.24x - - - 13.41x 11.40x - -
EBITDA 7'682.00 Long-Term Rating Date 04.04.2013
EBIT 5'393.00 Long-Term Rating BBB
Operating Margin 18.75% Long-Term Outlook STABLE
Pretax Margin -0.83% Short-Term Rating Date 19.04.2010
Return on Assets -3.14% Short-Term Rating A-2
Return on Common Equity -6.14%
Return on Capital - EBITDA/Interest Exp. 7.08
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 1.91
Net Debt/EBITDA 1.11
Gross Margin 33.9% Total Debt/EBITDA 2.21
EBITDA Margin 26.2%
EBIT Margin 17.6% Total Debt/Equity 44.5%
Net Income Margin -5.2% Total Debt/Capital 27.7%
Asset Turnover 0.40
Current Ratio 2.34 Net Fixed Asset Turnover 0.71
Quick Ratio 1.32 Accounts receivable turnover-days -
Debt to Assets 21.12% Inventory Days -
Tot Debt to Common Equity 44.51% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 64.36
Inventory Turnover -
Fiscal Year Ended
Anglo American PLCPrice/Volume
Valuation Analysis
981'187.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PUBLIC INVESTMENT CO Multiple Portfolios REG 81'235'375 5.83 - 01.05.2013 Government
CORONATION ASSET MAN n/a RNS-MAJ 71'675'580 5.14 - 05.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 64'138'546 4.6 - 26.09.2013 Investment Advisor
GENESIS ASSET MANAGE n/a RNS-MAJ 63'296'166 4.54 - 10.05.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 50'355'891 3.61 (1'189'600) 31.07.2013 Unclassified
TARL INVESTMENT HOLD Multiple Portfolios REG 47'275'613 3.39 - 01.05.2013 Unclassified
EPOCH TWO INVESTMENT Multiple Portfolios REG 42'166'686 3.02 - 01.05.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 32'910'585 2.36 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 31'860'172 2.29 418'601 30.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 29'232'507 2.1 351'510 01.05.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 29'043'329 2.08 (423'124) 01.05.2013 Government
E OPPENHEIMER & SON Multiple Portfolios REG 25'200'000 1.81 - 01.05.2013 Other
FRANKLIN RESOURCES n/a ULT-AGG 25'112'730 1.8 15'143'162 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 24'657'790 1.77 2'780'180 01.05.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 24'276'061 1.74 (307'951) 27.09.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 23'639'170 1.7 94'571 01.05.2013 Government
FIL LIMITED n/a ULT-AGG 20'017'773 1.44 (321'515) 01.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 17'058'800 1.22 (60'900) 28.06.2013 Unclassified
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 16'211'057 1.16 - 31.07.2013 Investment Advisor
MOMENTUM Multiple Portfolios MF-AGG 13'556'213 0.97 11'781'598 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ANNA MULHOLLAND buy 5 M 1'830 12 month 26.09.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2'025 12 month 26.09.2013
Macquarie KIERAN DALY outperform 5 M 1'700 12 month 26.09.2013
AlphaValue SACHIN KUMAR add 4 M 1'720 6 month 26.09.2013
Barclays IAN ROSSOUW equalweight 3 M 1'415 Not Provided 24.09.2013
Nomura SAM CATALANO neutral 3 M 1'600 12 month 19.09.2013
Liberum Capital Ltd BEN DAVIS sell 1 D #N/A N/A Not Provided 18.09.2013
BMO Capital Markets TONY ROBSON market perform 3 M 1'500 Not Provided 16.09.2013
RBC Capital Markets DES KILALEA underperform 1 M 1'500 12 month 16.09.2013
Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 1'550 Not Provided 10.09.2013
Jefferies Christopher LaFemina hold 3 M 1'650 12 month 09.09.2013
Investec ALBERT MINASSIAN buy 5 M 1'924 Not Provided 06.09.2013
Kepler Cheuvreux JOAKIM AHLBERG buy 5 M 2'000 Not Provided 04.09.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 1'370 Not Provided 29.08.2013
JPMorgan FRASER JAMIESON neutral 3 M 1'655 9 month 21.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.08.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 15.08.2013
Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 09.08.2013
Credit Suisse LIAM FITZPATRICK neutral 3 M 1'600 Not Provided 06.08.2013
Societe Generale ALAIN WILLIAM hold 3 M 1'500 12 month 31.07.2013
Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 1'610 12 month 29.07.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 1'500 12 month 29.07.2013
Goldman Sachs EUGENE KING Sell/Neutral 1 M 1'100 12 month 26.07.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 1'200 12 month 26.07.2013
HSBC ANDREW KEEN overweight 5 M 1'610 Not Provided 16.07.2013
Espirito Santo Investment Bank ResearchNICK MELLOR neutral 3 N 1'224 Not Provided 15.07.2013
UBS MYLES ALLSOP neutral 3 M 1'350 12 month 10.07.2013
SBG Securities PETER DAVEY sell 1 M 1'430 12 month 28.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
Imara STEPHEN MEINTJES hold 3 N #N/A N/A Not Provided 17.01.2013
Standard Chartered SUBRAMANIAM VARADA in-line 3 M 1'960 12 month 08.09.2012
Holdings By:
Anglo American PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.04.2013) 158.65
52-Week Low (01.10.2012) 121.20
Daily Volume
144.15
52-Week High % Change -9.14% Dividend Yield -
52-Week Low % Change 18.94% Beta 0.91
% 52 Week Price Range High/Low 65.15% Equity Float 178.32
Shares Out 30.06.2013 179.3 Short Int -
25'852.04 1 Yr Total Return 24.22%
Total Debt 6'256.00 YTD Return 10.98%
Preferred Stock 0.0 Adjusted BETA 0.913
Minority Interest 242.0 Analyst Recs 37
Cash and Equivalents 2'860.00 Consensus Rating 3.811
Enterprise Value 27'658.03
Average Volume 5 Day 517'995
MUV2 GY EQUITY YTD Change - Average Volume 30 Day 649'982
MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 608'166
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 64'012.0 65'533.0 54'487.5 55'648.3 - -
0.56x 0.44x 0.42x 0.33x 0.43x 1.33x 1.67x 0.57x 0.55x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'555.0 2'521.0 2'422.0 702.0 3'195.0 2'501.0 3'108.0 2'990.4 2'958.2 649.5 682.5
14.34x 8.39x 8.69x 24.03x 7.56x 7.88x 8.08x 8.64x 8.60x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 6.64% Long-Term Outlook STABLE
Pretax Margin 6.19% Short-Term Rating Date -
Return on Assets 1.22% Short-Term Rating -
Return on Common Equity 12.30%
Return on Capital 10.97% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 23.0%
Net Income Margin 4.8% Total Debt/Capital 18.6%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.42% Inventory Days -
Tot Debt to Common Equity 23.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Muenchener Rueckversicherungs AGPrice/Volume
Valuation Analysis
192'470.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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60'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'258'773 9.62 (1'195) 26.09.2013 Investment Advisor
PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified
CREDIT SUISSE AG n/a ULT-AGG 5'357'374 2.99 238 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'648'401 2.03 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 2'259'503 1.26 (313'116) 31.08.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'094'931 1.17 (46'236) 31.07.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 1'949'900 1.09 (303'785) 30.09.2013 Bank
VANGUARD GROUP INC n/a ULT-AGG 1'938'192 1.08 (80'357) 30.06.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'906'462 1.06 (28'384) 31.08.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'853'518 1.03 55'290 31.03.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'483'792 0.83 1'080'048 24.09.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'469'607 0.82 1'149'463 31.08.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 1'022'103 0.57 - 07.06.2013 Unclassified
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 835'251 0.47 763 28.03.2013 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 741'768 0.41 (139'206) 30.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 699'370 0.39 - 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 629'490 0.35 10'227 30.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 628'159 0.35 (30'845) 27.09.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 117 12 month 26.09.2013
Berenberg Bank TOM CARSTAIRS buy 5 M 166 Not Provided 26.09.2013
Day by Day VALERIE GASTALDY buy 5 M 157 3 month 23.09.2013
Exane BNP Paribas THOMAS JACQUET underperform 1 M 143 Not Provided 23.09.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 162 12 month 20.09.2013
AlphaValue DIETER HEIN add 4 M 153 6 month 19.09.2013
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 155 12 month 18.09.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 179 12 month 13.09.2013
JPMorgan MICHAEL HUTTNER overweight 5 U 161 15 month 13.09.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 163 Not Provided 12.09.2013
Mediobanca SpA MARC THIELE outperform 5 M 167 12 month 11.09.2013
Commerzbank Corporates & Markets FRANK KOPFINGER add 4 M 158 6 month 11.09.2013
RBC Capital Markets KAMRAN HOSSAIN sector perform 3 M 142 12 month 10.09.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 155 12 month 10.09.2013
Independent Research GmbH STEFAN BONGARDT buy 5 U 165 12 month 09.09.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 150 12 month 09.09.2013
Main First Bank AG MICHAEL HAID outperform 5 U 155 12 month 09.09.2013
Helvea DANIEL BISCHOF hold 3 M 150 12 month 09.09.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 171 12 month 06.09.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 155 6 month 06.09.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 170 12 month 05.09.2013
Kepler Cheuvreux FABRIZIO CROCE buy 5 M 163 Not Provided 26.08.2013
Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 13.08.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 142 12 month 07.08.2013
HSBC THOMAS FOSSARD overweight 5 M 180 Not Provided 07.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 07.08.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 07.08.2013
Nord/LB JULIA SIEKMANN hold 3 M 154 12 month 06.08.2013
Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 06.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 150 Not Provided 06.08.2013
Nomura MICHAEL KLIEN reduce 2 M 140 12 month 06.08.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 150 12 month 06.08.2013
Barclays ANDREW BROADFIELD overweight 5 M 159 Not Provided 22.07.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
Natixis BENOIT VALLEAUX neutral 3 M 143 Not Provided 08.05.2013
Holdings By:
Muenchener Rueckversicherungs AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Vivendi, through its subsidiaries, conducts operations ranging from music, games
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 17.62
52-Week Low (24.06.2013) 14.00
Daily Volume
16.995
52-Week High % Change -3.52% Dividend Yield -
52-Week Low % Change 21.44% Beta 0.81
% 52 Week Price Range High/Low 87.02% Equity Float 1'161.37
Shares Out 01.08.2013 1'339.0 Short Int -
22'756.66 1 Yr Total Return 19.00%
Total Debt 17'757.00 YTD Return 6.54%
Preferred Stock 0.0 Adjusted BETA 0.811
Minority Interest 2'971.0 Analyst Recs 32
Cash and Equivalents 4'258.00 Consensus Rating 3.813
Enterprise Value 43'273.66
Average Volume 5 Day 3'572'209
VIV FP EQUITY YTD Change - Average Volume 30 Day 4'626'614
VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'208'686
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
25'392.0 27'132.0 28'878.0 28'813.0 28'994.0 27'131.0 27'388.0 24'737.6 24'683.7 6'016.0 7'179.0
1.55x 1.44x 1.29x 1.24x 1.34x 5.09x 5.62x 1.39x 1.35x - -
6'774.0 7'682.0 8'020.0 8'847.0 7'657.0 7'912.0 6'499.0 6'402.9 6'232.0 - -
5.82x 5.07x 4.64x 4.03x 5.08x 4.47x 6.13x 6.75x 6.94x - -
2'603.0 830.0 2'198.0 2'681.0 164.0 1'288.0 39.0 1'809.5 1'861.6 - -
10.43x 30.14x 11.35x 7.83x 130.38x 18.77x 0.00x 11.92x 11.55x - -
EBITDA 7'657.00 Long-Term Rating Date 26.10.2012
EBIT 4'935.00 Long-Term Rating BBB
Operating Margin 17.02% Long-Term Outlook NEG
Pretax Margin 7.27% Short-Term Rating Date 26.10.2012
Return on Assets 0.07% Short-Term Rating A-2
Return on Common Equity 0.21%
Return on Capital 2.90% EBITDA/Interest Exp. 12.78
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 5.24
Net Debt/EBITDA 2.68
Gross Margin 50.5% Total Debt/EBITDA 2.82
EBITDA Margin 23.7%
EBIT Margin 14.9% Total Debt/Equity 96.2%
Net Income Margin 0.6% Total Debt/Capital 45.3%
Asset Turnover 0.48
Current Ratio 0.69 Net Fixed Asset Turnover 3.29
Quick Ratio 0.41 Accounts receivable turnover-days -
Debt to Assets 29.84% Inventory Days 11.50
Tot Debt to Common Equity 96.17% Accounts Payable Turnover Day 278.44
Accounts Receivable Turnover - Cash Conversion Cycle -286.64
Inventory Turnover 31.74
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Vivendi SAPrice/Volume
Valuation Analysis
1'014'017.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 77'170'881 5.76 45'602 26.09.2013 Investment Advisor
GROUPE BOLLORE n/a Co File 66'234'684 4.95 - 31.12.2012 Holding Company
CIE DE CORNOUAILLE S n/a Research 66'174'684 4.94 - 14.11.2012 Unclassified
SOCIETE GENERALE n/a Co File 60'152'744 4.49 - 31.12.2012 Bank
AMUNDI n/a Co File 55'933'342 4.18 - 31.12.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 46'636'819 3.48 - 31.12.2012 Government
PEG VIVENDI n/a Co File 41'377'407 3.09 - 31.12.2012 Other
FRANKLIN RESOURCES n/a ULT-AGG 39'306'160 2.94 641'223 30.06.2013 Investment Advisor
NORGES BANK INVESTME n/a Co File 25'028'160 1.87 - 31.12.2012 Government
NATIXIS ASSET MANAGE n/a Co File 24'793'655 1.85 - 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 24'635'073 1.84 2'909'504 31.08.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 22'946'845 1.71 (9'911) 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 21'870'880 1.63 (184'159) 27.09.2013 Unclassified
QATAR HOLDINGS LLC n/a Co File 21'009'122 1.57 - 31.12.2012 Government
BAUPOST GROUP LLC n/a Co File 18'225'000 1.36 - 31.12.2012 Hedge Fund Manager
VANGUARD GROUP INC n/a ULT-AGG 15'029'279 1.12 210'428 30.06.2013 Unclassified
FMR LLC n/a ULT-AGG 13'674'810 1.02 1'130'564 31.07.2013 Investment Advisor
CNP ASSURANCES n/a Co File 12'836'828 0.96 - 31.12.2012 Insurance Company
DNCA FINANCE n/a Co File 12'331'532 0.92 - 31.12.2012 Investment Advisor
BNP PARIBAS n/a ULT-AGG 12'113'752 0.9 10'465 30.04.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 30.09.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 22 6 month 26.09.2013
Natixis JEROME BODIN buy 5 M 22 Not Provided 25.09.2013
Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 20 12 month 20.09.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 18 12 month 20.09.2013
Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 18 Not Provided 20.09.2013
Deutsche Bank PATRICK KIRBY hold 3 M 17 12 month 19.09.2013
Oddo & Cie BRUNO HARENG buy 5 M 21 Not Provided 19.09.2013
Barclays JULIEN ROCH suspended coverage #N/A N/A M #N/A N/A Not Provided 19.09.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 18.09.2013
Macquarie ANGUS TWEEDIE outperform 5 M 18 12 month 17.09.2013
CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 18 12 month 17.09.2013
Credit Suisse OMAR SHEIKH outperform 5 M 21 Not Provided 16.09.2013
Kepler Cheuvreux CONOR O'SHEA buy 5 M 19 Not Provided 16.09.2013
Day by Day VALERIE GASTALDY buy 5 U 19 3 month 16.09.2013
Societe Generale CHRISTOPHE CHERBLANC buy 5 M 19 12 month 12.09.2013
UBS POLO TANG neutral 3 M 16 12 month 12.09.2013
JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 18 9 month 12.09.2013
Raymond James STEPHANE BEYAZIAN outperform 5 U 19 12 month 12.09.2013
HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 12.09.2013
Nomura MATTHEW WALKER neutral 3 M 18 12 month 12.09.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 17 Not Provided 11.09.2013
S&P Capital IQ ALEXANDER WISCH hold 3 M 16 12 month 30.08.2013
Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 12 month 29.08.2013
New Street Research RUSSELL WALLER neutral 3 M 15 Not Provided 29.08.2013
Liberum Capital Ltd IAN WHITTAKER buy 5 M 23 Not Provided 05.08.2013
Goldman Sachs VIGHNESH PADIACHY not rated #N/A N/A M #N/A N/A Not Provided 26.07.2013
Makor Capital ALBERT SAPORTA hold 3 N #N/A N/A Not Provided 26.07.2013
Jefferies JEREMY A DELLIS buy 5 M 19 12 month 15.07.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 18 Not Provided 24.04.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 08.03.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 18 12 month 15.02.2013
National Bank AG STEFFEN MANSKE sell 1 D 16 Not Provided 04.04.2012
Holdings By:
Vivendi SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Centrica PLC is an integrated energy company offering a wide range of home and
business energy solutions. The Company sources, generates, processes, stores,
trades, saves and supplies energy and provides a range of related services.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (20.09.2013) 403.20
52-Week Low (13.11.2012) 308.80
Daily Volume
369.7
52-Week High % Change -8.31% Dividend Yield 4.52
52-Week Low % Change 19.72% Beta 0.70
% 52 Week Price Range High/Low 61.65% Equity Float 5'126.43
Shares Out 30.09.2013 5'135.1 Short Int -
18'984.48 1 Yr Total Return 17.83%
Total Debt 5'328.00 YTD Return 15.78%
Preferred Stock 0.0 Adjusted BETA 0.704
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 938.00 Consensus Rating 3.348
Enterprise Value 23'575.48
Average Volume 5 Day 15'260'760
CNA LN EQUITY YTD Change - Average Volume 30 Day 8'971'491
CNA LN EQUITY YTD % CHANGE - Average Volume 3 Month 8'435'797
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
20'872.0 21'963.0 22'423.0 22'824.0 23'942.0 - - 25'551.2 28'282.8 - -
0.68x 0.81x 0.92x 0.81x 0.91x - - 0.94x 0.85x - -
2'613.0 2'721.0 3'336.0 3'310.0 3'698.0 - - 4'127.0 4'373.1 - -
5.43x 6.54x 6.19x 5.62x 5.88x - - 5.71x 5.39x - -
(137.0) 844.0 1'935.0 421.0 1'273.0 - - 1'425.6 1'489.0 - -
241.82x 22.13x 9.11x 33.64x 13.56x - - 13.20x 12.49x - -
EBITDA 3'698.00 Long-Term Rating Date 29.05.2009
EBIT 2'422.00 Long-Term Rating A-
Operating Margin 10.12% Long-Term Outlook STABLE
Pretax Margin 10.20% Short-Term Rating Date 29.05.2009
Return on Assets 5.05% Short-Term Rating A-2
Return on Common Equity 18.48%
Return on Capital 11.02% EBITDA/Interest Exp. 7.44
Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 3.83
Net Debt/EBITDA 1.14
Gross Margin 22.0% Total Debt/EBITDA 1.34
EBITDA Margin 15.8%
EBIT Margin 10.0% Total Debt/Equity 89.9%
Net Income Margin 5.3% Total Debt/Capital 47.3%
Asset Turnover 1.17
Current Ratio 0.95 Net Fixed Asset Turnover 3.29
Quick Ratio 0.45 Accounts receivable turnover-days -
Debt to Assets 24.27% Inventory Days 8.27
Tot Debt to Common Equity 89.89% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 20.79
Inventory Turnover 44.14
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
Centrica PLCPrice/Volume
Valuation Analysis
5'516'636.00
Current Price (9/dd/yy) Market Data
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25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a ULT-AGG 258'200'185 5.03 - 27.09.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 247'804'357 4.83 (5'886'753) 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 213'114'775 4.15 10'876'793 26.09.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 210'219'442 4.09 (6'217'023) 31.07.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 176'661'116 3.44 (10'147'041) 30.06.2013 Unclassified
NEWTON INV MGMT Multiple Portfolios REG 175'772'868 3.42 (2'496'825) 01.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 146'581'320 2.85 (7'192'343) 01.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 145'744'098 2.84 6'535'815 30.06.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 135'620'521 2.64 (9'552'273) 27.09.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 115'670'650 2.25 - 01.05.2013 Government
UBS AG n/a ULT-AGG 114'115'879 2.22 3'160'810 28.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 113'058'384 2.2 - 31.12.2012 Government
PRUDENTIAL PLC n/a ULT-AGG 105'915'795 2.06 (1'123'837) 30.06.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 104'242'006 2.03 (28'420) 27.09.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 93'158'901 1.81 2'869'659 01.05.2013 Investment Advisor
WALTER SCOTT & PARTN Multiple Portfolios REG 79'150'586 1.54 (1'053'000) 01.05.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 78'284'584 1.52 2'283'630 01.05.2013 Government
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 77'000'595 1.5 (307'001) 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 76'235'846 1.48 10'715'199 31.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 73'437'520 1.43 21'205'520 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets CAILEY BARKER sector perform 3 M 400 12 month 30.09.2013
JPMorgan EDMUND REID neutral 3 D 375 3 month 26.09.2013
Raymond James EMMANUEL RETIF underperform 1 M 347 12 month 26.09.2013
S&P Capital IQ CLIVE ROBERTS strong buy 5 M 538 12 month 26.09.2013
AlphaValue MYRIAM COHEN add 4 M 427 6 month 26.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Exane BNP Paribas IAIN TURNER underperform 1 M 310 Not Provided 10.09.2013
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 395 12 month 09.09.2013
Goldman Sachs ANDREW MEAD neutral/neutral 3 M 456 12 month 09.09.2013
Deutsche Bank MARTIN BROUGH buy 5 U 430 12 month 03.09.2013
Liberum Capital Ltd PETER ATHERTON buy 5 N 440 Not Provided 23.08.2013
Credit Suisse MARK FRESHNEY underperform 1 M 320 Not Provided 19.08.2013
HSBC VERITY MITCHELL overweight 5 M 440 Not Provided 15.08.2013
Kepler Cheuvreux INGO BECKER reduce 2 M 350 Not Provided 07.08.2013
Societe Generale ASHLEY THOMAS buy 5 M 410 12 month 01.08.2013
Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 01.08.2013
Barclays PETER BISZTYGA equalweight 3 U 380 Not Provided 16.07.2013
UBS STEPHEN HUNT neutral 3 D 370 12 month 26.06.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
Berenberg Bank TEAM COVERAGE hold 3 M 380 Not Provided 31.05.2013
Mirabaud Securities GUS HOCHSCHILD buy 5 M 435 Not Provided 25.02.2013
Holdings By:
Centrica PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Koninklijke Philips N.V. manufactures medical systems, domestic
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (10.09.2013) 25.48
52-Week Low (01.10.2012) 18.05
Daily Volume
23.66
52-Week High % Change -7.10% Dividend Yield -
52-Week Low % Change 31.08% Beta 1.11
% 52 Week Price Range High/Low 81.02% Equity Float 886.34
Shares Out 20.09.2013 937.8 Short Int -
22'189.43 1 Yr Total Return 35.10%
Total Debt 4'534.00 YTD Return 23.29%
Preferred Stock 0.0 Adjusted BETA 1.115
Minority Interest 34.0 Analyst Recs 34
Cash and Equivalents 3'834.00 Consensus Rating 4.029
Enterprise Value 24'331.43
Average Volume 5 Day 2'509'813
PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'482'876
PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'249'352
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
26'385.0 20'092.0 22'287.0 22'579.0 24'788.0 22'983.0 24'200.0 23'888.0 25'092.7 5'883.5 7'092.3
0.51x 0.95x 0.92x 0.70x 0.76x 2.65x 3.35x 0.97x 0.90x - -
1'883.0 2'055.0 3'436.0 1'185.0 2'463.0 2'559.0 2'430.0 3'247.5 3'641.9 920.0 1'220.0
7.11x 9.30x 5.98x 13.35x 7.69x 6.37x 8.76x 7.48x 6.67x - -
(91.0) 410.0 1'446.0 (1'295.0) 226.0 196.0 289.0 1'369.8 1'622.6 309.0 582.0
- 41.36x 14.60x - 71.05x 28.71x 64.57x 15.41x 12.95x 14.60x 14.00x
EBITDA 2'463.00 Long-Term Rating Date 11.05.2005
EBIT 1'030.00 Long-Term Rating A-
Operating Margin 4.16% Long-Term Outlook STABLE
Pretax Margin 2.30% Short-Term Rating Date 26.02.2001
Return on Assets 1.01% Short-Term Rating A-2
Return on Common Equity 2.53%
Return on Capital 2.93% EBITDA/Interest Exp. 7.00
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.08
Net Debt/EBITDA 0.87
Gross Margin 38.0% Total Debt/EBITDA 1.82
EBITDA Margin 10.0%
EBIT Margin 4.4% Total Debt/Equity 40.7%
Net Income Margin 0.9% Total Debt/Capital 28.9%
Asset Turnover 0.85
Current Ratio 1.26 Net Fixed Asset Turnover 8.15
Quick Ratio 0.82 Accounts receivable turnover-days 65.68
Debt to Assets 15.59% Inventory Days 95.20
Tot Debt to Common Equity 40.70% Accounts Payable Turnover Day 68.69
Accounts Receivable Turnover 5.56 Cash Conversion Cycle 76.69
Inventory Turnover 3.83
Fiscal Year Ended
Koninklijke Philips NVPrice/Volume
Valuation Analysis
1'673'316.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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35'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOUTHEASTERN ASSET M n/a 13G 48'050'713 5.12 6'547'816 31.07.2013 Investment Advisor
DODGE & COX n/a 13G 46'061'138 4.91 - 31.12.2012 Investment Advisor
DODGE & COX WORLDWID Multiple Portfolios MF-AGG 44'824'944 4.78 - 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 29'322'465 3.13 - 26.09.2013 Investment Advisor
NORGES BANK #N/A N/A Research 27'964'120 2.98 (791'801) 26.09.2013 Government
KONINKLIJKE PHILIPS n/a Research 22'824'691 2.43 - 19.09.2013 Corporation
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 12'728'170 1.36 2'353'570 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 11'041'192 1.18 174'001 30.06.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 10'692'923 1.14 (3'073'900) 28.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'392'607 1 284'928 31.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'966'224 0.74 3'871'690 30.04.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'364'005 0.68 (53'817) 30.06.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'659'143 0.6 177'226 31.03.2013 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 5'264'176 0.56 1'697'360 30.06.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 4'800'000 0.51 - 31.12.2012 Pension Fund (ERISA)
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'714'444 0.5 59'221 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'213'052 0.45 266'681 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'335'035 0.36 544'469 30.06.2013 Investment Advisor
PIONEER n/a ULT-AGG 3'094'981 0.33 268'409 31.07.2013 Unclassified
BARCLAYS PLC n/a ULT-AGG 2'911'837 0.31 - 04.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kempen & Co ERWIN DUT buy 5 M 28 12 month 30.09.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 28 12 month 26.09.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 30 Not Provided 26.09.2013
Rabobank International HANS SLOB buy 5 M 27 12 month 19.09.2013
AlphaValue THOMAS PICHERIT add 4 M 29 6 month 19.09.2013
Societe Generale GAEL DE BRAY hold 3 M 24 12 month 18.09.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 26 Not Provided 18.09.2013
Petercam MARCEL ACHTERBERG hold 3 M 26 Not Provided 18.09.2013
Nomura DANIEL CUNLIFFE buy 5 M 32 12 month 18.09.2013
S&P Capital IQ UNAI FRANCO buy 5 M 29 12 month 18.09.2013
Exane BNP Paribas OLIVIER ESNOU neutral 3 M 27 Not Provided 18.09.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 18.09.2013
Deutsche Bank MARTIN WILKIE buy 5 M 27 12 month 17.09.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 27 12 month 17.09.2013
JPMorgan ANDREAS WILLI overweight 5 M 28 15 month 17.09.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 26 12 month 17.09.2013
Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 17.09.2013
Kepler Cheuvreux PETER OLOFSEN buy 5 M 27 Not Provided 09.09.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 30 Not Provided 09.09.2013
ING Bank FABIAN SMEETS buy 5 M 30 12 month 09.09.2013
Barclays DAVID VOS overweight 5 M 30 Not Provided 05.09.2013
HSBC MICHAEL HAGMANN neutral 3 M 26 Not Provided 28.08.2013
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 29 Not Provided 22.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.08.2013
Nord/LB WOLFGANG VASTERLING hold 3 M 25 12 month 23.07.2013
Canaccord Genuity Corp ANDREW BELL hold 3 M 20 12 month 23.07.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 U 24 Not Provided 22.07.2013
Natixis ARNAUD SCHMIT not rated #N/A N/A M #N/A N/A Not Provided 17.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
UBS FREDRIC STAHL buy 5 M 25 12 month 14.05.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 29.04.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 22.04.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013
National Bank AG STEFFEN MANSKE sell 1 D #N/A N/A Not Provided 03.04.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010
Holdings By:
Koninklijke Philips NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Swiss Re AG offers reinsurance, insurance and insurance linked financial
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (26.09.2013) 76.50
52-Week Low (01.10.2012) 54.55
Daily Volume
74.7
52-Week High % Change -2.35% Dividend Yield -
52-Week Low % Change 36.94% Beta 1.08
% 52 Week Price Range High/Low 97.49% Equity Float 369.70
Shares Out 30.06.2013 370.7 Short Int -
27'691.81 1 Yr Total Return 36.23%
Total Debt 19'898.00 YTD Return 24.97%
Preferred Stock 0.0 Adjusted BETA 1.083
Minority Interest 24.0 Analyst Recs 35
Cash and Equivalents 10'837.00 Consensus Rating 3.686
Enterprise Value 38'515.08
Average Volume 5 Day 763'079
SREN VX EQUITY YTD Change - Average Volume 30 Day 875'093
SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 874'938
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
24'011.8 30'624.0 28'484.0 27'797.0 33'116.0 29'270.0 35'501.0 33'920.4 35'844.9 - -
1.03x 0.50x 1.13x 1.02x 1.02x 4.00x 3.82x 1.13x 1.07x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(800.3) 467.4 863.0 2'626.0 4'201.0 3'555.0 5'122.0 3'472.2 3'044.5 646.0 717.0
- 33.44x 21.30x 6.64x 6.09x 6.04x 5.07x 8.35x 9.73x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 17.37% Long-Term Outlook -
Pretax Margin 16.51% Short-Term Rating Date -
Return on Assets 2.28% Short-Term Rating -
Return on Common Equity 16.76%
Return on Capital 11.64% EBITDA/Interest Exp. -
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 58.5%
Net Income Margin 12.7% Total Debt/Capital 36.9%
Asset Turnover 0.16
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.22% Inventory Days -
Tot Debt to Common Equity 58.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Swiss Re AGPrice/Volume
Valuation Analysis
486'542.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SWISS RE n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 18'277'452 4.93 - 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'211'387 4.1 (836'269) 26.09.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 11'155'812 3.01 57'626 31.07.2013 Investment Advisor
DODGE & COX n/a EXCH 11'104'278 3 - 06.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 6'819'188 1.84 - 31.12.2012 Government
CREDIT SUISSE AG n/a ULT-AGG 5'185'849 1.4 (148'747) 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 4'177'389 1.13 (4'846'173) 30.06.2013 Unclassified
UBS AG n/a ULT-AGG 3'687'176 0.99 22'979 28.06.2013 Unclassified
JP MORGAN n/a ULT-AGG 2'924'453 0.79 310'278 31.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 2'278'238 0.61 (22'549) 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'561'670 0.42 3'138 31.07.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'376'961 0.37 (144'763) 28.03.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'373'191 0.37 631'716 31.08.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'365'000 0.37 (400'000) 31.07.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'125'402 0.3 1'125'402 31.03.2013 Investment Advisor
SARASIN n/a ULT-AGG 1'015'044 0.27 (641'603) 31.07.2013 Unclassified
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 - 30.04.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 800'145 0.22 42'048 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 53 12 month 26.09.2013
Berenberg Bank TOM CARSTAIRS hold 3 M 71 Not Provided 26.09.2013
AlphaValue DIETER HEIN reduce 2 M 70 6 month 26.09.2013
HSBC THOMAS FOSSARD neutral 3 M 83 Not Provided 25.09.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 U 88 Not Provided 23.09.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 80 12 month 20.09.2013
Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 78 12 month 18.09.2013
Oddo & Cie NICOLAS JACOB buy 5 M 82 12 month 18.09.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 78 12 month 13.09.2013
Bank am Bellevue ANDREAS FRICK buy 5 M 89 Not Provided 13.09.2013
JPMorgan MICHAEL HUTTNER neutral 3 M 80 3 month 13.09.2013
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 78 12 month 11.09.2013
Commerzbank Corporates & Markets FRANK KOPFINGER buy 5 M 87 6 month 11.09.2013
Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 11.09.2013
RBC Capital Markets KAMRAN HOSSAIN underperform 1 M 70 12 month 10.09.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 83 12 month 10.09.2013
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 10.09.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 85 Not Provided 09.09.2013
Main First Bank AG RENE LOCHER outperform 5 M 78 12 month 09.09.2013
Helvea DANIEL BISCHOF hold 3 M 78 12 month 09.09.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 87 12 month 06.09.2013
Day by Day VALERIE GASTALDY buy 5 U 90 3 month 23.08.2013
Credit Suisse ADAM MCINALLY neutral 3 M 72 Not Provided 16.08.2013
Nord/LB JULIA SIEKMANN buy 5 M 84 12 month 13.08.2013
Societe Generale JASON KALAMBOUSSIS buy 5 M 95 12 month 09.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 09.08.2013
DZ Bank AG THORSTEN WENZEL sell 1 M 70 Not Provided 09.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 72 Not Provided 08.08.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 85 6 month 08.08.2013
Nomura MICHAEL KLIEN reduce 2 M 67 12 month 08.08.2013
Kepler Cheuvreux FABRIZIO CROCE buy 5 M 93 Not Provided 06.08.2013
Barclays ANDREW BROADFIELD overweight 5 M 80 Not Provided 22.07.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Holdings By:
Swiss Re AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
UniCredit SpA attracts deposits and offers commercial banking services. The
Bank offers consumer credit, mortgages, life insurance, business loan,
investment banking, asset management, and other services. UniCredit operates
worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 5.00
52-Week Low (27.03.2013) 3.16
Daily Volume
4.68
52-Week High % Change -6.33% Dividend Yield -
52-Week Low % Change 47.91% Beta 1.52
% 52 Week Price Range High/Low 87.77% Equity Float 4'894.81
Shares Out 22.07.2013 5'789.2 Short Int -
27'112.17 1 Yr Total Return 47.79%
Total Debt 329'783.21 YTD Return 28.89%
Preferred Stock 0.0 Adjusted BETA 1.525
Minority Interest 3'669.0 Analyst Recs 39
Cash and Equivalents 72'192.45 Consensus Rating 3.000
Enterprise Value -
Average Volume 5 Day 72'117'280
UCG IM EQUITY YTD Change - Average Volume 30 Day 78'834'040
UCG IM EQUITY YTD % CHANGE - Average Volume 3 Month 76'588'220
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
65'266.9 47'278.6 41'223.4 41'968.2 41'523.0 25'216.0 24'342.0 24'484.9 24'875.5 6'009.0 6'136.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'011.8 1'702.3 1'323.3 (9'206.4) 864.9 (9'444.0) 592.0 1'157.2 2'169.3 - -
5.74x 23.66x 24.19x - 20.31x 0.00x 29.45x 23.04x 12.55x - -
EBITDA - Long-Term Rating Date 12.07.2013
EBIT - Long-Term Rating BBB
Operating Margin 0.98% Long-Term Outlook NEG
Pretax Margin -1.20% Short-Term Rating Date 10.02.2012
Return on Assets 0.06% Short-Term Rating A-2
Return on Common Equity 0.97%
Return on Capital 0.24% 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 525.3%
Net Income Margin 3.2% Total Debt/Capital 83.2%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 2.06
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.58% Inventory Days -
Tot Debt to Common Equity 525.27% 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
UniCredit SpAPrice/Volume
Valuation Analysis
80'114'387.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AABAR LUX SARL n/a Research 376'220'171 6.5 - 07.05.2013 Other
PGFF LUX SARL n/a Research 289'992'198 5.01 - 07.05.2013 Other
FONDAZIONE CASSA RIS n/a Research 204'516'549 3.53 - 07.05.2013 Bank
CARIMONTE HOLDING SP n/a Research 173'381'885 2.99 - 07.05.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 167'732'914 2.9 - 30.06.2013 Investment Advisor
CENTRAL BANK OF LIBY n/a Research 152'258'925 2.63 - 07.05.2013 Government
FONDAZIONE CASSA RIS n/a Research 145'082'905 2.51 - 07.05.2013 Corporation
DELFIN SARL n/a Research 116'031'602 2 - 07.05.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 113'543'136 1.96 (13'092'851) 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 108'704'605 1.88 (16'275'326) 28.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 103'612'982 1.79 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 95'442'736 1.65 4'264'278 30.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 93'706'940 1.62 (26'717'440) 26.09.2013 Investment Advisor
ALLIANZ SPA n/a Research 68'982'379 1.19 - 07.05.2013 Insurance Company
ALLIANZ FINANCE IV L n/a Research 42'130'178 0.73 - 07.05.2013 Other
SUN LIFE FINANCIAL I n/a ULT-AGG 28'753'553 0.5 1'030'704 31.07.2013 Investment Advisor
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 25'667'653 0.44 25'410'150 31.07.2013 Insurance Company
AMUNDI Multiple Portfolios MF-AGG 22'995'208 0.4 13'652'211 30.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 22'950'035 0.4 5'191'825 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 22'107'147 0.38 2'056'390 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ANDREA VERCELLONE underperform 1 M 4 Not Provided 27.09.2013
Barclays ANTONIO RIZZO equalweight 3 M 5 Not Provided 27.09.2013
AlphaValue DAVID GRINSZTAJN add 4 D 6 6 month 26.09.2013
Nomura DARAGH QUINN reduce 2 M 3 12 month 25.09.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 6 12 month 18.09.2013
Banca IMI MANUELA MERONI hold 3 M 4 12 month 18.09.2013
Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 5 12 month 18.09.2013
Societe Generale CARLO TOMMASELLI buy 5 M 5 12 month 17.09.2013
Mediobanca SpA ANDREA FILTRI outperform 5 M 5 12 month 17.09.2013
Berenberg Bank ELENI PAPOULA sell 1 M 3 Not Provided 17.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
JPMorgan MARTA BASTONI overweight 5 U 6 15 month 11.09.2013
Keefe, Bruyette & Woods DOMENICO SANTORO market perform 3 M 5 12 month 10.09.2013
Deutsche Bank PAOLA SABBIONE buy 5 M 6 12 month 06.09.2013
Oddo & Cie JULIE LEGRAND reduce 2 M 4 Not Provided 06.09.2013
ICBPI LUCA COMI sell 1 M 4 12 month 05.09.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 04.09.2013
Macquarie BENJIE CREELAN-SANDFORD outperform 5 M 5 12 month 03.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 23.08.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 5 Not Provided 14.08.2013
HSBC CARLO DIGRANDI neutral 3 M 5 Not Provided 13.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 5 12 month 12.08.2013
Equita SIM SpA GIOVANNI RAZZOLI buy 5 M 6 12 month 07.08.2013
Natixis STEVEN GOULD neutral 3 M 4 Not Provided 07.08.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 4 12 month 07.08.2013
Main First Bank AG ALDO COMI outperform 5 M 5 12 month 07.08.2013
Grupo Santander TANIA GOLD underweight 1 M 3 Not Provided 06.08.2013
UBS MATTEO RAMENGHI neutral 3 M 5 12 month 06.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 4 Not Provided 06.08.2013
Kepler Cheuvreux ANNA MARIA BENASSI hold 3 M 4 Not Provided 06.08.2013
DZ Bank AG CHRISTOPH BAST sell 1 M 3 Not Provided 14.05.2013
RBC Capital Markets ANKE REINGEN underperform 1 M 3 12 month 13.05.2013
Morgan Stanley FRANCESCA TONDI Overwt/In-Line 5 M 6 12 month 10.05.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 08.05.2013
Centrobanca GUGLIELMO MARCO OPIPARI overvalued 1 U 3 12 month 11.03.2013
Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 5 12 month 15.01.2013
Nord/LB MICHAEL SEUFERT sell 1 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 2 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS Under Review #N/A N/A M #N/A N/A Not Provided 05.03.2012
Holdings By:
UniCredit SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Deutsche Post AG provides mail delivery and other services to the public and
businesses. The Company offers domestic mail delivery, international parcel
and mail delivery services, and freight delivery and logistics services.
Deutsche Post also provides a variety of financial services including standard
banking services, retail and commercial lending, and brokerage services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.09.2013) 24.82
52-Week Low (08.11.2012) 14.40
Daily Volume
24.49
52-Week High % Change -1.41% Dividend Yield -
52-Week Low % Change 70.07% Beta 0.87
% 52 Week Price Range High/Low 98.51% Equity Float 954.92
Shares Out 30.06.2013 1'209.0 Short Int -
29'608.80 1 Yr Total Return 66.78%
Total Debt 4'816.00 YTD Return 52.71%
Preferred Stock 0.0 Adjusted BETA 0.865
Minority Interest 213.0 Analyst Recs 33
Cash and Equivalents 2'652.00 Consensus Rating 3.939
Enterprise Value 32'831.80
Average Volume 5 Day 7'039'631
DPW GY EQUITY YTD Change - Average Volume 30 Day 5'970'488
DPW GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'638'630
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
54'474.0 46'201.0 51'481.0 52'829.0 55'512.0 54'315.0 55'509.0 57'033.9 59'461.5 14'438.2 15'426.0
0.37x 0.45x 0.36x 0.30x 0.40x 1.19x 1.68x 0.57x 0.54x 2.27x 2.09x
2'052.0 2'047.0 3'495.0 3'667.0 3'939.0 4'061.0 4'060.0 4'245.0 4'577.1 1'002.0 1'167.0
9.72x 10.15x 5.29x 4.35x 5.70x 4.48x 6.49x 7.74x 7.18x 7.53x 7.38x
(1'688.0) 644.0 2'541.0 1'163.0 1'658.0 1'285.0 1'844.0 1'843.5 2'008.1 441.0 562.3
- 79.32x 6.05x 12.38x 12.12x 13.10x 12.58x 16.23x 15.10x 15.80x 15.72x
EBITDA 3'939.00 Long-Term Rating Date 27.11.2012
EBIT 2'895.00 Long-Term Rating NR
Operating Margin 5.22% Long-Term Outlook -
Pretax Margin 4.03% Short-Term Rating Date 27.11.2012
Return on Assets 5.40% Short-Term Rating NR
Return on Common Equity 18.27%
Return on Capital - EBITDA/Interest Exp. 6.14
Asset Turnover 1.63% (EBITDA-Capex)/Interest Exp. 3.58
Net Debt/EBITDA 0.75
Gross Margin - Total Debt/EBITDA 1.27
EBITDA Margin 7.3%
EBIT Margin 4.9% Total Debt/Equity 40.3%
Net Income Margin 3.0% Total Debt/Capital 28.4%
Asset Turnover 1.63
Current Ratio 0.97 Net Fixed Asset Turnover 8.57
Quick Ratio 0.72 Accounts receivable turnover-days -
Debt to Assets 14.11% Inventory Days -
Tot Debt to Common Equity 40.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Deutsche Post AGPrice/Volume
Valuation Analysis
2'166'919.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KREDITANSTALT FUER W n/a Research 254'100'000 21.02 - 19.07.2013 Government
BLACKROCK n/a ULT-AGG 72'276'302 5.98 429'425 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 21'632'939 1.79 - 31.12.2012 Government
DEUTSCHE BANK AG n/a ULT-AGG 21'609'754 1.79 (310'441) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 12'112'601 1 (666'347) 30.06.2013 Unclassified
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 10'868'995 0.9 4'141'059 30.09.2013 Bank
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 10'193'761 0.84 1'427'231 31.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 9'448'034 0.78 1'225'625 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'753'080 0.64 345'493 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'413'037 0.61 (253'416) 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'657'326 0.47 301'405 27.09.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 5'646'936 0.47 265'000 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4'997'600 0.41 17'000 28.06.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'536'567 0.38 2'041'584 31.07.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'441'844 0.37 3'521'139 27.09.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 4'391'758 0.36 (50'000) 31.05.2013 Investment Advisor
HENDERSON GROUP PLC Multiple Portfolios MF-AGG 4'023'554 0.33 (20'439) 30.08.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'737'960 0.23 6'184 26.09.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 2'660'828 0.22 (466'176) 28.06.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 2'552'215 0.21 (776'459) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 29 12 month 27.09.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 26 12 month 27.09.2013
AlphaValue HEINZ STEFFEN reduce 2 M 24 6 month 26.09.2013
JPMorgan CHRISTOPHER G COMBE overweight 5 M 27 15 month 25.09.2013
Cantor Fitzgerald ROBIN BYDE hold 3 M 23 Not Provided 23.09.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 28 12 month 17.09.2013
Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 24 Not Provided 17.09.2013
Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
RBC Capital Markets DAMIAN BREWER outperform 5 M 24 12 month 13.09.2013
Credit Suisse NEIL GLYNN outperform 5 M 24 Not Provided 13.09.2013
Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 D 24 Not Provided 13.09.2013
Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 26 12 month 11.09.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 28 12 month 10.09.2013
Deutsche Bank ANDY CHU buy 5 M 25 12 month 05.09.2013
National Bank AG MARKUS GLOCKENMEIER buy 5 M 26 Not Provided 02.09.2013
Main First Bank AG TOBIAS SITTIG outperform 5 M 23 Not Provided 02.09.2013
Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 25 6 month 30.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 13.08.2013
HSBC JULIA WINARSO underweight 1 M 20 Not Provided 08.08.2013
Nord/LB VOLKER SACK buy 5 M 24 12 month 07.08.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 24 Not Provided 07.08.2013
Nomura MARK MCVICAR buy 5 M 24 Not Provided 07.08.2013
DZ Bank AG DIRK SCHLAMP buy 5 M 23 Not Provided 07.08.2013
Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 21 Not Provided 07.08.2013
S&P Capital IQ JAWAHAR HINGORANI buy 5 U 24 12 month 06.08.2013
Redburn Partners TIM MARSHALL neutral 3 M #N/A N/A Not Provided 06.08.2013
UBS DOMINIC EDRIDGE neutral 3 M 21 12 month 05.08.2013
Macquarie ROBERT JOYNSON underperform 1 M 15 12 month 30.07.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 26.07.2013
Barclays SUSANNA INVERNIZZI overweight 5 M 21 Not Provided 17.05.2013
Kepler Cheuvreux ANDRE MULDER buy 5 M 21 Not Provided 03.04.2013
Davy STEPHEN FURLONG outperform 5 M #N/A N/A Not Provided 10.11.2011
Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 19 12 month 13.09.2010
Holdings By:
Deutsche Post AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Iberdrola S.A. generates, distributes, trades, and markets electricity in
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.09.2013) 4.36
52-Week Low (01.10.2012) 3.39
Daily Volume
4.292
52-Week High % Change -1.40% Dividend Yield -
52-Week Low % Change 26.72% Beta 1.06
% 52 Week Price Range High/Low 98.04% Equity Float 5'275.09
Shares Out 24.07.2013 6'240.0 Short Int -
26'781.97 1 Yr Total Return 31.12%
Total Debt 32'884.10 YTD Return 10.27%
Preferred Stock 0.0 Adjusted BETA 1.064
Minority Interest 324.8 Analyst Recs 36
Cash and Equivalents 6'575.55 Consensus Rating 2.944
Enterprise Value 53'260.97
Average Volume 5 Day 21'182'670
IBE SQ EQUITY YTD Change - Average Volume 30 Day 28'986'480
IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 37'190'400
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
25'196.2 25'891.9 30'431.0 31'648.0 34'201.2 33'590.6 34'542.6 34'282.2 34'406.4 - -
2.50x 2.39x 1.90x 1.76x 1.52x 6.73x 5.88x 1.59x 1.53x - -
6'412.5 6'197.0 6'857.9 7'000.4 7'177.7 6'901.5 6'089.8 7'465.9 7'403.5 - -
9.81x 10.00x 8.42x 7.95x 7.25x 7.28x 8.43x 7.13x 7.19x - -
2'860.6 2'824.3 2'870.9 2'804.5 2'840.7 3'004.0 2'767.6 2'526.2 2'432.0 658.0 658.0
11.20x 12.54x 10.95x 10.04x 9.14x 7.33x 9.10x 10.57x 11.36x - -
EBITDA 7'177.74 Long-Term Rating Date 28.11.2012
EBIT 3'828.04 Long-Term Rating BBB
Operating Margin 11.19% Long-Term Outlook STABLE
Pretax Margin 8.99% Short-Term Rating Date 26.11.2007
Return on Assets 3.09% Short-Term Rating A-2
Return on Common Equity 8.04%
Return on Capital - EBITDA/Interest Exp. 4.82
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 2.20
Net Debt/EBITDA 4.31
Gross Margin 36.8% Total Debt/EBITDA 5.10
EBITDA Margin 17.6%
EBIT Margin 7.9% Total Debt/Equity 97.4%
Net Income Margin 8.3% Total Debt/Capital 49.1%
Asset Turnover 0.39
Current Ratio 1.11 Net Fixed Asset Turnover -
Quick Ratio 0.92 Accounts receivable turnover-days 51.31
Debt to Assets 33.97% Inventory Days 34.54
Tot Debt to Common Equity 97.41% Accounts Payable Turnover Day 78.30
Accounts Receivable Turnover 7.11 Cash Conversion Cycle -6.92
Inventory Turnover 10.57
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Iberdrola SAPrice/Volume
Valuation Analysis
19'737'843.00
Current Price (9/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR INVESTMENT AUT n/a Co File 514'250'814 8.24 - 31.12.2012 Government
ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.65 - 31.12.2012 Corporation
BANCAJA (VALENCIA CA n/a EXCH 314'887'559 5.05 - 24.05.2013 Bank
BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.96 (13'299'908) 24.01.2013 Bank
NATIXIS n/a EXCH 299'440'779 4.8 - 19.07.2013 Investment Advisor
SOCIETE GENERALE n/a EXCH 202'239'009 3.24 (27'245'778) 17.06.2013 Bank
BLACKROCK n/a ULT-AGG 189'860'019 3.04 645'571 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 107'376'395 1.72 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 54'317'749 0.87 3'083'135 30.06.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 36'290'891 0.58 (472'279) 31.08.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 28'831'077 0.46 416'237 31.05.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 21'601'399 0.35 4'014'702 28.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'143'677 0.34 (2'299'729) 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 17'237'654 0.28 (32'383) 27.09.2013 Unclassified
PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 16'928'861 0.27 73 30.06.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 14'538'205 0.23 32'836 26.09.2013 Investment Advisor
DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'007'128 0.21 (207'572) 28.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 10'728'658 0.17 (2'115'142) 31.07.2013 Investment Advisor
IBERDROLA SA n/a EXCH 10'623'575 0.17 - 23.07.2013 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 27.09.2013
BPI GONZALO SANCHEZ-BORDONA neutral 3 M 5 Not Provided 26.09.2013
BBVA ISIDORO DEL ALAMO market perform 3 M 4 Not Provided 26.09.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 5 6 month 26.09.2013
Macquarie JOSE RUIZ underperform 1 M 4 12 month 25.09.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 25.09.2013
Kepler Cheuvreux JOSE PORTA SAUDAN buy 5 M 5 Not Provided 25.09.2013
UBS ALBERTO GANDOLFI neutral 3 M 4 12 month 23.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.09.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 U 5 12 month 16.09.2013
Mediobanca SpA JAVIER SUAREZ underperform 1 M 4 12 month 13.09.2013
Goldman Sachs FRED BARASI neutral/neutral 3 M 5 12 month 09.09.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 04.09.2013
Morgan Stanley CAROLINA DORES Underwt/In-Line 1 M 4 12 month 30.08.2013
Credit Suisse STEFANO BEZZATO outperform 5 M 5 Not Provided 14.08.2013
Ahorro Corporacion Financiera SA LUIS PADRON hold 3 M 5 Not Provided 13.08.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 02.08.2013
Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 30.07.2013
Societe Generale JORGE ALONSO SUILS buy 5 M 4 12 month 26.07.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 4 12 month 25.07.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 4 Not Provided 25.07.2013
Independent Research GmbH SVEN DIERMEIER sell 1 D 4 12 month 25.07.2013
Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 25.07.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 4 Not Provided 25.07.2013
S&P Capital IQ CLIVE ROBERTS sell 1 D 3 12 month 25.07.2013
HSBC ADAM DICKENS underweight 1 D 4 Not Provided 17.07.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 17.07.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 D 4 Not Provided 15.07.2013
La Caixa FERNANDO MURILLO GUIRAO overweight 5 M 4 Not Provided 12.06.2013
Berenberg Bank TEAM COVERAGE hold 3 M 4 Not Provided 07.06.2013
Investec HAROLD HUTCHINSON hold 3 N 4 Not Provided 13.05.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 03.04.2013
JPMorgan JAVIER GARRIDO underweight 1 D 4 3 month 25.03.2013
BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012
Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 5 Not Provided 21.09.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
Holdings By:
Iberdrola SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.09.2013) 43.50
52-Week Low (16.11.2012) 31.84
Daily Volume
42.65
52-Week High % Change -1.95% Dividend Yield -
52-Week Low % Change 33.97% Beta 1.11
% 52 Week Price Range High/Low 97.69% Equity Float 527.18
Shares Out 24.09.2013 600.4 Short Int -
25'607.42 1 Yr Total Return 35.50%
Total Debt 20'193.80 YTD Return 22.82%
Preferred Stock 0.0 Adjusted BETA 1.111
Minority Interest 735.4 Analyst Recs 28
Cash and Equivalents 6'516.10 Consensus Rating 4.214
Enterprise Value 40'313.42
Average Volume 5 Day 1'354'731
DG FP EQUITY YTD Change - Average Volume 30 Day 1'350'783
DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'361'007
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
33'930.3 31'177.7 34'002.8 37'646.1 39'183.2 37'205.8 39'403.0 39'686.8 40'205.6 - -
0.90x 1.09x 1.07x 0.86x 0.86x 0.00x 0.00x 1.00x 0.96x - -
5'009.2 4'813.1 5'165.6 5'445.9 5'507.8 0.0 0.0 5'528.3 5'755.8 - -
6.09x 7.03x 7.01x 5.93x 6.12x 0.00x 0.00x 7.30x 7.01x - -
1'591.4 1'596.0 1'775.9 1'904.3 1'916.7 0.0 0.0 1'900.3 2'010.6 - -
8.85x 12.07x 12.14x 9.59x 10.07x 0.00x 0.00x 12.42x 11.77x - -
EBITDA 5'507.80 Long-Term Rating Date 29.03.2007
EBIT 3'568.90 Long-Term Rating BBB+
Operating Margin 9.11% Long-Term Outlook STABLE
Pretax Margin 7.64% Short-Term Rating Date 24.04.2001
Return on Assets 3.05% Short-Term Rating A-2
Return on Common Equity 14.41%
Return on Capital 7.09% EBITDA/Interest Exp. 7.58
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 4.83
Net Debt/EBITDA 2.57
Gross Margin - Total Debt/EBITDA 3.90
EBITDA Margin 13.8%
EBIT Margin 9.0% Total Debt/Equity 151.4%
Net Income Margin 4.9% Total Debt/Capital 58.9%
Asset Turnover 0.64
Current Ratio 0.87 Net Fixed Asset Turnover 8.58
Quick Ratio 0.46 Accounts receivable turnover-days -
Debt to Assets 32.79% Inventory Days -
Tot Debt to Common Equity 151.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Vinci SAPrice/Volume
Valuation Analysis
819'923.00
Current Price (9/dd/yy) Market Data
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45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VINCI SA n/a Research 40'940'297 6.82 - 31.12.2012 Corporation
COMET LUXEMBOURG HLD n/a Research 31'714'315 5.28 - 31.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 13'424'461 2.24 2'121'061 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 11'686'234 1.95 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 8'808'195 1.47 992'545 26.09.2013 Investment Advisor
ARTEMIS SA n/a Research 8'072'735 1.34 - 31.12.2012 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 7'031'544 1.17 (868'029) 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 6'701'483 1.12 185'892 30.06.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 5'530'826 0.92 438'048 30.04.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 4'220'751 0.7 427'291 31.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'208'736 0.53 277'812 31.05.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 2'635'725 0.44 (37'255) 30.08.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 2'561'450 0.43 29'177 31.05.2013 Investment Advisor
COMMONWEALTH BANK OF n/a ULT-AGG 2'339'290 0.39 20'339 31.05.2013 Bank
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'187'300 0.36 (860'000) 31.07.2013 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'878'935 0.31 226'570 30.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'797'904 0.3 (128'944) 28.03.2013 Investment Advisor
UBS AG n/a ULT-AGG 1'728'752 0.29 (58'984) 27.09.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'521'772 0.25 3'436 26.09.2013 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 1'440'000 0.24 115'000 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James ARNAUD PALLIEZ outperform 5 M 45 12 month 27.09.2013
BPI FILIPE MARTINS LEITE buy 5 M 48 Not Provided 26.09.2013
RBC Capital Markets OLIVIA PETERS sector perform 3 M 43 12 month 26.09.2013
Aurel - BGC ERIC LEMARIE buy 5 M 48 6 month 26.09.2013
Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 49 Not Provided 26.09.2013
Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 26.09.2013
Exane BNP Paribas NICOLAS MORA outperform 5 M 49 Not Provided 26.09.2013
AlphaValue GAETAN DUPONT buy 5 M 58 6 month 26.09.2013
Natixis GREGOIRE THIBAULT buy 5 M 45 Not Provided 25.09.2013
UBS GREGOR KUGLITSCH buy 5 M 48 12 month 24.09.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 49 12 month 18.09.2013
Goldman Sachs JAMES RUTLAND neutral/neutral 3 D 46 12 month 17.09.2013
JPMorgan ELODIE RALL overweight 5 M 48 12 month 17.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 03.09.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 28.08.2013
Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 46 12 month 08.08.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 06.08.2013
HSBC PIERRE BOSSET neutral 3 M 41 Not Provided 02.08.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 42 Not Provided 01.08.2013
Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 31.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 44 12 month 31.07.2013
Kepler Cheuvreux JOSEP PUJAL buy 5 M 48 Not Provided 31.07.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 D 42 12 month 31.07.2013
Berenberg Bank CHRIS MOORE buy 5 N 47 Not Provided 24.06.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013
Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013
Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012
Holdings By:
Vinci SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance
throughout the world. The Company offers life, health, accident, automobile,
marine, aviation, transport, fire, general liability, and credit insurance and
reinsurance.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.08.2013) 15.74
52-Week Low (01.10.2012) 11.17
Daily Volume
14.61
52-Week High % Change -7.12% Dividend Yield -
52-Week Low % Change 30.80% Beta 1.05
% 52 Week Price Range High/Low 82.93% Equity Float 1'197.47
Shares Out 10.07.2013 1'556.9 Short Int -
22'745.92 1 Yr Total Return 32.36%
Total Debt 23'475.00 YTD Return 7.79%
Preferred Stock 0.0 Adjusted BETA 1.055
Minority Interest 2'740.0 Analyst Recs 30
Cash and Equivalents 21'647.00 Consensus Rating 2.533
Enterprise Value 28'031.92
Average Volume 5 Day 6'169'282
G IM EQUITY YTD Change - Average Volume 30 Day 5'766'117
G IM EQUITY YTD % CHANGE - Average Volume 3 Month 6'080'377
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
62'298.4 85'790.6 87'072.1 73'481.8 81'431.0 77'867.8 82'679.7 75'816.5 77'116.5 19'485.0 23'742.0
0.61x 0.50x 0.40x 0.22x 0.32x 0.48x 0.71x 0.50x 0.49x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
860.9 1'309.1 1'701.9 856.1 90.0 3'503.2 329.4 2'145.7 2'233.3 644.0 332.0
30.45x 20.68x 12.92x 20.77x 171.75x 4.76x 58.88x 10.44x 9.91x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A-
Operating Margin 4.06% Long-Term Outlook NEG
Pretax Margin 2.01% Short-Term Rating Date -
Return on Assets 0.07% Short-Term Rating -
Return on Common Equity 1.84%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 118.4%
Net Income Margin 0.1% Total Debt/Capital 51.0%
Asset Turnover 0.19
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.31% Inventory Days -
Tot Debt to Common Equity 118.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Assicurazioni Generali SpAPrice/Volume
Valuation Analysis
5'622'097.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MEDIOBANCA SPA n/a Research 194'048'687 12.46 - 13.05.2013 Bank
CASSA DEPOSITI E PRE n/a Research 69'779'061 4.48 - 13.05.2013 Other
DEA PARTICIPATIONS S n/a Research 35'185'336 2.26 - 13.05.2013 Investment Advisor
EFFETI SPA n/a Research 33'488'344 2.15 - 13.05.2013 Corporation
DELFIN SARL n/a Research 31'168'603 2 - 13.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 27'290'953 1.75 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 18'035'613 1.16 37'833 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 14'251'215 0.92 844'812 30.06.2013 Unclassified
COMPASS SPA n/a Research 14'198'684 0.91 - 13.05.2013 Corporation
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 7'010'670 0.45 1'338'532 31.07.2013 Insurance Company
VM 2006 SRL n/a Research 6'196'356 0.4 - 13.05.2013 Other
AMUNDI Multiple Portfolios MF-AGG 4'010'293 0.26 1'446'160 31.08.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'857'353 0.25 8'712 26.09.2013 Investment Advisor
PANTHEON 2000 SPA n/a Research 3'502'965 0.23 - 13.05.2013 Other
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 3'499'885 0.22 3'499'885 31.12.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 3'335'333 0.21 2'269'413 31.08.2013 Investment Advisor
CALTAGIRONE EDITORE n/a Research 3'144'884 0.2 - 13.05.2013 Corporation
UBS AG n/a ULT-AGG 3'022'631 0.19 (22'314) 27.09.2013 Unclassified
GAMMA SRL n/a Research 2'958'059 0.19 - 13.05.2013 Holding Company
B&D FINANCE SA n/a Research 2'693'391 0.17 - 13.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banca IMI ELENA PERINI hold 3 M 16 12 month 30.09.2013
UBS JAMES SHUCK suspended coverage #N/A N/A M #N/A N/A Not Provided 27.09.2013
JPMorgan ANDREAS VAN EMBDEN overweight 5 M 18 3 month 26.09.2013
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 10 12 month 26.09.2013
AlphaValue JEROME CASSAGNE reduce 2 M 14 6 month 26.09.2013
Raymond James RAPHAEL CARUSO underperform 1 M 13 12 month 25.09.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 14 Not Provided 25.09.2013
Banca Akros(ESN) MARCO CAVALLERI hold 3 M 15 12 month 25.09.2013
ICBPI ENRICO ESPOSTI neutral 3 M 15 12 month 24.09.2013
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 12 month 18.09.2013
Morgan Stanley MARCUS RIVALDI Underwt/In-Line 1 M 13 12 month 18.09.2013
Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 17 12 month 17.09.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 17 12 month 09.09.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 14 12 month 05.09.2013
Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 15 Not Provided 22.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 16.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Societe Generale NICK HOLMES hold 3 M 16 12 month 09.08.2013
HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 05.08.2013
Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 02.08.2013
Nomura MICHAEL KLIEN reduce 2 M 14 Not Provided 02.08.2013
Credit Suisse RICHARD BURDEN underperform 1 M 16 Not Provided 01.08.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 01.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 13 Not Provided 01.08.2013
S&P Capital IQ RODERICK WALLACE strong sell 1 M 13 12 month 01.08.2013
DZ Bank AG THORSTEN WENZEL sell 1 M 12 Not Provided 01.08.2013
Kepler Cheuvreux FABRIZIO CROCE buy 5 M 16 Not Provided 04.07.2013
Barclays CLAUDIA GASPARI suspended coverage #N/A N/A M #N/A N/A Not Provided 11.06.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 13.05.2013
Holdings By:
Assicurazioni Generali SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Enel S.p.A. generates, transmits, distributes, and trades electricity. The
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.01.2013) 3.30
52-Week Low (15.07.2013) 2.28
Daily Volume
2.82
52-Week High % Change -14.61% Dividend Yield -
52-Week Low % Change 23.58% Beta 0.98
% 52 Week Price Range High/Low 58.15% Equity Float 6'465.37
Shares Out 30.06.2013 9'403.4 Short Int -
26'517.47 1 Yr Total Return 8.88%
Total Debt 66'539.00 YTD Return -4.51%
Preferred Stock 0.0 Adjusted BETA 0.983
Minority Interest 16'387.0 Analyst Recs 32
Cash and Equivalents 9'891.00 Consensus Rating 3.375
Enterprise Value 103'169.47
Average Volume 5 Day 38'546'200
ENEL IM EQUITY YTD Change - Average Volume 30 Day 37'221'680
ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 35'739'290
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
59'577.0 62'498.0 71'943.0 77'573.0 82'699.0 81'042.0 82'853.0 82'404.5 81'826.1 - -
1.53x 1.85x 1.56x 1.34x 1.24x 5.03x 4.83x 1.03x 1.00x - -
13'722.0 15'883.0 16'768.0 17'110.0 16'150.0 13'521.0 17'580.0 16'030.4 15'579.9 - -
6.63x 7.29x 6.68x 6.06x 6.35x 0.00x 5.65x 6.44x 6.62x - -
5'293.0 5'586.0 4'390.0 4'113.0 865.0 3'396.0 724.0 2'980.8 2'887.3 - -
5.54x 5.90x 8.01x 7.19x 34.11x 6.92x 29.39x 8.81x 9.13x - -
EBITDA 16'150.00 Long-Term Rating Date 11.07.2013
EBIT 7'735.00 Long-Term Rating BBB
Operating Margin 9.35% Long-Term Outlook STABLE
Pretax Margin 5.83% Short-Term Rating Date 14.12.2007
Return on Assets 0.42% Short-Term Rating A-2
Return on Common Equity 1.96%
Return on Capital - EBITDA/Interest Exp. 5.51
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.28
Net Debt/EBITDA 3.36
Gross Margin - Total Debt/EBITDA 3.69
EBITDA Margin 21.2%
EBIT Margin 9.1% Total Debt/Equity 181.0%
Net Income Margin 1.0% Total Debt/Capital 55.6%
Asset Turnover 0.48
Current Ratio 1.09 Net Fixed Asset Turnover 1.01
Quick Ratio 0.61 Accounts receivable turnover-days 53.02
Debt to Assets 38.76% Inventory Days -
Tot Debt to Common Equity 180.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.88 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
Enel SpAPrice/Volume
Valuation Analysis
32'565'886.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government
NORGES BANK Multiple Portfolios MF-AGG 165'932'693 1.76 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 112'277'066 1.19 148'940 26.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 75'048'890 0.8 206'307 30.06.2013 Unclassified
PICTET FUNDS n/a ULT-AGG 63'693'207 0.68 908'593 31.05.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 18'398'963 0.2 41'556 26.09.2013 Investment Advisor
UBS AG n/a ULT-AGG 18'271'670 0.19 (191'702) 27.09.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 18'162'066 0.19 4'000'527 31.08.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 14'493'075 0.15 (580'016) 30.08.2013 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 12'846'204 0.14 34'518 28.06.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 12'760'458 0.14 (378'125) 27.09.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 12'139'504 0.13 1'380'573 30.09.2013 Bank
JP MORGAN n/a ULT-AGG 11'174'054 0.12 (1'163'501) 31.07.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 9'405'910 0.1 1'138'042 28.03.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 8'671'396 0.09 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'173'551 0.09 449'113 31.07.2013 Investment Advisor
EURIZON CAPITAL SGR Multiple Portfolios MF-AGG 7'391'078 0.08 - 30.06.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 7'228'734 0.08 47'123 31.08.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 6'976'194 0.07 6'032'265 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'946'862 0.07 3'033'429 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 12 month 27.09.2013
Mediobanca SpA JAVIER SUAREZ neutral 3 M 3 12 month 27.09.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 3 12 month 27.09.2013
ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 26.09.2013
AlphaValue MYRIAM COHEN add 4 D 3 6 month 26.09.2013
Banca IMI ROBERTO RANIERI hold 3 M 3 12 month 25.09.2013
Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 25.09.2013
Kepler Cheuvreux CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 25.09.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 25.09.2013
Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 3 12 month 24.09.2013
Societe Generale ALBERTO PONTI buy 5 M 3 12 month 09.09.2013
UBS ALBERTO GANDOLFI buy 5 U 3 12 month 05.09.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 2 Not Provided 04.09.2013
Credit Suisse STEFANO BEZZATO underperform 1 M 2 Not Provided 14.08.2013
Investec HAROLD HUTCHINSON add 4 U 3 Not Provided 07.08.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 06.08.2013
Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 3 12 month 06.08.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 05.08.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 02.08.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 02.08.2013
Equita SIM SpA ROBERTO LETIZIA buy 5 U 3 12 month 02.08.2013
Main First Bank AG ENRICO BARTOLI underperform 1 N 2 12 month 17.07.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 U 3 Not Provided 15.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.07.2013
Barclays MONICA GIRARDI equalweight 3 M 3 Not Provided 12.06.2013
HSBC ADAM DICKENS neutral 3 U 3 Not Provided 11.06.2013
EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 06.06.2013
Berenberg Bank TEAM COVERAGE hold 3 M 3 Not Provided 04.06.2013
Centrobanca EDOARDO MONTALBANO hold 3 M 3 12 month 03.04.2013
JPMorgan JAVIER GARRIDO underweight 1 D 3 3 month 25.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
Holdings By:
Enel SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Pernod Ricard SA produces wines and spirits. The Company produces wines,
bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and
white spirits and rums. Pernod Ricard markets its products worldwide.
Latest Fiscal Year: 06/2013
LTM as of: 06/yy
52-Week High (18.03.2013) 101.15
52-Week Low (16.11.2012) 82.31
Daily Volume
91.75
52-Week High % Change -9.29% Dividend Yield 1.79
52-Week Low % Change 11.47% Beta 0.69
% 52 Week Price Range High/Low 50.90% Equity Float 189.36
Shares Out 09.09.2013 265.4 Short Int -
24'352.43 1 Yr Total Return 7.14%
Total Debt 8'865.00 YTD Return 5.88%
Preferred Stock 0.0 Adjusted BETA 0.688
Minority Interest 168.0 Analyst Recs 33
Cash and Equivalents 620.00 Consensus Rating 3.545
Enterprise Value 32'765.43
Average Volume 5 Day 431'949
RI FP EQUITY YTD Change - Average Volume 30 Day 495'514
RI FP EQUITY YTD % CHANGE - Average Volume 3 Month 487'844
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2
7'203.0 7'081.0 7'643.0 8'215.0 8'575.0 3'601.0 8'575.0 8'765.1 9'304.2 - -
3.11x 3.87x 3.54x 3.86x 3.62x 0.00x 0.00x 3.72x 3.42x - -
2'187.0 2'063.0 2'111.0 2'295.0 - 0.0 0.0 2'523.2 2'724.8 - -
10.26x 13.28x 12.82x 13.82x - 0.00x 0.00x 12.99x 12.03x - -
945.0 951.0 1'045.0 1'146.0 1'208.0 0.0 0.0 1'375.2 1'546.3 - -
11.26x 17.67x 17.08x 19.33x 19.01x 0.00x 0.00x 17.88x 15.92x - -
EBITDA 2'295.00 Long-Term Rating Date 03.10.2011
EBIT 2'106.00 Long-Term Rating BBB-
Operating Margin 24.56% Long-Term Outlook STABLE
Pretax Margin 19.10% Short-Term Rating Date 03.10.2011
Return on Assets 4.29% Short-Term Rating A-3
Return on Common Equity 10.89%
Return on Capital 7.86% EBITDA/Interest Exp. 4.40
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 3.88
Net Debt/EBITDA 3.76
Gross Margin 62.4% Total Debt/EBITDA 4.12
EBITDA Margin 28.8%
EBIT Margin 24.6% Total Debt/Equity 79.3%
Net Income Margin 14.1% Total Debt/Capital 43.9%
Asset Turnover 0.31
Current Ratio 1.47 Net Fixed Asset Turnover 3.87
Quick Ratio 0.39 Accounts receivable turnover-days 50.63
Debt to Assets 32.25% Inventory Days 497.10
Tot Debt to Common Equity 79.27% Accounts Payable Turnover Day 196.62
Accounts Receivable Turnover 7.21 Cash Conversion Cycle 351.02
Inventory Turnover 0.73
Fiscal Year Ended
Pernod Ricard SAPrice/Volume
Valuation Analysis
214'770.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIETE PAUL RICARD n/a Co File 34'866'200 13.14 - 29.08.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 29'135'823 10.98 2'460'979 31.07.2013 Investment Advisor
GROUPE BRUXELLES LAM n/a Co File 19'890'770 7.49 - 29.08.2012 Holding Company
SUN LIFE FINANCIAL I n/a ULT-AGG 13'325'933 5.02 6'649'014 30.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 6'613'838 2.49 - 28.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 5'884'013 2.22 (20'866) 30.06.2013 Investment Advisor
CREDIT AGRICOLE ASSE n/a Co File 5'615'014 2.12 - 29.08.2012 Investment Advisor
AMUNDI ASSET MANAGEM n/a Co File 5'468'037 2.06 - 29.08.2012 Other
NORGES BANK INVESTME n/a Co File 5'310'761 2 - 29.08.2012 Government
CAISSE DES DEPOTS ET n/a Co File 5'270'298 1.99 - 29.08.2012 Government
BLACKROCK n/a ULT-AGG 4'236'036 1.6 (573'201) 26.09.2013 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 4'146'182 1.56 199'174 30.06.2013 Investment Advisor
ARTISAN PARTNERS HOL n/a Co File 3'710'368 1.4 - 29.08.2012 Investment Advisor
NATIXIS ASSET MANAGE n/a Co File 3'110'259 1.17 - 29.08.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'909'000 1.1 66'000 28.06.2013 Investment Advisor
CITIGROUP GLOBAL MAR n/a Co File 2'898'012 1.09 - 29.08.2012 Unclassified
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'812'862 1.06 108'890 31.07.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Co File 2'786'833 1.05 - 29.08.2012 Hedge Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'736'301 1.03 1'436'782 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'733'167 1.03 145'743 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ISABELLE COMBEMALE add 4 M 96 6 month 26.09.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 99 Not Provided 25.09.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M #N/A N/A Not Provided 20.09.2013
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 105 12 month 19.09.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 111 12 month 13.09.2013
Jefferies DIRK VAN VLAANDEREN hold 3 M 89 12 month 12.09.2013
Nomura IAN SHACKLETON neutral 3 M 89 12 month 12.09.2013
HSBC CEDRIC BESNARD overweight 5 U 108 Not Provided 09.09.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 78 12 month 05.09.2013
Societe Generale NICOLAS CERON hold 3 M 94 12 month 02.09.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 100 12 month 30.08.2013
JPMorgan MIKE J GIBBS neutral 3 M 91 9 month 30.08.2013
Raymond James HERMINE DE BENTZMANN market perform 3 D #N/A N/A Not Provided 30.08.2013
Natixis JOSEPHINE CHEVALLIER buy 5 M 100 6 month 30.08.2013
Barclays SIMON HALES overweight 5 M 103 Not Provided 30.08.2013
CM - CIC Securities(ESN) FRANCIS PRETRE accumulate 4 M 98 12 month 29.08.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 115 Not Provided 29.08.2013
Kepler Cheuvreux LAETITIA DELAYE hold 3 M 90 Not Provided 29.08.2013
S&P Capital IQ CARL SHORT buy 5 M 100 12 month 29.08.2013
BPI HUBERT D'AILLIERES buy 5 M 114 Not Provided 27.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Investec MARTIN DEBOO hold 3 M 91 Not Provided 07.08.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 120 12 month 19.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 106 Not Provided 03.07.2013
Deutsche Bank HAROLD THOMPSON sell 1 M 75 12 month 21.06.2013
Credit Suisse ALEX MOLLOY outperform 5 M 110 Not Provided 11.06.2013
Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 06.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
Shore Capital Stockbrokers PHIL CARROLL hold 3 D #N/A N/A Not Provided 20.02.2013
UBS MELISSA EARLAM buy 5 U 100 12 month 12.02.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 75 6 month 14.12.2012
Equita SIM SpA FABIO FAZZARI hold 3 U 66 12 month 12.01.2012
Holdings By:
Pernod Ricard SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Intesa Sanpaolo attracts deposits and offers banking and financial services.
The Bank offers consumer credit, asset management, Internet banking, merchant
banking, securities brokerage, factoring, and lease financing services, and
manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and
offices elsewhere in Europe, Asia, and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.09.2013) 1.72
52-Week Low (27.03.2013) 1.09
Daily Volume
1.523
52-Week High % Change -11.40% Dividend Yield -
52-Week Low % Change 39.98% Beta 1.40
% 52 Week Price Range High/Low 78.13% Equity Float 13'765.96
Shares Out 30.06.2013 15'501.5 Short Int -
24'778.14 1 Yr Total Return 33.16%
Total Debt 283'098.00 YTD Return 21.17%
Preferred Stock 0.0 Adjusted BETA 1.396
Minority Interest 586.0 Analyst Recs 35
Cash and Equivalents 41'834.00 Consensus Rating 2.943
Enterprise Value -
Average Volume 5 Day #########
ISP IM EQUITY YTD Change - Average Volume 30 Day #########
ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
33'216.0 27'022.0 24'836.0 25'266.0 27'819.0 21'109.0 16'673.0 16'543.1 16'938.1 4'255.0 4'424.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'553.0 2'805.0 2'705.0 (8'190.0) 1'605.0 (8'318.0) 753.0 1'426.6 2'306.1 - -
23.67x 15.27x 12.90x - 13.00x 0.00x 26.08x 17.31x 10.65x - -
EBITDA - Long-Term Rating Date 12.07.2013
EBIT - Long-Term Rating BBB
Operating Margin 15.77% Long-Term Outlook NEG
Pretax Margin 15.29% Short-Term Rating Date 10.02.2012
Return on Assets 0.11% Short-Term Rating A-2
Return on Common Equity 1.55%
Return on Capital 0.24% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 570.6%
Net Income Margin 8.3% Total Debt/Capital 84.9%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 3.05
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.04% Inventory Days -
Tot Debt to Common Equity 570.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Intesa Sanpaolo SpAPrice/Volume
Valuation Analysis
186'994'825.00
Current Price (9/dd/yy) Market Data
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5'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMPAGNIA DI SAN PAO n/a Research 1'532'789'479 9.89 - 11.07.2013 Other
FOND CR PROVINCIE LO n/a Research 725'470'748 4.68 - 11.07.2013 Bank
FONDAZIONE CASSA RIS n/a Research 647'963'190 4.18 - 11.07.2013 Bank
ENTE CASSA DI RISP F n/a Research 523'641'066 3.38 - 11.07.2013 Bank
FONDAZIONE CASSA RIS n/a Research 422'881'240 2.73 - 11.07.2013 Other
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 386'554'800 2.49 32'930'578 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 375'989'765 2.43 375'989'765 30.06.2013 Investment Advisor
HARBOR INTERNATIONAL n/a Research 332'972'472 2.15 - 11.07.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 258'907'596 1.67 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 249'090'983 1.61 (37'353) 26.09.2013 Investment Advisor
ALLEANZA TORO SPA n/a Research 200'279'531 1.29 - 11.07.2013 Insurance Company
ASSICURAZIONI GENERA n/a Research 184'778'020 1.19 - 11.07.2013 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 183'365'339 1.18 1'296'038 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 156'171'096 1.01 12'787'644 30.06.2013 Unclassified
PLATINUM INVESTMENT Multiple Portfolios MF-AGG 86'401'579 0.56 103'648 31.08.2013 Hedge Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 67'307'804 0.43 67'307'804 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 65'019'283 0.42 47'084'830 30.04.2013 Investment Advisor
METROPOLE GESTION Multiple Portfolios MF-AGG 57'807'636 0.37 - 28.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 50'030'866 0.32 (7'979'363) 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 49'008'525 0.32 5'344'880 27.09.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ANDREA FILTRI underperform 1 D 1 12 month 30.09.2013
RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 30.09.2013
Keefe, Bruyette & Woods DOMENICO SANTORO market perform 3 M 1 12 month 30.09.2013
Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 1 12 month 30.09.2013
Natixis STEVEN GOULD buy 5 M 2 Not Provided 30.09.2013
ICBPI LUCA COMI sell 1 M 1 12 month 27.09.2013
Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 2 Not Provided 27.09.2013
Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 27.09.2013
AlphaValue DAVID GRINSZTAJN add 4 M 2 6 month 26.09.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 2 12 month 25.09.2013
Nomura DARAGH QUINN neutral 3 M 1 12 month 25.09.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 18.09.2013
Societe Generale CARLO TOMMASELLI hold 3 M 2 12 month 17.09.2013
Berenberg Bank ELENI PAPOULA sell 1 M 1 Not Provided 17.09.2013
JPMorgan MARTA BASTONI neutral 3 U 2 15 month 11.09.2013
Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 06.09.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 03.09.2013
Credit Suisse IGNACIO CEREZO outperform 5 M 2 Not Provided 02.09.2013
Day by Day VALERIE GASTALDY buy 5 U 2 3 month 23.08.2013
Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 21.08.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 19.08.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 05.08.2013
Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 05.08.2013
Main First Bank AG ALDO COMI outperform 5 M 2 12 month 05.08.2013
Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 04.08.2013
Kepler Cheuvreux ANNA MARIA BENASSI hold 3 M 2 Not Provided 04.08.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 2 12 month 02.08.2013
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 21.07.2013
HSBC CARLO DIGRANDI neutral 3 M 1 Not Provided 03.07.2013
Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 2 12 month 19.02.2013
Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013
UBS MATTEO RAMENGHI buy 5 M 2 12 month 09.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012
Holdings By:
Intesa Sanpaolo SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Orange provides telecommunications services to residential, professional, and
large business customers. The Company offers public fixed-line telephone,
leased lines and data transmission, mobile telecommunications, cable television,
Internet and wireless applications, and broadcasting services, and
telecommunications equipment sales and rentals.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (18.10.2012) 9.75
52-Week Low (03.07.2013) 7.03
Daily Volume
9.254
52-Week High % Change -5.03% Dividend Yield 11.89
52-Week Low % Change 31.58% Beta 0.90
% 52 Week Price Range High/Low 87.37% Equity Float 1'919.60
Shares Out 30.06.2013 2'648.9 Short Int -
24'512.79 1 Yr Total Return 1.20%
Total Debt 39'214.00 YTD Return 13.93%
Preferred Stock 0.0 Adjusted BETA 0.903
Minority Interest 2'078.0 Analyst Recs 36
Cash and Equivalents 8'462.00 Consensus Rating 3.278
Enterprise Value 56'540.78
Average Volume 5 Day 14'129'590
ORA FP EQUITY YTD Change - Average Volume 30 Day 11'629'160
ORA FP EQUITY YTD % CHANGE - Average Volume 3 Month 9'807'062
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
46'712.0 44'845.0 45'503.0 45'277.0 43'515.0 44'551.0 42'275.0 41'331.3 40'425.0 10'344.0 10'443.0
1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.38x 1.38x - -
17'300.0 14'480.0 15'291.0 15'019.0 12'374.0 0.0 0.0 12'653.0 12'193.3 - -
5.18x 5.64x 4.89x 4.29x 4.42x 0.00x 0.00x 4.47x 4.63x - -
4'073.0 3'018.0 4'880.0 3'895.0 820.0 0.0 0.0 2'683.1 2'625.5 - -
14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 9.19x 9.39x - -
EBITDA 12'374.00 Long-Term Rating Date 22.04.2013
EBIT 6'045.00 Long-Term Rating BBB+
Operating Margin 13.89% Long-Term Outlook STABLE
Pretax Margin 5.37% Short-Term Rating Date 14.05.2003
Return on Assets 0.17% Short-Term Rating A-2
Return on Common Equity 0.58%
Return on Capital 1.32% EBITDA/Interest Exp. 6.99
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.17
Net Debt/EBITDA 2.52
Gross Margin - Total Debt/EBITDA 3.03
EBITDA Margin 28.4%
EBIT Margin 13.7% Total Debt/Equity 161.3%
Net Income Margin 1.9% Total Debt/Capital 59.8%
Asset Turnover 0.48
Current Ratio 0.65 Net Fixed Asset Turnover 1.82
Quick Ratio 0.53 Accounts receivable turnover-days 41.30
Debt to Assets 43.58% Inventory Days -
Tot Debt to Common Equity 161.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.84 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Orange SAPrice/Volume
Valuation Analysis
5'125'694.00
Current Price (9/dd/yy) Market Data
!-.0123456
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Research 713'720'564 26.94 - 12.07.2013 Government
SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank
AMUNDI n/a Research 129'217'007 4.88 (3'894'321) 11.06.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 121'078'597 4.57 - 04.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 38'529'601 1.45 (4'033'633) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 35'755'611 1.35 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 32'223'558 1.22 339'852 26.09.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 29'339'671 1.11 91'968 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 25'644'763 0.97 696'421 30.06.2013 Unclassified
DNCA FINANCE Multiple Portfolios MF-AGG 15'687'873 0.59 1'777'000 28.03.2013 Investment Advisor
FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 10'843'256 0.41 (146'416) 31.05.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 8'793'792 0.33 - 31.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 8'697'637 0.33 118'012 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 6'732'293 0.25 (74'467) 27.09.2013 Unclassified
LBPAM Multiple Portfolios MF-AGG 5'814'923 0.22 (1'868'459) 28.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'586'710 0.21 12'616 26.09.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 5'295'572 0.2 (67'051) 30.09.2013 Bank
AMUNDI Multiple Portfolios MF-AGG 4'581'859 0.17 419'912 30.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'580'800 0.17 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 9 12 month 30.09.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 D 10 12 month 30.09.2013
Exane BNP Paribas ANTOINE PRADAYROL neutral 3 D 10 Not Provided 30.09.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 14 6 month 26.09.2013
Jefferies JEREMY A DELLIS buy 5 M 11 12 month 24.09.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 20.09.2013
Societe Generale STEPHANE SCHLATTER buy 5 M 10 12 month 18.09.2013
Natixis BENOIT MAYNARD buy 5 M 11 6 month 16.09.2013
Day by Day VALERIE GASTALDY buy 5 M 9 3 month 16.09.2013
Berenberg Bank WASSIL EL HEBIL hold 3 M 8 Not Provided 13.09.2013
Nomura FREDERIC BOULAN neutral 3 M 8 12 month 10.09.2013
Morgan Stanley SAROOP PUREWAL Overwt/In-Line 5 M 10 12 month 06.09.2013
Deutsche Bank CAROLA BARDELLI hold 3 M 8 12 month 05.09.2013
Kepler Cheuvreux JAVIER BORRACHERO hold 3 M 8 Not Provided 02.09.2013
New Street Research FRANK KNOWLES neutral 3 M 8 Not Provided 30.08.2013
Barclays JONATHAN DANN underweight 1 M 8 Not Provided 29.08.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 27.08.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 12.08.2013
Nord/LB WOLFGANG DONIE buy 5 M 10 12 month 29.07.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M #N/A N/A Not Provided 26.07.2013
JPMorgan HANNES C WITTIG underweight 1 M 6 3 month 26.07.2013
Macquarie GUY R PEDDY outperform 5 M 12 12 month 26.07.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 10 Not Provided 26.07.2013
Goldman Sachs ANDREW LEE Sell/Neutral 1 M 6 12 month 25.07.2013
Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 25.07.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 25.07.2013
CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 M 9 12 month 25.07.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 25.07.2013
UBS GIOVANNI MONTALTI sell 1 M 7 12 month 24.07.2013
HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 24.07.2013
Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 08.07.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 11 Not Provided 25.04.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 28.02.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013
Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011
Holdings By:
Orange SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Volvo AB manufactures trucks, buses, construction equipment, drive systems for
marine and industrial uses, and aircraft engine components. The Company also
offers repair and maintenance, lease financing, insurance, and financial
services to its customers.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (23.09.2013) 104.00
52-Week Low (24.10.2012) 82.55
Daily Volume
95.55
52-Week High % Change -8.08% Dividend Yield -
52-Week Low % Change 15.75% Beta 1.26
% 52 Week Price Range High/Low 67.37% Equity Float -
Shares Out 29.09.2013 1'605.9 Short Int -
203'370.56 1 Yr Total Return 7.25%
Total Debt 131'842.00 YTD Return 11.23%
Preferred Stock 0.0 Adjusted BETA 1.264
Minority Interest 1'266.0 Analyst Recs 31
Cash and Equivalents 28'889.00 Consensus Rating 3.452
Enterprise Value 316'066.56
Average Volume 5 Day 9'118'977
VOLVB SS EQUITY YTD Change - Average Volume 30 Day 6'124'300
VOLVB SS EQUITY YTD % CHANGE - Average Volume 3 Month 5'892'724
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
304'642.0 218'361.0 264'749.0 310'367.0 303'647.0 320'574.0 272'004.0 276'221.1 299'020.0 68'242.0 77'808.6
0.69x 1.12x 1.29x 0.80x 0.94x 3.27x 4.34x 0.93x 0.83x 3.37x 2.82x
30'239.0 2'157.0 33'711.0 42'597.0 34'319.0 40'969.0 22'920.0 26'816.6 36'671.3 6'689.9 8'430.3
6.94x 113.19x 10.14x 5.80x 8.28x 6.56x 12.86x 11.79x 8.62x 10.05x 9.63x
9'942.0 (14'718.0) 10'866.0 17'751.0 11'039.0 17'486.0 3'874.0 8'139.2 15'488.7 2'203.2 3'586.8
8.75x - 22.11x 8.60x 16.31x 9.13x 47.00x 24.13x 12.87x 15.19x 13.73x
EBITDA 34'319.00 Long-Term Rating Date 15.04.2011
EBIT 19'564.00 Long-Term Rating BBB
Operating Margin 6.44% Long-Term Outlook NEG
Pretax Margin 5.06% Short-Term Rating Date 15.04.2011
Return on Assets 1.08% Short-Term Rating A-2
Return on Common Equity 4.86%
Return on Capital 2.63% EBITDA/Interest Exp. 13.86
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 6.06
Net Debt/EBITDA 4.85
Gross Margin 22.6% Total Debt/EBITDA 6.10
EBITDA Margin 8.4%
EBIT Margin 2.9% Total Debt/Equity 153.9%
Net Income Margin 3.6% Total Debt/Capital 60.3%
Asset Turnover 0.76
Current Ratio 1.08 Net Fixed Asset Turnover 3.31
Quick Ratio 0.40 Accounts receivable turnover-days 42.17
Debt to Assets 38.92% Inventory Days 78.38
Tot Debt to Common Equity 153.93% Accounts Payable Turnover Day 94.24
Accounts Receivable Turnover 8.66 Cash Conversion Cycle 16.80
Inventory Turnover 4.66
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Volvo ABPrice/Volume
Valuation Analysis
4'057'945.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VOLVO AB n/a Research 80'013'209 4.98 - 28.12.2012 Corporation
SWEDBANK ROBUR FONDE n/a Research 78'657'058 4.9 - 28.12.2012 Investment Advisor
NORGES BANK n/a Research 71'955'474 4.48 - 28.12.2012 Government
ALECTA PENSIONSFORSA n/a Research 66'910'000 4.17 - 28.12.2012 Pension Fund (ERISA)
CAPITAL GROUP COMPAN n/a ULT-AGG 60'488'880 3.77 - 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 49'961'776 3.11 - 30.06.2013 Investment Advisor
AMF FORSAKRING n/a Research 42'544'960 2.65 - 28.12.2012 Other
SEB FONDER AB n/a Research 35'329'637 2.2 - 28.12.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 32'431'960 2.02 497'000 31.03.2013 Investment Advisor
SHB FUNDS n/a Research 27'578'727 1.72 - 28.12.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 23'752'393 1.48 450'594 31.03.2013 Investment Advisor
NORDEA FONDER AB/SWE n/a Research 23'592'830 1.47 - 28.12.2012 Investment Advisor
SEB n/a ULT-AGG 23'211'048 1.45 (4'016'660) 31.03.2013 Unclassified
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 22'879'017 1.42 1'562'923 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 19'278'934 1.2 450'622 30.06.2013 Unclassified
FJARDE AP-FONDEN n/a Research 12'895'181 0.8 - 28.12.2012 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 11'813'340 0.74 445'095 26.09.2013 Investment Advisor
ANDRA AP FONDEN n/a Research 11'526'751 0.72 - 28.12.2012 Pension Fund (ERISA)
SPP FONDER AB Multiple Portfolios MF-AGG 9'268'814 0.58 130'777 31.03.2013 Investment Advisor
DANSKE BANK A/S Multiple Portfolios MF-AGG 9'180'355 0.57 218'311 30.06.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HANS-PETER WODNIOK sell 1 M 89 6 month 26.09.2013
Natixis KATHLEEN GAILLIOT buy 5 M 119 Not Provided 25.09.2013
DNB Markets CHRISTER MAGNERGARD sell 1 M 82 Not Provided 25.09.2013
Societe Generale ALASDAIR LESLIE buy 5 M 120 12 month 20.09.2013
Robert W. Baird & Co DAVID LEIKER outperform 5 M 115 12 month 19.09.2013
Nordea Equity Research ANDREAS BROCK buy 5 M 115 12 month 18.09.2013
JPMorgan ALEXANDER WHIGHT neutral 3 M 107 15 month 09.09.2013
SEB Enskilda ANDERS TRAPP buy 5 M 111 Not Provided 04.09.2013
Handelsbanken HAMPUS ENGELLAU buy 5 M 120 12 month 29.08.2013
HSBC COLIN GIBSON neutral 3 M 105 Not Provided 28.08.2013
ABG Sundal Collier ERIK PETTERSSON-GOLRANG buy 5 M 110 6 month 26.08.2013
Barclays MICHAEL TYNDALL overweight 5 M 111 Not Provided 13.08.2013
Prime Predictions PETER LJUNGGREN sell 1 M 84 12 month 09.08.2013
Goldman Sachs ASHIK KURIAN buy/attractive 5 M 123 12 month 07.08.2013
Redburn Partners MARTIN VIECHA sell 1 M #N/A N/A Not Provided 06.08.2013
Evli Bank Plc ANTTI KANSANEN buy 5 M 115 Not Provided 01.08.2013
EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 31.07.2013
Berenberg Bank ALEXANDER VIRGO buy 5 M 116 Not Provided 26.07.2013
Main First Bank AG CHRISTOPHER YOUL underperform 1 M 94 12 month 26.07.2013
UBS FREDRIC STAHL neutral 3 D 100 12 month 25.07.2013
Macquarie JENS SCHATTNER outperform 5 M 110 12 month 25.07.2013
Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 25.07.2013
Pareto Securities DAVID JACOBSSON hold 3 M 105 6 month 25.07.2013
Kepler Cheuvreux THOMAS BESSON buy 5 U 115 Not Provided 25.07.2013
Danske Markets BJORN ENARSON buy 5 M 124 12 month 25.07.2013
Deutsche Bank PETER REILLY hold 3 M 90 12 month 24.07.2013
Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 100 12 month 24.07.2013
Canaccord Genuity Corp ANDREW BELL sell 1 M 80 12 month 24.07.2013
S&P Capital IQ RODERICK BRIDGE hold 3 M 97 12 month 24.07.2013
Swedbank FREDRIK NILHOV buy 5 M 105 12 month 14.02.2012
Holdings By:
Volvo AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Repsol S.A., through subsidiaries, explores for and produces crude oil and
natural gas, refines petroleum, and transports petroleum products and liquefied
petroleum gas (LPG). The Company retails gasoline and other products through
its chain of gasoline filling stations. Repsol's petroleum reserves are in
Spain, Latin America, Asia, North Africa, and the Middle East and United States.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.09.2013) 18.69
52-Week Low (11.10.2012) 14.43
Daily Volume
18.295
52-Week High % Change -2.17% Dividend Yield -
52-Week Low % Change 26.83% Beta 1.06
% 52 Week Price Range High/Low 95.90% Equity Float 979.75
Shares Out 12.07.2013 1'302.5 Short Int -
23'828.72 1 Yr Total Return 28.52%
Total Debt 19'090.00 YTD Return 22.84%
Preferred Stock 0.0 Adjusted BETA 1.056
Minority Interest 770.0 Analyst Recs 39
Cash and Equivalents 6'318.00 Consensus Rating 3.949
Enterprise Value 38'842.72
Average Volume 5 Day 5'189'968
REP SQ EQUITY YTD Change - Average Volume 30 Day 5'725'577
REP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 6'263'450
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
58'475.0 45'827.0 53'663.0 50'903.0 58'924.0 56'577.0 59'759.0 57'888.4 61'118.0 13'478.0 13'478.0
0.48x 0.87x 0.79x 0.91x 0.56x 3.00x 2.37x 0.58x 0.54x 2.52x 2.23x
8'009.0 6'686.0 11'919.0 5'800.0 7'017.0 5'938.0 6'847.0 7'254.3 7'316.0 1'559.0 3'084.0
3.49x 5.99x 3.56x 8.03x 4.68x 5.68x 5.28x 5.35x 5.31x 4.92x 4.87x
2'555.0 1'559.0 4'693.0 2'193.0 2'060.0 1'885.0 1'925.0 2'206.8 2'176.8 441.0 519.0
7.19x 14.63x 5.43x 18.27x 9.83x 9.33x 10.24x 10.88x 11.18x 12.38x 11.97x
EBITDA 7'017.00 Long-Term Rating Date 19.04.2012
EBIT 4'430.00 Long-Term Rating BBB-
Operating Margin 7.52% Long-Term Outlook STABLE
Pretax Margin 6.02% Short-Term Rating Date 19.04.2012
Return on Assets 2.95% Short-Term Rating A-3
Return on Common Equity 6.97%
Return on Capital 4.72% EBITDA/Interest Exp. 8.88
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 4.17
Net Debt/EBITDA 2.09
Gross Margin - Total Debt/EBITDA 3.27
EBITDA Margin 11.5%
EBIT Margin 7.2% Total Debt/Equity 71.5%
Net Income Margin 3.5% Total Debt/Capital 41.0%
Asset Turnover 0.91
Current Ratio 1.51 Net Fixed Asset Turnover 2.11
Quick Ratio 0.93 Accounts receivable turnover-days 48.54
Debt to Assets 29.40% Inventory Days -
Tot Debt to Common Equity 71.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.52 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Repsol SAPrice/Volume
Valuation Analysis
1'985'473.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXABANK n/a Research 159'023'605 12.21 - 26.03.2013 Investment Advisor
SACYR VALLEHERMOSO S n/a EXCH 122'208'433 9.38 - 17.01.2013 Corporation
PETROLEOS MEXICANOS n/a Co File 118'484'231 9.1 - 31.12.2012 Unclassified
TEMASEK HOLDINGS PRI n/a ULT-AGG 80'700'000 6.2 - 04.03.2013 Government
BLACKROCK n/a ULT-AGG 46'839'085 3.6 34'354 26.09.2013 Investment Advisor
BNP PARIBAS SA n/a EXCH 39'542'937 3.04 682'896 10.06.2013 Bank
NORGES BANK Multiple Portfolios MF-AGG 15'794'475 1.21 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 14'329'280 1.1 (28'520) 30.06.2013 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'003'406 0.69 919'160 31.05.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'353'534 0.56 (397'285) 28.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'441'889 0.42 (3'871'610) 30.04.2013 Investment Advisor
PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 5'391'354 0.41 (2) 30.06.2013 Investment Advisor
PIONEER n/a ULT-AGG 4'914'651 0.38 193'561 30.04.2013 Unclassified
FMR LLC n/a ULT-AGG 4'612'383 0.35 706'576 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'586'978 0.35 102'560 31.07.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'299'645 0.33 1'583'523 30.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'030'967 0.31 354'730 31.07.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 3'920'496 0.3 355'996 28.03.2013 Investment Advisor
UBS AG n/a ULT-AGG 3'770'454 0.29 (129'413) 27.09.2013 Unclassified
SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 2'942'099 0.23 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 20 12 month 30.09.2013
Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 23 12 month 27.09.2013
BPI BRUNO ALMEIDA DA SILVA buy 5 M 20 Not Provided 26.09.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 19 12 month 26.09.2013
BBVA LUIS DE TOLEDO outperform 5 M 20 Not Provided 26.09.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 18 6 month 26.09.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 21 12 month 25.09.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 20 Not Provided 25.09.2013
Tudor Pickering & Co ANISH KAPADIA trim 1 M 19 Not Provided 20.09.2013
Barclays LYDIA RAINFORTH equalweight 3 M 20 Not Provided 20.09.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 18 12 month 18.09.2013
Intermoney Valores ALVARO NAVARRO buy 5 M 19 12 month 18.09.2013
JPMorgan NITIN SHARMA neutral 3 M 18 9 month 17.09.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 19 Not Provided 17.09.2013
Credit Suisse THOMAS YOICHI ADOLFF neutral 3 D 19 Not Provided 16.09.2013
Ahorro Corporacion Financiera SA TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.09.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 21 12 month 16.09.2013
Raymond James BERTRAND HODEE outperform 5 M 20 12 month 09.09.2013
Grupo Santander JASON KENNEY hold 3 M 20 12 month 03.09.2013
Canaccord Genuity Corp SAMUEL SIMON hold 3 M 18 12 month 15.08.2013
Day by Day VALERIE GASTALDY buy 5 M 22 3 month 12.08.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 09.08.2013
Investec NEILL MORTON buy 5 M 20 Not Provided 07.08.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 19 Not Provided 29.07.2013
Societe Generale IRENE HIMONA hold 3 M 18 12 month 26.07.2013
Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 17 12 month 26.07.2013
Macquarie MARC B KOFLER neutral 3 M 16 12 month 26.07.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 18 Not Provided 26.07.2013
Natixis ANNE PUMIR buy 5 M 21 Not Provided 26.07.2013
Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 25.07.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 21 12 month 25.07.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 19 12 month 11.07.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 20 Not Provided 17.05.2013
Kepler Cheuvreux NATALIA BOBO BJOERK buy 5 M 21 Not Provided 15.05.2013
UBS JONATHON RIGBY neutral 3 M 18 12 month 13.05.2013
Jefferies BRENDAN MICHAEL WARN hold 3 M 17 12 month 09.05.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 23 Not Provided 16.04.2013
Goldman Sachs HENRY MORRIS not rated #N/A N/A M #N/A N/A Not Provided 27.02.2013
Holdings By:
Repsol SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Statoil ASA explores for, produces, transports, refines, and trades oil and
natural gas. The Company explores for oil in Europe, Africa, the Middle East,
Asia, and the Americas.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (01.10.2012) 149.00
52-Week Low (24.06.2013) 122.90
Daily Volume
136.4
52-Week High % Change -8.46% Dividend Yield -
52-Week Low % Change 10.98% Beta 0.90
% 52 Week Price Range High/Low 55.17% Equity Float 935.87
Shares Out 27.09.2013 3'188.6 Short Int -
434'931.44 1 Yr Total Return -3.02%
Total Debt 119'400.00 YTD Return 3.19%
Preferred Stock 0.0 Adjusted BETA 0.897
Minority Interest 700.0 Analyst Recs 36
Cash and Equivalents 80'100.00 Consensus Rating 3.806
Enterprise Value 516'131.45
Average Volume 5 Day 2'729'973
STL NO EQUITY YTD Change - Average Volume 30 Day 3'065'836
STL NO EQUITY YTD % CHANGE - Average Volume 3 Month 2'694'008
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
651'977.0 462'292.0 526'950.0 645'599.0 705'700.0 721'637.0 634'454.0 636'927.8 653'797.9 158'154.9 165'682.1
0.63x 1.16x 0.98x 0.88x 0.68x 2.02x 2.31x 0.78x 0.77x 3.17x 2.94x
240'545.0 173'918.0 186'787.0 261'920.0 265'400.0 277'937.0 220'750.0 224'620.2 242'036.4 56'490.6 62'687.5
1.71x 3.08x 2.77x 2.16x 1.82x 1.76x 2.18x 2.30x 2.13x 2.13x 2.12x
43'265.0 18'313.0 38'082.0 78'787.0 68'900.0 77'403.0 38'067.0 46'199.4 51'384.8 12'062.3 13'729.1
8.39x 25.17x 11.58x 6.20x 6.42x 5.81x 10.47x 9.24x 8.69x 8.71x 8.69x
EBITDA 265'400.00 Long-Term Rating Date 03.08.2007
EBIT 204'900.00 Long-Term Rating AA-
Operating Margin 29.04% Long-Term Outlook STABLE
Pretax Margin 29.29% Short-Term Rating Date 03.08.2007
Return on Assets 4.81% Short-Term Rating A-1+
Return on Common Equity 12.06%
Return on Capital 8.83% EBITDA/Interest Exp. 88.47
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 56.47
Net Debt/EBITDA 0.36
Gross Margin 48.5% Total Debt/EBITDA 0.62
EBITDA Margin 34.8%
EBIT Margin 25.1% Total Debt/Equity 37.4%
Net Income Margin 9.8% Total Debt/Capital 27.2%
Asset Turnover 0.80
Current Ratio 1.12 Net Fixed Asset Turnover 1.42
Quick Ratio 0.83 Accounts receivable turnover-days -
Debt to Assets 15.22% Inventory Days 29.21
Tot Debt to Common Equity 37.41% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 34.61
Inventory Turnover 12.50
Fiscal Year Ended
Statoil ASAPrice/Volume
Valuation Analysis
1'324'573.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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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] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTRY OF PETROLEU n/a EXCH 2'136'393'559 67 - 23.09.2013 Corporation
DEUTSCHE BANK TRUST n/a EXCH 115'125'654 3.61 - 23.09.2013 Investment Advisor
GOVERNMENT PENSION F n/a EXCH 107'288'332 3.36 - 23.09.2013 Government
STATE STREET CORP n/a ULT-AGG 81'360'373 2.55 (46'047) 27.09.2013 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 69'324'809 2.17 - 23.09.2013 Bank
BANK OF NEW YORK MEL n/a EXCH 35'315'208 1.11 - 23.09.2013 Investment Advisor
JP MORGAN CHASE BANK n/a EXCH 30'355'952 0.95 - 23.09.2013 Investment Advisor
NORTHERN TRUST CO n/a EXCH 25'939'340 0.81 - 23.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 20'251'550 0.64 (40'835) 30.06.2013 Unclassified
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 14'776'099 0.46 (3'622'519) 31.05.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 12'894'410 0.4 (2'200'405) 30.06.2013 Investment Advisor
SIX SIS AG n/a EXCH 12'821'272 0.4 - 23.09.2013 Bank
HSBC BANK PLC n/a ULT-AGG 12'059'357 0.38 - 23.09.2013 Bank
EUROCLEAR BANK SA n/a EXCH 11'725'406 0.37 - 23.09.2013 Bank
VERITAS ASSET MANAGE Multiple Portfolios MF-AGG 10'739'728 0.34 8'863'728 30.06.2013 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 10'351'791 0.32 153'497 31.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 10'323'543 0.32 (620'312) 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 9'577'844 0.3 193'173 26.09.2013 Investment Advisor
KLP AKSJENORGE n/a EXCH 9'421'153 0.3 - 23.09.2013 Investment Advisor
STATOIL ASA n/a EXCH 8'830'656 0.28 - 23.09.2013 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 133 12 month 30.09.2013
Handelsbanken ANNE GJOEN accumulate 4 M 145 12 month 27.09.2013
DNB Markets HELGE ANDRE MARTINSEN buy 5 M 155 Not Provided 27.09.2013
Societe Generale IRENE HIMONA hold 3 M 143 12 month 26.09.2013
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 165 Not Provided 26.09.2013
RBC Capital Markets PETER HUTTON top pick 5 M 175 12 month 23.09.2013
Nordea Equity Research KELLY CHEN hold 3 M 140 12 month 23.09.2013
Simmons & Company International GUY BABER overweight 5 M #N/A N/A Not Provided 23.09.2013
Fearnley Fonds OLE-JACOB STORVIK reduce 2 D 140 Not Provided 20.09.2013
Macquarie MARC B KOFLER neutral 3 M 150 12 month 19.09.2013
JPMorgan NITIN SHARMA neutral 3 M 165 9 month 17.09.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 135 6 month 12.09.2013
Nomura THEEPAN JOTHILINGAM reduce 2 M 145 12 month 05.09.2013
Grupo Santander JASON KENNEY underweight 1 M 145 12 month 29.08.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 145 Not Provided 29.08.2013
ABG Sundal Collier JOHN A SCHJ OLAISEN buy 5 U 160 6 month 28.08.2013
Barclays RAHIM KARIM overweight 5 M 150 Not Provided 22.08.2013
SEB Enskilda LARS HENRIK ROREN buy 5 U 145 Not Provided 20.08.2013
SpareBank 1 Markets AS ODDVAR BJORGAN buy 5 U 145 6 month 20.08.2013
Danske Markets ANDRE BAUSTAD BENONISEN buy 5 M 151 12 month 20.08.2013
Carnegie MARTIN VOLD buy 5 M #N/A N/A Not Provided 19.08.2013
Arctic Securities ASA TROND OMDAL buy 5 M 155 Not Provided 19.08.2013
Swedbank First Securities TEODOR SVEEN NILSEN neutral 3 M 145 Not Provided 19.08.2013
Canaccord Genuity Corp SAMUEL SIMON buy 5 M 150 12 month 15.08.2013
Norne Securities AS IRMANTAS VASKELA hold 3 M 135 12 month 31.07.2013
Pareto Securities SIGURD-ERIK NISSEN-MEYER buy 5 M 170 6 month 26.07.2013
S&P Capital IQ CHRISTINE TISCARENO sell 1 M 128 12 month 26.07.2013
Deutsche Bank MARK BLOOMFIELD hold 3 M 150 12 month 25.07.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 160 Not Provided 25.07.2013
Morgan Stanley HAYTHEM RASHED Equalwt/In-Line 3 M 136 12 month 16.07.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 150 12 month 01.07.2013
Jefferies BRENDAN MICHAEL WARN buy 5 M 200 12 month 24.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
UBS JONATHON RIGBY buy 5 M 150 12 month 08.05.2013
Fondsfinans AS MORTEN EVJENTH LINDBACK Under Review #N/A N/A M #N/A N/A Not Provided 08.05.2012
Holdings By:
Statoil ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Heineken NV produces and distributes beverages internationally. The Company
produces beers, spirits, wines, and soft drinks under various brand names.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.03.2013) 60.20
52-Week Low (01.10.2012) 46.16
Daily Volume
52.1
52-Week High % Change -13.42% Dividend Yield 1.77
52-Week Low % Change 12.88% Beta 0.74
% 52 Week Price Range High/Low 39.77% Equity Float 215.55
Shares Out 30.06.2013 576.0 Short Int -
30'009.73 1 Yr Total Return 14.26%
Total Debt 13'380.00 YTD Return 5.02%
Preferred Stock 0.0 Adjusted BETA 0.735
Minority Interest 1'071.0 Analyst Recs 35
Cash and Equivalents 1'048.00 Consensus Rating 2.857
Enterprise Value 43'645.74
Average Volume 5 Day 451'747
HEIA NA EQUITY YTD Change - Average Volume 30 Day 702'856
HEIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 721'212
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
14'319.0 14'701.0 16'133.0 17'123.0 18'383.0 17'543.0 19'980.0 19'779.7 20'460.4 5'492.0 5'097.0
1.42x 1.68x 1.85x 1.72x 2.31x 0.00x 0.00x 2.14x 2.01x - -
2'388.0 2'713.0 3'413.0 3'383.0 3'471.0 0.0 0.0 4'328.0 4'609.3 - -
8.51x 9.13x 8.73x 8.70x 12.24x 0.00x 0.00x 10.07x 9.46x - -
209.0 1'018.0 1'447.0 1'430.0 2'949.0 1'608.0 2'805.0 1'657.1 1'877.0 - -
50.93x 15.99x 14.28x 14.66x 9.84x 14.93x 9.90x 17.89x 15.74x - -
EBITDA 3'471.00 Long-Term Rating Date 02.10.2012
EBIT 2'206.00 Long-Term Rating BBB+
Operating Margin 12.00% Long-Term Outlook STABLE
Pretax Margin 19.77% Short-Term Rating Date 02.10.2012
Return on Assets 8.73% Short-Term Rating A-2
Return on Common Equity 25.01%
Return on Capital 14.99% EBITDA/Interest Exp. 6.30
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 4.18
Net Debt/EBITDA 3.32
Gross Margin - Total Debt/EBITDA 3.53
EBITDA Margin 20.1%
EBIT Margin 12.6% Total Debt/Equity 114.4%
Net Income Margin 16.0% Total Debt/Capital 51.2%
Asset Turnover 0.59
Current Ratio 0.71 Net Fixed Asset Turnover 2.30
Quick Ratio 0.39 Accounts receivable turnover-days -
Debt to Assets 37.19% Inventory Days -
Tot Debt to Common Equity 114.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Heineken NVPrice/Volume
Valuation Analysis
240'085.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HEINEKEN HOLDING NV n/a Co File 288'030'112 50 - 31.12.2012 Corporation
CB EQUITY LLP n/a Co File 72'173'129 12.53 - 31.12.2012 Holding Company
UBS AG n/a ULT-AGG 14'195'351 2.46 443'390 27.08.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 10'746'463 1.87 - 01.07.2013 Investment Advisor
DAVIS INVESTMENTS LL n/a Research 8'514'203 1.48 - 16.02.2012 Other
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 8'369'224 1.45 2'789'441 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'397'285 1.28 - 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'248'372 0.91 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 5'155'041 0.89 1'045'353 30.06.2013 Unclassified
COMGEST S A Multiple Portfolios MF-AGG 3'067'000 0.53 - 31.12.2012 Unclassified
INVESCO LTD n/a ULT-AGG 2'585'599 0.45 (3'683) 27.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'378'061 0.41 7'682 26.09.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 2'216'744 0.38 - 30.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'748'801 0.3 1'590 31.07.2013 Investment Advisor
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 1'532'093 0.27 (417) 31.07.2013 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'287'796 0.22 (2'652) 30.06.2013 Investment Advisor
UNIVERSAL INVEST LUX Multiple Portfolios MF-AGG 1'165'000 0.2 - 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'012'993 0.18 (189'108) 31.07.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 854'439 0.15 - 30.06.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 837'474 0.15 (28'080) 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ISABELLE COMBEMALE buy 5 M 64 6 month 26.09.2013
Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 66 12 month 25.09.2013
ING Bank MARCO GULPERS buy 5 M 61 12 month 25.09.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 55 Not Provided 25.09.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 20.09.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 59 12 month 13.09.2013
Nomura IAN SHACKLETON reduce 2 M 44 Not Provided 12.09.2013
Rabobank International KAREL ZOETE hold 3 M 52 12 month 10.09.2013
Credit Suisse SANJEET AUJLA underperform 1 D 52 Not Provided 09.09.2013
HSBC FLORENCE DOHAN neutral 3 M 58 Not Provided 09.09.2013
SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 47 12 month 09.09.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 46 12 month 05.09.2013
Mirabaud Securities JONATHAN FYFE hold 3 M 59 12 month 30.08.2013
Jefferies DIRK VAN VLAANDEREN underperform 1 M 45 12 month 28.08.2013
Grupo Santander ANTHONY J BUCALO underweight 1 M 50 12 month 27.08.2013
Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 57 12 month 27.08.2013
KBC Securities WIM HOSTE accumulate 4 M 60 12 month 27.08.2013
Societe Generale ANDREW HOLLAND buy 5 M 61 12 month 22.08.2013
JPMorgan MIKE J GIBBS underweight 1 M 49 9 month 22.08.2013
Theodoor Gilissen Securities TOM MULLER hold 3 M 57 Not Provided 22.08.2013
Natixis JOSEPHINE CHEVALLIER buy 5 M 60 Not Provided 22.08.2013
Barclays SAMAR CHAND underweight 1 M 49 Not Provided 22.08.2013
Petercam KRIS KIPPERS hold 3 M 52 Not Provided 21.08.2013
S&P Capital IQ CARL SHORT hold 3 M 55 12 month 21.08.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 54 12 month 21.08.2013
UBS OLIVIER NICOLAI neutral 3 U 55 12 month 14.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 53 Not Provided 03.07.2013
Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 02.07.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 60 12 month 21.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
Berenberg Bank PHILIP MORRISEY hold 3 M 49 Not Provided 24.04.2013
Kempen & Co SANDER VAN OORT hold 3 M 53 Not Provided 03.04.2013
Holdings By:
Heineken NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Swatch Group AG manufactures watches, watch components, jewelry, miniature
batteries, LCD displays, and scoreboards. The Company produces watches under
various branded names. Swatch also operates retail boutiques.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (21.05.2013) 602.00
52-Week Low (10.10.2012) 367.50
Daily Volume
580.5
52-Week High % Change -3.57% Dividend Yield -
52-Week Low % Change 57.96% Beta 1.30
% 52 Week Price Range High/Low 93.18% Equity Float 30.22
Shares Out 30.06.2013 30.8 Short Int -
30'493.19 1 Yr Total Return 56.61%
Total Debt 135.00 YTD Return 27.41%
Preferred Stock 0.0 Adjusted BETA 1.297
Minority Interest 19.0 Analyst Recs 31
Cash and Equivalents 1'967.00 Consensus Rating 4.194
Enterprise Value 29'515.19
Average Volume 5 Day 82'708
UHR VX EQUITY YTD Change - Average Volume 30 Day 113'064
UHR VX EQUITY YTD % CHANGE - Average Volume 3 Month 121'967
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'772.0 9'640.3 - -
1.29x 2.54x 3.33x 2.50x 2.96x - - 3.31x 2.93x - -
1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'484.2 2'806.5 - -
5.17x 11.63x 12.26x 9.17x 10.29x - - 11.84x 10.48x - -
834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'750.8 1'977.4 - -
9.26x 18.10x 20.56x 14.96x 15.56x - - 17.99x 15.99x - -
EBITDA 2'245.00 Long-Term Rating Date -
EBIT 1'984.00 Long-Term Rating -
Operating Margin 25.45% Long-Term Outlook -
Pretax Margin 25.87% Short-Term Rating Date -
Return on Assets 16.22% Short-Term Rating -
Return on Common Equity 11.29%
Return on Capital - EBITDA/Interest Exp. 748.33
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 602.33
Net Debt/EBITDA -0.44
Gross Margin - Total Debt/EBITDA 0.04
EBITDA Margin 28.0%
EBIT Margin 24.5% Total Debt/Equity 1.4%
Net Income Margin 20.5% Total Debt/Capital 1.4%
Asset Turnover 0.80
Current Ratio 6.50 Net Fixed Asset Turnover 4.21
Quick Ratio 2.51 Accounts receivable turnover-days 44.94
Debt to Assets 1.20% Inventory Days -
Tot Debt to Common Equity 1.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.12 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Swatch Group AG/ThePrice/Volume
Valuation Analysis
37'468.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'000.0
3'000.0
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5'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 1'507'171 4.89 120'340 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 935'958 3.03 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 517'099 1.68 22'434 30.06.2013 Unclassified
SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2012 Corporation
CREDIT SUISSE AG n/a ULT-AGG 418'044 1.36 (15'735) 31.05.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 367'043 1.19 (1'428) 30.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 330'721 1.07 60 26.09.2013 Investment Advisor
UBS AG n/a ULT-AGG 275'251 0.89 816 31.07.2013 Unclassified
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 255'065 0.83 - 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 242'152 0.79 3'742 31.07.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 204'583 0.66 48'114 30.08.2013 Investment Advisor
WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 30.06.2013 Hedge Fund Manager
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 163'944 0.53 158'622 30.06.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 154'115 0.5 2'237 30.04.2013 Unclassified
THREADNEEDLE n/a ULT-AGG 147'935 0.48 (51'478) 31.05.2013 Unclassified
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 147'780 0.48 (79'825) 31.07.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 120'149 0.39 1'148 30.04.2013 Bank
GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2012 n/a
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 112'727 0.37 3'834 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 95'719 0.31 29'771 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UBS EVA QUIROGA suspended coverage #N/A N/A M #N/A N/A Not Provided 27.09.2013
Sanford C. Bernstein & Co MARIO ORTELLI market perform 3 M 620 12 month 27.09.2013
Aurel - BGC DAVID DA MAIA buy 5 U 650 6 month 27.09.2013
Kepler Cheuvreux JON COX buy 5 M 700 Not Provided 27.09.2013
Societe Generale THIERRY COTA buy 5 M 660 12 month 26.09.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 630 Not Provided 26.09.2013
Nomura CHRISTOPHER WALKER buy 5 M 650 12 month 26.09.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 735 Not Provided 26.09.2013
AlphaValue VERONIQUE CABIOC'H add 4 M 612 6 month 26.09.2013
Renaissance Capital REY WIUM hold 3 M 550 Not Provided 23.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.09.2013
Mirabaud Securities ALESSANDRO MIGLIORINI neutral 3 N 610 12 month 20.09.2013
Cantor Fitzgerald ALLEGRA PERRY buy 5 M 600 Not Provided 19.09.2013
Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 M #N/A N/A Not Provided 16.09.2013
S&P Capital IQ WILLIAM MACK buy 5 U 650 12 month 03.09.2013
Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 600 12 month 02.09.2013
Bank Vontobel AG RENE WEBER buy 5 M 630 Not Provided 30.08.2013
Bank am Bellevue SERGE MONNERAT buy 5 N 625 Not Provided 13.08.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 530 15 month 24.07.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 590 Not Provided 24.07.2013
Berenberg Bank JOHN GUY hold 3 M 575 Not Provided 24.07.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 595 6 month 24.07.2013
ISI Group OMAR SAAD strong buy 5 M 650 Not Provided 24.07.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 650 12 month 24.07.2013
Barclays HELEN NORRIS equalweight 3 M 550 Not Provided 24.07.2013
Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 602 12 month 23.07.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 770 12 month 17.05.2013
Redburn Partners ANNABEL GLEESON neutral 3 N #N/A N/A Not Provided 08.05.2013
HSBC ANTOINE BELGE neutral 3 M 590 Not Provided 27.03.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Swatch Group AG/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Atlas Copco AB is an international industrial group. The Group develops,
manufactures, and markets compressed air equipment and generators, construction
and mining equipment, electric and pneumatic tools, and assembly systems and
offers related services. Atlas Copco also rents equipment. The Company markets
to manufacturing, building, construction, and mining companies worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 194.10
52-Week Low (24.10.2012) 147.40
Daily Volume
186.4
52-Week High % Change -3.92% Dividend Yield -
52-Week Low % Change 26.46% Beta 1.19
% 52 Week Price Range High/Low 88.65% Equity Float -
Shares Out 29.09.2013 839.4 Short Int -
221'902.78 1 Yr Total Return 25.51%
Total Debt 21'052.00 YTD Return 7.91%
Preferred Stock 0.0 Adjusted BETA 1.190
Minority Interest 54.0 Analyst Recs 30
Cash and Equivalents 12'416.00 Consensus Rating 3.500
Enterprise Value 234'227.78
Average Volume 5 Day 3'439'655
ATCOA SS EQUITY YTD Change - Average Volume 30 Day 2'753'078
ATCOA SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'822'484
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 88'720.0 86'912.0 85'835.5 90'149.6 21'399.3 22'210.2
1.38x 2.15x 2.97x 2.39x 2.43x 8.47x 9.86x 2.63x 2.45x 10.86x 10.33x
15'808.0 11'527.0 16'400.0 20'061.0 21'891.0 21'688.0 20'959.0 20'413.1 21'622.3 5'056.0 5'310.0
6.48x 11.87x 12.67x 9.68x 10.05x 8.93x 9.96x 11.47x 10.83x 11.59x 11.55x
10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 13'987.0 13'004.0 12'754.3 13'628.0 3'167.8 3'356.8
8.16x 20.51x 20.80x 13.86x 15.57x 12.87x 15.12x 17.73x 16.49x 17.39x 17.18x
EBITDA 21'891.00 Long-Term Rating Date 24.02.2011
EBIT 19'227.00 Long-Term Rating A
Operating Margin 21.24% Long-Term Outlook STABLE
Pretax Margin 20.48% Short-Term Rating Date 24.02.2011
Return on Assets 15.84% Short-Term Rating A-1
Return on Common Equity 41.12%
Return on Capital - EBITDA/Interest Exp. 21.93
Asset Turnover 1.06% (EBITDA-Capex)/Interest Exp. 20.26
Net Debt/EBITDA 0.58
Gross Margin 38.4% Total Debt/EBITDA 1.25
EBITDA Margin 24.1%
EBIT Margin 21.0% Total Debt/Equity 60.0%
Net Income Margin 15.4% Total Debt/Capital 37.5%
Asset Turnover 1.06
Current Ratio 2.44 Net Fixed Asset Turnover 9.73
Quick Ratio 1.32 Accounts receivable turnover-days -
Debt to Assets 25.94% Inventory Days 127.93
Tot Debt to Common Equity 60.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 134.61
Inventory Turnover 2.85
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Atlas Copco ABPrice/Volume
Valuation Analysis
997'869.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTOR AB n/a Research 194'803'726 23.21 - 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 61'626'120 7.34 - 23.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 31'731'795 3.78 (6'503'000) 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 22'117'781 2.63 (23'509) 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 21'744'472 2.59 - 31.12.2012 Government
SEB n/a ULT-AGG 19'521'699 2.33 1'432'141 31.03.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 14'175'000 1.69 (4'364'830) 30.06.2013 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 11'737'000 1.4 - 31.12.2012 Pension Fund (ERISA)
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 10'908'127 1.3 722'416 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'650'230 1.15 83'238 31.07.2013 Investment Advisor
FJARDE AP-FONDEN n/a Research 9'053'948 1.08 - 31.12.2012 Pension Fund (ERISA)
BLACKROCK n/a ULT-AGG 8'681'862 1.03 (1'749'279) 26.09.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (8'310'002) -0.99 83'939 11.09.2013 Hedge Fund Manager
HANDELSBANKEN FONDER n/a Research 8'245'723 0.98 - 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 7'394'090 0.88 - 28.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'600'873 0.79 125'643 31.08.2013 Investment Advisor
FORSTA AP FONDEN n/a Research 6'461'271 0.77 - 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 6'115'621 0.73 57'900 31.08.2013 Investment Advisor
ANDRA AP FONDEN n/a Research 5'228'386 0.62 - 31.12.2012 Pension Fund (ERISA)
SPP FONDER AB Multiple Portfolios MF-AGG 4'662'117 0.56 72'733 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 U 215 Not Provided 26.09.2013
AlphaValue LIONEL PELLICER sell 1 M 148 6 month 19.09.2013
Nordea Equity Research ANDREAS KOSKI buy 5 M 210 12 month 18.09.2013
JPMorgan ALEXANDER WHIGHT neutral 3 M 200 15 month 17.09.2013
Credit Suisse ANDRE KUKHNIN outperform 5 M 200 Not Provided 11.09.2013
Barclays ALLAN SMYLIE overweight 5 M 195 Not Provided 05.09.2013
SEB Enskilda DANIEL SCHMIDT hold 3 M 185 Not Provided 04.09.2013
Kepler Cheuvreux JOAKIM HOGLUND buy 5 M 220 Not Provided 04.09.2013
HSBC COLIN GIBSON overweight 5 M 220 Not Provided 28.08.2013
Evli Bank Plc ELINA RIUTTA accumulate 4 M 195 Not Provided 21.08.2013
Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 176 12 month 20.08.2013
Carnegie KENNETH TOLL JOHANSSON hold 3 M #N/A N/A Not Provided 20.08.2013
Handelsbanken PEDER FROLEN buy 5 M 220 12 month 20.08.2013
ABG Sundal Collier ANDERS IDBORG buy 5 M 200 6 month 19.08.2013
Nomura KLAS BERGELIND neutral 3 M 168 12 month 19.08.2013
Redburn Partners JAMES MOORE sell 1 M #N/A N/A Not Provided 02.08.2013
Espirito Santo Investment Bank ResearchNICK WILSON neutral 3 M 175 Not Provided 30.07.2013
Societe Generale SEBASTIEN GRUTER hold 3 U 170 12 month 19.07.2013
DNB Markets LARS BRORSON hold 3 M 175 Not Provided 19.07.2013
Deutsche Bank MARTIN WILKIE hold 3 M 170 12 month 18.07.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 264 12 month 18.07.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 170 12 month 18.07.2013
Canaccord Genuity Corp ANDREW BELL buy 5 M 205 12 month 18.07.2013
Pareto Securities DAVID JACOBSSON hold 3 M 180 6 month 18.07.2013
Danske Markets OSCAR STJERNGREN buy 5 M 210 12 month 18.07.2013
Natixis ARNAUD SCHMIT not rated #N/A N/A M #N/A N/A Not Provided 17.07.2013
Berenberg Bank ALEXANDER VIRGO sell 1 M 165 Not Provided 02.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
UBS GUILLERMO PEIGNEUX sell 1 M 134 12 month 04.12.2012
Swedbank MATS LISS neutral 3 M 160 12 month 30.11.2011
Holdings By:
Atlas Copco AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical
products. The Company produces reactive polyurethane and laminating adhesives,
labeling for glass and PET plastic bottles, corrosion inhibitors and surface
treatments, soaps, skin care products, hair dye, perfumes, detergents,
dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 78.77
52-Week Low (16.11.2012) 57.85
Daily Volume
75.97
52-Week High % Change -3.58% Dividend Yield -
52-Week Low % Change 31.32% Beta 0.72
% 52 Week Price Range High/Low 87.81% Equity Float 173.62
Shares Out 31.07.2013 178.2 Short Int -
30'456.95 1 Yr Total Return 24.39%
Total Debt 3'901.00 YTD Return 23.77%
Preferred Stock 0.0 Adjusted BETA 0.721
Minority Interest 135.0 Analyst Recs 37
Cash and Equivalents 3'681.00 Consensus Rating 3.703
Enterprise Value 30'725.95
Average Volume 5 Day 454'820
HEN3 GY EQUITY YTD Change - Average Volume 30 Day 432'714
HEN3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 463'431
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
14'131.0 13'573.0 15'092.0 15'605.0 16'510.0 16'043.0 16'615.0 16'834.0 17'645.5 4'361.0 4'204.8
1.00x 1.40x 1.37x 1.34x 1.66x 5.53x 6.99x 1.76x 1.62x - -
2'048.0 1'938.0 2'445.0 2'444.0 2'782.0 2'470.0 2'809.0 2'888.5 3'096.9 753.0 778.0
6.87x 9.84x 8.43x 8.55x 9.84x 9.65x 11.20x 10.64x 9.92x 9.96x 9.88x
1'221.0 602.0 1'118.0 1'161.0 1'510.0 1'265.0 1'551.0 1'739.7 1'914.4 463.3 439.3
54.66x 26.40x 18.11x 16.70x 17.93x 17.95x 20.36x 18.86x 17.18x - -
EBITDA 2'782.00 Long-Term Rating Date 18.05.2011
EBIT 2'373.00 Long-Term Rating A
Operating Margin 14.37% Long-Term Outlook STABLE
Pretax Margin 12.47% Short-Term Rating Date 18.05.2011
Return on Assets 8.02% Short-Term Rating A-1
Return on Common Equity 16.44%
Return on Capital - EBITDA/Interest Exp. 21.24
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 18.02
Net Debt/EBITDA 0.05
Gross Margin 46.8% Total Debt/EBITDA 1.15
EBITDA Margin 16.9%
EBIT Margin 14.3% Total Debt/Equity 41.6%
Net Income Margin 9.1% Total Debt/Capital 29.1%
Asset Turnover 0.86
Current Ratio 1.30 Net Fixed Asset Turnover 7.25
Quick Ratio 0.97 Accounts receivable turnover-days 55.88
Debt to Assets 19.98% Inventory Days 66.75
Tot Debt to Common Equity 41.61% Accounts Payable Turnover Day 117.03
Accounts Receivable Turnover 6.53 Cash Conversion Cycle 1.39
Inventory Turnover 5.47
Fiscal Year Ended
Henkel AG & Co KGaAPrice/Volume
Valuation Analysis
245'766.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
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12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 5'876'285 3.3 (63'603) 26.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'554'090 3.12 - 31.12.2012 Government
HENKEL KGAA n/a EXCH 4'541'372 2.55 - 05.08.2011 Corporation
SUN LIFE FINANCIAL I n/a ULT-AGG 4'015'038 2.25 171'434 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 3'723'664 2.09 1'263'530 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'285'230 1.84 (39'085) 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'321'926 1.3 (4'281) 31.07.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 2'273'100 1.28 (398'390) 30.09.2013 Bank
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'117'330 1.19 68'444 31.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'990'131 1.12 (9'067) 30.06.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'899'300 1.07 (125'430) 28.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 1'232'318 0.69 (516) 30.04.2013 Bank
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'228'092 0.69 80'667 30.08.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'151'163 0.65 - 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 951'224 0.53 (18'643) 31.08.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 885'306 0.5 13'178 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 838'342 0.47 (65'859) 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 713'399 0.4 (280'911) 31.07.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 644'150 0.36 30'000 28.06.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 627'317 0.35 193'389 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan CELINE PANNUTI underweight 1 M 65 12 month 27.09.2013
Nomura GUILLAUME DELMAS buy 5 M 79 12 month 26.09.2013
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 85 12 month 25.09.2013
Exane BNP Paribas EAMONN FERRY neutral 3 M 75 Not Provided 25.09.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 88 12 month 24.09.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 20.09.2013
DZ Bank AG HERBERT STURM buy 5 M 86 Not Provided 17.09.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 86 12 month 16.09.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 84 12 month 05.09.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 90 6 month 20.08.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 79 12 month 14.08.2013
Nord/LB JULIA SIEKMANN buy 5 M 86 12 month 12.08.2013
Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 82 12 month 12.08.2013
Baader Bank CHRISTIAN WEIZ hold 3 M 79 12 month 12.08.2013
Credit Suisse NICOLAS SOCHOVSKY underperform 1 M 73 Not Provided 12.08.2013
Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 87 12 month 09.08.2013
UBS EVA QUIROGA neutral 3 M 75 12 month 09.08.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 80 12 month 09.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 09.08.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 85 12 month 09.08.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 80 12 month 08.08.2013
Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 83 12 month 08.08.2013
HSBC CEDRIC BESNARD underweight 1 M 63 Not Provided 08.08.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 87 12 month 08.08.2013
Bankhaus Lampe MICHAEL GORNY hold 3 M 73 12 month 08.08.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 M 56 12 month 08.08.2013
S&P Capital IQ CARL SHORT hold 3 M 81 12 month 08.08.2013
Barclays IAIN SIMPSON overweight 5 M 83 Not Provided 08.08.2013
Berenberg Bank JAMES TARGETT Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 05.07.2013
Kepler Cheuvreux MARKUS MAYER hold 3 M 78 Not Provided 13.06.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.05.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 81 Not Provided 08.05.2013
Jefferies ALEX HOWSON hold 3 M 54 Not Provided 19.03.2013
National Bank AG STEFFEN MANSKE buy 5 M 76 Not Provided 19.11.2012
Holdings By:
Henkel AG & Co KGaA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
TeliaSonera AB offers telecommunication services. The Company offers mobile
communications services as well as operates fixed networks throughout Eurasia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (26.09.2013) 49.67
52-Week Low (23.04.2013) 41.80
Daily Volume
48.86
52-Week High % Change -1.61% Dividend Yield -
52-Week Low % Change 16.89% Beta 0.78
% 52 Week Price Range High/Low 98.22% Equity Float -
Shares Out 29.09.2013 4'330.1 Short Int -
211'567.94 1 Yr Total Return 10.13%
Total Debt 91'587.00 YTD Return 18.18%
Preferred Stock 0.0 Adjusted BETA 0.785
Minority Interest 3'956.0 Analyst Recs 36
Cash and Equivalents 29'805.00 Consensus Rating 3.167
Enterprise Value 283'965.95
Average Volume 5 Day 8'239'975
TLSN SS EQUITY YTD Change - Average Volume 30 Day 7'300'534
TLSN SS EQUITY YTD % CHANGE - Average Volume 3 Month 6'550'020
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
103'585.0 109'161.0 106'979.0 104'804.0 104'898.0 105'953.0 102'727.0 101'449.5 102'187.7 25'183.7 26'092.8
2.31x 2.65x 2.77x 2.64x 2.45x 10.40x 10.35x 2.67x 2.61x 10.93x 10.47x
31'663.0 35'329.0 37'677.0 36'917.0 35'000.0 37'234.0 33'911.0 34'811.6 35'932.2 8'860.6 8'885.3
7.57x 8.19x 7.86x 7.51x 7.33x 7.27x 7.72x 8.16x 7.90x 7.95x 7.83x
19'011.0 18'854.0 21'257.0 18'388.0 19'886.0 18'937.0 19'822.0 17'896.6 18'942.0 4'571.4 4'818.8
9.19x 12.35x 11.26x 11.11x 9.59x 10.09x 9.55x 11.77x 11.26x 11.36x 11.27x
EBITDA 35'000.00 Long-Term Rating Date 28.10.2005
EBIT 14'444.00 Long-Term Rating A-
Operating Margin 13.77% Long-Term Outlook STABLE
Pretax Margin 23.34% Short-Term Rating Date 28.10.2005
Return on Assets 8.16% Short-Term Rating A-2
Return on Common Equity 19.40%
Return on Capital - EBITDA/Interest Exp. 9.09
Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. 5.01
Net Debt/EBITDA 2.02
Gross Margin 44.3% Total Debt/EBITDA 2.55
EBITDA Margin 33.0%
EBIT Margin 16.0% Total Debt/Equity 83.7%
Net Income Margin 19.0% Total Debt/Capital 44.7%
Asset Turnover 0.42
Current Ratio 1.61 Net Fixed Asset Turnover 1.63
Quick Ratio 1.22 Accounts receivable turnover-days -
Debt to Assets 36.01% Inventory Days 10.08
Tot Debt to Common Equity 83.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -4.57
Inventory Turnover 36.20
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
TeliaSonera ABPrice/Volume
Valuation Analysis
4'888'261.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF SWEDEN n/a Co File 1'614'513'748 37.29 - 31.12.2012 Government
REPUBLIC OF FINLAND n/a Research 437'338'581 10.1 - 05.09.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 153'876'977 3.55 - 30.06.2013 Investment Advisor
ALECTA PENSIONSFORSA n/a Co File 112'272'322 2.59 - 31.12.2012 Pension Fund (ERISA)
SWEDBANK ROBUR FONDE n/a Co File 111'387'612 2.57 - 31.12.2012 Investment Advisor
AMF PENSION n/a Co File 80'445'164 1.86 - 31.12.2012 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 53'753'791 1.24 1'184'485 27.09.2013 Investment Advisor
SHB FUNDS n/a Co File 53'624'855 1.24 - 31.12.2012 n/a
SEB n/a ULT-AGG 51'851'959 1.2 (2'040'385) 31.03.2013 Unclassified
FJARDE AP-FONDEN n/a Co File 45'541'893 1.05 - 31.12.2012 Pension Fund (ERISA)
GOVERNMENT OF NORWAY n/a Research 45'514'625 1.05 - 30.09.2012 Government
AFA INSURANCE n/a Research 40'936'185 0.95 (1'638'000) 30.09.2012 Insurance Company
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 36'408'922 0.84 175'790 30.08.2013 Investment Advisor
NORGES BANK INVESTME n/a Co File 33'957'410 0.78 - 31.12.2012 Government
FORSTA AP FONDEN n/a Research 31'821'766 0.73 - 30.09.2012 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 29'615'480 0.68 (3'293'000) 31.03.2013 Investment Advisor
SKANDIA LIV n/a Research 28'199'595 0.65 - 30.09.2012 Pension Fund (ERISA)
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 27'735'087 0.64 (2'153'413) 31.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 24'610'401 0.57 554'342 30.06.2013 Unclassified
SPP n/a Research 24'185'095 0.56 - 30.09.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Swedbank SVEN SKOLD neutral 3 D 51 12 month 30.09.2013
Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 51 Not Provided 30.09.2013
AlphaValue JEAN-MICHEL SALVADOR add 4 M 56 6 month 26.09.2013
Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 25.09.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 45 Not Provided 20.09.2013
Kepler Cheuvreux PETER KURT NIELSEN buy 5 M 50 Not Provided 18.09.2013
Evli Bank Plc MIKKO ERVASTI reduce 2 D 50 Not Provided 18.09.2013
Natixis JACQUES DE GRELING neutral 3 M 41 Not Provided 12.09.2013
Deutsche Bank KEVAL KHIROYA hold 3 M 46 12 month 05.09.2013
Pohjola Bank Plc (ESN) KIMMO STENVALL hold 3 M 48 12 month 05.09.2013
Nordea Equity Research STEFAN GAUFFIN hold 3 M 48 12 month 22.08.2013
SEB Enskilda ANDREAS JOELSSON buy 5 M 50 Not Provided 08.08.2013
Berenberg Bank BARRY ZEITOUNE hold 3 M 43 Not Provided 07.08.2013
Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 53 12 month 02.08.2013
UBS NICK LYALL sell 1 M 43 12 month 01.08.2013
Goldman Sachs ANDREW LEE neutral/neutral 3 M 53 12 month 26.07.2013
Barclays MAURICE PATRICK equalweight 3 M 45 Not Provided 24.07.2013
Jefferies ULRICH RATHE underperform 1 M 36 12 month 22.07.2013
Inderes TIMO RAHKONEN accumulate 4 M 50 Not Provided 22.07.2013
ABG Sundal Collier KRISTOFER ERIKSSON sell 1 M 44 6 month 18.07.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 51 Not Provided 18.07.2013
Nomura JAMES BRITTON neutral 3 M 46 12 month 18.07.2013
S&P Capital IQ ALEXANDER WISCH buy 5 M 52 12 month 18.07.2013
Danske Markets PANU LAITINMAKI hold 3 M 48 12 month 18.07.2013
Grupo Santander JOHN DAVIES underweight 1 M 45 Not Provided 17.07.2013
Handelsbanken THOMAS HEATH accumulate 4 M 50 12 month 17.07.2013
DNB Markets CHRISTER ROTH buy 5 M 51 Not Provided 17.07.2013
SpareBank 1 Markets AS TORE A TONSETH sell 1 M 41 6 month 17.06.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 36 Not Provided 22.04.2013
HSBC DOMINIK KLARMANN overweight 5 M 52 Not Provided 27.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 05.02.2013
Pareto Securities THOMAS NIELSEN hold 3 D 46 6 month 31.01.2013
New Street Research RUSSELL WALLER neutral 3 M 49 Not Provided 31.01.2013
JPMorgan AKHIL DATTANI overweight 5 M 55 3 month 21.01.2013
Holdings By:
TeliaSonera AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Telenor ASA researches, develops and provides telecommunications, information
and media services. The Company offers telephone services, as well as installs
and operates complete IT (information technology) systems. Telenor provides
phone card, mobile telephone, satellite communications, paging and mobile data
services. The Company operates in Norway and internationally.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (26.09.2013) 139.90
52-Week Low (23.10.2012) 104.30
Daily Volume
137.4
52-Week High % Change -1.79% Dividend Yield -
52-Week Low % Change 31.74% Beta 0.80
% 52 Week Price Range High/Low 97.75% Equity Float 619.79
Shares Out 27.09.2013 1'516.6 Short Int -
208'384.17 1 Yr Total Return 28.80%
Total Debt 50'101.00 YTD Return 28.22%
Preferred Stock 0.0 Adjusted BETA 0.801
Minority Interest 3'057.0 Analyst Recs 35
Cash and Equivalents 8'805.00 Consensus Rating 4.143
Enterprise Value 251'156.17
Average Volume 5 Day 1'879'803
TEL NO EQUITY YTD Change - Average Volume 30 Day 1'888'854
TEL NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'622'686
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
96'167.0 90'748.0 94'843.0 98'516.0 101'718.0 100'540.0 101'706.0 103'463.2 107'186.0 26'000.2 27'061.0
1.37x 1.89x 1.94x 1.82x 2.14x 7.38x 8.85x 2.39x 2.29x 9.40x 9.01x
30'133.0 33'071.0 29'262.0 34'352.0 39'870.0 39'047.0 37'308.0 35'595.0 38'267.2 9'434.0 9'209.1
4.36x 5.18x 6.28x 5.22x 5.46x 5.05x 6.18x 7.06x 6.56x 6.73x 6.64x
13'065.0 8'653.0 14'334.0 7'165.0 10'067.0 3'303.0 13'693.0 15'544.4 17'419.1 4'320.2 4'146.0
5.81x 14.43x 10.60x 22.04x 17.44x 46.89x 13.57x 13.50x 12.00x 12.13x 11.93x
EBITDA 39'870.00 Long-Term Rating Date 12.04.2010
EBIT 17'645.00 Long-Term Rating A-
Operating Margin 17.35% Long-Term Outlook STABLE
Pretax Margin 11.82% Short-Term Rating Date 25.09.2001
Return on Assets 7.91% Short-Term Rating A-2
Return on Common Equity 19.20%
Return on Capital 14.18% EBITDA/Interest Exp. 17.34
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 9.99
Net Debt/EBITDA 1.05
Gross Margin - Total Debt/EBITDA 1.51
EBITDA Margin 36.7%
EBIT Margin 19.1% Total Debt/Equity 67.5%
Net Income Margin 9.9% Total Debt/Capital 39.3%
Asset Turnover 0.59
Current Ratio 0.68 Net Fixed Asset Turnover 2.28
Quick Ratio 0.41 Accounts receivable turnover-days -
Debt to Assets 29.58% Inventory Days -
Tot Debt to Common Equity 67.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Telenor ASAPrice/Volume
Valuation Analysis
1'509'359.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORWEGIAN GOVT MINIS n/a EXCH 818'449'421 53.97 - 23.09.2013 Government
STATE STREET CORP n/a ULT-AGG 104'204'978 6.87 (43'726) 27.09.2013 Investment Advisor
GOVERNMENT PENSION F n/a EXCH 78'330'639 5.16 - 23.09.2013 Government
BANK OF NEW YORK MEL n/a EXCH 42'932'391 2.83 - 23.09.2013 Investment Advisor
JP MORGAN CHASE BANK n/a EXCH 40'517'950 2.67 - 23.09.2013 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 30'084'175 1.98 - 23.09.2013 Bank
FRANKLIN RESOURCES n/a ULT-AGG 23'446'671 1.55 (4'492'875) 28.06.2013 Investment Advisor
NORTHERN TRUST CO n/a EXCH 21'466'419 1.42 - 23.09.2013 Investment Advisor
FMR LLC n/a ULT-AGG 14'035'101 0.93 (909'719) 31.07.2013 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 14'004'233 0.92 (151'496) 31.05.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 12'093'787 0.8 3'438'004 30.06.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 12'089'340 0.8 (3'550) 31.12.2012 Investment Advisor
EUROCLEAR BANK SA n/a EXCH 10'957'191 0.72 - 23.09.2013 Bank
VANGUARD GROUP INC n/a ULT-AGG 7'100'877 0.47 (415'022) 30.06.2013 Unclassified
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'772'900 0.45 - 31.07.2013 Investment Advisor
KLP AKSJENORGE n/a EXCH 6'556'150 0.43 - 23.09.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'376'132 0.42 11'403 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 6'237'871 0.41 (115'419) 31.07.2013 Unclassified
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 6'105'425 0.4 93'419 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'389'967 0.36 (331'895) 26.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 140 12 month 30.09.2013
Exane BNP Paribas MICHAEL WILLIAMS neutral 3 M 130 Not Provided 30.09.2013
AlphaValue JEAN-MICHEL SALVADOR add 4 M 153 6 month 26.09.2013
Swedbank SVEN SKOLD buy 5 U 145 12 month 23.09.2013
Goldman Sachs ANDREW LEE Buy/Neutral 5 M 179 12 month 19.09.2013
S&P Capital IQ ALEXANDER WISCH strong buy 5 M 150 12 month 19.09.2013
Jefferies ULRICH RATHE buy 5 M 145 12 month 18.09.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 135 Not Provided 18.09.2013
SEB Enskilda ANDREAS JOELSSON sell 1 M 108 Not Provided 18.09.2013
Arctic Securities ASA MARKUS BJERKE hold 3 M 130 Not Provided 18.09.2013
Barclays MAURICE PATRICK overweight 5 M 160 Not Provided 18.09.2013
Danske Markets ERIK STRANDIN PERS buy 5 M 150 12 month 18.09.2013
HSBC DOMINIK KLARMANN overweight 5 M 150 Not Provided 12.09.2013
Fondsfinans AS DANIEL JOHANSSON buy 5 N 146 12 month 12.09.2013
Deutsche Bank KEVAL KHIROYA buy 5 M 140 12 month 05.09.2013
Berenberg Bank BARRY ZEITOUNE hold 3 M 129 Not Provided 29.08.2013
Credit Suisse JAKOB BLUESTONE neutral 3 D 130 Not Provided 28.08.2013
SpareBank 1 Markets AS TORE A TONSETH buy 5 M 140 6 month 27.08.2013
Grupo Santander JOHN DAVIES buy 5 M 143 Not Provided 22.08.2013
Morgan Stanley TERENCE TSUI Overwt/In-Line 5 M 150 12 month 06.08.2013
ABG Sundal Collier OLE PETTER KJERKREIT buy 5 U 136 6 month 24.07.2013
Nordea Equity Research STEFAN GAUFFIN buy 5 D 147 12 month 24.07.2013
Handelsbanken THOMAS HEATH accumulate 4 M 135 12 month 24.07.2013
Nomura JAMES BRITTON buy 5 M 136 Not Provided 24.07.2013
DNB Markets CHRISTER ROTH buy 5 M 146 Not Provided 24.07.2013
New Street Research RUSSELL WALLER neutral 3 M 131 Not Provided 24.07.2013
Kepler Cheuvreux PETER KURT NIELSEN buy 5 M 130 Not Provided 19.07.2013
Carnegie ESPEN TORGERSEN hold 3 M #N/A N/A Not Provided 16.07.2013
UBS NICK LYALL buy 5 M 140 12 month 13.05.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 02.05.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 M 150 Not Provided 22.04.2013
Pareto Securities THOMAS NIELSEN sell 1 M 105 6 month 13.02.2013
JPMorgan AKHIL DATTANI overweight 5 M 130 3 month 21.01.2013
Holdings By:
Telenor ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The
Company's fleet includes container vessels, tankers, supply ships, special
vessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial,
and supermarket businesses, and explores for and produces oil and gas. The
Company is active worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (26.09.2013) 52'750.00
52-Week Low (08.11.2012) 39'720.00
Daily Volume
51050
52-Week High % Change -3.22% Dividend Yield -
52-Week Low % Change 28.52% Beta 1.02
% 52 Week Price Range High/Low 91.56% Equity Float -
Shares Out 29.09.2013 2.2 Short Int -
218'043.73 1 Yr Total Return 26.49%
Total Debt 111'064.00 YTD Return 23.28%
Preferred Stock 0.0 Adjusted BETA 1.016
Minority Interest 13'744.0 Analyst Recs 32
Cash and Equivalents 15'171.00 Consensus Rating 3.844
Enterprise Value 315'426.73
Average Volume 5 Day 4'667
MAERSKB DC EQUITY YTD Change - Average Volume 30 Day 4'936
MAERSKB DC EQUITY YTD % CHANGE - Average Volume 3 Month 4'470
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
311'821.0 260'336.0 315'396.0 322'520.0 342'058.0 333'510.0 332'253.0 326'835.5 342'010.1 82'167.4 83'562.3
0.68x 1.01x 0.97x 0.84x 0.85x 3.25x 3.49x 0.99x 0.93x 3.86x 3.90x
83'945.0 49'262.0 89'218.0 78'506.0 72'897.0 69'058.0 71'086.0 70'534.2 78'914.6 18'790.0 18'925.4
2.52x 5.34x 3.44x 3.44x 4.00x 4.06x 3.91x 4.47x 4.00x 4.00x 3.85x
16'960.0 (7'027.0) 26'455.0 15'189.0 21'673.0 13'991.0 18'749.0 19'306.0 24'841.9 6'001.9 5'620.0
6.86x - 8.33x 10.96x 8.59x 12.07x 10.90x 11.72x 9.25x 9.42x 8.80x
EBITDA 72'897.00 Long-Term Rating Date 25.09.2013
EBIT 41'924.00 Long-Term Rating BBB+
Operating Margin 12.26% Long-Term Outlook STABLE
Pretax Margin 12.43% Short-Term Rating Date -
Return on Assets 4.49% Short-Term Rating -
Return on Common Equity 8.99%
Return on Capital - EBITDA/Interest Exp. 15.68
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 7.80
Net Debt/EBITDA 1.18
Gross Margin - Total Debt/EBITDA 1.41
EBITDA Margin 21.4%
EBIT Margin 12.3% Total Debt/Equity 53.2%
Net Income Margin 6.3% Total Debt/Capital 33.3%
Asset Turnover 0.80
Current Ratio 1.15 Net Fixed Asset Turnover 1.31
Quick Ratio 0.67 Accounts receivable turnover-days -
Debt to Assets 26.40% Inventory Days -
Tot Debt to Common Equity 53.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AP Moeller - Maersk A/SPrice/Volume
Valuation Analysis
2'991.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AP & CHASTINE MOLLER n/a Co File 905'933 41.22 - 31.12.2011 Endowment
AP MOLLER C MCKINNEY n/a Co File 216'483 9.85 - 31.12.2011 Other
FRANKLIN RESOURCES n/a ULT-AGG 82'696 3.76 (4'863) 30.06.2013 Investment Advisor
MC-KINNEY MOLLER MAE n/a Co File 81'758 3.72 - 31.12.2011 n/a
DEN AP MOLLERSKE STO n/a Co File 64'615 2.94 - 31.12.2011 Other
NORGES BANK Multiple Portfolios MF-AGG 53'167 2.42 - 31.12.2012 Government
AP MOLLER - MAERSK A n/a Co File 29'729 1.35 - 31.12.2011 Corporation
VANGUARD GROUP INC n/a ULT-AGG 27'574 1.25 1'119 30.06.2013 Unclassified
SKAGEN AS Multiple Portfolios MF-AGG 21'558 0.98 - 30.08.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'274 0.74 2'130 30.06.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 16'124 0.73 1'449 31.07.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 8'828 0.4 1'519 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'644 0.39 (4'984) 26.09.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 8'367 0.38 2'365 31.05.2013 Investment Advisor
SPARINVEST n/a ULT-AGG 7'276 0.33 (56) 30.08.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'932 0.32 196 31.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'316 0.29 (102) 30.06.2013 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 6'218 0.28 (582) 30.08.2013 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 6'148 0.28 - 31.08.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 6'084 0.28 1'516 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 60'350 12 month 27.09.2013
Jyske Bank FRANS HOYER reduce 2 D 52'000 Not Provided 27.09.2013
SEB Enskilda MIKKEL M NIELSEN buy 5 M 61'700 Not Provided 27.09.2013
Cantor Fitzgerald ROBIN BYDE hold 3 M #N/A N/A Not Provided 27.09.2013
Carnegie STIG FREDERIKSEN buy 5 M #N/A N/A Not Provided 27.09.2013
Nordea Equity Research FINN BJARKE PETERSEN hold 3 D 55'000 12 month 27.09.2013
Danske Markets ERIK BERGOO buy 5 M 65'000 12 month 27.09.2013
AlphaValue HELENE COUMES reduce 2 M 47'172 6 month 26.09.2013
Handelsbanken DAN TOGO JENSEN buy 5 M 61'000 12 month 24.09.2013
Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 M 56'000 12 month 12.09.2013
DNB Markets NICOLAY DYVIK hold 3 M 51'000 Not Provided 06.09.2013
Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 62'000 12 month 03.09.2013
Jefferies JOHNSON LEUNG underperform 1 M 34'500 12 month 30.08.2013
Equita SIM SpA GIANMARCO BONACINA buy 5 M 60'000 12 month 26.08.2013
EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 26.08.2013
Kepler Cheuvreux BEAT KEISER buy 5 N 57'500 Not Provided 22.08.2013
SpareBank 1 Markets AS GLENN LODDEN neutral 3 U 50'000 6 month 22.08.2013
RS Platou Markets FRODE MOERKEDAL neutral 3 M 55'000 6 month 22.08.2013
HSBC JULIA WINARSO overweight 5 M 58'000 Not Provided 20.08.2013
Macquarie ROBERT JOYNSON outperform 5 U 57'000 12 month 20.08.2013
NYKREDIT RICKY S RASMUSSEN outperform 5 M #N/A N/A Not Provided 19.08.2013
Fearnley Fonds RIKARD VABO accumulate 4 M 55'000 Not Provided 19.08.2013
Clarkson Capital Markets LLC URS M DUR market perform 3 M 45'250 12 month 19.08.2013
ABG Sundal Collier LARS HEINDORFF buy 5 M 57'000 6 month 18.08.2013
Alm Brand Markets JESPER CHRISTENSEN neutral 3 M 50'000 Not Provided 16.08.2013
ABN Amro Bank N.V. MARK VAN DER GEEST buy 5 M 52'500 Not Provided 16.08.2013
JPMorgan CHRISTOPHER G COMBE neutral 3 M 49'500 15 month 15.08.2013
Nomura MARK MCVICAR buy 5 M 56'000 12 month 15.08.2013
Credit Suisse NEIL GLYNN underperform 1 M 42'700 Not Provided 22.07.2013
UBS DOMINIC EDRIDGE neutral 3 M 43'000 12 month 18.06.2013
Holdings By:
AP Moeller - Maersk A/S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Royal Bank of Scotland Group plc, through subsidiaries, accepts deposits and
offers commercial banking services. The bank offers business term loans,
commercial mortgages, professional practice loans, asset finance and invoice
finance loans, residential mortgages, consumer loans, credit cards, financial
planning services, and life, personal lines, and income protection insurance.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.09.2013) 380.60
52-Week Low (03.10.2012) 252.70
Daily Volume
358.8
52-Week High % Change -5.70% Dividend Yield 0.00
52-Week Low % Change 41.99% Beta 1.50
% 52 Week Price Range High/Low 88.98% Equity Float 2'199.22
Shares Out 30.08.2013 6'164.9 Short Int -
40'418.52 1 Yr Total Return 39.61%
Total Debt 316'688.00 YTD Return 10.57%
Preferred Stock 0.0 Adjusted BETA 1.503
Minority Interest 2'318.0 Analyst Recs 33
Cash and Equivalents 108'458.00 Consensus Rating 2.758
Enterprise Value -
Average Volume 5 Day 12'043'460
RBS LN EQUITY YTD Change - Average Volume 30 Day 11'530'440
RBS LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'306'070
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
54'331.0 40'844.0 37'526.0 32'433.0 28'263.0 27'234.0 27'722.0 20'588.1 20'228.1 4'984.0 4'787.5
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(23'710.0) (2'672.0) (1'001.0) (1'997.0) (5'683.0) (2'604.0) (3'332.0) 1'802.5 3'206.9 294.0 -
- - - - - 0.00x 0.00x 20.74x 12.25x 15.81x -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 28.75% Long-Term Outlook NEG
Pretax Margin -24.44% Short-Term Rating Date 29.11.2011
Return on Assets -0.25% Short-Term Rating A-2
Return on Common Equity -4.65%
Return on Capital -0.77% 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 464.8%
Net Income Margin -26.9% Total Debt/Capital 81.8%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 2.69
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 24.13% Inventory Days -
Tot Debt to Common Equity 464.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Royal Bank of Scotland Group PLCPrice/Volume
Valuation Analysis
5'846'029.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNITED KINGDOM GOVER n/a RNS-MAJ 3'964'483'519 64.31 - 28.03.2013 Government
SCHRODER INVESTMENT Multiple Portfolios REG 117'887'408 1.91 2'896'435 03.06.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 87'438'206 1.42 3'140'077 31.07.2013 Unclassified
BLACKROCK n/a ULT-AGG 75'495'427 1.22 3'170'939 26.09.2013 Investment Advisor
MAJEDIE ASSET MANAGE Multiple Portfolios REG 74'492'455 1.21 8'115'571 03.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 73'555'946 1.19 5'103'346 30.06.2013 Unclassified
THORNBURG INVESTMENT Multiple Portfolios REG 70'966'159 1.15 5'139'122 03.06.2013 Investment Advisor
TD DIRECT INVESTING Multiple Portfolios REG 70'359'299 1.14 1'391'134 03.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 64'472'547 1.05 3'377'097 30.08.2013 Investment Advisor
EDINBURGH PARTNERS L Multiple Portfolios REG 48'587'103 0.79 7'165'206 03.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 42'026'570 0.68 14'907'302 03.06.2013 Investment Advisor
RBS GROUP PLC ESOP Multiple Portfolios REG 34'038'412 0.55 (17'009'823) 03.06.2013 Unclassified
HALIFAX SHARE DEALIN Multiple Portfolios REG 33'111'460 0.54 7'094'307 03.06.2013 Corporation
NORGES BANK INVESTME Multiple Portfolios REG 32'566'512 0.53 - 03.06.2013 Government
STANDARD LIFE INVEST Multiple Portfolios REG 32'552'133 0.53 1'254'608 03.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 31'122'455 0.5 - 31.12.2012 Government
UBS AG n/a ULT-AGG 30'927'109 0.5 1'549'722 28.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 30'304'436 0.49 (7'620'837) 03.06.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 29'069'079 0.47 (8'372'304) 27.09.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios REG 28'488'028 0.46 (1'428'154) 03.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 30.09.2013
Numis Securities Ltd MICHAEL J TRIPPITT add 4 D 410 Not Provided 30.09.2013
Barclays ROHITH CHANDRA-RAJAN overweight 5 M 400 Not Provided 30.09.2013
Nomura CHINTAN JOSHI reduce 2 M 270 12 month 27.09.2013
Exane BNP Paribas TOM RAYNER neutral 3 M 360 Not Provided 27.09.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 490 12 month 25.09.2013
Deutsche Bank JASON NAPIER sell 1 M 275 12 month 23.09.2013
Investec IAN GORDON sell 1 M 345 12 month 20.09.2013
AlphaValue DAVID GRINSZTAJN sell 1 M 286 6 month 20.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.09.2013
UBS JOHN-PAUL CRUTCHLEY neutral 3 D 365 12 month 16.09.2013
JPMorgan RAUL SINHA neutral 3 M 335 15 month 11.09.2013
Redburn Partners FAHED KUNWAR neutral 3 M #N/A N/A Not Provided 11.09.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 U 348 12 month 04.09.2013
Macquarie EDWARD FIRTH underperform 1 M 280 12 month 04.09.2013
Credit Suisse CARLA ANTUNES-SILVA underperform 1 M 265 Not Provided 02.09.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 210 Not Provided 02.09.2013
Keefe, Bruyette & Woods MARK J PHIN market perform 3 M 320 12 month 23.08.2013
Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 400 12 month 12.08.2013
Jefferies JOSEPH DICKERSON buy 5 M 390 12 month 06.08.2013
Societe Generale JAMES INVINE sell 1 D 305 12 month 05.08.2013
Oriel Securities Ltd VIVEK RAJA sell 1 M 245 Not Provided 05.08.2013
Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 332 12 month 02.08.2013
S&P Capital IQ FRANK BRADEN hold 3 M 335 12 month 02.08.2013
HSBC PETER TOEMAN neutral 3 D 300 Not Provided 02.07.2013
RBC Capital Markets CLAIRE KANE sector perform 3 M 355 12 month 20.06.2013
EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 06.06.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 400 Not Provided 02.04.2013
Liberum Capital Ltd CORMAC LEECH buy 5 U 340 Not Provided 20.03.2013
Canaccord Genuity Corp GARETH HUNT hold 3 M 275 12 month 28.02.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA sell 1 D 320 Not Provided 29.01.2013
Holdings By:
Royal Bank of Scotland Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Tenaris S.A. manufactures seamless steel pipe products on a global basis. The
Company also provides pipe handling, stocking, and distribution services to the
oil and gas, energy, and mechanical industries. In addition, Tenaris supplies
welded steel pipes for gas pipelines in South America.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.09.2013) 18.45
52-Week Low (08.11.2012) 13.80
Daily Volume
17.04
52-Week High % Change -7.59% Dividend Yield -
52-Week Low % Change 23.48% Beta 0.79
% 52 Week Price Range High/Low 73.76% Equity Float 463.52
Shares Out 30.06.2013 1'180.5 Short Int -
20'116.35 1 Yr Total Return 9.55%
Total Debt 1'744.19 YTD Return 10.91%
Preferred Stock 0.0 Adjusted BETA 0.795
Minority Interest 172.3 Analyst Recs 11
Cash and Equivalents 1'472.87 Consensus Rating 2.455
Enterprise Value 27'174.64
Average Volume 5 Day 1'623'957
TEN IM EQUITY YTD Change - Average Volume 30 Day 1'368'565
TEN IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'660'641
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
12'131.8 8'149.3 7'711.6 9'972.5 10'834.0 10'664.2 10'922.8 11'098.0 11'844.3 2'677.7 2'827.7
1.16x 3.15x 3.77x 2.23x 2.29x 7.69x 8.88x 2.41x 2.20x 10.02x 9.46x
3'560.8 2'318.5 2'080.4 2'449.1 2'924.3 2'792.9 2'918.4 2'886.5 3'151.9 695.0 741.5
3.94x 11.08x 13.99x 9.06x 8.47x 7.63x 8.09x 9.41x 8.62x 9.11x 8.94x
2'124.8 1'161.6 1'127.4 1'331.2 1'699.0 1'619.4 1'636.7 1'712.7 1'915.8 422.5 458.0
7.06x 21.37x 25.49x 16.38x 14.31x 12.68x 14.49x 15.93x 14.27x 14.88x 14.41x
EBITDA 2'924.26 Long-Term Rating Date -
EBIT 2'356.61 Long-Term Rating -
Operating Margin 21.75% Long-Term Outlook -
Pretax Margin 20.70% Short-Term Rating Date -
Return on Assets 10.40% Short-Term Rating -
Return on Common Equity 14.60%
Return on Capital 12.99% EBITDA/Interest Exp. 52.68
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 38.46
Net Debt/EBITDA -0.07
Gross Margin 38.7% Total Debt/EBITDA 0.52
EBITDA Margin 26.7%
EBIT Margin 21.1% Total Debt/Equity 15.3%
Net Income Margin 15.7% Total Debt/Capital 13.1%
Asset Turnover 0.69
Current Ratio 2.47 Net Fixed Asset Turnover 2.50
Quick Ratio 1.25 Accounts receivable turnover-days 69.03
Debt to Assets 10.93% Inventory Days 155.00
Tot Debt to Common Equity 15.32% Accounts Payable Turnover Day 52.12
Accounts Receivable Turnover 5.29 Cash Conversion Cycle 178.86
Inventory Turnover 2.35
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tenaris SAPrice/Volume
Valuation Analysis
956'875.00
Current Price (9/dd/yy) Market Data
!.135
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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAN FAUSTIN NV n/a 20F 713'605'187 60.45 - 31.03.2012 Other
ABERDEEN n/a ULT-AGG 59'302'643 5.02 2'638 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'977'529 0.59 9'843 26.09.2013 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 5'592'792 0.47 - 28.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 4'891'287 0.41 155'300 30.06.2013 Unclassified
COMGEST S A Multiple Portfolios MF-AGG 3'874'938 0.33 3'874'938 31.05.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 2'436'548 0.21 1'734'038 30.04.2013 Investment Advisor
HINOJOSA GUILLERMO n/a 20F 1'915'446 0.16 - 30.04.2008 n/a
VOGEL GUILLERMO n/a 20F 1'325'446 0.11 - 31.03.2012 n/a
ARCA SGR SPA Multiple Portfolios MF-AGG 1'163'874 0.1 (92'578) 28.06.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'005'583 0.09 88'000 30.08.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 769'237 0.07 26 31.07.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 768'856 0.07 (36'709) 30.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 735'000 0.06 - 28.03.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 634'478 0.05 1'772 27.09.2013 Investment Advisor
EURIZON CAPITAL SGR Multiple Portfolios MF-AGG 625'113 0.05 - 30.06.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 582'661 0.05 - 31.12.2012 Investment Advisor
PIONEER n/a ULT-AGG 580'652 0.05 51'616 30.04.2013 Unclassified
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 553'183 0.05 - 31.07.2013 Investment Advisor
Comgest Asset Manage Multiple Portfolios MF-AGG 552'010 0.05 5'730 28.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse MICHAEL SHILLAKER underperform 1 M 15 Not Provided 23.09.2013
Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 17 Not Provided 23.09.2013
AlphaValue FABRICE FARIGOULE reduce 2 M 17 6 month 19.09.2013
Kepler Cheuvreux GEOFFROY STERN hold 3 M 18 Not Provided 17.09.2013
Banca Akros(ESN) FRANCESCO SALA reduce 2 M 16 12 month 19.08.2013
Mediobanca SpA ANDREA SCAURI underperform 1 M 14 12 month 16.08.2013
Equita SIM SpA ROBERTO LETIZIA hold 3 M 17 12 month 06.08.2013
Natixis JULIEN LAURENT neutral 3 M 16 Not Provided 05.08.2013
Goldman Sachs HENRY TARR Sell/Neutral 1 M 15 12 month 02.08.2013
Banca IMI BRUNO PERMUTTI hold 3 M 16 12 month 02.08.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
Simmons & Company International STEPHEN WILLIAMS overweight 5 U #N/A N/A Not Provided 13.01.2010
Holdings By:
Tenaris SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Atlas Copco AB is an international industrial group. The Group develops,
manufactures, and markets compressed air equipment and generators, construction
and mining equipment, electric and pneumatic tools, and assembly systems and
offers related services. Atlas Copco also rents equipment. The Company markets
to manufacturing, building, construction, and mining companies worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (19.09.2013) 176.40
52-Week Low (24.10.2012) 131.90
Daily Volume
167.7
52-Week High % Change -4.88% Dividend Yield -
52-Week Low % Change 27.14% Beta 1.21
% 52 Week Price Range High/Low 86.74% Equity Float -
Shares Out 29.09.2013 390.2 Short Int -
221'902.78 1 Yr Total Return 26.42%
Total Debt 21'052.00 YTD Return 9.80%
Preferred Stock 0.0 Adjusted BETA 1.210
Minority Interest 54.0 Analyst Recs 0
Cash and Equivalents 12'416.00 Consensus Rating -
Enterprise Value 234'227.78
Average Volume 5 Day 709'483
ATCOB SS EQUITY YTD Change - Average Volume 30 Day 858'217
ATCOB SS EQUITY YTD % CHANGE - Average Volume 3 Month 949'753
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 88'720.0 86'912.0 85'835.5 90'149.6 21'399.3 22'210.2
1.38x 2.15x 2.97x 2.39x 2.43x 8.47x 9.86x 2.63x 2.45x 10.86x 10.33x
15'808.0 11'527.0 16'400.0 20'061.0 21'891.0 21'688.0 20'959.0 20'413.1 21'622.3 5'056.0 5'310.0
6.48x 11.87x 12.67x 9.68x 10.05x 8.93x 9.96x 11.47x 10.83x 11.59x 11.55x
10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 13'987.0 13'004.0 12'754.3 13'628.0 3'167.8 3'356.8
8.16x 20.51x 20.80x 13.86x 15.57x 12.87x 15.12x 15.95x 14.84x 15.65x 15.46x
EBITDA 21'891.00 Long-Term Rating Date 24.02.2011
EBIT 19'227.00 Long-Term Rating A
Operating Margin 21.24% Long-Term Outlook STABLE
Pretax Margin 20.48% Short-Term Rating Date 24.02.2011
Return on Assets 15.84% Short-Term Rating A-1
Return on Common Equity 41.12%
Return on Capital - EBITDA/Interest Exp. 21.93
Asset Turnover 1.06% (EBITDA-Capex)/Interest Exp. 20.26
Net Debt/EBITDA 0.58
Gross Margin 38.4% Total Debt/EBITDA 1.25
EBITDA Margin 24.1%
EBIT Margin 21.0% Total Debt/Equity 60.0%
Net Income Margin 15.4% Total Debt/Capital 37.5%
Asset Turnover 1.06
Current Ratio 2.44 Net Fixed Asset Turnover 9.73
Quick Ratio 1.32 Accounts receivable turnover-days -
Debt to Assets 25.94% Inventory Days 127.93
Tot Debt to Common Equity 60.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 134.61
Inventory Turnover 2.85
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Atlas Copco ABPrice/Volume
Valuation Analysis
490'094.00
Current Price (9/dd/yy) Market Data
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0 ! E
0 2 E
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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SWEDBANK ROBUR FONDE n/a Research 30'603'585 7.84 - 31.12.2012 Investment Advisor
AMF n/a Research 28'955'671 7.42 - 31.12.2012 Other
ALECTA PENSIONSFORSA n/a Research 20'488'000 5.25 - 31.12.2012 Pension Fund (ERISA)
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 12'396'200 3.18 7'937'200 30.06.2013 Investment Advisor
INVESTOR AB n/a Research 12'091'885 3.1 - 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 11'393'864 2.92 (1'852'281) 31.03.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 10'569'906 2.71 (15'688'828) 30.06.2013 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 10'401'693 2.67 282'131 31.03.2013 Investment Advisor
NORDEA FONDER AB/SWE n/a Co File 8'787'802 2.25 - 31.12.2010 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 8'021'520 2.06 (3'855'000) 31.03.2013 Investment Advisor
HANDELSBANKEN FONDER n/a Research 6'007'985 1.54 - 31.12.2012 Investment Advisor
FORSTA AP FONDEN n/a Research 5'057'652 1.3 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 4'905'169 1.26 (165'161) 30.06.2013 Unclassified
FJARDE AP-FONDEN n/a Research 4'775'620 1.22 - 31.12.2012 Pension Fund (ERISA)
FOLKSAM GROUP n/a Research 3'670'004 0.94 - 31.12.2012 Insurance Company
ANDRA AP FONDEN n/a Research 3'080'594 0.79 - 31.12.2012 Pension Fund (ERISA)
NOMURA n/a ULT-AGG 2'673'976 0.69 (1'619'254) 15.01.2013 Unclassified
DANSKE BANK A/S Multiple Portfolios MF-AGG 2'669'087 0.68 (35'281) 30.06.2013 Bank
BLACKROCK n/a ULT-AGG 2'553'389 0.65 14'057 26.09.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'242'602 0.57 956'725 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Atlas Copco AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Christian Dior SA manufactures luxury products such as upscale clothing,
champagne and wines, cognac and spirits, luggage and leather goods, perfumes and
cosmetics, and jewelry and watches. The Company markets its products
internationally.
Latest Fiscal Year: 04/2013
LTM as of: 04/yy
52-Week High (22.05.2013) 148.10
52-Week Low (10.10.2012) 104.20
Daily Volume
142.9
52-Week High % Change -3.51% Dividend Yield -
52-Week Low % Change 37.14% Beta 1.01
% 52 Week Price Range High/Low 92.37% Equity Float 51.20
Shares Out 30.04.2013 181.7 Short Int -
25'968.79 1 Yr Total Return 39.35%
Total Debt 8'534.00 YTD Return 12.42%
Preferred Stock 0.0 Adjusted BETA 1.007
Minority Interest 17'036.0 Analyst Recs 14
Cash and Equivalents 1'925.00 Consensus Rating 4.429
Enterprise Value 49'613.79
Average Volume 5 Day 56'212
CDI FP EQUITY YTD Change - Average Volume 30 Day 67'650
CDI FP EQUITY YTD % CHANGE - Average Volume 3 Month 70'403
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 04/yy 04/13 Y 04/14 Y 07/13 Q1 10/13 Q2
17'245.0 17'933.0 17'745.0 21'123.0 24'628.0 24'628.0 29'881.0 30'880.0 33'190.8 - -
1.74x 1.26x 1.55x 1.68x 1.55x 0.00x 0.00x 1.59x 1.45x - -
4'207.0 4'294.0 4'102.0 5'175.0 6'266.0 0.0 0.0 7'439.8 8'218.7 - -
7.14x 5.24x 6.69x 6.85x 6.08x 0.00x 0.00x 6.66x 6.03x - -
880.0 796.0 695.0 1'261.0 1'279.0 0.0 0.0 1'780.2 2'186.8 - -
18.20x 9.02x 18.40x 15.14x 12.83x 0.00x 0.00x 15.22x 13.16x - -
EBITDA 7'221.00 Long-Term Rating Date -
EBIT 6'090.00 Long-Term Rating -
Operating Margin 20.38% Long-Term Outlook -
Pretax Margin 19.57% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 37.41
Asset Turnover - (EBITDA-Capex)/Interest Exp. 27.34
Net Debt/EBITDA 0.92
Gross Margin 65.4% Total Debt/EBITDA 1.18
EBITDA Margin 24.2%
EBIT Margin 20.4% Total Debt/Equity 77.8%
Net Income Margin 4.8% Total Debt/Capital 23.4%
Asset Turnover -
Current Ratio 1.41 Net Fixed Asset Turnover -
Quick Ratio 0.36 Accounts receivable turnover-days -
Debt to Assets 15.36% Inventory Days -
Tot Debt to Common Equity 77.84% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Christian Dior SAPrice/Volume
Valuation Analysis
20'529.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUPE ARNAULT SAS n/a Research 127'874'042 70.37 33'750 01.10.2012 Holding Company
NORGES BANK Multiple Portfolios MF-AGG 3'086'664 1.7 - 31.12.2012 Government
CHRISTIAN DIOR SA n/a Co File 2'380'206 1.31 - 30.04.2012 n/a
FIL LIMITED n/a ULT-AGG 1'530'736 0.84 522'838 30.04.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'127'428 0.62 345'522 30.06.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 950'136 0.52 333'736 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 668'615 0.37 (8'727) 27.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 616'657 0.34 751 30.06.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 473'290 0.26 (141'619) 28.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 472'766 0.26 667 26.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 431'000 0.24 65'000 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 375'750 0.21 (8'261) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 370'302 0.2 11'620 31.07.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 318'023 0.18 (546'764) 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 316'395 0.17 (1'922) 31.05.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 283'557 0.16 8'212 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 249'210 0.14 39'140 31.07.2013 Investment Advisor
PALATINE ASSET MANAG Multiple Portfolios MF-AGG 247'310 0.14 - 30.08.2013 Investment Advisor
SOCIETE GENERALE Multiple Portfolios MF-AGG 245'347 0.14 (53) 30.04.2013 Bank
LBPAM Multiple Portfolios MF-AGG 221'701 0.12 1'012 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Aurel - BGC DAVID DA MAIA buy 5 M 160 6 month 27.09.2013
AlphaValue VIRGINIE BLIN buy 5 M 181 6 month 26.09.2013
HSBC ANTOINE BELGE neutral 3 M 156 Not Provided 20.09.2013
Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 190 12 month 31.07.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 145 6 month 29.07.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 154 Not Provided 29.07.2013
UBS EVA QUIROGA neutral 3 M 135 12 month 28.07.2013
Raymond James MARC WILLAUME outperform 5 M #N/A N/A Not Provided 17.07.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 154 Not Provided 05.07.2013
Day by Day VALERIE GASTALDY buy 5 U 148 3 month 01.07.2013
Kepler Cheuvreux CATHERINE ROLLAND buy 5 M 160 Not Provided 15.05.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.02.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 174 12 month 09.01.2013
JPMorgan MELANIE A FLOUQUET overweight 5 M 110 Not Provided 15.12.2011
Holdings By:
Christian Dior SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |