Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

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Content

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis &
Analyst Recommendations
Euro Stoxx 50 Index - SX5E Index
The EURO STOXX 50 Index, Europe's leading Blue-chip index for the Eurozone,
provides a Blue-chip representation of supersector leaders in the Eurozone. The index
covers 50 stocks from 12 Eurozone countries.

September 2013

Q M S Advisors
.

.

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Valuation Measures I/II
Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)

Minority
Interest
(USD)

Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)

Tot. Rev. LFY

Est. Tot.
Rev. - Tr.
12M

EBITDA

Earnings Per Share

Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E
Ratio - Tr.
12M

Rev. Growth

EBITDA Growth

Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT
Credit
Rating -

S&P LT Credit
Rating Date

Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date

S&P 500 INDEX

USD

15145788

2013.182

1117

1117

203

220

220

104.18

110.45

110.45

15.87

15.87

14.97

14.97

18.56

Euro Stoxx 50 Pr

EUR

2744155

5716.706

4623

4623

753

780

780

222.37

295.72

295.72

21.72

19.08

16.33

16.33

20.91

NIKKEI 225

JPY

2714150

192.9293

195

195

19

22

22

6.04

7.97

7.97

0.23

0.23

0.18

0.18

0.11

FTSE 100 INDEX

GBP

2804877

32183.27

11159

11159

1938

2633

2633

531.15

805.13

805.13

30.03

22.77

19.81

19.81

27.69

SWISS MARKET INDEX

CHF

1065719

10927.68

4135

4135

936

850

850

441.18

559.04

559.04

20.40

17.37

16.10

16.10

23.63

S&P/TSX COMPOSITE INDEX

CAD

1649440

17200.25

7296

7296

1819

1934

1934

719.71

797.38

797.38

16.13

16.13

14.56

14.56

23.82

S&P/ASX 200 INDEX

AUD

1296356

6254.839

2636

2636

529

673

673

206.48

315.52

315.52

20.82

22.91

13.63

13.63

19.33

HANG SENG INDEX

HKD

1725755

3209.477

1662

1662

369

391

391

281.28

269.79

269.79

1.34

1.44

1.39

1.39

2.94

MSCI EM

USD

7023096

1306.372

964

964

186

175

175

85.07

86.75

86.75

11.02

1.29

10.81

10.81

19.22

SANOFI

EUR

127152

1155

1323

19

0

0

8

141.17

46190

44446

44889

47388

16368

14869

-

-

5.89

3.41

7.14

8.05

37.15

28.76

17.74

15.73

6.17

4.72

-2.19

4.05

44.22

AA

03.05.2013

A1

28.03.2013

TOTAL SA

EUR

131261

1550

2258

44

0

2

23

160.68

240945

234451

236341

246280

42748

40170

12456

12456

6.74

5.56

6.68

6.83

13.12

13.15

10.93

10.68

12.50

3.96

-2.31

1.36

22.65

AA-

12.04.2011

Aa1

30.08.2005

BAYER AG-REG

EUR

91657

752

827

13

0

0

3

103.46

52551

53070

53994

56983

11897

12287

2429

2429

7.39

4.64

7.59

8.57

31.58

22.36

19.29

17.09

11.69

5.63

0.56

8.19

30.60

A-

30.04.2008

A3

17.07.2006

SIEMENS AG-REG

EUR

97683

1385

856

29

0

1

15

115.35

103484

101890

101203

104576

12758

11501

2181

2181

7.40

7.20

7.21

9.24

20.34

20.53

20.32

15.86

9.06

0.27

-10.57

1.10

14.92

A+

05.06.2009

-

-

BASF SE

EUR

81347

1158

918

17

0

1

2

99.09

95333

97203

97917

93844

12780

-

2965

2965

6.94

6.49

7.08

7.78

18.04

18.04

16.53

15.05

-2.46

5.22

-24.37

-2.11

-

A+

10.05.2011

A1

17.11.2010

BANCO SANTANDER SA

EUR

80398

15928

9235

555

0

13

254

101981

54996

54604

57083

-

-

-

-

0.24

0.36

0.57

0.72

26.68

13.78

16.78

13.35

-1.44

5.02

-

-

-

BBB

16.10.2012

(P)Baa2

24.10.2012

ANHEUSER-BUSCH INBEV NV

EUR

152712

478

1602

59

0

6

18

265.17

52548

53280

58161

65030

20550

20657

6146

6146

5.90

10.80

6.34

7.23

15.37

29.33

26.19

22.95

2.41

5.52

2.17

23.65

51.24

A

01.05.2012

A3

27.03.2012

ALLIANZ SE-REG

EUR

67073

940

453

38

0

4

16

90.97

126910

128239

135402

139140

-

-

-

-

15.37

31.98

17.30

17.79

6.08

11.37

11.24

10.93

13.06

4.38

-

-

-

AA

27.01.2012

Aa3

03.05.2004

SAP AG

EUR

86788

2754

1192

7

0

0

3

88.84

21442

21990

22862

24900

6611

6775

1973

1973

3.14

3.30

4.46

4.99

28.26

28.09

20.95

18.72

18.48

10.24

9.61

14.60

40.72

-

-

-

-

DAIMLER AG-REGISTERED SHARES

EUR

76073

1408

1068

112

0

2

20

168.43

151067

150933

155141

165747

16043

14346

-

-

7.50

8.29

6.43

7.31

11.35

23.05

14.63

12.86

9.62

5.99

-0.84

-6.85

12.56

A-

23.02.2012

A3

01.10.2007

BNP PARIBAS

EUR

80439

1623

1240

1338

10

11

184

88385

123709

51688

52756

-

-

-

-

7.23

5.39

6.15

7.01

15.84

13.06

13.90

12.19

-7.70

-5.60

-

-

-

A+

25.10.2012

A2

21.06.2012

UNILEVER NV-CVA

EUR

114023

2111

2832

14

0

1

4

129.98

67835

67970

68042

71141

10822

11486

-

-

2.01

2.21

2.14

2.32

22.40

21.02

23.13

21.30

13.82

6.79

12.86

5.14

22.33

A+

05.10.2000

A1

11.07.2000

ENI SPA

EUR

82857

4770

3623

32

0

5

11

108.47

168147

162957

153073

158980

32466

27098

9181

9181

0.83

0.83

1.93

2.37

36.11

328.13

15.59

12.74

21.26

4.30

-6.00

-1.39

21.98

16.07.2013

A3

16.07.2012

TELEFONICA SA

EUR

63700

21251

4503

88

0

10

15

142.24

82416

79219

76541

76036

28061

26846

6881

6881

0.99

1.14

1.36

1.43

16.18

18.97

13.61

12.92

-1.01

0.49

12.53

-1.90

44.79

BBB

20.12.2012

Baa2

18.10.2012

BANCO BILBAO VIZCAYA ARGENTA

EUR

56895

12943

5433

299

0

3

85

46553

29200

29047

30470

-

-

-

-

0.77

0.39

0.78

0.93

33.37

11.95

16.85

14.14

8.69

3.54

-

-

-

BBB-

16.10.2012

Baa3

24.10.2012

LVMH MOET HENNESSY LOUIS VUI

EUR

90542

251

500

9

0

1

3

98.85

37144

38107

39869

43986

9273

9445

-

-

9.38

8.78

9.65

11.01

26.85

26.81

24.41

21.41

24.83

16.22

18.61

14.93

32.76

A

20.05.2011

-

-

DANONE

EUR

46597

613

593

13

0

0

4

57.69

27583

28353

29104

30784

4787

4498

-

-

3.68

3.93

4.07

4.43

24.85

24.90

23.99

22.06

10.61

10.19

5.16

15.00

20.97

A-

25.07.2007

A3

06.11.2007

DEUTSCHE BANK AG-REGISTERED

EUR

45154

1719

929

368

0

1

195

69124

65173

44218

44954

-

-

-

-

4.08

0.24

4.96

6.00

246.06

24.99

11.81

9.75

-0.91

-8.89

-

-

-

A

02.07.2013

A2

21.06.2012

AXA SA

EUR

54226

2622

2389

20

8

3

40

52.00

153584

153972

132657

136085

-

-

-

-

2.39

2.09

2.68

2.85

14.33

13.79

11.18

10.50

24.02

14.95

-

-

-

A-

18.12.2012

A2

19.03.2003

SCHNEIDER ELECTRIC SA

EUR

44592

603

547

11

0

0

5

51.78

31649

31679

32395

34880

5071

5083

-

-

4.70

4.31

5.42

6.07

24.41

23.06

19.39

17.32

9.47

7.50

3.97

5.98

21.21

17.07.2013

A3

12.01.2009

AIR LIQUIDE SA

EUR

41129

248

311

10

0

0

2

50.49

20257

20295

20857

22338

5012

5054

-

-

6.87

6.69

7.04

7.82

26.05

26.16

24.76

22.30

7.95

4.86

8.48

8.98

32.91

02.07.2007

-

L'OREAL

EUR

99829

177

598

0

0

0

2

99.08

29689

30383

30785

32558

5998

6216

-

-

6.42

6.52

6.76

7.29

33.42

33.36

32.20

29.86

13.77

8.41

19.48

7.24

27.04

-

-

-

-

ING GROEP NV-CVA

EUR

42341

7941

3801

274

0

1

23

281.72

51948

51898

39206

36941

-

-

-

-

0.90

0.98

1.33

1.44

14.82

14.23

10.95

10.13

-33.76

-8.47

-

-

-

A

03.09.2009

A3

15.06.2012

DEUTSCHE TELEKOM AG-REG

EUR

57336

5161

4319

59

0

6

8

123.47

76882

77055

78199

79134

23431

23127

5945

5945

1.33

-1.56

0.85

0.92

-

12.46

20.13

18.56

-1.09

0.25

-16.19

1.97

39.67

BBB+

19.05.2008

Baa1

22.12.2011

E.ON SE

EUR

31657

4993

1907

34

0

5

8

59.41

174588

173584

157479

160640

11159

13172

-

-

2.39

1.63

1.65

1.62

12.86

8.33

12.68

12.94

22.40

13.03

129.23

-6.95

10.03

A-

27.07.2012

A3

05.10.2011

VOLKSWAGEN AG-PREF

EUR

103878

622

465

156

0

6

34

228.90

254660

259034

265299

279093

32281

32794

-

-

61.17

49.93

28.25

32.94

6.01

6.03

10.63

9.12

27.65

16.76

18.92

13.28

16.73

A-

31.08.2009

A3

17.08.2009

EADS NV

EUR

46716

564

822

6

0

0

15

44.86

74650

76497

77478

82498

5190

5764

1704

1704

1.92

2.25

3.57

4.79

34.80

34.78

21.99

16.38

19.78

9.76

31.46

30.54

9.96

A-

22.09.2010

(P)A2

06.12.2012

MUENCHENER RUECKVER AG-REG

EUR

32237

314

179

8

0

0

4

34.62

87095

86615

72034

73646

-

-

-

-

23.76

23.02

22.12

22.11

10.32

10.32

10.74

10.74

10.82

8.95

-

-

-

AA-

22.12.2006

-

-

ASML HOLDING NV

EUR

40069

391

407

1

0

0

4

37.93

6254

5724

6768

8623

1776

1341

388

388

3.54

2.74

2.90

4.56

43.32

43.72

40.86

26.01

-21.51

63.22

-33.88

9.43

30.96

-

-

Baa2

11.11.2010

GDF SUEZ

EUR

52794

1402

2357

76

0

15

15

122.69

128255

127209

108442

109213

24321

23652

17904

17904

1.76

0.52

1.82

1.82

55.73

19.77

15.86

15.88

9.28

20.08

19.16

27.31

24.57

A

06.05.2013

A1

03.07.2012

BAYERISCHE MOTOREN WERKE AG

EUR

64381

2130

656

92

0

0

17

140.35

101570

101045

103339

108563

15879

15497

-

-

10.27

10.42

10.40

10.77

12.72

12.72

12.74

12.31

15.42

8.77

3.81

12.30

20.27

A

16.04.2012

A2

22.07.2011

SOCIETE GENERALE

EUR

36196

2111

754

979

7

6

146

57802

30512

32411

-

-

-

-

4.80

1.56

4.45

5.69

38.34

17.76

13.45

10.53

-13.11

-

-

-

-

A

23.01.2012

A2

21.06.2012

UNICREDIT SPA

EUR

33218

37890

5789

436

0

5

95

54881

32173

32365

32857

-

-

-

-

0.23

0.16

0.26

0.49

46.93

-

28.81

15.45

-1.40

-4.17

-

-

-

BBB

12.07.2013

Baa2

16.07.2012

KONINKLIJKE PHILIPS NV

EUR

31702

1675

915

6

0

0

5

34.53

32762

31985

31586

33232

3255

3212

1216

1216

0.94

0.43

2.03

2.40

100.18

48.78

21.13

17.87

12.93

-2.16

142.54

-4.68

13.27

A-

11.05.2005

A3

20.04.2006

INDITEX

EUR

85475

225

623

0

0

0

5

80.69

21076

21310

22910

25388

5170

5152

1160

1160

5.01

5.01

5.54

6.18

36.15

36.08

32.71

29.32

20.64

13.50

28.67

16.83

31.95

-

-

-

-

IBERDROLA SA

EUR

33311

51902

6053

43

0

0

9

68.31

45204

45655

45430

45705

9487

8049

-

-

0.61

0.59

0.53

0.51

11.97

11.72

13.25

13.94

10.66

8.19

3.35

10.63

23.30

BBB

28.11.2012

(P)Baa1

05.11.2012

VINCI SA

EUR

31948

434

536

27

0

1

9

51.38

51789

52079

52340

53022

7280

7194

-

-

4.65

4.62

4.54

4.79

15.26

15.33

15.52

14.73

5.40

4.65

1.50

4.92

18.26

BBB+

29.03.2007

Baa1

23.07.2002

VIVENDI

EUR

29122

5137

1323

23

0

4

6

56.24

38321

36199

36264

36334

10120

8590

-

-

0.90

-0.39

2.18

2.23

-

118.80

13.17

12.88

0.83

-1.58

-17.78

5.25

31.36

BBB

26.10.2012

Baa2

13.09.2005

INTESA SANPAOLO

EUR

32560

72698

16434

374

0

1

55

36768

22037

21874

22403

-

-

-

-

0.12

0.06

0.12

0.19

42.40

30.42

22.23

14.09

13.36

-0.89

-

-

-

BBB

12.07.2013

Baa2

16.07.2012

ASSICURAZIONI GENERALI

EUR

29816

2054

1541

31

0

4

29

36.80

107628

109278

101661

101936

-

-

-

-

0.95

0.30

1.87

1.95

84.03

-

13.53

12.99

14.30

0.49

-

-

-

A-

12.07.2013

Baa2

21.03.2013

ESSILOR INTERNATIONAL

EUR

22918

270

210

1

0

0

1

23.59

6594

6654

6951

7597

1473

1473

-

-

3.71

3.75

4.02

4.45

37.45

37.92

34.96

31.60

25.22

15.02

28.06

15.58

29.53

-

-

-

-

UNIBAIL-RODAMCO SE

EUR

21789

114

95

16

0

2

0

41.05

1972

2437

2077

2244

1264

1509

-

-

21.04

21.59

13.33

14.53

13.72

13.82

22.23

20.39

-30.76

15.32

-25.09

-

81.85

A

27.06.2007

WR

16.07.2010

ENEL SPA

EUR

30922

14684

9403

88

0

22

13

132.23

109303

109507

108785

107950

21345

-

-

-

0.12

0.11

0.42

0.41

40.11

40.11

10.28

10.64

8.73

9.08

-7.42

14.20

-

BBB

11.07.2013

Baa2

05.11.2012

COMPAGNIE DE SAINT-GOBAIN

EUR

26031

627

526

17

0

1

6

39.06

57095

56012

55746

56893

6347

5890

-

-

2.46

1.49

2.63

3.52

41.89

28.04

23.67

17.69

3.40

-1.22

-5.84

-4.68

13.90

BBB

24.07.2009

Baa2

31.07.2009

ORANGE

EUR

28849

7248

2627

52

0

3

11

71.18

57514

55875

54717

53605

16355

15846

-

-

0.97

0.08

1.33

1.31

181.51

20.36

10.84

10.96

-5.14

-6.07

-23.28

-11.18

37.48

BBB+

22.04.2013

A3

23.06.2005

REPSOL SA

EUR

31176

1731

1256

25

0

1

8

51.02

77880

78984

77087

80771

9274

9050

2061

2061

2.17

2.09

2.20

2.21

15.12

-

14.35

14.32

20.83

-0.03

27.73

-6.50

15.14

BBB-

19.04.2012

-

-

CARREFOUR SA

EUR

23042

1102

703

15

0

1

9

32.39

100617

97123

101086

104032

5086

4742

2850

2850

0.59

0.81

1.83

2.14

52.17

234.84

22.95

19.66

1.53

-3.80

-9.17

0.74

6.45

BBB

15.03.2012

(P)Baa2

15.03.2012

CRH PLC

EUR

16081

1238

734

6

0

0

2

21.76

24662

23894

23987

25501

2168

1942

1446

1446

0.66

0.72

0.81

1.20

40.69

44.16

36.08

24.23

4.23

-3.31

-1.28

-13.90

10.74

BBB+

17.12.2007

-

-

RWE AG

EUR

17547

3042

615

26

4

2

7

44.89

67104

71050

70454

11968

-

-

-

2.58

-

5.18

3.95

-

-

7.29

9.57

4.35

-

40.98

4.05

-

BBB+

27.07.2012

Baa1

21.06.2013

ARCELORMITTAL

EUR

22507

3220

1549

34

0

5

6

55.61

111305

107378

111996

8582

7881

2019

2019

0.01

-4.88

-0.45

1.14

-

-

20.63

-13.73

-6.11

-45.47

-25.99

9.98

BB+

02.08.2012

Ba1

06.11.2012

104389

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

A

*-

A-

*A

-

Valuation Measures II/II
Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

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

2.31

2.31

2.14

1.97

2.31

1.48

1.48

1.42

1.36

1.48

10.54

10.54

9.79

10.16

10.54

9.16

9.16

8.46

7.91

9.16

14.97

14.97

13.50

12.20

14.97

2.13

2.13

2.31

2.47

2.13

1843.0

11.5%

Euro Stoxx 50 Pr

1.22

1.22

1.16

1.09

1.22

0.79

0.79

0.77

0.74

0.79

6.18

6.18

5.67

5.13

6.18

7.33

7.33

6.92

6.54

7.33

12.36

12.36

10.97

9.85

12.35

4.14

4.14

4.37

4.72

4.14

3008.9

8.8%

NIKKEI 225

1.51

1.51

1.41

1.32

1.51

0.72

0.72

0.70

0.68

0.72

8.93

8.93

8.22

7.04

8.93

8.78

8.78

8.06

7.59

8.78

17.68

17.68

15.74

14.17

17.68

1.65

1.65

1.81

1.96

1.65

15109.2

7.4%

FTSE 100 INDEX

1.78

1.78

1.66

1.54

1.78

0.91

0.91

0.87

0.83

0.91

8.52

8.52

7.78

6.57

8.52

12.23

12.23

11.01

16.80

12.23

12.65

12.65

11.51

10.57

12.65

3.81

3.81

4.20

4.49

3.81

7055.0

8.5%

SWISS MARKET INDEX

2.41

2.41

2.24

2.08

2.41

2.04

2.04

1.95

1.86

2.04

12.79

12.79

11.51

10.28

12.79

12.86

12.86

11.91

11.11

12.86

15.08

15.08

13.66

12.41

15.08

3.26

3.26

3.64

4.12

3.26

8660.9

9.7%

S&P/TSX COMPOSITE INDEX

1.72

1.72

1.61

1.52

1.72

1.67

1.67

1.54

1.52

1.67

8.79

8.79

7.99

6.71

8.79

8.89

8.89

7.92

7.35

8.89

15.26

15.26

13.56

12.27

15.26

3.15

3.15

3.28

3.40

3.15

14254.9

11.7%

S&P/ASX 200 INDEX

1.88

1.88

1.78

1.70

1.88

1.78

1.78

1.68

1.61

1.78

10.73

10.73

9.85

9.23

10.73

9.29

9.29

8.45

7.89

9.29

14.90

14.90

13.52

12.45

14.90

4.59

4.59

4.89

5.27

4.59

5308.9

3.2%

HANG SENG INDEX

1.34

1.34

1.24

1.17

1.34

1.75

1.75

1.62

1.51

1.75

7.97

7.97

7.55

6.97

7.97

8.22

8.22

7.52

6.87

8.22

10.80

10.80

10.01

9.13

10.80

3.57

3.57

3.84

4.15

3.57

24916.5

10.3%

MSCI EM

1.35

1.35

1.23

1.04

1.35

0.97

0.97

0.91

0.85

0.97

6.99

6.99

6.35

5.32

6.99

7.48

7.48

6.78

6.26

7.48

10.81

10.81

9.67

8.84

10.81

2.90

2.90

3.18

3.44

2.90

1094.0

16.7%

SANOFI

1.66

1.65

1.61

1.55

1.41

2.76

2.83

2.68

2.55

2.53

10.30

11.28

10.16

8.83

8.14

7.96

9.23

8.30

7.60

7.14

11.71

13.43

11.90

10.65

9.86

3.84

3.85

4.23

4.71

5.39

85.96

18.5%

TOTAL SA

1.28

1.23

1.13

1.05

1.00

0.56

0.56

0.53

0.53

0.55

4.32

4.30

3.93

3.69

3.66

3.60

3.79

3.58

3.39

3.23

7.66

8.27

8.08

7.88

7.26

5.59

5.69

5.83

5.97

6.31

45.06

7.8%

BAYER AG-REG

3.47

3.37

2.99

2.64

2.37

1.75

1.70

1.61

1.53

1.46

12.42

11.30

10.11

9.29

8.64

9.46

9.18

8.34

7.69

7.15

15.48

14.59

12.93

11.64

10.57

2.16

2.47

2.76

3.04

3.30

91.75

9.4%

SIEMENS AG-REG

2.25

2.36

2.15

1.97

1.55

0.95

0.97

0.93

0.90

0.86

10.03

12.09

9.45

8.19

8.08

8.82

10.34

8.04

7.40

6.78

13.67

15.38

12.00

10.81

9.38

3.66

3.70

3.92

4.24

4.23

89.22

6.4%

BASF SE

2.37

2.30

2.18

1.98

1.72

0.79

0.83

0.87

0.83

0.80

7.65

8.11

7.48

7.28

6.02

6.07

7.40

6.90

6.43

5.87

12.35

12.51

11.39

10.38

9.16

3.85

4.01

4.21

4.46

4.74

73.82

10.2%

BANCO SANTANDER SA

0.72

0.81

0.80

0.78

1.38

1.47

1.41

1.34

1.33

2.09

2.64

2.57

2.47

9.83

12.69

10.10

8.45

8.95

10.74

10.83

9.48

9.48

5.56

5.49

0.0%

ANHEUSER-BUSCH INBEV NV

3.55

3.20

2.94

2.65

2.34

3.84

3.47

3.10

2.92

2.83

13.55

11.57

11.42

10.52

9.74

12.97

11.77

10.36

9.63

9.04

20.32

19.82

17.37

15.53

13.95

2.01

2.56

2.96

3.36

3.85

77.24

7.4%

ALLIANZ SE-REG

0.98

0.96

0.90

0.85

0.98

0.49

0.50

0.48

0.47

0.46

9.87

8.50

8.27

8.10

7.90

4.13

4.61

4.82

5.02

5.31

131.64

18.3%

SAP AG

4.51

3.86

3.30

2.81

2.32

4.03

3.80

3.49

3.19

2.89

16.57

14.24

12.44

11.16

9.22

12.19

10.91

9.83

8.88

7.88

17.31

15.85

14.16

12.55

11.05

1.58

1.73

1.99

2.21

2.25

65.06

21.7%

DAIMLER AG-REGISTERED SHARES

1.34

1.25

1.17

1.08

0.98

0.51

0.49

0.46

0.43

0.47

6.53

6.42

5.37

4.80

3.39

9.96

9.02

8.95

8.00

6.19

11.64

11.07

9.73

8.34

7.65

3.98

4.07

4.16

4.66

4.65

56.04

4.1%

BNP PARIBAS

0.79

0.75

0.71

0.68

1.56

1.56

1.52

1.47

1.46

6.13

5.95

5.42

4.71

8.98

10.51

9.23

7.88

6.61

3.07

3.59

4.18

4.97

5.42

53.21

8.8%

UNILEVER NV-CVA

5.13

4.77

4.24

3.76

3.17

1.69

1.68

1.60

1.52

1.45

14.26

13.17

12.55

11.39

10.05

11.95

11.50

10.85

10.09

9.39

17.90

17.50

16.12

14.77

13.65

3.35

3.66

3.89

4.16

4.80

32.98

16.5%

ENI SPA

1.04

1.01

0.97

0.93

0.88

0.52

0.54

0.52

0.50

0.56

3.75

4.15

3.50

3.27

3.46

2.79

3.32

2.94

2.76

2.77

8.59

11.80

9.64

8.88

8.93

6.26

6.36

6.48

6.60

6.84

19.34

12.1%

TELEFONICA SA

2.11

2.07

2.00

1.89

0.77

0.83

0.84

0.84

0.85

3.32

3.77

3.60

3.56

7.85

5.08

5.48

5.51

5.49

5.56

8.73

10.30

9.77

9.25

9.29

1.21

6.85

7.34

7.27

7.93

11.34

7.1%

BANCO BILBAO VIZCAYA ARGENTA

0.99

0.94

0.90

0.85

1.89

1.96

1.87

1.77

1.77

3.26

3.66

3.51

3.29

21.19

12.75

10.70

8.69

8.58

5.58

5.56

5.23

5.65

5.72

7.52

0.0%

LVMH MOET HENNESSY LOUIS VUI

2.71

2.50

2.25

2.04

1.61

2.45

2.27

2.06

1.90

1.77

14.24

13.29

12.16

11.06

13.75

10.65

10.04

8.94

8.15

7.73

18.72

18.47

16.20

14.50

12.57

2.22

2.35

2.66

2.98

3.24

152.08

12.7%

DANONE

2.68

2.63

2.45

2.28

2.03

1.70

1.60

1.51

1.42

1.33

13.18

12.86

11.58

10.49

9.43

12.10

11.75

10.98

10.29

9.34

18.51

18.15

16.69

15.07

13.78

2.61

2.67

2.87

3.15

3.70

60.14

7.6%

DEUTSCHE BANK AG-REGISTERED

0.56

0.58

0.56

0.52

1.01

1.02

1.00

0.98

0.93

5.91

7.51

5.95

4.42

9.36

8.94

7.38

6.05

5.73

2.25

2.43

3.22

4.30

3.63

39.69

18.4%

AXA SA

0.86

0.81

0.77

0.72

0.41

0.41

0.40

0.39

11.75

11.14

SCHNEIDER ELECTRIC SA

1.95

1.87

1.74

1.63

1.41

1.38

1.28

1.21

1.15

12.27

11.50

10.46

9.60

AIR LIQUIDE SA

2.90

2.74

2.56

2.36

2.04

1.97

1.84

1.71

1.63

10.80

10.42

9.70

8.89

L'OREAL

3.94

3.40

3.15

2.91

2.54

3.38

3.24

3.07

2.88

2.75

20.74

19.42

17.88

16.41

ING GROEP NV-CVA

0.63

0.62

0.58

0.57

0.46

0.75

1.08

1.15

0.97

1.89

9.17

6.78

5.88

DEUTSCHE TELEKOM AG-REG

1.48

1.54

1.47

1.42

1.52

0.75

0.73

0.72

0.72

0.73

3.16

3.15

3.10

3.11

3.05

5.18

5.40

5.28

5.19

E.ON SE

0.60

0.63

0.61

0.59

0.57

0.21

0.20

0.20

0.20

0.19

2.93

3.36

3.56

3.58

3.85

4.17

4.79

4.86

VOLKSWAGEN AG-PREF

1.03

0.96

0.86

0.77

0.72

0.41

0.39

0.37

0.36

0.34

3.61

3.72

3.43

3.35

2.95

7.93

7.27

EADS NV

3.72

3.60

2.92

2.37

1.95

0.64

0.60

0.57

0.53

0.52

12.17

11.42

8.56

6.03

6.41

7.72

6.14

MUENCHENER RUECKVER AG-REG

0.91

0.88

0.84

0.80

0.78

0.45

0.45

0.44

0.43

0.40

ASML HOLDING NV

6.58

4.85

4.21

3.40

2.28

6.40

5.92

4.65

4.07

3.36

23.09

29.37

16.99

13.12

8.70

20.97

23.61

15.60

12.12

GDF SUEZ

0.59

0.65

0.65

0.65

0.63

0.43

0.49

0.48

0.47

0.49

3.31

3.84

3.86

3.75

3.37

5.44

6.85

6.93

BAYERISCHE MOTOREN WERKE AG

1.60

1.48

1.34

1.21

1.08

0.63

0.62

0.59

0.57

0.54

5.87

4.92

4.75

4.39

3.51

8.09

8.39

8.08

SOCIETE GENERALE

0.61

0.58

0.55

0.52

1.19

1.19

1.12

1.08

1.15

5.24

4.81

4.06

UNICREDIT SPA

0.41

0.40

0.39

0.38

0.99

1.03

1.01

0.97

0.98

2.47

4.07

3.48

KONINKLIJKE PHILIPS NV

1.97

1.98

1.86

1.71

0.97

1.00

0.95

0.91

0.87

11.98

10.46

8.78

7.49

9.53

8.00

7.13

6.47

INDITEX

7.60

6.80

6.00

5.29

4.58

4.05

3.73

3.37

3.05

2.72

20.05

18.66

16.66

15.22

15.37

14.35

12.87

11.63

IBERDROLA SA

0.70

0.71

0.71

0.71

0.67

0.80

0.73

0.73

0.71

0.78

4.27

4.20

4.48

4.49

5.11

6.67

6.91

6.90

6.69

VINCI SA

1.66

1.59

1.49

1.39

0.63

0.61

0.60

0.59

0.57

5.90

6.12

5.88

5.57

7.50

7.10

7.03

6.76

VIVENDI

1.05

1.12

1.08

1.03

0.77

0.80

0.80

0.80

0.74

3.60

4.22

4.36

4.27

5.35

5.73

5.79

INTESA SANPAOLO

0.50

0.50

0.49

0.47

1.42

1.49

1.45

1.41

1.42

3.15

4.73

3.88

3.52

ASSICURAZIONI GENERALI

1.13

1.08

1.02

0.93

0.28

0.29

0.29

0.29

0.35

2.34

2.13

ESSILOR INTERNATIONAL

4.71

4.05

3.70

3.32

3.48

3.30

3.02

2.78

2.55

21.56

18.56

17.14

15.33

19.92

16.33

15.31

13.75

12.44

11.04

UNIBAIL-RODAMCO SE

1.28

1.15

1.08

1.00

0.82

12.45

10.49

9.71

8.97

8.14

17.00

16.21

14.33

13.81

10.14

23.60

22.67

20.89

19.29

ENEL SPA

0.57

0.61

0.58

0.56

0.55

0.29

0.28

0.29

0.28

0.29

2.60

2.64

2.51

2.53

2.56

6.03

6.25

6.42

6.29

COMPAGNIE DE SAINT-GOBAIN

1.05

1.06

1.02

0.98

0.46

0.47

0.46

0.44

0.42

6.72

7.25

6.49

5.83

6.76

7.04

6.40

ORANGE

0.79

0.86

0.83

0.80

0.50

0.53

0.54

0.54

0.54

2.16

2.58

2.52

2.59

4.48

3.95

4.25

REPSOL SA

0.86

0.80

0.77

0.76

0.39

0.40

0.39

0.39

0.45

4.64

4.52

4.86

4.52

4.13

5.49

CARREFOUR SA

2.18

2.06

1.90

1.75

0.23

0.23

0.22

0.21

0.20

7.21

7.41

6.07

5.68

CRH PLC

1.11

1.14

1.12

1.08

0.99

0.65

0.67

0.63

0.59

0.56

9.38

10.35

9.15

7.63

RWE AG

0.83

0.91

0.86

0.81

0.83

0.26

0.25

0.25

0.24

0.24

2.22

2.35

2.56

ARCELORMITTAL

0.39

0.44

0.44

0.43

0.39

0.27

0.28

0.27

0.26

0.25

4.38

5.34

4.39

0.67

0.84

0.95

9.40

8.46

7.95

7.46

7.12

4.25

4.70

4.97

5.31

5.98

18.98

10.6%

10.34

9.71

8.77

8.03

7.67

15.70

14.67

13.11

11.86

11.41

2.92

3.20

3.51

3.87

3.75

63.55

5.5%

10.13

9.64

8.85

8.13

7.59

19.48

18.73

16.88

15.23

13.65

2.52

2.64

2.86

3.10

3.41

105.66

5.9%

16.91

15.88

14.76

13.66

12.93

26.06

24.36

22.59

20.79

19.19

1.77

2.00

2.19

2.40

2.62

127.48

2.3%

10.78

8.29

7.66

7.01

6.57

0.00

0.00

1.34

3.06

9.12

9.3%

5.06

15.18

15.23

14.04

13.19

11.04

7.17

5.43

5.22

5.40

5.96

10.05

3.1%

4.91

5.10

5.35

9.59

9.79

9.78

10.79

9.13

5.77

5.56

5.60

5.00

12.53

4.7%

6.47

6.00

5.46

8.01

8.04

6.90

6.21

5.61

2.25

2.45

3.18

3.87

5.07

207.32

20.6%

5.20

4.71

4.60

23.26

16.64

12.39

10.77

9.95

1.37

2.14

2.90

3.51

3.36

49.97

11.3%

7.70

8.13

8.13

7.85

8.29

5.01

5.28

5.46

5.64

6.09

153.61

12.9%

9.13

27.29

30.91

19.68

14.75

9.94

0.67

0.81

0.94

1.15

1.21

68.90

1.5%

6.80

6.70

10.62

12.00

12.01

11.37

10.93

9.06

9.06

8.91

8.25

7.46

17.97

8.5%

7.55

6.72

9.77

9.64

9.31

8.91

8.37

3.44

3.56

3.86

4.17

4.50

80.66

6.3%

3.71

12.38

10.18

7.97

6.77

7.47

1.47

2.68

4.39

5.63

37.18

8.4%

3.06

30.32

21.79

11.69

7.74

8.68

1.34

1.98

2.98

4.04

4.32

-0.4%

6.31

20.57

15.99

13.52

11.83

10.27

3.09

3.16

3.41

3.64

3.65

26.56

8.0%

10.41

27.09

24.75

22.18

19.95

17.41

2.19

2.36

2.68

3.02

3.49

108.07

4.2%

6.56

8.86

10.02

10.55

10.20

9.46

7.72

7.35

7.25

7.01

6.81

4.20

3.9%

6.52

6.27

11.69

11.74

11.14

10.27

9.79

4.43

4.39

4.59

4.88

5.08

45.84

13.6%

5.75

5.21

9.82

15.30

8.19

9.97

9.75

9.37

7.55

6.09

5.89

5.76

5.89

6.62

18.01

9.4%

15.45

16.82

10.66

8.05

7.21

3.37

3.30

4.10

5.28

5.94

1.48

-2.4%

17.04

10.23

9.83

8.78

8.91

1.98

2.89

3.56

4.33

2.93

14.29

-1.4%

28.67

26.45

23.91

21.52

18.93

1.23

1.23

1.35

1.50

1.60

91.25

13.4%

18.21

17.85

16.82

15.42

14.17

12.75

4.95

5.22

5.61

6.07

6.66

189.95

12.0%

6.11

6.78

7.78

8.05

7.47

7.05

6.03

5.27

5.10

5.39

5.75

2.81

13.0%

5.79

5.15

15.17

17.91

13.38

11.01

9.40

3.27

3.47

3.68

3.93

35.33

-0.8%

4.42

4.50

4.49

6.40

8.20

8.29

8.16

7.46

9.75

9.17

8.41

8.64

8.96

8.69

5.4%

5.30

5.24

4.96

4.54

11.53

10.86

10.84

10.43

10.39

4.89

5.37

5.42

5.59

5.51

19.07

5.3%

6.61

6.54

6.11

5.78

5.43

19.19

17.36

14.87

13.02

12.48

2.18

2.58

2.97

3.36

6.54

10.28

11.13

9.45

8.08

6.65

22.72

27.30

18.33

14.04

10.23

3.78

3.78

3.81

3.90

2.65

2.97

3.88

3.81

4.29

4.45

4.61

5.31

5.52

7.24

8.19

9.27

9.35

9.10

6.96

3.90

2.92

6.04

6.30

5.30

4.76

3.66

79.03

15.61

11.10

8.00

4.17

1.49

1.95

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

24.52

1.8%

3.75

15.62

-6.4%

6.55

5.36

22.34

3.3%

2.71

5.55

11.34

10.9%

05.09.2013

Sanofi
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SAN FP EQUITY YTD Change
SAN FP EQUITY YTD % CHANGE

12/2012
03/yy
87.03
64.55
1'155'216.00
72.51
-16.68%
12.33%
35.32%
1'326.8
96'203.41
14'531.00
0.0
134.0
6'381.00
106'811.42

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
29'306.0
32'367.0
2.61x
1.99x
12'805.0
13'156.0
5.97x
4.90x
5'265.0
5'467.0
14.13x
11.42x
Profitability

8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-12

LTM-4Q
31.12.2011
33'389.0
2.59x
12'593.0
6.88x
5'693.0
13.17x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
34'947.0
2.94x
12'384.0
8.30x
4'967.0
18.99x
12'384.00
7'787.00
22.28%
17.94%
3.44%
6.09%
5.46%
0.34%
68.2%
33.5%
19.3%
14.2%
1.65
1.00
14.47%
25.34%
4.25
1.63

Price/ Cash Flow

03/yy
34'121
5.12x
9'305.0
0.00x
6'284.0
12.28x

s-12

o-12

n-12

d-12

LTM
03/yy
34'495
5.61x
8'624.0
0.00x
4'144.0
25.25x

j-13

f-13

m-13 a-13

m-13

j-13

FY+1

.0 M
j-13

0.75
1'188.04
15.11%
4.96%
0.747
35
4.114
2'750'686
2'706'140
2'692'483
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
33'963
35'854
8'949
8'850
3.00x
2.76x
11'584.9
12'884.6
9.23x
8.30x
7'059.9
7'963.7
2'104.8
1'897.4
13.43x
11.90x
12.61x
12.28x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

03.05.2013
AA
STABLE
18.02.2011
A-1+
29.70
25.83
0.93
1.30
25.3%
20.2%
0.34
3.18
85.79
223.55
106.36
184.13

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00
01.01.2010

9.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
27'568.0
2.22x
9'940.0
6.16x
3'851.0
15.94x

100
90
80
70
60
50
40
30
20
10
0
j-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Sanofi
Holdings By:

All

Holder Name
L'OREAL SA
NORGES BANK
BLACKROCK
FMR LLC
VANGUARD GROUP INC
SANOFI EMP SAVINGS P
DODGE & COX
FIL LIMITED
DODGE & COX WORLDWID
DODGE & COX WORLDWID
AMUNDI
FRANKLIN RESOURCES
NATIXIS ASSET MANAGE
MORGAN STANLEY
AVIVA PLC
FIRST EAGLE INVESTME
ALLIANZ ASSET MANAGE
LBPAM
DEUTSCHE BANK AG
JP MORGAN

Firm Name
Societe Generale
Deutsche Bank
Bryan Garnier & Cie
Leerink Swann & Co
Credit Suisse
Redburn Partners
Helvea
AlphaValue
Oddo & Cie
Barclays
Morgan Stanley
Intermonte Securities SpA
Sanford C. Bernstein & Co
Exane BNP Paribas
Jefferies
Natixis
Liberum Capital Ltd
EVA Dimensions
CM - CIC Securities(ESN)
Day by Day
Independent Research GmbH
Kepler Cheuvreux
UBS
S&P Capital IQ
Goldman Sachs
Berenberg Bank
JPMorgan
Landesbank Baden-Wuerttemberg
Mirabaud Securities
Banco Sabadell
National Bank AG
Nord/LB
Hamburger Sparkasse
Main First Bank AG
Cyrrus
MP Advisors Pvt Ltd

Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
DODGE & COX WORLDWID
DODGE & COX WORLDWID
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a

Analyst
STEPHEN MCGARRY
MARK CLARK
ERIC LE BERRIGAUD
SEAMUS FERNANDEZ
LUISA HECTOR
TEAM COVERAGE
ODILE RUNDQUIST
ARMELLE MOULIN
SEBASTIEN MALAFOSSE
MARK PURCELL
PETER VERDULT
ZHANG YANGMEI
TIMOTHY M ANDERSON
VINCENT MEUNIER
JEFFREY HOLFORD
PHILIPPE LANONE
NARESH CHOUHAN
TIMOTHY STANISH
ARSENE GUEKAM
VALERIE GASTALDY
CHRISTOPH SCHOENDUBE
FABIAN WENNER
ANDREW WHITNEY
SHO MATSUBARA
KEYUR PAREKH
ALISTAIR CAMPBELL
RICHARD VOSSER
TIMO KUERSCHNER
NICHOLAS TURNER
MARTA DIAZ
STEFFEN MANSKE
THORSTEN STRAUSS
MARCO GUENTHER
TIM FRANKLIN
TOMAS MENCIK
VISHAL MANCHANDA

Source
20F
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
20F
MF-AGG
ULT-AGG
MF-PART
MF-PART
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
buy
buy
buy
outperform
neutral
neutral
accumulate
reduce
buy
equalweight
Overwt/Attractive
buy
outperform
outperform
buy
buy
hold
hold
reduce
hold
hold
hold
buy
buy
neutral/neutral
hold
overweight
buy
neutral
buy
buy
hold
sell
suspended coverage
hold
market perform

Amt Held
118'227'307
31'319'685
24'176'248
21'550'093
18'606'458
17'191'116
16'598'982
16'061'256
16'001'574
14'136'166
13'073'821
11'272'539
8'656'462
6'884'655
6'525'275
5'996'246
5'346'259
4'692'828
4'666'560
4'138'278

% Out
8.88
2.35
1.81
1.62
1.4
1.29
1.25
1.21
1.2
1.06
0.98
0.85
0.65
0.52
0.49
0.45
0.4
0.35
0.35
0.31

Weighting

Change

5
5
5
5
3
3
4
2
5
3
5
5
5
5
5
5
3
3
2
3
3
3
5
5
3
3
5
5
3
5
5
3
1
#N/A N/A
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M

Latest Chg
998'644
608'253
567'306
(350'000)
458'457
(333'547)
(1'594'592)
224'562
190'417
21'500
3'000
1'026'859
(132'673)
(153'430)
19'634

Target Price
92
102
90
89
84
#N/A N/A
90
84
91
77
104
86
89
95
100
100
80
#N/A N/A
76
#N/A N/A
88
81
92
92
92
93
99
90
83
80
78
#N/A N/A
#N/A N/A
#N/A N/A
60
52

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
31.01.2013
Corporation
31.12.2012
Government
29.07.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.01.2013
n/a
30.06.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013
Investment Advisor
31.05.2013 Hedge Fund Manager
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.06.2013
Investment Advisor

Date
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
30.07.2013
30.07.2013
30.07.2013
29.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
24.07.2013
23.07.2013
21.07.2013
17.07.2013
15.07.2013
15.07.2013
12.07.2013
01.07.2013
28.06.2013
27.06.2013
24.06.2013
14.06.2013
03.06.2013
03.06.2013
24.05.2013
20.05.2013
17.05.2013
14.05.2013
09.05.2013
02.05.2013
22.03.2013
15.02.2013
13.02.2013
11.12.2012
28.11.2012
20.07.2012
05.04.2012
08.02.2012

05.09.2013

Total SA
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.

Price/Volume
45

16.0 M

40

14.0 M

35

12.0 M

30

10.0 M

25

Latest Fiscal Year:
LTM as of:
52-Week High (28.08.2013)
52-Week Low (17.04.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FP FP EQUITY YTD Change
FP FP EQUITY YTD % CHANGE

12/2012
06/yy
42.90
35.18
1'549'502.00
41.785
-2.60%
18.79%
87.90%
2'376.7
99'311.88
33'290.00
0.0
1'281.0
17'031.00
121'569.89

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

6.0 M

15
10

4.0 M

5

2.0 M

0
j-12

31.12.2009
31.12.2010
112'153.0
140'476.0
1.03x
0.74x
22'234.0
28'045.0
5.22x
3.72x
8'447.0
10'571.0
11.87x
8.38x
Profitability

LTM-4Q
31.12.2011
166'550.0
0.65x
32'919.0
3.28x
12'276.0
7.23x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
182'299.0
0.58x
32'343.0
3.27x
10'694.0
8.23x
32'343.00
21'862.00
11.99%
13.11%
5.60%
13.30%
9.43%
1.04%
17.1%
11.4%
5.9%
1.38
0.74
19.37%
45.66%
9.02
-

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

LTM

FY+1

.0 M
j-13

5.65
0.89
2'045.62
13.16%
10.54%
0.892
34
4.029
4'252'063
4'038'552
4'299'103
FY+2

FQ+1

FQ+2

06/yy
06/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
175'834.0 177'386.0 178'815.8 186'335.3
45'009.0
44'902.0
2.28x
2.39x
0.67x
0.64x
2.69x
2.65x
31'821.0
30'393.0
32'028.7
33'935.1
9'424.0
9'481.0
3.10x
3.53x
3.79x
3.58x
3.26x
3.22x
10'790.0
9'521.0
11'576.7
12'096.0
3'226.5
3'263.0
7.43x
8.91x
8.27x
8.08x
8.04x
8.01x
S&P Issuer Ratings
Long-Term Rating Date
12.04.2011
Long-Term Rating
AALong-Term Outlook
STABLE
Short-Term Rating Date
13.09.1999
Short-Term Rating
A-1+
Credit Ratios
EBITDA/Interest Exp.
48.20
(EBITDA-Capex)/Interest Exp.
18.54
Net Debt/EBITDA
0.68
Total Debt/EBITDA
1.07
Reference
Total Debt/Equity
45.7%
Total Debt/Capital
31.0%
Asset Turnover
1.04
Net Fixed Asset Turnover
2.51
Accounts receivable turnover-days
40.46
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

8.00

200'000.0

7.00

180'000.0
160'000.0

6.00

140'000.0

5.00

120'000.0

4.00

100'000.0
80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
160'331.0
0.62x
29'887.0
3.32x
10'590.0
8.21x

8.0 M

20

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Total SA
Holdings By:

All

Holder Name
AMUNDI
TOTAL SA
GROUPE BRUXELLES LAM
QATAR HOLDINGS LLC
NORGES BANK
NATIONALE A PORTEFEU
BLACKROCK
VANGUARD GROUP INC
AMUNDI
FRANKLIN RESOURCES
CAPITAL GROUP COMPAN
FIRST EAGLE INVESTME
NATIXIS ASSET MANAGE
AVIVA PLC
BANK OF NEW YORK MEL
LBPAM
THORNBURG INVESTMENT
ALLIANZ ASSET MANAGE
FMR LLC
DODGE & COX

Firm Name
Morgan Stanley
Societe Generale
RBC Capital Markets
Credit Suisse
JPMorgan
Jefferies
Raymond James
Macquarie
Independent Research GmbH
CM - CIC Securities(ESN)
Oddo & Cie
Natixis
Nomura
Simmons & Company International
Barclays
Investec
Sanford C. Bernstein & Co
Landesbank Baden-Wuerttemberg
S&P Capital IQ
Tudor Pickering & Co
AlphaValue
Deutsche Bank
Exane BNP Paribas
Canaccord Genuity Corp
EVA Dimensions
VTB Capital
HSBC
Grupo Santander
Hamburger Sparkasse
Day by Day
Goldman Sachs
Banco Sabadell
UBS

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
MARTIJN P RATS
IRENE HIMONA
PETER HUTTON
KIM FUSTIER
NITIN SHARMA
IAIN REID
BERTRAND HODEE
JASON D GAMMEL
SVEN DIERMEIER
JEAN-LUC ROMAIN
AHMED BEN SALEM
ANNE PUMIR
THEEPAN JOTHILINGAM
JEFFREY A DIETERT
LYDIA RAINFORTH
NEILL MORTON
OSWALD CLINT
JENS MUENSTERMANN
CHRISTINE TISCARENO
ROBERT KESSLER
ALEXANDRE ANDLAUER
LUCAS HERRMANN
ALEJANDRO DEMICHELIS
SAMUEL SIMON
DOUG WALTERS
COLIN SMITH
PAUL SPEDDING
JASON KENNEY
INGO SCHMIDT
VALERIE GASTALDY
MICHELE DELLA VIGNA
JORGE GONZALEZ SADORNIL
JONATHON RIGBY

Source
13G
20F
20F
Research
Research
20F
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG

Recommendation
Equalwt/In-Line
buy
outperform
neutral
overweight
buy
outperform
neutral
sell
buy
buy
buy
buy
overweight
underweight
hold
outperform
buy
buy
accumulate
reduce
buy
outperform
buy
buy
buy
overweight
buy
hold
hold
Sell/Cautious
buy
buy

Amt Held
180'919'481
108'732'635
94'636'768
47'275'059
47'038'683
33'122'869
28'682'678
24'589'404
18'036'409
15'875'404
12'428'800
12'204'782
11'704'762
10'518'798
10'125'443
7'850'360
7'564'200
7'358'913
7'203'345
6'918'600

% Out
7.61
4.57
3.98
1.99
1.98
1.39
1.21
1.03
0.76
0.67
0.52
0.51
0.49
0.44
0.43
0.33
0.32
0.31
0.3
0.29

Weighting

Change
3
5
5
3
5
5
5
3
1
5
5
5
5
5
1
3
5
5
5
4
2
5
5
5
5
5
5
5
3
3
1
5
5

M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M

Latest Chg
559'401
(2'333'425)
969'007
1'133'675
(130'325)
(88'423)
(7'965'265)
5'059'441
(4'002'760)
(46'000)
(854'454)
4'635
67'100
782'983
2'353'371
800'000

Target Price
41
47
44
44
49
48
45
42
37
54
50
47
44
#N/A N/A
43
37
52
45
48
47
37
42
48
45
#N/A N/A
50
46
45
#N/A N/A
#N/A N/A
42
47
44

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Corporation
31.12.2012
Holding Company
14.03.2012
Government
31.12.2011
Government
31.12.2012
Private Equity
29.07.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013 Hedge Fund Manager
28.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.07.2013
Investment Advisor
28.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month

Date
30.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
19.07.2013
15.07.2013
08.07.2013
06.06.2013
15.05.2013
02.05.2013
30.04.2013
16.04.2013
04.04.2013
20.03.2013
15.02.2013
30.07.2012

05.09.2013

Bayer AG
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.08.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BAYN GY EQUITY YTD Change
BAYN GY EQUITY YTD % CHANGE

12/2012
06/yy
91.03
62.03
751'801.00
83.86
-7.88%
35.19%
78.93%
826.9
69'347.84
9'532.00
0.0
100.0
2'551.00
78'274.84

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
31'168.0
35'088.0
1.80x
1.53x
7'695.0
8'900.0
7.30x
6.04x
1'359.0
1'301.0
32.92x
35.22x
Profitability

10.0 M
8.0 M
6.0 M
4.0 M
2.0 M

a-12

LTM-4Q
31.12.2011
36'528.0
1.32x
8'963.0
5.36x
2'470.0
16.52x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
39'760.0
1.67x
9'001.0
7.39x
2'446.0
24.29x
9'001.00
6'041.00
15.19%
8.17%
5.50%
15.33%
0.76%
52.1%
23.2%
16.0%
6.2%
1.45
0.76
18.57%
51.61%
4.58
2.77

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy
38'081.0
5.12x
9'332.0
5.86x
2'560.0
18.24x

d-12

06/yy
40'153.0
6.96x
8'900.0
8.60x
2'903.0
23.30x

j-13

f-13

m-13 a-13

m-13

j-13

FY+1

.0 M
j-13

0.92
801.82
36.48%
19.44%
0.924
37
3.973
1'498'709
1'647'868
1'929'718
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
40'851.9
43'113.1
9'955.6
10'333.4
1.86x
1.70x
8'529.1
9'390.6
1'838.0
2'015.0
9.18x
8.34x
4'684.3
5'326.1
847.5
1'094.0
14.59x
12.93x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.04.2008
APOS
11.07.2006
A-2
12.11
9.52
0.95
1.22
51.6%
33.9%
0.76
4.06
79.64
131.78
70.17
119.75

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00
01.01.2010

12.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
32'918.0
1.40x
6'702.0
6.86x
1'719.0
18.72x

100
90
80
70
60
50
40
30
20
10
0
j-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Bayer AG
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
SEB
UBS
CREDIT SUISSE GROUP
NORGES BANK
FMR LLC
VANGUARD GROUP INC
DODGE & COX
MORGAN STANLEY
SUN LIFE FINANCIAL I
DEUTSCHE BANK AG
BANK OF NEW YORK MEL
DEKA INVESTMENT GMBH
BNP PARIBAS INV PART
ALLIANZ ASSET MANAGE
UNION INVESTMENT GMB
SOCIETE GENERALE SA
DB PLATINUM ADVISORS
T ROWE PRICE ASSOCIA

Firm Name
Deutsche Bank
Morgan Stanley
Baader Bank
Jefferies
Sanford C. Bernstein & Co
Berenberg Bank
Bryan Garnier & Cie
Equinet Institutional Services(ESN)
Exane BNP Paribas
Helvea
Barclays
Independent Research GmbH
Commerzbank Corporates & Markets
Landesbank Baden-Wuerttemberg
AlphaValue
Day by Day
Credit Suisse
Bankhaus Metzler
Natixis
Main First Bank AG
Liberum Capital Ltd
M.M. Warburg Investment Research
Ahorro Corporacion Financiera SA
Goldman Sachs
Redburn Partners
EVA Dimensions
DZ Bank AG
S&P Capital IQ
Kepler Cheuvreux
JPMorgan
Hamburger Sparkasse
Nord/LB
Macquarie
Nomura
National Bank AG
UBS
Societe Generale
Banco Sabadell

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
TIM RACE
AMY WALKER
NORBERT BARTH
JEFFREY HOLFORD
JEREMY REDENIUS
ALISTAIR CAMPBELL
MARTIAL DESCOUTURES
MARIETTA MIEMIETZ
FLORENT CESPEDES
ODILE RUNDQUIST
MARK PURCELL
CHRISTOPH SCHOENDUBE
DANIEL WENDORFF
ULLE WORNER
MARTIN SCHNEE
VALERIE GASTALDY
JOHANNA WALTON
SEBASTIAN FRERICKS
BEATRICE MUZARD
RONALD KOEHLER
NARESH CHOUHAN
ULRICH HUWALD
JOSE VALLE
STEVE CHESNEY
TEAM COVERAGE
TIMOTHY STANISH
PETER SPENGLER
SHO MATSUBARA
FABIAN WENNER
RICHARD VOSSER
MARCO GUENTHER
THORSTEN STRAUSS
CHRISTIAN FAITZ
JEAN DE WATTEVILLE
EKKEHARD D LINK
ANDREW WHITNEY
STEPHEN MCGARRY
MARTA DIAZ

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Research
MF-AGG
MF-AGG

Recommendation
buy
Equalwt/Attractive
hold
buy
market perform
buy
neutral
accumulate
outperform
neutral
underweight
hold
buy
buy
reduce
hold
outperform
buy
buy
outperform
buy
hold
buy
Buy/Neutral
neutral
overweight
buy
buy
hold
overweight
hold
sell
outperform
not rated
hold
neutral
hold
buy

Amt Held
70'743'628
67'206'660
41'431'997
24'716'989
20'623'972
19'085'378
14'730'674
11'389'422
10'591'070
10'258'368
9'840'914
8'129'350
6'641'742
5'782'212
5'516'085
5'468'324
4'911'763
4'502'247
4'199'881
3'917'151

% Out
8.55
8.13
5.01
2.99
2.49
2.31
1.78
1.38
1.28
1.24
1.19
0.98
0.8
0.7
0.67
0.66
0.59
0.54
0.51
0.47

Weighting

Change

5
3
3
5
3
5
3
4
5
3
1
3
5
5
2
3
5
5
5
5
5
3
5
5
3
5
5
5
3
5
3
1
5
#N/A N/A
3
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
M
N

Latest Chg
(725'000)
(231'399)
(196'834)
(16'753)
183'703
329'110
(288'800)
46'177
357'762
(28'158)
184'912
(280'928)
503'958
(200'301)
(1'026'192)
(1'458'310)
269'159

Target Price
99
93
66
95
75
94
87
75
93
87
68
88
90
95
84
#N/A N/A
95
90
93
90
110
89
91
100
#N/A N/A
#N/A N/A
95
91
85
95
#N/A N/A
65
85
#N/A N/A
80
82
74
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
30.06.2013
29.07.2013
26.04.2013
30.07.2013
15.05.2013
31.12.2012
30.06.2013
30.06.2013
30.06.2013
31.03.2013
31.05.2013
31.05.2013
30.07.2013
30.04.2013
31.03.2013
30.06.2013
30.06.2013
10.05.2013
30.06.2013
31.03.2013

Date
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
29.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
23.07.2013
18.07.2013
04.07.2013
04.07.2013
01.07.2013
28.06.2013
24.06.2013
24.06.2013
20.06.2013
14.06.2013
06.06.2013
24.05.2013
22.05.2013
15.05.2013
13.05.2013
29.04.2013
26.04.2013
25.04.2013
17.04.2013
12.04.2013
22.03.2013
05.03.2013
05.03.2012

05.09.2013

Siemens AG
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.

Price/Volume
90

12.0 M

80

10.0 M

70
60

8.0 M

50

09/2012
06/yy
85.52
71.98
1'385'422.00
83.89
-1.90%
16.55%
75.50%
881.0
73'907.09
22'166.00
0.0
569.0
11'415.00
87'270.09

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

30

4.0 M

20

2.0 M

10
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
30.09.2008
77'327.0
0.82x
8'175.0
7.77x
5'725.0
34.66x

6.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SIE GY EQUITY YTD Change
SIE GY EQUITY YTD % CHANGE

30.09.2009
30.09.2010
76'651.0
68'978.0
0.81x
1.09x
9'196.0
9'544.0
6.77x
7.87x
2'292.0
3'899.0
24.49x
16.42x
Profitability

LTM-4Q
30.09.2011
73'275.0
0.92x
10'492.0
6.40x
6'145.0
8.24x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.09.2012
78'296.0
1.00x
9'653.0
8.08x
4'458.0
13.50x
9'653.00
6'909.00
8.82%
9.30%
4.18%
15.19%
10.32%
0.72%
28.4%
11.3%
7.7%
5.7%
1.22
0.62
20.47%
72.12%
4.82
3.26

Price/ Cash Flow

LTM

06/yy
76'980.0
3.73x
9'730.0
7.17x
4'265.0
11.83x

06/yy
77'090.0
3.18x
6'870.0
0.00x
4'491.0
14.02x

FY+1

.0 M
j-13

0.94
771.11
19.85%
9.21%
0.935
38
3.947
1'572'763
2'153'245
2'443'662
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
76'569.9
79'122.3
20'662.4
18'579.5
1.16x
1.08x
4.35x
4.94x
8'453.8
10'866.5
1'650.0
2'418.0
10.34x
8.04x
9.00x
8.13x
4'449.7
6'017.5
1'103.8
1'397.0
15.38x
12.00x
12.03x
11.31x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

05.06.2009
A+
STABLE
18.04.2011
A-1+
21.45
16.55
1.48
2.62
72.1%
41.5%
0.72
7.37
75.68
111.86
48.72
120.05

Sales/Revenue/Turnover

14.00

100'000.0
90'000.0

12.00

80'000.0

10.00

70'000.0
60'000.0

8.00

50'000.0
40'000.0

6.00

30'000.0

4.00

20'000.0
2.00
0.00
02.10.2009

10'000.0
0.0
02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Siemens AG
Holdings By:

All

Holder Name
BLACKROCK
SIEMENS FAMILY
QATAR HOLDINGS LLC
SIEMENS AG
NORGES BANK
VANGUARD GROUP INC
UBS
CAPITAL GROUP COMPAN
FRANKLIN RESOURCES
UNION INVESTMENT GMB
DEUTSCHE BANK AG
DEKA INVESTMENT GMBH
THORNBURG INVESTMENT
ALLIANZ ASSET MANAGE
AMUNDI
FMR LLC
OPPENHEIMERFUNDS INC
MERCURY ASSET MANAGE
FIL LIMITED
ADIG INVESTMENT

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Berenberg Bank
WILLIAM MACKIE
Nomura
DANIEL CUNLIFFE
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Deutsche Bank
PETER REILLY
Morgan Stanley
BEN UGLOW
Baader Bank
GUENTHER MICHAEL HOLLFELDER
JPMorgan
ANDREAS WILLI
Canaccord Genuity Corp
ANDREW BELL
Exane BNP Paribas
OLIVIER ESNOU
RBC Capital Markets
ANDREW CARTER
HSBC
MICHAEL HAGMANN
Nord/LB
WOLFGANG DONIE
Landesbank Baden-Wuerttemberg
VOLKER STOLL
Independent Research GmbH
MARKUS FRIEBEL
S&P Capital IQ
UNAI FRANCO
AlphaValue
HEINZ STEFFEN
Natixis
ARNAUD SCHMIT
Societe Generale
GAEL DE BRAY
Spin-Off Research
TEAM COVERAGE
Goldman Sachs
DANIELA COSTA
Credit Suisse
SIMON TOENNESSEN
William Blair & Co
NICHOLAS P HEYMANN
Hamburger Sparkasse
MARCO GUENTHER
Bankhaus Metzler
ULRICH TRABERT
DZ Bank AG
JASKO TERZIC
EVA Dimensions
TIMOTHY STANISH
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Day by Day
VALERIE GASTALDY
Redburn Partners
JAMES MOORE
Espirito Santo Investment Bank Research
ROB VIRDEE
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
UBS
FREDRIC STAHL
Kepler Cheuvreux
ULRICH SCHOLZ
SRH AlsterResearch
OLIVER DREBING
National Bank AG
EKKEHARD D LINK
Langenberg & Co
BRIAN KEITH LANGENBERG

Source
ULT-AGG
Research
Research
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
buy
buy
add
hold
Overwt/Cautious
buy
neutral
hold
neutral
sector perform
neutral
hold
buy
hold
hold
reduce
not rated
hold
hold
neutral/neutral
outperform
market perform
buy
buy
hold
overweight
outperform
equalweight
hold
neutral
neutral
buy
buy
hold
buy
hold
buy

Amt Held
58'656'567
54'852'206
27'758'338
26'820'674
20'908'158
12'891'181
8'286'054
7'482'100
5'548'215
4'687'449
4'188'064
4'144'184
4'133'147
4'032'497
3'644'113
2'552'091
2'539'448
2'536'739
1'943'808
1'593'238

% Out
6.66
6.23
3.15
3.04
2.37
1.46
0.94
0.85
0.63
0.53
0.48
0.47
0.47
0.46
0.41
0.29
0.29
0.29
0.22
0.18

Weighting

Change

5
5
4
3
5
5
3
3
3
3
3
3
5
3
3
2
#N/A N/A
3
3
3
5
3
5
5
3
5
5
3
3
3
3
5
5
3
5
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M

Latest Chg
261'812
554'324
(24'719)
(1'112'700)
(331'878)
(697'189)
(108'950)
2'639
(810'641)
810'271
(1'535'336)
145'923
(457'633)
(214'751)
27'110

Target Price
92
92
84
75
95
85
88
80
83
83
84
74
#N/A N/A
82
82
85
#N/A N/A
85
83
81
92
75
83
87
77
#N/A N/A
93
81
#N/A N/A
#N/A N/A
78
87
85
82
89
68
97

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
29.07.2013
10.11.2011
07.05.2012
08.10.2012
31.12.2012
30.06.2013
30.07.2013
30.06.2013
31.03.2013
30.06.2013
31.05.2013
30.04.2013
31.05.2013
30.06.2013
30.04.2013
30.06.2013
30.05.2013
29.07.2013
31.12.2012
31.03.2013

Date
Not Provided
12 month
6 month
12 month
12 month
12 month
3 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
n/a
Government
Corporation
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.07.2013
30.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
28.07.2013
28.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
17.07.2013
16.07.2013
09.07.2013
08.07.2013
08.07.2013
08.07.2013
04.07.2013
03.07.2013
03.07.2013
06.06.2013
23.05.2013
20.05.2013
15.05.2013
17.04.2013
08.03.2013
15.02.2013
31.01.2013
25.01.2013
23.01.2013
30.11.2012
12.10.2012

05.09.2013

BASF SE
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.

Price/Volume
80
70
60
50
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.06.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BAS GY EQUITY YTD Change
BAS GY EQUITY YTD % CHANGE

12/2012
06/yy
76.39
60.34
1'157'934.00
67.01
-12.28%
11.05%
46.92%
918.5
61'547.26
12'798.00
0.0
1'010.0
1'661.00
74'969.26

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20
10
0
j-12

31.12.2009
31.12.2010
50'693.0
63'873.0
1.07x
1.09x
8'500.0
11'903.0
6.36x
5.85x
1'410.0
4'557.0
28.22x
12.04x
Profitability

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data

LTM-4Q
31.12.2011
73'497.0
0.84x
11'855.0
5.20x
6'188.0
8.00x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
72'129.0
1.07x
9'669.0
8.02x
4'819.0
13.55x
9'669.00
6'381.00
8.85%
8.29%
7.10%
18.51%
13.65%
1.16%
24.8%
8.3%
6.7%
1.64
0.67
20.40%
52.00%
6.58
5.71

Price/ Cash Flow

LTM

06/yy
72'351.0
3.45x
11'258.0
5.54x
5'234.0
9.60x

06/yy
73'544.0
4.10x
5'209.0
0.00x
4'511.0
14.05x

FY+1

1.08
813.96
13.09%
-2.36%
1.084
39
3.538
2'139'455
2'763'567
2'983'585
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
74'083.9
71'002.2
17'801.3
18'402.5
1.01x
1.03x
4.25x
4.04x
10'138.4
10'867.4
2'243.0
2'320.3
7.40x
6.90x
4'787.4
5'250.1
961.0
1'192.0
12.51x
11.39x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

10.05.2011
A+
STABLE
12.02.2009
A-1
13.35
7.81
52.0%
33.3%
1.16
4.30
55.46
63.87
32.68
85.23

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00
5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00
0.00
01.01.2010

a-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
62'304.0
0.62x
10'238.0
3.74x
2'912.0
8.86x

30

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
j-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

BASF SE
Holdings By:

All

Holder Name
BLACKROCK
NORGES BANK
CAPITAL GROUP COMPAN
SEB AG
DEUTSCHE BANK AG
VANGUARD GROUP INC
FMR LLC
DB PLATINUM ADVISORS
UNION INVESTMENT GMB
ALLIANZ ASSET MANAGE
DEKA INVESTMENT GMBH
AMUNDI
BNP PARIBAS INV PART
JP MORGAN
ADIG INVESTMENT
MERCURY ASSET MANAGE
UBS
FRANKFURT TRUST INVE
SEB
WILLIAM BLAIR & COMP

Firm Name
Jefferies
M.M. Warburg Investment Research
Commerzbank Corporates & Markets
Landesbank Baden-Wuerttemberg
Bankhaus Lampe
DZ Bank AG
Societe Generale
Morgan Stanley
JPMorgan
Bankhaus Metzler
Equinet Institutional Services(ESN)
Redburn Partners
Barclays
AlphaValue
Deutsche Bank
Nord/LB
Baader Bank
Credit Suisse
UBS
Sanford C. Bernstein & Co
HSBC
Macquarie
Independent Research GmbH
Nomura
S&P Capital IQ
Day by Day
Exane BNP Paribas
Canaccord Genuity Corp
Kepler Cheuvreux
Main First Bank AG
EVA Dimensions
Hamburger Sparkasse
Goldman Sachs
Berenberg Bank
Gilford Securities
Banco Sabadell
National Bank AG
Steubing AG
SRH AlsterResearch

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
WILLIAM BLAIR & COMP

Analyst
LAURENCE ALEXANDER
OLIVER SCHWARZ
LUTZ GRUETEN
ULLE WORNER
HEIKO FEBER
PETER SPENGLER
PETER CLARK
PAUL R WALSH
MARTIN EVANS
LARS HETTCHE
NADESHDA DEMIDOVA
TONY JONES
ANDREAS HEINE
MARTIN SCHNEE
TIMOTHY JONES
THORSTEN STRAUSS
NORBERT BARTH
CHRIS COUNIHAN
THOMAS GILBERT
JEREMY REDENIUS
GEOFF HAIRE
CHRISTIAN FAITZ
CHRISTOPH SCHOENDUBE
JEAN DE WATTEVILLE
JACOB THRANE
VALERIE GASTALDY
JAMES KNIGHT
PAUL W SATCHELL
MARKUS MAYER
RONALD KOEHLER
TIMOTHY STANISH
MARCO GUENTHER
RAKESH PATEL
JAIDEEP PANDYA
PAUL C CHRISTOPHERSON
GLEN SPENCER-CHAPMAN
EKKEHARD D LINK
TEAM COVERAGE
OLIVER DREBING

Source
ULT-AGG
Research
ULT-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
13F

Recommendation
hold
hold
buy
buy
buy
buy
hold
Overwt/In-Line
underweight
sell
hold
neutral
overweight
reduce
buy
hold
buy
neutral
neutral
outperform
overweight
neutral
hold
neutral
hold
hold
outperform
sell
buy
outperform
hold
buy
Buy/Neutral
hold
neutral
sell
hold
buy
buy

Amt Held
63'927'154
27'715'437
16'676'000
12'879'295
12'243'746
11'865'578
8'350'145
7'469'006
6'376'342
6'312'065
3'851'702
3'589'145
3'588'826
3'031'576
2'885'060
2'802'902
2'656'586
2'436'248
2'086'640
1'874'116

% Out
6.96
3.02
1.82
1.4
1.33
1.29
0.91
0.81
0.69
0.69
0.42
0.39
0.39
0.33
0.31
0.31
0.29
0.27
0.23
0.2

Weighting

Change
3
3
5
5
5
5
3
5
1
1
3
3
5
2
5
3
5
3
3
5
5
3
3
3
3
3
5
1
5
5
3
5
5
3
3
1
3
5
5

M
M
M
M
U
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
M
M

Latest Chg
3'046'200
661'762
488'468
1'160'905
(389'218)
(1'440'549)
(26'922)
167'985
(4'311'843)
(92'386)
251'795
(100'868)
(138'531)
(153'300)
248'150
1'644'753

Target Price
74
79
78
78
75
81
70
78
54
61
72
#N/A N/A
79
69
79
70
85
73
70
86
82
68
77
82
72
#N/A N/A
75
60
82
75
#N/A N/A
#N/A N/A
83
60
#N/A N/A
71
64
81
60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
29.07.2013
19.06.2013
30.06.2013
29.04.2013
31.05.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
30.04.2013
30.04.2013
31.03.2013
30.06.2013
31.03.2013
29.07.2013
30.07.2013
30.04.2013
30.04.2013
31.03.2013

Date
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
3 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month

Inst Type
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor

Date
30.07.2013
30.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
18.07.2013
17.07.2013
17.07.2013
01.07.2013
06.06.2013
31.05.2013
26.04.2013
15.04.2013
08.04.2013
15.02.2013
26.10.2012
05.01.2012
29.10.2010

05.09.2013

Banco Santander SA
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (24.06.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 09.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SAN SQ EQUITY YTD Change
SAN SQ EQUITY YTD % CHANGE

12/2012
06/yy
6.68
4.79
15'927'868.00
5.484
-17.88%
14.46%
34.87%
11'092.1
60'829.13
420'024.00
0.0
9'672.0
192'388.00
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

700.0 M

6

600.0 M

5

500.0 M

4

400.0 M

3

300.0 M

2

200.0 M

1

100.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

.0 M
j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
70'114.3
8'876.4
5.74x

7

31.12.2009
31.12.2010
69'736.2
68'965.5
8'942.5
8'180.9
11.09x
8.39x
Profitability

LTM-4Q
31.12.2011
78'009.0
5'351.0
9.18x

31.12.2012
77'159.0
2'205.0
26.44x
7.95%
7.35%
0.22%
3.85%
0.74%
0.03%
4.6%
33.08%
562.63%
-

LTM

06/yy
43'979.0
0.00x
0.0
0.00x
3'577.0
13.19x

06/yy
41'610.0
0.00x
0.0
0.00x
2'756.0
18.05x

FY+1

1.16
10'913.25
6.61%
-2.46%
1.160
40
2.850
44'693'430
51'113'520
87'950'080
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
41'313.4
43'189.1
10'628.0
10'771.0
4'927.0
6'430.8
1'407.0
1'406.0
12.69x
10.10x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

16.10.2012
BBB
NEG
30.04.2012
A-2
562.6%
83.3%
0.03
2.48
-

Sales/Revenue/Turnover

80'000.0
70'000.0
60'000.0

0.80
0.60

50'000.0
40'000.0
30'000.0

0.40
0.20

20'000.0
10'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Banco Santander SA
Holdings By:

All

Holder Name
STATE STREET
BANK OF NEW YORK MEL
BNP PARIBAS SA
CAPITAL GROUP COMPAN
NORGES BANK
BARCLAYS PLC
BLACKROCK
VANGUARD GROUP INC
BANCO SANTANDER SA
DE LOS RIOS EMILIO B
DODGE & COX
ASSICURAZIONI GENERA
BNP PARIBAS INV PART
MERCURY ASSET MANAGE
UBS
FRANKLIN RESOURCES
INVESCO LTD
O'SHEA JAVIER BOTINCREDIT SUISSE ASSET
CAISSE DE DEPOT ET P

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst

Mediobanca SpA
ANDREA FILTRI
Morgan Stanley
ALVARO SERRANO
Macquarie
BENJIE CREELAN-SANDFORD
Berenberg Bank
NICK ANDERSON
Ahorro Corporacion Financiera SA
IRMA GARRIDO
Natixis
FREDERIC TESCHNER
Nomura
DARAGH QUINN
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
JASON NAPIER
RBC Capital Markets
PATRICK LEE
Credit Suisse
IGNACIO CEREZO
Keefe, Bruyette & Woods
ANTONIO RAMIREZ
Bankia Bolsa (ESN)
JAVIER BERNAT
Interdin Bolsa
JAVIER RUIZ-CAPILLAS
S&P Capital IQ
WILLIAM HOWLETT
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
BPI
CARLOS JOAQUIM PEIXOTO
Redburn Partners
GEORGE KARAMANOS
Bankhaus Lampe
NEIL SMITH
Espirito Santo Investment Bank Research
JUAN PABLO LOPEZ
Day by Day
VALERIE GASTALDY
Landesbank Baden-Wuerttemberg
INGO FROMMEN
AlphaValue
DAVID GRINSZTAJN
JPMorgan
JAIME BECERRIL
Makor Capital
ALBERT SAPORTA
Goldman Sachs
JERNEJ OMAHEN
Oddo & Cie
JULIE LEGRAND
EVA Dimensions
DOUG WALTERS
Barclays
ROHITH CHANDRA-RAJAN
HSBC
CARLO DIGRANDI
Hamburger Sparkasse
CHRISTIAN HAMANN
Independent Research GmbH
STEFAN BONGARDT
Banco Sabadell
MARIO LODOS
UBS
IGNACIO SANZ
La Caixa
DAVID FERNANDEZ
Banesto Bolsa SA Sociedad
JUAN ALBERTO TUESTA VILANOVA
BBVA
IGNACIO ULARGUI
Nord/LB
MICHAEL SEUFERT
Renta 4 SA SVB
NURIA ALVAREZ
Hammer Partners SA
ENRICO RACIOPPI

Source
ULT-AGG
Co File
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG

Recommendation
underperform
Overwt/In-Line
underperform
sell
sell
reduce
reduce
hold
hold
underperform
neutral
market perform
hold
buy
sell
neutral
underperform
buy
neutral
hold
neutral
hold
hold
buy
underweight
buy
neutral/neutral
buy
buy
underweight
underweight
hold
hold
buy
neutral
overweight
restricted
outperform
hold
hold
buy

Amt Held
878'721'897
555'448'975
317'600'714
243'314'406
229'355'687
227'263'557
154'382'777
148'679'959
103'311'499
79'253'136
78'001'217
50'134'290
40'116'720
32'964'416
31'621'687
27'349'956
24'695'440
16'281'183
14'535'361
14'003'786

% Out
8.13
5.14
2.94
2.25
2.12
2.1
1.43
1.38
0.96
0.73
0.72
0.46
0.37
0.3
0.29
0.25
0.23
0.15
0.13
0.13

Weighting

Change

1
5
1
1
1
2
2
3
3
1
3
3
3
5
1
3
1
5
3
3
3
3
3
5
1
5
3
5
5
1
1
3
3
5
3
5
#N/A N/A
5
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
D
M
M
M
U
D
M
M
M
M
M

Latest Chg
(254'271)
(23'663'677)
(56'807'364)
754'000
9'628'522
1
8'057'177
(478'336)
(77'613)
(387'280)
22'041'621
1'157
196'929
-

Target Price
4
6
5
4
5
5
5
5
6
5
5
6
6
6
5
6
5
6
#N/A N/A
6
6
#N/A N/A
5
7
4
#N/A N/A
7
7
#N/A N/A
5
5
#N/A N/A
6
7
6
6
#N/A N/A
8
#N/A N/A
6
6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
30.07.2013
31.12.2011
16.04.2013
30.06.2013
31.12.2012
03.05.2011
29.07.2013
30.06.2013
21.06.2013
16.05.2013
30.06.2013
24.10.2011
31.03.2013
29.07.2013
30.07.2013
30.04.2013
30.07.2013
02.05.2013
31.05.2013
31.12.2012

Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
15 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Bank
n/a
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
29.07.2013
19.07.2013
18.07.2013
16.07.2013
15.07.2013
11.07.2013
04.07.2013
04.07.2013
26.06.2013
17.06.2013
06.06.2013
05.06.2013
15.05.2013
29.04.2013
26.04.2013
25.04.2013
23.04.2013
20.03.2013
13.02.2013
14.01.2013
23.10.2012
26.07.2012
28.06.2012

05.09.2013

Anheuser-Busch InBev NV
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (24.06.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ABI BB EQUITY YTD Change
ABI BB EQUITY YTD % CHANGE

12/2012
06/yy
79.60
63.44
477'816.00
71.89
-9.69%
13.32%
53.47%
1'607.2
115'542.27
44'341.00
0.0
4'299.0
13'878.00
200'623.99

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

9.0 M

80

8.0 M

70

7.0 M

60

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
23'507.0
4.07x
7'734.0
12.37x
1'927.0
11.99x

90

31.12.2009
31.12.2010
36'758.0
36'297.0
3.57x
3.70x
12'925.0
13'768.0
10.15x
9.76x
4'613.0
4'026.0
17.92x
22.61x
Profitability

LTM-4Q
31.12.2011
39'046.0
3.49x
15'297.0
8.91x
5'855.0
16.71x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
39'758.0
4.37x
15'548.0
11.18x
7'243.0
19.15x
15'548.00
12'765.00
32.11%
28.05%
10.46%
30.77%
18.56%
0.32%
58.6%
38.8%
32.0%
18.2%
1.01
0.88
36.16%
107.78%
8.80
5.73

Price/ Cash Flow

LTM

06/yy
39'294.0
7.65x
11'697.0
0.00x
7'047.0
17.70x

06/yy
40'312.0
9.04x
11'852.0
0.00x
13'104.0
11.12x

FY+1

.0 M
j-13

0.78
7.54%
11.94%
0.782
38
3.632
1'181'013
1'321'773
1'599'892
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
44'005.0
49'201.6
12'104.4
12'141.8
4.45x
3.87x
17'045.2
19'367.3
4'650.3
5'083.8
11.77x
10.36x
7'749.6
8'865.2
2'055.4
2'179.0
19.82x
17.37x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

01.05.2012
A
STABLE
01.05.2012
A-1
7.53
5.95
2.78
3.22
107.8%
49.4%
0.32
2.23
41.47
63.73
265.22
-214.08

Sales/Revenue/Turnover

14.00

45'000.0

12.00

40'000.0
35'000.0

10.00

30'000.0

8.00

25'000.0

6.00

20'000.0
15'000.0

4.00

10'000.0

2.00
0.00
01.01.2010

5'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Anheuser-Busch InBev NV
Holdings By:

All

Holder Name
STICHTING INBEV
EUGENIE PATRI SEBAST
BLACKROCK
BRC SARL
CAPITAL GROUP COMPAN
NORGES BANK
FMR LLC
HARBOR CAPITAL ADVIS
BNP PARIBAS INV PART
VANGUARD GROUP INC
VOORZITTER VERHELST
INBEV-BAILLET LATOUR
ARTISAN PARTNERS HOL
AMUNDI
ALLIANZ ASSET MANAGE
ANHEUSER-BUSCH INBEV
HARTFORD INVESTMENT
T ROWE PRICE ASSOCIA
INVESCO LTD
THREADNEEDLE INVESTM

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Societe Generale
ANDREW HOLLAND
Kempen & Co
SANDER VAN OORT
RBC Capital Markets
JAMES EDWARDES JONES
Sanford C. Bernstein & Co
TREVOR STIRLING
Bank Degroof(ESN)
HANS D'HAESE
Canaccord Genuity Corp
EDDY HARGREAVES
Rabobank International
KAREL ZOETE
Berenberg Bank
PHILIP MORRISEY
Nomura
IAN SHACKLETON
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
ABN Amro Bank N.V.
ROBERT JAN VOS
KBC Securities
WIM HOSTE
JPMorgan
MIKE J GIBBS
Day by Day
VALERIE GASTALDY
Credit Suisse
SANJEET AUJLA
Jefferies
DIRK VAN VLAANDEREN
Barclays
SIMON HALES
Grupo Santander
ANTHONY J BUCALO
AlphaValue
ISABELLE COMBEMALE
Espirito Santo Investment Bank Research
ALEX SMITH
ING Bank
MARCO GULPERS
Erste Group
HANS ENGEL
S&P Capital IQ
CARL SHORT
Deutsche Bank
HAROLD THOMPSON
Redburn Partners
CHRIS PITCHER
Goldman Sachs
MITCHELL COLLETT
Liberum Capital Ltd
PABLO ZUANIC
EVA Dimensions
CRAIG STERLING
Mirabaud Securities
JONATHAN FYFE
Petercam
KRIS KIPPERS
HSBC
LAUREN E TORRES
Independent Research GmbH
LARS LUSEBRINK
UBS
MELISSA EARLAM
Natixis
OLIVIER DELAHOUSSE
Nord/LB
WOLFGANG VASTERLING
Banco Sabadell
IGNACIO ROMERO
Shore Capital Stockbrokers
PHIL CARROLL

Source
20F
20F
ULT-AGG
20F
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
20F
20F
MF-AGG
MF-AGG
ULT-AGG
20F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
hold
hold
outperform
market perform
hold
buy
buy
buy
neutral
underperform
reduce
hold
overweight
hold
outperform
buy
equalweight
buy
sell
neutral
hold
hold
hold
restricted
buy
sell/attractive
buy
sell
hold
buy
overweight
hold
buy
neutral
hold
buy
not rated

Amt Held
663'074'830
130'234'791
48'302'036
32'966'462
29'314'521
17'367'904
13'148'250
10'597'724
10'476'996
10'004'239
6'997'665
5'485'415
4'293'694
4'284'047
4'228'290
4'190'715
3'493'395
3'293'085
2'449'484
2'341'790

% Out
41.26
8.1
3.01
2.05
1.82
1.08
0.82
0.66
0.65
0.62
0.44
0.34
0.27
0.27
0.26
0.26
0.22
0.2
0.15
0.15

Weighting

Change

3
3
5
3
3
5
5
5
3
1
2
3
5
3
5
5
3
5
1
3
3
3
3
#N/A N/A
5
1
5
1
3
5
5
3
5
3
3
5
#N/A N/A

M
M
M
M
M
M
U
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(2'756'441)
(208'628)
(128'959)
14'092
(445'261)
133'574
2'197'454
12'565
(129'006)
(145'851)
(414'994)
309'854

Target Price
69
75
88
80
74
80
80
82
74
64
69
75
92
#N/A N/A
88
84
75
83
61
70
74
#N/A N/A
75
#N/A N/A
#N/A N/A
64
82
#N/A N/A
74
80
85
79
80
70
#N/A N/A
42
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
31.12.2012
29.07.2013
31.12.2012
30.06.2013
31.12.2012
30.06.2013
31.03.2013
31.03.2013
30.06.2013
31.12.2012
31.12.2012
31.03.2013
30.04.2013
30.06.2013
31.12.2012
31.05.2013
31.03.2013
30.07.2013
28.02.2013

Date
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
n/a
Corporation
Investment Advisor
Other
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
25.07.2013
19.07.2013
19.07.2013
16.07.2013
12.07.2013
11.07.2013
08.07.2013
04.07.2013
03.07.2013
02.07.2013
01.07.2013
26.06.2013
24.06.2013
24.06.2013
17.06.2013
10.06.2013
06.06.2013
05.06.2013
04.06.2013
02.05.2013
30.04.2013
28.02.2013
15.02.2013
10.09.2012
05.03.2012
07.02.2012

05.09.2013

Allianz SE
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.

Price/Volume
140

8.0 M

120

7.0 M

100

6.0 M
5.0 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ALV GY EQUITY YTD Change
ALV GY EQUITY YTD % CHANGE

12/2012
03/yy
122.10
87.75
940'045.00
111.3
-8.85%
26.84%
66.67%
456.0
50'747.24
28'651.00
0.0
2'665.0
12'437.00
68'825.24

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.0 M

40

2.0 M

20

1.0 M

0
j-12

31.12.2009
31.12.2010
82'711.0
89'740.0
0.75x
0.67x
4'297.0
5'053.0
8.37x
7.94x
Profitability

LTM-4Q
31.12.2011
87'384.0
0.61x
2'545.0
13.13x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
96'020.0
0.69x
5'169.0
4.62x
10.61%
8.95%
0.86%
12.22%
9.04%
0.14%
5.4%
4.12%
53.50%
-

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

LTM

FY+1

.0 M
j-13

1.29
448.87
30.15%
10.27%
1.294
39
4.256
1'698'417
1'471'611
1'788'670
FY+2

FQ+1

FQ+2

03/yy
88'724.0
2.62x
0.0
0.00x
3'065.0
13.00x

03/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
96'475.0 102'445.1 105'273.5
24'605.0
24'916.0
2.58x
0.64x
0.62x
0.0
0.00x
5'505.0
5'891.0
6'053.0
1'230.5
1'430.5
4.54x
8.50x
8.27x
S&P Issuer Ratings
Long-Term Rating Date
27.01.2012
Long-Term Rating
AA
Long-Term Outlook
STABLE
Short-Term Rating Date
23.03.2009
Short-Term Rating
A-1+
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
53.5%
Total Debt/Capital
33.8%
Asset Turnover
0.14
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
76'195.0
0.69x
(2'444.0)
8.51x

4.0 M

60

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Allianz SE
Holdings By:

All

Holder Name
BLACKROCK
NORGES BANK
HARBOR CAPITAL ADVIS
VANGUARD GROUP INC
DEUTSCHE BANK AG
SOCIETE GENERALE SA
ALLIANZ ASSET MANAGE
FMR LLC
MORGAN STANLEY
HARRIS ASSOCIATES LP
UNION INVESTMENT GMB
THORNBURG INVESTMENT
AMUNDI
DEKA INVESTMENT GMBH
ADIG INVESTMENT
CAPITAL GROUP COMPAN
JP MORGAN
FIL LIMITED
FRANKFURT TRUST INVE
UBS

Firm Name

Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a

Analyst

Sanford C. Bernstein & Co
THOMAS SEIDL
Credit Suisse
RICHARD BURDEN
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
Deutsche Bank
OLIVER STEEL
Helvea
DANIEL BISCHOF
AlphaValue
DIETER HEIN
Bankhaus Lampe
ANDREAS SCHAEFER
Keefe, Bruyette & Woods
WILLIAM HAWKINS
Oddo & Cie
NICOLAS JACOB
Barclays
ANDREW BROADFIELD
Exane BNP Paribas
THOMAS JACQUET
Bankhaus Metzler
JOCHEN SCHMITT
Raymond James
RAPHAEL CARUSO
Morgan Stanley
JON HOCKING
Canaccord Genuity Corp
BEN COHEN
JPMorgan
MICHAEL HUTTNER
Bryan Garnier & Cie
OLIVIER PAUCHAUT
DZ Bank AG
THORSTEN WENZEL
Societe Generale
NICK HOLMES
Nord/LB
JULIA SIEKMANN
RBC Capital Markets
GORDON AITKEN
Berenberg Bank
PETER ELIOT
Nomura
MICHAEL KLIEN
S&P Capital IQ
RODERICK WALLACE
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Mediobanca SpA
MARC THIELE
Goldman Sachs
VINIT MALHOTRA
Independent Research GmbH
STEFAN BONGARDT
Day by Day
VALERIE GASTALDY
Main First Bank AG
MICHAEL HAID
EVA Dimensions
DOUG WALTERS
HSBC
KAILESH MISTRY
Macquarie
HADLEY COHEN
Kepler Cheuvreux
ATANASIO PANTARROTAS
Natixis
BENOIT VALLEAUX
Bank of Valletta
MALCOLM ABDILLA CASTILLO
Hamburger Sparkasse
CHRISTIAN HAMANN
National Bank AG
MANFRED JAISFELD
Banco Sabadell
MARIO LODOS
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE

Source
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
market perform
neutral
hold
buy
buy
add
buy
market perform
buy
overweight
outperform
sell
market perform
Equalwt/In-Line
buy
overweight
buy
buy
hold
buy
outperform
buy
buy
hold
hold
neutral
Buy/Neutral
buy
hold
outperform
buy
overweight
outperform
buy
buy
hold
buy
buy
buy
neutral
hold

Amt Held
32'047'039
9'837'831
6'365'290
5'198'311
4'738'740
4'300'429
4'098'138
3'984'629
3'882'826
3'208'800
2'657'521
2'511'439
2'253'959
2'232'331
2'061'479
2'054'950
1'986'209
1'874'685
1'706'465
1'567'300

% Out
7.03
2.16
1.4
1.14
1.04
0.94
0.9
0.87
0.85
0.7
0.58
0.55
0.49
0.49
0.45
0.45
0.44
0.41
0.37
0.34

Weighting

Change
3
3
3
5
5
4
5
3
5
5
5
1
3
3
5
5
5
5
3
5
5
5
5
3
3
3
5
5
3
5
5
5
5
5
5
3
5
5
5
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
197'204
30'360
(46'869)
(165'280)
9'039
159'500
(1'853'649)
489'539
94'459
324'220
(153'200)
74'791
(2'716'587)
(3'500)
(13'132)

Target Price
110
131
120
130
122
126
135
135
130
118
135
105
#N/A N/A
124
135
130
140
134
117
132
130
141
140
122
118
123
142
140
#N/A N/A
150
#N/A N/A
145
135
134
130
117
#N/A N/A
120
114
92
106

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
29.07.2013
31.12.2012
31.03.2013
30.06.2013
31.05.2013
16.05.2013
30.06.2013
30.06.2013
31.03.2013
30.06.2013
30.06.2013
31.05.2013
30.04.2013
30.04.2013
31.03.2013
30.06.2013
30.06.2013
31.12.2012
30.04.2013
30.07.2013

Date
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
3 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month

Inst Type
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified

Date
30.07.2013
29.07.2013
29.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
23.07.2013
23.07.2013
22.07.2013
19.07.2013
18.07.2013
11.07.2013
10.07.2013
10.07.2013
28.06.2013
27.06.2013
27.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
25.06.2013
20.06.2013
20.06.2013
18.06.2013
14.06.2013
12.06.2013
06.06.2013
31.05.2013
17.05.2013
16.05.2013
16.05.2013
12.03.2013
25.02.2013
22.02.2013
15.02.2013
11.11.2011
12.05.2011

05.09.2013

SAP AG
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.

Price/Volume
70

12.0 M

60

10.0 M

50

8.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SAP GY EQUITY YTD Change
SAP GY EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4.0 M

20

2.0 M

10
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
11'575.0
2.71x
3'300.0
9.49x
1'847.0
16.28x

6.0 M

30

12/2012
06/yy
65.00
52.52
2'753'896.00
53.45
-17.77%
1.77%
13.46%
1'228.5
65'663.55
5'248.00
0.0
8.0
2'631.00
67'214.55

31.12.2009
31.12.2010
10'672.0
12'464.0
3.65x
3.71x
3'301.0
4'125.0
11.81x
11.20x
1'748.0
1'811.0
22.45x
25.07x
Profitability

LTM-4Q
31.12.2011
14'233.0
3.31x
4'663.0
10.10x
3'438.0
14.13x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
16'223.0
4.62x
5'002.0
14.99x
2'823.0
25.61x
5'002.00
4'139.00
25.51%
23.57%
11.42%
21.86%
17.00%
0.64%
68.8%
30.8%
25.2%
17.4%
1.00
0.94
19.56%
37.05%
5.05
-

Price/ Cash Flow

LTM

06/yy
15'157.0
13.82x
4'810.0
11.69x
3'553.0
15.71x

06/yy
16'638.0
17.12x
4'920.0
13.93x
2'967.0
22.47x

FY+1

.0 M
j-13

0.83
913.65
2.06%
-10.62%
0.827
44
4.023
2'834'345
2'341'761
3'088'027
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
17'297.5
18'839.4
4'233.1
5'407.2
3.78x
3.32x
15.86x
12.24x
6'164.7
6'841.2
1'492.5
2'324.5
10.91x
9.83x
10.53x
10.17x
3'912.8
4'383.5
965.9
1'549.6
15.85x
14.16x
14.96x
14.48x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

28.58
25.49
0.30
1.02
37.1%
27.0%
0.64
9.77
72.33
-

Sales/Revenue/Turnover

25.00

18'000.0
16'000.0

20.00

14'000.0
12'000.0

15.00

10'000.0
8'000.0

10.00

6'000.0
4'000.0

5.00

2'000.0
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

SAP AG
Holdings By:

All

Holder Name
PLATTNER HASSO
TSCHIRA KLAUS
BLACKROCK
HOPP DIETMAR
SAP AG
MORGAN STANLEY
NORGES BANK
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
HARBOR CAPITAL ADVIS
DEUTSCHE BANK AG
FIL LIMITED
CAPITAL GROUP COMPAN
DEKA INVESTMENT GMBH
FMR LLC
THORNBURG INVESTMENT
OPPENHEIMERFUNDS INC
UNION INVESTMENT GMB
BNP PARIBAS INV PART
CREDIT SUISSE AG

Firm Name
Bankhaus Metzler
HSBC
Natixis
AlphaValue
Societe Generale
Credit Suisse
Jefferies
William Blair & Co
M.M. Warburg Investment Research
Bryan Garnier & Cie
Cross Research
Exane BNP Paribas
Nomura
JPMorgan
Sanford C. Bernstein & Co
Macquarie
Berenberg Bank
DZ Bank AG
Redburn Partners
Barclays
Grupo Santander
Commerzbank Corporates & Markets
Deutsche Bank
Morgan Stanley
Nord/LB
Goldman Sachs
Baader Bank
Pacific Crest Securities
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Hamburger Sparkasse
Kepler Cheuvreux
S&P Capital IQ
JMP Securities
Day by Day
Jyske Bank
Banco Sabadell
EVA Dimensions
UBS
National Bank AG
Wells Fargo Securities, LLC
Evercore Partners
FBR Capital Markets

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst
ULRICH TRABERT
ANTONIN BAUDRY
GWENAEL GIARD
HEINZ STEFFEN
RICHARD NGUYEN
PHILIP WINSLOW
ROSS MACMILLAN
BHAVAN SURI
ANDREAS WOLF
GREGORY RAMIREZ
RICHARD T WILLIAMS
BRICE PRUNAS
RICHARD G SHERLUND
STACY E POLLARD
MARK L MOERDLER
BRAD A ZELNICK
DAUD KHAN
HARALD SCHNITZER
NEIL STEER
GERARDUS VOS
CARLOS JAVIER TREVINO
THOMAS M BECKER
KAI KORSCHELT
ADAM WOOD
WOLFGANG DONIE
MOHAMMED MOAWALLA
KNUT WOLLER
BRENDAN BARNICLE
MIRKO MAIER
MARKUS FRIEBEL
MARCO GUENTHER
LAURENT DAURE
JAMES CRAWSHAW
PATRICK WALRAVENS
VALERIE GASTALDY
ROBERT JAKOBSEN
ANDRES BOLUMBURU
ANDREW S ZAMFOTIS
MICHAEL BRIEST
STEFFEN MANSKE
JASON MAYNARD
STEWART KIRK MATERNE III
DAVID M HILAL

Source
20F
20F
ULT-AGG
20F
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
buy
overweight
neutral
buy
buy
outperform
hold
outperform
buy
buy
hold
neutral
buy
neutral
outperform
outperform
buy
buy
neutral
equalweight
underweight
hold
hold
Overwt/In-Line
buy
buy/attractive
buy
outperform
hold
hold
buy
buy
buy
market perform
hold
reduce
buy
underweight
neutral
buy
market perform
equalweight
market perform

Amt Held
120'857'498
92'079'595
66'743'066
65'273'200
36'642'744
23'128'050
20'930'681
12'284'154
12'119'133
11'235'667
10'374'212
9'396'099
8'250'500
7'792'633
7'438'705
7'081'368
6'586'656
6'520'708
4'989'465
4'582'686

% Out
9.84
7.5
5.43
5.31
2.98
1.88
1.7
1
0.99
0.91
0.84
0.76
0.67
0.63
0.61
0.58
0.54
0.53
0.41
0.37

Weighting

Change
5
5
3
5
5
5
3
5
5
5
3
3
5
3
5
5
5
5
3
3
1
3
3
5
5
5
5
5
3
3
5
5
5
3
3
2
5
1
3
5
3
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
D
M
U
M
M
M

Latest Chg
1'152'791
577'501
80'214
(62'274)
(1'291'972)
(132'500)
(229'175)
57'830
(19'077)
(1'749'614)
667'331
-

Target Price
65
74
59
71
68
70
60
#N/A N/A
64
69
59
61
68
62
68
64
71
63
#N/A N/A
55
57
62
57
73
68
77
65
70
57
63
#N/A N/A
66
65
#N/A N/A
#N/A N/A
63
67
#N/A N/A
65
64
#N/A N/A
65
55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
07.03.2013
07.03.2013
29.07.2013
07.03.2013
12.06.2012
06.06.2013
31.12.2012
30.06.2013
30.06.2013
31.03.2013
31.05.2013
31.12.2012
30.06.2013
30.04.2013
30.06.2013
31.05.2013
30.05.2013
30.06.2013
31.03.2013
06.06.2012

Date
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month

Inst Type
n/a
n/a
Investment Advisor
n/a
Corporation
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
29.07.2013
25.07.2013
25.07.2013
23.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
21.07.2013
19.07.2013
19.07.2013
19.07.2013
19.07.2013
19.07.2013
19.07.2013
19.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
17.07.2013
14.06.2013
13.06.2013
15.02.2013
29.01.2013
23.01.2013
23.01.2013
22.01.2013
24.10.2012
26.01.2012

05.09.2013

Daimler AG
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.

Price/Volume
60

18.0 M
16.0 M

50

14.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 06.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DAI GY EQUITY YTD Change
DAI GY EQUITY YTD % CHANGE

12/2012
06/yy
56.10
35.15
1'407'829.00
53.82
-4.06%
53.14%
86.64%
1'069.4
57'557.05
84'642.00
0.0
1'631.0
15'055.00
127'433.05

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10.0 M
8.0 M

20

6.0 M
4.0 M

10

2.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
95'873.0
0.87x
11'685.0
7.14x
1'348.0
15.61x

12.0 M

30

31.12.2009
31.12.2010
78'924.0
97'761.0
1.15x
1.10x
3'032.0
10'489.0
29.84x
10.26x
(2'640.0)
4'498.0
11.85x
Profitability

LTM-4Q
31.12.2011
106'540.0
0.93x
12'216.0
8.09x
5'667.0
6.38x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
114'297.0
1.01x
12'138.0
9.50x
6'095.0
7.24x
12'138.00
8'071.00
7.06%
6.75%
4.10%
16.82%
0.70%
22.3%
9.5%
5.8%
5.3%
1.13
0.38
51.93%
192.90%
14.03
4.69

Price/ Cash Flow

LTM

FY+1

.0 M
j-13

1.25
942.25
50.29%
37.20%
1.253
38
3.632
2'655'315
2'831'441
3'814'968
FY+2

FQ+1

FQ+2

06/yy
06/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
111'368.0 114'196.0 117'379.9 125'404.2
29'639.3
32'565.7
3.69x
4.07x
0.59x
0.56x
12'366.0
10'909.0
14'133.1
14'228.8
8.75x
10.95x
9.02x
8.95x
5'825.0
6'700.0
5'453.0
5'923.0
1'311.0
1'524.0
6.46x
7.40x
11.07x
9.73x
S&P Issuer Ratings
Long-Term Rating Date
23.02.2012
Long-Term Rating
ALong-Term Outlook
STABLE
Short-Term Rating Date
26.02.2001
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
20.54
(EBITDA-Capex)/Interest Exp.
12.37
Net Debt/EBITDA
6.38
Total Debt/EBITDA
7.96
Reference
Total Debt/Equity
192.9%
Total Debt/Capital
65.0%
Asset Turnover
0.70
Net Fixed Asset Turnover
2.46
Accounts receivable turnover-days
26.01
Inventory Days
77.76
Accounts Payable Turnover Day
42.15
Cash Conversion Cycle
58.83
Sales/Revenue/Turnover

140.00

180'000.0

120.00

160'000.0
140'000.0

100.00

120'000.0

80.00

100'000.0

60.00

80'000.0
60'000.0

40.00

40'000.0

20.00
0.00
01.01.2010

20'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Daimler AG
Holdings By:

All

Holder Name
DEUTSCHE BANK AG
BLACKROCK
KUWAIT INVESTMENT AU
CAPITAL GROUP COMPAN
COMMERZBANK AKTIENGE
AABAR INVESTMENTS PJ
NORGES BANK
NISSAN MOTOR CO LTD
HARRIS ASSOCIATES LP
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
DEKA INVESTMENT GMBH
FIRST EAGLE INVESTME
CREDIT SUISSE GROUP
UNION INVESTMENT GMB
ONTARIO TEACHERS PEN
MERCURY ASSET MANAGE
AMUNDI
GOLDMAN SACHS GROUP
UBS

Firm Name
Deutsche Bank
HSBC
EVA Dimensions
Steubing AG
Equinet Institutional Services(ESN)
AlphaValue
Societe Generale
Commerzbank Corporates & Markets
JPMorgan
Macquarie
Oddo & Cie
M.M. Warburg Investment Research
Natixis
S&P Capital IQ
Baader Bank
Sanford C. Bernstein & Co
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
Hamburger Sparkasse
National Bank AG
Main First Bank AG
Barclays
Morgan Stanley
Day by Day
Bankhaus Metzler
Kepler Cheuvreux
Exane BNP Paribas
UBS
DZ Bank AG
Goldman Sachs
Nord/LB
Redburn Partners
Creative Global Investments
Banco Sabadell
Cyrrus

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst
JOCHEN GEHRKE
HORST SCHNEIDER
CRAIG STERLING
TOBIAS SCHMIDT
TIM SCHULDT
HANS-PETER WODNIOK
STEPHEN REITMAN
DANIEL SCHWARZ
JOSE ASUMENDI
CHRISTIAN BREITSPRECHER
FRANCOIS MAURY
MARC-RENE TONN
GEORGES DIENG
RODERICK BRIDGE
KLAUS BREITENBACH
MAX WARBURTON
FRANK BILLER
ZAFER RUZGAR
CHRISTIAN LUDWIG
TINA HECKING-VELTMAN
MANFRED JAISFELD
LOTHAR LUBINETZKI
KRISTINA CHURCH
LAURA LEMBKE
VALERIE GASTALDY
JUERGEN PIEPER
MICHAEL RAAB
RABIH FREIHA
PHILIPPE HOUCHOIS
MICHAEL PUNZET
STEFAN BURGSTALLER
FRANK SCHWOPE
CHARLES WINSTON
CARLO R BESENIUS
GLEN SPENCER-CHAPMAN
JIRI SIMARA

Source
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Research
Co File
Research
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
buy
overweight
hold
buy
reduce
sell
buy
buy
overweight
outperform
buy
hold
buy
hold
hold
market perform
buy
sell
hold
buy
buy
outperform
underweight
Equalwt/In-Line
hold
sell
reduce
outperform
buy
sell
buy/attractive
buy
sell
buy
buy
hold

Amt Held
154'191'572
93'450'580
73'577'854
43'475'391
38'268'282
33'056'717
31'839'135
16'448'378
14'398'495
12'535'282
10'511'692
7'193'017
6'390'532
4'071'305
3'261'395
3'000'000
2'997'337
2'952'272
2'719'961
2'652'337

% Out
14.43
8.74
6.88
4.07
3.58
3.09
2.98
1.54
1.35
1.17
0.98
0.67
0.6
0.38
0.31
0.28
0.28
0.28
0.25
0.25

Weighting

Change
5
5
3
5
2
1
5
5
5
5
5
3
5
3
3
3
5
1
3
5
5
5
1
3
3
1
2
5
5
1
5
5
1
5
5
3

M
M
U
M
D
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M

Latest Chg
(326'283)
(2'675'000)
1'793'339
(692'591)
3'324
(468'100)
(15'900)
(286'767)
(2'121'690)
(8'911)

Target Price
62
60
#N/A N/A
76
46
40
60
64
61
63
64
54
61
56
50
55
60
47
53
#N/A N/A
58
58
39
46
#N/A N/A
46
47
57
57
40
66
49
#N/A N/A
52
48
37

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
31.05.2013
Investment Advisor
29.07.2013
Investment Advisor
06.02.2012
Government
30.06.2013
Investment Advisor
11.04.2013
Bank
06.02.2012
Government
27.03.2013
Government
31.03.2013
Corporation
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013 Hedge Fund Manager
16.04.2013
Unclassified
28.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
29.07.2013
Investment Advisor
30.04.2013
Investment Advisor
05.10.2012
Investment Advisor
30.07.2013
Unclassified

Date
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided

Date
30.07.2013
30.07.2013
30.07.2013
29.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
23.07.2013
23.07.2013
19.07.2013
19.07.2013
15.07.2013
15.07.2013
15.07.2013
12.07.2013
04.07.2013
29.05.2013
06.05.2013
02.05.2013
16.04.2013
15.02.2013
29.10.2012

05.09.2013

BNP Paribas SA
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.

Price/Volume
60

14.0 M

50

12.0 M
10.0 M

40

Latest Fiscal Year:
LTM as of:
52-Week High (16.08.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 10.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BNP FP EQUITY YTD Change
BNP FP EQUITY YTD % CHANGE

12/2012
06/yy
51.04
34.11
1'622'579.00
48.905
-4.18%
43.37%
84.91%
1'244.5
60'860.45
1'012'615.00
7'241.0
8'536.0
139'568.00
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

6.0 M

20

4.0 M

10

2.0 M

0
j-12

31.12.2009
31.12.2010
70'526.0
72'848.0
5'832.0
7'843.0
10.75x
7.52x
Profitability

LTM-4Q
31.12.2011
71'009.0
6'050.0
6.30x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
66'872.0
6'553.0
8.25x
19.44%
23.50%
0.27%
6.74%
0.54%
0.05%
14.8%
53.09%
1287.58%
-

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy
0.0
#DIV/0!
0.0
0.00x
6'023.0
6.02x

d-12

06/yy
9'395.0
0.00x
0.0
0.00x
5'185.0
9.95x

j-13

f-13

m-13 a-13

m-13

j-13

FY+1

.0 M
j-13

1.59
1'099.81
43.44%
18.63%
1.586
37
4.162
3'436'831
3'634'583
3'940'081
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
39'107.4
39'915.1
9'757.0
9'785.8
5'770.6
6'587.4
1'344.0
1'292.0
10.51x
9.23x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

25.10.2012
A+
NEG
25.10.2012
A-1
1287.6%
91.5%
0.05
5.20
-

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0
60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
78'052.0
3'021.0
9.85x

8.0 M

30

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

BNP Paribas SA
Holdings By:

All

Holder Name
BELGIAN STATE
AXA
NORGES BANK
FRANKLIN RESOURCES
CAPITAL GROUP COMPAN
BLACKROCK
VANGUARD GROUP INC
STATE OF LUXEMBOURG
FMR LLC
HARRIS ASSOCIATES LP
NATIXIS ASSET MANAGE
WILLIAM BLAIR & COMP
DODGE & COX
BNP PARIBAS INV PART
AVIVA PLC
SCHRODER INVESTMENT
LBPAM
FIL LIMITED
AMUNDI
ALLIANZ ASSET MANAGE

Firm Name

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a

Analyst

Societe Generale
GEOFF DAWES
Keefe, Bruyette & Woods
JEAN-PIERRE LAMBERT
Bankhaus Lampe
NEIL SMITH
CM - CIC Securities(ESN)
PIERRE CHEDEVILLE
Nomura
JON PEACE
AlphaValue
CHRISTOPHE NIJDAM
Main First Bank AG
FEDERICO SALERNO
Calamatta Cuschieri
TEAM COVERAGE
RBC Capital Markets
ANKE REINGEN
Natixis
ALEX KOAGNE
Redburn Partners
GEORGE KARAMANOS
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Deutsche Bank
FLORA BENHAKOUN
JPMorgan
DELPHINE LEE
Grupo Santander
AURELIA FAURE
Mediobanca SpA
ANTONIO GUGLIELMI
Oddo & Cie
JEAN SASSUS
Credit Suisse
MAXENCE LE GOUVELLO
EVA Dimensions
DOUG WALTERS
Hamburger Sparkasse
CHRISTIAN HAMANN
Kepler Cheuvreux
CYRIL MEILLAND
Barclays
JEREMY SIGEE
Macquarie
PIERS BROWN
Morgan Stanley
SARA MINELLI
HSBC
ROBIN DOWN
Independent Research GmbH
STEFAN BONGARDT
S&P Capital IQ
WILLIAM HOWLETT
UBS
NICK DAVEY
Goldman Sachs
JEAN-FRANCOIS NEUEZ
Day by Day
VALERIE GASTALDY
Banco Sabadell
MARIO LODOS
Espirito Santo Investment Bank Research
ANDREW LIM
Berenberg Bank
JAMES CHAPPELL
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI

Source
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
buy
outperform
buy
buy
buy
add
outperform
overweight
outperform
buy
buy
buy
buy
neutral
buy
outperform
buy
outperform
underweight
hold
buy
overweight
neutral
Overwt/In-Line
overweight
buy
buy
neutral
Buy/Neutral
hold
buy
neutral
sell
hold
buy

Amt Held
127'747'434
66'464'562
25'617'790
21'408'790
18'833'106
16'032'136
15'216'935
12'540'483
10'929'570
10'745'800
9'235'862
8'397'906
6'394'558
5'967'769
5'208'905
5'030'740
4'777'154
4'392'845
4'151'101
4'090'359

% Out
10.27
5.34
2.06
1.72
1.51
1.29
1.22
1.01
0.88
0.86
0.74
0.67
0.51
0.48
0.42
0.4
0.38
0.35
0.33
0.33

Weighting

Change
5
5
5
5
5
4
5
5
5
5
5
5
5
3
5
5
5
5
1
3
5
5
3
5
5
5
5
3
5
3
5
3
1
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
D
M
M
N
M
M

Latest Chg
(1'419'545)
391'347
101'737
(1'750'732)
2'766'847
(470'186)
2'345'800
(39'025)
(1'593'435)
1'461'558
(133'964)
5'700
1'229'156
(22'947)
(2'797'962)
(427'020)
250'743

Target Price
55
59
54
56
56
49
54
50
53
53
#N/A N/A
48
50
47
55
51
55
57
#N/A N/A
#N/A N/A
56
55
45
55
54
53
50
43
67
#N/A N/A
48
43
25
#N/A N/A
50

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
23.05.2013
31.05.2013
31.12.2012
30.04.2013
30.06.2013
29.07.2013
30.06.2013
31.12.2012
30.06.2013
30.06.2013
28.03.2013
31.03.2013
30.06.2013
31.03.2013
31.05.2013
28.06.2013
28.03.2013
31.12.2012
28.03.2013
30.06.2013

Date
12 month
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
15 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Government
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
25.07.2013
23.07.2013
22.07.2013
19.07.2013
19.07.2013
16.07.2013
15.07.2013
09.07.2013
28.06.2013
26.06.2013
26.06.2013
20.06.2013
14.06.2013
06.06.2013
31.05.2013
30.05.2013
22.05.2013
21.05.2013
10.05.2013
03.05.2013
03.05.2013
03.05.2013
02.05.2013
30.04.2013
17.04.2013
15.02.2013
30.01.2013
28.01.2013
23.10.2012
19.06.2012

05.09.2013

Unilever NV
Unilever NV manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.

Price/Volume
35
30
25
20

Valuation Analysis

15

Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (14.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
UNA NA EQUITY YTD Change
UNA NA EQUITY YTD % CHANGE

12/2012
06/yy
33.09
26.97
2'111'470.00
28.3
-14.48%
4.95%
20.98%
1'714.7
86'269.55
10'221.00
0.0
557.0
2'866.00
98'339.56

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

5
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
40'523.0
1.40x
6'793.0
8.36x
5'027.0
9.69x

10

31.12.2009
31.12.2010
39'823.0
44'262.0
1.77x
1.64x
6'887.0
7'620.0
10.25x
9.54x
3'370.0
4'244.0
18.80x
15.43x
Profitability

LTM-4Q
31.12.2011
46'467.0
1.82x
7'462.0
11.30x
4'252.0
17.60x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
51'324.0
1.75x
8'188.0
10.94x
4'480.0
18.25x
8'188.00
6'989.00
13.62%
13.02%
9.59%
34.61%
19.15%
1.04%
40.2%
16.9%
14.6%
8.7%
0.77
0.36
22.14%
67.43%
-

Price/ Cash Flow

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
j-13

LTM

06/yy
49'077.0
0.00x
0.0
0.00x
0.0
0.00x

06/yy
51'426.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

3.53
0.70
5.24%
0.70%
0.697
40
3.575
3'907'755
3'965'836
4'411'285
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
51'480.4
53'824.9
13'212.2
12'638.7
1.84x
1.74x
8'555.9
9'070.0
11.50x
10.85x
4'687.8
5'089.6
1'149.0
1'183.0
17.50x
16.12x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

05.10.2000
A+
STABLE
05.10.2000
A-1
15.57
11.81
1.34
1.83
67.4%
39.4%
1.04
5.61
-8.85

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00
8.00

30'000.0

6.00

20'000.0

4.00

10'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Unilever NV
Holdings By:

All

Holder Name
FOUNDATION UNILEVER
UNILEVER NV
AXA INVESTMENT MANAG
NORGES BANK
BLACKROCK
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
DEUTSCHE BANK AG
FMR LLC
AMUNDI
ARTISAN PARTNERS HOL
FIL LIMITED
WILLIAM BLAIR & COMP
UNION INVESTMENT GMB
ACHMEA BELEGGINSFOND
MORGAN STANLEY
ALLIANZ ASSET MANAGE
ING INVESTMENT MANAG
DB PLATINUM ADVISORS
POWER CORP OF CANADA

Firm Name

Portfolio Name
n/a
n/a
AXA EUROPE ACTIONS
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

Societe Generale
WARREN L ACKERMAN
Jefferies
ALEX HOWSON
Sanford C. Bernstein & Co
ANDREW WOOD
Independent Research GmbH
LARS LUSEBRINK
Rabobank International
KAREL ZOETE
Berenberg Bank
JAMES TARGETT
Natixis
PIERRE TEGNER
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
ABN Amro Bank N.V.
ROBERT JAN VOS
Morgan Stanley
EILEEN KHOO
Goldman Sachs
ALEXIS COLOMBO
RBC Capital Markets
JAMES EDWARDES JONES
Credit Suisse
CHARLES MILLS
HSBC
CEDRIC BESNARD
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Hamburger Sparkasse
TINA HECKING-VELTMAN
SNS Securities(ESN)
RICHARD WITHAGEN
Canaccord Genuity Corp
EDDY HARGREAVES
Nomura
DAVID HAYES
S&P Capital IQ
CARL SHORT
ING Bank
MARCO GULPERS
Barclays
IAIN SIMPSON
Helvea
ANDREAS VON ARX
JPMorgan
CELINE PANNUTI
Petercam
FERNAND DE BOER
Espirito Santo Investment Bank Research
ALEX SMITH
UBS
ALAN ERSKINE
Exane BNP Paribas
JEFF STENT
Liberum Capital Ltd
PABLO ZUANIC
EVA Dimensions
CRAIG STERLING
Kempen & Co
ERWIN DUT
Mirabaud Securities
JULIAN LAKIN
Kepler Cheuvreux
JON COX
National Bank AG
MANFRED JAISFELD
Day by Day
VALERIE GASTALDY
Banco Sabadell
IGNACIO ROMERO
Aurel - BGC
JEAN-MARIE L'HOME
Theodoor Gilissen Securities
TOM MULLER
Redburn Partners
JEREMY FIALKO

Source
Co File
Co File
MF-PART
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
buy
hold
outperform
hold
buy
buy
reduce
outperform
hold
Equalwt/In-Line
Buy/Neutral
underperform
underperform
overweight
hold
buy
reduce
hold
buy
buy
hold
overweight
accumulate
overweight
reduce
neutral
buy
neutral
buy
overweight
hold
hold
buy
hold
hold
sell
hold
buy
neutral

Amt Held
1'321'784'807
141'560'629
58'358'357
41'882'875
22'302'751
19'292'458
19'242'540
10'916'469
10'560'805
10'503'819
9'468'509
8'124'294
8'121'490
6'562'016
6'341'513
6'065'574
5'653'622
5'576'894
5'562'939
5'369'093

% Out
77.08
8.26
3.4
2.44
1.3
1.13
1.12
0.64
0.62
0.61
0.55
0.47
0.47
0.38
0.37
0.35
0.33
0.33
0.32
0.31

Weighting

Change
5
3
5
3
5
5
2
5
3
3
5
1
1
5
3
5
2
3
5
5
3
5
4
5
2
3
5
3
5
5
3
3
5
3
3
1
3
5
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
D
M
M
M
M

Latest Chg
58'358'357
1'021'607
(10'350'042)
1'036'374
1'708'400
374'404
6'556'954
21'507
401'256
93'382
722'982
243
72'844
(26'674)
(177'457)
938'164
(106'000)

Target Price
36
32
36
33
35
36
29
36
30
30
38
30
31
36
32
#N/A N/A
28
31
35
35
32
36
36
34
30
32
34
33
37
#N/A N/A
33
33
35
30
#N/A N/A
26
26
33
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
04.03.2013
31.12.2012
31.05.2013
31.12.2012
29.07.2013
30.06.2013
30.06.2013
31.05.2013
30.06.2013
30.04.2013
31.03.2013
31.12.2012
31.03.2013
28.03.2013
30.06.2013
31.03.2013
30.06.2013
31.05.2013
30.06.2013
28.02.2013

Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
3 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided

Inst Type
Other
Other
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company

Date
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
17.07.2013
05.07.2013
05.07.2013
03.07.2013
13.06.2013
13.06.2013
10.06.2013
06.06.2013
04.06.2013
29.04.2013
26.04.2013
25.04.2013
04.04.2013
15.02.2013
23.01.2013
15.01.2013
24.09.2012

05.09.2013

Eni SpA
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (25.06.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ENI IM EQUITY YTD Change
ENI IM EQUITY YTD % CHANGE

12/2012
03/yy
19.59
15.16
4'769'932.00
17.25
-11.94%
13.79%
48.31%
3'634.2
62'689.70
24'463.00
0.0
3'514.0
8'000.00
82'069.70

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
83'227.0
98'523.0
1.10x
0.91x
20'817.0
24'992.0
4.39x
3.58x
4'367.0
6'318.0
14.71x
9.39x
Profitability

60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-12

LTM-4Q
31.12.2011
109'589.0
0.83x
25'732.0
3.53x
6'860.0
8.47x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
127'220.0
0.68x
24'564.0
3.52x
7'788.0
16.38x
24'564.00
15'026.00
11.81%
13.05%
4.00%
9.81%
0.86%
16.6%
8.9%
6.1%
1.45
0.82
17.52%
41.32%
6.72
-

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

LTM

FY+1

.0 M
j-13

0.86
2'532.59
7.32%
-3.20%
0.855
35
3.800
11'944'400
10'952'860
13'077'510
FY+2

FQ+1

FQ+2

03/yy
03/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
113'436.0 124'910.0 115'814.9 120'284.3
30'508.3
32'485.3
3.20x
2.90x
0.69x
0.67x
2.56x
2.40x
26'638.0
21'349.0
24'701.6
27'955.5
6'946.0
7'525.0
3.61x
3.90x
3.32x
2.94x
2.84x
2.76x
7'930.0
5'714.0
5'252.2
6'455.7
1'419.0
1'712.0
8.01x
31.88x
11.80x
9.64x
10.21x
9.54x
S&P Issuer Ratings
Long-Term Rating Date
16.07.2013
Long-Term Rating
A *Long-Term Outlook
Short-Term Rating Date
16.07.2013
Short-Term Rating
A-1 *Credit Ratios
EBITDA/Interest Exp.
25.07
(EBITDA-Capex)/Interest Exp.
13.61
Net Debt/EBITDA
0.81
Total Debt/EBITDA
1.20
Reference
Total Debt/Equity
41.3%
Total Debt/Capital
28.1%
Asset Turnover
0.86
Net Fixed Asset Turnover
1.92
Accounts receivable turnover-days
54.33
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

7.00

140'000.0

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00
01.01.2010

70.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
108'082.0
0.74x
26'939.0
2.98x
8'825.0
6.89x

20
18
16
14
12
10
8
6
4
2
0
j-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Eni SpA
Holdings By:

All

Holder Name
CASSA DEPOSITI E PRE
MINISTERO DELL'ECONO
BLACKROCK
NORGES BANK
CAPITAL GROUP COMPAN
FMR LLC
VANGUARD GROUP INC
ABERDEEN
T ROWE PRICE ASSOCIA
FRANKLIN RESOURCES
BNP PARIBAS INV PART
JP MORGAN
VERITAS ASSET MANAGE
THORNBURG INVESTMENT
MERCURY ASSET MANAGE
UBS
NATIXIS ASSET MANAGE
STATE STREET
UNION INVESTMENT LUX
AMUNDI

Firm Name
Banca Akros(ESN)
AlphaValue
Morgan Stanley
Societe Generale
Mediobanca SpA
Deutsche Bank
Macquarie
JPMorgan
Credit Suisse
Nomura
VTB Capital
Raymond James
Barclays
Grupo Santander
S&P Capital IQ
Sanford C. Bernstein & Co
HSBC
Jefferies
Canaccord Genuity Corp
Exane BNP Paribas
Natixis
Goldman Sachs
Day by Day
Independent Research GmbH
Banco Sabadell
RBC Capital Markets
Kepler Cheuvreux
Banca IMI
UBS
EVA Dimensions
Hamburger Sparkasse
Investec
Landesbank Baden-Wuerttemberg
Equita SIM SpA
ICBPI
National Bank AG
Pareto Securities

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
VERITAS FUNDS PLC-GL
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
DARIO MICHI
ALEXANDRE ANDLAUER
MARTIJN P RATS
IRENE HIMONA
ANDREA SCAURI
MARK BLOOMFIELD
MARC B KOFLER
NITIN SHARMA
KIM FUSTIER
THEEPAN JOTHILINGAM
COLIN SMITH
BERTRAND HODEE
RAHIM KARIM
JASON KENNEY
CHRISTINE TISCARENO
OSWALD CLINT
PAUL SPEDDING
IAIN REID
SAMUEL SIMON
ALEJANDRO DEMICHELIS
ANNE PUMIR
MICHELE DELLA VIGNA
VALERIE GASTALDY
SVEN DIERMEIER
JORGE GONZALEZ SADORNIL
PETER HUTTON
ENRICO COCO
ROBERTO RANIERI
JONATHON RIGBY
DOUG WALTERS
INGO SCHMIDT
NEILL MORTON
JENS MUENSTERMANN
ROBERTO LETIZIA
LUCA ARENA
MANFRED JAISFELD
THOMAS AARRESTAD

Source
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-PART
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
buy
add
Overwt/In-Line
hold
outperform
buy
outperform
overweight
outperform
buy
hold
market perform
overweight
hold
hold
outperform
neutral
buy
sell
underperform
neutral
neutral/cautious
hold
hold
buy
sector perform
hold
add
buy
buy
hold
hold
buy
buy
not rated
hold
hold

Amt Held
958'298'322
142'968'850
71'382'234
67'438'543
52'099'300
34'672'725
31'706'665
17'071'650
15'358'439
15'253'485
10'411'949
10'354'300
10'045'209
9'642'200
8'160'140
7'531'002
6'500'348
5'735'159
5'668'299
5'536'118

% Out
26.37
3.93
1.96
1.86
1.43
0.95
0.87
0.47
0.42
0.42
0.29
0.28
0.28
0.27
0.22
0.21
0.18
0.16
0.16
0.15

Weighting

Change

5
4
5
3
5
5
5
5
5
5
3
3
5
3
3
5
3
5
1
1
3
3
3
3
5
3
3
4
5
5
3
3
5
5
#N/A N/A
3
3

M
M
M
M
M
M
M
M
M
M
M
D
M
M
D
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
N

Latest Chg
722'209
(90'000)
(3'874'406)
1'288'848
215'400
3'191'464
(307'747)
(275'839)
547'634
10'044'649
583'700
5'226
(1'007'338)
(46'577)
547'359
(97'692)

Target Price
22
18
19
18
21
20
21
22
19
19
19
#N/A N/A
20
18
16
21
18
22
17
18
18
19
#N/A N/A
18
21
21
18
20
20
#N/A N/A
#N/A N/A
16
20
22
#N/A N/A
17
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
22.05.2013
22.05.2013
29.07.2013
31.12.2012
30.06.2013
30.06.2013
30.06.2013
30.06.2013
31.03.2013
31.03.2013
31.03.2013
30.06.2013
30.06.2013
31.05.2013
29.07.2013
30.07.2013
28.03.2013
30.07.2013
28.03.2013
30.04.2013

Date
12 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Other
Government
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
29.07.2013
25.07.2013
23.07.2013
22.07.2013
22.07.2013
19.07.2013
19.07.2013
18.07.2013
17.07.2013
17.07.2013
17.07.2013
16.07.2013
16.07.2013
15.07.2013
15.07.2013
11.07.2013
11.07.2013
08.07.2013
08.07.2013
08.07.2013
05.07.2013
01.07.2013
20.06.2013
19.06.2013
18.06.2013
17.06.2013
17.06.2013
11.06.2013
10.06.2013
06.06.2013
14.05.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
24.05.2012
23.04.2010

05.09.2013

Telefonica SA
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.

Price/Volume
14

180.0 M

12

160.0 M
140.0 M

10

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (21.02.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TEF SQ EQUITY YTD Change
TEF SQ EQUITY YTD % CHANGE

12/2012
06/yy
11.78
9.47
21'250'981.00
10.59
-10.10%
11.87%
44.04%
4'551.0
48'195.35
66'853.00
0.0
7'200.0
11'719.00
107'618.35

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

100.0 M

6

80.0 M
60.0 M

4

40.0 M

2

20.0 M

0
j-12

31.12.2009
31.12.2010
56'731.0
60'737.0
2.42x
2.29x
22'603.0
25'777.0
6.07x
5.39x
7'776.0
10'167.0
11.43x
7.54x
Profitability

LTM-4Q
31.12.2011
62'837.0
1.99x
19'392.0
6.46x
5'402.9
11.18x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
62'356.0
1.74x
21'231.0
5.10x
3'928.0
11.71x
21'231.00
10'798.00
17.32%
9.40%
3.13%
19.88%
0.48%
33.9%
16.5%
6.3%
0.81
0.71
51.52%
326.73%
5.57
-

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy
62'932.0
7.73x
18'455.9
6.19x
4'315.9
10.89x

d-12

06/yy
59'937.0
7.25x
20'311.7
5.11x
3'909.0
11.38x

j-13

f-13

m-13 a-13

m-13

j-13

.0 M
j-13

FY+1

1.00
4'512.12
1.53%
3.93%
0.997
36
3.528
16'628'440
19'238'580
23'530'470
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
57'911.0
57'529.1
14'002.5
14'857.5
1.78x
1.76x
19'659.1
19'521.9
5'206.0
5'498.0
5.48x
5.51x
4'625.7
4'802.6
982.0
530.0
10.30x
9.77x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

20.12.2012
BBB
NEG
20.12.2012
A-2
6.86
3.80
2.61
3.09
326.7%
70.7%
0.48
1.77
65.58
-

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
57'946.0
2.10x
22'919.0
5.31x
7'592.0
9.72x

120.0 M

8

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Telefonica SA
Holdings By:

All

Holder Name
BANCO BILBAO VIZCAYA
CAIXABANK
BLACKROCK
BNP PARIBAS SA
NORGES BANK
TELEFONICA SA
VANGUARD GROUP INC
FRANKLIN RESOURCES
AMUNDI
NATIXIS ASSET MANAGE
T ROWE PRICE ASSOCIA
MERCURY ASSET MANAGE
UBS
ALLIANZ ASSET MANAGE
UNION INVESTMENT GMB
BNP PARIBAS INV PART
STATE STREET
INVERCAIXA GESTION S
CREDIT SUISSE ASSET
FMR LLC

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

Nomura
FREDERIC BOULAN
Credit Suisse
JUSTIN FUNNELL
Ahorro Corporacion Financiera SA
GERMAN GARCIA BOU
NMAS 1 Agencia de Valores
JOSE RAMON OCINA
BPI
PEDRO OLIVEIRA
Sanford C. Bernstein & Co
ROBIN BIENENSTOCK
Independent Research GmbH
MARKUS FRIEBEL
Espirito Santo Investment Bank Research
NUNO MATIAS
Mirabaud Finanzas Sociedad de ValoresJAVIER
S
MIELGO
Grupo Santander
NAHUM SANCHEZ DE LAMADRID
Macquarie
GUY R PEDDY
Oddo & Cie
ALEXANDRE IATRIDES
Kepler Cheuvreux
JAVIER BORRACHERO
Barclays
JONATHAN DANN
AlphaValue
JEAN-MICHEL SALVADOR
Morgan Stanley
LUIS PROTA
Jefferies
JEREMY A DELLIS
Raymond James
STEPHANE BEYAZIAN
Landesbank Baden-Wuerttemberg
RALPH SZYMCZAK
Bankia Bolsa (ESN)
DAVID CABEZA JARENO
Interdin Bolsa
BORJA MIJANGOS BLANCO
S&P Capital IQ
ALEXANDER WISCH
Banco Sabadell
ANDRES BOLUMBURU
National Bank AG
MANFRED JAISFELD
Berenberg Bank
PAUL ANDREW MARSCH
Deutsche Bank
KEVAL KHIROYA
Goldman Sachs
TIMOTHY BODDY
JPMorgan
AKHIL DATTANI
Exane BNP Paribas
MATHIEU ROBILLIARD
BCP Investimento
ALEXANDRA DELGADO
Day by Day
VALERIE GASTALDY
New Street Research
JAMES RATZER
EVA Dimensions
ANDREW S ZAMFOTIS
Hamburger Sparkasse
TINA HECKING-VELTMAN
La Caixa
BORJA PAGOAGA
HSBC
LUIGI MINERVA
Natixis
BENOIT MAYNARD
Banesto Bolsa SA Sociedad
MARTA GOMEZ
UBS
GIOVANNI MONTALTI
BBVA
IVON LEAL
Renta 4 SA SVB
IVAN SAN FELIX

Source
20F
20F
ULT-AGG
EXCH
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
reduce
neutral
buy
strong buy
strong buy
outperform
sell
neutral
overweight
buy
neutral
reduce
buy
equalweight
buy
restricted
underperform
underperform
buy
buy
buy
sell
buy
buy
sell
restricted
not rated
restricted
neutral
buy
hold
reduce
hold
hold
buy
neutral
neutral
overweight
neutral
outperform
hold

Amt Held
261'798'437
254'697'815
177'257'649
127'368'869
97'834'735
72'916'876
44'210'166
23'495'751
21'492'438
15'017'874
13'456'208
12'136'614
10'795'060
6'038'992
6'029'180
5'926'175
5'890'820
5'693'032
5'675'018
5'500'406

% Out
5.75
5.6
3.89
2.8
2.15
1.6
0.97
0.52
0.47
0.33
0.3
0.27
0.24
0.13
0.13
0.13
0.13
0.13
0.12
0.12

Weighting

Change

2
3
5
5
5
5
1
3
5
5
3
2
5
3
5
#N/A N/A
1
1
5
5
5
1
5
5
1
#N/A N/A
#N/A N/A
#N/A N/A
3
5
3
2
3
3
5
3
3
5
3
5
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M

Latest Chg
3'581'300
7'798'898
(15'605'969)
1'923'226
(192'004)
(7'168'797)
7'573'790
5'396'197
201'211
1'800'287
80'913
(14'473)
(106'515)
1'564'796
(37'437)
461'461

Target Price
9
12
13
13
13
13
10
10
13
13
10
10
13
12
17
#N/A N/A
9
10
11
13
12
9
14
13
9
#N/A N/A
#N/A N/A
#N/A N/A
11
15
#N/A N/A
9
#N/A N/A
#N/A N/A
13
11
13
12
10
13
19

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
21.03.2013
21.03.2013
29.07.2013
12.05.2011
31.12.2012
06.02.2013
30.06.2013
31.03.2013
30.04.2013
28.03.2013
31.03.2013
29.07.2013
30.07.2013
30.06.2013
28.03.2013
31.03.2013
30.07.2013
30.06.2013
31.05.2013
30.06.2013

Date
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided

Inst Type
Bank
Investment Advisor
Investment Advisor
Bank
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
31.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
23.07.2013
23.07.2013
23.07.2013
19.07.2013
18.07.2013
15.07.2013
05.06.2013
03.06.2013
30.05.2013
22.05.2013
09.05.2013
09.05.2013
03.04.2013
02.04.2013
11.03.2013
23.07.2012

05.09.2013

Banco Bilbao Vizcaya Argentaria SA
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.

Price/Volume

Price/ Cash Flow

1.20

500.0 M

5

12/2012
03/yy
7.86
5.82
12'942'603.00
7.52
-4.29%
29.32%
81.49%
5'724.3
43'046.93
226'217.00
0.0
2'372.0
63'956.00
-

400.0 M
300.0 M

3
2

200.0 M

1

100.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

.0 M
j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

600.0 M

4

Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (11.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 05.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BBVA SQ EQUITY YTD Change
BBVA SQ EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

700.0 M

7
6

Valuation Analysis

31.12.2008
41'508.0
5'020.0
6.41x

8

31.12.2009
31.12.2010
34'467.0
32'482.0
4'210.0
4'606.0
11.37x
6.46x
Profitability

LTM-4Q
31.12.2011
33'049.0
3'004.0
11.78x

31.12.2012
35'222.0
1'676.0
28.56x
5.89%
6.89%
0.49%
7.08%
1.31%
0.04%
7.0%
35.47%
546.02%
-

LTM

06/yy
33'752.0
0.00x
0.0
0.00x
2'175.0
13.49x

03/yy
22'093.0
0.00x
0.0
0.00x
3'047.0
22.71x

FY+1

1.21
5'546.88
31.96%
13.23%
1.213
41
3.512
26'175'260
31'371'450
68'106'100
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
21'977.2
23'053.7
5'378.0
5'463.0
3'646.7
4'198.7
12.75x
10.70x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

16.10.2012
BBBNEG
16.10.2012
A-3
546.0%
83.8%
0.04
2.92
-

Sales/Revenue/Turnover

45'000.0
40'000.0

1.00
0.80

35'000.0
30'000.0
25'000.0

0.60

20'000.0
15'000.0

0.40
0.20

10'000.0
5'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Banco Bilbao Vizcaya Argentaria SA
Holdings By:

All

Holder Name
BNP PARIBAS SA
INVERAVANTE INVERSIO
NORGES BANK
BLACKROCK
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
CAPITAL GROUP COMPAN
JANUS CAPITAL MANAGE
BANCO BILBAO VIZCAYA
FMR LLC
BNP PARIBAS INV PART
OPPENHEIMERFUNDS INC
T ROWE PRICE ASSOCIA
AMUNDI
MERCURY ASSET MANAGE
UBS
ALLIANZ ASSET MANAGE
SWEDBANK ROBUR FONDE
NATIXIS ASSET MANAGE
FIL LIMITED

Firm Name

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

RBC Capital Markets
PATRICK LEE
Keefe, Bruyette & Woods
ANTONIO RAMIREZ
Bankia Bolsa (ESN)
JAVIER BERNAT
Nomura
DARAGH QUINN
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
Grupo Santander
ARTURO DE FRIAS
BPI
CARLOS JOAQUIM PEIXOTO
Redburn Partners
GEORGE KARAMANOS
Bankhaus Lampe
NEIL SMITH
Ahorro Corporacion Financiera SA
IRMA GARRIDO
EVA Dimensions
DOUG WALTERS
Mediobanca SpA
ANDREA FILTRI
UBS
IGNACIO SANZ
Espirito Santo Investment Bank Research
JUAN PABLO LOPEZ
AlphaValue
DAVID GRINSZTAJN
Independent Research GmbH
STEFAN BONGARDT
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Deutsche Bank
JASON NAPIER
JPMorgan
JAIME BECERRIL
S&P Capital IQ
WILLIAM HOWLETT
Macquarie
BENJIE CREELAN-SANDFORD
Societe Generale
CARLOS GARCIA GONZALEZ
Goldman Sachs
JERNEJ OMAHEN
Credit Suisse
IGNACIO CEREZO
HSBC
CARLO DIGRANDI
Oddo & Cie
JULIE LEGRAND
Interdin Bolsa
JAVIER RUIZ-CAPILLAS
Morgan Stanley
ALVARO SERRANO
La Caixa
DAVID FERNANDEZ
Natixis
FREDERIC TESCHNER
Barclays
ROHITH CHANDRA-RAJAN
Hamburger Sparkasse
CHRISTIAN HAMANN
Day by Day
VALERIE GASTALDY
Banesto Bolsa SA Sociedad
JUAN ALBERTO TUESTA VILANOVA
Banco Sabadell
MARIO LODOS
Inteligo SAB
LUIS ORDONEZ
Berenberg Bank
NICK ANDERSON
Nord/LB
MICHAEL SEUFERT
Renta 4 SA SVB
NURIA ALVAREZ
Hammer Partners SA
ENRICO RACIOPPI

Source
EXCH
13G
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
sector perform
market perform
accumulate
neutral
buy
underperform
buy
strong buy
neutral
sell
buy
buy
neutral
buy
buy
buy
hold
hold
hold
underweight
hold
underperform
buy
Buy/Neutral
neutral
underweight
buy
buy
Overwt/In-Line
buy
neutral
equalweight
hold
hold
overweight
buy
buy
sell
hold
overweight
sell

Amt Held
177'140'051
160'934'820
120'502'641
100'933'943
62'597'618
52'046'490
43'112'614
34'906'604
33'892'062
22'414'992
22'104'311
18'788'200
18'487'948
17'470'541
16'870'852
14'998'426
9'164'071
9'030'636
8'654'515
8'502'862

% Out
3.09
2.81
2.11
1.76
1.09
0.91
0.75
0.61
0.59
0.39
0.39
0.33
0.32
0.31
0.29
0.26
0.16
0.16
0.15
0.15

Weighting

Change
3
3
4
3
5
1
5
5
3
1
5
5
3
5
5
5
3
3
3
1
3
1
5
5
3
1
5
5
5
5
3
3
3
3
5
5
5
1
3
5
1

M
M
M
M
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
10'373'306
(86'470'698)
4'439'390
2'368'766
52'046'490
1'276'482
3'065'347
(157'752)
(4'502'376)
147'275
18'317'748
(7'086'056)
(554'401)
(324'434)
1'172'269
(4'707'476)
1'431'228

Target Price
7
8
9
7
8
7
9
9
#N/A N/A
6
8
#N/A N/A
7
8
8
8
7
7
7
6
7
6
8
9
7
6
9
8
8
8
6
7
#N/A N/A
#N/A N/A
8
8
8
7
#N/A N/A
6
6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
09.05.2013
24.07.2012
31.12.2012
29.07.2013
30.06.2013
31.03.2013
30.06.2013
31.03.2013
02.07.2013
30.06.2013
31.03.2013
30.05.2013
31.03.2013
30.04.2013
29.07.2013
30.07.2013
30.06.2013
31.03.2013
28.03.2013
31.12.2012

Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
15 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Bank
Other
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
29.07.2013
29.07.2013
29.07.2013
23.07.2013
23.07.2013
23.07.2013
22.07.2013
22.07.2013
18.07.2013
18.07.2013
17.07.2013
15.07.2013
10.07.2013
04.07.2013
02.07.2013
01.07.2013
28.06.2013
26.06.2013
20.06.2013
18.06.2013
17.06.2013
14.06.2013
13.06.2013
13.06.2013
07.06.2013
05.06.2013
28.05.2013
14.05.2013
26.04.2013
25.04.2013
24.04.2013
19.04.2013
23.10.2012
31.07.2012
19.06.2012

05.09.2013

LVMH Moet Hennessy Louis Vuitton SA
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.

Price/Volume
160

2.5 M

140

2.0 M

120
100

Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (28.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 05.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MC FP EQUITY YTD Change
MC FP EQUITY YTD % CHANGE

12/2012
06/yy
143.40
117.00
250'656.00
134.9
-5.93%
15.30%
66.48%
507.8
68'503.74
6'812.00
0.0
1'102.0
2'196.00
74'792.74

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

60
40

.5 M

20
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
17'193.0
1.60x
4'323.0
6.34x
2'026.0
11.16x

1.5 M

80

Valuation Analysis

31.12.2009
31.12.2010
17'053.0
20'320.0
2.41x
3.08x
4'055.0
5'106.0
10.13x
12.27x
1'755.0
3'032.0
21.13x
19.36x
Profitability

LTM-4Q
31.12.2011
23'659.0
2.56x
6'150.0
9.84x
3'065.0
17.45x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
28'103.0
2.67x
7'016.0
10.71x
3'424.0
20.23x
7'016.00
5'921.00
21.07%
20.39%
6.65%
13.54%
11.73%
0.58%
64.7%
24.8%
20.7%
12.2%
1.51
0.44
13.64%
27.73%
17.21
1.35

Price/ Cash Flow

LTM

06/yy
26'333.0
0.00x
0.0
0.00x
0.0
0.00x

06/yy
28'832.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
j-13

2.22
0.98
256.64
7.79%
-1.37%
0.982
35
4.314
537'027
666'908
750'825
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
30'164.7
33'279.8
7'371.0
8'808.5
2.46x
2.18x
7'448.8
8'359.5
10.04x
8.94x
3'702.0
4'207.0
18.47x
16.20x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

20.05.2011
A
POS
20.05.2011
A-1
42.27
32.55
0.73
1.00
27.7%
21.0%
0.58
3.37
21.20
269.47
99.90
177.70

Sales/Revenue/Turnover

25.00

30'000.0
25'000.0

20.00

20'000.0
15.00

15'000.0
10.00

10'000.0

5.00

0.00
01.01.2010

5'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

LVMH Moet Hennessy Louis Vuitton SA
Holdings By:

All

Holder Name
GROUPE ARNAULT SAS
LVMH MOET HENNESSY L
NORGES BANK
QATAR HOLDINGS LLC
SUN LIFE FINANCIAL I
THORNBURG INVESTMENT
VANGUARD GROUP INC
BLACKROCK
AMUNDI
FMR LLC
OPPENHEIMERFUNDS INC
NATIXIS ASSET MANAGE
BNP PARIBAS INV PART
ALLIANZ ASSET MANAGE
CAPITAL GROUP COMPAN
TRAPANI FRANCESCO
AVIVA PLC
HARRIS ASSOCIATES LP
FIL LIMITED
LBPAM

Firm Name
Societe Generale
Landesbank Baden-Wuerttemberg
Exane BNP Paribas
Credit Suisse
Sanford C. Bernstein & Co
Independent Research GmbH
Oddo & Cie
Bryan Garnier & Cie
Natixis
S&P Capital IQ
Deutsche Bank
Morgan Stanley
UBS
JPMorgan
Aurel - BGC
Cantor Fitzgerald
Renaissance Capital
ISI Group
Main First Bank AG
Barclays
Telsey Advisory Group
Nomura
Berenberg Bank
AlphaValue
Kepler Cheuvreux
Raymond James
EVA Dimensions
Day by Day
Hamburger Sparkasse
Goldman Sachs
National Bank AG
HSBC
Banco Sabadell
Equita SIM SpA
Redburn Partners
Helvea

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
THIERRY COTA
BARBARA AMBRUS
LUCA GIUSEPPE SOLCA
ROGERIO FUJIMORI
MARIO ORTELLI
LARS LUSEBRINK
LEOPOLD AUTHIE
CEDRIC ROSSI
OLIVIER DELAHOUSSE
WESTCOTT ROCHETTE
WARWICK OKINES
LOUISE SINGLEHURST
EVA QUIROGA
MELANIE A FLOUQUET
DAVID DA MAIA
ALLEGRA PERRY
REY WIUM
OMAR SAAD
MATTHIAS EIFERT
JULIAN EASTHOPE
DANA TELSEY
CHRISTOPHER WALKER
JOHN GUY
VIRGINIE BLIN
CATHERINE ROLLAND
HERMINE DE BENTZMANN
CRAIG STERLING
VALERIE GASTALDY
CHRISTIAN HAMANN
WILLIAM HUTCHINGS
MANFRED JAISFELD
ANTOINE BELGE
IGNACIO ROMERO
FABIO FAZZARI
ANNABEL GLEESON
TIM DAWSON

Source
Co File
Co File
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
hold
buy
neutral
neutral
outperform
buy
buy
buy
buy
buy
hold
Overwt/In-Line
buy
neutral
buy
hold
buy
buy
outperform
overweight
no rating system
buy
hold
buy
buy
strong buy
underweight
hold
buy
Buy/Neutral
buy
neutral
buy
buy
buy
suspended coverage

Amt Held
235'886'503
8'167'519
7'487'936
5'230'723
5'161'417
4'085'056
3'205'400
3'117'790
2'632'058
2'083'440
1'983'160
1'821'662
1'729'060
1'532'627
1'528'000
1'382'092
1'360'824
1'263'900
1'261'752
1'159'842

% Out
46.42
1.61
1.47
1.03
1.02
0.8
0.63
0.61
0.52
0.41
0.39
0.36
0.34
0.3
0.3
0.27
0.27
0.25
0.25
0.23

Weighting

Change

3
5
3
3
5
5
5
5
5
5
3
5
5
3
5
3
5
5
5
5
#N/A N/A
5
3
5
5
5
1
3
5
5
5
3
5
5
5
#N/A N/A

M
M
M
M
M
M
M
M
M
D
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
M
M
M
M
N
M
M

Latest Chg
164'491
(108'738)
(77'924)
(260'185)
(33'978)
46'540
(5'953)
(169'059)
(1'522)
1'263'900
(618'685)
15'752

Target Price
140
150
150
142
165
160
165
160
155
151
145
156
155
141
150
141
156
160
154
164
140
155
140
169
161
163
#N/A N/A
#N/A N/A
123
189
155
147
144
178
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
31.12.2012
31.12.2012
15.03.2012
31.05.2013
31.05.2013
30.06.2013
29.07.2013
30.04.2013
30.06.2013
30.05.2013
28.03.2013
31.03.2013
30.06.2013
30.06.2013
31.12.2012
31.05.2013
30.06.2013
31.12.2012
28.03.2013

Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
3 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided

Inst Type
Holding Company
Holding Company
Government
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.07.2013
30.07.2013
30.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
23.07.2013
22.07.2013
18.07.2013
15.07.2013
28.06.2013
17.06.2013
14.06.2013
29.04.2013
19.04.2013
16.04.2013
27.03.2013
15.02.2013
10.12.2012
19.10.2012
02.04.2012

05.09.2013

Danone SA
Danone is a food processing company. The Company produces dairy products,
beverages, baby food and clinical/medical nutrition products.

Price/Volume
70

6.0 M

60

5.0 M

50

4.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.08.2013)
52-Week Low (23.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BN FP EQUITY YTD Change
BN FP EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.0 M

20

1.0 M

10
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
15'220.0
2.09x
2'796.0
11.35x
1'313.0
19.75x

3.0 M

30

12/2012
06/yy
60.45
45.61
613'219.00
55.87
-7.58%
22.51%
70.16%
631.0
35'255.54
9'522.00
0.0
63.0
3'017.00
43'651.53

31.12.2009
31.12.2010
14'982.0
17'010.0
2.20x
2.11x
2'844.0
3'194.0
11.61x
11.23x
1'361.0
1'875.0
17.77x
15.42x
Profitability

LTM-4Q
31.12.2011
19'318.0
1.89x
3'486.0
10.45x
1'671.0
17.53x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
20'869.0
1.73x
3'622.0
9.99x
1'672.0
17.95x
3'622.00
2'958.00
14.17%
11.97%
5.84%
15.12%
9.31%
0.71%
50.1%
15.9%
12.7%
8.0%
0.81
0.58
32.24%
78.11%
10.23
8.78

Price/ Cash Flow

LTM

06/yy
20'065.0
0.00x
0.0
0.00x
0.0
0.00x

06/yy
21'451.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
j-13

0.64
534.79
15.52%
14.78%
0.638
41
3.439
1'369'527
1'207'999
1'464'720
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
22'020.3
23'291.0
5'466.1
5'421.9
1.88x
1.75x
3'715.5
3'974.9
11.75x
10.98x
1'809.9
1'965.1
18.15x
16.69x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

25.07.2007
ASTABLE
11.07.2007
A-2
14.78
10.80
2.46
3.26
78.1%
43.7%
0.71
5.02
35.67
41.59
105.79
-27.01

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00
6.00

10'000.0

4.00

5'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Danone SA
Holdings By:

All

Holder Name
SUN LIFE FINANCIAL I
GROUPE DANONE
AMUNDI SA
EURAZEO
NORGES BANK
SOFINA & HENEX GROUP
NATIXIS ASSET MANAGE
CAPITAL GROUP COMPAN
HARBOR CAPITAL ADVIS
CAISSE DES DEPOTS ET
FCPE FONDS GROUPE DA
FMR LLC
FIL LIMITED
TRIAN FUND MANAGEMEN
BLACKROCK
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
NATIXIS ASSET MANAGE
MANNING & NAPIER ADV
AMUNDI

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Sanford C. Bernstein & Co
ANDREW WOOD
Societe Generale
WARREN L ACKERMAN
JPMorgan
CELINE PANNUTI
Oddo & Cie
LAURENCE HOFMANN
Kepler Cheuvreux
JON COX
Natixis
PIERRE TEGNER
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Helvea
ANDREAS VON ARX
Deutsche Bank
HAROLD THOMPSON
Morgan Stanley
EILEEN KHOO
Investec
MARTIN DEBOO
HSBC
CEDRIC BESNARD
Independent Research GmbH
LARS LUSEBRINK
CM - CIC Securities(ESN)
FRANCIS PRETRE
Canaccord Genuity Corp
EDDY HARGREAVES
Nomura
DAVID HAYES
S&P Capital IQ
CARL SHORT
Redburn Partners
JEREMY FIALKO
Exane BNP Paribas
JEFF STENT
Barclays
LIAM ROWLEY
AlphaValue
SOPHIE CABO-BROSETA
Jefferies
ALEX HOWSON
Liberum Capital Ltd
PABLO ZUANIC
Espirito Santo Investment Bank Research
ALEX SMITH
RBC Capital Markets
JAMES EDWARDES JONES
Goldman Sachs
ALEXIS COLOMBO
Erste Group
HANS ENGEL
Berenberg Bank
JAMES TARGETT
Credit Suisse
ALEX MOLLOY
EVA Dimensions
CRAIG STERLING
Day by Day
VALERIE GASTALDY
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Hamburger Sparkasse
TINA HECKING-VELTMAN
UBS
ALAN ERSKINE
Mirabaud Securities
JULIAN LAKIN
Equita SIM SpA
FABIO FAZZARI
Banco Sabadell
IGNACIO ROMERO
Aurel - BGC
JEAN-MARIE L'HOME
Nord/LB
WOLFGANG VASTERLING
Gabelli & Co
JOSEPH A GABELLI

Source
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
market perform
hold
overweight
neutral
buy
neutral
outperform
accumulate
hold
Underwt/In-Line
hold
overweight
buy
reduce
sell
buy
buy
buy
outperform
equalweight
add
hold
hold
buy
underperform
Buy/Neutral
buy
sell
underperform
hold
hold
hold
hold
neutral
hold
buy
sell
hold
buy
buy

Amt Held
55'784'313
44'051'229
20'039'020
16'433'370
15'048'614
13'584'541
12'811'179
11'363'710
9'939'780
9'783'434
8'533'644
7'578'738
6'725'760
6'431'620
6'296'639
6'253'217
5'907'099
4'528'028
4'324'592
4'192'775

% Out
8.84
6.98
3.18
2.6
2.38
2.15
2.03
1.8
1.58
1.55
1.35
1.2
1.07
1.02
1
0.99
0.94
0.72
0.69
0.66

Weighting

Change
3
3
5
3
5
3
5
4
3
1
3
5
5
2
1
5
5
5
5
3
4
3
3
5
1
5
5
1
1
3
3
3
3
3
3
5
1
3
5
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
3'781
1'000'000
(112'541)
290'647
4'734'388
32'734
(435'116)
28'959
(40'536)
745'570
(286'621)

Target Price
60
61
74
56
65
56
70
66
50
49
#N/A N/A
66
69
52
45
61
67
#N/A N/A
70
57
64
58
#N/A N/A
63
57
71
#N/A N/A
55
52
#N/A N/A
#N/A N/A
58
#N/A N/A
57
53
66
56
50
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
31.05.2013
Investment Advisor
31.12.2012
Corporation
31.12.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Other
31.12.2012
Investment Advisor
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.12.2012
n/a
30.06.2013
Investment Advisor
31.12.2012
Investment Advisor
07.11.2012 Hedge Fund Manager
29.07.2013
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor

Date
12 month
12 month
15 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided

Date
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
25.07.2013
19.07.2013
19.07.2013
11.07.2013
09.07.2013
04.07.2013
01.07.2013
17.06.2013
11.06.2013
06.06.2013
06.05.2013
19.04.2013
18.04.2013
17.04.2013
12.04.2013
12.03.2013
15.02.2013
13.12.2012
10.09.2012
01.11.2011

05.09.2013

Deutsche Bank AG
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.

Price/Volume
40

20.0 M

25
20

12/2012
06/yy
38.73
27.27
1'719'458.00
33.51
-13.48%
22.88%
54.41%
1'019.5
34'163.43
278'501.00
0.0
407.0
147'433.00
-

15.0 M

15

10.0 M

10
5.0 M

5
0
j-12

31.12.2009
31.12.2010
45'167.0
46'151.0
4'973.0
2'310.0
6.24x
12.74x
Profitability

LTM-4Q
31.12.2011
52'660.0
4'132.0
6.61x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
52'299.0
237.0
131.80x
8.08%
2.18%
0.01%
0.34%
0.06%
0.02%
0.7%
13.84%
515.71%
-

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy
49'520.0
0.00x
0.0
0.00x
2'916.0
9.08x

d-12

06/yy
49'310.0
0.00x
0.0
0.00x
190.0
179.61x

j-13

f-13

m-13 a-13

m-13

j-13

FY+1

.0 M
j-13

1.39
1'013.93
23.02%
3.88%
1.390
41
3.976
5'073'803
5'311'888
5'997'256
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
33'455.0
34'012.5
7'752.8
7'818.2
3'960.8
4'618.2
708.3
730.8
8.94x
7.38x
8.09x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

02.07.2013
A
STABLE
19.12.2008
A-1
515.7%
83.7%
0.02
9.91
-

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00
4.00

50'000.0
40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

25.0 M

30

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DBK GY EQUITY YTD Change
DBK GY EQUITY YTD % CHANGE

31.12.2008
58'492.0
(3'835.0)
-

30.0 M

35

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Deutsche Bank AG
Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AG
NORGES BANK
COMMERZBANK AKTIENGE
CREDIT SUISSE AG
CREDIT AGRICOLE SA
VANGUARD GROUP INC
UBS
DEKA INVESTMENT GMBH
AMUNDI
HSBC HOLDINGS PLC
BANK OF AMERICA CORP
MORGAN STANLEY
UNION INVESTMENT GMB
JANUS CAPITAL MANAGE
BANK OF NEW YORK MEL
DEUTSCHE TELEKOM
GOLDMAN SACHS GROUP

Firm Name

Portfolio Name
n/a
n/a
DEKABANK DEUTSCHE GI
n/a
Multiple Portfolios
COMMERZBANK AKTIENGE
n/a
CREDIT AGRICOLE SA
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
HSBC HOLDINGS PLC
BANK OF AMERICA
n/a
Multiple Portfolios
n/a
BANK OF NEW YORK MEL
n/a
n/a

Analyst

Natixis
ANTOINE BURGARD
Nomura
JON PEACE
Commerzbank Corporates & Markets MICHAEL DUNST
Nord/LB
MICHAEL SEUFERT
RBC Capital Markets
FIONA SWAFFIELD
Credit Suisse
AMIT GOEL
Keefe, Bruyette & Woods
ANDREW STIMPSON
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Independent Research GmbH
STEFAN BONGARDT
Bankhaus Lampe
NEIL SMITH
Oddo & Cie
JEAN SASSUS
M.M. Warburg Investment Research ANDREAS PLAESIER
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
S&P Capital IQ
FRANK BRADEN
Exane BNP Paribas
DANIEL DAVIES
Mediobanca SpA
CHRISTOPHER J WHEELER
Canaccord Genuity Corp
ARUN MELMANE
Morgan Stanley
HUW VAN STEENIS
AlphaValue
DIETER HEIN
Goldman Sachs
JERNEJ OMAHEN
Macquarie
PIERS BROWN
Redburn Partners
NICHOLAS WATTS
Bankhaus Metzler
GUIDO HOYMANN
Barclays
JEREMY SIGEE
Makor Capital
ALBERT SAPORTA
Espirito Santo Investment Bank Research
ANDREW LIM
JPMorgan
KIAN ABOUHOSSEIN
Grupo Santander
AURELIA FAURE
Societe Generale
DIRK HOFFMANN-BECKING
HSBC
ROBERT MURPHY
Main First Bank AG
KILIAN MAIER
DZ Bank AG
CHRISTOPH BAST
Kepler Cheuvreux
DIRK BECKER
Hamburger Sparkasse
CHRISTIAN HAMANN
UBS
DANIELE BRUPBACHER
Berenberg Bank
JAMES CHAPPELL
Day by Day
VALERIE GASTALDY
Banco Sabadell
MARIO LODOS
EVA Dimensions
AUSTIN BURKETT
National Bank AG
DIRK GOJNY
Hammer Partners SA
ENRICO RACIOPPI
SRC Research
STEFAN SCHARFF

Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
13F
ULT-AGG
MF-AGG
ULT-AGG
13F
Research
ULT-AGG

Recommendation
buy
neutral
buy
hold
outperform
outperform
outperform
buy
buy
buy
neutral
buy
buy
buy
outperform
neutral
buy
Equalwt/In-Line
add
Sell/Neutral
neutral
neutral
buy
overweight
buy
sell
neutral
hold
buy
overweight
outperform
buy
buy
buy
neutral
sell
buy
buy
underweight
buy
buy
sell

Amt Held
47'776'278
41'570'490
24'511'746
23'643'257
21'866'137
19'985'815
16'753'114
16'412'440
10'259'100
7'624'696
7'105'620
6'818'301
5'921'773
5'567'724
5'466'501
5'205'471
4'710'141
4'657'901
3'832'262
3'819'018

% Out
4.69
4.08
2.4
2.32
2.14
1.96
1.64
1.61
1.01
0.75
0.7
0.67
0.58
0.55
0.54
0.51
0.46
0.46
0.38
0.37

Weighting

Change
5
3
5
3
5
5
5
5
5
5
3
5
5
5
5
3
5
3
4
1
3
3
5
5
5
1
3
3
5
5
5
5
5
5
3
1
5
5
1
5
5
1

M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
D
M
M
N
M
M
M
M
M
N
M
M
M
M
M
U
M
M
M
M
M

Latest Chg
(651'716)
53'089
6'685'386
5'187'914
(236'367)
674'993
1'264'411
(634'844)
2'635'705
(11'954'777)
(109'942)
331'142
(1'651'936)
433'334
751'469
(4'738'602)

Target Price
44
38
45
35
38
37
46
40
42
42
40
45
44
40
42
40
45
40
42
35
34
#N/A N/A
43
47
#N/A N/A
28
38
37
43
44
45
40
44
#N/A N/A
37
20
38
40
#N/A N/A
32
36
33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
29.07.2013
30.06.2013
31.03.2013
31.05.2013
31.12.2012
31.03.2013
29.05.2013
31.03.2013
30.06.2013
30.07.2013
30.04.2013
30.04.2013
31.03.2013
31.03.2013
27.05.2013
30.06.2013
31.03.2013
31.03.2013
13.11.2012
31.03.2013

Date
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
15 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor

Date
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
19.07.2013
18.07.2013
16.07.2013
10.07.2013
09.07.2013
04.07.2013
03.07.2013
28.06.2013
30.05.2013
29.05.2013
28.05.2013
13.05.2013
10.05.2013
07.05.2013
03.05.2013
02.05.2013
30.04.2013
25.04.2013
15.02.2013
17.01.2013
25.07.2012
03.07.2012
08.02.2010

05.09.2013

AXA SA
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.

Price/Volume
18
16
14
12
10
8

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.08.2013)
52-Week Low (11.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 29.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CS FP EQUITY YTD Change
CS FP EQUITY YTD % CHANGE

12/2012
03/yy
18.17
11.36
2'621'658.00
17.15
-5.61%
51.03%
81.88%
2'392.3
41'027.50
15'172.00
5'735.0
2'355.0
30'546.00
39'341.50

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4
2
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
51'235.0
0.62x
923.0
51.67x

6

31.12.2009
31.12.2010
122'704.0
117'414.0
0.36x
0.29x
3'606.0
2'749.0
10.60x
12.33x
Profitability

LTM-4Q
31.12.2011
98'334.0
0.18x
4'324.0
5.88x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
116'202.0
0.21x
4'152.0
8.10x
5.43%
4.66%
0.53%
8.47%
6.89%
0.15%
3.6%
1.99%
31.66%
-

Price/ Cash Flow

20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
j-13

LTM

FY+1

1.59
2'047.45
54.26%
34.85%
1.594
37
4.054
5'183'750
5'693'202
6'446'782
FY+2

FQ+1

FQ+2

03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
0.0 100'368.2 102'961.5
#DIV/0!
0.56x
0.59x
0.0
0.00x
0.0
4'869.9
5'196.2
0.00x
8.46x
7.95x
S&P Issuer Ratings
Long-Term Rating Date
18.12.2012
Long-Term Rating
ALong-Term Outlook
STABLE
Short-Term Rating Date
18.12.2012
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
31.7%
Total Debt/Capital
21.3%
Asset Turnover
0.15
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

4.00

140'000.0

3.50

120'000.0

3.00

100'000.0

2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

AXA SA
Holdings By:

All

Holder Name
MUTUELLES AXA
AMUNDI
BNP PARIBAS INV PART
CAPITAL GROUP COMPAN
NORGES BANK
HARBOR CAPITAL ADVIS
BLACKROCK
FRANKLIN RESOURCES
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
T ROWE PRICE ASSOCIA
AMUNDI
LBPAM
AVIVA PLC
JP MORGAN
AMUNDI
UBS
MERCURY ASSET MANAGE
ALLIANZ ASSET MANAGE
DIMENSIONAL FUND ADV

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a

Analyst

Credit Suisse
RICHARD BURDEN
JPMorgan
ANDREAS VAN EMBDEN
Keefe, Bruyette & Woods
RALPH HEBGEN
Helvea
DANIEL BISCHOF
AlphaValue
JEROME CASSAGNE
Oddo & Cie
NICOLAS JACOB
Day by Day
VALERIE GASTALDY
Barclays
CLAUDIA GASPARI
Exane BNP Paribas
THOMAS JACQUET
Macquarie
NEIL WELCH
Raymond James
RAPHAEL CARUSO
Morgan Stanley
JON HOCKING
Hamburger Sparkasse
CHRISTIAN HAMANN
CM - CIC Securities(ESN)
PIERRE CHEDEVILLE
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Mediobanca SpA
MARC THIELE
Berenberg Bank
PETER ELIOT
Deutsche Bank
OLIVER STEEL
Main First Bank AG
FEDERICO SALERNO
Societe Generale
NICK HOLMES
EVA Dimensions
DOUG WALTERS
HSBC
KAILESH MISTRY
Kepler Cheuvreux
ATANASIO PANTARROTAS
Independent Research GmbH
STEFAN BONGARDT
RBC Capital Markets
GORDON AITKEN
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Nomura
MICHAEL KLIEN
S&P Capital IQ
RODERICK WALLACE
DZ Bank AG
THORSTEN WENZEL
Goldman Sachs
WILLIAM ELDERKIN
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Hammer Partners SA
ENRICO RACIOPPI
Banco Sabadell
MARIO LODOS
Natixis
BENOIT VALLEAUX
Redburn Partners
LANCE BURBIDGE
Daiwa Securities Co. Ltd.
TIM PROUDLOVE
BBVA
SILVIA RIGOL CARNEIRO

Source
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
outperform
underweight
outperform
buy
add
buy
buy
underweight
outperform
neutral
strong buy
Overwt/In-Line
hold
buy
buy
neutral
hold
buy
underperform
buy
overweight
overweight
buy
hold
sector perform
buy
buy
buy
buy
Buy/Neutral
buy
buy
buy
buy
neutral
outperform
outperform

Amt Held
342'767'775
91'682'238
79'968'828
67'215'128
58'028'406
50'254'088
41'633'640
36'771'259
19'296'554
15'382'094
13'186'966
12'462'994
11'842'642
11'362'428
9'664'596
6'776'001
6'768'213
5'855'919
5'642'676
4'569'870

% Out
14.33
3.83
3.34
2.81
2.43
2.1
1.74
1.54
0.81
0.64
0.55
0.52
0.5
0.48
0.4
0.28
0.28
0.24
0.24
0.19

Weighting

Change
5
1
5
5
4
5
5
1
5
3
5
5
3
5
5
3
3
5
1
5
5
5
5
3
3
5
5
5
5
5
5
5
5
5
3
5
5

M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M

Latest Chg
(20'493'797)
(72'251)
(3'214'857)
(9'366)
(9'833'098)
(4'576'318)
456'794
(2'582'264)
428'900
(898'816)
85'180
108'838
1'943'799
35'337
48'216
1'772'813
3'610

Target Price
19
14
18
16
19
19
17
15
18
16
19
18
#N/A N/A
19
19
17
17
18
14
19
#N/A N/A
21
17
16
15
17
23
17
16
18
21
21
15
18
#N/A N/A
16
22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
15.05.2012
31.03.2013
30.06.2013
31.12.2012
31.03.2013
29.07.2013
31.03.2013
30.06.2013
28.03.2013
31.03.2013
30.04.2013
28.03.2013
31.05.2013
30.06.2013
28.03.2013
30.07.2013
29.07.2013
30.06.2013
30.04.2013

Date
Not Provided
12 month
12 month
12 month
6 month
Not Provided
3 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
29.07.2013
29.07.2013
25.07.2013
25.07.2013
25.07.2013
23.07.2013
22.07.2013
22.07.2013
19.07.2013
13.07.2013
11.07.2013
10.07.2013
01.07.2013
27.06.2013
27.06.2013
20.06.2013
19.06.2013
18.06.2013
12.06.2013
11.06.2013
06.06.2013
31.05.2013
28.05.2013
13.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
24.04.2013
03.04.2013
25.03.2013
15.02.2013
10.01.2013
22.11.2012
06.06.2011
17.02.2011

05.09.2013

Schneider Electric SA
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.

Price/Volume
70

4.0 M

60

3.5 M

50

3.0 M
2.5 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (01.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SU FP EQUITY YTD Change
SU FP EQUITY YTD % CHANGE

12/2012
06/yy
63.00
45.85
603'117.00
60.21
-4.43%
31.33%
81.29%
560.3
33'738.33
8'132.00
0.0
174.0
3'737.00
39'176.33

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.5 M

20

1.0 M

10

.5 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
18'311.0
0.95x
3'321.0
5.24x
1'682.0
7.55x

2.0 M

30

31.12.2009
31.12.2010
15'793.0
19'580.0
1.51x
1.68x
2'575.0
3'575.0
9.26x
9.20x
824.0
1'720.0
24.63x
17.00x
Profitability

LTM-4Q
31.12.2011
22'345.0
1.23x
3'725.0
7.36x
1'793.0
12.18x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
23'946.0
1.44x
3'837.0
9.01x
1'840.0
16.17x
3'837.00
3'030.00
12.65%
10.42%
4.98%
11.00%
8.71%
0.67%
37.8%
16.0%
12.7%
7.7%
1.51
1.01
22.49%
48.86%
4.39
4.31

Price/ Cash Flow

LTM

06/yy
23'459.0
0.00x
0.0
0.00x
0.0
0.00x

06/yy
23'968.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
j-13

1.31
505.29
26.97%
13.42%
1.312
25
3.720
1'217'127
1'147'440
1'387'581
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
24'510.1
26'390.1
6'306.0
6'798.5
1.56x
1.41x
4'028.8
4'461.0
9.71x
8.77x
2'216.6
2'500.7
14.67x
13.11x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

17.07.2013
A- *14.03.2007
A-2
9.97
8.74
1.37
2.08
48.9%
32.6%
0.67
9.23
83.09
84.62
105.83
57.20

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00
10.00

15'000.0

8.00

10'000.0

6.00
4.00

5'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Schneider Electric SA
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
AMUNDI
BLACKROCK
SUN LIFE FINANCIAL I
CAISSE DES DEPOTS ET
CREDIT AGRICOLE SA
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
FIL LIMITED
NORGES BANK
SAFE INVESTMENT COMP
STATE STREET
NORTHERN CROSS LLC
DODGE & COX
HARBOR CAPITAL ADVIS
WELLINGTON MANAGEMEN
JP MORGAN
SOCIETE GENERALE
UBS
ABERDEEN

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
Multiple Portfolios
#N/A N/A
n/a
#N/A N/A
n/a
n/a

Analyst

Societe Generale
GAEL DE BRAY
RBC Capital Markets
ANDREW CARTER
Canaccord Genuity Corp
ANDREW BELL
Natixis
ARNAUD SCHMIT
Nomura
DANIEL CUNLIFFE
Exane BNP Paribas
OLIVIER ESNOU
Redburn Partners
JAMES MOORE
Oddo & Cie
ALFRED GLASER
AlphaValue
LIONEL PELLICER
Morgan Stanley
BEN UGLOW
Deutsche Bank
MARTIN WILKIE
Credit Suisse
SIMON TOENNESSEN
JPMorgan
ANDREAS WILLI
Independent Research GmbH
MARKUS FRIEBEL
S&P Capital IQ
JAWAHAR HINGORANI
Barclays
NICK WEBSTER
Day by Day
VALERIE GASTALDY
EVA Dimensions
TIMOTHY STANISH
HSBC
MICHAEL HAGMANN
Berenberg Bank
WILLIAM MACKIE
Landesbank Baden-Wuerttemberg
VOLKER STOLL
CM - CIC Securities(ESN)
ARI AGOPYAN
Kepler Cheuvreux
PIERRE BOUCHENY
Goldman Sachs
DANIELA COSTA
Espirito Santo Investment Bank Research
ROB VIRDEE
UBS
FREDRIC STAHL
Banco Sabadell
MARIA CEBOLLERO

Source
ULT-AGG
Research
ULT-AGG
ULT-AGG
Research
RNS-RUL8
RNS-RUL8
ULT-AGG
ULT-AGG
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
RNS-RUL8
MF-AGG
RNS-RUL8
ULT-AGG
RNS-RUL8
ULT-AGG
ULT-AGG

Recommendation
buy
outperform
hold
neutral
neutral
outperform
buy
buy
buy
restricted
restricted
neutral
restricted
hold
hold
suspended coverage
hold
hold
overweight
hold
hold
hold
reduce
Buy/Neutral
neutral
neutral
buy

Amt Held
30'026'930
27'220'485
22'105'126
21'874'591
20'349'002
19'283'139
16'064'376
15'092'197
14'590'429
12'762'212
12'614'776
12'524'125
12'361'186
11'305'324
10'849'337
10'567'682
9'936'552
9'283'947
9'239'995
8'690'687

% Out
5.36
4.86
3.94
3.9
3.63
3.44
2.87
2.69
2.6
2.28
2.25
2.24
2.21
2.02
1.94
1.89
1.77
1.66
1.65
1.55

Weighting

Change

5
5
3
3
3
5
5
5
5
#N/A N/A
#N/A N/A
3
#N/A N/A
3
3
#N/A N/A
3
3
5
3
3
3
2
5
3
3
5

M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M

Latest Chg
(11'400)
(1'168'334)
733
3'033
(6'679)
158'121
(59'463)
(700)
36'672
8'005
(52'247)
2'260
213'483
203'494
(51'912)
(20'900)

Target Price
64
65
60
63
52
64
#N/A N/A
64
71
#N/A N/A
#N/A N/A
58
#N/A N/A
60
58
#N/A N/A
#N/A N/A
#N/A N/A
74
60
60
58
57
67
60
57
48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
29.07.2013
16.05.2012
29.07.2013
29.07.2013
31.12.2012
18.07.2013
29.07.2013
29.07.2013
29.07.2013
12.07.2013
22.07.2013
30.07.2013
30.07.2013
11.07.2013
31.03.2013
29.07.2013
29.07.2013
29.07.2013
30.07.2013
29.07.2013

Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Unclassified
Investment Advisor

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
29.07.2013
23.07.2013
18.07.2013
17.07.2013
12.07.2013
12.07.2013
12.07.2013
12.07.2013
12.07.2013
12.07.2013
14.06.2013
06.06.2013
03.06.2013
01.05.2013
23.04.2013
23.04.2013
16.04.2013
02.04.2013
08.03.2013
04.03.2013
15.02.2013

05.09.2013

Air Liquide SA
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.

Price/Volume
120
100
80
60

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2013)
52-Week Low (21.02.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AI FP EQUITY YTD Change
AI FP EQUITY YTD % CHANGE

12/2012
06/yy
105.40
88.55
248'242.00
99.82
-5.29%
12.73%
74.48%
311.7
31'118.54
7'273.70
0.0
232.6
1'154.20
38'197.65

20
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

40

31.12.2008
13'103.1

31.12.2009
11'976.1

2'941.8

2'969.0

1'220.0

1'230.0

31.12.2010
13'488.0
2.38x
3'374.3
9.50x
1'403.6
18.97x

LTM-4Q
31.12.2011
14'456.9
2.25x
3'563.6
9.13x
1'534.9
17.60x

31.12.2012
15'326.3
2.34x
3'792.3
9.48x
1'609.4
18.38x

LTM

06/yy
14'702.2
0.00x
0.0
0.00x
0.0
0.00x

06/yy
15'354.0
0.00x
0.0
0.00x
0.0
0.00x

Profitability
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

3'792.30
2'560.50
16.71%
14.63%
6.36%
15.94%
0.62%
24.9%
16.8%
10.5%
1.03
0.77
29.09%
71.23%
5.36
-

Price/ Cash Flow

2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
j-13

FY+1

0.75
310.40
8.54%
7.76%
0.750
33
3.606
541'940
547'677
606'324
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
15'780.8
16'901.2
3'942.5
4'170.4
2.39x
2.22x
8.90x
3'964.7
4'319.6
2'081.0
9.64x
8.85x
1'656.0
1'853.4
905.0
18.73x
16.88x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

02.07.2007
A
STABLE
06.05.2004
A-1
13.84
6.51
1.79
2.06
71.2%
41.1%
0.62
1.20
68.07
-

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0
14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0
6'000.0

4.00

4'000.0

2.00
0.00
01.01.2010

2'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Air Liquide SA
Holdings By:

All

Holder Name
NORGES BANK
THORNBURG INVESTMENT
BLACKROCK
VANGUARD GROUP INC
AMUNDI
LANSDOWNE PARTNERS L
SUN LIFE FINANCIAL I
NATIXIS ASSET MANAGE
DEUTSCHE BANK AG
BANK OF NEW YORK MEL
AIR LIQUIDE
MERCURY ASSET MANAGE
CAPITAL GROUP COMPAN
ALLIANZ ASSET MANAGE
LBPAM
THREADNEEDLE INVESTM
UBS
HARTFORD INVESTMENT
HARBOR CAPITAL ADVIS
SCHRODER INVESTMENT

Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Firm Name

Analyst

Societe Generale
JPMorgan
Macquarie
Natixis
Nomura
Deutsche Bank
Morgan Stanley
Credit Suisse
Sanford C. Bernstein & Co
Exane BNP Paribas
AlphaValue
Commerzbank Corporates & Markets
Berenberg Bank
Kepler Cheuvreux
Barclays
HSBC
Day by Day
CM - CIC Securities(ESN)
EVA Dimensions
Hamburger Sparkasse
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Liberum Capital Ltd
UBS
Jefferies
Canaccord Genuity Corp
S&P Capital IQ
Goldman Sachs
Main First Bank AG
Banco Sabadell
Alembic Global Advisors
Redburn Partners

PETER CLARK
MARCUS DIEBEL
CHRISTIAN FAITZ
FREDERIC WILLIAMS-GOBEAUX
JEAN DE WATTEVILLE
TIMOTHY JONES
PETER MACKEY
CHRIS COUNIHAN
JEREMY REDENIUS
HEIDI VESTERINEN
FABRICE FARIGOULE
STEPHAN KIPPE
JOHN PHILIPP KLEIN
MARKUS MAYER
GUNTHER ZECHMANN
GEOFF HAIRE
VALERIE GASTALDY
ARI AGOPYAN
TIMOTHY STANISH
MARCO GUENTHER
ULLE WORNER
CHRISTOPH SCHOENDUBE
ADAM COLLINS
THOMAS GILBERT
LAURENCE ALEXANDER
PAUL W SATCHELL
JOHNSON IMODE
RAKESH PATEL
THOMAS SWOBODA
PATRICIA GARCIA SANCHEZ
HASSAN I AHMED
TONY JONES

Source
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
overweight
outperform
neutral
neutral
hold
Equalwt/In-Line
outperform
outperform
outperform
reduce
add
hold
buy
underweight
neutral
hold
accumulate
underweight
hold
buy
hold
buy
neutral
hold
hold
hold
neutral/neutral
outperform
buy
neutral
buy

Amt Held
% Out
6'786'466
2.18
4'338'844
1.39
3'564'873
1.14
3'432'911
1.1
2'806'570
0.9
(2'774'061) -0.89
2'097'323
0.67
2'058'566
0.66
1'442'547
0.46
1'275'590
0.41
1'003'394
0.32
953'436
0.31
942'077
0.3
869'798
0.28
845'039
0.27
791'352
0.25
726'981
0.23
686'148
0.22
681'385
0.22
647'736
0.21

Weighting

Change
3
5
5
3
3
3
3
5
5
5
2
4
3
5
1
3
3
4
1
3
5
3
5
3
3
3
3
3
5
5
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(235'330)
28'434
228'956
(14'032)
31'170
72'473
(35'755)
(1'351)
37'000
443
(4'158)
(173'989)
(38'615)
(7'276)
681'385
(83'445)

Target Price
105
122
116
83
104
99
104
103
121
104
98
105
98
111
93
108
#N/A N/A
106
#N/A N/A
#N/A N/A
103
100
109
91
97
90
98
107
105
111
95
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
31.12.2012
Government
31.05.2013
Investment Advisor
29.07.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
18.06.2013 Hedge Fund Manager
31.05.2013
Investment Advisor
28.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.07.2013
Investment Advisor
31.12.2012
Corporation
29.07.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
28.02.2013
Investment Advisor
30.07.2013
Unclassified
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
12 month
9 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
25.07.2013
23.07.2013
23.07.2013
23.07.2013
17.07.2013
12.07.2013
05.07.2013
13.06.2013
06.06.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
18.02.2013
15.02.2013
15.10.2012
08.10.2012

05.09.2013

L'Oreal SA
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.

Price/Volume
1.6 M

120

1.4 M
1.2 M
1.0 M

80

Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2013)
52-Week Low (11.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
OR FP EQUITY YTD Change
OR FP EQUITY YTD % CHANGE

12/2012
06/yy
137.85
94.55
177'153.00
124.65
-9.58%
31.84%
71.59%
605.9
75'530.48
248.00
0.0
4.8
1'823.20
74'962.19

.8 M

60

.6 M

40

.4 M

20

.2 M

0
j-12

31.12.2009
31.12.2010
17'472.6
19'495.8
2.72x
2.52x
3'368.7
3'757.5
14.12x
13.05x
1'792.2
2'239.7
22.81x
21.75x
Profitability

LTM-4Q
31.12.2011
20'343.1
2.33x
3'955.1
12.00x
2'438.4
19.64x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
22'462.7
2.72x
4'538.0
13.49x
2'867.7
21.90x
4'538.00
3'697.30
16.46%
17.25%
9.99%
14.59%
14.04%
0.78%
70.7%
20.5%
16.7%
12.8%
1.29
0.79
0.84%
1.18%
6.41
3.07

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy
21'406.7
0.00x
0.0
0.00x
0.0
0.00x

d-12

06/yy
22'987.6
0.00x
0.0
0.00x
0.0
0.00x

j-13

f-13

m-13 a-13

m-13

j-13

FY+1

.0 M
j-13

0.68
228.33
27.15%
20.90%
0.679
36
3.333
669'842
495'971
516'142
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
23'291.6
24'633.3
5'592.7
5'866.3
3.14x
2.92x
4'719.6
5'078.0
15.88x
14.76x
3'104.6
3'356.5
24.36x
22.59x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

05.06.2006
A-1+
131.54
103.86
-0.12
0.14
1.2%
1.2%
0.78
7.61
56.95
118.79
179.22
-18.84

Sales/Revenue/Turnover

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.8 M

140
100

Valuation Analysis

31.12.2008
17'541.8
2.28x
3'441.7
11.63x
1'948.3
17.80x

160

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

L'Oreal SA
Holdings By:

All

Holder Name
BETTENCOURT FAMILY
NESTLE SA
L'OREAL SA
NORGES BANK
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
CAPITAL GROUP COMPAN
BLACKROCK
OWEN-JONES LINDSAY
AMUNDI
NATIXIS ASSET MANAGE
ALLIANZ ASSET MANAGE
FMR LLC
BANK OF NEW YORK MEL
LBPAM
FIL LIMITED
AMUNDI
NEW JERSEY DIVISION
INVESCO LTD
MERCURY ASSET MANAGE

Firm Name

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Credit Suisse
NICOLAS SOCHOVSKY
Goldman Sachs
ROSIE EDWARDS
Day by Day
VALERIE GASTALDY
Sanford C. Bernstein & Co
ANDREW WOOD
Liberum Capital Ltd
PABLO ZUANIC
Morgan Stanley
ERIK SJOGREN
Landesbank Baden-Wuerttemberg
BERND MUELL
Independent Research GmbH
LARS LUSEBRINK
AlphaValue
ARMELLE MOULIN
Societe Generale
CHAS MANSO DE ZUNIGA
Commerzbank Corporates & Markets ANDREAS RIEMANN
JPMorgan
CELINE PANNUTI
Jefferies
ALEX HOWSON
Raymond James
HERMINE DE BENTZMANN
Oddo & Cie
LEOPOLD AUTHIE
Canaccord Genuity Corp
EDDY HARGREAVES
Berenberg Bank
SETH PETERSON
Bryan Garnier & Cie
LOIC MORVAN
Natixis
PIERRE TEGNER
Nomura
GUILLAUME DELMAS
S&P Capital IQ
CARL SHORT
Main First Bank AG
GAEL COLCOMBET
Exane BNP Paribas
EAMONN FERRY
Barclays
IAIN SIMPSON
Telsey Advisory Group
DAVID WU
Stifel
MARK S ASTRACHAN
RBC Capital Markets
JAMES EDWARDES JONES
HSBC
CEDRIC BESNARD
Espirito Santo Investment Bank Research
ALEX SMITH
Erste Group
HANS ENGEL
EVA Dimensions
CRAIG STERLING
UBS
EVA QUIROGA
Kepler Cheuvreux
CATHERINE ROLLAND
Hamburger Sparkasse
CHRISTIAN HAMANN
Deutsche Bank
HAROLD THOMPSON
Redburn Partners
WILLIAM HOUSTON
Aurel - BGC
DAVID DA MAIA
Banco Sabadell
IGNACIO ROMERO

Source
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
neutral
buy/attractive
hold
underperform
buy
Underwt/In-Line
hold
hold
reduce
buy
hold
overweight
buy
outperform
buy
sell
hold
buy
neutral
reduce
hold
underperform
outperform
overweight
no rating system
hold
sector perform
overweight
sell
buy
underweight
neutral
buy
buy
hold
sell
not rated
sell

Amt Held
185'661'879
178'381'021
10'454'165
6'199'218
5'650'215
4'446'174
4'089'800
3'586'314
2'998'095
1'996'115
1'677'693
1'542'830
1'333'975
1'182'458
974'438
842'881
769'204
725'628
706'351
683'827

% Out
30.66
29.46
1.73
1.02
0.93
0.73
0.68
0.59
0.5
0.33
0.28
0.25
0.22
0.2
0.16
0.14
0.13
0.12
0.12
0.11

Weighting

Change

3
5
3
1
5
1
3
3
2
5
3
5
5
5
5
1
3
5
3
2
3
1
5
5
#N/A N/A
3
3
5
1
5
1
3
5
5
3
1
#N/A N/A
1

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
3'634
(1'414'300)
438'840
(356'181)
(389'228)
15'487
(316'284)
16'952
(70'028)
383'069
(26'299)
(121'619)
-

Target Price
125
159
#N/A N/A
108
130
110
120
135
118
150
113
145
106
138
130
103
130
150
102
97
131
130
167
144
130
#N/A N/A
135
121
105
#N/A N/A
#N/A N/A
140
135
#N/A N/A
110
#N/A N/A
#N/A N/A
92

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Corporation
31.12.2012
Corporation
31.12.2012
Government
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2013
Investment Advisor
29.07.2013
Investment Advisor
31.12.2012
n/a
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.07.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
30.06.2012 Pension Fund (ERISA)
30.07.2013
Investment Advisor
29.07.2013
Investment Advisor

Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Date
25.07.2013
23.07.2013
23.07.2013
22.07.2013
19.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
16.07.2013
09.07.2013
05.07.2013
03.07.2013
01.07.2013
06.06.2013
29.05.2013
15.05.2013
26.04.2013
18.04.2013
13.02.2013
07.11.2012
30.07.2012

05.09.2013

ING Groep NV
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.

Price/Volume
9

70.0 M

8

60.0 M

7

50.0 M

6

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2013)
52-Week Low (28.03.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 02.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
INGA NA EQUITY YTD Change
INGA NA EQUITY YTD % CHANGE

12/2012
03/yy
8.89
5.52
7'941'461.00
8.345
-6.15%
51.15%
84.37%
3'838.8
32'034.85
207'649.00
0.0
1'081.0
17'657.00
213'152.85

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

40.0 M

4

30.0 M

3

20.0 M

2

10.0 M

1
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
64'680.0
4.40x
(729.0)
-

5

31.12.2009
31.12.2010
46'025.0
51'411.0
5.41x
4.99x
(935.0)
2'810.0
12.77x
Profitability

LTM-4Q
31.12.2011
52'787.0
4.38x
5'766.0
6.70x

31.12.2012
39'304.0
5.54x
3'894.0
11.39x
12.65%
9.91%
0.39%
8.77%
1.78%
0.03%
9.9%
17.77%
366.83%
-

LTM

03/yy
42'504.0
23.72x
0.0
0.00x
5'113.0
9.50x

03/yy
41'125.0
22.34x
0.0
0.00x
5'018.0
7.16x

FY+1

.0 M
j-13

1.83
36.76%
18.18%
1.834
33
4.061
16'293'720
19'890'470
21'224'960
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
29'663.4
27'949.8
3'826.0
3'843.0
3.54x
3.75x
3'824.5
4'218.0
957.7
717.2
8.29x
7.66x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

03.09.2009
A
NEG
31.03.2009
A-1
366.8%
78.3%
0.03
-

Sales/Revenue/Turnover

100'000.0
90'000.0

1.00

80'000.0
70'000.0

0.80
0.60
0.40

60'000.0
50'000.0
40'000.0
30'000.0
20'000.0

0.20

10'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

ING Groep NV
Holdings By:

All

Holder Name
BLACKROCK
FRANKLIN RESOURCES
NORGES BANK
VANGUARD GROUP INC
CARMIGNAC GESTION
CAPITAL GROUP COMPAN
SUN LIFE FINANCIAL I
ING INVESTMENT MANAG
BNP PARIBAS INV PART
DEUTSCHE BANK AG
ALLIANZ ASSET MANAGE
UNION INVESTMENT GMB
ACHMEA BELEGGINSFOND
ARTISAN PARTNERS HOL
SCHRODER INVESTMENT
AMUNDI
MERCURY ASSET MANAGE
UBS
PERPETUAL INVESTMENT
ROYAL BANK OF CANADA

Firm Name
Nomura
Credit Suisse
JPMorgan
Rabobank International
Keefe, Bruyette & Woods
AlphaValue
Jefferies
Deutsche Bank
Oddo & Cie
Exane BNP Paribas
Hamburger Sparkasse
KBC Securities
RBC Capital Markets
Societe Generale
Independent Research GmbH
Petercam
HSBC
Landesbank Baden-Wuerttemberg
Mediobanca SpA
UBS
EVA Dimensions
Day by Day
Kepler Cheuvreux
Morgan Stanley
DZ Bank AG
Berenberg Bank
S&P Capital IQ
SNS Securities(ESN)
Barclays
Macquarie
Main First Bank AG
Goldman Sachs
Theodoor Gilissen Securities
Daiwa Securities Co. Ltd.
Natixis

Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
INVESCO PERPETUAL EU
n/a

Analyst
MARCO KISIC
RICHARD BURDEN
ASHIK MUSADDI
COR KLUIS
WILLIAM HAWKINS
JEROME CASSAGNE
OMAR FALL
DAVID LOCK
NICOLAS JACOB
FRANCOIS BOISSIN
CHRISTIAN HAMANN
MATTHIAS DE WIT
GORDON AITKEN
PHILIP RICHARDS
STEFAN BONGARDT
TOM VAN KEMPEN
STEVEN HAYWOOD
WERNER SCHIRMER
ALAIN TCHIBOZO
ANTON KRYACHOK
DOUG WALTERS
VALERIE GASTALDY
BENOIT PETRARQUE
DAVID ANDRICH
WERNER EISENMANN
JAMES CHAPPELL
RODERICK WALLACE
LEMER SALAH
KIRI VIJAYARAJAH
THOMAS STOEGNER
FEDERICO SALERNO
MARTIN LEITGEB
TOM MULLER
TIM PROUDLOVE
BENOIT VALLEAUX

Source
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-PART
ULT-AGG

Recommendation
buy
outperform
overweight
buy
market perform
add
buy
hold
neutral
outperform
hold
hold
outperform
buy
hold
buy
neutral
hold
outperform
buy
buy
hold
reduce
Equalwt/In-Line
buy
buy
hold
buy
equalweight
neutral
outperform
Rating Suspended
hold
outperform
suspended coverage

Amt Held
189'941'686
180'832'856
90'214'200
60'200'810
41'376'650
41'280'000
39'936'033
30'572'346
27'280'865
25'144'194
24'740'028
20'024'798
19'776'736
18'398'613
16'983'268
13'363'212
11'776'909
10'188'702
10'165'410
9'912'124

% Out
4.95
4.71
2.35
1.57
1.08
1.08
1.04
0.8
0.71
0.66
0.64
0.52
0.52
0.48
0.44
0.35
0.31
0.27
0.26
0.26

Weighting

Change

5
5
5
5
3
4
5
3
3
5
3
3
5
5
3
5
3
3
5
5
5
3
2
3
5
5
3
5
3
3
5
#N/A N/A
3
5
#N/A N/A

M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
U
M
M
M
N
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M

Latest Chg
9'512'339
219'074
2'840'522
18'750'000
3'755'980
(165'662)
9'612
1'109'700
(2'790'480)
1'163'679
1'316
(4'688'475)
(973'566)
3'821'778
(585'696)
2'609'260
(69'550)

Target Price
8
9
10
10
8
8
10
8
7
9
#N/A N/A
8
9
9
8
9
8
8
9
10
#N/A N/A
#N/A N/A
7
7
8
8
7
9
7
7
7
#N/A N/A
10
9
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
29.07.2013
30.04.2013
31.12.2012
30.06.2013
28.06.2013
30.06.2013
31.05.2013
31.05.2013
31.03.2013
31.05.2013
30.06.2013
28.03.2013
30.06.2013
31.03.2013
31.05.2013
30.04.2013
29.07.2013
30.07.2013
28.06.2013
28.03.2013

Date
12 month
Not Provided
15 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Bank

Date
30.07.2013
29.07.2013
29.07.2013
29.07.2013
25.07.2013
25.07.2013
24.07.2013
23.07.2013
23.07.2013
19.07.2013
17.07.2013
11.07.2013
10.07.2013
09.07.2013
09.07.2013
01.07.2013
21.06.2013
19.06.2013
18.06.2013
18.06.2013
06.06.2013
28.05.2013
17.05.2013
15.05.2013
10.05.2013
09.05.2013
09.05.2013
17.04.2013
04.03.2013
26.02.2013
19.02.2013
07.12.2012
27.10.2011
17.06.2011
17.03.2009

05.09.2013

Deutsche Telekom AG
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2013)
52-Week Low (21.02.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DTE GY EQUITY YTD Change
DTE GY EQUITY YTD % CHANGE

12/2012
03/yy
10.11
7.98
5'160'937.00
9.746
-3.60%
22.19%
85.47%
4'451.1
43'380.61
44'614.00
0.0
4'623.0
6'046.00
93'417.61

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
64'602.0
62'421.0
1.46x
1.48x
17'335.0
17'726.0
5.46x
5.20x
353.0
1'695.0
128.63x
24.76x
Profitability

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

31.12.2012
58'169.0
1.38x
17'728.0
4.53x
(5'255.0)
17'728.00
6'720.00
11.55%
-10.71%
-4.23%
-17.40%
0.49%
41.2%
30.0%
12.2%
-9.0%
0.65
0.54
41.33%
172.12%
27.07

Price/ Cash Flow

50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
j-13

Market Data

LTM-4Q
31.12.2011
58'653.0
1.45x
20'202.0
4.22x
557.0
68.19x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

LTM

03/yy
58'488.0
6.06x
19'159.0
4.39x
622.0
60.43x

03/yy
57'522.0
5.75x
17'905.0
4.41x
(4'929.0)
0.00x

FY+1

0.70
3'068.30
9.93%
22.01%
0.698
41
3.439
12'980'220
11'474'880
12'400'700
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
59'165.7
59'872.5
14'894.7
15'444.3
1.49x
1.44x
6.01x
5.75x
17'294.7
17'697.2
4'498.0
4'268.0
5.40x
5.28x
2'785.2
3'032.3
590.5
500.0
15.23x
14.04x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

19.05.2008
BBB+
STABLE
08.04.2002
A-2
7.58
4.88
2.46
2.88
172.1%
59.4%
0.49
1.48
13.48
63.93
-16.66

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00
01.01.2010

a-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
61'666.0
1.49x
17'535.0
5.24x
1'483.0
31.62x

10
9
8
7
6
5
4
3
2
1
0
j-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Deutsche Telekom AG
Holdings By:

All

Holder Name
KREDITANSTALT FUER W
FEDERAL REPUBLIC OF
BLACKROCK
BLACKSTONE
NORGES BANK
VANGUARD GROUP INC
ONTARIO TEACHERS PEN
DB PLATINUM ADVISORS
BANK OF NEW YORK MEL
DEKA INVESTMENT GMBH
SCHRODER INVESTMENT
UNION INVESTMENT GMB
ALLIANZ ASSET MANAGE
UBS
AMUNDI
MERCURY ASSET MANAGE
DEKA INVESTMENT GMBH
ING INTERNATIONAL AD
SUN LIFE FINANCIAL I
NATIXIS ASSET MANAGE

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Nomura
FREDERIC BOULAN
Sanford C. Bernstein & Co
ROBIN BIENENSTOCK
Bankhaus Lampe
WOLFGANG SPECHT
Berenberg Bank
PAUL ANDREW MARSCH
Steubing AG
TEAM COVERAGE
Commerzbank Corporates & Markets HEIKE PAULS
Morgan Stanley
NICK DELFAS
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
AlphaValue
HEINZ STEFFEN
Jefferies
ULRICH RATHE
Deutsche Bank
DAVID A WRIGHT
Equinet Institutional Services(ESN)
ADRIAN PEHL
Credit Suisse
JUSTIN FUNNELL
Raymond James
STEPHANE BEYAZIAN
Barclays
JONATHAN DANN
Grupo Santander
JOHN DAVIES
Exane BNP Paribas
MATHIEU ROBILLIARD
Liberum Capital Ltd
LAWRENCE SUGARMAN
Independent Research GmbH
MARKUS FRIEBEL
New Street Research
CHARLES GAYNOR
Hamburger Sparkasse
TINA HECKING-VELTMAN
Kepler Cheuvreux
PETER KURT NIELSEN
JPMorgan
HANNES C WITTIG
Oddo & Cie
ALEXANDRE IATRIDES
HSBC
DOMINIK KLARMANN
Day by Day
VALERIE GASTALDY
Natixis
JACQUES DE GRELING
Bankhaus Metzler
ULRICH TRABERT
Goldman Sachs
TIMOTHY BODDY
Nord/LB
WOLFGANG DONIE
S&P Capital IQ
ALEXANDER WISCH
DZ Bank AG
CHRISTOPH BAST
M.M. Warburg Investment Research JOCHEN REICHERT
Espirito Santo Investment Bank Research
ANDREW HOGLEY
UBS
POLO TANG
Macquarie
GUY R PEDDY
National Bank AG
MANFRED JAISFELD
Banco Sabadell
ANDRES BOLUMBURU
EVA Dimensions
ANDREW S ZAMFOTIS

Source
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
buy
outperform
hold
hold
buy
hold
Underwt/In-Line
buy
add
buy
buy
accumulate
outperform
outperform
equalweight
underweight
neutral
hold
buy
reduce
hold
buy
neutral
buy
neutral
hold
reduce
buy
neutral/neutral
buy
hold
sell
hold
neutral
neutral
underperform
hold
sell
sell

Amt Held
734'624'287
648'197'900
253'234'773
191'700'000
68'078'517
31'439'797
27'700'000
27'618'527
26'516'772
13'921'182
13'823'560
12'178'782
10'749'736
9'687'366
9'526'568
9'085'273
6'999'604
6'359'036
5'944'820
5'705'976

% Out
16.5
14.56
5.69
4.31
1.53
0.71
0.62
0.62
0.6
0.31
0.31
0.27
0.24
0.22
0.21
0.2
0.16
0.14
0.13
0.13

Weighting

Change
5
5
3
3
5
3
1
5
4
5
5
4
5
5
3
1
3
3
5
2
3
5
3
5
3
3
2
5
3
5
3
1
3
3
3
1
3
1
1

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
U
M
M
U
N
M
M
M
M
M
M
M

Latest Chg
126'173
1'891'193
26'978'457
1'951'607
6'672'723
1'813'735
(2'345'777)
1'523'995
452'621
1'100'738
(102'538)
(463'921)
418'480
(623'536)

Target Price
10
10
9
10
10
10
9
10
10
10
11
10
10
11
9
8
9
8
11
7
#N/A N/A
11
9
11
10
#N/A N/A
6
10
10
11
10
9
10
8
9
8
9
10
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
30.03.2013
Investment Advisor
30.03.2013
Government
29.07.2013
Investment Advisor
03.08.2012
Unclassified
31.12.2012
Government
30.06.2013
Investment Advisor
31.12.2011 Pension Fund (ERISA)
30.06.2013
Investment Advisor
30.07.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.07.2013
Unclassified
28.03.2013
Investment Advisor
29.07.2013
Investment Advisor
31.07.2013
Investment Advisor
28.03.2013
Investment Advisor
31.05.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided

Date
30.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
24.07.2013
23.07.2013
23.07.2013
12.07.2013
10.07.2013
09.07.2013
26.06.2013
25.06.2013
18.06.2013
11.06.2013
10.06.2013
06.06.2013
05.06.2013
03.06.2013
30.05.2013
27.05.2013
20.05.2013
13.05.2013
10.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
23.04.2013
05.04.2013
01.04.2013
01.03.2013
28.02.2013
15.02.2013
15.01.2013

05.09.2013

E.ON SE
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (08.07.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EOAN GY EQUITY YTD Change
EOAN GY EQUITY YTD % CHANGE

12/2012
03/yy
19.74
11.82
4'993'476.00
11.97
-39.36%
1.31%
3.34%
2'001.0
23'951.97
25'944.00
0.0
3'862.0
6'097.00
44'947.97

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
86'753.0
1.08x
5'403.0
17.28x
1'266.0
37.92x

20
18
16
14
12
10
8
6
4
2
0
j-12

31.12.2009
31.12.2010
81'817.0
92'863.0
1.11x
0.78x
12'703.0
13'006.0
7.18x
5.56x
8'396.0
5'853.0
6.50x
6.53x
Profitability

LTM-4Q
31.12.2011
112'954.0
0.52x
4'269.0
13.73x
(2'219.0)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
132'093.0
0.38x
8'443.0
5.99x
2'217.0
12.36x
8'443.00
4'940.00
3.74%
2.51%
1.69%
6.74%
6.90%
0.93%
7.6%
4.9%
1.7%
1.20
0.61
18.48%
74.22%
-

Price/ Cash Flow

LTM

FY+1

.0 M
j-13

1.10
1'847.04
-29.61%
-7.91%
1.100
36
2.889
8'112'697
7'926'277
8'953'405
FY+2

FQ+1

FQ+2

03/yy
03/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
96'381.0 104'016.0 119'148.3 121'540.1
2.49x
2.09x
0.39x
0.37x
1'673.0
6'725.0
9'388.9
9'248.7
0.00x
0.00x
4.79x
4.86x
(2'946.0)
2'827.0
2'405.5
2'345.6
0.00x
0.00x
9.59x
9.79x
S&P Issuer Ratings
Long-Term Rating Date
27.07.2012
Long-Term Rating
ALong-Term Outlook
STABLE
Short-Term Rating Date
27.07.2012
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
2.90
(EBITDA-Capex)/Interest Exp.
0.71
Net Debt/EBITDA
1.78
Total Debt/EBITDA
2.38
Reference
Total Debt/Equity
74.2%
Total Debt/Capital
40.1%
Asset Turnover
0.93
Net Fixed Asset Turnover
2.46
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0
100'000.0

4.00

80'000.0
3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

E.ON SE
Holdings By:

All

Holder Name
BLACKROCK
E.ON AG
GOVERNMENT OF NORWAY
CREDIT SUISSE AG
NORGES BANK
MORGAN STANLEY
VANGUARD GROUP INC
SOCIETE GENERALE SA
UNION INVESTMENT GMB
PICTET FUNDS
AMUNDI
CAPITAL GROUP COMPAN
DEKA INVESTMENT GMBH
UBS
MERCURY ASSET MANAGE
T ROWE PRICE ASSOCIA
FRANKFURT TRUST INVE
ALLIANZ ASSET MANAGE
BNP PARIBAS INV PART
GRANTHAM MAYO VAN OT

Firm Name
RBC Capital Markets
Exane BNP Paribas
Deutsche Bank
Morgan Stanley
JPMorgan
Independent Research GmbH
Commerzbank Corporates & Markets
AlphaValue
Grupo Santander
HSBC
Societe Generale
Nord/LB
Raymond James
M.M. Warburg Investment Research
Barclays
Credit Suisse
Day by Day
Main First Bank AG
EVA Dimensions
UBS
Hamburger Sparkasse
Berenberg Bank
Redburn Partners
Investec
Landesbank Baden-Wuerttemberg
S&P Capital IQ
Bankhaus Metzler
Goldman Sachs
Equinet Institutional Services(ESN)
Kepler Cheuvreux
Banco Sabadell
Macquarie
National Bank AG
Natixis

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
JOHN MUSK
BENJAMIN LEYRE
ALEXANDER KARNICK
BOBBY CHADA
NATHALIE F CASALI
SVEN DIERMEIER
TANJA MARKLOFF
EILEEN RYAN
OSCAR NAJAR RIOS
ADAM DICKENS
ALBERTO PONTI
HEINO HAMMANN
EMMANUEL RETIF
STEPHAN WULF
PETER BISZTYGA
VINCENT GILLES
VALERIE GASTALDY
ANDREAS THIELEN
DOUG WALTERS
PATRICK HUMMEL
ANNEMARIE SCHLUETER
TEAM COVERAGE
AHMED FARMAN
HAROLD HUTCHINSON
ERKAN AYCICEK
CLIVE ROBERTS
DANIEL SEIDENSPINNER
DEBORAH WILKENS
MICHAEL SCHAEFER
INGO BECKER
JORGE GONZALEZ SADORNIL
ROBERT SCHRAMM-FUCHS
STEFFEN MANSKE
PHILIPPE OURPATIAN

Source
ULT-AGG
Co File
Research
ULT-AGG
MF-AGG
Research
MF-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG

Recommendation
underperform
neutral
hold
Equalwt/In-Line
underweight
sell
hold
buy
hold
underweight
hold
hold
market perform
buy
overweight
underperform
hold
outperform
underweight
neutral
hold
sell
neutral
sell
hold
buy
sell
Buy/Neutral
hold
hold
buy
underperform
sell
reduce

Amt Held
173'902'199
95'529'865
58'428'022
46'680'225
44'456'040
25'888'854
19'839'653
19'195'947
11'867'950
11'760'000
8'098'355
7'475'000
7'094'187
6'464'833
6'102'150
5'622'014
4'820'789
4'643'791
4'466'253
4'438'987

% Out
8.69
4.77
2.92
2.33
2.22
1.29
0.99
0.96
0.59
0.59
0.4
0.37
0.35
0.32
0.3
0.28
0.24
0.23
0.22
0.22

Weighting

Change
1
3
3
3
1
1
3
5
3
1
3
3
3
5
5
1
3
5
1
3
3
1
3
1
3
5
1
5
3
3
5
1
1
2

M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
M
M
N
M
M
M
M
M
M
M
M
M
M

Latest Chg
98'018
1'107'775
(1'964'569)
6'032'207
952'238
(1'000'703)
(69'219)
2'580'586
996'700
(1'326'087)
(31'421)
254'908

Target Price
11
14
12
15
13
11
14
16
13
11
12
14
#N/A N/A
17
16
10
#N/A N/A
15
#N/A N/A
13
#N/A N/A
11
#N/A N/A
12
13
15
11
18
14
13
14
12
#N/A N/A
12

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
29.07.2013
31.12.2011
25.04.2013
09.05.2012
31.12.2012
10.05.2012
30.06.2013
14.05.2013
28.03.2013
30.04.2013
28.03.2013
30.06.2013
30.04.2013
30.07.2013
29.07.2013
31.03.2013
30.04.2013
31.05.2013
31.03.2013
30.11.2012

Date
12 month
Not Provided
12 month
12 month
3 month
12 month
6 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Corporation
Government
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.07.2013
30.07.2013
29.07.2013
21.07.2013
19.07.2013
17.07.2013
11.07.2013
11.07.2013
05.07.2013
04.07.2013
01.07.2013
27.06.2013
26.06.2013
26.06.2013
21.06.2013
10.06.2013
10.06.2013
07.06.2013
06.06.2013
31.05.2013
30.05.2013
24.05.2013
21.05.2013
13.05.2013
08.05.2013
08.05.2013
07.05.2013
26.04.2013
18.03.2013
15.03.2013
15.02.2013
31.01.2013
31.01.2013
31.01.2013

05.09.2013

Volkswagen AG
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
VOW3 GY EQUITY YTD Change
VOW3 GY EQUITY YTD % CHANGE

12/2012
06/yy
187.40
132.50
622'289.00
171.9
-8.27%
29.74%
68.31%
170.1
78'593.73
117'663.00
0.0
4'310.0
25'921.00
173'186.74

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

31.12.2009
31.12.2010
105'187.0
126'875.0
0.97x
0.83x
10'896.0
16'659.0
9.35x
6.29x
960.0
6'835.0
32.35x
6.98x
Profitability

LTM-4Q
31.12.2011
159'337.0
0.77x
21'365.0
5.76x
15'409.0
3.13x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
192'676.0
0.90x
24'424.0
7.10x
21'717.0
3.51x
24'424.00
11'310.00
5.87%
13.23%
5.99%
24.78%
0.66%
18.2%
12.7%
5.4%
11.3%
1.03
0.33
38.00%
151.79%
5.32
5.35

Price/ Cash Flow

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
113'808.0
1.22x
14'854.0
9.34x
4'753.0
20.97x

200
180
160
140
120
100
80
60
40
20
0
j-12

LTM

FY+1

1.16
170.15
30.15%
2.26%
1.164
37
4.351
953'925
871'443
1'008'297
FY+2

FQ+1

FQ+2

06/yy
06/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
176'948.0 195'985.0 200'725.0 211'161.9
50'551.0
51'716.7
2.83x
2.51x
0.36x
0.35x
22'989.0
17'849.0
23'830.0
26'772.8
6.00x
0.00x
7.27x
6.47x
17'878.0
17'801.0
10'139.7
11'760.7
3.07x
3.97x
8.04x
6.90x
S&P Issuer Ratings
Long-Term Rating Date
31.08.2009
Long-Term Rating
ALong-Term Outlook
POS
Short-Term Rating Date
15.06.2004
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
17.46
(EBITDA-Capex)/Interest Exp.
9.96
Net Debt/EBITDA
3.72
Total Debt/EBITDA
4.89
Reference
Total Debt/Equity
151.8%
Total Debt/Capital
59.0%
Asset Turnover
0.66
Net Fixed Asset Turnover
3.51
Accounts receivable turnover-days
68.67
Inventory Days
68.22
Accounts Payable Turnover Day
40.43
Cash Conversion Cycle
46.11
Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0

10.00

150'000.0

8.00
6.00

100'000.0

4.00

50'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Volkswagen AG
Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
FMR LLC
CARMIGNAC GESTION
VANGUARD GROUP INC
DEUTSCHE BANK AG
FIL LIMITED
BG MASTER FUND PLC
ALLIANZ ASSET MANAGE
UNION INVESTMENT GMB
JP MORGAN
AMUNDI
UBS
ADIG INVESTMENT
INVESCO LTD
T ROWE PRICE ASSOCIA
FRANKFURT TRUST INVE
MERCURY ASSET MANAGE
ALLIANCE BERNSTEIN
MORGAN STANLEY

Firm Name
Societe Generale
Commerzbank Corporates & Markets
Nord/LB
Baader Bank
Berenberg Bank
Deutsche Bank
Morgan Stanley
Equinet Institutional Services(ESN)
Macquarie
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
AlphaValue
Sanford C. Bernstein & Co
Main First Bank AG
Barclays
Bankhaus Lampe
JPMorgan
Oddo & Cie
Redburn Partners
Day by Day
Natixis
National Bank AG
Kepler Cheuvreux
Exane BNP Paribas
Goldman Sachs
Hamburger Sparkasse
EVA Dimensions
HSBC
Independent Research GmbH
S&P Capital IQ
Bankhaus Metzler
Steubing AG
UBS
Cyrrus
Hammer Partners SA

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst
STEPHEN REITMAN
DANIEL SCHWARZ
FRANK SCHWOPE
KLAUS BREITENBACH
ADAM HULL
JOCHEN GEHRKE
LAURA LEMBKE
TIM SCHULDT
CHRISTIAN BREITSPRECHER
FRANK BILLER
MARC-RENE TONN
HANS-PETER WODNIOK
MAX WARBURTON
LOTHAR LUBINETZKI
MICHAEL TYNDALL
CHRISTIAN LUDWIG
JOSE ASUMENDI
FRANCOIS MAURY
CHARLES WINSTON
VALERIE GASTALDY
GEORGES DIENG
MANFRED JAISFELD
MICHAEL RAAB
RABIH FREIHA
STEFAN BURGSTALLER
TINA HECKING-VELTMAN
CRAIG STERLING
HORST SCHNEIDER
ZAFER RUZGAR
RODERICK BRIDGE
JUERGEN PIEPER
TOBIAS SCHMIDT
PHILIPPE HOUCHOIS
JIRI SIMARA
ALBERTO ROLLA

Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
buy
buy
buy
buy
buy
buy
Overwt/In-Line
buy
outperform
buy
buy
reduce
market perform
outperform
overweight
buy
overweight
neutral
neutral
hold
buy
buy
buy
outperform
buy/attractive
hold
hold
overweight
buy
buy
buy
buy
neutral
buy
buy

Amt Held
% Out
7'016'389
4.12
5'156'855
3.03
3'496'962
2.06
1'684'876
0.99
1'576'104
0.93
1'497'489
0.88
1'349'228
0.79
(1'173'985) -0.69
1'152'994
0.68
996'683
0.59
981'045
0.58
932'605
0.55
909'867
0.53
774'724
0.46
636'090
0.37
436'571
0.26
435'760
0.26
412'668
0.24
409'106
0.24
379'769
0.22

Weighting

Change
5
5
5
5
5
5
5
5
5
5
5
2
3
5
5
5
5
3
3
3
5
5
5
5
5
3
3
5
5
5
5
5
3
5
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M

Latest Chg
(5'018)
(1'075'152)
97'268
(308'807)
68'078
245'018
(4'175)
17'015
(63'952)
(190'153)
(64'191)
(37'655)
(13'663)
(65'000)
(199'392)
3'654
(23'700)
(11'417)
21'297

Target Price
200
195
195
180
230
240
190
185
200
203
215
154
170
220
192
205
213
160
#N/A N/A
#N/A N/A
202
210
202
212
224
#N/A N/A
#N/A N/A
191
190
181
200
227
165
170
168

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
29.07.2013
30.06.2013
30.06.2013
28.06.2013
30.06.2013
31.05.2013
31.12.2012
22.04.2013
30.06.2013
28.03.2013
30.06.2013
30.04.2013
30.07.2013
31.03.2013
30.07.2013
31.03.2013
30.04.2013
29.07.2013
31.05.2013
31.03.2013

Date
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
29.07.2013
27.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
23.07.2013
23.07.2013
17.07.2013
12.07.2013
10.07.2013
10.07.2013
09.07.2013
03.07.2013
11.06.2013
05.06.2013
05.06.2013
29.05.2013
07.05.2013
07.05.2013
02.05.2013
30.04.2013
30.04.2013
16.04.2013
09.04.2013
25.02.2013
29.10.2012
18.10.2012

05.09.2013

European Aeronautic Defence and Space Co NV
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.08.2013)
52-Week Low (23.11.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 09.05.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EAD FP EQUITY YTD Change
EAD FP EQUITY YTD % CHANGE

12/2012
06/yy
46.10
24.26
564'135.00
44.895
-2.61%
85.10%
93.25%
787.3
35'345.52
4'779.00
0.0
25.0
11'084.00
33'938.52

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
43'265.0
0.09x
4'136.0
0.89x
1'572.0
6.17x

50
45
40
35
30
25
20
15
10
5
0
j-12

31.12.2009
31.12.2010
42'822.0
45'752.0
0.13x
0.17x
1'236.0
2'500.0
4.62x
3.02x
(763.0)
553.0
25.65x
Profitability

LTM-4Q
31.12.2011
49'128.0
0.31x
3'172.0
4.81x
1'033.0
19.02x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
56'480.0
0.32x
3'927.0
4.58x
1'228.0
19.67x
3'927.00
1'890.00
3.35%
2.97%
1.53%
17.52%
12.66%
0.64%
14.0%
7.5%
4.0%
2.2%
0.93
0.37
5.19%
45.91%
9.08
1.90

Price/ Cash Flow

LTM

06/yy
52'126.0
1.33x
3'892.0
5.07x
1'511.0
15.18x

06/yy
57'878.0
1.13x
3'104.0
0.00x
1'393.0
24.08x

FY+1

.0 M
j-13

0.75
453.98
52.00%
54.24%
0.754
29
4.379
1'804'122
2'139'599
2'288'908
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
58'619.9
62'417.7
13'311.3
17'937.0
0.54x
0.51x
2.29x
1.45x
5'530.1
6'530.8
1'289.0
1'823.0
6.14x
5.20x
2'078.7
2'685.1
454.0
761.0
16.64x
12.39x
17.71x
18.59x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

22.09.2010
APOS
02.10.2012
A-1
7.52
1.26
-0.33
1.54
45.9%
31.4%
0.64
3.87
40.20
192.40
65.53
142.58

Sales/Revenue/Turnover

45.00

60'000.0

40.00

50'000.0

35.00

40'000.0

30.00
25.00

30'000.0

20.00

20'000.0

15.00
10.00

10'000.0

5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

European Aeronautic Defence and Space Co NV
Holdings By:

All

Holder Name
FRENCH STATE
FEDERAL REPUBLIC OF
EUROPEAN AERONAUTIC
CAPITAL GROUP COMPAN
SOCIEDAD ESTATAL DE
VNESHECONOMBANK
BLACKROCK
CAISSE DES DEPOTS ET
AMUNDI SA
VANGUARD GROUP INC
VIKING GLOBAL INVEST
OLD MUTUAL
STATE STREET
OPPENHEIMERFUNDS INC
PRIMECAP MANAGEMENT
ONTARIO TEACHERS PEN
INVESCO LTD
NATIXIS ASSET MANAGE
UBS
AMUNDI

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
PRIMECAP MANAGEMENT
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Morgan Stanley
RUPINDER VIG
Investec
ANDREW GOLLAN
Jefferies
SANDY MORRIS
Cantor Fitzgerald
ANDREW CHAMBERS
Exane BNP Paribas
OLIVIER BROCHET
AlphaValue
THOMAS PICHERIT
Commerzbank Corporates & Markets STEPHAN BOEHM
Sanford C. Bernstein & Co
DOUGLAS S HARNED
Landesbank Baden-Wuerttemberg
STEFAN MAICHL
Bankhaus Lampe
SEBASTIAN HEIN
Deutsche Bank
BEN FIDLER
JPMorgan
DAVID H PERRY
Societe Generale
ZAFAR KHAN
RBC Capital Markets
ROBERT STALLARD
Oddo & Cie
YAN DEROCLES
DZ Bank AG
MARKUS TURNWALD
Espirito Santo Investment Bank Research
EDWARD STACEY
EVA Dimensions
TIMOTHY STANISH
S&P Capital IQ
UNAI FRANCO
Hamburger Sparkasse
INGO SCHMIDT
Day by Day
VALERIE GASTALDY
Independent Research GmbH
ZAFER RUZGAR
Kepler Cheuvreux
CHRISTOPHE MENARD
Natixis
ERIC CHADEYRAS
Barclays
CARTER COPELAND
Nord/LB
WOLFGANG DONIE
CM - CIC Securities(ESN)
HARALD LIBERGE-DONDOUX
UBS
CHARLES ARMITAGE
Gabelli & Co
JAMES FOUNG

Source
Research
Research
Research
ULT-AGG
Research
Research
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
ULT-AGG
RNS-RUL8
13F
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
Overwt/In-Line
buy
buy
buy
outperform
buy
buy
market perform
buy
buy
buy
overweight
buy
outperform
buy
buy
sell
overweight
strong buy
sell
hold
buy
buy
buy
overweight
hold
reduce
buy
hold

Amt Held
112'072'054
83'837'750
49'001'830
39'788'818
34'687'784
22'614'753
22'605'402
15'584'382
15'385'347
12'117'860
11'930'093
9'406'422
9'348'757
9'211'702
6'269'890
6'100'000
3'879'592
3'048'913
2'823'132
2'652'670

% Out
14.28
10.69
6.25
5.07
4.42
2.88
2.88
1.99
1.96
1.54
1.52
1.2
1.19
1.17
0.8
0.78
0.49
0.39
0.36
0.34

Weighting

Change
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
5
1
5
5
1
3
5
5
5
5
3
2
5
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(12'977'088)
61'112'568
1'188'304
(53'355)
472'675
(2'721)
3'341
(1'079'438)
(18'433)
47'774
(9'990)
3'200
(158'409)
180'676
(400'466)

Target Price
46
48
45
55
48
52
47
43
50
48
48
65
53
52
50
51
27
#N/A N/A
53
#N/A N/A
#N/A N/A
49
48
47
49
44
27
49
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
16.04.2013
Government
02.04.2013
Government
17.04.2013
Corporation
25.07.2013
Investment Advisor
04.04.2013
Holding Company
26.07.2013
Government
29.07.2013
Investment Advisor
25.09.2012
Government
10.10.2012
Other
09.10.2012
Investment Advisor
10.10.2012 Hedge Fund Manager
10.10.2012
Unclassified
30.07.2013
Investment Advisor
05.10.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
13.09.2012
Investment Advisor
28.03.2013
Investment Advisor
30.07.2013
Unclassified
28.03.2013
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
Not Provided
6 month
6 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
25.07.2013
22.07.2013
22.07.2013
22.07.2013
19.07.2013
16.07.2013
16.07.2013
15.07.2013
01.07.2013
26.06.2013
17.06.2013
13.06.2013
06.06.2013
29.05.2013
28.05.2013
20.05.2013
15.05.2013
15.05.2013
15.05.2013
15.05.2013
14.05.2013
14.05.2013
08.03.2013
10.10.2011

05.09.2013

Muenchener Rueckversicherungs AG
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.

Price/Volume
160

2.5 M

140

2.0 M

120
100

Latest Fiscal Year:
LTM as of:
52-Week High (25.04.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MUV2 GY EQUITY YTD Change
MUV2 GY EQUITY YTD % CHANGE

12/2012
03/yy
158.65
117.20
313'663.00
136
-14.28%
16.04%
43.91%
179.3
24'390.40
6'256.00
0.0
242.0
2'860.00
26'196.40

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

60
40

.5 M

20
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
47'151.0
0.56x
1'555.0
14.34x

1.5 M

80

Valuation Analysis

31.12.2009
31.12.2010
53'891.0
59'111.0
0.44x
0.42x
2'521.0
2'422.0
8.39x
8.69x
Profitability

LTM-4Q
31.12.2011
60'908.0
0.33x
702.0
24.03x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
65'896.0
0.43x
3'195.0
7.56x
6.64%
6.19%
1.22%
12.30%
10.97%
0.26%
4.8%
2.42%
23.02%
-

Price/ Cash Flow

LTM

03/yy
63'330.0
1.31x
0.0
0.00x
2'429.0
8.30x

03/yy
65'549.0
1.60x
0.0
0.00x
3'387.0
7.66x

FY+1

.0 M
j-13

0.96
178.32
20.52%
4.70%
0.957
36
3.528
693'043
564'096
609'249
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
54'500.9
55'720.4
0.54x
0.53x
2'996.6
2'956.4
649.5
682.5
8.13x
8.13x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

AASTABLE
23.0%
18.6%
0.26
-

Sales/Revenue/Turnover

5.00

70'000.0

4.50

60'000.0

4.00
3.50

50'000.0

3.00

40'000.0

2.50

30'000.0

2.00

20'000.0

1.50
1.00

10'000.0

0.50
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Muenchener Rueckversicherungs AG
Holdings By:

All

Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
PEOPLES BANK OF CHIN
CREDIT SUISSE AG
NORGES BANK
FRANKLIN RESOURCES
DEUTSCHE BANK AG
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
ARTISAN PARTNERS HOL
DEKA INVESTMENT GMBH
POWER CORP OF CANADA
SOCIETE GENERALE SA
TWEEDY BROWNE COMPAN
UNION INVESTMENT GMB
ADIG INVESTMENT
UBS
BNP PARIBAS INV PART
T ROWE PRICE ASSOCIA
MORGAN STANLEY

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst

Sanford C. Bernstein & Co
THOMAS SEIDL
Bankhaus Lampe
ANDREAS SCHAEFER
AlphaValue
DIETER HEIN
Oddo & Cie
NICOLAS JACOB
Keefe, Bruyette & Woods
WILLIAM HAWKINS
Barclays
ANDREW BROADFIELD
Mediobanca SpA
MARC THIELE
Bankhaus Metzler
JOCHEN SCHMITT
Exane BNP Paribas
THOMAS JACQUET
RBC Capital Markets
KAMRAN HOSSAIN
Raymond James
RAPHAEL CARUSO
Berenberg Bank
TOM CARSTAIRS
Nomura
MICHAEL KLIEN
Canaccord Genuity Corp
BEN COHEN
JPMorgan
MICHAEL HUTTNER
Bryan Garnier & Cie
OLIVIER PAUCHAUT
DZ Bank AG
THORSTEN WENZEL
Main First Bank AG
MICHAEL HAID
EVA Dimensions
DOUG WALTERS
HSBC
THOMAS FOSSARD
Macquarie
HADLEY COHEN
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
Helvea
DANIEL BISCHOF
Credit Suisse
ADAM MCINALLY
Morgan Stanley
MACIEJ WASILEWICZ
Nord/LB
JULIA SIEKMANN
Independent Research GmbH
STEFAN BONGARDT
Natixis
BENOIT VALLEAUX
S&P Capital IQ
RODERICK WALLACE
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Hamburger Sparkasse
CHRISTIAN HAMANN
Kepler Cheuvreux
FABRIZIO CROCE
Day by Day
VALERIE GASTALDY
Societe Generale
JASON KALAMBOUSSIS
Goldman Sachs
VINIT MALHOTRA
National Bank AG
MANFRED JAISFELD
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE

Source
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
underperform
hold
reduce
reduce
outperform
overweight
outperform
buy
underperform
sector perform
market perform
buy
reduce
buy
neutral
sell
buy
underperform
overweight
overweight
neutral
hold
neutral
neutral
Overwt/In-Line
hold
hold
neutral
hold
hold
buy
buy
buy
hold
Buy/Neutral
buy
neutral
outperform

Amt Held
20'086'215
17'132'964
5'380'236
5'317'478
3'648'401
2'488'463
2'119'923
2'060'134
1'952'452
1'853'518
1'349'274
1'052'896
1'022'103
909'100
835'251
699'570
641'412
621'922
619'025
547'412

% Out
11.2
9.55
3
2.97
2.03
1.39
1.18
1.15
1.09
1.03
0.75
0.59
0.57
0.51
0.47
0.39
0.36
0.35
0.35
0.31

Weighting

Change
1
3
2
2
5
5
5
5
1
3
3
5
2
5
3
1
5
1
5
5
3
3
3
3
5
3
3
3
3
3
5
5
5
3
5
5
3
5

M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U

Latest Chg
3'169
(240'926)
(27'216)
(59'130)
61'759
55'290
(239'245)
1'990
(376'953)
763
(410)
1'303
(125'485)
(713)
21'745

Target Price
117
150
151
125
175
159
170
171
144
145
#N/A N/A
166
140
162
154
155
165
155
#N/A N/A
180
150
150
150
155
161
157
160
143
160
150
#N/A N/A
163
164
133
175
145
118
119

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
29.07.2013
31.12.2012
14.05.2013
31.12.2012
30.04.2013
31.05.2013
30.06.2013
30.06.2013
31.03.2013
30.04.2013
28.02.2013
07.06.2013
31.03.2012
28.03.2013
31.03.2013
30.07.2013
31.03.2013
31.03.2013
31.03.2013

Date
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
3 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
3 month
12 month
12 month
Not Provided
Not Provided
6 month

Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.07.2013
30.07.2013
25.07.2013
24.07.2013
22.07.2013
22.07.2013
19.07.2013
19.07.2013
19.07.2013
15.07.2013
11.07.2013
11.07.2013
11.07.2013
10.07.2013
02.07.2013
27.06.2013
13.06.2013
12.06.2013
06.06.2013
31.05.2013
24.05.2013
21.05.2013
13.05.2013
10.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
07.05.2013
07.05.2013
10.04.2013
15.03.2013
14.03.2013
07.11.2012
02.02.2012
10.05.2011

05.09.2013

ASML Holding NV
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.

Price/Volume
80

12.0 M

70

10.0 M

60
8.0 M

50
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.08.2013)
52-Week Low (18.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ASML NA EQUITY YTD Change
ASML NA EQUITY YTD % CHANGE

12/2012
06/yy
70.47
38.25
390'831.00
67.85
-3.72%
77.39%
90.47%
446.8
30'315.94
759.49
0.0
0.0
2'697.60
28'700.94

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4.0 M

20
2.0 M

10
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
2'953.7
1.71x
406.2
12.42x
322.4
17.00x

6.0 M

30

31.12.2009
31.12.2010
1'596.1
4'507.9
6.29x
2.52x
(21.5)
1'402.1
8.11x
(150.9)
1'021.8
12.30x
Profitability

LTM-4Q
31.12.2011
5'651.0
2.02x
1'806.4
6.33x
1'467.0
9.41x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
4'731.6
3.72x
1'343.4
13.11x
1'146.3
17.78x
1'343.39
1'156.77
24.45%
24.32%
10.11%
17.62%
0.49%
42.4%
23.4%
19.4%
24.2%
2.80
1.58
10.25%
18.67%
6.96
1.25

Price/ Cash Flow

06/yy
5'149.0
9.58x
1'540.5
9.65x
1'213.8
13.67x

LTM
06/yy
4'330.7
17.99x
1'014.4
25.11x
889.4
29.29x

FY+1

.0 M
j-13

0.88
353.75
83.22%
42.68%
0.884
39
3.821
895'561
836'285
1'118'170
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
5'120.9
6'524.5
1'331.3
1'738.9
5.61x
4.30x
22.05x
17.06x
1'218.0
1'842.7
293.8
462.3
23.61x
15.60x
17.37x
15.53x
919.6
1'460.4
217.6
377.3
30.91x
19.68x
21.65x
19.78x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

58.97
51.43
-1.59
0.73
18.7%
15.7%
0.49
3.76
52.44
291.26
252.00

Sales/Revenue/Turnover

250.00

6'000.0
5'000.0

200.00

4'000.0
150.00

3'000.0
100.00

2'000.0

50.00

0.00
01.01.2010

1'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

ASML Holding NV
Holdings By:

All

Holder Name
STICHTING ADM MAKTSJ
CAPITAL GROUP COMPAN
FMR LLC
BLACKROCK
STICHT ADM TSMC
ASML HOLDING NV
WADDELL & REED FINAN
NORGES BANK
THORNBURG INVESTMENT
VANGUARD GROUP INC
FIL LIMITED
ALLIANZ ASSET MANAGE
AMUNDI
DEUTSCHE BANK AG
ING INVESTMENT MANAG
T ROWE PRICE ASSOCIA
JP MORGAN
ACHMEA BELEGGINSFOND
NATIXIS ASSET MANAGE
BNP PARIBAS INV PART

Firm Name
Piper Jaffray
Cowen and Company
Credit Suisse
AlphaValue
Redburn Partners
Berenberg Bank
Main First Bank AG
Exane BNP Paribas
Liberum Capital Ltd
Grupo Santander
Societe Generale
Deutsche Bank
Baader Bank
UBS
JPMorgan
Jefferies
Pacific Crest Securities
Sanford C. Bernstein & Co
Landesbank Baden-Wuerttemberg
Petercam
Rabobank International
Kepler Cheuvreux
Natixis
Barclays
Commerzbank Corporates & Markets
Morgan Stanley
HSBC
Independent Research GmbH
SNS Securities(ESN)
S&P Capital IQ
ING Bank
ABN Amro Bank N.V.
Day by Day
Erste Group
Kempen & Co
EVA Dimensions
Bank of Valletta
Theodoor Gilissen Securities
Goldman Sachs

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
JAGADISH IYER
TIMOTHY M ARCURI
JOHN W PITZER
LIONEL PELLICER
SUMANT WAHI
TAMMY QIU
JUERGEN WAGNER
JEROME RAMEL
JANARDAN MENON
CARLOS JAVIER TREVINO
PETER KNOX
KAI KORSCHELT
GUENTHER MICHAEL HOLLFELDER
GARETH JENKINS
SANDEEP S DESHPANDE
LEE SIMPSON
WESTON TWIGG
PIERRE FERRAGU
WALTER SCHNEIDER
MARCEL ACHTERBERG
PHILIP SCHOLTE
BERND LAUX
STEPHANE HOURI
ANDREW M GARDINER
THOMAS M BECKER
FRANCOIS MEUNIER
CHRISTIAN DOMINIK RATH
MARKUS FRIEBEL
EDWIN DE JONG
JAMES CRAWSHAW
MARC ZWARTSENBURG
ROBIN VAN DEN BROEK
VALERIE GASTALDY
HANS ENGEL
ERWIN DUT
ANDREW S ZAMFOTIS
TEAM COVERAGE
JOS VERSTEEG
SIMON F SCHAFER

Source
Research
ULT-AGG
ULT-AGG
ULT-AGG
20F
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
neutral
outperform
outperform
reduce
buy
hold
underperform
neutral
hold
hold
hold
buy
hold
buy
overweight
buy
sector perform
outperform
hold
hold
hold
buy
buy
overweight
reduce
Overwt/Cautious
overweight
sell
suspended coverage
buy
hold
buy
buy
buy
hold
underweight
overweight
hold
not rated

Amt Held
62'977'877
51'453'097
36'311'008
22'878'489
20'992'625
8'980'030
7'077'137
6'596'866
5'398'872
3'466'458
3'193'130
3'000'551
1'880'721
1'843'410
1'474'044
1'438'904
1'361'899
1'208'197
1'163'384
1'156'608

% Out
14.1
11.52
8.13
5.12
4.7
2.01
1.58
1.48
1.21
0.78
0.71
0.67
0.42
0.41
0.33
0.32
0.3
0.27
0.26
0.26

Weighting

Change

3
5
5
2
5
3
1
3
3
3
3
5
3
5
5
5
3
5
3
3
3
5
5
5
2
5
5
1
#N/A N/A
5
3
5
5
5
3
1
5
3
#N/A N/A

M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M

Latest Chg
(951'400)
194'665
(384'544)
(78'251)
1'379'663
327'482
50'878
(206'834)
258'319
699'592
(27'356)

Target Price
58
73
75
63
#N/A N/A
73
51
67
45
#N/A N/A
66
75
70
75
75
80
#N/A N/A
70
71
66
60
75
75
80
40
70
76
53
31
75
73
60
69
#N/A N/A
68
#N/A N/A
59
50
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
30.05.2013
30.06.2013
30.06.2013
29.07.2013
06.02.2013
01.07.2012
31.03.2013
31.12.2012
31.05.2013
30.06.2013
31.12.2012
30.06.2013
30.04.2013
31.05.2013
31.05.2013
31.03.2013
30.06.2013
30.06.2013
28.03.2013
31.03.2013

Date
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Other
Corporation
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.07.2013
29.07.2013
26.07.2013
25.07.2013
23.07.2013
22.07.2013
19.07.2013
19.07.2013
19.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
17.07.2013
15.07.2013
01.07.2013
04.06.2013
29.01.2013
21.01.2013
15.01.2013
23.11.2012

05.09.2013

GDF Suez
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.09.2012)
52-Week Low (01.03.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GSZ FP EQUITY YTD Change
GSZ FP EQUITY YTD % CHANGE

12/2012
03/yy
20.10
14.05
1'401'527.00
16.555
-17.62%
17.83%
41.27%
2'412.8
39'944.30
57'552.00
0.0
11'462.0
11'383.00
92'825.30

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
79'908.0
84'478.0
1.32x
1.24x
13'781.0
15'918.0
7.63x
6.59x
4'477.0
4'616.0
14.77x
12.79x
Profitability

40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-12

LTM-4Q
31.12.2011
90'673.0
1.18x
16'071.0
6.64x
4'003.0
11.73x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
97'038.0
0.97x
18'401.0
5.13x
1'550.0
22.90x
18'401.00
9'520.00
9.81%
4.96%
0.46%
1.56%
2.30%
0.47%
18.6%
9.8%
1.6%
1.07
0.65
28.01%
96.33%
4.04
-

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy
93'569.0
0.00x
0.0
0.00x
0.0
0.00x

d-12

03/yy
96'937.0
0.00x
0.0
0.00x
0.0
0.00x

j-13

f-13

m-13 a-13

m-13

j-13

FY+1

.0 M
j-13

9.06
1.05
1'355.86
-7.24%
10.70%
1.053
30
3.567
3'367'355
4'184'246
4'274'149
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
82'047.5
82'630.4
1.03x
1.00x
13'546.5
13'390.6
6.85x
6.93x
3'288.9
3'317.5
12.00x
12.01x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

06.05.2013
A
NEG
06.05.2013
A-1
7.20
3.61
2.34
2.96
96.3%
44.7%
0.47
1.12
90.29
-

Sales/Revenue/Turnover

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00
01.01.2010

45.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
67'923.8
1.64x
9'605.7
11.61x
4'857.1
11.85x

20
18
16
14
12
10
8
6
4
2
0
j-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

GDF Suez
Holdings By:

All

Holder Name
FRENCH STATE
CAPITAL GROUP COMPAN
GROUPE BRUXELLES LAM
GDF SUEZ
CAISSE DES DEPOTS ET
NORGES BANK
CNP ASSURANCES
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
THORNBURG INVESTMENT
SOFINA SA
BNP PARIBAS INV PART
SUN LIFE FINANCIAL I
NATIXIS ASSET MANAGE
AMUNDI
PICTET FUNDS
INTERNATIONAL VALUE
LBPAM
UBS

Firm Name
Grupo Santander
Deutsche Bank
KBC Securities
Main First Bank AG
Exane BNP Paribas
AlphaValue
Raymond James
HSBC
Goldman Sachs
Bryan Garnier & Cie
EVA Dimensions
Berenberg Bank
Day by Day
Investec
UBS
Independent Research GmbH
CM - CIC Securities(ESN)
S&P Capital IQ
Morgan Stanley
Macquarie
Credit Suisse
JPMorgan
Barclays
Landesbank Baden-Wuerttemberg
Natixis
Banco Sabadell
Nord/LB
Hamburger Sparkasse
Kepler Cheuvreux
National Bank AG

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
OSCAR NAJAR RIOS
MARTIN BROUGH
DIETER FURNIERE
ANDREAS THIELEN
BENJAMIN LEYRE
MYRIAM COHEN
EMMANUEL RETIF
ADAM DICKENS
ANDREW MEAD
JULIEN DESMARETZ
DOUG WALTERS
TEAM COVERAGE
VALERIE GASTALDY
HAROLD HUTCHINSON
ALBERTO GANDOLFI
SVEN DIERMEIER
OLIVIER BAILS
CLIVE ROBERTS
EMMANUEL TURPIN
SHAI HILL
MICHEL DEBS
NATHALIE F CASALI
JULIE ARAV
ERKAN AYCICEK
PHILIPPE OURPATIAN
JORGE GONZALEZ SADORNIL
HEINO HAMMANN
ANNEMARIE SCHLUETER
TEAM COVERAGE
STEFFEN MANSKE

Source
Co File
ULT-AGG
Research
Co File
Co File
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
buy
hold
hold
outperform
underperform
buy
underperform
overweight
Buy/Neutral
buy
overweight
sell
hold
hold
buy
hold
buy
sell
Equalwt/In-Line
outperform
neutral
neutral
equalweight
buy
neutral
buy
hold
hold
not rated
buy

Amt Held
885'506'488
183'318'950
57'953'937
55'494'957
45'843'660
41'698'795
24'128'242
21'822'584
17'561'409
14'207'138
13'124'400
12'064'121
11'862'885
8'606'354
7'808'158
7'739'254
7'458'541
7'392'588
6'873'444
6'817'805

% Out
36.7
7.6
2.4
2.3
1.9
1.73
1
0.9
0.73
0.59
0.54
0.5
0.49
0.36
0.32
0.32
0.31
0.31
0.28
0.28

Weighting

Change

5
3
3
5
1
5
1
5
5
5
5
1
3
3
5
3
5
1
3
5
3
3
3
5
3
5
3
3
#N/A N/A
5

M
M
M
N
M
M
M
M
M
N
M
M
M
N
M
M
M
D
M
M
M
U
M
U
M
M
M
M
M
M

Latest Chg
(1'121'371)
46'162
(1'129'346)
(968'939)
719'146
(1'328'400)
(733'119)
3'001'540
(1'673'196)
(87'620)
(4'905)
(385'377)
(1'296'624)
814

Target Price
18
18
17
18
14
19
#N/A N/A
17
23
19
#N/A N/A
14
#N/A N/A
15
18
17
23
13
16
17
15
15
16
17
17
18
17
#N/A N/A
#N/A N/A
31

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
30.06.2013
17.05.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
29.07.2013
30.06.2013
31.05.2013
31.12.2012
31.03.2013
31.05.2013
28.03.2013
30.04.2013
30.04.2013
31.03.2013
28.03.2013
30.07.2013

Date
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Government
Investment Advisor
Holding Company
Corporation
Government
Government
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified

Date
30.07.2013
29.07.2013
26.07.2013
22.07.2013
19.07.2013
18.07.2013
05.07.2013
26.06.2013
14.06.2013
06.06.2013
06.06.2013
22.05.2013
20.05.2013
13.05.2013
02.05.2013
24.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
18.04.2013
11.04.2013
08.04.2013
05.03.2013
20.02.2013
15.02.2013
06.12.2012
27.02.2012
31.10.2011
13.04.2011

05.09.2013

Bayerische Motoren Werke AG
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.

Price/Volume
80

6.0 M

70

5.0 M

60
4.0 M

50
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BMW GY EQUITY YTD Change
BMW GY EQUITY YTD % CHANGE

12/2012
03/yy
76.16
54.35
2'129'952.00
75.85
-0.41%
39.56%
83.63%
602.0
48'710.93
69'507.00
0.0
107.0
12'982.00
106'186.93

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.0 M

20
1.0 M

10
0
j-12

31.12.2009
31.12.2010
50'681.0
60'477.0
1.40x
1.49x
3'835.0
9'087.0
18.44x
9.93x
204.0
3'227.0
102.58x
11.94x
Profitability

LTM-4Q
31.12.2011
68'821.0
1.31x
11'677.0
7.75x
4'881.0
6.95x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
76'848.0
1.36x
12'014.0
8.70x
5'096.0
9.39x
12'014.00
8'298.00
10.80%
10.17%
3.97%
17.36%
5.69%
0.59%
20.2%
15.3%
10.5%
6.6%
1.04
0.32
52.72%
229.43%
34.80
5.77

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy
71'077.0
5.13x
12'000.0
8.15x
5'092.0
8.68x

d-12

03/yy
76'101.0
5.20x
11'957.0
8.58x
5'061.0
8.80x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

.0 M
j-13

1.14
323.27
42.57%
7.62%
1.143
39
4.000
1'040'309
1'257'888
1'574'769
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
78'186.5
82'138.8
19'729.0
21'993.5
0.47x
0.43x
12'660.0
13'136.0
8.39x
8.08x
5'194.6
5'320.2
1'223.0
1'337.0
9.64x
9.31x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

16.04.2012
A
STABLE
16.04.2012
A-1
13.16
7.42
4.89
5.98
229.4%
69.6%
0.59
2.06
10.49
63.30
38.04
36.53

Sales/Revenue/Turnover

20.00

90'000.0

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00
0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
53'197.0
1.19x
4'468.0
14.18x
324.0
44.10x

3.0 M

30

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Bayerische Motoren Werke AG
Holdings By:

All

Holder Name
QUANDT STEFAN
QUANDT JOHANNA
KLATTEN SUSANNE
BLACKROCK
NORGES BANK
CAPITAL GROUP COMPAN
WADDELL & REED FINAN
DODGE & COX
HARRIS ASSOCIATES LP
VANGUARD GROUP INC
FIL LIMITED
WILLIAM BLAIR & COMP
DEKA INVESTMENT GMBH
UNION INVESTMENT GMB
FMR LLC
DEUTSCHE BANK AG
BESTINVER GESTION SG
AMUNDI
ALLIANZ ASSET MANAGE
SEB

Firm Name
Equinet Institutional Services(ESN)
Sanford C. Bernstein & Co
HSBC
Independent Research GmbH
Commerzbank Corporates & Markets
Baader Bank
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
Main First Bank AG
Barclays
Morgan Stanley
Bankhaus Lampe
Day by Day
AlphaValue
Deutsche Bank
Oddo & Cie
Bankhaus Metzler
DZ Bank AG
JPMorgan
Natixis
Redburn Partners
Dr. Kalliwoda Equity Research
Macquarie
Kepler Cheuvreux
Exane BNP Paribas
Goldman Sachs
S&P Capital IQ
Societe Generale
Nord/LB
Hamburger Sparkasse
National Bank AG
Creative Global Investments
Steubing AG
EVA Dimensions
Bank of Valletta
UBS
Cyrrus

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
n/a
n/a
BESTINVER INTERNACIO
Multiple Portfolios
n/a
n/a

Analyst
TIM SCHULDT
MAX WARBURTON
HORST SCHNEIDER
ZAFER RUZGAR
DANIEL SCHWARZ
KLAUS BREITENBACH
FRANK BILLER
MARC-RENE TONN
LOTHAR LUBINETZKI
KRISTINA CHURCH
LAURA LEMBKE
CHRISTIAN LUDWIG
VALERIE GASTALDY
HANS-PETER WODNIOK
JOCHEN GEHRKE
FRANCOIS MAURY
JUERGEN PIEPER
MICHAEL PUNZET
JOSE ASUMENDI
GEORGES DIENG
CHARLES WINSTON
NORBERT KALLIWODA
CHRISTIAN BREITSPRECHER
MICHAEL RAAB
RABIH FREIHA
STEFAN BURGSTALLER
RODERICK BRIDGE
PHILIPPE BARRIER
FRANK SCHWOPE
TINA HECKING-VELTMAN
MANFRED JAISFELD
CARLO R BESENIUS
TOBIAS SCHMIDT
CRAIG STERLING
TEAM COVERAGE
PHILIPPE HOUCHOIS
JIRI SIMARA

Source
Co File
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-PART
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
buy
outperform
neutral
buy
add
buy
hold
buy
outperform
overweight
Equalwt/In-Line
buy
hold
buy
hold
reduce
buy
buy
neutral
neutral
buy
buy
neutral
buy
neutral
neutral/attractive
strong buy
buy
sell
buy
buy
buy
buy
hold
neutral
neutral
accumulate

Amt Held
104'747'161
98'125'214
75'851'392
36'750'616
14'432'872
13'005'220
8'444'700
7'619'900
4'993'700
4'048'351
3'520'312
3'503'577
2'666'311
2'176'599
2'130'879
2'028'489
1'800'497
1'788'694
1'574'282
1'380'299

% Out
17.4
16.3
12.6
6.1
2.4
2.16
1.4
1.27
0.83
0.67
0.58
0.58
0.44
0.36
0.35
0.34
0.3
0.3
0.26
0.23

Weighting

Change
5
5
3
5
4
5
3
5
5
5
3
5
3
5
3
2
5
5
3
3
5
5
3
5
3
3
5
5
1
5
5
5
5
3
3
3
4

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
M
N
M
M
M
M
M
M
M
U
M
M
M
U
M
D
M

Latest Chg
147'588
(1'906'900)
179'200
891'400
4'993'700
235'553
(211'150)
2'193'523
(188'230)
(811'395)
(313'808)
(345'773)
876'056
(845'170)
123'139

Target Price
88
90
79
90
87
75
72
84
100
80
79
80
#N/A N/A
88
68
60
73
75
78
77
#N/A N/A
82
80
88
74
83
83
83
61
#N/A N/A
85
87
83
#N/A N/A
71
73
66

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
31.12.2012
31.12.2012
29.07.2013
31.12.2012
30.06.2013
31.03.2013
30.06.2013
30.06.2013
30.06.2013
31.12.2012
31.03.2013
30.04.2013
30.06.2013
30.06.2013
31.05.2013
31.03.2013
30.04.2013
30.06.2013
30.04.2013

Date
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
3 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Inst Type
n/a
n/a
n/a
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified

Date
30.07.2013
29.07.2013
29.07.2013
29.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
23.07.2013
23.07.2013
21.07.2013
19.07.2013
19.07.2013
18.07.2013
10.07.2013
10.07.2013
09.07.2013
05.07.2013
03.07.2013
03.07.2013
14.06.2013
13.06.2013
10.06.2013
05.06.2013
05.06.2013
29.05.2013
14.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
30.04.2013
09.04.2013
21.03.2013
20.03.2013
18.02.2013
29.10.2012

05.09.2013

Societe Generale SA
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.

Price/Volume

12/2012
03/yy
36.04
20.41
2'111'329.00
34.29
-4.86%
68.01%
86.15%
798.7
27'385.93
740'837.00
5'270.0
4'288.0
110'225.00
-

Price/ Cash Flow

1.20
1.00

14.0 M
12.0 M
10.0 M
8.0 M

15

6.0 M

10

4.0 M

5

2.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

16.0 M

30
20

Latest Fiscal Year:
LTM as of:
52-Week High (16.08.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 16.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GLE FP EQUITY YTD Change
GLE FP EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

18.0 M

35
25

Valuation Analysis

31.12.2008
57'829.0
2'010.0
10.65x

40

31.12.2009
31.12.2010
43'984.0
45'295.0
678.0
3'917.0
108.78x
8.11x
Profitability

LTM-4Q
31.12.2011
48'549.0
2'385.0
5.38x

31.12.2012
43'733.0
774.0
44.28x
8.87%
6.13%
0.07%
2.10%
0.18%
3.1%
59.23%
1663.34%
-

LTM

03/yy
6'504.0
0.00x
0.0
0.00x
2'201.0
7.62x

03/yy
5'088.0
0.00x
0.0
0.00x
406.0
52.30x

FY+1

.0 M
j-13

1.83
695.62
63.51%
22.75%
1.833
34
3.706
4'283'978
5'294'313
5'295'387
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
23'085.1
24'522.1
5'863.7
5'919.5
2'637.6
3'363.5
706.5
631.0
10.18x
7.97x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

23.01.2012
A
NEG
07.05.2009
A-1
1663.3%
93.2%
-

Sales/Revenue/Turnover

70'000.0
60'000.0
50'000.0

0.80

40'000.0
0.60

30'000.0

0.40

20'000.0
10'000.0

0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Societe Generale SA
Holdings By:

All

Holder Name
SOC GEN ESOP
CAPITAL GROUP COMPAN
LYXOR INTERNATIONAL
BLACKROCK
CAISSE DES DEPOTS ET
NORGES BANK
GROUPAMA SA
MEIJI YASUDA LIFE IN
SOCIETE GENERALE
VANGUARD GROUP INC
CNP ASSURANCES
NATIXIS ASSET MANAGE
AVIVA PLC
JANUS CAPITAL MANAGE
LBPAM
AMUNDI
AMUNDI
ALLIANZ ASSET MANAGE
DIMENSIONAL FUND ADV
FRANKLIN RESOURCES

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a

Analyst

Credit Suisse
MAXENCE LE GOUVELLO
Keefe, Bruyette & Woods
JEAN-PIERRE LAMBERT
AlphaValue
CHRISTOPHE NIJDAM
Main First Bank AG
FEDERICO SALERNO
Morgan Stanley
SARA MINELLI
RBC Capital Markets
ANKE REINGEN
Natixis
ALEX KOAGNE
Exane BNP Paribas
GUILLAUME TIBERGHIEN
Redburn Partners
GEORGE KARAMANOS
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Deutsche Bank
FLORA BENHAKOUN
JPMorgan
DELPHINE LEE
Mediobanca SpA
ANTONIO GUGLIELMI
Independent Research GmbH
STEFAN BONGARDT
Oddo & Cie
JEAN SASSUS
Nomura
JON PEACE
Kepler Cheuvreux
CYRIL MEILLAND
Hamburger Sparkasse
CHRISTIAN HAMANN
EVA Dimensions
DOUG WALTERS
Goldman Sachs
JEAN-FRANCOIS NEUEZ
Day by Day
VALERIE GASTALDY
Barclays
KIRI VIJAYARAJAH
Macquarie
PIERS BROWN
HSBC
ROBIN DOWN
Espirito Santo Investment Bank Research
ANDREW LIM
UBS
NICK DAVEY
CM - CIC Securities(ESN)
PIERRE CHEDEVILLE
S&P Capital IQ
WILLIAM HOWLETT
Grupo Santander
AURELIA FAURE
Berenberg Bank
JAMES CHAPPELL
Nord/LB
MICHAEL SEUFERT
Banco Sabadell
MARIO LODOS
Hammer Partners SA
ENRICO RACIOPPI

Source
Co File
ULT-AGG
Research
ULT-AGG
Co File
MF-AGG
Research
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG

Recommendation
outperform
outperform
add
outperform
Equalwt/In-Line
sector perform
buy
outperform
buy
hold
hold
overweight
neutral
buy
neutral
buy
buy
hold
underweight
Buy/Neutral
hold
equalweight
underperform
overweight
buy
sell
accumulate
buy
buy
sell
hold
buy
buy

Amt Held
59'344'358
56'413'062
50'619'422
37'169'504
19'567'063
18'243'614
15'059'288
11'069'312
8'987'016
8'411'734
7'769'307
5'737'011
4'271'670
4'060'364
3'659'299
2'982'930
2'605'948
2'523'087
2'309'193
2'273'657

% Out
7.43
7.06
6.34
4.65
2.45
2.28
1.89
1.39
1.13
1.05
0.97
0.72
0.53
0.51
0.46
0.37
0.33
0.32
0.29
0.28

Weighting

Change
5
5
4
5
3
3
5
5
5
3
3
5
3
5
3
5
5
3
1
5
3
3
1
5
5
1
4
5
5
1
3
5
5

M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
U
M
N
M
M
M

Latest Chg
(7'089'130)
321'888
295'824
(107'459)
(789'107)
(4'353)
(20'605)
717'808
164'148
36'697
(382'840)

Target Price
43
43
34
34
37
35
36
34
#N/A N/A
31
34
36
36
36
34
38
40
#N/A N/A
#N/A N/A
42
#N/A N/A
32
28
40
40
24
37
36
38
16
#N/A N/A
32
36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
30.06.2013
26.09.2011
29.07.2013
31.12.2012
31.12.2012
21.02.2013
31.12.2012
31.12.2012
30.06.2013
31.12.2012
28.03.2013
31.05.2013
31.03.2013
28.03.2013
30.04.2013
28.03.2013
30.06.2013
30.04.2013
31.03.2013

Date
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
15 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Government
Government
Insurance Company
Insurance Company
Bank
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
29.07.2013
29.07.2013
25.07.2013
23.07.2013
21.07.2013
19.07.2013
19.07.2013
19.07.2013
16.07.2013
15.07.2013
09.07.2013
28.06.2013
26.06.2013
21.06.2013
17.06.2013
17.06.2013
07.06.2013
06.06.2013
06.06.2013
03.06.2013
28.05.2013
22.05.2013
17.05.2013
13.05.2013
13.05.2013
07.05.2013
07.05.2013
07.05.2013
02.05.2013
28.01.2013
23.10.2012
30.07.2012
19.06.2012

05.09.2013

UniCredit SpA
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (27.03.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 22.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
UCG IM EQUITY YTD Change
UCG IM EQUITY YTD % CHANGE

12/2012
03/yy
4.88
3.16
37'890'249.00
4.338
-11.11%
37.10%
65.97%
5'789.2
25'132.81
329'783.21
0.0
3'669.0
72'192.45
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

250.0 M
200.0 M
150.0 M
100.0 M
50.0 M

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

.0 M
j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
65'266.9
4'011.8
5.74x

5
5
4
4
3
3
2
2
1
1
0
j-12

31.12.2009
31.12.2010
47'278.6
41'223.4
1'702.3
1'323.3
23.66x
24.19x
Profitability

LTM-4Q
31.12.2011
41'968.2
(9'206.4)
-

31.12.2012
41'523.0
864.9
20.31x
0.98%
-1.20%
0.06%
0.97%
0.24%
0.03%
3.2%
35.58%
525.27%
-

LTM

03/yy
25'376.0
0.00x
0.0
0.00x
(9'102.0)
0.00x

03/yy
24'350.0
0.00x
0.0
0.00x
400.0
36.99x

FY+1

1.50
4'894.81
36.57%
19.47%
1.500
39
2.923
65'350'650
80'496'120
81'131'840
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
24'487.6
24'859.4
5'965.0
6'113.0
1'144.5
2'172.4
21.79x
11.69x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

12.07.2013
BBB
NEG
10.02.2012
A-2
525.3%
83.2%
0.03
2.06
-

Sales/Revenue/Turnover

70'000.0
60'000.0
50'000.0

0.80

40'000.0
0.60

30'000.0

0.40

20'000.0
10'000.0

0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

UniCredit SpA
Holdings By:

All

Holder Name
AABAR LUX SARL
PGFF LUX SARL
FONDAZIONE CASSA RIS
CARIMONTE HOLDING SP
CAPITAL GROUP COMPAN
CENTRAL BANK OF LIBY
FONDAZIONE CASSA RIS
BLACKROCK
DELFIN SARL
DODGE & COX
FRANKLIN RESOURCES
NORGES BANK
VANGUARD GROUP INC
ALLIANZ SPA
ALLIANZ FINANCE IV L
SUN LIFE FINANCIAL I
AMUNDI
INVESCO LTD
T ROWE PRICE ASSOCIA
BNP PARIBAS INV PART

Firm Name
Banca Akros(ESN)
Equita SIM SpA
Natixis
Deutsche Bank
Grupo Santander
Keefe, Bruyette & Woods
ICBPI
Barclays
Nomura
Goldman Sachs
AlphaValue
Banca IMI
Landesbank Baden-Wuerttemberg
Exane BNP Paribas
Societe Generale
Main First Bank AG
Independent Research GmbH
Kepler Cheuvreux
HSBC
EVA Dimensions
Oddo & Cie
Day by Day
Credit Suisse
Macquarie
Mediobanca SpA
DZ Bank AG
RBC Capital Markets
Berenberg Bank
S&P Capital IQ
Morgan Stanley
Redburn Partners
Hamburger Sparkasse
UBS
Centrobanca
Intermonte Securities SpA
JPMorgan
Nord/LB
Hammer Partners SA
Banco Sabadell

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a

Analyst
LUIGI TRAMONTANA
GIOVANNI RAZZOLI
STEVEN GOULD
PAOLA SABBIONE
TANIA GOLD
DOMENICO SANTORO
LUCA COMI
ANTONIO RIZZO
DARAGH QUINN
JEAN-FRANCOIS NEUEZ
DAVID GRINSZTAJN
MANUELA MERONI
WERNER SCHIRMER
ANDREA VERCELLONE
CARLO TOMMASELLI
ALDO COMI
STEFAN BONGARDT
ANNA MARIA BENASSI
CARLO DIGRANDI
DOUG WALTERS
JULIE LEGRAND
VALERIE GASTALDY
IGNACIO CEREZO
BENJIE CREELAN-SANDFORD
ANDREA FILTRI
CHRISTOPH BAST
ANKE REINGEN
ELENI PAPOULA
WILLIAM HOWLETT
FRANCESCA TONDI
GEORGE KARAMANOS
CHRISTIAN HAMANN
MATTEO RAMENGHI
GUGLIELMO MARCO OPIPARI
CHRISTIAN CARRESE
MARTA BASTONI
MICHAEL SEUFERT
ENRICO RACIOPPI
MARIO LODOS

Source
Research
Research
Research
Research
ULT-AGG
Research
Research
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
accumulate
buy
neutral
buy
underweight
market perform
sell
equalweight
reduce
Buy/Neutral
buy
hold
sell
underperform
sell
outperform
hold
hold
neutral
hold
reduce
hold
neutral
outperform
outperform
sell
underperform
sell
sell
Overwt/In-Line
neutral
hold
neutral
overvalued
outperform
neutral
sell
sell
Under Review

Amt Held
376'220'171
289'992'198
204'516'549
173'381'885
167'732'914
152'258'925
145'082'905
124'234'551
116'031'602
113'543'136
109'463'289
103'612'982
90'010'140
68'982'379
42'130'178
27'341'856
22'995'208
20'053'953
17'760'087
17'173'848

% Out
6.5
5.01
3.53
2.99
2.9
2.63
2.51
2.15
2
1.96
1.89
1.79
1.55
1.19
0.73
0.47
0.4
0.35
0.31
0.3

Weighting

Change

4
5
3
5
1
3
1
3
2
5
5
3
1
1
1
5
3
3
3
3
2
3
3
5
5
1
1
1
1
5
3
3
3
1
5
3
1
1
#N/A N/A

U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M

Latest Chg
(34'810'976)
(13'092'851)
(13'976'826)
12'606'177
1'174'288
13'795'214
19'524'351
17'620'362
(63'661)

Target Price
5
6
3
5
3
4
4
4
3
5
5
4
4
3
4
5
4
4
4
#N/A N/A
3
#N/A N/A
4
5
5
3
3
3
3
6
#N/A N/A
#N/A N/A
4
3
5
3
#N/A N/A
2
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
07.05.2013
07.05.2013
07.05.2013
07.05.2013
30.06.2013
07.05.2013
07.05.2013
29.07.2013
07.05.2013
30.06.2013
31.03.2013
31.12.2012
30.06.2013
07.05.2013
07.05.2013
31.05.2013
30.04.2013
30.07.2013
31.03.2013
31.03.2013

Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided

Inst Type
Other
Other
Bank
Investment Advisor
Investment Advisor
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Insurance Company
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.07.2013
29.07.2013
29.07.2013
26.07.2013
24.07.2013
24.07.2013
24.07.2013
23.07.2013
19.07.2013
18.07.2013
18.07.2013
15.07.2013
15.07.2013
11.07.2013
09.07.2013
09.07.2013
08.07.2013
08.07.2013
03.07.2013
19.06.2013
17.06.2013
07.06.2013
05.06.2013
05.06.2013
24.05.2013
14.05.2013
13.05.2013
13.05.2013
13.05.2013
10.05.2013
08.05.2013
15.04.2013
18.03.2013
11.03.2013
15.01.2013
07.01.2013
23.10.2012
19.06.2012
05.03.2012

05.09.2013

Koninklijke Philips NV
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.

Price/Volume
30
25
20
15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.08.2013)
52-Week Low (01.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PHIA NA EQUITY YTD Change
PHIA NA EQUITY YTD % CHANGE

12/2012
06/yy
24.77
18.05
1'675'328.00
24.585
-0.75%
36.20%
98.44%
975.6
23'985.72
4'534.00
0.0
34.0
3'834.00
26'127.72

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

5
0
j-12

31.12.2009
31.12.2010
20'092.0
22'287.0
0.95x
0.92x
2'055.0
3'436.0
9.30x
5.98x
410.0
1'446.0
41.36x
14.60x
Profitability

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data

LTM-4Q
31.12.2011
22'579.0
0.70x
1'185.0
13.35x
(1'295.0)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
24'788.0
0.76x
2'463.0
7.69x
226.0
71.05x
2'463.00
1'030.00
4.16%
2.30%
1.01%
2.53%
2.93%
0.85%
38.0%
10.0%
4.4%
0.9%
1.26
0.82
15.59%
40.70%
5.56
3.83

Price/ Cash Flow

LTM

06/yy
22'983.0
2.65x
2'559.0
6.37x
196.0
28.71x

06/yy
24'200.0
3.35x
2'430.0
8.76x
289.0
64.57x

FY+1

1.12
927.01
38.55%
28.11%
1.115
35
3.886
3'593'611
2'582'759
3'208'947
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
23'898.1
25'143.7
5'900.5
7'092.3
1.05x
0.98x
3'278.8
3'678.4
920.0
1'220.0
8.00x
7.13x
1'365.9
1'647.8
325.7
581.6
15.99x
13.52x
15.02x
14.55x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

11.05.2005
ASTABLE
26.02.2001
A-2
7.00
5.08
0.87
1.82
40.7%
28.9%
0.85
8.15
65.68
95.20
68.69
76.69

Sales/Revenue/Turnover

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00
01.01.2010

a-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
26'385.0
0.51x
1'883.0
7.11x
(91.0)
-

10

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
j-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Koninklijke Philips NV
Holdings By:

All

Holder Name
KONINKLIJKE PHILIPS
DODGE & COX
BLACKROCK
DODGE & COX WORLDWID
SOUTHEASTERN ASSET M
NORGES BANK
FRANKLIN RESOURCES
HARRIS ASSOCIATES LP
VANGUARD GROUP INC
FMR LLC
ING INVESTMENT MANAG
AMUNDI
ARTISAN PARTNERS HOL
ONTARIO TEACHERS PEN
ACHMEA BELEGGINSFOND
T ROWE PRICE ASSOCIA
ALLIANZ ASSET MANAGE
AMERICAN CENTURY COM
FORTIS INVESTMENTS
BARCLAYS PLC

Firm Name

Portfolio Name
n/a
n/a
n/a
DODGE & COX WORLDWID
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

Rabobank International
HANS SLOB
AlphaValue
THOMAS PICHERIT
ABN Amro Bank N.V.
ROBIN VAN DEN BROEK
RBC Capital Markets
ANDREW CARTER
Barclays
DAVID VOS
Societe Generale
GAEL DE BRAY
Nord/LB
WOLFGANG VASTERLING
JPMorgan
ANDREAS WILLI
Canaccord Genuity Corp
ANDREW BELL
Berenberg Bank
WILLIAM MACKIE
S&P Capital IQ
UNAI FRANCO
Redburn Partners
PHILIP WILSON
Deutsche Bank
MARTIN WILKIE
Kempen & Co
ERWIN DUT
Morgan Stanley
BEN UGLOW
Credit Suisse
SIMON TOENNESSEN
Landesbank Baden-Wuerttemberg
VOLKER STOLL
Independent Research GmbH
MARKUS FRIEBEL
Petercam
MARCEL ACHTERBERG
Nomura
DANIEL CUNLIFFE
ING Bank
FABIAN SMEETS
Exane BNP Paribas
OLIVIER ESNOU
Natixis
ARNAUD SCHMIT
Espirito Santo Investment Bank Research
ROB VIRDEE
Kepler Cheuvreux
PETER OLOFSEN
Day by Day
VALERIE GASTALDY
EVA Dimensions
TIMOTHY STANISH
HSBC
MICHAEL HAGMANN
UBS
FREDRIC STAHL
Hamburger Sparkasse
MARCO GUENTHER
Goldman Sachs
AARON IBBOTSON
Banco Sabadell
GLEN SPENCER-CHAPMAN
SNS Securities(ESN)
VICTOR BARENO
Theodoor Gilissen Securities
JOS VERSTEEG
National Bank AG
STEFFEN MANSKE
Jyske Bank
ROBERT JAKOBSEN

Source
Research
13G
ULT-AGG
MF-PART
13G
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
buy
add
buy
outperform
overweight
hold
hold
overweight
hold
buy
buy
buy
buy
buy
Equalwt/Cautious
neutral
hold
hold
hold
buy
buy
neutral
not rated
buy
buy
hold
overweight
neutral
buy
sell
neutral/neutral
sell
hold
buy
sell
sell

Amt Held
47'895'476
46'061'138
45'264'486
44'824'944
41'502'897
23'230'134
13'166'223
12'728'170
10'525'631
9'152'850
6'461'431
6'102'922
5'659'143
4'800'000
4'714'444
3'944'572
3'812'654
3'566'816
2'922'451
2'911'837

% Out
4.91
4.72
4.64
4.59
4.25
2.38
1.35
1.3
1.08
0.94
0.66
0.63
0.58
0.49
0.48
0.4
0.39
0.37
0.3
0.3

Weighting

Change

5
4
5
5
5
3
3
5
3
5
5
5
5
5
3
3
3
3
3
5
5
3
#N/A N/A
5
5
3
5
3
5
1
3
1
3
5
1
1

M
M
M
M
M
M
M
U
M
M
U
M
M
M
M
M
U
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
D
M

Latest Chg
15'514'236
(6'799'141)
(4'019'128)
2'353'570
(200'255)
381'993
(88'593)
2'528'586
177'226
59'221
23'788
1'831'314
1'122'043
(2'518)
-

Target Price
27
27
28
28
30
24
25
28
20
26
29
#N/A N/A
27
28
26
23
24
26
26
32
30
24
#N/A N/A
27
25
#N/A N/A
#N/A N/A
24
25
#N/A N/A
23
20
15
23
#N/A N/A
23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
08.02.2013
Corporation
31.12.2012
Investment Advisor
29.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
04.05.2012
Investment Advisor

Date
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
3 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided

Date
29.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
17.07.2013
03.07.2013
02.07.2013
14.06.2013
06.06.2013
03.06.2013
14.05.2013
29.04.2013
22.04.2013
15.02.2013
22.10.2012
04.09.2012
03.04.2012
29.03.2010

05.09.2013

Inditex SA
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.

Price/Volume
120

35.0 M

100

30.0 M
25.0 M

80

Latest Fiscal Year:
LTM as of:
52-Week High (19.12.2012)
52-Week Low (12.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ITX SQ EQUITY YTD Change
ITX SQ EQUITY YTD % CHANGE

01/2013
04/yy
111.80
85.34
225'264.00
103.75
-7.20%
21.58%
72.41%
623.3
64'670.53
6.00
0.0
36.0
4'104.00
61'046.53

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

15.0 M

40

10.0 M

20

5.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.01.2009
10'407.0
1.68x
2'186.9
7.97x
1'253.5
14.82x

20.0 M

60

Valuation Analysis

31.01.2010
31.01.2011
11'083.5
12'526.6
2.36x
2.48x
2'353.1
2'966.2
11.09x
10.46x
1'314.4
1'731.8
21.63x
19.86x
Profitability

LTM-4Q
31.01.2012
13'792.6
2.76x
3'214.6
11.86x
1'932.3
21.51x

31.01.2013
15'946.0
3.78x
3'912.0
15.40x
2'361.0
27.24x
3'912.00
3'116.00
19.54%
19.64%
19.53%
30.49%
1.33%
59.8%
24.2%
19.2%
14.8%
1.92
1.42
0.05%
0.07%
20.46
4.48

LTM

04/yy
14'248.6
10.62x
3'377.6
11.50x
2'032.3
20.84x

04/yy
16'123.0
14.04x
3'898.0
15.39x
2'366.0
26.90x

FY+1

.0 M
j-13

0.69
221.78
16.68%
-0.58%
0.695
40
3.575
788'663
859'412
1'152'147
FY+2

FQ+1

FQ+2

01/14 Y
01/15 Y
07/13 Q2 10/13 Q3
17'334.1
19'208.3
4'121.5
4'483.8
3.45x
3.06x
4'253.2
4'743.5
877.6
1'244.3
14.35x
12.87x
14.32x
13.88x
2'599.1
2'913.5
520.7
800.9
24.75x
22.18x
24.29x
23.23x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

875.44
573.53
-0.94
0.00
0.1%
0.1%
1.33
3.51
17.84
81.44
183.51
-62.88

Sales/Revenue/Turnover

18'000.0
16'000.0

1.00
0.80

14'000.0
12'000.0
10'000.0

0.60

8'000.0
6'000.0

0.40
0.20

4'000.0
2'000.0
0.0

0.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Inditex SA
Holdings By:

All

Holder Name
GARTLER SL
PARTLER 2006 SL
ROSP CORUNNA
JP MORGAN
CAPITAL GROUP COMPAN
NORGES BANK
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
FMR LLC
HARBOR CAPITAL ADVIS
OPPENHEIMERFUNDS INC
ALLIANZ ASSET MANAGE
BAILLIE GIFFORD AND
UMB BANK N A
FIL LIMITED
SUN LIFE FINANCIAL I
NATIXIS ASSET MANAGE
BANK OF NEW YORK MEL
COMGEST GROWTH PLC

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Grupo Santander
REBECCA MCCLELLAN
BPI
JOSE RITO
Mirabaud Finanzas Sociedad de ValoresGONZALO
S
SANZ
Sanford C. Bernstein & Co
JAMIE MERRIMAN
AlphaValue
VIRGINIE BLIN
Cantor Fitzgerald
ALLEGRA PERRY
Raymond James
CEDRIC LECASBLE
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Societe Generale
ANNE CRITCHLOW
HSBC
PAUL ROSSINGTON
ISI Group
OMAR SAAD
Nomura
FRASER RAMZAN
Independent Research GmbH
ZAFER RUZGAR
Bankia Bolsa (ESN)
MARIA RIVAS RODRIGUEZ
Telsey Advisory Group
DANA TELSEY
Deutsche Bank
WARWICK OKINES
Credit Suisse
SIMON IRWIN
Banco Sabadell
IGNACIO ROMERO
Kepler Cheuvreux
DANIEL OVIN
Espirito Santo Investment Bank Research
FILIPE ROSA
Ahorro Corporacion Financiera SA
GERMAN GARCIA BOU
S&P Capital IQ
WILLIAM MACK
Exane BNP Paribas
BEN SPRUNTULIS
BCP Investimento
JOAO C FLORES
Redburn Partners
GEOFF LOWERY
Barclays
CHRISTODOULOS CHAVIARAS
La Caixa
ANTONIO JOSE CASTELL NEYRA
Day by Day
VALERIE GASTALDY
Hamburger Sparkasse
CHRISTIAN HAMANN
BBVA
ISABEL CARBALLO
Bryan Garnier & Cie
PETER FARREN
Banesto Bolsa SA Sociedad
JESUS DOMINGUEZ ANGULO
EVA Dimensions
CRAIG STERLING
Morgan Stanley
GEOFFREY RUDDELL
Interdin Bolsa
SOFIA REBUELTA VILLEGAS
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
Natixis
JEAN BAPTISTE TEISSIER
UBS
ANDREW HUGHES
Goldman Sachs
FRANKLIN WALDING
Renta 4 SA SVB
IVAN SAN FELIX
Link Securities
PAULA SAMPEDRO

Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
neutral
underweight
outperform
reduce
hold
outperform
buy
buy
neutral
strong buy
buy
sell
hold
no rating system
buy
neutral
buy
reduce
neutral
sell
buy
neutral
buy
buy
equalweight
underweight
hold
hold
market perform
sell
neutral
hold
Equalwt/Cautious
sell
hold
buy
neutral
Buy/Neutral
hold
accumulate

Amt Held
311'727'598
57'872'465
31'494'806
18'792'273
7'965'697
5'725'374
5'401'005
5'314'710
4'589'100
4'023'305
2'784'266
2'545'495
2'505'067
1'446'300
1'149'037
1'126'124
1'018'951
791'919
763'170
714'426

% Out
50.01
9.28
5.05
3.01
1.28
0.92
0.87
0.85
0.74
0.65
0.45
0.41
0.4
0.23
0.18
0.18
0.16
0.13
0.12
0.11

Weighting

Change

5
3
1
5
2
3
5
5
5
3
5
5
1
3
#N/A N/A
5
3
5
2
3
1
5
3
5
5
3
1
3
3
3
1
3
3
3
1
3
5
3
5
3
4

M
M
M
M
M
M
U
U
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
D
M
M
M
M
D
M
M
M
N
M
M
M
D

Latest Chg
328'000
147'817
290'786
458'789
(112'094)
(155'840)
(5'298)
(146'154)
(1'273'091)
148'388
524'139
19'412
611'185

Target Price
120
108
96
115
90
100
111
110
127
110
120
117
96
98
115
115
103
115
95
102
82
115
105
110
#N/A N/A
93
100
#N/A N/A
#N/A N/A
104
98
105
#N/A N/A
100
84
94
125
105
125
81
47

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.01.2013
31.01.2013
31.01.2013
31.10.2012
30.06.2013
31.12.2012
30.06.2013
28.06.2013
29.07.2013
30.06.2013
31.03.2013
30.05.2013
30.06.2013
28.02.2013
31.05.2013
31.12.2012
31.05.2013
28.03.2013
30.07.2013
28.06.2013

Date
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided

Inst Type
Unclassified
Corporation
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
31.07.2013
29.07.2013
29.07.2013
25.07.2013
25.07.2013
27.06.2013
26.06.2013
24.06.2013
20.06.2013
14.06.2013
14.06.2013
14.06.2013
13.06.2013
13.06.2013
13.06.2013
12.06.2013
12.06.2013
12.06.2013
12.06.2013
12.06.2013
12.06.2013
12.06.2013
12.06.2013
10.06.2013
03.06.2013
30.05.2013
29.05.2013
29.05.2013
24.05.2013
15.05.2013
10.04.2013
03.04.2013
02.04.2013
15.03.2013
15.03.2013
13.03.2013
01.02.2013
30.01.2013
07.11.2012
12.09.2012
26.11.2009

05.09.2013

Iberdrola SA
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.

Price/Volume
5

350.0 M

4

300.0 M

4

250.0 M

3

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.08.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 24.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IBE SQ EQUITY YTD Change
IBE SQ EQUITY YTD % CHANGE

12/2012
06/yy
4.30
3.14
51'901'550.00
4.039
-5.98%
28.54%
78.07%
6'240.0
25'203.26
32'884.10
0.0
324.8
6'575.55
51'682.26

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

200.0 M

2

150.0 M

2

100.0 M

1

50.0 M

1
0
j-12

31.12.2009
31.12.2010
25'891.9
30'431.0
2.39x
1.90x
6'197.0
6'857.9
10.00x
8.42x
2'824.3
2'870.9
12.54x
10.95x
Profitability

LTM-4Q
31.12.2011
31'648.0
1.76x
7'000.4
7.95x
2'804.5
10.04x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
34'201.2
1.52x
7'177.7
7.25x
2'840.7
9.14x
7'177.74
3'828.04
11.19%
8.99%
2.89%
8.04%
0.36%
36.8%
17.6%
7.9%
8.3%
1.11
0.92
33.97%
97.41%
7.11
10.57

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy
33'590.6
6.73x
6'901.5
7.28x
3'004.0
7.33x

d-12

06/yy
34'542.6
5.88x
6'089.8
8.43x
2'767.6
9.10x

j-13

f-13

m-13 a-13

m-13

j-13

.0 M
j-13

FY+1

1.08
5'275.09
33.05%
3.77%
1.080
37
2.892
27'513'750
21'527'120
51'900'880
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
34'372.2
34'580.6
1.55x
1.49x
7'480.5
7'485.4
6.91x
6.90x
2'512.2
2'461.9
10.02x
10.55x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

28.11.2012
BBB
STABLE
26.11.2007
A-2
4.82
2.20
4.31
5.10
97.4%
49.1%
0.36
51.31
34.54
78.30
-6.92

Sales/Revenue/Turnover

8.00

40'000.0

7.00

35'000.0

6.00

30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
25'196.2
2.50x
6'412.5
9.81x
2'860.6
11.20x

3

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Iberdrola SA
Holdings By:

All

Holder Name
QATAR INVESTMENT AUT
ACS ACTIVIDADES CONS
BANCAJA (VALENCIA CA
BILBAO BIZKAIA KUTXA
NATIXIS
SOCIETE GENERALE
BLACKROCK
NORGES BANK
VANGUARD GROUP INC
AMUNDI
PICTET FUNDS
FMR LLC
LBPAM
UBS
DE URRUTIA VAL VICTO
MERCURY ASSET MANAGE
UNION INVESTMENT LUX
JP MORGAN
MAINFIRST SICAV
SUN LIFE FINANCIAL I

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a

Analyst

Barclays
MONICA GIRARDI
BPI
GONZALO SANCHEZ-BORDONA
Mirabaud Finanzas Sociedad de ValoresJOSE
S MARTIN-VIVAS
Societe Generale
JORGE ALONSO SUILS
Deutsche Bank
VIRGINIA SANZ DE MADRID
Goldman Sachs
FRED BARASI
Landesbank Baden-Wuerttemberg
ERKAN AYCICEK
Independent Research GmbH
SVEN DIERMEIER
Bankia Bolsa (ESN)
VICTOR PEIRO PEREZ
Natixis
PHILIPPE OURPATIAN
S&P Capital IQ
CLIVE ROBERTS
NMAS 1 Agencia de Valores
FERNANDO LAFUENTE
Mediobanca SpA
JAVIER SUAREZ
Morgan Stanley
CAROLINA DORES
Banco Sabadell
JORGE GONZALEZ SADORNIL
Ahorro Corporacion Financiera SA
LUIS PADRON
Kepler Cheuvreux
JOSE PORTA SAUDAN
Exane BNP Paribas
MANUEL PALOMO
HSBC
ADAM DICKENS
Interdin Bolsa
ALEJANDRO MIRANDA FOURNIER
Grupo Santander
BOSCO MUGUIRO
Credit Suisse
STEFANO BEZZATO
UBS
ALBERTO GANDOLFI
Espirito Santo Investment Bank Research
FERNANDO GARCIA GARCIA
La Caixa
FERNANDO MURILLO GUIRAO
Berenberg Bank
TEAM COVERAGE
EVA Dimensions
DOUG WALTERS
Investec
HAROLD HUTCHINSON
Day by Day
VALERIE GASTALDY
BBVA
ISIDORO DEL ALAMO
Banesto Bolsa SA Sociedad
ANTONIO CRUZ
JPMorgan
JAVIER GARRIDO
BCP Investimento
VANDA MESQUITA
Macquarie
SHAI HILL
Renta 4 SA SVB
NATALIA AGUIRRE
Nord/LB
HEINO HAMMANN
Hamburger Sparkasse
ANNEMARIE SCHLUETER
National Bank AG
STEFFEN MANSKE

Source
Co File
Co File
EXCH
EXCH
Co File
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
underweight
buy
underweight
buy
hold
neutral/neutral
hold
sell
buy
neutral
sell
neutral
underperform
Equalwt/In-Line
sell
hold
buy
underperform
underweight
buy
buy
outperform
neutral
neutral
overweight
hold
hold
hold
hold
market perform
buy
underweight
buy
underperform
hold
hold
sell
hold

Amt Held
514'250'814
415'111'949
314'887'559
309'430'747
277'971'800
202'239'009
189'860'019
107'376'395
49'677'400
36'754'107
28'414'840
21'912'121
21'601'399
16'550'106
14'465'535
14'445'753
13'007'128
12'687'755
11'472'397
9'500'190

% Out
8.24
6.65
5.05
4.96
4.45
3.24
3.04
1.72
0.8
0.59
0.46
0.35
0.35
0.27
0.23
0.23
0.21
0.2
0.18
0.15

Weighting

Change
1
5
1
5
3
3
3
1
5
3
1
3
1
3
1
3
5
1
1
5
5
5
3
3
5
3
3
3
3
3
5
1
5
1
3
3
1
3

M
M
M
M
M
M
M
D
M
M
D
U
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
N
M
M
M
D
M
M
M
M
M
M

Latest Chg
(13'299'908)
(27'245'778)
645'571
7'729'823
8'323'660
34'863
(1'157'218)
4'014'702
573'646
1'000'000
(207'572)
4'182'901
2'979'540
-

Target Price
4
5
4
4
4
4
4
4
5
4
3
4
4
4
4
5
5
4
4
5
5
4
4
4
4
4
#N/A N/A
4
#N/A N/A
4
6
4
5
3
5
#N/A N/A
#N/A N/A
7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
31.12.2012
24.05.2013
24.01.2013
31.12.2012
17.06.2013
29.07.2013
31.12.2012
30.06.2013
30.04.2013
30.04.2013
30.06.2013
28.03.2013
30.07.2013
27.02.2013
29.07.2013
28.03.2013
30.06.2013
28.02.2013
31.05.2013

Date
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
3 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Government
Corporation
Bank
Bank
Investment Advisor
Bank
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.07.2013
29.07.2013
29.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
19.07.2013
18.07.2013
17.07.2013
17.07.2013
15.07.2013
15.07.2013
15.07.2013
15.07.2013
12.06.2013
07.06.2013
06.06.2013
13.05.2013
10.05.2013
24.04.2013
03.04.2013
25.03.2013
20.12.2012
19.10.2012
21.09.2012
05.06.2012
24.02.2012
10.03.2011

05.09.2013

Vinci SA
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.

Price/Volume

6.0 M
5.0 M

30

Latest Fiscal Year:
LTM as of:
52-Week High (15.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 05.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DG FP EQUITY YTD Change
DG FP EQUITY YTD % CHANGE

12/2012
06/yy
41.83
31.84
433'654.00
40.355
-3.53%
26.76%
81.94%
599.0
24'171.71
20'193.80
0.0
735.4
6'516.10
38'877.72

25

4.0 M

20

3.0 M

15

2.0 M

10

1.0 M

5
0
j-12

31.12.2009
31.12.2010
31'177.7
34'002.8
1.09x
1.07x
4'813.1
5'165.6
7.03x
7.01x
1'596.0
1'775.9
12.07x
12.14x
Profitability

LTM-4Q
31.12.2011
37'646.1
0.86x
5'445.9
5.93x
1'904.3
9.59x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
39'183.2
0.86x
5'507.8
6.12x
1'916.7
10.07x
5'507.80
3'568.90
9.11%
7.64%
3.05%
14.41%
7.09%
0.64%
13.8%
9.0%
4.9%
0.87
0.46
32.79%
151.44%
-

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy
37'205.8
0.00x
0.0
0.00x
0.0
0.00x

d-12

06/yy
39'403.0
0.00x
0.0
0.00x
0.0
0.00x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

.0 M
j-13

1.10
525.75
25.13%
16.21%
1.096
28
4.286
1'266'495
1'241'091
1'470'015
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
39'600.7
40'116.2
0.97x
0.93x
5'525.4
5'750.2
7.03x
6.76x
1'901.7
2'009.3
11.74x
11.14x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

29.03.2007
BBB+
STABLE
24.04.2001
A-2
7.58
4.83
2.57
3.90
151.4%
58.9%
0.64
8.58
-

Sales/Revenue/Turnover

8.00

45'000.0

7.00

40'000.0

6.00

35'000.0
30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

7.0 M

40
35

Valuation Analysis

31.12.2008
33'930.3
0.90x
5'009.2
6.09x
1'591.4
8.85x

45

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Vinci SA
Holdings By:

All

Holder Name
VINCI SA
COMET LUXEMBOURG HLD
CAPITAL GROUP COMPAN
NORGES BANK
ARTEMIS SA
FRANKLIN RESOURCES
VANGUARD GROUP INC
BLACKROCK
AMUNDI
FIL LIMITED
NATIXIS ASSET MANAGE
THORNBURG INVESTMENT
AVIVA PLC
PICTET FUNDS
COHEN & STEERS CAPIT
LBPAM
UBS
COMMONWEALTH BANK OF
ALLIANZ ASSET MANAGE
MERCURY ASSET MANAGE

Firm Name
Societe Generale
Deutsche Bank
Raymond James
CM - CIC Securities(ESN)
Oddo & Cie
Bryan Garnier & Cie
Natixis
RBC Capital Markets
Aurel - BGC
BPI
EVA Dimensions
Day by Day
AlphaValue
Morgan Stanley
S&P Capital IQ
Exane BNP Paribas
HSBC
Berenberg Bank
JPMorgan
Kepler Cheuvreux
UBS
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Hamburger Sparkasse
Banco Sabadell
Barclays
Goldman Sachs
Nord/LB
National Bank AG

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Source
Research
Research
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation

MURIEL FELLOUS
LUIS PRIETO
ARNAUD PALLIEZ
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
VIRGINIE ROUSSEAU
SVEN EDELFELT
GREGOIRE THIBAULT
OLIVIA PETERS
ERIC LEMARIE
FILIPE MARTINS LEITE
TIMOTHY STANISH
VALERIE GASTALDY
GAETAN DUPONT
JAIME ROWBOTHAM
JAWAHAR HINGORANI
NICOLAS MORA
PIERRE BOSSET
CHRIS MOORE
ELODIE RALL
JOSEP PUJAL
GREGOR KUGLITSCH
HANS-PETER KUHLMANN
CHRISTOPH SCHOENDUBE
INGO SCHMIDT
MARIA CEBOLLERO
SUSANNA INVERNIZZI
WILL MORGAN
HEINO HAMMANN
STEFFEN MANSKE

buy
buy
outperform
buy
buy
buy
buy
sector perform
buy
buy
underweight
hold
buy
Overwt/In-Line
buy
outperform
neutral
buy
overweight
buy
buy
hold
hold
hold
buy
overweight
Buy/Neutral
buy
hold

Amt Held
40'940'297
31'714'315
13'424'461
11'686'234
8'072'735
7'186'749
6'092'492
5'299'786
5'065'886
3'828'151
3'242'225
3'047'300
2'697'940
2'532'273
1'878'935
1'807'592
1'676'499
1'636'119
1'553'945
1'452'489

% Out
6.84
5.3
2.24
1.95
1.35
1.2
1.02
0.89
0.85
0.64
0.54
0.51
0.45
0.42
0.31
0.3
0.28
0.27
0.26
0.24

Weighting

Change
5
5
5
5
5
5
5
3
5
5
1
3
5
5
5
5
3
5
5
5
5
3
3
3
5
5
5
5
3

M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
M
D

Latest Chg
2'121'061
(728'410)
683'875
(191'798)
(27'411)
1'035'475
(48'883)
(26'762)
(18'697)
226'570
(128'199)
105'708
50'901
29'393
-

Target Price
48
47
45
49
49
45
46
40
38
48
#N/A N/A
#N/A N/A
59
42
43
48
40
47
44
48
47
37
40
#N/A N/A
43
45
46
#N/A N/A
43

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
31.12.2012
30.06.2013
31.12.2012
31.12.2012
30.04.2013
30.06.2013
29.07.2013
30.04.2013
31.12.2012
28.03.2013
31.05.2013
31.05.2013
30.04.2013
30.06.2013
28.03.2013
30.07.2013
30.04.2013
31.05.2013
29.07.2013

Date
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Corporation
Corporation
Investment Advisor
Government
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Bank
Investment Advisor
Investment Advisor

Date
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
29.07.2013
25.07.2013
23.07.2013
18.07.2013
16.07.2013
08.07.2013
04.07.2013
02.07.2013
24.06.2013
18.06.2013
10.06.2013
01.05.2013
29.04.2013
26.04.2013
26.02.2013
15.02.2013
23.01.2013
14.01.2013
14.06.2012
27.07.2011

05.09.2013

Vivendi SA
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.

Price/Volume
18

16.0 M

16

14.0 M

14

12.0 M

12

10.0 M

10

Latest Fiscal Year:
LTM as of:
52-Week High (28.12.2012)
52-Week Low (24.06.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
VIV FP EQUITY YTD Change
VIV FP EQUITY YTD % CHANGE

12/2012
03/yy
17.44
14.00
5'137'000.00
16.455
-5.62%
17.58%
56.83%
1'339.0
22'033.59
17'757.00
0.0
2'971.0
4'258.00
42'550.59

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

6.0 M

6
4

4.0 M

2

2.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
25'392.0
1.55x
6'774.0
5.82x
2'603.0
10.43x

8.0 M

8

Valuation Analysis

31.12.2009
31.12.2010
27'132.0
28'878.0
1.44x
1.29x
7'682.0
8'020.0
5.07x
4.64x
830.0
2'198.0
30.14x
11.35x
Profitability

LTM-4Q
31.12.2011
28'813.0
1.24x
8'847.0
4.03x
2'681.0
7.83x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
28'994.0
1.34x
7'657.0
5.08x
164.0
130.38x
7'657.00
4'935.00
17.02%
7.27%
0.07%
0.21%
2.90%
0.48%
50.5%
23.7%
14.9%
0.6%
0.69
0.41
29.84%
96.17%
31.74

Price/ Cash Flow

LTM

03/yy
28'748.0
4.96x
8'686.0
3.70x
1'646.0
10.58x

03/yy
28'926.0
5.17x
7'475.0
5.04x
1.0
0.00x

FY+1

.0 M
j-13

0.80
1'161.37
14.09%
3.15%
0.799
31
3.839
4'324'761
3'521'516
4'017'505
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
27'437.7
27'490.6
6'564.0
8'187.0
1.36x
1.30x
7'423.8
7'351.7
5.73x
5.79x
2'233.1
2'275.5
9.97x
9.75x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

26.10.2012
BBB
NEG
26.10.2012
A-2
12.78
5.24
2.68
2.82
96.2%
45.3%
0.48
3.29
11.50
278.44
-286.64

Sales/Revenue/Turnover

4.00

70'000.0

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0

1.50

20'000.0

1.00

10'000.0

0.50
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Vivendi SA
Holdings By:

All

Holder Name
BLACKROCK
GROUPE BOLLORE
CIE DE CORNOUAILLE S
SOCIETE GENERALE
AMUNDI
CAISSE DES DEPOTS ET
PEG VIVENDI
FRANKLIN RESOURCES
NORGES BANK INVESTME
NATIXIS ASSET MANAGE
UBS
QATAR HOLDINGS LLC
AMUNDI
CREDIT SUISSE SECURI
BAUPOST GROUP LLC
VANGUARD GROUP INC
FMR LLC
CNP ASSURANCES
DNCA FINANCE
BNP PARIBAS INV PART

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a

Analyst

Societe Generale
CHRISTOPHE CHERBLANC
Independent Research GmbH
LARS LUSEBRINK
CM - CIC Securities(ESN)
ERIC RAVARY
Natixis
JEROME BODIN
Grupo Santander
CARLOS JAVIER TREVINO
Deutsche Bank
PATRICK KIRBY
Goldman Sachs
VIGHNESH PADIACHY
JPMorgan
FILIPPO PIETRO LO FRANCO
Sanford C. Bernstein & Co
CLAUDIO ASPESI
Raymond James
STEPHANE BEYAZIAN
HSBC
NICOLAS COTE-COLISSON
Oddo & Cie
BRUNO HARENG
Nomura
MATTHEW WALKER
S&P Capital IQ
ALEXANDER WISCH
Barclays
JULIEN ROCH
Makor Capital
ALBERT SAPORTA
AlphaValue
JEAN-MICHEL SALVADOR
Jefferies
JEREMY A DELLIS
Liberum Capital Ltd
IAN WHITTAKER
Exane BNP Paribas
CHARLES BEDOUELLE
Credit Suisse
OMAR SHEIKH
New Street Research
RUSSELL WALLER
Macquarie
ANGUS TWEEDIE
Day by Day
VALERIE GASTALDY
Landesbank Baden-Wuerttemberg
MIRKO MAIER
Espirito Santo Investment Bank Research
NUNO MATIAS
Morgan Stanley
PATRICK WELLINGTON
EVA Dimensions
ANDREW S ZAMFOTIS
Hamburger Sparkasse
ANNEMARIE SCHLUETER
Kepler Cheuvreux
CONOR O'SHEA
UBS
POLO TANG
Banco Sabadell
ANDRES BOLUMBURU
National Bank AG
STEFFEN MANSKE

Source
ULT-AGG
Co File
Research
Co File
Co File
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
Co File
MF-AGG
Co File
Co File
MF-AGG
ULT-AGG
Co File
Co File
ULT-AGG

Recommendation
buy
hold
hold
buy
buy
hold
not rated
restricted
market perform
market perform
neutral
buy
neutral
hold
suspended coverage
hold
buy
buy
buy
neutral
outperform
neutral
outperform
hold
hold
buy
Equalwt/Attractive
overweight
hold
buy
neutral
buy
sell

Amt Held
75'764'659
66'234'684
66'174'684
60'152'744
55'933'342
46'636'819
41'377'407
39'295'840
25'028'160
24'793'655
21'721'230
21'009'122
20'728'897
20'646'339
18'225'000
14'271'489
13'670'097
12'836'828
12'331'532
12'103'288

% Out
5.66
4.95
4.94
4.49
4.18
3.48
3.09
2.93
1.87
1.85
1.62
1.57
1.55
1.54
1.36
1.07
1.02
0.96
0.92
0.9

Weighting

Change

5
3
3
5
5
3
#N/A N/A
#N/A N/A
3
3
3
5
3
3
#N/A N/A
3
5
5
5
3
5
3
5
3
3
5
3
5
3
5
3
5
1

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
U
M
M
U
M
D

Latest Chg
(454'323)
2'856'470
(30'709)
(1'040'775)
894'528
1'043'184
69

Target Price
19
17
16
22
22
17
#N/A N/A
#N/A N/A
18
#N/A N/A
18
19
18
16
#N/A N/A
#N/A N/A
23
19
20
16
19
17
18
#N/A N/A
17
18
17
#N/A N/A
#N/A N/A
19
15
18
16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
29.07.2013
Investment Advisor
31.12.2012
Holding Company
14.11.2012
Unclassified
31.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Other
31.03.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
30.07.2013
Unclassified
31.12.2012
Government
30.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor

Date
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided

Date
29.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
18.07.2013
15.07.2013
15.07.2013
04.07.2013
05.06.2013
03.06.2013
22.05.2013
20.05.2013
15.05.2013
24.04.2013
13.03.2013
11.03.2013
08.03.2013
07.03.2013
25.02.2013
15.02.2013
04.04.2012

05.09.2013

Intesa Sanpaolo SpA
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.

Price/Volume

12/2012
03/yy
1.62
1.09
72'697'942.00
1.514
-6.37%
39.15%
79.40%
15'501.5
24'634.90
283'098.00
0.0
586.0
41'834.00
-

Price/ Cash Flow

1.20
1.00

350.0 M
300.0 M
250.0 M
200.0 M

1

150.0 M

0

100.0 M

0

50.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

.0 M
j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

400.0 M

1
1

Latest Fiscal Year:
LTM as of:
52-Week High (19.08.2013)
52-Week Low (27.03.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ISP IM EQUITY YTD Change
ISP IM EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

450.0 M

1
1

Valuation Analysis

31.12.2008
33'216.0
2'553.0
23.67x

2

31.12.2009
31.12.2010
27'022.0
24'836.0
2'805.0
2'705.0
15.27x
12.90x
Profitability

LTM-4Q
31.12.2011
25'266.0
(8'190.0)
-

31.12.2012
27'819.0
1'605.0
13.00x
15.77%
15.29%
0.11%
1.55%
0.24%
0.03%
8.3%
42.04%
570.61%
-

LTM

03/yy
23'715.0
0.00x
0.0
0.00x
(8'047.0)
0.00x

03/yy
16'989.0
0.00x
0.0
0.00x
1'107.0
11.39x

FY+1

1.38
13'765.96
24.18%
20.46%
1.382
36
2.889
#########
#########
#########
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
16'549.5
16'949.9
4'191.0
4'367.0
1'436.1
2'305.5
16.82x
10.66x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

12.07.2013
BBB
NEG
10.02.2012
A-2
570.6%
84.9%
0.03
3.05
-

Sales/Revenue/Turnover

35'000.0
30'000.0
25'000.0

0.80

20'000.0
0.60

15'000.0

0.40

10'000.0
5'000.0

0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Intesa Sanpaolo SpA
Holdings By:

All

Holder Name
COMPAGNIA DI SAN PAO
FOND CR PROVINCIE LO
FONDAZIONE CASSA RIS
ENTE CASSA DI RISP F
FONDAZIONE CASSA RIS
HARRIS ASSOCIATES LP
HARBOR INTERNATIONAL
NORGES BANK
BLACKROCK
ALLEANZA TORO SPA
ASSICURAZIONI GENERA
FRANKLIN RESOURCES
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
MAINFIRST SICAV
MERCURY ASSET MANAGE
UBS
ING INTERNATIONAL AD
NATIXIS ASSET MANAGE
AMUNDI

Firm Name
Equita SIM SpA
Banca Akros(ESN)
Natixis
Grupo Santander
Keefe, Bruyette & Woods
Morgan Stanley
Nomura
Goldman Sachs
AlphaValue
ICBPI
Landesbank Baden-Wuerttemberg
Exane BNP Paribas
Main First Bank AG
Kepler Cheuvreux
Mediobanca SpA
HSBC
Day by Day
Barclays
Oddo & Cie
Societe Generale
EVA Dimensions
Credit Suisse
Independent Research GmbH
Macquarie
Deutsche Bank
S&P Capital IQ
DZ Bank AG
RBC Capital Markets
Berenberg Bank
Intermonte Securities SpA
Centrobanca
UBS
JPMorgan
Nord/LB
Hammer Partners SA
Banco Sabadell

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
MATTEO GHILOTTI
LUIGI TRAMONTANA
STEVEN GOULD
TANIA GOLD
DOMENICO SANTORO
FRANCESCA TONDI
DARAGH QUINN
JEAN-FRANCOIS NEUEZ
DAVID GRINSZTAJN
LUCA COMI
INGO FROMMEN
ANDREA VERCELLONE
ALDO COMI
ANNA MARIA BENASSI
ANDREA FILTRI
CARLO DIGRANDI
VALERIE GASTALDY
ANTONIO RIZZO
JEAN SASSUS
CARLO TOMMASELLI
DOUG WALTERS
IGNACIO CEREZO
STEFAN BONGARDT
BENJIE CREELAN-SANDFORD
PAOLA SABBIONE
WILLIAM HOWLETT
CHRISTOPH BAST
PATRICK LEE
ELENI PAPOULA
CHRISTIAN CARRESE
GUGLIELMO MARCO OPIPARI
MATTEO RAMENGHI
MARTA BASTONI
MICHAEL SEUFERT
ENRICO RACIOPPI
MARIO LODOS

Source
Research
Research
Research
Research
Research
MF-AGG
Research
MF-AGG
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
hold
buy
underweight
market perform
Equalwt/In-Line
neutral
neutral/neutral
buy
sell
hold
neutral
outperform
hold
neutral
neutral
hold
underweight
reduce
hold
underweight
outperform
hold
underperform
buy
hold
sell
underperform
sell
outperform
sell
buy
underweight
hold
sell
buy

Amt Held
1'532'789'479
725'470'748
647'963'190
523'641'066
422'881'240
386'554'800
332'972'472
258'907'596
233'747'238
200'279'531
184'778'020
183'990'286
140'867'297
47'969'361
43'516'000
40'075'188
39'793'600
39'768'796
36'595'186
34'530'549

% Out
9.89
4.68
4.18
3.38
2.73
2.49
2.15
1.67
1.51
1.29
1.19
1.19
0.91
0.31
0.28
0.26
0.26
0.26
0.24
0.22

Weighting

Change
5
3
5
1
3
3
3
3
5
1
3
3
5
3
3
3
3
1
2
3
1
5
3
1
5
3
1
1
1
5
1
5
1
3
1
5

M
D
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
D
M
N
M
M
M
M
M

Latest Chg
32'930'578
5'365'875
(150'382)
8'592'742
4'127'188
10'400'000
1'063'595
1'237'958
(4'558'042)
333'719

Target Price
2
1
2
1
1
2
1
2
2
1
1
1
2
2
1
1
#N/A N/A
1
1
1
#N/A N/A
2
2
1
2
2
1
1
1
2
1
2
1
#N/A N/A
1
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
11.07.2013
11.07.2013
11.07.2013
11.07.2013
11.07.2013
30.06.2013
11.07.2013
31.12.2012
29.07.2013
11.07.2013
11.07.2013
30.04.2013
30.06.2013
30.06.2013
28.02.2013
29.07.2013
30.07.2013
28.03.2013
28.03.2013
30.04.2013

Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided

Inst Type
Other
Bank
Bank
Bank
Other
Investment Advisor
n/a
Government
Investment Advisor
Insurance Company
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
29.07.2013
29.07.2013
29.07.2013
24.07.2013
24.07.2013
21.07.2013
19.07.2013
18.07.2013
18.07.2013
17.07.2013
15.07.2013
11.07.2013
09.07.2013
08.07.2013
04.07.2013
03.07.2013
02.07.2013
02.07.2013
17.06.2013
10.06.2013
06.06.2013
05.06.2013
22.05.2013
16.05.2013
15.05.2013
15.05.2013
15.05.2013
23.04.2013
05.04.2013
19.02.2013
11.01.2013
09.01.2013
07.01.2013
23.10.2012
19.06.2012
06.02.2012

05.09.2013

Assicurazioni Generali SpA
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.

Price/Volume
16

30.0 M

14

25.0 M

12
20.0 M

10
8

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.08.2013)
52-Week Low (28.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 10.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
G IM EQUITY YTD Change
G IM EQUITY YTD % CHANGE

12/2012
03/yy
15.74
11.17
2'053'754.00
14.49
-7.94%
29.72%
69.58%
1'556.9
22'559.09
23'475.00
0.0
2'740.0
21'647.00
27'845.09

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

10.0 M

4
5.0 M

2
0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
62'298.4
0.61x
860.9
30.45x

15.0 M

6

31.12.2009
31.12.2010
85'790.6
87'072.1
0.50x
0.40x
1'309.1
1'701.9
20.68x
12.92x
Profitability

LTM-4Q
31.12.2011
73'481.8
0.22x
856.1
20.77x

31.12.2012
81'431.0
0.32x
90.0
171.75x
4.06%
2.01%
0.07%
1.84%
0.19%
0.1%
5.31%
118.39%
-

LTM

03/yy
80'163.4
0.62x
0.0
0.00x
3'418.7
5.31x

03/yy
79'464.5
0.67x
0.0
0.00x
125.9
103.00x

FY+1

.0 M
j-13

1.05
1'197.47
27.95%
6.91%
1.052
31
2.548
5'233'306
5'998'523
6'454'146
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
76'917.1
77'125.1
19'485.0
23'742.0
0.49x
0.49x
2'167.7
2'245.1
617.0
568.5
10.23x
9.83x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

ANEG
118.4%
51.0%
0.19
-

Sales/Revenue/Turnover

100'000.0
90'000.0

1.00

80'000.0
70'000.0

0.80
0.60
0.40

60'000.0
50'000.0
40'000.0
30'000.0
20'000.0

0.20

10'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Assicurazioni Generali SpA
Holdings By:

All

Holder Name
MEDIOBANCA SPA
CASSA DEPOSITI E PRE
DEA PARTICIPATIONS S
EFFETI SPA
DELFIN SARL
NORGES BANK
BLACKROCK
COMPASS SPA
VANGUARD GROUP INC
VM 2006 SRL
MACKAY SHIELDS LLC
AMUNDI
MERCURY ASSET MANAGE
PANTHEON 2000 SPA
MARKETFIELD ASSET MA
CALTAGIRONE EDITORE
GAMMA SRL
UBS
B&D FINANCE SA
ING INTERNATIONAL AD

Firm Name
Banca Akros(ESN)
Exane BNP Paribas
Sanford C. Bernstein & Co
Credit Suisse
JPMorgan
AlphaValue
Keefe, Bruyette & Woods
Equita SIM SpA
Oddo & Cie
Banca IMI
ICBPI
Mediobanca SpA
Raymond James
Independent Research GmbH
Morgan Stanley
Landesbank Baden-Wuerttemberg
Kepler Cheuvreux
UBS
Nomura
Main First Bank AG
Barclays
EVA Dimensions
Societe Generale
DZ Bank AG
HSBC
Day by Day
Goldman Sachs
Macquarie
Natixis
S&P Capital IQ
Hamburger Sparkasse
Daiwa Securities Co. Ltd.

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios

Analyst
MARCO CAVALLERI
NICCOLO DALLA PALMA
THOMAS SEIDL
RICHARD BURDEN
ANDREAS VAN EMBDEN
JEROME CASSAGNE
RALPH HEBGEN
MATTEO GHILOTTI
NICOLAS JACOB
ELENA PERINI
ENRICO ESPOSTI
GIANLUCA FERRARI
RAPHAEL CARUSO
STEFAN BONGARDT
MARCUS RIVALDI
WERNER SCHIRMER
FABRIZIO CROCE
JAMES PEARCE
MICHAEL KLIEN
FEDERICO SALERNO
CLAUDIA GASPARI
DOUG WALTERS
NICK HOLMES
THORSTEN WENZEL
KAILESH MISTRY
VALERIE GASTALDY
WILLIAM ELDERKIN
HADLEY COHEN
BENOIT VALLEAUX
RODERICK WALLACE
CHRISTIAN HAMANN
TIM PROUDLOVE

Source
Research
Research
Research
Research
Research
MF-AGG
ULT-AGG
Research
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
Research
Research
ULT-AGG
Research
MF-AGG

Recommendation
hold
underperform
underperform
underperform
overweight
reduce
market perform
buy
neutral
hold
neutral
neutral
underperform
sell
Underwt/In-Line
sell
buy
neutral
reduce
outperform
suspended coverage
sell
hold
sell
neutral
hold
neutral/neutral
neutral
neutral
strong sell
hold
hold

Amt Held
194'048'687
69'779'061
35'185'336
33'488'344
31'168'603
27'290'953
17'521'242
14'198'684
12'982'640
6'196'356
5'660'074
3'941'033
3'832'823
3'502'965
3'499'885
3'144'884
2'958'059
2'864'114
2'693'391
2'669'407

% Out
12.46
4.48
2.26
2.15
2
1.75
1.13
0.91
0.83
0.4
0.36
0.25
0.25
0.23
0.22
0.2
0.19
0.18
0.17
0.17

Weighting

Change

3
1
1
1
5
2
3
5
3
3
3
3
1
1
1
1
5
3
2
5
#N/A N/A
1
3
1
3
3
3
3
3
1
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
N
M
M
M
M
M
M
M
M

Latest Chg
609
593'274
5'601'485
1'373'180
3'499'885
(31'311)
24'284

Target Price
14
14
9
16
17
14
15
17
14
15
15
15
13
13
13
13
16
13
13
17
#N/A N/A
#N/A N/A
15
12
16
#N/A N/A
15
15
14
11
#N/A N/A
16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
13.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
31.12.2012
29.07.2013
13.05.2013
30.06.2013
13.05.2013
31.05.2013
30.04.2013
29.07.2013
13.05.2013
31.12.2012
13.05.2013
13.05.2013
30.07.2013
13.05.2013
28.03.2013

Date
12 month
Not Provided
12 month
Not Provided
3 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Bank
Other
Investment Advisor
Corporation
Investment Advisor
Government
Investment Advisor
Corporation
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Corporation
Holding Company
Unclassified
Investment Advisor
Investment Advisor

Date
31.07.2013
31.07.2013
30.07.2013
29.07.2013
29.07.2013
25.07.2013
24.07.2013
23.07.2013
23.07.2013
22.07.2013
22.07.2013
15.07.2013
11.07.2013
11.07.2013
10.07.2013
10.07.2013
04.07.2013
25.06.2013
17.06.2013
12.06.2013
11.06.2013
06.06.2013
04.06.2013
04.06.2013
31.05.2013
20.05.2013
17.05.2013
13.05.2013
13.05.2013
10.05.2013
17.04.2013
16.05.2011

05.09.2013

Essilor International SA
Essilor International SA manufactures and sells plastic and glass ophthalmic
lenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and
Crizal lenses. Essilor sells its products internationally.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (23.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 18.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EI FP EQUITY YTD Change
EI FP EQUITY YTD % CHANGE

12/2012
03/yy
89.99
67.94
269'892.00
80.47
-10.58%
18.44%
59.59%
215.5
17'339.39
916.25
0.0
256.6
666.74
17'845.47

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

31.12.2009
31.12.2010
3'268.0
3'891.6
2.68x
2.68x
754.4
900.2
11.63x
11.58x
390.7
462.0
22.09x
21.90x
Profitability

LTM-4Q
31.12.2011
4'189.5
2.87x
919.3
13.09x
505.6
22.36x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
4'988.8
3.31x
1'114.5
14.80x
584.0
27.15x
1'114.51
865.73
17.35%
16.79%
8.94%
16.71%
14.08%
0.76%
55.8%
22.3%
17.4%
11.7%
1.51
0.97
13.27%
25.01%
2.78

Price/ Cash Flow

2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
3'074.4
2.30x
696.7
10.16x
382.4
18.15x

100
90
80
70
60
50
40
30
20
10
0
j-12

03/yy
4'431.8
0.00x
0.0
0.00x
0.0
0.00x

LTM
03/yy
4'995.2
0.00x
0.0
0.00x
0.0
0.00x

FY+1

0.58
199.61
14.18%
6.92%
0.577
22
3.773
771'323
466'137
504'638
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
5'259.3
5'748.0
1'299.0
1'348.5
3.35x
3.02x
1'166.1
1'298.8
15.31x
13.75x
637.9
705.1
26.45x
23.91x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

46.32
36.29
0.22
0.82
25.0%
18.9%
0.76
5.10
131.44
154.58
-

Sales/Revenue/Turnover

25.00

6'000.0
5'000.0

20.00

4'000.0
15.00

3'000.0
10.00

2'000.0

5.00

0.00
01.01.2010

1'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Essilor International SA
Holdings By:

All

Holder Name
FCPE VALOPTEC INTERN
FCPE GROUPE ESSILOR
NORGES BANK
CIE GENERALE D'OPTIQ
HARBOR CAPITAL ADVIS
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
ALLIANZ ASSET MANAGE
NATIXIS ASSET MANAGE
AMUNDI
FIL LIMITED
FMR LLC
OPPENHEIMERFUNDS INC
LBPAM
SCHRODER INVESTMENT
JUPITER ASSET MANAGE
TIAA CREF INVESTMENT
BANK OF NEW YORK MEL
UNION INVESTMENT GMB

Firm Name
Societe Generale
Goldman Sachs
UBS
Bryan Garnier & Cie
Main First Bank AG
Exane BNP Paribas
Barclays
Morgan Stanley
AlphaValue
Day by Day
Natixis
Raymond James
HSBC
EVA Dimensions
Kepler Cheuvreux
Jefferies
Independent Research GmbH
BPI
Berenberg Bank
S&P Capital IQ
Redburn Partners

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
MARIE-LINE FORT
WILLIAM HUTCHINGS
DENIS MOREAU
CEDRIC ROSSI
MOURAD LAHMIDI
JULIEN DORMOIS
ALEXANDER KLEBAN
MICHAEL K JUNGLING
ARMELLE MOULIN
VALERIE GASTALDY
STEPHANE SUMAR
CEDRIC LECASBLE
ANTOINE BELGE
TIMOTHY STANISH
MAJA PATAKI
INGEBORG OIE
CHRISTOPH SCHOENDUBE
HUBERT D'AILLIERES
BASSEL CHOUGHARI
JACOB THRANE
PASCAL HAUTCOEUR

Source
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
not rated
buy
buy
outperform
neutral
overweight
Underwt/Attractive
reduce
hold
neutral
outperform
overweight
underweight
reduce
hold
sell
buy
hold
strong buy
buy

Amt Held
5'762'620
5'014'279
4'883'556
4'387'477
4'201'430
3'754'451
3'668'025
2'158'420
1'928'334
1'917'048
1'476'486
1'321'854
1'187'561
968'206
919'675
917'530
868'175
854'681
799'121
786'400

% Out
2.67
2.33
2.27
2.04
1.95
1.74
1.7
1
0.89
0.89
0.69
0.61
0.55
0.45
0.43
0.43
0.4
0.4
0.37
0.36

Weighting

Change

5
#N/A N/A
5
5
5
3
5
1
2
3
3
5
5
1
2
3
1
5
3
5
5

M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
U

Latest Chg
203'167
757'412
(71'971)
22'445
29'055
(6'945)
(208'847)
(40'553)
(2'510)
(544)
46'850
(5'600)
(96'599)
(756)
177'600

Target Price
94
#N/A N/A
100
96
100
78
98
66
78
#N/A N/A
90
95
94
#N/A N/A
70
80
77
92
77
97
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
30.06.2013
28.06.2013
29.07.2013
30.06.2013
28.03.2013
28.03.2013
31.12.2012
30.06.2013
30.05.2013
28.03.2013
31.03.2013
30.04.2013
31.05.2013
30.07.2013
28.03.2013

Date
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided

Inst Type
n/a
n/a
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
25.07.2013
22.07.2013
12.07.2013
28.06.2013
28.06.2013
06.06.2013
14.05.2013
02.05.2013
30.04.2013
26.04.2013
25.04.2013
25.04.2013
22.02.2013

05.09.2013

Unibail-Rodamco SE
Unibail-Rodamco leases and rents building space, finances real estate
investments, and renovates real estate for sale. The Company's properties,
mainly shopping centers, office buildings, and convention-exhibition centers,
are primarily located in city centers or near major access routes. The Company
opted for the SIIC legal status in 2003.

Price/Volume

200

1.0 M

.6 M
.4 M

50

.2 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

.0 M
j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

31.12.2009
31.12.2010
1'363.3
1'716.4
17.14x
14.60x
931.4
1'254.8
25.09x
19.97x
(1'467.8)
2'187.6
6.19x
Profitability

31.12.2011
1'944.9
12.78x
1'180.9
21.04x
1'324.6
9.63x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
1'492.3
20.58x
956.7
32.09x
1'458.6
11.52x
956.70
954.40
35.67%
121.98%
5.26%
12.30%
6.77%
0.06%
61.9%
97.7%
40.31%
92.38%
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.02
93.98
9.59%
-2.73%
1.019
27
3.333
324'617
295'568
365'112
FY+2

12/13 Y
12/14 Y
1'571.8
1'697.9
19.36x
18.25x
1'368.5
1'485.1
22.67x
20.89x
1'174.4
1'265.5
16.82x
15.42x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

-

-

27.06.2007
A
STABLE
27.06.2007
A-1
2.27
-0.96
11.29
11.33
92.4%
45.1%
0.06
-

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00
01.01.2010

.8 M

100

12/2012
01/yy
209.00
154.50
114'086.00
169.6
-18.85%
9.77%
27.16%
97.2
16'485.42
11'919.00
0.0
1'583.1
63.10
31'056.32

Fiscal Year Ended
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.2 M

150

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (01.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
UL NA EQUITY YTD Change
UL NA EQUITY YTD % CHANGE

31.12.2008
1'642.5
11.18x
1'309.7
14.02x
(1'116.0)
-

250

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Unibail-Rodamco SE
Holdings By:

All

Holder Name
APG ASSET MANAGEMENT
AMUNDI
COHEN & STEERS INC
NORTHERN CROSS LLC
STATE STREET
BLACKROCK
HARBOR CAPITAL ADVIS
COMMERZBANK AKTIENGE
UBS
SOCIETE GENERALE
NORGES BANK
NATIXIS
VANGUARD GROUP INC
WILLIAM BLAIR & COMP
LASALLE INVESTMENT M
ARTISAN PARTNERS HOL
ABN AMRO ASSET MGMT
BNP PARIBAS INV PART
EII CAPITAL MANAGEME
DEUTSCHE BANK AG

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a

Analyst

Societe Generale
MICHEL VARALDO
Jefferies
ROBERT DUNCAN
HSBC
STEPHANIE DOSSMANN
Independent Research GmbH
STEFAN BONGARDT
ING Bank
JAAP KUIN
Kempen & Co
BOUDEWIJN SCHOON
Bank Degroof(ESN)
DRIES DURY
Petercam
JOEL GORSELE
Oddo & Cie
MARINE LAFITTE
Berenberg Bank
KAI MALTE KLOSE
Natixis
SERGE DEMIRDJIAN
S&P Capital IQ
WILLIAM HOWLETT
AlphaValue
PIERRE-LOUP ETIENNE
ABN Amro Bank N.V.
JAN WILLEM VAN KRANENBURG
Morgan Stanley
BART GYSENS
Exane BNP Paribas
VALERIE GUEZI
UBS
KRISTIAN BANDY
Goldman Sachs
JONATHAN KOWNATOR
Day by Day
VALERIE GASTALDY
JPMorgan
HARM M MEIJER
EVA Dimensions
DOUG WALTERS
Kepler Cheuvreux
SAMUEL HENRY-DIESBACH
Deutsche Bank
MARTIN ALLEN
Espirito Santo Investment Bank Research
MICHAEL BURT
Landesbank Baden-Wuerttemberg
HANS-PETER KUHLMANN
Banco Sabadell
IGNACIO ROMERO
Rabobank International
MARTIJN VAN DEN EIJNDEN
Barclays
AARON GUY

Source
Research
Research
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
Research
MF-AGG
Co File
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG

Recommendation
buy
hold
neutral
sell
buy
underweight
hold
hold
neutral
buy
neutral
hold
sell
hold
Equalwt/Attractive
neutral
buy
Buy/Neutral
buy
overweight
overweight
hold
hold
buy
sell
buy
hold
equalweight

Amt Held
8'485'804
3'873'953
3'642'122
3'320'531
3'171'965
2'951'583
2'943'120
2'585'395
2'387'145
2'351'985
2'112'264
1'858'269
1'165'129
839'903
823'883
804'734
798'051
680'582
680'215
661'227

% Out
8.73
3.99
3.75
3.42
3.26
3.04
3.03
2.66
2.46
2.42
2.17
1.91
1.2
0.86
0.85
0.83
0.82
0.7
0.7
0.68

Weighting

Change
5
3
3
1
5
1
3
3
3
5
3
3
1
3
3
3
5
5
5
5
5
3
3
5
1
5
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
D
M
D
M
M
M

Latest Chg
4'421
(27'121)
1'889
(3'161'695)
104'472
839'903
13'769
(125'162)
92'667
(23'498)
(101'034)
190'649

Target Price
235
193
193
165
208
178
200
180
198
200
178
195
168
163
163
190
195
203
193
210
#N/A N/A
178
199
209
170
141
190
176

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
31.10.2012 Pension Fund (ERISA)
31.10.2012
Investment Advisor
01.03.2012
Corporation
31.10.2012
Investment Advisor
30.07.2013
Investment Advisor
29.07.2013
Investment Advisor
31.03.2013
Investment Advisor
01.03.2012
Bank
30.07.2013
Unclassified
21.05.2012
Bank
31.12.2012
Government
01.03.2012
Investment Advisor
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
21.08.2012
Investment Advisor
31.03.2013
Investment Advisor
17.07.2012
Investment Advisor
31.03.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
3 month
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Date
30.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
18.07.2013
26.06.2013
20.06.2013
20.06.2013
07.06.2013
06.06.2013
07.05.2013
26.04.2013
17.04.2013
26.03.2013
15.02.2013
04.02.2013
31.08.2012

05.09.2013

Enel SpA
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (15.07.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ENEL IM EQUITY YTD Change
ENEL IM EQUITY YTD % CHANGE

12/2012
03/yy
3.30
2.28
14'683'792.00
2.488
-24.61%
9.03%
21.41%
9'403.4
23'395.55
66'539.00
0.0
16'387.0
9'891.00
100'047.55

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

140.0 M

3

120.0 M

3

100.0 M

2

80.0 M

2

60.0 M

1

40.0 M

1

20.0 M

0
j-12

31.12.2009
31.12.2010
62'498.0
71'943.0
1.85x
1.56x
15'883.0
16'768.0
7.29x
6.68x
5'586.0
4'390.0
5.90x
8.01x
Profitability

LTM-4Q
31.12.2011
77'573.0
1.34x
17'110.0
6.06x
4'113.0
7.19x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
82'699.0
1.24x
16'150.0
6.35x
865.0
34.11x
16'150.00
7'735.00
9.35%
5.83%
0.42%
1.96%
0.48%
9.1%
1.0%
1.09
0.61
38.76%
180.96%
6.88
-

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy
79'230.0
5.32x
13'964.0
0.00x
4'066.0
6.30x

d-12

03/yy
82'391.0
4.87x
12'874.0
0.00x
533.0
48.97x

j-13

f-13

m-13 a-13

m-13

j-13

.0 M
j-13

FY+1

1.01
6'465.37
-0.39%
-15.75%
1.009
32
3.344
31'725'760
29'427'880
41'128'320
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
82'306.8
81'675.2
0.99x
0.96x
16'018.6
15'588.5
6.25x
6.42x
2'982.6
2'886.8
7.78x
8.05x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

11.07.2013
BBB
STABLE
14.12.2007
A-2
5.51
3.28
181.0%
55.6%
0.48
1.01
53.02
-

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0
60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
59'577.0
1.53x
13'722.0
6.63x
5'293.0
5.54x

4

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Enel SpA
Holdings By:

All

Holder Name
MINISTERO DELL'ECONO
NORGES BANK
BLACKROCK
VANGUARD GROUP INC
PICTET FUNDS
UBS
MERCURY ASSET MANAGE
AMUNDI
JP MORGAN
STATE STREET
BNP PARIBAS INV PART
ARCA SGR SPA
AVIVA PLC
ING INTERNATIONAL AD
CREDIT SUISSE ASSET
CAISSE DE DEPOT ET P
FMR LLC
FIL LIMITED
DEKA INVESTMENT GMBH
JOHN HANCOCK INVESTM

Firm Name

Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst

Grupo Santander
OSCAR NAJAR RIOS
Societe Generale
ALBERTO PONTI
Goldman Sachs
DARIO CARRADORI
Mediobanca SpA
JAVIER SUAREZ
Deutsche Bank
VIRGINIA SANZ DE MADRID
AlphaValue
MYRIAM COHEN
Banca IMI
ROBERTO RANIERI
ICBPI
SIMONA PEDRAZZINI
Main First Bank AG
ENRICO BARTOLI
Credit Suisse
STEFANO BEZZATO
UBS
ALBERTO GANDOLFI
Espirito Santo Investment Bank Research
FERNANDO GARCIA GARCIA
Exane BNP Paribas
MANUEL PALOMO
Day by Day
VALERIE GASTALDY
Raymond James
EMMANUEL RETIF
Independent Research GmbH
SVEN DIERMEIER
Equita SIM SpA
ROBERTO LETIZIA
Banca Akros(ESN)
DARIO MICHI
Barclays
MONICA GIRARDI
HSBC
ADAM DICKENS
EVA Dimensions
DOUG WALTERS
Berenberg Bank
TEAM COVERAGE
Investec
HAROLD HUTCHINSON
S&P Capital IQ
CLIVE ROBERTS
Natixis
PHILIPPE OURPATIAN
Morgan Stanley
EMMANUEL TURPIN
Centrobanca
EDOARDO MONTALBANO
JPMorgan
JAVIER GARRIDO
Kepler Cheuvreux
CLAUDIA INTROVIGNE
Landesbank Baden-Wuerttemberg
ERKAN AYCICEK
Banco Sabadell
JORGE GONZALEZ SADORNIL
Nord/LB
HEINO HAMMANN

Source
EXCH
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
buy
hold
neutral/neutral
neutral
hold
buy
hold
neutral
underperform
underperform
neutral
buy
underperform
hold
market perform
hold
hold
hold
equalweight
neutral
overweight
hold
hold
buy
neutral
Equalwt/In-Line
hold
underweight
hold
hold
sell
hold

Amt Held
2'937'984'993
165'932'693
104'462'112
72'428'534
62'784'614
19'310'252
18'281'959
17'401'023
14'200'530
14'177'515
13'162'368
12'811'686
9'487'882
9'405'910
9'034'642
8'671'396
8'085'737
7'146'235
6'968'922
6'758'847

% Out
31.24
1.76
1.11
0.77
0.67
0.21
0.19
0.19
0.15
0.15
0.14
0.14
0.1
0.1
0.1
0.09
0.09
0.08
0.07
0.07

Weighting

Change
5
3
3
3
3
5
3
3
1
1
3
5
1
3
3
3
3
3
3
3
5
3
3
5
3
3
3
1
3
3
1
3

M
M
M
M
M
M
M
M
N
M
M
U
M
M
M
U
M
M
M
U
U
M
N
M
M
M
M
D
M
M
M
M

Latest Chg
368'113
3'679'827
42'708
(182'531)
3'221'742
610'029
211'821
64'467
(50'000)
317'904
1'138'042
(94'216)
440'333
5'779'298
3'408'995
86'853

Target Price
4
3
3
3
3
3
3
3
2
2
2
3
2
#N/A N/A
#N/A N/A
3
3
3
3
3
#N/A N/A
3
3
3
3
3
3
3
3
3
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
20.11.2012
31.12.2012
29.07.2013
30.06.2013
30.04.2013
30.07.2013
29.07.2013
30.04.2013
30.06.2013
30.07.2013
31.03.2013
28.03.2013
31.05.2013
28.03.2013
31.05.2013
31.12.2012
30.06.2013
31.12.2012
30.04.2013
30.06.2013

Date
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Government
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
31.07.2013
30.07.2013
25.07.2013
22.07.2013
18.07.2013
18.07.2013
17.07.2013
17.07.2013
17.07.2013
15.07.2013
15.07.2013
15.07.2013
15.07.2013
12.07.2013
26.06.2013
25.06.2013
24.06.2013
24.06.2013
12.06.2013
11.06.2013
06.06.2013
04.06.2013
13.05.2013
09.05.2013
08.05.2013
07.05.2013
03.04.2013
25.03.2013
13.03.2013
06.02.2013
03.08.2012
05.06.2012

05.09.2013

Cie de St-Gobain
Compagnie de Saint-Gobain manufactures glass products, high-performance
materials, and construction materials. The Company produces flat glass,
insulation, and glass containers, high-performance ceramics, plastics, and
abrasives, and building materials such as roofing, wall facings, mortars, and
ductile cast iron pipe. Saint-Gobain also retails building materials.

Price/Volume
4.0 M

30

3.5 M
3.0 M
2.5 M

20

Latest Fiscal Year:
LTM as of:
52-Week High (09.08.2013)
52-Week Low (16.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 09.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SGO FP EQUITY YTD Change
SGO FP EQUITY YTD % CHANGE

12/2012
06/yy
36.70
25.95
626'763.00
35.625
-2.92%
37.28%
91.44%
552.8
19'694.95
12'669.00
0.0
412.0
4'179.00
29'552.95

2.0 M

15

1.5 M

10

1.0 M

5

.5 M

0
j-12

31.12.2009
31.12.2010
37'786.0
40'119.0
0.75x
0.69x
3'821.0
4'785.0
7.39x
5.80x
202.0
1'129.0
88.53x
17.66x
Profitability

LTM-4Q
31.12.2011
42'116.0
0.57x
5'024.0
4.80x
1'284.0
12.16x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
43'198.0
0.60x
4'802.0
5.39x
766.0
22.07x
4'802.00
2'881.00
6.67%
2.94%
1.24%
3.34%
3.22%
0.89%
23.5%
10.5%
6.2%
1.8%
1.31
0.67
26.66%
72.65%
6.69
4.93

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy
42'831.0
0.00x
0.0
0.00x
0.0
0.00x

d-12

06/yy
42'379.0
0.00x
0.0
0.00x
0.0
0.00x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

.0 M
j-13

1.28
481.52
36.55%
14.92%
1.277
29
3.724
1'581'533
1'499'391
1'728'048
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
42'177.6
43'045.3
10'663.7
10'432.7
0.65x
0.63x
4'199.5
4'619.8
7.04x
6.40x
1'094.3
1'442.7
17.91x
13.38x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

24.07.2009
BBB
NEG
30.04.2004
A-2
7.66
4.66
2.13
2.82
72.6%
41.5%
0.89
3.10
54.59
74.11
71.87
45.66

Sales/Revenue/Turnover

10.00

50'000.0

9.00

45'000.0

8.00

40'000.0

7.00

35'000.0

6.00

30'000.0

5.00
4.00

25'000.0
20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4.5 M

35
25

Valuation Analysis

31.12.2008
43'800.0
0.56x
5'263.0
4.68x
1'378.0
9.15x

40

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Cie de St-Gobain
Holdings By:

All

Holder Name
WENDEL INVESTISSEMEN
FONDS DU PLAN D EPAR
AMUNDI SA
CAISSE DES DEPOTS ET
NORGES BANK
HARBOR CAPITAL ADVIS
GROUPAMA SA
DODGE & COX
COGEMA
BLACKROCK
AMUNDI
VANGUARD GROUP INC
CIE DE SAINT GOBAIN
NATIXIS ASSET MANAGE
AVIVA PLC
SOCIETE GEN GESTION
JP MORGAN
DIMENSIONAL FUND ADV
UBS
FRANKLIN RESOURCES

Firm Name
Sanford C. Bernstein & Co
Berenberg Bank
UBS
JPMorgan
EVA Dimensions
Societe Generale
Deutsche Bank
Credit Suisse
Jefferies
Raymond James
Landesbank Baden-Wuerttemberg
Aurel - BGC
Independent Research GmbH
CM - CIC Securities(ESN)
Oddo & Cie
Bryan Garnier & Cie
Natixis
S&P Capital IQ
AlphaValue
Kepler Cheuvreux
Davy
Exane BNP Paribas
Morgan Stanley
HSBC
Cantor Fitzgerald
Goldman Sachs
Redburn Partners
Day by Day
Liberum Capital Ltd
Banco Sabadell

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a

Analyst

Source
Co File
Co File
Research
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Research
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG

Recommendation

PHIL ROSEBERG
MICHAEL WATTS
BENJAMIN ROSENBERGER
EMILY BIDDULPH
TIMOTHY STANISH
MURIEL FELLOUS
LUIS PRIETO
HARRY GOAD
MICHAEL F BETTS
ARNAUD PALLIEZ
HANS-PETER KUHLMANN
ERIC LEMARIE
CHRISTOPH SCHOENDUBE
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
VIRGINIE ROUSSEAU
SVEN EDELFELT
RAFIC EL HADDAD
JAWAHAR HINGORANI
GAETAN DUPONT
JOSEP PUJAL
FLORENCE O'DONOGHUE
PAUL ROGER
ALEJANDRA PEREDA
JOHN FRASER-ANDREWS
IAN OSBURN
WILL MORGAN
WILLIAM JONES
VALERIE GASTALDY
CHARLIE CAMPBELL
GLEN SPENCER-CHAPMAN

outperform
buy
neutral
overweight
sell
buy
buy
neutral
buy
market perform
hold
buy
sell
buy
neutral
buy
buy
hold
add
hold
outperform
underperform
Equalwt/In-Line
underweight
hold
neutral/neutral
buy
hold
hold
buy

Amt Held
91'884'741
44'614'556
36'263'213
13'278'142
12'983'002
10'873'966
10'091'388
7'687'882
5'842'382
5'535'288
5'020'184
4'301'615
4'249'005
2'946'563
2'724'632
2'536'782
2'479'925
1'378'347
1'346'033
1'313'117

% Out
16.62
8.07
6.56
2.4
2.35
1.97
1.83
1.39
1.06
1
0.91
0.78
0.77
0.53
0.49
0.46
0.45
0.25
0.24
0.24

Weighting

Change
5
5
3
5
1
5
5
3
5
3
3
5
1
5
3
5
5
3
4
3
5
1
3
1
3
3
5
3
3
5

M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
M
M
M
M
N
M
M
D
M
M

Latest Chg
1'513'648
4'256'788
1'063'791
912'282
(24'549)
94'790
(34'261)
203'000
(327'256)
(7'680)
897'464

Target Price
40
35
33
38
#N/A N/A
39
40
31
44
#N/A N/A
35
40
27
40
33
40
39
35
39
30
#N/A N/A
30
33
27
33
32
#N/A N/A
#N/A N/A
28
44

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.12.2012
31.12.2012
06.07.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
30.06.2013
31.12.2012
29.07.2013
28.03.2013
30.06.2013
31.12.2012
28.03.2013
31.05.2013
15.06.2011
30.06.2013
30.04.2013
30.07.2013
31.03.2013

Date
12 month
Not Provided
12 month
9 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
n/a
Other
Government
Government
Investment Advisor
Insurance Company
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor

Date
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
16.07.2013
10.07.2013
02.07.2013
18.06.2013
17.06.2013
02.05.2013
19.03.2013
19.02.2013
30.07.2012

05.09.2013

Orange SA
Orange S.A. 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.

Price/Volume

30.0 M
25.0 M
20.0 M

6

Latest Fiscal Year:
LTM as of:
52-Week High (06.09.2012)
52-Week Low (03.07.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ORA FP EQUITY YTD Change
ORA FP EQUITY YTD % CHANGE

12/2012
06/yy
11.14
7.03
7'248'447.00
8.24
-26.03%
17.16%
24.71%
2'648.9
21'826.81
39'214.00
0.0
2'078.0
8'462.00
53'854.81

15.0 M

4

10.0 M

2

5.0 M

0
j-12

31.12.2009
31.12.2010
44'845.0
45'503.0
1.82x
1.64x
14'480.0
15'291.0
5.64x
4.89x
3'018.0
4'880.0
16.37x
10.83x
Profitability

LTM-4Q
31.12.2011
45'277.0
1.42x
15'019.0
4.29x
3'895.0
8.26x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
43'515.0
1.26x
12'374.0
4.42x
820.0
26.90x
12'374.00
6'045.00
13.89%
5.37%
0.17%
0.58%
1.32%
0.48%
28.4%
13.7%
1.9%
0.65
0.53
43.58%
161.33%
8.84
-

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy
44'551.0
0.00x
0.0
0.00x
0.0
0.00x

d-12

06/yy
42'275.0
0.00x
0.0
0.00x
0.0
0.00x

j-13

f-13

m-13 a-13

m-13

j-13

FY+1

.0 M
j-13

13.35
0.89
1'919.60
-18.74%
1.45%
0.890
36
3.389
11'317'940
8'743'374
8'535'106
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
41'398.6
40'557.7
10'344.0
10'443.0
1.31x
1.30x
12'659.0
12'193.0
4.25x
4.42x
2'703.6
2'640.4
8.20x
8.29x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

22.04.2013
BBB+
STABLE
14.05.2003
A-2
6.99
3.17
2.52
3.03
161.3%
59.8%
0.48
1.82
41.30
-

Sales/Revenue/Turnover

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

35.0 M

10
8

Valuation Analysis

31.12.2008
46'712.0
1.92x
17'300.0
5.18x
4'073.0
14.20x

12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Orange SA
Holdings By:

All

Holder Name
FRENCH STATE
SOCIETE GENERALE
AMUNDI
BARCLAYS PLC
FRANKLIN RESOURCES
NORGES BANK
AMUNDI
BLACKROCK
VANGUARD GROUP INC
DNCA FINANCE
FRANCE TELECOM SA
NATIXIS ASSET MANAGE
PICTET FUNDS
AVIVA PLC
UBS
LBPAM
MERCURY ASSET MANAGE
CAPITAL GROUP COMPAN
DIMENSIONAL FUND ADV
AMUNDI

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst

Societe Generale
STEPHANE SCHLATTER
Nord/LB
WOLFGANG DONIE
Grupo Santander
CARLOS JAVIER TREVINO
Deutsche Bank
CAROLA BARDELLI
JPMorgan
HANNES C WITTIG
Macquarie
GUY R PEDDY
Oddo & Cie
VINCENT MAULAY
Natixis
BENOIT MAYNARD
Nomura
FREDERIC BOULAN
Barclays
JONATHAN DANN
AlphaValue
JEAN-MICHEL SALVADOR
Morgan Stanley
NICK DELFAS
Goldman Sachs
ANDREW LEE
Sanford C. Bernstein & Co
ROBIN BIENENSTOCK
Raymond James
STEPHANE BEYAZIAN
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
Independent Research GmbH
MARKUS FRIEBEL
CM - CIC Securities(ESN)
JEAN-MICHEL KOSTER
S&P Capital IQ
ALEXANDER WISCH
New Street Research
RUSSELL WALLER
UBS
GIOVANNI MONTALTI
Jefferies
JEREMY A DELLIS
HSBC
NICOLAS COTE-COLISSON
Berenberg Bank
STUART GORDON
Day by Day
VALERIE GASTALDY
Credit Suisse
JAKOB BLUESTONE
Kepler Cheuvreux
JAVIER BORRACHERO
Hamburger Sparkasse
TINA HECKING-VELTMAN
Exane BNP Paribas
ANTOINE PRADAYROL
Gabelli & Co
EVAN D MILLER
Espirito Santo Investment Bank Research
NUNO MATIAS
EVA Dimensions
ANDREW S ZAMFOTIS
Banco Sabadell
ANDRES BOLUMBURU
National Bank AG
MANFRED JAISFELD
Fincorp SAOG
GAURAV RAMAIYA

Source
Research
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG

Recommendation
buy
buy
hold
hold
underweight
outperform
neutral
buy
neutral
underweight
buy
Overwt/In-Line
Sell/Neutral
market perform
market perform
buy
buy
hold
sell
buy
sell
buy
overweight
hold
hold
neutral
hold
hold
outperform
buy
buy
underweight
sell
sell
buy

Amt Held
360'248'428
132'135'951
129'217'007
121'078'597
44'467'235
35'755'611
29'283'659
29'198'650
24'254'217
15'687'873
15'456'045
11'897'043
8'579'625
7'216'357
7'139'264
5'814'923
5'551'185
4'580'800
4'441'585
4'161'947

% Out
13.6
4.99
4.88
4.57
1.68
1.35
1.11
1.1
0.92
0.59
0.58
0.45
0.32
0.27
0.27
0.22
0.21
0.17
0.17
0.16

Weighting

Change
5
5
3
3
1
5
3
5
3
1
5
5
1
3
3
5
5
3
1
5
1
5
5
3
3
3
3
3
5
5
5
1
1
1
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M

Latest Chg
(27'339'807)
(3'894'321)
1'312'335
(138'597)
91'030
897'930
1'777'000
1'355'265
11'716
(573'777)
(1'868'459)
41'600
(490'289)

Target Price
9
10
#N/A N/A
8
6
12
10
11
8
8
14
10
6
8
#N/A N/A
10
9
9
7
9
7
11
11
8
#N/A N/A
9
8
#N/A N/A
10
#N/A N/A
11
#N/A N/A
11
#N/A N/A
15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
08.03.2013
16.05.2012
11.06.2012
04.06.2013
31.03.2013
31.12.2012
30.04.2013
29.07.2013
30.06.2013
28.03.2013
31.12.2011
28.03.2013
30.04.2013
31.05.2013
30.07.2013
28.03.2013
29.07.2013
30.06.2013
30.04.2013
28.03.2013

Date
12 month
12 month
Not Provided
12 month
3 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
23.07.2013
15.07.2013
12.07.2013
12.07.2013
10.07.2013
10.07.2013
08.07.2013
25.04.2013
28.02.2013
15.02.2013
30.03.2012
23.10.2011

05.09.2013

Repsol SA
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.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.05.2013)
52-Week Low (11.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 12.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
REP SQ EQUITY YTD Change
REP SQ EQUITY YTD % CHANGE

12/2012
06/yy
18.55
14.43
1'730'719.00
18.11
-2.37%
25.55%
90.06%
1'302.5
23'587.77
19'090.00
0.0
770.0
6'318.00
38'601.77

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
58'475.0
0.48x
8'009.0
3.49x
2'555.0
7.19x

20
18
16
14
12
10
8
6
4
2
0
j-12

31.12.2009
31.12.2010
45'827.0
53'663.0
0.87x
0.79x
6'686.0
11'919.0
5.99x
3.56x
1'559.0
4'693.0
14.63x
5.43x
Profitability

LTM-4Q
31.12.2011
50'903.0
0.91x
5'800.0
8.03x
2'193.0
18.27x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
58'924.0
0.56x
7'017.0
4.68x
2'060.0
9.83x
7'017.00
4'430.00
7.52%
6.02%
2.95%
6.97%
4.72%
0.91%
11.5%
7.2%
3.5%
1.51
0.93
29.40%
71.49%
7.52
-

Price/ Cash Flow

LTM

06/yy
56'577.0
3.00x
5'938.0
5.68x
1'885.0
9.24x

06/yy
59'759.0
2.37x
6'847.0
5.28x
1'925.0
10.23x

FY+1

.0 M
j-13

1.05
979.75
30.24%
21.60%
1.054
40
4.025
4'842'683
5'929'157
10'198'230
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
58'323.8
61'111.6
13'206.0
13'206.0
0.58x
0.53x
2.56x
2.26x
7'283.0
7'364.5
1'559.0
3'084.0
5.30x
5.24x
4.89x
4.84x
2'235.2
2'222.2
441.0
519.0
10.86x
10.84x
11.98x
11.72x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

19.04.2012
BBBSTABLE
19.04.2012
A-3
8.88
4.17
2.09
3.27
71.5%
41.0%
0.91
2.11
48.54
-

Sales/Revenue/Turnover

25.00

70'000.0
60'000.0

20.00

50'000.0
15.00

40'000.0
30'000.0

10.00

20'000.0
5.00

0.00
01.01.2010

10'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Repsol SA
Holdings By:

All

Holder Name
CAIXABANK
SACYR VALLEHERMOSO S
PETROLEOS MEXICANOS
TEMASEK HOLDINGS PRI
BLACKROCK
BNP PARIBAS SA
NORGES BANK
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
FRANKLIN RESOURCES
AMUNDI
OPPENHEIMERFUNDS INC
FMR LLC
UNION INVESTMENT LUX
UBS
JP MORGAN
SCHRODER INVESTMENT
PERPETUAL INVESTMENT
ALLIANZ ASSET MANAGE
LBPAM

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
INVESCO PERPETUAL EU
n/a
Multiple Portfolios

Analyst

BPI
BRUNO ALMEIDA DA SILVA
Mirabaud Finanzas Sociedad de ValoresJOSE
S MARTIN-VIVAS
Societe Generale
IRENE HIMONA
RBC Capital Markets
PETER HUTTON
Raymond James
BERTRAND HODEE
Macquarie
MARC B KOFLER
Landesbank Baden-Wuerttemberg
JENS MUENSTERMANN
Independent Research GmbH
SVEN DIERMEIER
Natixis
ANNE PUMIR
Barclays
LYDIA RAINFORTH
Deutsche Bank
MARK BLOOMFIELD
Credit Suisse
THOMAS YOICHI ADOLFF
Sanford C. Bernstein & Co
OSWALD CLINT
Bankia Bolsa (ESN)
SONIA RUIZ DE GARIBAY CUBILLO
Banco Sabadell
JORGE GONZALEZ SADORNIL
S&P Capital IQ
CHRISTINE TISCARENO
NMAS 1 Agencia de Valores
FERNANDO LAFUENTE
AlphaValue
ALEXANDRE ANDLAUER
Day by Day
VALERIE GASTALDY
Espirito Santo Investment Bank Research
FILIPE ROSA
JPMorgan
NITIN SHARMA
Intermoney Valores
ALVARO NAVARRO
Morgan Stanley
HAYTHEM RASHED
Nomura
THEEPAN JOTHILINGAM
BBVA
LUIS DE TOLEDO
Equita SIM SpA
MASSIMO BONISOLI
Canaccord Genuity Corp
SAMUEL SIMON
Exane BNP Paribas
ALEJANDRO DEMICHELIS
Grupo Santander
JASON KENNEY
HSBC
PAUL SPEDDING
EVA Dimensions
DOUG WALTERS
Tudor Pickering & Co
ANISH KAPADIA
La Caixa
FERNANDO MURILLO GUIRAO
Kepler Cheuvreux
NATALIA BOBO BJOERK
Investec
NEILL MORTON
UBS
JONATHON RIGBY
Jefferies
BRENDAN MICHAEL WARN
Interdin Bolsa
ALEJANDRO MIRANDA FOURNIER
Banesto Bolsa SA Sociedad
ROBERT JACKSON
Goldman Sachs
HENRY MORRIS

Source
Research
EXCH
Co File
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-PART
ULT-AGG
MF-AGG

Recommendation
buy
overweight
hold
sector perform
outperform
neutral
hold
hold
buy
overweight
hold
outperform
outperform
buy
buy
buy
strong buy
add
buy
buy
neutral
buy
Underwt/In-Line
neutral
outperform
buy
hold
neutral
buy
overweight
buy
trim
overweight
buy
buy
neutral
hold
buy
overweight
not rated

Amt Held
159'023'605
122'208'433
118'484'231
80'700'000
45'594'293
39'542'937
15'794'475
14'119'804
9'214'637
7'828'286
6'161'715
4'373'525
3'968'936
3'920'496
3'616'987
3'580'466
3'493'116
2'955'712
2'926'346
2'809'105

% Out
12.21
9.38
9.1
6.2
3.5
3.04
1.21
1.08
0.71
0.6
0.47
0.34
0.3
0.3
0.28
0.27
0.27
0.23
0.22
0.22

Weighting

Change

5
5
3
3
5
3
3
3
5
5
3
5
5
5
5
5
5
4
5
5
3
5
1
3
5
5
3
3
5
5
5
1
5
5
5
3
3
5
5
#N/A N/A

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
M
M
M
M

Latest Chg
60'751
682'896
762'225
925'028
(374'208)
(2'220'016)
(7'160)
(160'653)
355'996
25'655
271'632
961'423
298'869
209'506
2'373

Target Price
20
19
18
18
20
16
18
18
21
19
16
19
20
23
20
21
21
18
18
20
18
19
17
16
20
19
18
19
20
22
#N/A N/A
20
20
21
20
18
17
23
19
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
26.03.2013
17.01.2013
31.12.2012
04.03.2013
29.07.2013
10.06.2013
31.12.2012
30.06.2013
28.03.2013
31.03.2013
30.04.2013
30.05.2013
30.06.2013
28.03.2013
30.07.2013
30.06.2013
31.03.2013
28.06.2013
31.05.2013
28.03.2013

Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
6 month
3 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Corporation
Unclassified
Government
Investment Advisor
Bank
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
22.07.2013
19.07.2013
18.07.2013
18.07.2013
17.07.2013
17.07.2013
15.07.2013
11.07.2013
08.07.2013
08.07.2013
27.06.2013
07.06.2013
06.06.2013
31.05.2013
17.05.2013
15.05.2013
13.05.2013
13.05.2013
09.05.2013
16.04.2013
03.04.2013
27.02.2013

05.09.2013

Carrefour SA
Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and
carry, and frozen food stores in Europe, the Americas, and Asia.

Price/Volume
30

16.0 M
14.0 M

25

12.0 M
20

Latest Fiscal Year:
LTM as of:
52-Week High (03.09.2013)
52-Week Low (10.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CA FP EQUITY YTD Change
CA FP EQUITY YTD % CHANGE

12/2012
06/yy
24.83
15.68
1'101'737.00
24.08
-3.00%
53.57%
92.95%
724.0
17'433.54
11'246.00
0.0
874.0
6'925.00
24'502.54

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

8.0 M
6.0 M

10

4.0 M
5

2.0 M

0
j-12

31.12.2009
31.12.2010
84'763.0
79'737.0
0.37x
0.37x
4'599.0
4'380.0
6.75x
6.81x
276.0
433.0
67.12x
61.70x
Profitability

LTM-4Q
31.12.2011
75'257.0
0.26x
4'135.0
4.79x
371.0
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
76'127.0
0.25x
3'848.0
4.88x
1'233.0
113.79x
3'848.00
2'140.00
2.81%
0.82%
4.92%
30.43%
10.66%
1.67%
19.2%
4.9%
3.0%
1.6%
0.90
0.41
35.43%
216.96%
30.16
10.14

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

d-12

06/yy
41'293.0
0.00x
0.0
0.00x
0.0
0.00x

j-13

f-13

m-13 a-13

m-13

j-13

FY+1

.0 M
j-13

1.19
581.37
51.67%
27.68%
1.194
41
3.610
3'230'537
2'127'786
2'502'361
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
76'481.3
78'710.3
0.29x
0.28x
3'745.2
4'004.4
6.54x
6.11x
988.9
1'164.2
17.36x
14.87x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

15.03.2012
BBB
POS
16.04.2010
A-2
7.21
4.31
1.76
2.82
217.0%
66.0%
1.67
5.90
12.10
36.00
71.57
-36.76

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00
4.00

50'000.0
40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
86'341.0
0.30x
4'044.0
6.51x
1'269.0
14.80x

10.0 M

15

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

Carrefour SA
Holdings By:

All

Holder Name
BLUE CAPITAL SARL
SOCIETE GENERALE
BUNT
AMUNDI SA
NORGES BANK
COLONY BLUE INVESTOR
FIRST EAGLE INVESTME
AMUNDI
SOCIETE GEN GESTION
MANNING & NAPIER ADV
VANGUARD GROUP INC
CARREFOUR SA
BLACKROCK
NATIXIS ASSET MANAGE
AKO CAPITAL LLP
ALLIANZ ASSET MANAGE
UBS
LBPAM
FRANKLIN RESOURCES
GROUPE ARNAULT SAS

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a

Analyst

JPMorgan
JAIME VAZQUEZ
Morgan Stanley
EDOUARD AUBIN
Kepler Cheuvreux
FABIENNE CARON
AlphaValue
VIRGINIE BLIN
Raymond James
CEDRIC LECASBLE
Barclays
NICOLAS CHAMP
Cantor Fitzgerald
MICHAEL J DENNIS
Grupo Santander
TIM ATTENBOROUGH
Credit Suisse
ANDREW KASOULIS
Jefferies
JAMES GRZINIC
CM - CIC Securities(ESN)
CHRISTIAN DEVISMES
Oddo & Cie
LAURENCE HOFMANN
Societe Generale
ARNAUD JOLY
Baader Bank
VOLKER BOSSE
Independent Research GmbH
ZAFER RUZGAR
Natixis
PIERRE-EDOUARD BOUDOT
S&P Capital IQ
WILLIAM MACK
Exane BNP Paribas
JOHN KERSHAW
Macquarie
SREEDHAR MAHAMKALI
Commerzbank Corporates & Markets JUERGEN ELFERS
Deutsche Bank
JAMES G COLLINS
Espirito Santo Investment Bank Research
FILIPE ROSA
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Investec
DAVID MCCARTHY
UBS
MICHAEL TATTERSALL
EVA Dimensions
CRAIG STERLING
HSBC
JEROME SAMUEL
Day by Day
VALERIE GASTALDY
Jyske Bank
ROBERT JAKOBSEN
Main First Bank AG
RICKIN THAKRAR
Nomura
TEAM COVERAGE
Redburn Partners
MARC DE SPEVILLE
Hamburger Sparkasse
CHRISTIAN HAMANN
Goldman Sachs
ROBERT JOYCE
Hammer Partners SA
STEPHAN SEIP
Banco Sabadell
MARTA DIAZ
Aurel - BGC
JEAN-MARIE L'HOME
Makor Capital
ALBERT SAPORTA
Nord/LB
WOLFGANG VASTERLING
Equita SIM SpA
FABIO FAZZARI

Source
Research
Research
Research
Research
MF-AGG
Research
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research

Recommendation
overweight
Overwt/In-Line
buy
reduce
outperform
overweight
buy
underweight
outperform
hold
buy
buy
hold
sell
hold
buy
strong sell
outperform
outperform
hold
hold
buy
hold
buy
neutral
sell
underweight
hold
strong buy
outperform
neutral
buy
sell
neutral/neutral
hold
sell
buy
buy
sell
hold

Amt Held
% Out
57'977'220
8.01
31'310'832
4.32
25'370'250
3.5
23'161'032
3.2
15'956'515
2.2
15'166'771
2.09
13'182'412
1.82
10'030'932
1.39
8'353'963
1.15
8'126'922
1.12
6'586'250
0.91
6'147'949
0.85
6'073'294
0.84
5'642'184
0.78
(4'199'108) -0.58
3'396'459
0.47
3'173'214
0.44
2'962'280
0.41
2'773'130
0.38
2'656'752
0.37

Weighting

Change
5
5
5
2
5
5
5
1
5
3
5
5
3
1
3
5
1
5
5
3
3
5
3
5
3
1
1
3
5
5
3
5
1
3
3
1
5
5
1
3

M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
D
D
M
M
M
M
M
M
U
M
M
M
M
M

Latest Chg
(8'579'244)
(14'638'655)
(464'288)
267'250
(409'422)
(717'662)
506'789
(42'287)
(74'869)
651'942
(59'350)
-

Target Price
27
25
28
23
27
25
32
20
25
20
26
28
21
17
24
25
18
25
24
22
25
25
23
25
21
#N/A N/A
21
#N/A N/A
28
24
20
#N/A N/A
#N/A N/A
21
21
22
23
35
#N/A N/A
22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
03.06.2013
Other
20.06.2012
Bank
03.06.2013
n/a
11.07.2011
Other
31.12.2012
Government
03.06.2013
Other
31.05.2013 Hedge Fund Manager
28.03.2013
Investment Advisor
11.07.2011
Investment Advisor
31.12.2012
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Corporation
29.07.2013
Investment Advisor
28.03.2013
Investment Advisor
23.07.2013
Investment Advisor
31.03.2013
Investment Advisor
30.07.2013
Unclassified
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.06.2013
Holding Company

Date
9 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month

Date
30.07.2013
26.07.2013
26.07.2013
25.07.2013
24.07.2013
24.07.2013
22.07.2013
19.07.2013
19.07.2013
19.07.2013
19.07.2013
19.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
16.07.2013
11.07.2013
05.07.2013
03.07.2013
27.06.2013
14.06.2013
13.06.2013
06.06.2013
04.06.2013
29.05.2013
22.05.2013
22.05.2013
21.05.2013
17.05.2013
25.04.2013
22.04.2013
25.03.2013
15.02.2013
17.01.2013
29.10.2012
10.07.2012
12.01.2012

05.09.2013

CRH PLC
CRH plc manufactures cement, concrete products, aggregates, asphalt, clay
bricks, chemical lime, security fencing products, and roofing, insulation and
other building materials. The Group also operates some 136 builders merchant
locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19
countries, including Ireland, the US, Spain, Germany and the Netherlands.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (24.10.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CRH ID EQUITY YTD Change
CRH ID EQUITY YTD % CHANGE

12/2012
01/yy
18.03
13.43
1'238'331.00
16.68
-7.46%
24.20%
65.72%
729.4
12'166.63
4'915.00
1.0
36.0
1'799.00
16'462.63

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
j-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
20'887.0
0.78x
2'656.0
6.11x
1'248.0
7.66x

20
18
16
14
12
10
8
6
4
2
0
j-12

31.12.2009
31.12.2010
17'373.0
17'173.0
1.01x
0.86x
1'803.0
1'614.0
9.69x
9.18x
592.0
432.0
21.54x
25.28x
Profitability

31.12.2011
18'081.0
0.82x
1'656.0
9.01x
590.0
18.60x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
18'659.0
0.77x
1'640.0
8.77x
552.0
20.01x
1'640.00
845.00
4.53%
3.61%
1.82%
3.80%
3.88%
0.84%
27.3%
8.1%
3.9%
3.0%
1.84
1.01
23.22%
46.65%
5.20

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

3.75
1.52
641.44
23.29%
13.22%
1.521
34
2.676
1'031'050
1'088'011
1'063'843
FY+2

12/13 Y
12/14 Y
18'148.6
19'293.8
0.84x
0.79x
1'479.7
1'742.6
11.13x
9.45x
440.7
648.6
27.30x
18.33x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

-

-

17.12.2007
BBB+
STABLE
07.09.2001
A-2
5.92
3.84
2.90
3.73
46.6%
31.7%
0.84
2.22
70.18
83.75
62.85

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00
6.00

10'000.0

4.00

5'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

CRH PLC
Holdings By:

All

Holder Name
FRANKLIN RESOURCES
BLACKROCK
UBS
LEGAL & GENERAL
CAPITAL GROUP COMPAN
HARBOR CAPITAL ADVIS
NORGES BANK
TEMPLETON GLOBAL ADV
GRWTH FUND OF AMERIC
FIRST EAGLE INVESTME
VANGUARD GROUP INC
BNP PARIBAS INV PART
MANNING & NAPIER ADV
ARTISAN PARTNERS HOL
MACKAY SHIELDS LLC
SCOTTISH WIDOWS
STATE STREET
MARKETFIELD ASSET MA
INVESCO LTD
MORGAN STANLEY

Firm Name
Natixis
Sanford C. Bernstein & Co
AlphaValue
Goodbody Stockbrokers Ltd
JPMorgan
Deutsche Bank
Raymond James
Exane BNP Paribas
UBS
Cantor Fitzgerald
HSBC
Day by Day
Jefferies
Societe Generale
Investec
Oddo & Cie
EVA Dimensions
Goldman Sachs
Credit Suisse
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Numis Securities Ltd
Bryan Garnier & Cie
S&P Capital IQ
Redburn Partners
Berenberg Bank
Merrion Stockbrokers
Kepler Cheuvreux
Morgan Stanley
Liberum Capital Ltd
Davy
Nord/LB

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a

Analyst
ABDELKADER BENCHIHA
PHIL ROSEBERG
GAETAN DUPONT
ROBERT EASON
EMILY BIDDULPH
LUIS PRIETO
ARNAUD PALLIEZ
PAUL ROGER
GREGOR KUGLITSCH
IAN OSBURN
JOHN FRASER-ANDREWS
VALERIE GASTALDY
MICHAEL F BETTS
MURIEL FELLOUS
TOM HOLMES
VIRGINIE ROUSSEAU
TIMOTHY STANISH
WILL MORGAN
HARRY GOAD
HANS-PETER KUHLMANN
CHRISTOPH SCHOENDUBE
HOWARD SEYMOUR
SVEN EDELFELT
JAWAHAR HINGORANI
WILLIAM JONES
ROBERT MUIR
DAVID HOLOHAN
JOSEP PUJAL
YURI SEROV
CHARLIE CAMPBELL
BARRY DIXON
HEINO HAMMANN

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
20F
20F
Co File
RNS-MAJ
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
neutral
market perform
add
hold
neutral
buy
strong buy
neutral
neutral
hold
underweight
buy
buy
hold
buy
reduce
sell
neutral/neutral
underperform
sell
hold
reduce
neutral
sell
neutral
sell
sell
hold
Underwt/In-Line
hold
outperform
hold

Amt Held
49'253'622
28'961'677
28'349'889
22'496'003
22'377'823
21'999'275
21'543'277
21'503'171
21'114'087
15'304'039
9'147'678
7'963'310
7'703'980
6'680'589
5'916'100
5'184'256
5'037'640
4'196'785
3'155'820
3'101'719

% Out
6.75
3.97
3.89
3.08
3.07
3.02
2.95
2.95
2.89
2.1
1.25
1.09
1.06
0.92
0.81
0.71
0.69
0.58
0.43
0.43

Weighting

Change
3
3
4
3
3
5
5
3
3
3
1
5
5
3
5
2
1
3
1
1
3
2
3
1
3
1
1
3
1
3
5
3

M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
M
M
N
M
M
M
M
M

Latest Chg
(2'686'460)
(9'119)
48'700
661'788
(313'490)
3'376'460
3'934'535
3'093'240
(55'402)
224
2'571'785
(31'923)
71'074

Target Price
17
16
17
16
16
18
19
16
15
14
15
18
20
16
20
15
#N/A N/A
17
13
15
17
14
15
15
#N/A N/A
14
14
16
16
14
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
31.03.2013
Investment Advisor
29.07.2013
Investment Advisor
30.07.2013
Unclassified
28.03.2013
Unclassified
26.07.2013
Investment Advisor
22.03.2013
Investment Advisor
22.03.2013
Government
31.12.2012
n/a
15.02.2011
n/a
31.05.2013 Hedge Fund Manager
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
28.02.2013
Unclassified
30.07.2013
Investment Advisor
31.12.2012
Investment Advisor
30.07.2013
Investment Advisor
31.03.2013
Investment Advisor

Date
Not Provided
12 month
6 month
12 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
3 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Date
26.07.2013
25.07.2013
25.07.2013
24.07.2013
23.07.2013
19.07.2013
19.07.2013
18.07.2013
16.07.2013
04.07.2013
02.07.2013
01.07.2013
14.06.2013
11.06.2013
11.06.2013
11.06.2013
06.06.2013
21.05.2013
20.05.2013
13.05.2013
13.05.2013
10.05.2013
08.05.2013
08.05.2013
10.04.2013
27.02.2013
22.02.2013
04.02.2013
13.12.2012
09.11.2012
19.10.2012
14.06.2012

05.09.2013

RWE AG
RWE AG generates, distributes, and trades electricity to municipal, industrial,
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.

Price/Volume
40

14.0 M

35

12.0 M

30

10.0 M

25

Latest Fiscal Year:
LTM as of:
52-Week High (12.09.2012)
52-Week Low (15.08.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RWE GY EQUITY YTD Change
RWE GY EQUITY YTD % CHANGE

12/2012
03/yy
36.47
20.48
3'041'996.00
21.615
-40.72%
5.57%
3.78%
575.7
13'275.93
19'946.00
2'702.0
1'613.0
5'276.00
33'964.93

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

6.0 M

15
10

4.0 M

5

2.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
47'500.0
0.88x
7'903.0
5.30x
2'558.0
10.69x

8.0 M

20

Valuation Analysis

31.12.2009
31.12.2010
46'191.0
50'722.0
1.10x
0.89x
9'655.0
9'230.0
5.28x
4.87x
3'571.0
3'323.0
10.33x
8.05x
Profitability

LTM-4Q
31.12.2011
49'153.0
0.69x
6'912.0
4.91x
1'865.0
8.10x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
50'771.0
0.75x
9'055.0
4.22x
1'402.0
14.67x
9'055.00
3'699.00
7.29%
4.39%
2.8%
1.02
0.55
22.61%
164.54%
-

Price/ Cash Flow

LTM

03/yy
49'030.0
2.98x
6'525.0
5.98x
1'359.0
16.96x

03/yy
51'161.0
3.07x
9'099.0
4.11x
1'585.0
12.70x

FY+1

.0 M
j-13

1.04
480.74
-30.94%
-25.51%
1.045
36
2.278
2'572'567
3'201'994
3'360'628
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
53'756.7
53'305.1
0.65x
0.61x
8'925.8
7'924.1
3.81x
4.29x
2'311.3
1'801.1
5.52x
7.24x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

27.07.2012
BBB+
STABLE
08.06.2011
A-2
7.25
2.85
164.5%
54.8%
-

Sales/Revenue/Turnover

6.00

100'000.0
90'000.0

5.00

80'000.0
70'000.0

4.00

60'000.0

3.00

50'000.0
40'000.0

2.00

30'000.0
20'000.0

1.00
0.00
01.01.2010

10'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

RWE AG
Holdings By:

All

Holder Name
RW ENERGIE-BETEILIGU
BLACKROCK
MONDRIAN INVESTMENT
CREDIT SUISSE GROUP
NORGES BANK
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
INVESCO LTD
CQS UK LLP
PICTET FUNDS
MARSHALL WACE LLP
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
UBS
ALLIANZ ASSET MANAGE
SOCIETE GENERALE SA
MERCURY ASSET MANAGE
FRANKFURT TRUST INVE
DEKA INVESTMENT GMBH
BNP PARIBAS INV PART

Firm Name
Deutsche Bank
RBC Capital Markets
Exane BNP Paribas
Raymond James
Independent Research GmbH
JPMorgan
Redburn Partners
AlphaValue
HSBC
M.M. Warburg Investment Research
Morgan Stanley
Goldman Sachs
Day by Day
Grupo Santander
Societe Generale
UBS
Credit Suisse
Barclays
Main First Bank AG
EVA Dimensions
Kepler Cheuvreux
Berenberg Bank
Commerzbank Corporates & Markets
Nord/LB
Bankhaus Metzler
Natixis
Landesbank Baden-Wuerttemberg
Equinet Institutional Services(ESN)
S&P Capital IQ
Macquarie
Steubing AG
Hamburger Sparkasse
National Bank AG
Banco Sabadell

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
ALEXANDER KARNICK
JOHN MUSK
BENJAMIN LEYRE
EMMANUEL RETIF
SVEN DIERMEIER
NATHALIE F CASALI
AHMED FARMAN
EILEEN RYAN
ADAM DICKENS
STEPHAN WULF
BOBBY CHADA
DEBORAH WILKENS
VALERIE GASTALDY
OSCAR NAJAR RIOS
ALBERTO PONTI
PATRICK HUMMEL
VINCENT GILLES
PETER BISZTYGA
ANDREAS THIELEN
DOUG WALTERS
INGO BECKER
TEAM COVERAGE
TANJA MARKLOFF
HEINO HAMMANN
DANIEL SEIDENSPINNER
PHILIPPE OURPATIAN
ERKAN AYCICEK
MICHAEL SCHAEFER
CLIVE ROBERTS
ROBERT SCHRAMM-FUCHS
MICHAEL BROEKER
ANNEMARIE SCHLUETER
STEFFEN MANSKE
JORGE GONZALEZ SADORNIL

Source
Co File
ULT-AGG
Co File
Research
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Short
ULT-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
sell
sector perform
neutral
underperform
hold
underweight
neutral
buy
underweight
buy
Equalwt/In-Line
Buy/Neutral
hold
underweight
sell
sell
neutral
underweight
underperform
buy
reduce
sell
hold
hold
sell
neutral
sell
hold
hold
neutral
buy
hold
hold
sell

Amt Held
% Out
86'361'823
15
28'787'275
5
17'272'365
3
15'649'001
2.72
13'471'707
2.34
5'831'000
1.01
5'336'144
0.93
3'172'827
0.55
(3'109'026) -0.54
2'833'842
0.49
(2'821'153) -0.49
2'542'090
0.44
2'266'506
0.39
1'427'720
0.25
1'416'264
0.25
1'403'905
0.24
1'403'901
0.24
1'372'490
0.24
940'217
0.16
937'481
0.16

Weighting

Change
1
3
3
1
3
1
3
5
1
5
3
5
3
1
1
1
3
1
1
5
2
1
3
3
1
3
1
3
3
3
5
3
3
1

M
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
105'000
211'738
3'101'871
3'348
115'149
(377'383)
(623'861)
(29'962)
1'016'174
900
(16'348)
1'886

Target Price
20
28
25
25
24
28
#N/A N/A
35
19
28
28
33
#N/A N/A
28
22
21
24
23
26
#N/A N/A
24
21
29
30
25
28
25
35
29
30
60
#N/A N/A
30
37

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
Inst Type
31.12.2012
Other
29.07.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
16.04.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.07.2013
Investment Advisor
05.07.2013
Investment Advisor
30.04.2013
Investment Advisor
16.07.2013 Hedge Fund Manager
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.07.2013
Unclassified
30.06.2013
Investment Advisor
07.06.2013
Unclassified
29.07.2013
Investment Advisor
30.04.2013
Investment Advisor
31.07.2013
Investment Advisor
31.03.2013
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
12 month
3 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month

Date
30.07.2013
30.07.2013
30.07.2013
23.07.2013
23.07.2013
19.07.2013
17.07.2013
11.07.2013
04.07.2013
04.07.2013
02.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
26.06.2013
21.06.2013
07.06.2013
06.06.2013
29.05.2013
24.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
15.05.2013
15.05.2013
15.05.2013
29.04.2013
02.04.2013
07.03.2013
05.03.2013
15.02.2013

05.09.2013

ArcelorMittal
ArcelorMittal produces steel. The Company manufactures cold rolled,
electrogalvanized and coated steels, slabs, special quality bars, and wire
rods. Arcelor Mittal has steel making operations in Europe, the Americas,
Asia, and Africa.

Price/Volume
16

35.0 M

14

30.0 M

12

25.0 M

10

Latest Fiscal Year:
LTM as of:
52-Week High (22.01.2013)
52-Week Low (03.07.2013)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MT NA EQUITY YTD Change
MT NA EQUITY YTD % CHANGE

12/2012
03/yy
13.76
8.35
3'219'706.00
10.225
-25.66%
22.40%
33.99%
1'665.4
17'028.64
25'752.00
0.0
3'474.0
4'398.00
42'072.60

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

15.0 M

6
4

10.0 M

2

5.0 M

0
j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended
31.12.2008
124'936.0
0.50x
24'436.0
2.57x
9'399.0
3.49x

20.0 M

8

Valuation Analysis

31.12.2009
31.12.2010
61'021.0
78'025.0
1.52x
1.05x
3'656.0
8'525.0
25.37x
9.63x
157.0
2'916.0
308.59x
17.66x
Profitability

LTM-4Q
31.12.2011
93'973.0
0.58x
9'898.0
5.47x
2'263.0
15.75x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
84'213.0
0.61x
6'493.0
7.90x
(3'726.0)
6'493.00
1'809.00
2.15%
-6.85%
-5.03%
-11.32%
0.68%
6.1%
7.5%
1.6%
-4.4%
1.33
0.40
22.48%
49.79%
3.89

Price/ Cash Flow

LTM

03/yy
94'492.0
2.63x
9'653.0
5.93x
1'286.0
23.02x

03/yy
81'262.0
2.38x
6'673.0
6.43x
(4'082.0)
0.00x

FY+1

.0 M
j-13

1.47
978.57
-7.96%
-19.74%
1.471
45
3.622
8'876'516
10'350'180
10'235'220
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
81'242.0
84'736.1
19'243.3
20'314.6
0.53x
0.50x
2.18x
2.11x
6'676.6
7'938.2
1'527.5
1'785.9
6.30x
5.30x
(569.3)
1'729.7
44.2
463.3
15.61x
23.63x
16.30x
S&P Issuer Ratings

Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

02.08.2012
BB+
NEG
02.08.2012
B
3.20
0.89
2.71
3.87
49.8%
31.8%
0.68
1.51
93.75
63.54
61.20

Sales/Revenue/Turnover

25.00

140'000.0
120'000.0

20.00

100'000.0
15.00

80'000.0
60'000.0

10.00

40'000.0
5.00

0.00
01.01.2010

20'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

05.09.2013

ArcelorMittal
Holdings By:

All

Holder Name
HSBC TRUSTEE CI LTD
STATE OF LUXEMBOURG
CAPITAL GROUP COMPAN
NORGES BANK
BLACKROCK
AMUNDI
VANGUARD GROUP INC
ARCELOR MITTAL
ING INVESTMENT MANAG
NATIXIS ASSET MANAGE
ING INTERNATIONAL AD
AVIVA PLC
FIDEURAM GESTIONS SA
MANDARINE GESTION
MAINFIRST SICAV
ACHMEA BELEGGINSFOND
UBS
MERCURY ASSET MANAGE
DIMENSIONAL FUND ADV
LBPAM

Firm Name

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

RBC Capital Markets
TIMOTHY HUFF
Grupo Santander
JUAN RAMON CORREAS
JPMorgan
ALESSANDRO ABATE
Nomura
NEIL SAMPAT
Goldman Sachs
STEPHEN BENSON
Bankia Bolsa (ESN)
INIGO RECIO PASCUAL
AlphaValue
FABRICE FARIGOULE
Societe Generale
ALAIN WILLIAM
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Deutsche Bank
BASTIAN SYNAGOWITZ
Jefferies
SETH ROSENFELD
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
Davy
TIM CAHILL
Morgan Stanley
ALEXANDER HAISSL
Exane BNP Paribas
LUC PEZ
Kepler Cheuvreux
ROCHUS BRAUNEISER
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
RICHARD KNIGHTS
Independent Research GmbH
SVEN DIERMEIER
Macquarie
JEFFREY LARGEY
Ahorro Corporacion Financiera SA
CESAR SANCHEZ-GRANDE
Main First Bank AG
ALEXANDER HAUENSTEIN
Espirito Santo Investment Bank Research
RUI DIAS
ING Bank
FILIP DE PAUW
Nord/LB
HOLGER FECHNER
EVA Dimensions
TIMOTHY STANISH
Kempen & Co
DIRK VERBIESEN
HSBC
THORSTEN ZIMMERMANN
Landesbank Baden-Wuerttemberg
JENS MUENSTERMANN
Rabobank International
FRANK CLAASSEN
Petercam
JUNIOR CUIGNIEZ
S&P Capital IQ
JOHNSON IMODE
VTB Capital
WIKTOR BIELSKI
Hamburger Sparkasse
INGO SCHMIDT
National Bank AG
EKKEHARD D LINK
Banesto Bolsa SA Sociedad
ROBERT JACKSON
Natixis
RAOUDHA BOUZEKRI
UBS
CARSTEN RIEK
ABN Amro Bank N.V.
MAARTEN BAKKER
Theodoor Gilissen Securities
TOM MULLER
BBVA
LUIS DE TOLEDO
La Caixa
ICIAR GOMEZ BOTAS
Cyrrus
JIRI SIMARA

Source
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
outperform
buy
overweight
buy
neutral/neutral
buy
buy
buy
hold
hold
buy
buy
neutral
Equalwt/Cautious
neutral
buy
hold
hold
hold
neutral
sell
underperform
sell
buy
sell
overweight
buy
neutral
buy
buy
hold
sell
buy
hold
buy
Under Review
neutral
buy
buy
buy
underperform
overweight
accumulate

Amt Held
637'338'263
38'965'330
34'288'654
25'111'835
14'955'146
13'067'839
12'361'551
10'031'060
8'940'953
6'580'512
6'196'571
5'412'285
5'001'247
4'255'000
4'199'655
3'614'822
2'961'783
2'897'572
2'823'904
2'732'778

% Out
38.27
2.34
2.06
1.51
0.9
0.78
0.74
0.6
0.54
0.4
0.37
0.32
0.3
0.26
0.25
0.22
0.18
0.17
0.17
0.16

Weighting

Change

5
5
5
5
3
5
5
5
3
3
5
5
3
3
3
5
3
3
3
3
1
1
1
5
1
5
5
3
5
5
3
1
5
3
5
#N/A N/A
3
5
5
5
1
5
4

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
D
M

Latest Chg
(680'111)
7'250'063
1'045'136
51'168
490'779
405'550
(2'720)
(37'590)
61'338
926'656
316'761
(11'420)
(267'785)

Target Price
11
14
12
11
9
14
16
12
11
11
13
14
#N/A N/A
9
11
11
#N/A N/A
9
10
11
9
9
9
12
8
#N/A N/A
14
11
14
14
14
9
16
#N/A N/A
15
#N/A N/A
12
14
19
18
15
13
18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

File Dt
31.07.2012
17.05.2012
30.06.2013
31.12.2012
29.07.2013
28.03.2013
30.06.2013
31.12.2012
31.05.2013
28.03.2013
28.03.2013
31.05.2013
01.07.2013
31.05.2013
28.02.2013
30.06.2013
30.07.2013
29.07.2013
30.04.2013
28.03.2013

Date
12 month
Not Provided
3 month
12 month
12 month
12 month
6 month
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Unclassified
Government
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
31.07.2013
30.07.2013
23.07.2013
23.07.2013
22.07.2013
18.07.2013
18.07.2013
15.07.2013
15.07.2013
12.07.2013
12.07.2013
10.07.2013
10.07.2013
04.07.2013
04.07.2013
03.07.2013
01.07.2013
26.06.2013
21.06.2013
19.06.2013
18.06.2013
12.06.2013
10.06.2013
07.06.2013
06.06.2013
06.06.2013
04.06.2013
13.05.2013
13.05.2013
13.05.2013
10.05.2013
10.05.2013
08.05.2013
12.04.2013
10.04.2013
03.04.2013
19.03.2013
11.03.2013
06.02.2013
22.01.2013
10.01.2013
23.11.2012
30.01.2012

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