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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
Eurostoxx 50 - SX5E Index
April 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: info@qmsadv.com |

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

14281184

1923.576

1116

1116

204

220

220

101.41

110.54

110.54

15.30

15.30

14.04

14.04

18.80

Euro Stoxx 50 Pr

EUR

2555033

5428.22

4634

4634

740

776

776

230.14

308.17

308.17

19.06

16.44

14.23

14.23

19.71

NIKKEI 225

JPY

2553542

187.175

188

188

19

20

20

5.27

5.50

5.50

0.27

0.27

0.25

0.25

0.12

FTSE 100 INDEX

GBP

2684101

11617.73

9620

9620

1448

1651

1651

532.11

821.22

821.22

27.64

17.91

17.91

22.26

SWISS MARKET INDEX

CHF

1031986

10949.77

4120

4120

845

836

836

408.90

551.91

551.91

21.14

18.80

15.66

15.66

21.93

S&P/TSX COMPOSITE INDEX

CAD

1670979

17101.32

7899

7899

1847

2081

2081

793.83

887.70

887.70

15.34

15.34

13.72

13.72

24.22

S&P/ASX 200 INDEX

AUD

1406910

6765.465

2874

2874

607

705

705

252.31

342.22

342.22

21.52

17.41

15.86

15.86

22.41

HANG SENG INDEX

HKD

1692292

3630.113

1766

1766

362

478

478

267.66

266.29

266.29

1.38

1.51

1.39

1.39

2.94

MSCI EM

USD

7658673

1544.178

1079

1079

201

220

220

86.99

95.05

95.05

11.75

13.38

10.76

10.76

20.03

AIR LIQUIDE SA

EUR

38129

169

311

46.30

19722

19722

21011

22524

4880

6.69

6.66

7.17

7.93

23.58

23.70

21.90

19.81

7.74

31.84

02.07.2007

ALLIANZ SE-REG

EUR

63690

543

453

37

16

87.98

123562

123561

134052

137749

15.06

14.70

15.60

16.33

12.23

12.02

11.52

11.01

12.72

3.88

AA

27.01.2012

Aa3

03.05.2004

ANHEUSER-BUSCH INBEV NV

EUR

155231

463

1602

57

18

244.51

51162

51162

57945

62722

19882

19882

5.74

5.83

6.39

7.22

27.45

27.82

25.03

22.17

2.35

19.25

1.29

22.83

50.01

01.05.2012

A3

27.03.2012

ARCELORMITTAL

EUR

22181

2761

1549

33

60.50

108368

108368

111347

116268

8702

9201

1860

1860

0.01

-3.10

0.87

1.85

109.16

25.36

11.91

-13.37

-4.76

-40.77

-24.46

10.93

BB+

02.08.2012

Ba1

06.11.2012

ASML HOLDING NV

EUR

27744

317

407

25.25

6089

6089

6253

7814

1729

1729

180

180

3.45

3.47

2.94

4.56

25.04

25.13

29.55

19.10

-20.94

24.16

-32.98

9.18

36.54

Baa2

11.11.2010

ASSICURAZIONI GENERALI

EUR

25464

2630

1541

30

28

31.34

104788

105575

98010

99834

0.93

0.11

1.69

1.90

191.45

12.45

11.06

13.92

11.65

23.01.2013

Baa2

21.03.2013

AXA SA

EUR

42255

1373

2389

14

39

19.70

147586

147586

129398

131691

2.35

2.28

2.54

2.71

9.98

9.67

8.97

8.41

21.40

76.58

A-

18.12.2012

A2

19.03.2003

BANCO BILBAO VIZCAYA ARGENTA

EUR

49356

14096

5433

291

82

#VALUE!

45325

29418

30027

31639

0.77

0.33

1.00

1.13

35.43

35.83

11.64

10.33

8.46

12.49

BBB-

16.10.2012

Baa3

24.10.2012

BANCO SANTANDER SA

EUR

74005

25421

10321

473

12

234

#VALUE!

56074

56074

57221

60012

0.77

0.31

0.76

0.88

29.48

11.19

11.92

10.24

-56.80

12.27

BBB

16.10.2012

(P)Baa2

24.10.2012

BASF SE

EUR

82652

972

918

17

99.10

101311

101311

104563

103421

16192

16192

4513

4513

6.44

6.83

7.68

8.27

16.95

17.99

15.07

14.00

9.16

8.45

7.90

4.79

20.57

A+

10.05.2011

A1

17.11.2010

BAYER AG-REG

EUR

84280

511

827

12

93.39

51165

51165

53456

56145

11583

11073

3237

3237

7.19

3.81

7.58

8.38

34.43

19.95

17.30

15.66

11.39

5.58

0.55

7.97

27.85

A-

30.04.2008

A3

17.07.2006

BAYERISCHE MOTOREN WERKE AG

EUR

57546

584

656

89

17

130.42

98891

98891

102538

107481

15460

15460

9.99

10.00

10.04

10.34

11.53

11.53

11.48

11.15

15.01

8.33

3.71

-0.81

20.12

16.04.2012

A2

22.07.2011

BNP PARIBAS

EUR

64511

2076

1240

1303

11

180

#VALUE!

88 K

125 K

52 K

53 K

7.04

6.86

6.45

7.37

9.74

9.27

10.36

9.06

-4.25

14.66

A+

25.10.2012

A2

21.06.2012

CARREFOUR SA

EUR

19604

417

709

14

26.29

98815

98815

101617

104813

5011

3355

0.28

0.30

1.86

2.12

119.29

44.50

19.12

16.80

-5.86

-3.25

1.48

4.19

BBB

15.03.2012

(P)Baa2

15.03.2012

COMPAGNIE DE SAINT-GOBAIN

EUR

20381

553

531

16

31.84

55589

55589

55342

57233

3393

3393

1.28

1.88

3.14

3.79

26.33

38.57

15.72

13.02

3.31

0.25

-61.14

-18.58

7.86

BBB

24.07.2009

Baa2

31.07.2009

CRH PLC

EUR

16005

166

726

20.06

24011

24011

24544

25898

2110

2110

761

761

0.65

0.98

1.09

1.40

28.79

43.80

26.02

20.18

4.11

-2.37

-1.24

-13.53

11.31

BBB+

17.12.2007

DAIMLER AG-REGISTERED SHARES

EUR

60300

953

1068

109

19

151.95

147081

147081

150523

159678

15620

15690

7.30

7.35

5.98

7.09

9.89

9.89

12.15

10.25

9.37

22.76

-0.82

-6.67

13.73

A-

23.02.2012

A3

01.10.2007

DANONE

EUR

44228

360

593

12

52.68

26855

26855

28432

30191

4661

4661

3.58

3.59

4.07

4.49

24.98

25.03

22.07

19.98

10.33

14.00

5.02

14.60

22.33

A-

25.07.2007

A3

06.11.2007

DEUTSCHE BANK AG-REGISTERED

EUR

37713

2191

929

366

229

#VALUE!

43215

60676

43528

44813

4.09

0.88

4.97

6.44

59.67

10.66

10.50

8.11

-46.62

-7.49

A+

25.01.2012

A2

21.06.2012

DEUTSCHE TELEKOM AG-REG

EUR

46761

5001

4319

57

102.34

74854

74854

74333

74043

22813

22787

5568

5568

1.29

-1.58

0.91

0.95

10.94

15.24

14.72

-1.06

-1.78

-15.76

1.91

39.17

BBB+

19.05.2008

Baa1

22.12.2011

E.ON SE

EUR

34891

3227

1907

33

65.40

169982

169982

142882

145391

10865

10865

12298

12298

2.33

1.47

1.68

1.79

15.30

9.64

13.33

12.51

21.80

21.06

125.82

-6.77

8.23

A-

27.07.2012

A3

05.10.2011

EADS NV

EUR

43982

791

822

14

35.90

72680

72680

75573

80604

5053

5131

1387

1387

1.87

1.92

3.46

4.64

35.48

35.46

19.75

14.72

19.26

14.82

30.63

29.73

9.08

A-

22.09.2010

(P)A2

06.12.2012

ENEL SPA

EUR

31365

18160

9403

86

21

13

125.35

106420

106420

103509

104386

20782

20782

0.12

0.12

0.43

0.45

37.06

9.99

9.50

8.50

11.76

-7.84

13.83

25.13

BBB+

08.03.2012

Baa2

05.11.2012

ENI SPA

EUR

84179

4195

3634

31

10

109.80

163777

163777

151612

155903

31610

31610

9093

9093

0.85

3.08

2.52

2.67

9.68

10.87

11.84

11.18

20.76

7.62

-5.84

-1.35

24.84

17.01.2012

A3

16.07.2012

ESSILOR INTERNATIONAL

EUR

24159

145

215

24.81

6420

6420

6897

7471

1410

1410

3.61

3.61

4.00

4.42

40.03

40.09

36.14

32.74

24.55

14.95

24.64

14.67

28.25

FRANCE TELECOM SA

EUR

28193

2857

2627

50

11

70.44

55997

55997

54170

53378

15923

15923

3996

3996

0.95

0.40

1.41

1.38

34.33

14.45

9.71

9.95

-5.01

-4.59

-22.66

-10.88

36.59

A-

*-

27.02.2013

A3

23.06.2005

GDF SUEZ

EUR

47583

1144

2357

74

15

15

121.74

124872

124872

104487

104681

23679

23679

1.72

0.92

1.76

1.83

27.67

14.77

14.44

13.86

9.03

9.21

18.66

26.59

24.40

*-

29.01.2013

A1

03.07.2012

IBERDROLA SA

EUR

30723

9634

6053

42

65.00

44011

44845

42965

44357

9237

9890

2946

2946

0.59

0.61

0.52

0.54

10.40

10.35

12.14

11.59

10.38

10.14

3.26

10.35

28.38

BBB

28.11.2012

(P)Baa1

05.11.2012

INDITEX

EUR

82218

266

623

76.99

20520

20520

22813

25320

5034

5035

1066

1066

4.87

4.87

5.51

6.18

34.84

30.80

27.47

20.09

13.33

27.92

16.38

31.58

ING GROEP NV-CVA

EUR

28331

9946

3801

267

23

274.21

52481

54357

49358

54228

0.94

0.96

1.29

1.42

9.87

9.21

7.39

6.68

-29.26

-11.93

03.09.2009

A3

15.06.2012

INTESA SANPAOLO

EUR

24040

91195

16434

364

51

#VALUE!

22922

22758

21625

22168

0.12

0.17

0.14

0.20

11.42

16.33

13.14

9.69

-37.96

-15.18

BBB+

10.02.2012

Baa2

16.07.2012

KONINKLIJKE PHILIPS ELECTRON

EUR

28957

764

915

29.90

31898

31898

32000

33064

3169

3169

758

758

0.37

0.35

2.10

2.43

110.57

79.42

18.53

16.04

12.59

1.94

138.78

-4.56

12.79

A-

11.05.2005

A3

20.04.2006

L'OREAL

EUR

94679

222

598

92.66

28906

28906

30170

31938

5648

5648

6.10

6.18

6.59

7.14

32.64

32.66

30.58

28.24

13.41

7.44

14.11

6.14

25.14

LVMH MOET HENNESSY LOUIS VUI

EUR

85875

219

500

93.23

36164

36164

38951

42288

8931

9291

3634

3634

8.98

8.83

9.75

10.94

24.66

24.25

22.32

19.89

24.17

14.35

16.53

14.22

33.06

20.05.2011

MUENCHENER RUECKVER AG-REG

EUR

34306

205

179

38.99

84797

85105

71849

74391

23.14

23.14

21.08

21.59

10.64

10.64

11.68

11.40

10.54

9.26

AA-

22.12.2006

REPSOL SA

EUR

26801

2690

1256

25

44.23

75826

80225

78528

79449

9030

9411

2303

2303

2.12

2.25

2.13

2.22

11.95

12.62

12.10

20.28

9.04

27.00

-6.33

15.09

BBB-

19.04.2012

RWE AG

EUR

23202

937

615

26

44.16

65334

#VALUE!

68801

69794

11652

2.51

5.03

4.58

9.63

10.59

4.24

5.28

11.94

3.94

BBB+

27.07.2012

A3

19.07.2011

SANOFI

EUR

132583

675

1323

19

143.24

44971

44971

46139

48698

15936

16335

5.61

4.84

7.74

8.64

26.59

22.92

16.63

14.90

6.00

6.17

-2.14

3.94

46.74

AA-

18.02.2011

A2

18.02.2011

SAP AG

EUR

97936

743

1192

101.31

20876

20876

23174

25536

6352

5887

1432

1432

3.06

3.05

4.46

5.05

33.64

33.71

23.01

20.30

17.99

12.48

9.07

13.84

36.29

SCHNEIDER ELECTRIC SA

EUR

40647

504

547

10

46.53

30815

30815

31336

32954

4938

4938

4.58

4.36

5.31

5.91

21.59

20.58

17.74

15.92

9.22

10.22

3.87

5.82

20.62

A-

26.11.2008

A3

12.01.2009

SIEMENS AG-REG

EUR

97476

856

27

15

112.35

100754

101235

100661

104505

12422

13320

2632

2632

7.21

7.31

7.84

9.70

19.48

19.71

18.17

14.68

8.82

0.14

-10.29

2.15

16.93

A+

05.06.2009

SOCIETE GENERALE

EUR

25795

5318

754

953

142

#VALUE!

56277

#VALUE!

30568

31851

5.18

1.23

4.61

5.56

34.68

12.02

9.22

7.65

-12.77

23.01.2012

A2

21.06.2012

TELEFONICA SA

EUR

63425

110692

4551

86

15

143.64

80242

80242

76560

76891

26811

26858

5890

5890

1.06

1.14

1.46

1.52

15.75

12.27

11.79

-0.99

2.53

9.58

-2.33

43.07

BBB

20.12.2012

Baa2

18.10.2012

TOTAL SA

EUR

115496

1269

2258

43

22

138.07

234589

234589

233029

231598

41620

41104

11168

11168

6.07

6.09

6.79

6.83

10.32

10.34

9.25

9.19

12.17

5.79

-2.25

1.33

22.55

AA-

12.04.2011

Aa1

30.08.2005

UNIBAIL-RODAMCO SE

EUR

22328

51

92

15

39.62

2217

2217

2030

2223

1528

1528

22.80

20.32

13.04

14.16

14.90

13.23

23.21

21.38

-14.41

13.29

0.32

19.95

88.67

27.06.2007

WR

16.07.2010

UNICREDIT SPA

EUR

25047

52362

5789

372

106

#VALUE!

32235

32421

31587

32630

-0.03

0.25

0.28

0.53

22.18

19.93

10.57

-51.87

-4.49

BBB+

10.02.2012

Baa2

16.07.2012

UNILEVER NV-CVA

EUR

123515

870

2832

13

133.70

66046

66046

68774

72671

10537

10537

1.96

2.03

2.17

2.36

25.77

26.76

24.10

22.18

13.45

6.87

12.52

5.00

20.53

A+

05.10.2000

A1

11.07.2000

VINCI SA

EUR

26545

876

536

26

45.09

50422

49715

50113

51132

7088

7018

4.53

4.60

4.52

4.79

12.81

12.90

13.03

12.31

5.25

5.47

1.46

4.79

18.16

BBB+

29.03.2007

Baa1

23.07.2002

VIVENDI

EUR

27779

1283

1323

23

49.44

37311

37311

37128

37552

5761

8404

0.37

0.18

2.30

2.45

147.16

56.38

11.72

11.03

0.81

8.98

-63.56

-8.50

28.99

BBB

26.10.2012

Baa2

13.09.2005

VOLKSWAGEN AG-PREF

EUR

90906

227

465

151

33

214.51

247942

247942

262952

276740

31430

31430

5645

5645

59.56

59.93

27.91

32.24

4.33

4.34

9.30

8.05

26.93

15.64

18.42

12.93

16.31

A-

31.08.2009

A3

17.08.2009

648

4880

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6.61

8.26

8.74

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

2.15

2.15

1.98

1.79

2.15

1.39

1.39

1.33

1.27

1.39

9.94

9.94

9.64

9.43

9.94

8.74

8.74

8.08

7.57

8.74

14.04

14.04

12.58

11.37

14.04

2.22

2.22

2.38

2.58

2.22

1681.4

8.4%

Euro Stoxx 50 Pr

1.14

1.14

1.08

1.02

1.14

0.74

0.74

0.71

0.69

0.74

5.33

5.33

4.98

4.74

5.33

7.00

7.00

6.62

6.30

7.00

11.06

11.06

9.91

9.07

11.06

4.34

4.34

4.68

4.97

4.34

2895.5

9.3%

NIKKEI 225

1.50

1.50

1.41

1.32

1.50

0.70

0.70

0.66

0.65

0.70

9.45

9.45

8.14

7.61

9.45

9.55

9.55

8.32

7.80

9.55

24.05

24.05

18.83

14.59

24.05

1.65

1.65

1.66

1.94

1.65

11908.4

-4.5%

FTSE 100 INDEX

1.68

1.68

1.56

1.35

1.68

1.01

1.01

0.97

0.99

1.01

7.90

7.90

7.28

5.26

7.90

7.04

7.04

6.59

6.32

7.04

11.81

11.81

10.71

9.81

11.81

3.89

3.89

4.18

4.62

3.89

6809.6

6.5%

SWISS MARKET INDEX

2.39

2.39

2.21

2.04

2.39

1.99

1.99

1.89

1.81

1.99

12.25

12.25

11.20

9.83

12.25

13.09

13.09

12.11

11.32

13.09

14.86

14.86

13.30

12.08

14.86

3.32

3.32

3.68

4.18

3.32

8026.2

3.2%

S&P/TSX COMPOSITE INDEX

1.68

1.68

1.55

1.45

1.68

1.57

1.57

1.48

1.42

1.57

8.41

8.41

7.55

7.01

8.41

8.22

8.22

7.27

6.88

8.22

14.00

14.00

12.34

11.35

14.00

3.13

3.13

3.29

3.49

3.13

14540.6

14.7%

S&P/ASX 200 INDEX

1.88

1.88

1.78

1.68

1.88

1.80

1.80

1.70

1.61

1.80

11.09

11.09

9.90

9.04

11.09

9.59

9.59

8.44

7.83

9.59

15.15

15.15

13.47

12.37

15.15

4.39

4.39

4.70

5.07

4.39

5149.3

4.0%

HANG SENG INDEX

1.33

1.33

1.23

1.14

1.33

1.63

1.63

1.50

1.40

1.63

7.12

7.12

6.58

6.16

7.12

7.59

7.59

6.93

6.39

7.59

10.80

10.80

9.89

9.01

10.80

3.57

3.57

3.86

4.37

3.57

24932.1

11.7%

MSCI EM

1.43

1.43

1.30

1.21

1.43

0.95

0.95

0.88

0.84

0.95

6.85

6.85

6.30

5.89

6.85

7.03

7.03

6.45

6.05

7.03

10.76

10.76

9.67

8.97

10.76

3.08

3.08

3.59

6.74

3.08

1183.8

15.8%

AIR LIQUIDE SA

2.76

2.57

2.39

2.23

1.99

1.94

1.81

1.69

1.59

1.55

10.26

9.46

8.83

8.33

7.56

9.55

8.81

8.11

7.57

7.27

18.51

17.02

15.39

14.09

13.13

2.65

2.85

3.10

3.36

3.36

101.28

6.8%

ALLIANZ SE-REG

0.95

0.90

0.86

0.81

0.75

0.48

0.48

0.46

0.46

0.44

9.63

8.95

8.55

8.37

7.88

4.23

4.50

4.73

4.84

5.07

118.03

8.7%

ANHEUSER-BUSCH INBEV NV

3.61

3.36

3.12

2.87

2.52

3.91

3.45

3.19

3.01

2.96

13.79

12.79

11.87

10.79

9.46

12.31

10.82

9.78

9.08

8.95

20.66

19.45

17.23

15.45

14.31

1.97

2.41

2.75

3.28

3.88

75.39

0.4%

ARCELORMITTAL

0.39

0.40

0.39

0.36

0.34

0.26

0.26

0.25

0.24

0.24

4.32

4.63

3.35

3.15

1.97

6.77

6.19

5.06

4.54

3.94

77.90

19.70

9.26

6.57

4.93

4.23

1.61

2.33

2.63

1.88

13.80

33.4%

ASML HOLDING NV

5.10

4.40

3.75

3.03

4.55

4.44

3.55

2.98

2.42

17.88

20.62

13.34

10.82

14.34

15.88

10.80

8.30

7.10

21.13

22.96

14.84

11.06

8.24

0.87

1.04

1.19

1.36

53.78

2.4%

ASSICURAZIONI GENERALI

0.99

0.93

0.87

0.80

0.25

0.26

0.26

0.26

0.23

14.95

9.67

8.59

7.85

7.99

2.25

3.45

4.30

4.67

AXA SA

0.69

0.64

0.61

0.56

0.33

0.33

0.32

0.30

7.53

6.97

6.53

6.23

5.75

5.31

5.70

6.03

6.36

BANCO BILBAO VIZCAYA ARGENTA

0.93

0.87

0.83

0.78

1.68

1.64

1.56

1.51

3.05

2.99

2.90

3.01

19.83

9.05

8.03

7.10

5.97

6.01

6.04

6.61

BANCO SANTANDER SA

0.71

0.74

0.72

0.74

0.85

1.30

1.29

1.23

1.19

1.18

2.08

2.06

1.95

2.32

9.78

9.26

7.95

7.73

8.03

10.79

11.09

10.65

9.99

11.00

BASF SE

2.47

2.41

2.24

2.09

1.79

0.82

0.79

0.80

0.76

0.76

7.98

7.70

7.11

6.89

5.85

6.24

6.00

5.67

5.33

5.28

12.89

11.71

10.88

10.10

9.48

3.69

3.91

4.09

4.30

BAYER AG-REG

3.28

3.10

2.79

2.55

2.20

1.65

1.58

1.50

1.42

1.37

11.73

10.16

9.31

8.44

7.91

8.78

8.25

7.68

7.15

6.82

14.62

13.44

12.17

11.02

10.26

2.29

2.62

2.87

BAYERISCHE MOTOREN WERKE AG

1.46

1.34

1.23

1.10

1.05

0.58

0.56

0.54

0.51

0.51

5.39

5.22

4.98

4.80

3.35

7.72

7.96

7.69

7.93

6.69

8.96

8.92

8.67

8.30

8.19

3.75

3.95

BNP PARIBAS

0.65

0.62

0.59

0.55

1.28

1.25

1.21

1.17

1.17

5.06

4.51

4.03

3.74

7.41

8.05

7.04

6.45

3.72

CARREFOUR SA

1.95

1.85

1.70

1.56

0.20

0.19

0.19

0.18

0.18

6.43

5.49

5.04

5.26

4.64

5.54

5.29

4.98

4.74

4.51

17.12

14.85

13.06

11.57

10.67

2.44

COMPAGNIE DE SAINT-GOBAIN

0.88

0.87

0.84

0.79

0.37

0.37

0.36

0.34

0.34

5.63

5.61

5.12

4.48

5.67

5.61

5.17

4.65

4.24

12.70

12.22

10.12

8.15

6.89

CRH PLC

1.14

1.13

1.10

1.05

0.66

0.65

0.62

0.58

0.48

9.61

8.60

7.61

6.48

9.73

9.04

7.89

6.79

5.52

23.30

20.22

15.68

12.16

DAIMLER AG-REGISTERED SHARES

1.09

1.05

0.97

0.88

0.81

0.41

0.40

0.38

0.36

0.36

5.33

5.05

4.44

3.67

3.07

9.24

9.34

8.20

7.31

6.22

9.49

9.44

7.97

6.89

DANONE

2.60

2.45

2.32

2.15

1.87

1.66

1.56

1.46

1.38

1.31

12.78

12.53

11.01

9.90

9.03

11.36

10.84

10.10

9.36

8.58

17.95

17.15

15.53

DEUTSCHE BANK AG-REGISTERED

0.52

0.51

0.49

0.45

0.41

0.87

0.87

0.84

0.82

0.73

5.56

4.84

4.24

3.98

8.80

8.16

DEUTSCHE TELEKOM AG-REG

1.28

1.28

1.23

1.20

1.34

0.62

0.63

0.63

0.62

0.63

2.72

2.61

2.64

2.75

2.63

4.41

4.58

4.57

4.51

4.41

13.10

E.ON SE

0.68

0.69

0.67

0.65

0.62

0.24

0.24

0.24

0.23

0.21

3.31

4.08

4.05

3.84

3.58

4.72

5.33

5.22

5.21

5.05

6.05

EADS NV

3.42

3.39

2.72

2.32

1.99

0.62

0.58

0.55

0.52

0.51

11.18

8.67

7.76

5.61

6.90

6.37

5.09

4.35

3.96

3.85

ENEL SPA

0.60

0.59

0.57

0.54

0.56

0.30

0.30

0.30

0.30

0.29

2.71

2.68

2.46

2.61

2.71

5.87

6.03

5.97

5.84

5.71

ENI SPA

1.09

1.04

0.98

0.92

0.88

0.54

0.56

0.54

0.52

0.56

3.92

3.62

3.38

3.20

3.72

2.90

2.98

2.87

2.75

2.78

8.96

9.20

8.68

ESSILOR INTERNATIONAL

5.11

4.61

4.21

3.60

3.76

3.50

3.23

2.97

2.75

23.41

20.25

18.51

17.52

21.63

17.70

16.44

15.03

13.77

12.73

31.14

28.08

25.44

FRANCE TELECOM SA

0.80

0.82

0.81

0.78

0.80

0.50

0.52

0.53

0.53

0.54

2.17

2.22

2.29

2.38

2.34

4.02

4.25

4.37

4.46

4.49

6.42

7.55

7.73

GDF SUEZ

0.55

0.55

0.56

0.57

0.53

0.40

0.46

0.45

0.45

0.42

3.07

3.42

3.31

3.60

3.30

5.56

6.75

6.64

6.48

5.95

9.83

11.22

IBERDROLA SA

0.66

0.65

0.64

0.63

0.63

0.76

0.72

0.69

0.67

0.71

4.02

4.31

4.38

3.94

6.52

6.64

6.39

6.14

5.98

8.34

9.43

INDITEX

7.50

6.86

5.97

5.21

3.90

4.00

3.60

3.25

2.95

2.66

19.81

18.08

16.13

14.45

15.07

13.60

12.14

10.98

9.76

26.76

ING GROEP NV-CVA

0.44

0.40

0.38

0.37

0.52

0.57

0.52

0.51

7.42

INTESA SANPAOLO

0.38

0.37

0.36

0.36

1.07

1.11

1.08

1.06

2.38

2.41

2.29

2.18

11.67

10.21

KONINKLIJKE PHILIPS ELECTRON

1.88

1.88

1.77

1.63

1.45

0.91

0.90

0.88

0.84

0.83

11.46

9.40

7.98

7.49

6.87

8.47

6.82

6.21

5.64

5.59

19.67

14.40

L'OREAL

3.85

3.37

3.11

2.86

2.40

3.29

3.14

2.96

2.78

2.65

20.25

18.75

17.37

16.23

15.36

16.27

15.20

14.14

13.25

12.46

25.45

23.77

LVMH MOET HENNESSY LOUIS VUI

2.64

2.44

2.21

2.00

1.62

2.38

2.20

2.03

1.88

1.75

13.88

12.89

11.67

10.83

11.17

10.34

9.47

8.58

7.79

7.50

18.24

MUENCHENER RUECKVER AG-REG

1.00

0.93

0.89

0.84

0.82

0.48

0.48

0.46

0.45

0.38

8.42

REPSOL SA

0.77

0.73

0.70

0.66

0.58

0.34

0.34

0.34

0.36

0.39

10.33

RWE AG

1.12

1.14

1.09

1.04

0.92

0.35

0.34

0.33

0.32

0.31

3.00

SANOFI

1.78

1.74

1.67

1.60

1.48

2.96

2.87

2.72

2.58

2.49

11.04

SAP AG

5.23

4.46

3.74

3.13

2.63

4.67

4.23

3.84

3.51

3.25

19.21

SCHNEIDER ELECTRIC SA

1.84

1.76

1.64

1.54

1.32

1.30

1.23

1.16

SIEMENS AG-REG

2.31

2.34

2.12

1.93

0.97

0.97

0.93

0.90

SOCIETE GENERALE

0.46

0.44

0.41

0.39

0.87

0.84

0.81

0.78

TELEFONICA SA

2.16

2.06

1.94

1.77

1.69

0.79

0.83

0.82

0.82

TOTAL SA

1.16

1.09

1.00

0.91

0.91

0.50

0.50

0.50

0.51

UNIBAIL-RODAMCO SE

1.38

1.25

1.16

1.05

0.89

13.10

11.00

10.04

9.55

UNICREDIT SPA

0.31

0.31

0.30

0.29

0.77

0.79

0.77

0.74

UNILEVER NV-CVA

5.73

5.17

4.55

4.09

3.63

1.88

1.80

1.70

1.60

VINCI SA

1.46

1.38

1.31

1.19

1.04

0.54

0.53

0.52

0.51

VIVENDI

1.04

1.07

1.03

1.02

1.03

0.76

0.75

0.74

VOLKSWAGEN AG-PREF

0.94

0.87

0.77

0.67

0.65

0.37

0.35

0.33

0.54

1.56

1.50

4.10

13.52

6.4%

16.38

19.2%

7.86

11.7%

6.15

12.7%

4.36

77.17

10.4%

3.13

3.34

79.46

0.3%

4.25

4.41

3.88

79.43

14.1%

4.36

5.28

6.19

6.44

52.31

29.6%

2.89

3.31

3.82

3.72

22.90

6.6%

3.90

4.43

4.46

4.68

33.03

10.7%

9.94

3.69

3.74

3.84

4.02

15.81

-7.5%

6.80

4.88

4.64

5.11

5.77

47.46

8.1%

14.31

12.89

2.70

2.80

3.06

3.36

3.88

54.56

0.7%

6.30

5.28

4.53

2.39

2.45

3.09

3.61

3.41

38.64

22.5%

11.85

11.44

11.11

10.48

8.31

6.37

6.10

6.28

6.95

9.16

9.0%

10.36

9.72

9.73

9.18

8.07

5.44

5.61

5.54

5.90

13.41

-1.0%

21.36

15.34

11.44

9.45

8.80

1.49

2.32

3.13

3.79

3.66

42.96

4.2%

7.06

7.76

7.38

6.95

6.99

5.79

5.36

5.52

5.94

5.75

3.04

17.3%

8.05

9.60

5.99

6.11

6.24

6.44

6.33

20.11

11.7%

23.49

21.21

1.13

1.18

1.29

1.38

1.48

82.08

-6.1%

7.63

7.36

9.71

9.41

9.10

8.81

9.27

9.63

16.4%

10.77

10.25

8.89

9.79

9.57

9.60

8.69

9.21

16.67

8.8%

9.00

9.12

9.62

8.21

7.73

7.71

7.66

7.89

4.33

13.9%

23.94

21.35

19.17

17.09

2.22

2.45

2.79

3.12

3.55

108.25

5.6%

5.75

5.19

4.96

5.99

0.00

0.30

3.29

4.84

7.98

38.9%

7.53

6.16

7.16

4.46

4.55

6.03

6.99

7.86

1.41

23.3%

12.47

11.12

9.69

3.23

3.35

3.61

3.85

3.93

24.21

3.0%

21.94

20.12

18.98

1.81

2.02

2.20

2.45

2.62

113.54

-6.7%

17.34

15.46

13.83

12.35

2.28

2.50

2.81

3.13

3.30

152.49

16.0%

9.07

8.86

8.91

9.86

4.58

4.74

4.88

5.14

5.27

147.33

-0.9%

9.81

9.40

9.03

8.55

5.46

5.78

5.92

6.10

6.11

18.75

15.5%

3.92

3.87

3.98

4.89

4.63

4.48

4.31

4.07

3.13

3.18

3.42

2.89

3.92

3.89

3.98

4.04

4.06

7.19

7.49

8.23

8.52

8.25

6.90

6.76

6.47

6.20

6.28

30.15

3.1%

10.99

10.12

8.62

7.93

8.31

8.51

7.84

7.24

6.95

12.56

12.92

11.58

10.52

9.70

3.57

3.79

4.20

4.67

5.20

79.18

1.9%

15.31

13.57

11.82

11.04

14.28

12.28

10.88

9.61

8.72

20.07

17.88

15.77

13.89

12.93

1.36

1.54

1.78

1.98

1.94

65.45

5.7%

11.59

11.09

9.85

9.40

9.59

8.92

8.19

7.65

14.84

13.79

12.37

11.31

3.09

3.40

3.71

4.05

59.03

3.8%

10.28

11.03

9.34

8.50

8.82

9.18

7.65

7.13

14.01

14.12

11.41

10.54

3.57

3.64

3.94

4.18

3.92

3.51

3.18

2.85

9.27

7.17

5.95

5.29

1.97

3.92

5.19

6.63

0.82

3.39

3.48

3.44

3.58

4.46

5.27

5.48

5.46

5.45

5.46

8.92

9.54

9.16

8.75

8.91

1.18

6.91

7.29

6.88

8.86

11.29

4.2%

0.52

3.92

3.77

3.67

3.40

3.26

3.18

3.19

3.12

3.01

2.68

6.95

7.19

7.14

6.71

6.23

6.16

6.28

6.41

6.66

6.86

45.78

20.7%

8.56

18.33

17.75

16.41

14.75

12.76

23.45

22.02

20.34

18.95

18.27

19.24

18.04

16.61

15.19

13.85

4.59

4.83

5.19

5.60

5.90

181.68

-0.6%

1.91

1.92

1.75

1.60

23.50

15.48

8.22

5.70

1.73

2.32

3.99

5.39

3.96

18.0%

1.53

15.94

14.64

13.59

12.37

11.60

12.62

11.84

11.06

10.24

9.79

20.02

18.72

17.24

15.84

14.71

3.00

3.20

3.42

3.63

3.94

31.63

-0.1%

0.47

5.21

5.05

4.91

4.62

4.35

6.42

6.33

6.16

5.93

5.52

10.32

10.13

9.57

9.11

8.07

5.02

5.07

5.29

5.67

5.90

43.76

23.0%

0.73

0.72

3.57

3.85

3.72

3.51

3.59

4.84

4.95

4.82

4.74

4.60

8.12

9.11

8.57

8.27

8.16

6.15

6.03

6.28

6.60

7.95

17.84

9.4%

0.31

0.31

3.29

3.35

2.98

3.06

2.63

7.64

6.94

6.21

5.80

5.01

7.30

7.23

6.25

5.65

5.25

2.46

2.81

3.45

4.34

4.19

192.58

22.9%

0.87

4.16

4.80

8.64

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7.37

9.67

4.45

86.64

0.8%

33.60

30.8%

26.03.2013

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

3.0 M
2.5 M
2.0 M

60

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 08.03.2013
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
09/yy
100.00
83.45
169'244.00
94.83
-5.19%
13.63%
64.95%
312.5
29'629.93
7'273.70
0.0
232.6
1'154.20
35'982.03

1.5 M

40

1.0 M

20

.5 M

0
m-11

a-11 m-11

j-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-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

3.5 M

100
80

Valuation Analysis

31.12.2008
13'103.1
1.73x
2'941.8
7.71x
1'220.0
13.93x

120

31.12.2009
31.12.2010
11'976.1
13'488.0
2.25x
2.38x
2'969.0
3'374.3
9.08x
9.50x
1'230.0
1'403.6
17.67x
18.97x
Profitability

LTM-4Q
31.12.2011
14'456.9
2.25x
3'563.6
9.13x
1'534.9
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
15'326.3
2.34x
3'792.3
9.48x
1'609.4
18.38x
3'792.30
2'560.50
16.71%
14.63%
6.55%
16.12%
0.62%
24.7%
16.7%
10.5%
1.03
0.77
29.09%
71.23%
5.47
-

Price/ Cash Flow

09/yy
13'003.5
0.00x
0.0
0.00x
0.0
0.00x

LTM
09/yy
14'255.5
0.00x
0.0
0.00x
0.0
0.00x

FY+1

0.76
311.10
7.50%
-0.23%
0.756
35
3.543
910'620
933'595
770'134
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'327.5
17'503.5
3'966.8
3'976.0
2.20x
2.03x
9.03x
4'091.5
4'441.9
1'976.0
8.81x
8.11x
1'733.8
1'918.7
879.0
17.02x
15.39x
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

02.07.2007
A
POS
06.05.2004
A-1
13.84
6.51
1.61
1.92
71.2%
41.1%
0.62
1.23
66.93
-

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0
12'000.0

10.00

10'000.0
8.00

8'000.0
6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00
02.01.2009

0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Air Liquide SA
Holdings By:

All

Holder Name
NATIXIS ASSET MANAGE
THORNBURG INVESTMENT
VANGUARD GROUP INC
BLACKROCK FUND ADVIS
AIR LIQUIDE
AMUNDI
DEUTSCHE BANK AG
CAPITAL WORLD INVEST
MASSACHUSETTS FINANC
BLACKROCK ASSET MANA
AMUNDI
FIDELITY INTERNATION
MERCURY ASSET MANAGE
BESSEMER GROUP INCOR
T ROWE PRICE ASSOCIA
FIDELITY MANAGEMENT
WILLIAM BLAIR & COMP
BANK OF NEW YORK MEL
LBPAM
ROTHSCHILD & COMPAGN

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

Firm Name

Analyst

Banco Sabadell
EVA Dimensions
AlphaValue
Macquarie
Exane BNP Paribas
Day by Day
Collins Stewart
Commerzbank Corporates & Markets
BHF-Bank
Landesbank Baden-Wuerttemberg
CA Cheuvreux
Independent Research GmbH
Societe Generale
Hamburger Sparkasse
Barclays Capital
Morgan Stanley
Credit Suisse
Sanford C. Bernstein & Co
CM - CIC Securities(ESN)
Nomura
Standard & Poor's Equity Research
Main First Bank AG
Natixis
JPMorgan
Goldman Sachs
HSBC
ING Wholesale Banking
Citi
Deutsche Bank
DZ Bank AG
Oddo & Cie
Alembic Global Advisors
Redburn Partners

PATRICIA GARCIA SANCHEZ


TEAM COVERAGE
VERONIQUE COLAS
JUERGEN RECK
HEIDI VESTERINEN
VALERIE GASTALDY
PAUL W SATCHELL
STEPHAN KIPPE
ANNETT WEBER
ULLE WORNER
KLAUS RINGEL
STEFAN ROEHLE
PETER CLARK
MARCO GUENTHER
GUNTHER ZECHMANN
PETER MACKEY
CHRIS COUNIHAN
JEREMY REDENIUS
ARI AGOPYAN
JEAN DE WATTEVILLE
ANKIT JAIN
THOMAS SWOBODA
FREDERIC WILLIAMS-GOBEAUX
NEIL C TYLER
RICHARD LOGAN
GEOFF HAIRE
FABIAN SMEETS
ANDREW BENSON
TIMOTHY JONES
PETER SPENGLER
JEAN-PIERRE DMIRDJIAN
HASSAN I AHMED
TONY JONES

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

Recommendation
buy
underweight
add
outperform
neutral
buy
hold
add
market weight
buy
outperform
hold
buy
sell
underwt/positive
Equalwt/In-Line
neutral
market perform
hold
reduce
hold
neutral
neutral
overweight
neutral/neutral
neutral
not rated
neutral
hold
buy
buy
neutral
buy

Amt Held
4'602'821
4'158'340
2'834'874
1'442'705
1'339'624
1'178'326
1'151'189
1'055'066
1'033'942
872'830
816'304
812'698
795'418
775'161
694'738
678'737
608'046
581'653
507'326
457'871

% Out
1.62
1.46
1
0.51
0.47
0.42
0.41
0.37
0.36
0.31
0.29
0.29
0.28
0.27
0.24
0.24
0.21
0.2
0.18
0.16

Weighting

Change

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

M
D
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
M
M
M
M
M

Latest Chg
332'555
61'554
(1'613)
111'689
(369)
(452'336)
(5'605)
(582)
(2'392)
653'801
(9'820)
(31'780)
(22'020)
(1'432)
(8'773)
(993)
-

Target Price
115
#N/A N/A
101
108
104
109
90
104
101
110
108
106
106
#N/A N/A
98
100
109
96
96
110
101
102
101
108
122
104
#N/A N/A
100
98
100
100
105
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
30.06.2011
31.12.2011
31.12.2011
07.03.2012
31.12.2010
30.12.2011
31.01.2012
31.12.2011
31.12.2011
07.03.2012
30.12.2011
30.12.2011
07.03.2012
31.10.2011
31.12.2011
31.01.2012
30.09.2011
07.03.2012
30.11.2011
30.09.2011

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

Inst Type
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor

Date
05.03.2012
02.03.2012
01.03.2012
25.02.2012
24.02.2012
22.02.2012
22.02.2012
21.02.2012
21.02.2012
21.02.2012
21.02.2012
21.02.2012
20.02.2012
20.02.2012
20.02.2012
17.02.2012
17.02.2012
17.02.2012
17.02.2012
17.02.2012
17.02.2012
09.02.2012
08.02.2012
02.02.2012
30.01.2012
26.01.2012
19.01.2012
12.12.2011
02.12.2011
27.10.2011
26.10.2011
03.01.2011
26.05.2010

26.03.2013

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
120

16.0 M
14.0 M

100

12.0 M
80

Latest Fiscal Year:


LTM as of:
52-Week High (14.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
114.05
68.50
542'623.00
108.55
-4.91%
58.47%
86.06%
456.0
49'493.38
28'651.00
0.0
2'665.0
12'437.00
68'372.37

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

8.0 M
6.0 M

40

4.0 M
20

2.0 M

0
m-11

a-11 m-11

j-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-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

10.0 M

60

Valuation Analysis

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
9.18x
10.61%
8.95%
0.77%
10.50%
8.01%
0.14%
5.4%
4.12%
53.50%
-

Price/ Cash Flow

LTM

FY+1

1.25
451.47
23.80%
3.58%
1.251
43
4.279
1'585'730
1'974'630
1'710'488
FY+2

FQ+1

FQ+2

12/yy
89'413.0
2.71x
0.0
0.00x
4'966.0
8.08x

12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
64'190.0 104'171.7 107'045.1
2.83x
0.59x
0.57x
0.0
0.00x
2'545.0
5'440.3
5'682.2
13.15x
8.95x
8.55x
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

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
02.01.2009

10'000.0
0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Allianz SE
Holdings By:

All

Holder Name
BLACKROCK INC
AXA
BLACKROCK ASSET MANA
DEUTSCHE BANK AG
DB PLATINUM ADVISORS
HARBOR CAPITAL ADVIS
VANGUARD GROUP INC
HARRIS ASSOCIATES L
UNION INVESTMENT GMB
FIDELITY INTERNATION
THORNBURG INVESTMENT
BLACKROCK FUND ADVIS
FIDELITY MANAGEMENT
ADIG INVESTMENT
ALLIANZ GLOBAL INVES
AMUNDI
DEKA INVESTMENT GMBH
CAPITAL WORLD INVEST
COMINVEST ASSET MANA
SOCIETE GENERALE

Firm Name
Bryan Garnier & Cie
DZ Bank AG
Main First Bank AG
Keefe, Bruyette & Woods
Morgan Stanley
Oddo & Cie
Barclays Capital
Exane BNP Paribas
Societe Generale
Credit Suisse
Commerzbank Corporates & Markets
HSBC
Macquarie
Equinet Institutional Services(ESN)
Mediobanca SpA
Nord/LB
JPMorgan
CA Cheuvreux
Hamburger Sparkasse
Kepler Capital Markets
Nomura
Collins Stewart
Independent Research GmbH
Standard & Poor's Equity Research
RBC Capital Markets
Raymond James
Landesbank Baden-Wuerttemberg
National Bank AG
Bankhaus Metzler
WestLB Equity Markets
Silvia Quandt Research
Day by Day
AlphaValue
ING Wholesale Banking
Goldman Sachs
Banco Sabadell
Natixis
Redburn Partners
Berenberg Bank
EVA Dimensions
Grupo Santander
Deutsche Bank
Jefferies

Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
HARRIS ASSOC LP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
OLIVIER PAUCHAUT
THORSTEN WENZEL
MICHAEL HAID
WILLIAM HAWKINS
JON HOCKING
NICOLAS JACOB
ANDREW BROADFIELD
THOMAS JACQUET
EMMANUELLE CALES
RICHARD BURDEN
ROLAND PFAENDER
KAILESH MISTRY
HADLEY COHEN
PHILIPP HAESSLER
GIANLUCA FERRARI
CONSTANTIN ROHRBACH
MICHAEL HUTTNER
ATANASIO PANTARROTAS
CHRISTIAN HAMANN
FABRIZIO CROCE
NICK HOLMES
BEN COHEN
MATTHIAS ENGELMAYER
TONY SILVERMAN
JEAN-FRANCOIS TREMBLAY
DANNY JACQUES
WERNER SCHIRMER
MANFRED JAISFELD
JOCHEN SCHMITT
ANDREAS SCHAEFER
CHRISTIAN MUSCHICK
VALERIE GASTALDY
DIETER HEIN
MAARTEN ALTENA
VINIT MALHOTRA
MARIO LODOS
BENOIT VALLEAUX
PAUL GOODHIND
MICHAEL BROOM
TEAM COVERAGE
VALVANERA GOMEZ PASTOR
SPENCER HORGAN
JAMES SHUCK

Source
EXCH
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

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

Amt Held
22'861'350
13'449'857
11'190'894
5'848'109
5'710'817
5'061'636
4'838'347
4'712'955
4'510'090
4'305'644
3'973'507
3'756'586
3'607'698
2'536'585
2'497'805
2'321'367
2'141'056
1'894'650
1'717'202
1'713'830

% Out
5.02
2.95
2.46
1.28
1.25
1.11
1.06
1.04
0.99
0.95
0.87
0.83
0.79
0.56
0.55
0.51
0.47
0.42
0.38
0.38

Weighting

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

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

Latest Chg
(9'000)
(33'373)
2'479'720
(90'446)
84'632
213'077
150'583
1'036'531
282'800
(512)
217'890
54'500
(150'830)
(846'227)
10'236
(1'026'500)
97'100
898'985

Target Price
100
105
105
120
108
85
109
108
100
111
100
110
110
104
110
85
109
105
#N/A N/A
73
100
100
97
109
110
95
92
120
81
#N/A N/A
88
103
104
105
110
97
106
#N/A N/A
123
#N/A N/A
104
100
85

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.06.2011
Investment Advisor
30.07.2010
Investment Advisor
07.03.2012
Investment Advisor
31.01.2012
Investment Advisor
31.01.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.03.2011
Investment Advisor
30.12.2011
Investment Advisor
31.12.2011
Investment Advisor
07.03.2012
Investment Advisor
31.01.2012
Investment Advisor
31.10.2011
Investment Advisor
31.10.2011
Investment Advisor
30.12.2011 Mutual Fund Manager
31.10.2011 Mutual Fund Manager
31.12.2011
Investment Advisor
31.10.2011 Mutual Fund Manager
30.12.2011
Bank

Date
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
18 month
3 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month

Date
09.03.2012
09.03.2012
07.03.2012
04.03.2012
02.03.2012
02.03.2012
02.03.2012
01.03.2012
29.02.2012
29.02.2012
28.02.2012
28.02.2012
28.02.2012
28.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
24.02.2012
24.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
17.02.2012
16.02.2012
14.02.2012
08.02.2012
06.02.2012
26.01.2012
23.01.2012
09.01.2012
02.01.2012
16.12.2011
06.12.2011
14.11.2011

26.03.2013

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
60

8.0 M
7.0 M

50

6.0 M
40

Latest Fiscal Year:


LTM as of:
52-Week High (25.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 08.03.2013
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
12/yy
76.67
52.11
463'152.00
75.07
-2.14%
44.06%
94.95%
1'606.9
120'629.63
44'341.00
0.0
4'299.0
13'878.00
190'012.32

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

4.0 M
3.0 M

20

2.0 M
10

1.0 M

0
m-11

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
15'450.0
11.25x
7'243.0
19.15x
15'450.00
12'765.00
32.11%
28.05%
6.16%
18.42%
13.08%
0.34%
58.6%
38.9%
32.1%
18.2%
1.01
0.88
36.16%
107.78%
9.76
6.62

Price/ Cash Flow

j-11

j-11

LTM

12/yy
36'297.0
0.00x
0.0
0.00x
4'026.0
19.82x

a-11

12/yy
39'045.0
0.00x
0.0
0.00x
5'855.0
16.71x

s-11

o-11

n-11

d-11

j-12

f-12

FY+1

.0 M
m-12

0.76
40.10%
14.19%
0.758
34
3.794
1'883'907
2'050'414
1'945'848
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
45'029.1
48'741.1
9'508.0
10'382.0
4.34x
3.90x
17'607.4
19'483.7
10.82x
9.78x
8'000.2
8'972.7
1'593.0
1'700.0
19.45x
17.23x
20.17x
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
7.48
5.90
1.97
2.87
107.8%
49.4%
0.34
2.45
37.49
55.25
306.82
-214.08

Sales/Revenue/Turnover

10.00

45'000.0

9.00

40'000.0

8.00

35'000.0

7.00

30'000.0

6.00

25'000.0

5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00
0.00
02.01.2009

a-11 m-11

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

5.0 M

30

Valuation Analysis

0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Anheuser-Busch InBev NV
Holdings By:

All

Holder Name
STICHTING INBEV
EPS
BRC SARL
CAPITAL WORLD INVEST
FIDELITY MANAGEMENT
VANGUARD GROUP INC
ANHEUSER-BUSCH INBEV
HARBOR CAPITAL ADVIS
CAPITAL RESEARCH GLO
BNP PARIBAS ASSET MG
VOORZITTER VERHELST
BLACKROCK GROUP LIMI
ARTISAN PARTNERS HOL
INBEV-BAILLET LATOUR
DB PLATINUM ADVISORS
FIDELITY INTERNATION
BLACKROCK FUND ADVIS
JANUS CAPITAL MANAGE
BRITO CARLOS ALVES D
BLACKROCK ASSET MANA

Firm Name

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

Analyst

Societe Generale
ANDREW HOLLAND
Deutsche Bank
JONATHAN FELL
Sanford C. Bernstein & Co
TREVOR STIRLING
Bryan Garnier & Cie
NIKOLAAS FAES
Nomura
IAN SHACKLETON
Standard & Poor's Equity Research
CARL SHORT
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
Liberum Capital Ltd
PABLO ZUANIC
Kempen & Co
SANDER VAN OORT
Morgan Stanley
DAVID BELAUNDE
JPMorgan
MIKE J GIBBS
Jefferies
DIRK VAN VLAANDEREN
Bank Degroof(ESN)
MARC LEEMANS
Independent Research GmbH
LARS LUSEBRINK
KBC Securities
WIM HOSTE
Rabobank International
KAREL ZOETE
AlphaValue
SOPHIE CABO-BROSETA
ABN Amro Bank N.V.
ROBERT JAN VOS
Goldman Sachs
MITCHELL COLLETT
Banco Sabadell
IGNACIO ROMERO
EVA Dimensions
TEAM COVERAGE
Collins Stewart
EDDY HARGREAVES
Citi
ANDREA PISTACCHI
Grupo Santander
ANTHONY J BUCALO
Credit Suisse
SANJEET AUJLA
Shore Capital Stockbrokers
PHIL CARROLL
ING Wholesale Banking
GERARD RIJK
Redburn Partners
CHRIS PITCHER
Petercam
KRIS KIPPERS
CA Cheuvreux
XAVIER CROQUEZ
Berenberg Bank
PHILIP MORRISEY
Collins Stewart
ROB MANN
Day by Day
VALERIE GASTALDY
Nord/LB
WOLFGANG VASTERLING
HSBC
LAUREN E TORRES
Barclays Capital
SIMON HALES
Espirito Santo Investment Bank Research
MARTIN DOLAN
Kepler Capital Markets
TEAM COVERAGE
Natixis
OLIVIER DELAHOUSSE

Source
20F
20F
20F
MF-AGG
MF-AGG
MF-AGG
20F
MF-AGG
MF-AGG
MF-AGG
20F
MF-AGG
MF-AGG
20F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG

Recommendation
hold
hold
outperform
neutral
neutral
hold
underperform
buy
buy
Overwt/In-Line
overweight
buy
accumulate
hold
accumulate
buy
reduce
buy
neutral/attractive
buy
underweight
buy
buy
buy
neutral
not rated
hold
buy
hold
outperform
buy
buy
hold
buy
overweight
overwt/neutral
buy
buy
neutral

Amt Held
663'074'830
133'467'609
33'048'460
29'310'490
22'112'718
17'347'945
12'006'309
11'090'162
9'412'565
7'083'170
6'997'665
6'587'360
5'828'515
5'485'415
5'050'061
4'307'090
3'872'837
3'356'768
2'928'172
2'619'854

% Out
41.29
8.31
2.06
1.82
1.38
1.08
0.75
0.69
0.59
0.44
0.44
0.41
0.36
0.34
0.31
0.27
0.24
0.21
0.18
0.16

Weighting

Change

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

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

Latest Chg
(1'800'000)
1'706'049
906'827
(82'832)
(4'572)
1'405'350
2'576'808
1'667'528
549'629
(916)
(6'033'037)
(1'530)

Target Price
55
51
64
54
53
54
41
63
53
60
57
59
46
55
54
56
38
53
60
42
#N/A N/A
55
55
56
52
#N/A N/A
53
#N/A N/A
50
50
52
55
#N/A N/A
#N/A N/A
51
45
48
50
41

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
21.12.2010
21.12.2010
21.12.2010
31.12.2011
31.01.2012
31.12.2011
21.12.2010
31.12.2011
31.12.2011
31.12.2011
21.12.2010
07.03.2012
30.09.2011
21.12.2010
31.01.2012
30.12.2011
07.03.2012
31.12.2011
30.06.2009
07.03.2012

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

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

Date
09.03.2012
09.03.2012
09.03.2012
09.03.2012
09.03.2012
09.03.2012
09.03.2012
09.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
06.03.2012
05.03.2012
05.03.2012
02.03.2012
24.02.2012
20.02.2012
13.02.2012
07.02.2012
07.02.2012
30.01.2012
27.01.2012
20.01.2012
19.01.2012
03.01.2012
14.12.2011
29.11.2011
11.11.2011
10.11.2011
04.10.2011
27.09.2011
05.09.2011

26.03.2013

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
30

25.0 M

25

20.0 M

20

Latest Fiscal Year:


LTM as of:
52-Week High (26.03.2012)
52-Week Low (25.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.01.2013
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
12/yy
15.05
10.29
2'761'156.00
10.35
-31.26%
0.58%
0.32%
1'665.4
17'236.81
25'752.00
0.0
3'474.0
4'398.00
47'011.77

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

10.0 M

10

5.0 M

5
0
m-11

a-11 m-11

j-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-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
124'936.0
0.50x
24'436.0
2.57x
9'399.0
3.49x

15.0 M

15

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
6'762.0
7.58x
(3'726.0)
6'762.00
1'809.00
2.15%
-6.85%
-3.15%
-6.87%
0.71%
6.1%
8.5%
2.8%
-4.4%
1.33
0.40
22.48%
49.79%
14.60
3.79

Price/ Cash Flow

LTM

12/yy
74'009.0
4.31x
8'508.0
9.65x
2'879.0
19.21x

12/yy
93'973.0
2.93x
10'448.0
5.25x
2'263.0
15.75x

FY+1

1.48
976.79
-27.24%
-19.98%
1.479
43
3.558
11'851'370
10'083'010
9'437'893
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
86'528.0
90'351.7
20'331.0
21'669.8
0.50x
0.46x
2.24x
2.09x
7'609.6
9'308.1
1'445.5
1'887.0
6.19x
5.06x
6.49x
5.93x
1'107.4
2'518.1
(45.8)
324.5
19.70x
9.26x
31.72x
15.76x
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
3.33
1.02
2.99
3.60
49.8%
31.8%
0.71
1.56
25.07
96.59
59.60
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
02.01.2009

20'000.0
0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

ArcelorMittal
Holdings By:

All

Holder Name
MITTAL LAKSHMI N
MORGAN STANLEY
CAPITAL RESEARCH GLO
NATIXIS ASSET MANAGE
CAPITAL WORLD INVEST
ARCELOR MITTAL
VANGUARD GROUP INC
AMUNDI
ING INVESTMENT MANAG
AVIVA PLC
BLACKROCK FUND ADVIS
LBPAM
BLACKROCK ASSET MANA
ING INTERNATIONAL AD
ACHMEA BELEGGINSFOND
ALLIANZ GLOBAL INVES
MERCURY ASSET MANAGE
BNP PARIBAS ASSET MG
UBS STRATEGY FUND MG
T ROWE PRICE ASSOCIA

Firm Name
Nomura
AlphaValue
Banco Sabadell
Exane BNP Paribas
RBC Capital Markets
Standard & Poor's Equity Research
Kempen & Co
Landesbank Baden-Wuerttemberg
EVA Dimensions
Nord/LB
Kepler Capital Markets
Barclays Capital
Grupo Santander
Societe Generale
JPMorgan
Rabobank International
Natixis
Main First Bank AG
ABN Amro Bank N.V.
Commerzbank Corporates & Markets
BHF-Bank
Independent Research GmbH
Hamburger Sparkasse
Bankia Bolsa (ESN)
Petercam
National Bank AG
ING Wholesale Banking
Day by Day
Banesto Bolsa SA Sociedad
Ahorro Corporacion Financiera SA
Cyrrus
HSBC
Macquarie
CA Cheuvreux
BBVA
Davy
La Caixa
Theodoor Gilissen Securities
Dahlman Rose & Co
Citi
Deutsche Bank
Daiwa Securities Capital Markets Co.
CS Capital

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

Analyst
NEIL SAMPAT
VERONIQUE COLAS
FRANCISCO JOSE RODRIGUEZ
LUC PEZ
TIMOTHY HUFF
JOHNSON IMODE
SANDER VAN OORT
ACHIM WITTMANN
TEAM COVERAGE
HOLGER FECHNER
ROCHUS BRAUNEISER
VINCENT LEPINE
JUAN RAMON CORREAS
ALAIN WILLIAM
ALESSANDRO ABATE
FRANK CLAASSEN
RAOUDHA BOUZEKRI
ALEXANDER HAUENSTEIN
MAARTEN BAKKER
INGO-MARTIN SCHACHEL
HERMANN REITH
STEFAN ROEHLE
INGO SCHMIDT
INIGO RECIO PASCUAL
ALAN VANDENBERGHE
MANFRED JAISFELD
FILIP DE PAUW
VALERIE GASTALDY
ROBERT JACKSON
CESAR SANCHEZ-GRANDE
JIRI SIMARA
THORSTEN ZIMMERMANN
JEFFREY LARGEY
ALEXANDER HAISSL
LUIS DE TOLEDO
KILLIAN H MURPHY
ICIAR GOMEZ BOTAS
TOM MULLER
ANTHONY B RIZZUTO JR
ANINDYA MOHINTA
BASTIAN SYNAGOWITZ
SCOTT FINLAY
CHRISTOPHER PARKINSON

Source
Co File
13G
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
neutral
buy
buy
underperform
outperform
sell
buy
hold
underweight
buy
reduce
equalwt/positive
buy
buy
overweight
buy
buy
neutral
buy
hold
underweight
hold
buy
buy
hold
buy
buy
buy
overweight
buy
accumulate
neutral
outperform
outperform
underperform
underperform
buy
buy
buy
buy
hold
buy
buy

Amt Held
637'604'863
80'449'457
23'828'254
16'290'176
13'397'736
10'520'234
10'040'989
7'661'255
7'389'184
5'425'079
4'438'009
3'725'256
3'656'473
3'626'142
2'960'275
2'632'518
2'385'544
2'364'520
2'182'687
1'915'427

% Out
40.85
5.15
1.53
1.04
0.86
0.67
0.64
0.49
0.47
0.35
0.28
0.24
0.23
0.23
0.19
0.17
0.15
0.15
0.14
0.12

Weighting

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

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

Latest Chg
(7'343'500)
258'035
(3'600'400)
492'342
1'441'268
288'498
109'501
(4'958)
(14'297)
(1'900)
624'941
1'683
(40'000)
(31'920)
2'394
26'166
163'046

Target Price
17
21
16
14
20
14
22
18
#N/A N/A
21
15
20
26
20
22
20
14
17
23
16
15
18
#N/A N/A
22
18
19
16
20
29
21
18
17
19
23
25
#N/A N/A
20
20
#N/A N/A
20
17
30
27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2010
17.02.2010
31.12.2011
30.06.2011
31.12.2011
31.12.2010
31.12.2011
30.12.2011
31.12.2011
30.09.2011
07.03.2012
30.11.2011
07.03.2012
31.01.2012
31.01.2012
31.10.2011
07.03.2012
31.12.2011
30.11.2011
31.12.2011

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

Inst Type
n/a
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.03.2012
08.03.2012
05.03.2012
29.02.2012
23.02.2012
23.02.2012
14.02.2012
14.02.2012
13.02.2012
10.02.2012
09.02.2012
09.02.2012
08.02.2012
08.02.2012
08.02.2012
08.02.2012
08.02.2012
08.02.2012
08.02.2012
07.02.2012
07.02.2012
07.02.2012
07.02.2012
07.02.2012
07.02.2012
07.02.2012
07.02.2012
07.02.2012
07.02.2012
06.02.2012
30.01.2012
19.01.2012
19.01.2012
19.12.2011
29.11.2011
10.11.2011
08.11.2011
27.10.2011
17.10.2011
15.09.2011
26.08.2011
08.06.2011
24.01.2011

26.03.2013

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
60

18.0 M
16.0 M

50

14.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.03.2013
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
12/yy
58.09
34.71
317'035.00
52.54
-9.54%
51.37%
78.49%
410.4
21'560.20
759.49
0.0
0.0
2'697.60
19'622.09

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
0
m-12

2.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

12.0 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%
15.63%
30.52%
0.65%
42.4%
28.4%
24.4%
24.2%
2.80
1.58
10.25%
18.67%
6.37
1.57

Price/ Cash Flow

12/yy
5'651.0
7.30x
1'806.4
6.33x
1'467.0
9.41x

LTM
12/yy
4'731.5
12.93x
1'343.4
13.11x
1'146.3
17.78x

FY+1

0.89
317.30
74.47%
9.46%
0.891
36
3.583
1'397'025
1'321'925
1'524'034
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'859.4
6'072.5
911.5
1'090.4
3.98x
3.07x
21.35x
18.10x
1'238.0
1'820.4
139.5
235.0
15.88x
10.80x
16.50x
13.09x
936.3
1'453.4
120.0
196.8
22.96x
14.84x
22.01x
18.35x
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
-1.44
0.57
18.7%
15.7%
0.65
4.54
57.47
233.70
39.17
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

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: info@qmsadv.com |

26.03.2013

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
THORNBURG INVESTMENT
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
ING INVESTMENT MANAG
BNP PARIBAS INV PART
NATIXIS ASSET MANAGE
ACHMEA BELEGGINSFOND
DEUTSCHE BANK AG
MERCURY ASSET MANAGE
HENDERSON GLOBAL INV
BESSEMER GROUP INCOR

Firm Name
Exane BNP Paribas
Kepler Capital Markets
Grupo Santander
Sanford C. Bernstein & Co
AlphaValue
Credit Suisse
Piper Jaffray
Societe Generale
Morgan Stanley
Pacific Crest Securities
Rabobank International
Natixis
JPMorgan
ING Bank
EVA Dimensions
Day by Day
Deutsche Bank
Liberum Capital Ltd
ABN Amro Bank N.V.
Baader Bank
Bank of Valletta
Landesbank Baden-Wuerttemberg
CA Cheuvreux
Petercam
S&P Capital IQ
Main First Bank AG
Barclays
Independent Research GmbH
Theodoor Gilissen Securities
Commerzbank Corporates & Markets
Kempen & Co
Jefferies
Goldman Sachs
SNS Securities(ESN)
Redburn Partners

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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JEROME RAMEL
PETER OLOFSEN
CARLOS JAVIER TREVINO
PIERRE FERRAGU
LIONEL PELLICER
SATYA KUMAR
JAGADISH IYER
PETER KNOX
FRANCOIS MEUNIER
WESTON TWIGG
PHILIP SCHOLTE
STEPHANE HOURI
SANDEEP S DESHPANDE
MARC ZWARTSENBURG
ANDREW S ZAMFOTIS
VALERIE GASTALDY
KAI KORSCHELT
JANARDAN MENON
ROBIN VAN DEN BROEK
GUENTHER MICHAEL HOLLFELDER
TEAM COVERAGE
WALTER SCHNEIDER
BERND LAUX
MARCEL ACHTERBERG
JAMES CRAWSHAW
JUERGEN WAGNER
ANDREW M GARDINER
MARKUS FRIEBEL
JOS VERSTEEG
THOMAS M BECKER
ERWIN DUT
LEE SIMPSON
SIMON F SCHAFER
VICTOR BARENO
SUMANT WAHI

Source
20F
ULT-AGG
ULT-AGG
ULT-AGG
20F
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
neutral
reduce
hold
outperform
reduce
outperform
overweight
hold
Overwt/Cautious
sector perform
hold
buy
overweight
hold
underweight
buy
hold
hold
buy
hold
overweight
hold
outperform
hold
buy
underperform
overweight
sell
hold
reduce
hold
hold
not rated
suspended coverage
neutral

Amt Held
62'977'877
51'453'097
36'311'008
22'878'489
20'992'625
8'980'030
8'028'537
4'226'859
3'325'708
2'855'626
2'504'815
1'645'738
1'451'319
1'245'488
1'164'538
1'036'267
1'033'023
990'324
855'324
842'648

% Out
15.35
12.54
8.85
5.58
5.12
2.19
1.96
1.03
0.81
0.7
0.61
0.4
0.35
0.3
0.28
0.25
0.25
0.24
0.21
0.21

Weighting

Change

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

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

Latest Chg
191'077
1'261'872
28'372
(621'636)
39'872
(71'809)
(147'819)
700'111
130'859
291'137
1'306
2'376
827'721

Target Price
50
40
43
58
53
60
57
56
56
#N/A N/A
52
62
65
60
#N/A N/A
63
47
45
60
52
59
50
59
57
58
40
53
40
50
40
50
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
06.02.2013
Other
06.02.2013
Investment Advisor
06.02.2013
Investment Advisor
22.03.2013
Investment Advisor
06.02.2013
n/a
01.07.2012
Corporation
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor

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

Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
13.03.2013
05.03.2013
26.02.2013
25.02.2013
25.02.2013
21.02.2013
12.02.2013
01.02.2013
29.01.2013
28.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
17.01.2013
15.01.2013
07.01.2013
06.01.2013
18.12.2012
23.11.2012
01.11.2012
11.07.2012

26.03.2013

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 (14.01.2013)
52-Week Low (31.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
14.65
8.16
2'629'546.00
12.71
-13.24%
55.86%
69.98%
1'556.9
19'787.86
23'475.00
0.0
2'740.0
21'646.00
24'356.86

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
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

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%
0.1%
5.31%
118.39%
-

LTM

12/yy
76'669.1
0.65x
0.0
0.00x
3'467.1
5.21x

12/yy
82'042.4
0.26x
0.0
0.00x
90.0
160.83x

FY+1

1.04
1'267.12
5.66%
-7.50%
1.043
31
2.613
9'535'383
8'866'133
8'111'964
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
76'163.8
77'581.3
0.29x
0.28x
2'005.4
2'234.7
9.67x
8.59x
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

A
NEG
118.4%
51.0%
-

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: info@qmsadv.com |

26.03.2013

Assicurazioni Generali SpA


Holdings By:

All

Holder Name
MEDIOBANCA SPA
BANCA D'ITALIA
DEA PARTICIPATIONS S
EFFETI SPA
DELFIN SARL
BLACKROCK
COMPASS SPA
VANGUARD GROUP INC
VIKING GLOBAL INVEST
VANGUARD GROUP INC
VM 2006 SRL
MERCURY ASSET MANAGE
PANTHEON 2000 SPA
MARKETFIELD ASSET MA
BNP PARIBAS INV PART
CALTAGIRONE EDITORE
GAMMA SRL
B&D FINANCE SA
ARCA SGR SPA
FINANZIARIA ITALIA 2

Firm Name
EVA Dimensions
Sanford C. Bernstein & Co
Macquarie
Exane BNP Paribas
AlphaValue
ICBPI
Banca IMI
Keefe, Bruyette & Woods
Independent Research GmbH
Equita SIM SpA
Mediobanca SpA
CA Cheuvreux
Banca Akros(ESN)
S&P Capital IQ
Main First Bank AG
Credit Suisse
Oddo & Cie
Nomura
JPMorgan
Day by Day
Barclays
Kepler Capital Markets
Morgan Stanley
Deutsche Bank
HSBC
Societe Generale
Natixis
Landesbank Baden-Wuerttemberg
Goldman Sachs
Hamburger Sparkasse
Redburn Partners
DZ Bank AG
Daiwa Securities Co. Ltd.

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

Analyst
AUSTIN BURKETT
THOMAS SEIDL
HADLEY COHEN
NICCOLO DALLA PALMA
JEROME CASSAGNE
ENRICO ESPOSTI
ELENA PERINI
RALPH HEBGEN
STEFAN BONGARDT
MATTEO GHILOTTI
GIANLUCA FERRARI
ATANASIO PANTARROTAS
MARCO CAVALLERI
RODERICK WALLACE
FEDERICO SALERNO
RICHARD BURDEN
NICOLAS JACOB
MICHAEL KLIEN
ANDREAS VAN EMBDEN
VALERIE GASTALDY
CLAUDIA GASPARI
GIANANTONIO VILLANI
DAVID ANDRICH
ROBIN BUCKLEY
KAILESH MISTRY
ABID HUSSAIN
BENOIT VALLEAUX
WERNER SCHIRMER
COLIN L SIMPSON
CHRISTIAN HAMANN
PAUL GOODHIND
WERNER EISENMANN
TIM PROUDLOVE

Source
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
Short
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
EXCH

Recommendation
sell
underperform
neutral
underperform
reduce
neutral
hold
market perform
sell
buy
neutral
underperform
hold
sell
outperform
underperform
neutral
reduce
neutral
hold
equalweight
buy
Underwt/In-Line
hold
neutral
buy
neutral
sell
not rated
hold
neutral
sell
hold

Amt Held
% Out
194'048'687 12.46
69'420'980
4.46
35'185'336
2.26
33'488'344
2.15
31'168'603
2
16'291'345
1.05
14'198'684
0.91
12'404'560
0.8
(11'832'237) -0.76
9'564'755
0.61
6'196'356
0.4
3'707'604
0.24
3'502'965
0.23
3'499'885
0.22
3'413'330
0.22
3'144'884
0.2
2'958'059
0.19
2'693'391
0.17
2'669'743
0.17
2'646'685
0.17

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

Change
D
M
M
M
D
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

Latest Chg
(22'379)
460'550
1'245'499
4'969
3'499'885
(55'034)
126'616
-

Target Price
#N/A N/A
9
13
13
13
14
14
13
13
16
15
11
14
11
16
14
14
12
14
#N/A N/A
12
16
13
15
16
16
14
12
#N/A N/A
#N/A N/A
#N/A N/A
10
16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
20.11.2012
Bank
30.11.2012
Government
30.11.2012
Investment Advisor
30.11.2012
Corporation
30.11.2012
Investment Advisor
22.03.2013
Investment Advisor
30.11.2012
Corporation
31.12.2012
Investment Advisor
13.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
30.11.2012
Other
22.03.2013
Investment Advisor
30.11.2012
Other
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Corporation
30.11.2012
Holding Company
30.11.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
30.11.2012
Unclassified

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

Date
25.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
04.03.2013
04.03.2013
22.02.2013
17.01.2013
16.01.2013
16.01.2013
15.01.2013
10.01.2013
09.01.2013
08.01.2013
11.12.2012
15.03.2012
21.12.2011
16.05.2011

26.03.2013

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
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 (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.02.2013
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
12/yy
14.68
8.65
1'373'483.00
13.74
-6.47%
58.84%
82.92%
2'389.8
32'836.16
10'662.00
6'059.0
2'355.0
30'546.00
15'307.16

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

10.0 M

4
5.0 M

2
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

15.0 M

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
114'689.0
0.13x
4'152.0
7.53x
5.81%
5.03%
0.56%
8.33%
7.16%
0.15%
3.6%
1.40%
19.87%
-

Price/ Cash Flow

LTM

FY+1

1.51
2'045.00
14.79%
2.92%
1.512
35
4.086
6'436'833
8'224'358
6'937'233
FY+2

FQ+1

FQ+2

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

12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0 100'555.2 102'337.0
#DIV/0!
0.45x
0.51x
0.0
0.00x
0.0
4'700.7
5'037.4
0.00x
6.97x
6.53x
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
19.9%
Total Debt/Capital
16.0%
Asset Turnover
0.15
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

3.00

140'000.0

2.50

120'000.0
100'000.0

2.00

80'000.0
1.50

60'000.0

1.00

40'000.0

0.50

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

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: info@qmsadv.com |

26.03.2013

AXA SA
Holdings By:

All

Holder Name
MUTUELLES AXA
AMUNDI
BNP PARIBAS INV PART
CAPITAL GROUP COMPAN
HARBOR CAPITAL ADVIS
BLACKROCK
FRANKLIN RESOURCES
LANSDOWNE UK EQUITY
NATIXIS ASSET MANAGE
VANGUARD GROUP INC
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
LBPAM
AVIVA PLC
FMR LLC
AMUNDI
TEMPLETON INVESTMENT
MERCURY ASSET MANAGE
DIMENSIONAL FUND ADV
ING INVESTMENT MANAG

Firm Name

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

Analyst

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

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

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

Amt Held
% Out
342'767'775 14.34
91'682'238
3.84
79'973'621
3.35
65'131'985
2.73
50'254'088
2.1
48'017'589
2.01
35'243'907
1.47
(20'395'259) -0.85
19'768'792
0.83
18'896'417
0.79
14'453'235
0.6
12'758'066
0.53
11'629'095
0.49
10'723'804
0.45
7'885'132
0.33
7'000'250
0.29
5'835'130
0.24
5'664'606
0.24
4'466'038
0.19
4'309'635
0.18

Weighting

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

M
M
M
N
D
D
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
(20'493'797)
(78'613)
2'125'718
(9'366)
2'656'159
(323'861)
(7'936'172)
(2'318'038)
730'180
255'752
(143'415)
(3'360)
(13'091'874)
(52'090)
7'582
(9'429)

Target Price
19
16
17
21
#N/A N/A
#N/A N/A
18
16
17
15
#N/A N/A
16
18
18
18
17
14
15
23
14
15
10
14
18
16
16
20
18
16
15
#N/A N/A
12
16
14
21
16
22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Insurance Company
15.05.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
16.09.2011
Unclassified
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Mutual Fund Manager
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Investment Advisor

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

Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
21.03.2013
19.03.2013
18.03.2013
08.03.2013
07.03.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
24.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
15.02.2013
11.02.2013
04.02.2013
30.01.2013
24.01.2013
23.01.2013
16.01.2013
10.01.2013
07.01.2013
05.12.2012
22.11.2012
08.11.2012
07.11.2012
20.12.2011
05.10.2011
06.06.2011
17.02.2011

26.03.2013

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

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

600.0 M
500.0 M

12/2012
12/yy
7.86
4.31
14'095'962.00
7.039
-10.40%
63.32%
76.80%
5'448.9
38'354.45
226'217.00
0.0
2'372.0
63'956.00
-

400.0 M

300.0 M

200.0 M

100.0 M

1
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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
41'508.0
5'020.0
6.41x

700.0 M

8
7

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (23.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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

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
11.74x

31.12.2012
35'222.0
1'676.0
28.56x
5.89%
6.89%
0.27%
4.21%
0.88%
0.04%
7.0%
35.47%
546.02%
-

LTM

12/yy
20'977.0
0.00x
0.0
0.00x
3'004.0
11.25x

12/yy
22'861.0
0.00x
0.0
0.00x
1'676.0
27.22x

FY+1

1.22
5'268.16
22.86%
2.45%
1.224
43
3.488
58'466'950
46'536'140
67'781'880
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'334.4
24'586.3
5'931.0
6'071.0
4'549.6
5'107.3
1'169.0
1'168.0
9.05x
8.03x
10.35x
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
3.93
-

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: info@qmsadv.com |

26.03.2013

Banco Bilbao Vizcaya Argentaria SA


Holdings By:

All

Holder Name
BNP PARIBAS SA
INVERAVANTE INVERSIO
BLACKROCK
VANGUARD GROUP INC
JANUS CAPITAL MANAGE
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
FMR LLC
BNP PARIBAS INV PART
OPPENHEIMERFUNDS INC
MERCURY ASSET MANAGE
CORP GNRAL FINANCIER
UMB BANK N A
NATIXIS ASSET MANAGE
DEKA INVESTMENT GMBH
SWEDBANK ROBUR FONDE
SANTANDER ASSET MGMT
CREDIT SUISSE ASSET
ALLIANZ ASSET MANAGE
PIONEER INVESTMENT M

Firm Name

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

Analyst

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

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

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

Amt Held
184'725'823
160'934'820
74'694'018
59'867'255
46'627'136
42'699'687
38'166'132
34'776'596
25'945'674
18'375'918
16'143'314
10'870'987
10'811'646
9'521'867
7'802'767
7'760'019
7'718'009
7'169'179
6'810'379
6'002'218

% Out
3.39
2.95
1.37
1.1
0.86
0.78
0.7
0.64
0.48
0.34
0.3
0.2
0.2
0.17
0.14
0.14
0.14
0.13
0.12
0.11

Weighting

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

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

Latest Chg
22'455'188
(86'470'698)
3'440'401
3'027'039
(9'198'725)
587'169
5'369'252
(5'617'228)
268'712
20'241
2'209'334
(3'610'744)
4'703'508
1'553'396
(2'806'444)
(121'826)
2'789'705
958'831

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
07.01.2013
24.07.2012
22.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
22.03.2013
19.10.2012
31.01.2013
31.01.2013
28.12.2012
31.12.2012
30.09.2012
31.01.2013
31.01.2013
31.12.2012

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

Inst Type
Bank
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
20.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
04.03.2013
04.03.2013
27.02.2013
27.02.2013
15.02.2013
12.02.2013
12.02.2013
11.02.2013
07.02.2013
06.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
28.01.2013
23.01.2013
17.01.2013
10.01.2013
08.01.2013
04.01.2013
23.10.2012
24.08.2012
19.06.2012
06.02.2012

26.03.2013

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 (23.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 14.01.2013
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
12/yy
6.68
3.98
25'421'288.00
5.457
-18.34%
37.25%
53.22%
10'538.7
57'509.59
367'524.00
0.0
9'672.0
182'116.00
-

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

700.0 M

600.0 M

500.0 M

400.0 M

300.0 M

200.0 M

100.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

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
9.74x

31.12.2012
43'575.0
2'205.0
26.44x
24.02%
12.39%
0.17%
2.92%
0.65%
0.03%
5.1%
28.95%
492.30%
-

LTM

12/yy
44'219.0
0.00x
0.0
0.00x
5'351.0
9.70x

12/yy
43'575.0
0.00x
0.0
0.00x
2'205.0
25.61x

FY+1

1.17
10'341.30
3.34%
-8.43%
1.171
42
2.857
82'515'660
73'113'590
75'098'120
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
44'466.5
46'635.0
11'268.0
11'390.0
6'311.5
7'521.8
1'408.0
1'407.0
9.26x
7.95x
8.46x
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
492.3%
81.3%
0.03
3.19
-

Sales/Revenue/Turnover

90'000.0
80'000.0

1.00
0.80

70'000.0
60'000.0
50'000.0

0.60

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: info@qmsadv.com |

26.03.2013

Banco Santander SA
Holdings By:

All

Holder Name
STATE STREET
BANK OF NEW YORK MEL
BNP PARIBAS SA
CAPITAL GROUP COMPAN
BARCLAYS PLC
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
DE LOS RIOS EMILIO B
DODGE & COX
ASSICURAZIONI GENERA
HARRIS ASSOCIATES LP
BANCO SANTANDER SA
BNP PARIBAS INV PART
CARMIGNAC GESTION
MERCURY ASSET MANAGE
FRANKLIN RESOURCES
FMR LLC
LBPAM
O'SHEA JAVIER BOTIN-

Firm Name

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

Analyst

Mediobanca SpA
ANDREA FILTRI
Ahorro Corporacion Financiera SA
IRMA GARRIDO
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Natixis
FREDERIC TESCHNER
La Caixa
DAVID FERNANDEZ
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
Bankia Bolsa (ESN)
JAVIER BERNAT
Kepler Capital Markets
ALEJANDRO RUYRA DE ANDRADE
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
Credit Suisse
IGNACIO CEREZO
Keefe, Bruyette & Woods
ANTONIO RAMIREZ
Espirito Santo Investment Bank Research
JUAN PABLO LOPEZ
BPI
CARLOS JOAQUIM PEIXOTO
AlphaValue
DAVID GRINSZTAJN
Oddo & Cie
JULIE LEGRAND
Day by Day
VALERIE GASTALDY
EVA Dimensions
AUSTIN BURKETT
Banco Sabadell
MARIO LODOS
Banesto Bolsa SA Sociedad
JUAN ALBERTO TUESTA VILANOVA
Morgan Stanley
ALVARO SERRANO
JPMorgan
JAIME BECERRIL
Hamburger Sparkasse
CHRISTIAN HAMANN
RBC Capital Markets
PATRICK LEE
Macquarie
BENJIE CREELAN-SANDFORD
Independent Research GmbH
STEFAN BONGARDT
Nomura
DARAGH QUINN
S&P Capital IQ
WILLIAM HOWLETT
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
BBVA
IGNACIO ULARGUI
HSBC
CARLO DIGRANDI
Barclays
ROHITH CHANDRA-RAJAN
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
CA Cheuvreux
ADRIAN ZUNZUNEGUI RUANO
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN

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

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

Amt Held
866'045'236
555'448'975
341'264'391
243'314'406
227'263'557
151'615'535
138'161'167
80'954'358
79'184'471
53'673'238
50'134'290
43'495'798
42'192'066
39'434'500
39'143'000
30'578'576
27'695'932
19'224'262
16'712'670
16'280'026

% Out
8.22
5.27
3.24
2.31
2.16
1.44
1.31
0.77
0.75
0.51
0.48
0.41
0.4
0.37
0.37
0.29
0.26
0.18
0.16
0.15

Weighting

Change

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

M
M
M
M
D
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
M
D
M
M

Latest Chg
20'454
86'154'727
(56'807'364)
2'496'892
10'545'834
(240'126)
447'012
586'726
(3'431'125)
38'354
(2'001'686)
1'930'244
(436'850)
937

Target Price
4
6
7
5
6
5
6
6
5
6
6
7
6
7
9
9
#N/A N/A
#N/A N/A
7
#N/A N/A
7
6
#N/A N/A
6
5
7
6
5
6
8
8
6
4
#N/A N/A
#N/A N/A
7
5
6
4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2011
Investment Advisor
14.01.2013
Bank
31.12.2012
Investment Advisor
03.05.2011
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
05.03.2013
n/a
29.01.2013
Investment Advisor
01.10.2011
Insurance Company
31.12.2012
Investment Advisor
31.12.2011
Bank
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
31.01.2013
n/a

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

Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
20.03.2013
20.03.2013
19.03.2013
14.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
08.03.2013
07.03.2013
07.03.2013
27.02.2013
27.02.2013
26.02.2013
15.02.2013
13.02.2013
12.02.2013
11.02.2013
06.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
28.01.2013
23.01.2013
14.01.2013
10.01.2013
08.01.2013
04.01.2013
23.10.2012
24.08.2012
22.08.2012
28.06.2012
23.05.2012

26.03.2013

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

8.0 M

50

12/2012
12/yy
76.20
51.13
972'372.00
69.93
-8.24%
36.77%
73.55%
918.5
64'229.21
13'355.00
0.0
1'224.0
1'800.00
77'008.22

6.0 M

30

4.0 M

20
2.0 M

10
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

10.0 M

60
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (28.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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

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

12.0 M

70

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

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
78'729.0
0.99x
12'583.0
6.21x
4'879.0
13.40x
12'583.00
9'022.00
11.46%
10.72%
7.78%
20.03%
14.67%
1.25%
26.3%
16.0%
11.5%
6.2%
1.66
0.69
20.76%
54.33%
7.49
5.81

Price/ Cash Flow

LTM

12/yy
73'497.0
3.54x
11'855.0
5.20x
6'188.0
8.00x

12/yy
78'729.0
3.62x
12'583.0
6.21x
4'879.0
13.40x

FY+1

1.07
854.55
8.46%
-1.71%
1.067
40
3.800
3'709'083
3'079'755
2'651'788
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
81'255.8
80'368.4
21'598.8
20'076.0
0.95x
0.93x
3.52x
3.84x
12'846.6
13'587.8
3'507.0
3'438.0
6.00x
5.67x
6.06x
5'368.9
5'824.2
1'618.0
1'469.0
11.71x
10.88x
11.82x
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
16.73
11.22
0.92
1.06
54.3%
34.1%
1.25
4.36
48.87
63.04
31.03
80.88

Sales/Revenue/Turnover

12.00

90'000.0
80'000.0

10.00

70'000.0
60'000.0

8.00

50'000.0
6.00

40'000.0
30'000.0

4.00

20'000.0
2.00
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

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: info@qmsadv.com |

26.03.2013

BASF SE
Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
DEUTSCHE BANK AG
UNION INVESTMENT GMB
FMR LLC
DB PLATINUM ADVISORS
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
DEKA INVESTMENT GMBH
ADIG INVESTMENT
BNP PARIBAS INV PART
MERCURY ASSET MANAGE
FRANKFURT TRUST INVE
UNION INVESTMENT LUX
SEB
ETFLAB INVESTMENT GM
T ROWE PRICE ASSOCIA
SWEDBANK ROBUR FONDE
NATIXIS ASSET MANAGE

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

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

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

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

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

Amt Held
63'927'154
12'764'100
11'343'571
11'072'038
7'816'891
7'728'029
7'464'197
7'218'080
6'827'084
3'833'502
3'562'928
3'382'122
2'723'078
2'394'986
2'052'900
2'000'933
1'827'520
1'605'194
1'494'928
1'446'357

% Out
6.96
1.39
1.24
1.21
0.85
0.84
0.81
0.79
0.74
0.42
0.39
0.37
0.3
0.26
0.22
0.22
0.2
0.17
0.16
0.16

Weighting

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

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

Latest Chg
933'000
813'771
(195'542)
3'435
(1'894'889)
1'313'530
(273'418)
150'348
4'200
(16'461)
3'410
(1'000)
251'750
85'942
3'283
(18'792)
95'786
(1'093'863)

Target Price
73
73
79
75
60
86
75
78
74
85
80
83
78
80
78
72
87
66
81
84
#N/A N/A
68
85
85
75
88
#N/A N/A
71
80
75
#N/A N/A
79
65
60
76
#N/A N/A
65
81
60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.12.2012 Mutual Fund Manager
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
22.03.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
28.09.2012
Investment Advisor
31.01.2013
Unclassified
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager

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

Date
25.03.2013
25.03.2013
21.03.2013
20.03.2013
20.03.2013
13.03.2013
12.03.2013
07.03.2013
06.03.2013
05.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
18.02.2013
15.02.2013
04.02.2013
01.02.2013
17.01.2013
06.12.2012
20.11.2012
25.10.2012
03.10.2012
26.09.2012
27.02.2012
05.01.2012
29.10.2010

26.03.2013

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
90

12.0 M

80

10.0 M

70
60

8.0 M

50

12/2012
12/yy
80.71
47.63
511'464.00
79.2
-1.93%
66.30%
95.13%
826.9
65'494.27
9'532.00
0.0
100.0
2'551.00
72'575.26

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

30

4.0 M

20

2.0 M

10
0
m-12

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

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%
4.70%
12.98%
0.76%
52.1%
21.6%
14.2%
6.2%
1.45
0.76
18.57%
51.61%
5.49
2.86

Price/ Cash Flow

j-12

j-12

LTM

12/yy
36'528.0
5.33x
8'963.0
5.36x
2'470.0
16.52x

a-12

12/yy
39'760.0
5.89x
8'605.0
7.73x
2'446.0
24.29x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

0.96
826.95
51.69%
10.17%
0.964
38
3.816
2'403'161
2'420'970
2'195'789
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
41'540.8
43'629.9
10'500.3
10'590.3
1.72x
1.59x
8'798.2
9'453.7
2'515.5
2'276.0
8.25x
7.68x
8.23x
4'673.7
5'191.6
1'466.5
1'294.0
13.44x
12.17x
13.32x
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
0.81
1.11
51.6%
33.9%
0.76
4.04
66.70
128.16
75.11
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

a-12 m-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
32'918.0
1.40x
6'702.0
6.86x
1'719.0
18.72x

6.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.02.2013
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

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

Bayer AG
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
FMR LLC
DODGE & COX
VANGUARD GROUP INC
SUN LIFE FINANCIAL I
MORGAN STANLEY
DEUTSCHE BANK AG
DB PLATINUM ADVISORS
VANGUARD GROUP INC
BANK OF NEW YORK MEL
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
ALLIANZ ASSET MANAGE
BNP PARIBAS INV PART
T ROWE PRICE ASSOCIA
CI INVESTMENTS INC
ADIG INVESTMENT
MERCURY ASSET MANAGE
TIAA CREF INVESTMENT

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

Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
ODILE RUNDQUIST
PETER SPENGLER
FLORENT CESPEDES
MARTIN SCHNEE
DANIEL WENDORFF
NORBERT BARTH
JEFFREY HOLFORD
ALISTAIR CAMPBELL
BEATRICE MUZARD
MARIETTA MIEMIETZ
SHO MATSUBARA
RICHARD VOSSER
JEREMY REDENIUS
ANDREW S ZAMFOTIS
LAURENT FLAMME
STEPHEN MCGARRY
ULLE WORNER
MARCO GUENTHER
JEAN DE WATTEVILLE
VALERIE GASTALDY
THORSTEN STRAUSS
JOHANNA WALTON
CHRISTIAN FAITZ
SEBASTIAN FRERICKS
MARK PURCELL
CHRISTOPH SCHOENDUBE
ULRICH HUWALD
ERIC LE BERRIGAUD
RAKESH PATEL
FABIAN WENNER
TIM RACE
TEAM COVERAGE
RONALD KOEHLER
CLAUDIA LAKATOS
MARTA DIAZ
NARESH CHOUHAN

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

Recommendation
accumulate
buy
neutral
reduce
buy
hold
hold
buy
buy
accumulate
hold
overweight
market perform
buy
outperform
hold
buy
hold
neutral
hold
sell
outperform
outperform
buy
underweight
hold
hold
buy
neutral/neutral
buy
buy
neutral
outperform
neutral
buy
overweight

Amt Held
99'286'793
63'671'516
15'106'150
11'899'870
11'028'402
8'812'434
8'564'198
7'534'779
7'532'781
6'512'673
6'298'642
5'937'955
5'795'523
5'770'395
5'155'549
3'647'992
3'035'802
3'035'138
2'450'000
2'406'227

% Out
12.01
7.7
1.83
1.44
1.33
1.07
1.04
0.91
0.91
0.79
0.76
0.72
0.7
0.7
0.62
0.44
0.37
0.37
0.3
0.29

Weighting

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

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
M
M
M
N
M

Latest Chg
(3'516'978)
(376'074)
12'931
(349'533)
(518'224)
118'983
2'307'304
129'068
279'716
(211'094)
227'355
(1'063'717)
356'211
(32'100)
45'000
3'064
(149'624)

Target Price
82
80
76
81
90
66
79
85
90
75
79
95
75
#N/A N/A
82
74
85
#N/A N/A
84
#N/A N/A
65
83
83
90
68
76
75
75
82
76
86
#N/A N/A
80
63
#N/A N/A
76

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
03.05.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
28.09.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
22.03.2013
Investment Advisor
31.01.2013
Investment Advisor

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

Date
25.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
15.03.2013
12.03.2013
07.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
25.02.2013
12.12.2012
26.11.2012
20.11.2012
30.10.2012
05.03.2012
15.09.2010

26.03.2013

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

7.0 M

70

6.0 M

60

5.0 M

50

Latest Fiscal Year:


LTM as of:
52-Week High (02.01.2013)
52-Week Low (26.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
76.16
53.16
583'961.00
69.61
-8.61%
30.94%
72.13%
602.0
44'719.00
69'507.00
0.0
107.0
12'982.00
101'351.01

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

3.0 M

30
20

2.0 M

10

1.0 M

0
m-12

31.12.2009
31.12.2010
50'681.0
60'477.0
1.40x
1.49x
9'311.0
9'087.0
7.59x
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%
3.99%
17.78%
5.87%
0.60%
20.2%
15.6%
10.8%
6.6%
1.04
0.32
52.72%
229.43%
26.75
6.34

Price/ Cash Flow

m-12

j-12

j-12

LTM

12/yy
68'821.0
5.13x
11'677.0
7.75x
4'881.0
6.95x

a-12

12/yy
76'848.0
5.09x
12'014.0
8.70x
5'096.0
9.39x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

1.08
323.27
5.09%
-4.55%
1.078
38
3.895
2'238'892
1'899'492
1'704'613
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
79'682.3
83'523.6
0.60x
0.57x
12'733.7
13'186.0
7.96x
7.69x
5'108.9
5'275.6
8.92x
8.67x
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
4.70
5.79
229.4%
69.6%
0.60
2.12
13.68
57.75
34.90
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
11'231.0
5.64x
324.0
44.10x

4.0 M

40

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

Bayerische Motoren Werke AG


Holdings By:

All

Holder Name
QUANDT STEFAN
QUANDT JOHANNA
KLATTEN SUSANNE
BLACKROCK
CAPITAL GROUP COMPAN
WADDELL & REED FINAN
FMR LLC
DODGE & COX
VANGUARD GROUP INC
DB PLATINUM ADVISORS
UNION INVESTMENT GMB
DEUTSCHE BANK AG
DEKA INVESTMENT GMBH
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
SEB
WILLIAM BLAIR & COMP
BNP PARIBAS INV PART
ADIG INVESTMENT
FRANKFURT TRUST INVE

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

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

Analyst
MAX WARBURTON
MICHAEL PUNZET
MICHAEL RAAB
RABIH FREIHA
DANIEL SCHWARZ
CHRISTIAN BREITSPRECHER
FRANK SCHWOPE
JOSE ASUMENDI
FRANK BILLER
ZAFER RUZGAR
FRANCOIS MAURY
MARC-RENE TONN
TIM SCHULDT
HANS-PETER WODNIOK
CRAIG STERLING
STUART PEARSON
ERICH HAUSER
PHILIPPE BARRIER
VALERIE GASTALDY
CARLO R BESENIUS
RODERICK BRIDGE
CHRISTIAN LUDWIG
JUERGEN PIEPER
CHARLES WINSTON
HORST SCHNEIDER
VIRGINIA PEREZ REPES
STEFAN BURGSTALLER
GEORGES DIENG
LOTHAR LUBINETZKI
TINA HECKING-VELTMAN
THOMAS BESSON
KRISTINA CHURCH
JIRI SIMARA
ALBRECHT DENNINGHOFF
NORBERT KALLIWODA
JOCHEN GEHRKE
MICHAEL BROEKER

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

Recommendation
outperform
sell
buy
neutral
add
neutral
sell
overweight
hold
buy
reduce
buy
buy
add
hold
Equalwt/In-Line
outperform
buy
hold
buy
strong buy
buy
sell
buy
neutral
strong buy
neutral/attractive
buy
outperform
hold
outperform
overweight
accumulate
not rated
buy
hold
buy

Amt Held
104'747'161
98'125'214
75'851'392
36'141'000
14'833'170
8'265'500
7'021'307
6'403'800
3'796'472
3'474'386
2'987'994
2'917'838
2'667'376
2'575'521
2'407'518
1'314'060
1'310'054
1'212'415
1'200'968
1'149'062

% Out
17.4
16.3
12.6
6
2.46
1.37
1.17
1.06
0.63
0.58
0.5
0.48
0.44
0.43
0.4
0.22
0.22
0.2
0.2
0.19

Weighting

Change

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

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

Latest Chg
(180'026)
113'170
(130'000)
204'186
289'797
(1'064'286)
120'702
6'788
(191'841)
(414'675)
12'465
28'645
45'585
380'695
-

Target Price
90
65
83
74
87
80
61
95
70
90
60
84
88
82
#N/A N/A
79
80
83
#N/A N/A
87
83
90
64
#N/A N/A
82
83
92
82
77
#N/A N/A
85
84
66
#N/A N/A
81
68
100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
n/a
31.12.2012
n/a
31.12.2012
n/a
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
28.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013 Mutual Fund Manager

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

Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
19.02.2013
12.02.2013
01.02.2013
01.02.2013
10.01.2013
10.12.2012
26.11.2012
08.11.2012
07.11.2012
07.11.2012
29.10.2012
16.10.2012
06.06.2012
26.03.2012
05.01.2012

26.03.2013

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

18.0 M
16.0 M

50

14.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.01.2013)
52-Week Low (30.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
47.92
24.54
2'075'750.00
40.355
-15.87%
64.48%
65.83%
1'242.3
50'131.48
1'012'615.00
7'241.0
8'536.0
139'568.00
-

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
m-12

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

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
68'664.0
6'553.0
8.25x
22.58%
22.58%
0.34%
8.93%
0.63%
0.05%
14.3%
53.09%
1287.58%
-

Price/ Cash Flow

j-12

LTM-4Q

LTM

12/yy
11'685.0
0.00x
0.0
0.00x
6'050.0
6.02x

12/yy
2'593.0
0.00x
0.0
0.00x
6'553.0
7.78x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

1.53
1'096.19
12.55%
-5.24%
1.528
37
4.216
6'051'194
4'986'330
4'274'194
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
40'100.7
41'381.3
10'526.0
10'144.0
6'165.6
7'031.9
1'658.0
1'498.0
8.05x
7.04x
8.57x
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
4.07
-

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 m-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

12.0 M

30

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

BNP Paribas SA
Holdings By:

All

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

Firm Name

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

Analyst

Keefe, Bruyette & Woods


JEAN-PIERRE LAMBERT
Mediobanca SpA
ANTONIO GUGLIELMI
RBC Capital Markets
ANKE REINGEN
Redburn Partners
GEORGE KARAMANOS
AlphaValue
CHRISTOPHE NIJDAM
Societe Generale
SEBASTIEN LEMAIRE
Macquarie
PIERS BROWN
Day by Day
VALERIE GASTALDY
S&P Capital IQ
WILLIAM HOWLETT
Credit Suisse
MAXENCE LE GOUVELLO
Grupo Santander
AURELIA FAURE
JPMorgan
DELPHINE LEE
Oddo & Cie
JEAN SASSUS
Barclays
JEREMY SIGEE
HSBC
ROBIN DOWN
Deutsche Bank
FLORA BENHAKOUN
Kepler Capital Markets
BENOIT PETRARQUE
Nomura
JON PEACE
Morgan Stanley
THIBAULT NARDIN
Landesbank Baden-Wuerttemberg
INGO FROMMEN
CA Cheuvreux
CYRIL MEILLAND
Hamburger Sparkasse
CHRISTIAN HAMANN
Banco Sabadell
MARIO LODOS
Natixis
ALEX KOAGNE
Main First Bank AG
FEDERICO SALERNO
Independent Research GmbH
STEFAN BONGARDT
CM - CIC Securities(ESN)
PIERRE CHEDEVILLE
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Espirito Santo Investment Bank Research
ANDREW LIM
Goldman Sachs
JEAN-FRANCOIS NEUEZ
Berenberg Bank
JAMES CHAPPELL
EVA Dimensions
AUSTIN BURKETT
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN

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

Recommendation
outperform
neutral
outperform
buy
add
buy
underperform
hold
buy
outperform
buy
neutral
buy
overweight
overweight
hold
buy
buy
Overwt/In-Line
hold
select list
hold
buy
buy
outperform
buy
buy
buy
neutral
Buy/Neutral
sell
hold
hold
buy
buy

Amt Held
129'166'979
66'464'562
23'278'745
18'754'945
16'235'239
16'011'192
14'387'267
12'540'483
12'412'585
9'991'341
7'954'017
5'974'782
5'548'626
5'066'891
5'050'237
4'981'512
3'846'420
3'793'501
3'752'412
3'700'000

% Out
10.4
5.35
1.87
1.51
1.31
1.29
1.16
1.01
1
0.8
0.64
0.48
0.45
0.41
0.41
0.4
0.31
0.31
0.3
0.3

Weighting

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

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
M
M
N
M
M
M
M

Latest Chg
21'613
(517'367)
760'566
(4'223'421)
620'876
476'466
215'029
(227'174)
(313'400)
(6'900)
(63'407)
(358'290)
50'313
263'565
(1'668'815)
-

Target Price
57
47
55
#N/A N/A
48
56
41
#N/A N/A
50
59
55
48
55
54
55
52
50
56
55
48
56
#N/A N/A
48
61
55
53
56
49
43
70
25
#N/A N/A
#N/A N/A
50
39

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Government
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.10.2012 Mutual Fund Manager
31.12.2012 Mutual Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor

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

Date
26.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
04.03.2013
28.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
06.02.2013
30.01.2013
28.01.2013
28.01.2013
17.01.2013
23.10.2012
19.06.2012
08.05.2012

26.03.2013

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
25

16.0 M
14.0 M

20

12.0 M
10.0 M

15

8.0 M

Valuation Analysis

10

Latest Fiscal Year:


LTM as of:
52-Week High (08.03.2013)
52-Week Low (11.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
09/yy
23.03
12.87
416'968.00
21.48
-6.77%
66.90%
82.68%
709.2
15'233.93
11'246.00
0.0
874.0
6'925.00
20'428.93

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

4.0 M
2.0 M

0
m-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
80'455.0
0.25x
3'894.0
5.08x
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
76'789.0
0.25x
1'233.0
88.09x
3'894.00
1'433.00
1.87%
0.81%
2.63%
17.48%
1.64%
19.9%
3.3%
1.9%
1.6%
0.90
0.41
35.43%
216.96%
31.18
9.84

Price/ Cash Flow

j-12

j-12

LTM

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

a-12

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

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

1.13
561.21
20.75%
11.04%
1.127
39
3.487
3'019'122
3'332'659
3'142'015
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
78'966.2
81'450.4
22'980.3
0.26x
0.25x
3'871.5
4'119.4
5.29x
4.98x
999.9
1'135.0
14.85x
13.06x
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
STABLE
16.04.2010
A-2
6.25
2.51
3.76
4.73
217.0%
66.0%
1.64
5.84
11.74
37.20
85.80
-36.86

Sales/Revenue/Turnover

9.00

100'000.0

8.00

90'000.0

7.00

80'000.0
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 m-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
14.82x

6.0 M

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

Carrefour SA
Holdings By:

All

Holder Name
BLUE CAPITAL SARL
SOCIETE GENERALE
BLUE PARTICIPATIONS
AMUNDI SA
COLONY BLUE INVESTOR
FIRST EAGLE INVESTME
SOCIETE GEN GESTION
MANNING & NAPIER ADV
NATIXIS ASSET MANAGE
MACKENZIE FINANCIAL
BLACKROCK
VANGUARD GROUP INC
CARREFOUR SA
AKO CAPITAL LLP
GROUPE ARNAULT SAS
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
FRANKLIN RESOURCES
LBPAM
AMUNDI

Firm Name

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

Analyst

Hammer Partners SA
STEPHAN SEIP
AlphaValue
VIRGINIE BLIN
CM - CIC Securities(ESN)
CHRISTIAN DEVISMES
Jyske Bank
ROBERT JAKOBSEN
Cantor Fitzgerald
MICHAEL J DENNIS
Nomura
NICK COULTER
Independent Research GmbH
ZAFER RUZGAR
Redburn Partners
MARC DE SPEVILLE
Deutsche Bank
SALLY RONALD
Credit Suisse
XAVIER LE MENE
Main First Bank AG
RICKIN THAKRAR
Raymond James
CEDRIC LECASBLE
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Oddo & Cie
LAURENCE HOFMANN
Natixis
PIERRE-EDOUARD BOUDOT
Exane BNP Paribas
JOHN KERSHAW
Commerzbank Corporates & Markets JUERGEN ELFERS
Morgan Stanley
EDOUARD AUBIN
JPMorgan
JAIME VAZQUEZ
Jefferies
JAMES GRZINIC
S&P Capital IQ
WILLIAM MACK
Barclays
NICOLAS CHAMP
Day by Day
VALERIE GASTALDY
Espirito Santo Investment Bank Research
CAROLINE GULLIVER
Banco Sabadell
MARTA DIAZ
Baader Bank
VOLKER BOSSE
Shore Capital Stockbrokers
CLIVE WILLIAM BLACK
Aurel - BGC
JEAN-MARIE L'HOME
EVA Dimensions
AUSTIN BURKETT
Kepler Capital Markets
FABIENNE CARON
Macquarie
SREEDHAR MAHAMKALI
HSBC
JEROME SAMUEL
Goldman Sachs
FRANKLIN WALDING
CA Cheuvreux
ARNAUD JOLY
Hamburger Sparkasse
CHRISTIAN HAMANN
Nord/LB
WOLFGANG VASTERLING
DZ Bank AG
CHRISTIAN DOUGLAS
Equita SIM SpA
FABIO FAZZARI

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

Recommendation
hold
add
buy
strong buy
buy
neutral
hold
buy
hold
outperform
outperform
market perform
hold
buy
buy
outperform
hold
Overwt/In-Line
overweight
hold
sell
equalweight
buy
buy
sell
sell
corporate
buy
sell
buy
outperform
neutral
neutral/neutral
underperform
sell
sell
sell
hold

Amt Held
% Out
64'047'813
9.03
31'310'832
4.41
25'359'996
3.58
23'161'032
3.27
15'166'770
2.14
12'514'112
1.76
8'353'963
1.18
8'126'922
1.15
7'809'733
1.1
7'552'796
1.06
6'421'564
0.91
6'313'630
0.89
5'598'650
0.79
(5'531'875) -0.78
5'156'752
0.73
4'806'506
0.68
3'440'346
0.49
2'387'980
0.34
2'260'463
0.32
1'939'988
0.27

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

Change
U
U
M
M
M
M
M
U
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

Latest Chg
(14'638'655)
1'806'945
10'661
(724'500)
(50'861)
454'748
290'035
51'232
(947'010)
1'018'888
(214'082)

Target Price
21
24
26
26
32
20
24
#N/A N/A
25
25
24
#N/A N/A
23
27
25
24
22
25
25
20
19
20
24
25
22
17
#N/A N/A
23
#N/A N/A
26
22
19
20
16
#N/A N/A
#N/A N/A
16
22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2011
20.06.2012
31.12.2011
11.07.2011
31.12.2011
30.09.2012
11.07.2011
31.12.2012
31.01.2013
31.12.2012
22.03.2013
31.12.2012
31.12.2011
17.01.2013
31.12.2011
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.10.2012

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

Inst Type
Other
Bank
Holding Company
Other
Other
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager

Date
25.03.2013
21.03.2013
20.03.2013
18.03.2013
15.03.2013
13.03.2013
12.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
19.02.2013
18.02.2013
15.02.2013
12.02.2013
18.01.2013
17.01.2013
17.01.2013
19.12.2012
12.12.2012
05.12.2012
26.11.2012
19.10.2012
03.09.2012
10.07.2012
31.01.2012
12.01.2012

26.03.2013

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
40

8.0 M

25
20

12/2012
12/yy
35.44
23.90
553'287.00
29.82
-15.91%
24.77%
50.95%
531.1
15'838.17
12'669.00
0.0
412.0
4'179.00
24'740.17

6.0 M

15

4.0 M

10
2.0 M

5
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

10.0 M

30

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (02.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 29.01.2013
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

31.12.2008
43'800.0
0.56x
5'263.0
4.68x
1'378.0
9.15x

12.0 M

35

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
2'637.0
9.87x
766.0
22.07x
2'637.00
1'087.00
2.52%
2.94%
1.63%
4.35%
4.86%
0.92%
6.1%
6.1%
2.5%
1.8%
1.31
0.67
26.66%
72.65%
8.34
6.43

Price/ Cash Flow

LTM

12/yy
42'116.0
0.00x
0.0
0.00x
0.0
0.00x

12/yy
43'198.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

1.25
460.13
-10.09%
-7.45%
1.249
30
3.433
1'930'998
2'133'740
1'950'587
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
43'006.3
44'475.5
9'924.0
10'981.0
0.56x
0.53x
4'425.2
4'804.0
5.61x
5.17x
1'260.1
1'562.0
12.22x
10.12x
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

24.07.2009
BBB
NEG
30.04.2004
A-2
8.99
5.36
3.22
4.80
72.6%
41.5%
0.92
3.09
43.88
56.89
55.34
45.44

Sales/Revenue/Turnover

12.00

50'000.0
45'000.0

10.00

40'000.0
35'000.0

8.00

30'000.0

6.00

25'000.0
20'000.0

4.00

15'000.0
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

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: info@qmsadv.com |

26.03.2013

Cie de St-Gobain
Holdings By:

All

Holder Name
WENDEL INVESTISSEMEN
FONDS DU PLAN D EPAR
AMUNDI SA
CAISSE DES DEPOTS ET
GROUPAMA SA
CIE DE SAINT GOBAIN
HARBOR CAPITAL ADVIS
COGEMA
BLACKROCK
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
VANGUARD GROUP INC
PREDICA
AVIVA PLC
SOCIETE GEN GESTION
FMR LLC
DODGE & COX
AMUNDI
JP MORGAN
DIMENSIONAL FUND ADV

Firm Name
Raymond James
Aurel - BGC
EVA Dimensions
Oddo & Cie
Exane BNP Paribas
Day by Day
Berenberg Bank
Deutsche Bank
Redburn Partners
AlphaValue
Societe Generale
Credit Suisse
Sanford C. Bernstein & Co
Jefferies
Independent Research GmbH
Kepler Capital Markets
Bryan Garnier & Cie
Natixis
S&P Capital IQ
Liberum Capital Ltd
Goldman Sachs
HSBC
Morgan Stanley
CM - CIC Securities(ESN)
JPMorgan
Landesbank Baden-Wuerttemberg
Davy
Banco Sabadell
Hamburger Sparkasse

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

Analyst

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

Recommendation

ARNAUD PALLIEZ
ERIC LEMARIE
CRAIG STERLING
VIRGINIE ROUSSEAU
PAUL ROGER
VALERIE GASTALDY
MICHAEL WATTS
LUIS PRIETO
WILLIAM JONES
GAETAN DUPONT
MURIEL FELLOUS
HARRY GOAD
PHIL ROSEBERG
MICHAEL F BETTS
CHRISTOPH SCHOENDUBE
JOSEP PUJAL
SVEN EDELFELT
RAFIC EL HADDAD
JAWAHAR HINGORANI
CHARLIE CAMPBELL
WILL MORGAN
JOHN FRASER-ANDREWS
ALEJANDRA PEREDA
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
MICHAEL MORRIS
HANS-PETER KUHLMANN
TIM CAHILL
GLEN SPENCER-CHAPMAN
INGO SCHMIDT

market perform
buy
underweight
neutral
underperform
hold
buy
buy
buy
buy
buy
neutral
outperform
buy
sell
hold
neutral
buy
sell
hold
neutral/neutral
underweight
Equalwt/In-Line
accumulate
overweight
hold
outperform
buy
sell

Amt Held
91'581'114
42'844'966
40'161'206
13'924'614
10'175'679
9'104'555
6'617'178
5'891'183
4'692'443
4'217'347
4'101'338
3'240'887
3'213'372
2'716'101
2'536'782
2'316'466
1'784'591
1'671'822
1'522'906
1'334'277

% Out
17.24
8.07
7.56
2.62
1.92
1.71
1.25
1.11
0.88
0.79
0.77
0.61
0.61
0.51
0.48
0.44
0.34
0.31
0.29
0.25

Weighting

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

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

Latest Chg
17'861'078
260'564
180'416
(846'845)
203'000
(88'176)
(320'096)
50'015
-

Target Price
#N/A N/A
40
#N/A N/A
34
32
#N/A N/A
35
38
#N/A N/A
40
38
27
37
45
27
30
32
38
28
28
34
31
33
37
35
33
#N/A N/A
44
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2011
Investment Advisor
31.12.2011
n/a
27.06.2012
Other
31.12.2011
Government
31.12.2011
Insurance Company
31.12.2011
Corporation
31.12.2012
Investment Advisor
31.12.2011
Corporation
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2011
Insurance Company
28.02.2013
Investment Advisor
15.06.2011 Mutual Fund Manager
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
31.01.2013
Unclassified
31.07.2012
Investment Advisor

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

Date
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
25.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
19.02.2013
12.02.2013
29.01.2013
18.01.2013
18.01.2013
15.01.2013
15.01.2013
09.08.2012
30.07.2012
09.03.2009

26.03.2013

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.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 21.03.2013
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

Price/Volume

12/2012
01/yy
18.03
12.81
165'651.00
17.105
-5.10%
33.53%
86.00%
727.1
12'437.39
4'915.00
1.0
36.0
1'799.00
15'590.39

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

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
f-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
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
m-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
0.76x
1'640.0
8.70x
552.0
20.01x
1'640.00
845.00
4.53%
3.61%
2.59%
5.25%
5.03%
0.88%
27.3%
8.8%
4.5%
3.0%
1.84
1.15
23.22%
46.65%
7.88
5.79

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

3.65
1.43
683.33
12.87%
14.74%
1.433
32
2.531
1'100'321
1'352'334
1'252'896
FY+2

12/13 Y
12/14 Y
19'073.4
20'125.6
0.81x
0.75x
1'724.8
1'974.8
9.04x
7.89x
601.1
791.3
20.22x
15.68x
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
1.90
3.00
46.6%
31.7%
0.88
2.15
46.46
63.19
59.16
50.49

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

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: info@qmsadv.com |

26.03.2013

CRH PLC
Holdings By:

All

Holder Name
FRANKLIN RESOURCES
BLACKROCK
CAPITAL GROUP COMPAN
UBS
HARBOR CAPITAL ADVIS
NORGES BANK
GRWTH FUND OF AMERIC
FIRST EAGLE INVESTME
BNP PARIBAS INV PART
VANGUARD GROUP INC
MANNING & NAPIER ADV
VANGUARD GROUP INC
SCOTTISH WIDOWS
TEMPLETON INVESTMENT
MARKETFIELD ASSET MA
INVESCO LTD
MORGAN STANLEY
MACKAY SHIELDS LLC
ARTISAN PARTNERS HOL
LEGAL & GENERAL

Firm Name
Landesbank Baden-Wuerttemberg
Oddo & Cie
AlphaValue
EVA Dimensions
Sanford C. Bernstein & Co
Raymond James
Goldman Sachs
Credit Suisse
Goodbody Stockbrokers Ltd
Deutsche Bank
JPMorgan
Natixis
Day by Day
Societe Generale
Independent Research GmbH
Berenberg Bank
Jefferies
Bryan Garnier & Cie
S&P Capital IQ
Exane BNP Paribas
Numis Securities Ltd
Merrion Stockbrokers
Kepler Capital Markets
HSBC
Morgan Stanley
Liberum Capital Ltd
Redburn Partners
Davy
Nord/LB

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

Analyst
HANS-PETER KUHLMANN
VIRGINIE ROUSSEAU
GAETAN DUPONT
CRAIG STERLING
PHIL ROSEBERG
ARNAUD PALLIEZ
WILL MORGAN
HARRY GOAD
ROBERT EASON
LUIS PRIETO
MICHAEL MORRIS
ABDELKADER BENCHIHA
VALERIE GASTALDY
MURIEL FELLOUS
CHRISTOPH SCHOENDUBE
ROBERT MUIR
MICHAEL F BETTS
SVEN EDELFELT
JAWAHAR HINGORANI
PAUL ROGER
HOWARD SEYMOUR
DAVID HOLOHAN
JOSEP PUJAL
JOHN FRASER-ANDREWS
YURI SEROV
CHARLIE CAMPBELL
WILLIAM JONES
BARRY DIXON
HEINO HAMMANN

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
20F
20F
RNS-MAJ
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
sell
reduce
add
sell
market perform
market perform
neutral/neutral
underperform
sell
buy
neutral
neutral
hold
hold
hold
sell
buy
neutral
hold
neutral
reduce
sell
hold
underweight
Underwt/In-Line
hold
neutral
outperform
hold

Amt Held
46'828'488
28'961'677
27'093'488
26'645'973
21'999'275
21'543'277
21'114'087
11'276'498
8'149'088
7'954'808
7'703'980
5'646'139
5'345'457
4'922'840
4'196'785
3'206'686
2'802'622
2'762'000
2'746'054
2'586'810

% Out
6.44
3.98
3.73
3.66
3.03
2.96
2.9
1.55
1.12
1.09
1.06
0.78
0.74
0.68
0.58
0.44
0.39
0.38
0.38
0.36

Weighting

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

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

Latest Chg
(10'758'929)
(7'581'034)
(214'912)
1'580'407
(1'338'324)
318'307
3'376'460
2'283'455
(13'040)
2'571'785
92'614
342'000
850'506
3'567

Target Price
16
16
19
#N/A N/A
17
#N/A N/A
17
13
15
18
14
17
#N/A N/A
16
18
14
20
15
17
18
11
14
16
15
16
14
#N/A N/A
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
21.01.2013
Investment Advisor
31.01.2013
Unclassified
23.03.2012
Investment Advisor
23.03.2012
Government
15.02.2011
n/a
30.09.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
21.03.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified

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

Date
21.03.2013
21.03.2013
21.03.2013
21.03.2013
18.03.2013
15.03.2013
08.03.2013
07.03.2013
06.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
22.02.2013
04.02.2013
29.01.2013
13.12.2012
09.11.2012
07.11.2012
19.10.2012
14.06.2012

26.03.2013

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

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (27.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.02.2013
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
12/yy
47.47
32.86
952'801.00
43.89
-7.57%
33.59%
76.57%
1'067.6
46'859.00
84'642.00
0.0
1'631.0
15'055.00
118'077.00

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

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
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

50
45
40
35
30
25
20
15
10
5
0
m-12

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%
3.92%
14.60%
6.94%
0.73%
22.3%
10.7%
7.1%
5.3%
1.13
0.38
51.93%
192.90%
14.85
5.10

Price/ Cash Flow

LTM

FY+1

1.21
944.56
-1.09%
6.22%
1.208
39
3.487
3'976'119
4'051'994
4'004'314
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
106'540.0 114'297.0 116'971.5 124'085.7
3.70x
3.91x
0.45x
0.43x
12'265.0
12'193.0
12'649.2
14'408.5
8.06x
9.46x
9.34x
8.20x
5'667.0
6'095.0
4'965.6
5'999.1
1'313.0
1'314.0
6.38x
7.24x
9.44x
7.97x
8.92x
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.
5.24
(EBITDA-Capex)/Interest Exp.
3.16
Net Debt/EBITDA
5.71
Total Debt/EBITDA
6.94
Reference
Total Debt/Equity
192.9%
Total Debt/Capital
65.0%
Asset Turnover
0.73
Net Fixed Asset Turnover
2.58
Accounts receivable turnover-days
24.64
Inventory Days
71.73
Accounts Payable Turnover Day
37.55
Cash Conversion Cycle
58.83
Sales/Revenue/Turnover

70.00

180'000.0

60.00

160'000.0
140'000.0

50.00

120'000.0

40.00

100'000.0

30.00

80'000.0
60'000.0

20.00

40'000.0

10.00
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

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: info@qmsadv.com |

26.03.2013

Daimler AG
Holdings By:

All

Holder Name
BLACKROCK
KUWAIT INVESTMENT AU
CAPITAL GROUP COMPAN
AABAR INVESTMENTS PJ
NORGES BANK
NISSAN MOTOR CO LTD
VANGUARD GROUP INC
DB PLATINUM ADVISORS
HARBOR CAPITAL ADVIS
HARRIS ASSOCIATES LP
VANGUARD GROUP INC
DEKA INVESTMENT GMBH
FIRST EAGLE INVESTME
UNION INVESTMENT GMB
ONTARIO TEACHERS PEN
MERCURY ASSET MANAGE
GOLDMAN SACHS GROUP
DIMENSIONAL FUND ADV
BNP PARIBAS INV PART
FRANKFURT TRUST INVE

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

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

Analyst
MAX WARBURTON
RABIH FREIHA
HANS-PETER WODNIOK
ZAFER RUZGAR
DANIEL SCHWARZ
CHRISTIAN BREITSPRECHER
VALERIE GASTALDY
STUART PEARSON
ERICH HAUSER
GLEN SPENCER-CHAPMAN
STEFAN BURGSTALLER
MICHAEL RAAB
CHARLES WINSTON
MICHAEL PUNZET
KRISTINA CHURCH
STEPHEN REITMAN
JOSE ASUMENDI
HORST SCHNEIDER
FRANK BILLER
CHRISTIAN LUDWIG
FRANCOIS MAURY
MARC-RENE TONN
JUERGEN PIEPER
TIM SCHULDT
JAWAHAR HINGORANI
FRANK SCHWOPE
TINA HECKING-VELTMAN
GEORGES DIENG
VIRGINIA PEREZ REPES
CRAIG STERLING
LOTHAR LUBINETZKI
ALBRECHT DENNINGHOFF
JIRI SIMARA
JOCHEN GEHRKE
ALEXANDER NEUBERGER
TEAM COVERAGE

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

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

Amt Held
92'440'565
73'577'854
50'908'791
33'056'717
32'355'918
16'448'378
13'205'464
12'065'091
10'511'692
10'428'300
7'278'602
7'252'246
6'339'832
3'548'162
3'200'000
2'911'975
2'719'961
2'556'213
2'366'939
2'327'805

% Out
8.66
6.89
4.77
3.1
3.03
1.54
1.24
1.13
0.98
0.98
0.68
0.68
0.59
0.33
0.3
0.27
0.25
0.24
0.22
0.22

Weighting

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

Latest Chg
(897'278)
(2'451'600)
361'219
17'008
3'324
1'095'300
(488'209)
6'700
(1'704'912)
3'634
338'129
(1'000)

Target Price
40
54
40
48
60
60
#N/A N/A
53
35
48
62
41
#N/A N/A
44
43
46
46
52
58
39
45
46
50
47
48
51
#N/A N/A
38
37
#N/A N/A
43
35
37
35
48
76

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
22.03.2013
06.02.2012
31.12.2012
06.02.2012
17.09.2012
31.03.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
28.12.2012
30.09.2012
28.09.2012
31.12.2011
22.03.2013
05.10.2012
31.07.2012
31.01.2013
31.01.2013

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

Inst Type
Investment Advisor
Government
Investment Advisor
Government
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
26.03.2013
25.03.2013
21.03.2013
07.03.2013
04.03.2013
28.02.2013
28.02.2013
26.02.2013
21.02.2013
15.02.2013
13.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
06.02.2013
31.01.2013
17.01.2013
26.11.2012
16.11.2012
29.10.2012
28.10.2012
26.10.2012
10.01.2011

26.03.2013

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

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (23.10.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 21.02.2013
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

Price/Volume

12/2012
12/yy
55.78
45.61
360'471.00
54.18
-2.90%
18.80%
82.21%
634.4
34'369.73
9'522.00
0.0
63.0
3'017.00
40'937.73

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

12.0 M

50

10.0 M

40

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

60

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%
5.77%
13.77%
9.13%
0.72%
50.1%
17.4%
14.2%
8.0%
0.81
0.58
32.24%
78.11%
10.75
9.66

Price/ Cash Flow

LTM

12/yy
19'318.0
0.00x
0.0
0.00x
0.0
0.00x

12/yy
20'868.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

0.65
538.12
7.28%
8.57%
0.648
43
3.256
1'734'776
1'883'776
1'624'149
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
22'094.1
23'461.1
5'388.0
5'667.8
1.84x
1.70x
3'782.5
4'062.6
10.84x
10.10x
1'821.8
2'033.9
17.15x
15.53x
3.74x
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
1.80
2.63
78.1%
43.7%
0.72
5.20
34.05
37.89
98.95
-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

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: info@qmsadv.com |

26.03.2013

Danone SA
Holdings By:

All

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

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
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Sanford C. Bernstein & Co


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

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

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

Amt Held
55'771'157
44'051'229
20'039'020
16'433'370
15'048'614
13'584'541
12'811'179
12'721'689
9'939'780
9'783'434
9'120'390
8'533'644
7'429'890
6'674'800
6'538'555
6'431'620
5'801'340
4'580'056
4'324'592
3'969'086

% Out
8.79
6.94
3.16
2.59
2.37
2.14
2.02
2.01
1.57
1.54
1.44
1.35
1.17
1.05
1.03
1.01
0.91
0.72
0.68
0.63

Weighting

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

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

Latest Chg
15'779
4'624'340
(112'541)
681'500
(278'200)
(418'650)
(280'973)
2'699
745'570
(54'102)

Target Price
53
63
65
46
60
48
57
63
45
63
66
59
59
58
54
43
49
#N/A N/A
51
#N/A N/A
53
65
#N/A N/A
47
54
61
51
45
56
55
49
56
#N/A N/A
53
56
56
50
56
#N/A N/A
51
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.01.2013
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
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
n/a
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
07.11.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
25.03.2013
25.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
05.03.2013
26.02.2013
26.02.2013
22.02.2013
22.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
15.02.2013
25.01.2013
21.01.2013
08.01.2013
14.12.2012
13.12.2012
22.10.2012
10.09.2012
27.07.2012
01.11.2011

26.03.2013

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

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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

12/2012
12/yy
39.51
22.11
2'190'573.00
31.53
-20.22%
42.61%
53.19%
929.5
29'307.13
284'516.00
0.0
1'270.0
177'928.00
-

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

18.0 M

40

16.0 M

35

14.0 M

30

12.0 M

25

10.0 M

20

8.0 M

15

6.0 M

10

4.0 M

2.0 M

0
m-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
33'582.0
611.0
50.69x
10.41%
4.16%
0.03%
1.13%
0.85%
0.02%
1.8%
0.00%
0.00%
-

Price/ Cash Flow

j-12

j-12

LTM

12/yy
50'925.0
0.00x
0.0
0.00x
4'132.0
6.64x

a-12

12/yy
47'151.0
0.00x
0.0
0.00x
611.0
48.46x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

1.35
889.66
-16.85%
-4.31%
1.352
41
3.488
7'713'140
6'546'414
6'365'816
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'825.7
34'823.9
8'560.0
8'581.0
1.96x
1.95x
3'654.5
4'753.6
8.16x
6.30x
7.13x
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

25.01.2012
A+
NEG
19.12.2008
A-1
0.0%
83.9%
0.02
9.56
-

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 m-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
58'492.0
(3'835.0)
-

45

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

Deutsche Bank AG
Holdings By:

All

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

Firm Name

Portfolio Name
n/a
n/a
n/a
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AKTIEN
CREDIT AGRICOLE SA
COMMERZBANK AKTIENGE
Multiple Portfolios
n/a
GOLDMAN SACHS GROUP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
BANK OF AMERICA
n/a
BANK OF NEW YORK MEL
n/a
n/a
n/a

Analyst

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

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

Recommendation
neutral
add
buy
add
buy
underperform
hold
neutral
accumulate
buy
outperform
underweight
neutral
buy
Equalwt/In-Line
buy
sector perform
neutral
Sell/Neutral
outperform
sell
buy
buy
overweight
hold
sell
buy
underperform
neutral
reduce
buy
sell
buy
hold
underweight
hold
overweight
buy
sell

Amt Held
73'721'977
49'064'352
24'888'999
24'458'657
16'957'871
16'648'807
14'797'901
9'550'425
9'379'275
8'557'620
7'334'422
7'115'570
6'857'407
5'952'018
5'677'666
4'655'730
3'906'432
3'832'262
3'758'375
3'350'113

% Out
7.93
5.28
2.68
2.63
1.82
1.79
1.59
1.03
1.01
0.92
0.79
0.77
0.74
0.64
0.61
0.5
0.42
0.41
0.4
0.36

Weighting

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

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

Latest Chg
974'954
(3'318'049)
(3'091'342)
5'959'356
3'630'244
10'133'323
384'651
3'906'478
(629'994)
165'336
(4'277'134)
(3'004'857)
(1'922'371)
176'476
1'963'628
(1'003'376)

Target Price
40
38
42
41
39
32
35
38
44
40
42
30
38
45
41
38
39
36
37
44
30
40
#N/A N/A
46
39
#N/A N/A
45
37
37
37
44
20
44
39
#N/A N/A
#N/A N/A
39
36
33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
08.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
28.09.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
13.11.2012
Unclassified
31.01.2013
Unclassified
31.12.2012
Investment Advisor

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

Date
25.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
18.03.2013
14.03.2013
11.03.2013
08.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
28.02.2013
27.02.2013
25.02.2013
15.02.2013
15.02.2013
12.02.2013
07.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
17.01.2013
15.01.2013
05.09.2012
03.07.2012
08.02.2010

26.03.2013

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
12

140.0 M

10

120.0 M
100.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (20.09.2012)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
10.06
7.69
5'000'809.00
8.409
-16.44%
9.38%
34.36%
4'321.3
36'337.98
44'614.00
0.0
4'623.0
6'046.00
79'528.97

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

60.0 M

40.0 M

20.0 M

0
m-11

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

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

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%
-4.56%
-17.17%
0.50%
41.2%
30.4%
11.5%
-9.0%
0.65
0.54
41.33%
172.12%
9.04
31.23

Price/ Cash Flow

j-11

j-11

LTM

12/yy
50'286.0
7.49x
16'185.0
5.69x
1'593.0
64.37x

a-11

12/yy
58'653.0
6.25x
19'002.0
4.48x
557.0
0.00x

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-12

FY+1

0.75
2'938.38
-0.58%
-2.16%
0.749
43
3.209
12'207'060
17'002'280
14'106'620
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
57'764.0
57'538.6
14'049.0
13'969.0
1.38x
1.34x
17'368.0
17'397.1
4'327.0
4'436.0
4.58x
4.57x
4.60x
2'893.0
3'073.9
764.0
944.0
11.85x
11.44x
9.78x
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

19.05.2008
BBB+
STABLE
08.04.2002
A-2
7.58
4.88
2.18
2.52
172.1%
59.4%
0.50
1.46
40.50
11.72
68.88
-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
02.01.2009

a-11 m-11

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
61'666.0
1.49x
17'535.0
5.24x
1'483.0
31.62x

80.0 M

Valuation Analysis

0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Deutsche Telekom AG
Holdings By:

All

Holder Name
KREDITANSTALT FUER W
FEDERAL REPUBLIC OF
BLACKSTONE GROUP LP
BLACKROCK INC
BLACKROCK ASSET MANA
ONTARIO TEACHERS PEN
DEUTSCHE BANK AG
VANGUARD GROUP INC
BLACKROCK FUND ADVIS
AMUNDI
BANK OF NEW YORK MEL
DB PLATINUM ADVISORS
PICTET ASSET MANAGEM
UNION INVESTMENT GMB
FIDELITY INTERNATION
BLACKROCK GROUP LIMI
DEKA INVESTMENT GMBH
NATIXIS ASSET MANAGE
SCHRODER INVESTMENT
MERCURY ASSET MANAGE

Firm Name

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

Analyst

Sanford C. Bernstein & Co


ROBIN BIENENSTOCK
Barclays Capital
JONATHAN DANN
Equinet Institutional Services(ESN)
ADRIAN PEHL
AlphaValue
HEINZ STEFFEN
Citi
SIMON H WEEDEN
Berenberg Bank
PAUL ANDREW MARSCH
Hamburger Sparkasse
TINA HECKING-VELTMAN
Nomura
FREDERIC BOULAN
Goldman Sachs
HUGH I MCCAFFREY
M.M. Warburg Investment Research JOCHEN REICHERT
Grupo Santander
STEPHANE SCHLATTER
Jefferies
ULRICH RATHE
JPMorgan
HANNES C WITTIG
Macquarie
GUY R PEDDY
Commerzbank Corporates & Markets HEIKE PAULS
RBC Capital Markets
JONATHAN ATKIN
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
Morgan Stanley
NICK DELFAS
Nord/LB
JAN CHRISTIAN GOEHMANN
Oddo & Cie
ALEXANDRE IATRIDES
Bankhaus Metzler
ULRICH TRABERT
Natixis
JACQUES DE GRELING
Standard & Poor's Equity Research
ALEXANDER WISCH
DZ Bank AG
JOERI SELS
Societe Generale
OTTAVIO ADORISIO
Independent Research GmbH
MARKUS FRIEBEL
National Bank AG
MANFRED JAISFELD
WestLB Equity Markets
WOLFGANG SPECHT
Main First Bank AG
MARC RODE
Silvia Quandt Research
JACQUES ABRAMOWICZ
CA Cheuvreux
PETER KURT NIELSEN
HSBC
DOMINIK KLARMANN
Exane BNP Paribas
MATHIEU ROBILLIARD
Credit Suisse
JUSTIN FUNNELL
Espirito Santo Investment Bank Research
WILL DRAPER
Deutsche Bank
MATTHEW BLOXHAM
EVA Dimensions
TEAM COVERAGE
ING Wholesale Banking
JEFFREY VONK
Day by Day
VALERIE GASTALDY
Investec
MORTEN SINGLETON
Liberum Capital Ltd
MARK JAMES
Banco Sabadell
ANDRES BOLUMBURU
Kepler Capital Markets
THOMAS KARLOVITS

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

Recommendation
market perform
overwt/negative
accumulate
add
buy
hold
hold
buy
neutral/neutral
hold
underweight
buy
neutral
underperform
hold
sector perform
buy
Overwt/Attractive
buy
reduce
sell
reduce
hold
sell
buy
hold
hold
add
buy
buy
select list
neutral
outperform
underperform
sell
hold
underweight
hold
buy
hold
buy
sell
buy

Amt Held
741'424'370
654'197'974
191'700'000
148'284'874
78'262'814
51'600'000
37'849'583
28'689'139
24'646'392
24'203'959
17'360'458
16'400'396
15'124'225
14'155'889
13'429'768
12'937'232
12'420'972
11'946'685
11'425'259
8'337'481

% Out
17.16
15.14
4.44
3.43
1.81
1.19
0.88
0.66
0.57
0.56
0.4
0.38
0.35
0.33
0.31
0.3
0.29
0.28
0.26
0.19

Weighting

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

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

Latest Chg
(107'919)
6'400'000
2'072
616'256
(3'332)
6'097'908
(151'394)
(9'542'126)
(1'413'136)
(1'331'366)
6'953'862
986'882
29'446
5'943'207
3'102'360
(102'960)

Target Price
10
11
10
10
9
10
#N/A N/A
11
9
10
9
10
9
8
9
9
10
12
10
9
8
8
10
8
11
10
10
10
11
#N/A N/A
11
9
12
9
7
9
#N/A N/A
9
10
9
8
11
13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2010
31.12.2010
01.02.2012
31.12.2010
07.03.2012
31.12.2010
31.01.2012
31.12.2011
07.03.2012
30.12.2011
07.03.2012
31.01.2012
30.12.2011
31.03.2011
30.12.2011
07.03.2012
31.10.2011
30.06.2011
25.10.2011
07.03.2012

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

Inst Type
Investment Advisor
Government
Hedge Fund Manager
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
09.03.2012
09.03.2012
08.03.2012
08.03.2012
07.03.2012
06.03.2012
05.03.2012
05.03.2012
02.03.2012
02.03.2012
29.02.2012
29.02.2012
28.02.2012
28.02.2012
27.02.2012
27.02.2012
27.02.2012
24.02.2012
24.02.2012
24.02.2012
24.02.2012
24.02.2012
24.02.2012
24.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
21.02.2012
20.02.2012
09.02.2012
31.01.2012
25.01.2012
18.01.2012
28.12.2011
13.12.2011
17.11.2011
10.11.2011
07.10.2011
28.09.2011
25.07.2011

26.03.2013

E.ON SE
E.ON AG 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
25

50.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (14.09.2012)
52-Week Low (08.02.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
09/yy
19.74
12.42
3'227'292.00
13.55
-31.41%
9.10%
15.44%
2'001.0
27'113.55
25'944.00
0.0
3'862.0
6'097.00
50'822.55

15

40.0 M

10

30.0 M
20.0 M

10.0 M

0
m-11

a-11 m-11

j-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-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

60.0 M

20

Valuation Analysis

31.12.2008
86'753.0
1.08x
5'403.0
17.28x
1'266.0
37.92x

70.0 M

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%
1.51%
6.27%
6.98%
0.90%
6.4%
3.7%
1.7%
1.20
0.61
18.48%
74.22%
7.73
-

Price/ Cash Flow

LTM

FY+1

1.10
1'787.19
-20.58%
-3.83%
1.097
39
2.538
15'459'160
12'266'840
12'058'850
FY+2

FQ+1

FQ+2

09/yy
09/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
87'039.0 105'888.0 111'033.7 112'983.7
3.84x
2.46x
0.45x
0.44x
11'991.0
6'579.0
9'556.6
9'756.4
6.34x
8.68x
5.33x
5.22x
5'815.0
3'195.0
2'529.9
2'678.9
7.24x
7.49x
10.36x
9.72x
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
2.35
Total Debt/EBITDA
3.07
Reference
Total Debt/Equity
74.2%
Total Debt/Capital
40.1%
Asset Turnover
0.90
Net Fixed Asset Turnover
2.40
Accounts receivable turnover-days
47.34
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

12.00

100'000.0
90'000.0

10.00

80'000.0
70'000.0

8.00

60'000.0

6.00

50'000.0
40'000.0

4.00

30'000.0
20'000.0

2.00
0.00
04.01.2008

10'000.0
0.0
04.07.2008

04.01.2009

04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

E.ON SE
Holdings By:

All

Holder Name
BLACKROCK INC
E.ON AG
STATKRAFT REGIONAL H
BLACKROCK ASSET MANA
DB PLATINUM ADVISORS
FRANKLIN RESOURCES I
VANGUARD GROUP INC
DEUTSCHE BANK AG
BLACKROCK FUND ADVIS
PICTET ASSET MANAGEM
UNION INVESTMENT GMB
ADIG INVESTMENT
FRANKFURT TRUST INVE
DEKA INVESTMENT GMBH
AMUNDI
FIDELITY MANAGEMENT
MERCURY ASSET MANAGE
NATIXIS ASSET MANAGE
ALLIANZ GLOBAL INVES
CAPITAL RESEARCH GLO

Firm Name

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

Analyst

JPMorgan
VINCENT DE BLIC
WestLB Equity Markets
PETER WIRTZ
Macquarie
MATTHIAS HECK
Banco Sabadell
JORGE GONZALEZ SADORNIL
Goldman Sachs
DEBORAH WILKENS
Berenberg Bank
ROBERT CHANTRY
Commerzbank Corporates & Markets TANJA MARKLOFF
Nomura
MARTIN YOUNG
Espirito Santo Investment Bank Research
LAWSON STEELE
Raymond James
EMMANUEL RETIF
Main First Bank AG
ANDREAS THIELEN
Baader Bank
KARIN BRINKMANN
AlphaValue
EILEEN RYAN
Landesbank Baden-Wuerttemberg
BERNHARD JEGGLE
HSBC
ADAM DICKENS
Morgan Stanley
BOBBY CHADA
Grupo Santander
OSCAR NAJAR RIOS
Bankhaus Metzler
DANIEL SEIDENSPINNER
Barclays Capital
PETER BISZTYGA
Exane BNP Paribas
BENJAMIN LEYRE
Equinet Institutional Services(ESN)
MICHAEL SCHAEFER
Oddo & Cie
STEPHANE LACAZE
Collins Stewart
HAROLD HUTCHINSON
Nord/LB
HEINO HAMMANN
Independent Research GmbH
SVEN DIERMEIER
DZ Bank AG
HASIM SENGUEL
Credit Suisse
VINCENT GILLES
Kepler Capital Markets
INGO BECKER
EVA Dimensions
TEAM COVERAGE
Day by Day
VALERIE GASTALDY
M.M. Warburg Investment Research STEPHAN WULF
Hamburger Sparkasse
ANNEMARIE SCHLUETER
Dolmen Stockbrokers
IAN G HUNTER
Societe Generale
ALBERTO PONTI
National Bank AG
STEFFEN MANSKE
Standard & Poor's Equity Research
CLIVE ROBERTS
Deutsche Bank
ALEXANDER KARNICK
Citi
SOFIA SAVVANTIDOU
CA Cheuvreux
SEBASTIAN KAUFFMANN
Natixis
CELINE CHERUBIN
SEB AG
STIPO BRALO
BBVA
DANIEL ORTEA HERNANDEZ

Source
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
overweight
neutral
outperform
buy
buy/attractive
hold
hold
neutral
buy
underperform
buy
hold
reduce
buy
underweight
Equalwt/In-Line
buy
buy
underwt/neutral
outperform
accumulate
neutral
hold
hold
hold
buy
neutral
reduce
hold
hold
buy
buy
buy
hold
buy
hold
buy
neutral
underperform
reduce
buy
underperform

Amt Held
100'250'100
95'647'800
83'441'700
49'493'927
29'662'658
26'282'832
19'623'079
16'309'998
16'123'725
15'916'758
13'699'221
9'021'711
7'638'548
7'385'848
6'878'820
6'295'972
5'599'877
5'513'581
5'440'521
4'200'000

% Out
5.01
4.78
4.17
2.47
1.48
1.31
0.98
0.82
0.81
0.8
0.68
0.45
0.38
0.37
0.34
0.31
0.28
0.28
0.27
0.21

Weighting

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

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

Latest Chg
(39'510)
6'062'932
(3'244'509)
336'487
(639'720)
(1'772)
(399'899)
(2'198'390)
225'000
(60'000)
1'103'872
(617'388)
(6'774)
(69'160)
(2'870'809)
(8'900)
(4'705'000)

Target Price
19
#N/A N/A
21
20
24
20
17
20
21
14
21
18
16
19
16
17
21
21
14
21
20
18
17
18
18
20
17
15
#N/A N/A
#N/A N/A
21
#N/A N/A
19
18
20
17
23
16
15
13
27
29

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
04.08.2011
04.08.2011
04.08.2011
07.03.2012
31.01.2012
31.12.2011
31.12.2011
31.01.2012
07.03.2012
30.12.2011
31.03.2011
31.10.2011
31.10.2011
31.10.2011
30.12.2011
31.01.2012
07.03.2012
30.06.2011
31.10.2011
31.12.2011

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

Inst Type
Investment Advisor
Corporation
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
09.03.2012
08.03.2012
06.03.2012
05.03.2012
01.03.2012
01.03.2012
27.02.2012
27.02.2012
24.02.2012
22.02.2012
14.02.2012
09.02.2012
09.02.2012
08.02.2012
06.02.2012
31.01.2012
25.01.2012
23.01.2012
23.01.2012
20.01.2012
18.01.2012
17.01.2012
16.01.2012
12.01.2012
12.01.2012
12.01.2012
11.01.2012
09.01.2012
28.12.2011
14.12.2011
16.11.2011
14.11.2011
14.11.2011
10.11.2011
10.11.2011
10.11.2011
09.11.2011
08.10.2011
12.08.2011
11.08.2011
23.11.2010
09.12.2009

26.03.2013

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
45

30.0 M

40

25.0 M

35
30

20.0 M

25

12/2012
12/yy
42.59
24.26
790'609.00
41.23
-3.18%
69.99%
93.84%
829.0
34'178.32
4'779.00
0.0
25.0
11'084.00
27'898.31

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

15

10.0 M

10

5.0 M

5
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

15.0 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (23.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 08.03.2013
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

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%
1.36%
12.75%
11.04%
0.63%
14.0%
7.1%
3.4%
2.2%
0.93
0.37
5.19%
45.91%
8.57
2.12

Price/ Cash Flow

LTM

12/yy
49'128.0
1.04x
3'381.0
4.51x
1'033.0
19.00x

12/yy
56'480.0
1.39x
3'987.0
4.51x
1'228.0
19.73x

FY+1

0.75
424.89
35.97%
39.76%
0.745
31
4.323
2'376'348
3'317'500
2'646'174
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
58'727.4
62'637.6
11'786.3
14'051.0
0.52x
0.48x
5'510.0
6'453.2
1'078.0
1'321.0
5.09x
4.35x
5.10x
2'109.1
2'692.3
373.0
489.0
15.34x
11.44x
15.56x
15.68x
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
-1.58
1.20
45.9%
31.4%
0.63
3.83
42.72
172.57
72.71
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

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: info@qmsadv.com |

26.03.2013

European Aeronautic Defence and Space Co NV


Holdings By:

All

Holder Name
SOGEADE
DAIMLERCHRYSLER AERO
SOCIEDAD ESTATAL DE
FEDERAL REPUBLIC OF
CAPITAL GROUP COMPAN
BLACKROCK
CAISSE DES DEPOTS ET
AMUNDI SA
VANGUARD GROUP INC
VIKING GLOBAL INVEST
OLD MUTUAL
OPPENHEIMERFUNDS INC
STATE STREET
PRIMECAP MANAGEMENT
NATIXIS ASSET MANAGE
DEUTSCHE BANK AG
INVESCO LTD
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
BARCLAYS CAPITAL SEC

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
PRIMECAP MANAGEMENT
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a

Analyst

JPMorgan
DAVID H. PERRY
Sanford C. Bernstein & Co
DOUGLAS S HARNED
RBC Capital Markets
ROBERT STALLARD
Societe Generale
ZAFAR KHAN
Investec
ANDREW GOLLAN
Landesbank Baden-Wuerttemberg
STEFAN MAICHL
AlphaValue
THOMAS PICHERIT
Barclays
CARTER COPELAND
Jefferies
SANDY MORRIS
EVA Dimensions
CRAIG STERLING
Credit Suisse
OLIVER SLEATH
S&P Capital IQ
UNAI FRANCO
Nord/LB
WOLFGANG DONIE
Day by Day
VALERIE GASTALDY
Morgan Stanley
RUPINDER VIG
Independent Research GmbH
ZAFER RUZGAR
Espirito Santo Investment Bank Research
EDWARD STACEY
Exane BNP Paribas
OLIVIER BROCHET
Deutsche Bank
BEN FIDLER
Bankhaus Lampe
SEBASTIAN HEIN
Oddo & Cie
YAN DEROCLES
DZ Bank AG
MARKUS TURNWALD
Commerzbank Corporates & Markets STEPHAN BOEHM
CA Cheuvreux
ANTOINE BOIVIN-CHAMPEAUX
CM - CIC Securities(ESN)
HARALD LIBERGE-DONDOUX
Kepler Capital Markets
CHRISTOPHE MENARD
Natixis
ERIC CHADEYRAS
Hamburger Sparkasse
INGO SCHMIDT
Gabelli & Co
JAMES FOUNG

Source
Research
Research
Research
Research
ULT-AGG
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
ULT-AGG
13F
MF-AGG
MF-AGG
RNS-RUL8
MF-AGG
ULT-AGG
RNS-RUL8

Recommendation
overweight
market perform
sector perform
buy
buy
buy
buy
overweight
buy
hold
neutral
buy
hold
buy
Overwt/In-Line
buy
sell
outperform
buy
buy
buy
buy
buy
select list
reduce
buy
buy
sell
hold

Amt Held
183'337'704
122'225'136
44'690'871
22'725'182
22'700'810
22'605'402
15'584'382
15'385'347
12'117'860
11'930'093
9'406'422
9'211'702
8'702'906
6'266'690
4'821'239
4'590'746
3'879'592
3'248'935
2'739'880
2'644'421

% Out
22.12
14.74
5.39
2.74
2.74
2.73
1.88
1.86
1.46
1.44
1.13
1.11
1.05
0.76
0.58
0.55
0.47
0.39
0.33
0.32

Weighting

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

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

Latest Chg
(61'096'851)
3'758
472'675
(2'721)
3'341
(1'079'438)
(41'413)
(9'990)
19'603
60'000
(71'788)
(24'565)
(144'726)
(833'201)

Target Price
47
43
43
42
46
48
51
49
45
#N/A N/A
40
45
38
44
46
47
27
48
48
43
44
42
44
42
27
42
41
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
11.12.2012
Holding Company
11.12.2012
Corporation
11.12.2012
Holding Company
06.12.2012
Government
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
25.09.2012
Government
10.10.2012
Other
09.10.2012
Investment Advisor
10.10.2012 Hedge Fund Manager
31.01.2013
Unclassified
05.10.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
13.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
10.10.2012
Investment Advisor

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

Date
26.03.2013
22.03.2013
21.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
11.03.2013
08.03.2013
08.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
01.02.2013
22.01.2013
10.10.2011

26.03.2013

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
4
3
3
2

Valuation Analysis

Latest Fiscal Year:


LTM as of:
52-Week High (14.01.2013)
52-Week Low (24.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
3.30
2.02
18'159'921.00
2.592
-21.52%
28.32%
45.78%
9'403.4
24'373.50
66'539.00
0.0
16'387.0
9'891.00
97'408.50

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

1
0
m-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

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q
31.12.2011
77'573.0
1.34x
17'198.0
6.03x
4'148.0
7.13x

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
82'699.0
1.24x
16'150.0
6.35x
865.0
34.87x
16'150.00
7'735.00
9.35%
5.83%
0.51%
2.29%
0.48%
19.5%
9.4%
1.0%
1.09
0.61
38.76%
180.96%
7.10
-

Price/ Cash Flow

LTM

12/yy
77'573.0
5.64x
15'554.0
0.00x
4'148.0
7.08x

12/yy
82'699.0
4.86x
16'150.0
6.35x
865.0
34.87x

FY+1

0.97
6'465.37
-0.86%
-17.40%
0.974
31
3.226
42'960'880
43'708'530
41'709'380
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
80'436.6
81'118.4
1.03x
0.98x
16'142.6
16'318.0
6.03x
5.97x
3'175.2
3'309.3
7.76x
7.38x
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

08.03.2012
BBB+
NEG
14.12.2007
A-2
6.25
3.72
3.51
4.12
181.0%
55.6%
0.48
1.01
51.53
-

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 m-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
59'577.0
1.53x
13'722.0
6.63x
5'293.0
5.54x

200.0 M
180.0 M
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
f-13 m-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

Enel SpA
Holdings By:

All

Holder Name
MINISTERO DELL'ECONO
BLACKROCK
PICTET ASSET MANAGEM
VANGUARD GROUP INC
VANGUARD GROUP INC
FMR LLC
MERCURY ASSET MANAGE
BNP PARIBAS INV PART
ALLIANZ ASSET MANAGE
ARCA SGR SPA
STATE STREET BANQUE
AVIVA PLC
CREDIT SUISSE ASSET
ING INTERNATIONAL AD
NATIXIS ASSET MANAGE
UNION INVESTMENT LUX
DEKA INVESTMENT GMBH
BANK OF NEW YORK MEL
JOHN HANCOCK INVESTM
ING INVESTMENT MANAG

Firm Name

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

Analyst

JPMorgan
JAVIER GARRIDO
Exane BNP Paribas
PHILIP GOTTSCHALK
HSBC
ADAM DICKENS
Banca IMI
ROBERTO RANIERI
ICBPI
SIMONA PEDRAZZINI
Morgan Stanley
EMMANUEL TURPIN
S&P Capital IQ
CLIVE ROBERTS
Day by Day
VALERIE GASTALDY
Deutsche Bank
VIRGINIA SANZ DE MADRID
Grupo Santander
OSCAR NAJAR RIOS
Societe Generale
ALBERTO PONTI
Independent Research GmbH
SVEN DIERMEIER
Espirito Santo Investment Bank Research
FERNANDO GARCIA GARCIA
Natixis
PHILIPPE OURPATIAN
Raymond James
EMMANUEL RETIF
Banca Akros(ESN)
DARIO MICHI
Kepler Capital Markets
CLAUDIA INTROVIGNE
Goldman Sachs
DARIO CARRADORI
AlphaValue
MYRIAM COHEN
Credit Suisse
STEFANO BEZZATO
Centrobanca
EDOARDO MONTALBANO
Nomura
JAVIER SUAREZ
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Berenberg Bank
ANDREW FISHER
Barclays
SUSANNA INVERNIZZI
EVA Dimensions
AUSTIN BURKETT
Equita SIM SpA
ROBERTO LETIZIA
Banco Sabadell
JORGE GONZALEZ SADORNIL
Nord/LB
HEINO HAMMANN
Landesbank Baden-Wuerttemberg
ERKAN AYCICEK
Hammer Partners SA
CHRIS MOORE
DZ Bank AG
HASIM SENGUEL

Source
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
underweight
underperform
underweight
Under Review
neutral
Equalwt/In-Line
buy
hold
hold
buy
buy
hold
neutral
neutral
market perform
hold
hold
neutral/neutral
buy
neutral
hold
reduce
buy
hold
equalweight
overweight
hold
sell
hold
hold
sell
hold

Amt Held
2'937'984'993
99'017'582
78'166'519
68'602'047
52'144'652
30'181'320
17'684'685
14'302'828
13'120'169
12'861'686
9'428'887
9'331'460
8'892'727
8'055'396
7'830'955
7'754'520
7'123'096
7'000'872
6'929'768
5'732'826

% Out
31.24
1.05
0.83
0.73
0.55
0.32
0.19
0.15
0.14
0.14
0.1
0.1
0.09
0.09
0.08
0.08
0.08
0.07
0.07
0.06

Weighting

Change

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

D
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
M
M
D
M

Latest Chg
503'167
(3'333'832)
2'529'990
5'582'196
23'665
1'268'674
6'820'235
216'500
775'921
317'904
(165'071)
61'977
23'874
(198'780)
3'250'432
43'419
185'790

Target Price
3
3
2
#N/A N/A
3
3
3
#N/A N/A
3
4
3
3
3
3
#N/A N/A
3
3
4
4
3
3
3
3
3
4
#N/A N/A
3
#N/A N/A
#N/A N/A
3
#N/A N/A
3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
20.11.2012
22.03.2013
30.11.2012
31.12.2012
31.12.2012
31.01.2013
22.03.2013
31.01.2013
31.01.2013
28.02.2013
28.02.2013
28.02.2013
31.01.2013
31.12.2012
31.01.2013
28.09.2012
28.12.2012
22.03.2013
31.01.2013
31.12.2012

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

Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor

Date
25.03.2013
25.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
07.03.2013
05.03.2013
08.02.2013
08.02.2013
06.02.2013
05.02.2013
25.01.2013
17.01.2013
30.11.2012
03.08.2012
05.06.2012
09.03.2012
08.03.2012
18.11.2011

26.03.2013

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
25

60.0 M
50.0 M

15

40.0 M
10

Latest Fiscal Year:


LTM as of:
52-Week High (18.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
19.59
14.94
4'195'062.00
18
-8.17%
20.48%
65.38%
3'634.2
65'415.34
24'463.00
0.0
3'514.0
8'066.00
85'326.34

30.0 M
20.0 M

10.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

70.0 M

20

Valuation Analysis

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

80.0 M

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

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
127'271.0
0.68x
24'564.0
3.52x
7'788.0
16.38x
24'564.00
15'026.00
11.81%
13.04%
6.12%
15.13%
0.90%
19.3%
11.8%
6.1%
1.44
0.23
17.43%
41.32%
-

Price/ Cash Flow

LTM

FY+1

0.86
2'532.64
6.01%
-1.85%
0.856
38
4.053
11'980'490
12'911'260
12'469'510
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
108'740.0 127'271.0 117'817.6 121'152.2
32'632.7
31'508.3
3.31x
2.95x
0.70x
0.68x
2.56x
2.67x
25'213.0
24'564.0
28'660.3
29'774.6
7'066.0
7'108.0
3.60x
3.52x
2.98x
2.87x
3.02x
2.95x
6'860.0
8'673.0
7'070.0
7'593.9
1'777.0
1'748.0
8.45x
7.66x
9.20x
8.68x
9.66x
8.86x
S&P Issuer Ratings
Long-Term Rating Date
17.01.2012
Long-Term Rating
A
Long-Term Outlook
NEG
Short-Term Rating Date
19.05.2010
Short-Term Rating
A-1
Credit Ratios
EBITDA/Interest Exp.
27.91
(EBITDA-Capex)/Interest Exp.
15.26
Net Debt/EBITDA
0.67
Total Debt/EBITDA
1.00
Reference
Total Debt/Equity
41.3%
Total Debt/Capital
28.1%
Asset Turnover
0.90
Net Fixed Asset Turnover
1.86
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

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: info@qmsadv.com |

26.03.2013

Eni SpA
Holdings By:

All

Holder Name
CASSA DEPOSITI E PRE
MINISTERO DELL'ECONO
BLACKROCK
FMR LLC
CAPITAL GROUP COMPAN
BNP PARIBAS ARBITRAG
VANGUARD GROUP INC
BNP PARIBAS SA
VANGUARD GROUP INC
ABERDEEN
T ROWE PRICE ASSOCIA
FRANKLIN RESOURCES
BNP PARIBAS SEC SERV
BNP PARIBAS INV PART
NATIXIS ASSET MANAGE
MERCURY ASSET MANAGE
ALLIANZ ASSET MANAGE
THORNBURG INVESTMENT
JP MORGAN
EATON VANCE MANAGEME

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

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

Analyst
ROBERTO RANIERI
PAUL SPEDDING
ALEXANDRE ANDLAUER
JASON KENNEY
VALERIE GASTALDY
KIM FUSTIER
ALEJANDRO DEMICHELIS
IRENE HIMONA
ANDREA SCAURI
BERTRAND HODEE
MARC B KOFLER
SVEN DIERMEIER
ROBERTO LETIZIA
DARIO MICHI
GORDON GRAY
ANNE PUMIR
RAHIM KARIM
PETER HUTTON
IAIN REID
OSWALD CLINT
THEEPAN JOTHILINGAM
NITIN SHARMA
CHRISTINE TISCARENO
COLIN SMITH
ENRICO COCO
STUART JOYNER
MICHELE DELLA VIGNA
JORGE GONZALEZ SADORNIL
CRAIG STERLING
JENS MUENSTERMANN
MARTIJN P RATS
INGO SCHMIDT
MARK BLOOMFIELD
DOMINIQUE PATRY
THOMAS AARRESTAD

Source
EXCH
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
add
neutral
reduce
buy
hold
outperform
neutral
hold
outperform
outperform
outperform
hold
buy
buy
sell
neutral
overweight
sector perform
buy
market perform
buy
overweight
buy
hold
hold
hold
Buy/Cautious
buy
buy
buy
Overwt/In-Line
hold
buy
outperform
hold

Amt Held
958'298'322
142'968'850
64'340'002
52'398'608
44'489'000
41'175'319
30'369'401
28'455'671
20'189'385
15'842'800
12'165'115
11'763'842
11'484'026
10'515'376
9'054'715
7'927'747
6'754'973
5'925'800
5'679'489
5'385'693

% Out
26.37
3.93
1.77
1.44
1.22
1.13
0.84
0.78
0.56
0.44
0.33
0.32
0.32
0.29
0.25
0.22
0.19
0.16
0.16
0.15

Weighting

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

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
U
M
M
M
M
U
U
M
M
N

Latest Chg
966'273
(1'337'435)
1'853'508
999'327
(245'000)
848'857
(368'082)
(23'369)
250'401
9'938
1'643'290
(1'437'700)
463'987
996'578

Target Price
#N/A N/A
19
18
21
#N/A N/A
21
20
19
22
21
21
20
22
23
17
20
21
21
22
20
19
22
23
19
18
16
21
20
#N/A N/A
20
20
#N/A N/A
21
21
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
20.11.2012
Other
20.11.2012
Government
22.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Bank
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
22.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor

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

Date
25.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
12.03.2013
01.03.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
17.01.2013
09.01.2013
27.11.2012
30.10.2012
29.08.2012
13.08.2012
23.04.2010

26.03.2013

Cie Generale d'Optique 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 (23.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.02.2013
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
12/yy
89.99
63.62
145'151.00
87.37
-2.96%
37.33%
92.53%
214.9
18'773.71
916.25
0.0
256.6
666.74
19'279.79

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

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
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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
m-12

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
3.37x
1'095.4
15.36x
584.0
27.15x
1'095.35
865.73
17.35%
16.79%
8.94%
16.71%
14.08%
0.76%
55.8%
22.0%
17.4%
11.7%
1.51
0.97
13.27%
25.01%
4.32
2.78

Price/ Cash Flow

03/yy
3'333.4
0.00x
0.0
0.00x
0.0
0.00x

LTM
12/yy
4'518.6
0.00x
0.0
0.00x
0.0
0.00x

FY+1

0.53
197.27
34.03%
14.93%
0.531
23
3.696
753'776
678'642
542'290
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'359.5
5'805.9
3.57x
3.25x
1'177.6
1'288.3
16.44x
15.03x
642.6
707.0
28.08x
25.44x
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

45.52
35.54
0.23
0.84
25.0%
18.9%
0.76
5.10
84.68
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

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: info@qmsadv.com |

26.03.2013

Cie Generale d'Optique Essilor International SA


Holdings By:

All

Holder Name
FCPE VALOPTEC INTERN
CIE GENERALE D'OPTIQ
FCPE GROUPE ESSILOR
HARBOR CAPITAL ADVIS
VANGUARD GROUP INC
FMR LLC
CARMIGNAC GESTION
BLACKROCK
NATIXIS ASSET MANAGE
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
TIAA CREF INVESTMENT
LBPAM
OPPENHEIMERFUNDS INC
JUPITER ASSET MANAGE
SCHRODER INVESTMENT
UMB BANK N A
SARASIN
BANK OF NEW YORK MEL
UNION INVESTMENT GMB

Firm Name
Societe Generale
AlphaValue
Day by Day
BPI
Goldman Sachs
HSBC
Berenberg Bank
Raymond James
Barclays
Independent Research GmbH
Jefferies
Bryan Garnier & Cie
Main First Bank AG
Exane BNP Paribas
Morgan Stanley
Kepler Capital Markets
S&P Capital IQ
Redburn Partners
EVA Dimensions
Natixis
CA Cheuvreux

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

Analyst
MARIE-LINE FORT
ARMELLE MOULIN
VALERIE GASTALDY
HUBERT D'AILLIERES
WILLIAM HUTCHINGS
SOPHIE DARGNIES
BASSEL CHOUGHARI
MARC WILLAUME
ALEXANDER KLEBAN
CHRISTOPH SCHOENDUBE
INGEBORG OIE
CEDRIC ROSSI
MOURAD LAHMIDI
JULIEN DORMOIS
MICHAEL K JUNGLING
CLAIRE DERAY
JACOB THRANE
PASCAL HAUTCOEUR
ANDREW S ZAMFOTIS
STEPHANE SUMAR
THOMAS MESMIN

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

Recommendation
hold
reduce
buy
buy
neutral/neutral
overweight
hold
outperform
overweight
sell
hold
buy
outperform
neutral
Underwt/Attractive
reduce
strong buy
buy
underweight
buy
suspended coverage

Amt Held
6'263'487
5'363'126
5'269'233
4'201'430
3'545'168
3'360'016
2'844'588
2'822'175
2'444'465
1'795'207
1'597'663
959'216
938'921
887'486
878'922
870'680
668'435
630'495
620'910
608'800

% Out
2.91
2.5
2.45
1.96
1.65
1.56
1.32
1.31
1.14
0.84
0.74
0.45
0.44
0.41
0.41
0.41
0.31
0.29
0.29
0.28

Weighting

Change

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

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

Latest Chg
(20'616)
(200'059)
(511'731)
(652'753)
69'755
32'110
(68'200)
74'350
57'290
16'921
(179'060)
131'153
(38'746)
18'487
(3'800)

Target Price
83
77
102
92
75
94
77
83
89
73
75
85
95
78
60
70
92
#N/A N/A
#N/A N/A
90
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2011
n/a
31.12.2011
Corporation
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Unclassified
22.03.2013
Investment Advisor
28.09.2012
Investment Advisor

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

Date
25.03.2013
21.03.2013
18.03.2013
15.03.2013
12.03.2013
08.03.2013
06.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
22.02.2013
17.01.2013
10.01.2013
15.03.2012

26.03.2013

France Telecom SA
France Telecom SA provides telecommunications services to residential,
professional, and large business customers. The Company offers public
fixed-line telephone, leased lines and data transmission, mobile
telecommunications, cable television, Internet and wireless applications, and
broadcasting services, and telecommunications equipment sales and rentals.

Price/Volume
12

30.0 M
25.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (27.03.2012)
52-Week Low (01.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FTE FP EQUITY YTD Change
FTE FP EQUITY YTD % CHANGE

12/2012
12/yy
11.59
7.20
2'856'743.00
8.271
-28.74%
14.83%
25.14%
2'648.9
21'908.93
39'214.00
0.0
2'078.0
8'462.00
54'738.93

20.0 M
15.0 M

10.0 M
2

5.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

35.0 M

Valuation Analysis

31.12.2008
46'712.0
1.92x
17'300.0
5.18x
4'073.0
14.20x

40.0 M

10

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%
0.88%
3.16%
2.88%
0.47%
28.4%
13.9%
1.9%
0.65
0.53
43.58%
161.33%
9.12
-

Price/ Cash Flow

LTM

12/yy
45'277.0
0.00x
0.0
0.00x
0.0
0.00x

12/yy
43'515.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

16.68
0.86
2'273.08
-17.99%
-0.82%
0.861
37
3.108
11'081'960
12'972'720
11'050'580
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
42'095.4
41'480.3
10'817.4
1.28x
1.27x
12'899.7
12'533.7
3'105.2
4.25x
4.37x
2'939.5
2'842.5
7.55x
7.73x
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

27.02.2013
A- *14.05.2003
A-2
6.99
3.17
2.49
3.17
161.3%
59.8%
0.47
1.84
40.12
-

Sales/Revenue/Turnover

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

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: info@qmsadv.com |

26.03.2013

France Telecom SA
Holdings By:

All

Holder Name
FRENCH STATE
SOCIETE GENERALE
AMUNDI
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
FRANCE TELECOM SA
VANGUARD GROUP INC
DNCA FINANCE
AMUNDI
BNP PARIBAS INV PART
LBPAM
AVIVA PLC
MERCURY ASSET MANAGE
TEMPLETON INVESTMENT
CAPITAL GROUP COMPAN
DIMENSIONAL FUND ADV
STATE STREET
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Sanford C. Bernstein & Co


ROBIN BIENENSTOCK
Oddo & Cie
VINCENT MAULAY
Jefferies
JEREMY A DELLIS
Societe Generale
STEPHANE SCHLATTER
Morgan Stanley
NICK DELFAS
Nomura
FREDERIC BOULAN
Exane BNP Paribas
ANTOINE PRADAYROL
AlphaValue
JEAN-MICHEL SALVADOR
Berenberg Bank
STUART GORDON
Kepler Capital Markets
JAVIER BORRACHERO
EVA Dimensions
ANDREW S ZAMFOTIS
JPMorgan
HANNES C WITTIG
Espirito Santo Investment Bank Research
WILL DRAPER
Grupo Santander
CARLOS JAVIER TREVINO
Nord/LB
WOLFGANG DONIE
Macquarie
GUY R PEDDY
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
Barclays
JONATHAN DANN
Goldman Sachs
ANDREW LEE
Independent Research GmbH
MARKUS FRIEBEL
S&P Capital IQ
ALEXANDER WISCH
New Street Research
RUSSELL WALLER
Banco Sabadell
ANDRES BOLUMBURU
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
HSBC
NICOLAS COTE-COLISSON
Credit Suisse
JAKOB BLUESTONE
Hamburger Sparkasse
TINA HECKING-VELTMAN
CM - CIC Securities(ESN)
JEAN-MICHEL KOSTER
Day by Day
VALERIE GASTALDY
Deutsche Bank
MATTHEW BLOXHAM
Natixis
BENOIT MAYNARD
CA Cheuvreux
PETER KURT NIELSEN
Raymond James
STEPHANE BEYAZIAN
Fincorp SAOG
GAURAV RAMAIYA

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

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

Amt Held
360'248'428
132'135'951
129'217'007
39'954'280
28'552'290
23'340'657
19'392'378
15'456'045
14'712'836
13'910'873
11'401'463
8'637'978
7'761'976
7'460'542
5'369'828
5'174'475
4'580'800
4'211'079
3'773'787
3'716'633

% Out
13.6
4.99
4.88
1.51
1.08
0.88
0.73
0.58
0.56
0.53
0.43
0.33
0.29
0.28
0.2
0.2
0.17
0.16
0.14
0.14

Weighting

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

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

Latest Chg
(27'339'807)
(3'894'321)
638'687
(76'123)
4'937'505
1'826'645
(368'000)
(255'991)
(20'132)
(527'072)
7'189
(26'670)
(9'177'060)
(59'716)

Target Price
8
11
12
9
10
8
10
16
8
8
#N/A N/A
7
12
14
10
12
10
9
8
10
7
10
11
7
11
9
#N/A N/A
9
#N/A N/A
10
14
12
14
15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
08.03.2013
16.05.2012
11.06.2012
31.12.2012
22.03.2013
31.12.2012
31.01.2013
31.12.2011
31.12.2012
28.09.2012
31.12.2012
31.01.2013
31.12.2012
28.02.2013
22.03.2013
31.12.2012
31.12.2012
31.07.2012
25.03.2013
31.10.2012

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

Inst Type
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Corporation
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
25.03.2013
22.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
07.03.2013
06.03.2013
06.03.2013
28.02.2013
26.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
15.02.2013
07.02.2013
31.01.2013
24.01.2013
13.12.2012
26.11.2012
06.11.2012
26.10.2012
26.10.2012
26.09.2012
07.09.2012
23.10.2011

26.03.2013

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
25

45.0 M
40.0 M

20

35.0 M
30.0 M

15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.08.2012)
52-Week Low (01.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
20.35
14.05
1'144'412.00
15.325
-24.74%
9.07%
18.57%
2'412.8
36'976.53
57'552.00
0.0
11'462.0
11'383.00
94'607.53

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

20.0 M
15.0 M
10.0 M

5.0 M
0
m-12

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

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%
0.74%
2.53%
3.13%
0.46%
19.0%
9.8%
1.6%
1.07
0.65
28.01%
96.33%
4.03
-

Price/ Cash Flow

j-12

j-12

LTM

09/yy
89'792.0
0.00x
0.0
0.00x
0.0
0.00x

a-12

12/yy
97'038.0
0.00x
0.0
0.00x
0.0
0.00x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

9.79
1.04
1'388.04
-15.48%
-1.61%
1.042
29
3.414
6'257'538
5'130'060
4'586'809
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
81'196.9
81'347.5
- 20'325.0
1.03x
1.00x
14'045.7
14'265.5
3'489.8
6.75x
6.64x
3'241.7
3'399.5
11.22x
10.77x
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

29.01.2013
A *29.01.2013
A-1 *7.47
3.74
2.51
3.13
96.3%
44.7%
0.46
1.10
91.09
-

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

a-12 m-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
67'923.8
1.64x
9'605.7
11.61x
4'857.1
11.85x

25.0 M

10

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

GDF Suez
Holdings By:

All

Holder Name
FRENCH STATE
CAPITAL GROUP COMPAN
GROUPE BRUXELLES LAM
CAISSE DES DEPOTS ET
GDF SUEZ
CNP ASSURANCES
FRANKLIN RESOURCES
BLACKROCK
SOFINA SA
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
BNP PARIBAS INV PART
VANGUARD GROUP INC
PICTET ASSET MANAGEM
THORNBURG INVESTMENT
LBPAM
INTERNATIONAL VALUE
AVIVA PLC
SUN LIFE FINANCIAL I
AMUNDI

Firm Name
Exane BNP Paribas
Macquarie
HSBC
Grupo Santander
Goldman Sachs
Nomura
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Barclays
Morgan Stanley
Raymond James
KBC Securities
CM - CIC Securities(ESN)
S&P Capital IQ
AlphaValue
Credit Suisse
Natixis
Banco Sabadell
Berenberg Bank
Ahorro Corporacion Financiera SA
EVA Dimensions
JPMorgan
Day by Day
Deutsche Bank
Nord/LB
Societe Generale
Hamburger Sparkasse
DZ Bank AG
Kepler Capital Markets

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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
BENJAMIN LEYRE
SHAI HILL
ADAM DICKENS
OSCAR NAJAR RIOS
ANDREW MEAD
MARTIN YOUNG
ERKAN AYCICEK
SVEN DIERMEIER
JULIE ARAV
EMMANUEL TURPIN
EMMANUEL RETIF
DIETER FURNIERE
OLIVIER BAILS
CLIVE ROBERTS
MYRIAM COHEN
MICHEL DEBS
PHILIPPE OURPATIAN
JORGE GONZALEZ SADORNIL
ANDREW FISHER
VIRGINIA PEREZ REPES
AUSTIN BURKETT
NATHALIE F CASALI
VALERIE GASTALDY
MARTIN BROUGH
HEINO HAMMANN
ALBERTO PONTI
ANNEMARIE SCHLUETER
HASIM SENGUEL
TEAM COVERAGE

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

Recommendation
underperform
outperform
overweight
hold
Buy/Neutral
neutral
buy
hold
equalweight
Underwt/In-Line
underperform
hold
buy
hold
buy
neutral
neutral
buy
sell
hold
overweight
underweight
hold
hold
hold
buy
hold
hold
not rated

Amt Held
810'927'246
209'718'616
116'911'820
45'051'514
38'293'787
24'778'333
22'829'438
20'930'063
13'515'454
13'452'139
12'881'757
12'536'267
10'531'768
10'301'897
9'130'000
8'811'951
7'777'965
6'360'558
4'948'780
4'229'692

% Out
33.61
8.69
4.85
1.87
1.59
1.03
0.95
0.87
0.56
0.56
0.53
0.52
0.44
0.43
0.38
0.37
0.32
0.26
0.21
0.18

Weighting

Change

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

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

Latest Chg
(12'226'130)
(392'875)
1'377'303
639'284
(1'633'213)
357'707
(349'199)
602'100
134'083
124'302
(698'442)
(10'748'086)

Target Price
14
17
18
17
25
19
17
15
15
15
13
17
23
13
18
15
17
18
14
15
#N/A N/A
14
#N/A N/A
18
17
25
#N/A N/A
22
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2011
Government
31.12.2012
Investment Advisor
15.03.2012
Holding Company
31.12.2011
Government
31.12.2011
Corporation
31.12.2011
Insurance Company
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2011
Holding Company
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Mutual Fund Manager

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

Date
25.03.2013
22.03.2013
21.03.2013
12.03.2013
12.03.2013
12.03.2013
05.03.2013
04.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
26.02.2013
20.02.2013
15.02.2013
05.02.2013
05.02.2013
17.01.2013
10.01.2013
20.12.2012
06.12.2012
06.12.2012
26.11.2012
27.02.2012
01.11.2011
31.10.2011

26.03.2013

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
4
4
3
3
2

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (26.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 03.01.2013
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
12/yy
4.29
2.63
9'634'402.00
3.801
-11.47%
44.52%
71.04%
6'281.2
23'874.78
32'884.10
0.0
324.8
6'575.55
50'508.15

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

1
1
0
m-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

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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%
2.93%
8.52%
0.36%
36.8%
22.1%
12.4%
8.3%
1.11
0.92
33.97%
97.41%
5.91
10.71

Price/ Cash Flow

LTM

12/yy
32'095.3
8.28x
7'004.8
7.94x
2'804.6
10.09x

12/yy
34'848.9
5.91x
7'685.6
6.77x
2'840.7
8.92x

FY+1

1.05
5'243.95
-4.70%
-6.24%
1.052
36
3.361
60'229'120
44'789'910
39'169'240
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'387.7
34'470.0
1.57x
1.49x
7'606.5
7'904.4
2'289.0
1'696.0
6.64x
6.39x
6.60x
2'497.0
2'695.0
916.0
440.0
9.43x
9.00x
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
3.42
4.28
97.4%
49.1%
0.36
61.92
34.18
104.74
-6.92

Sales/Revenue/Turnover

9.00

40'000.0

8.00

35'000.0

7.00

30'000.0

6.00

25'000.0

5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00
0.00
01.01.2010

a-12 m-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
24'889.3
2.53x
6'105.6
10.31x
2'553.7
11.20x

500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
f-13 m-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

Iberdrola SA
Holdings By:

All

Holder Name
QATAR INVESTMENT AUT
ACS ACTIVIDADES CONS
BANCAJA (VALENCIA CA
BILBAO BIZKAIA KUTXA
NATIXIS
BLACKROCK
SOCIETE GENERALE
IBERDROLA SA
AMUNDI
VANGUARD GROUP INC
VANGUARD GROUP INC
FMR LLC
DEUTSCHE BANK AG
DE URRUTIA VAL VICTO
MERCURY ASSET MANAGE
UNION INVESTMENT LUX
SUN LIFE FINANCIAL I
INVERCAIXA GESTION S
MAINFIRST SICAV
MACQUARIE GROUP

Firm Name

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

Analyst

Societe Generale
JORGE ALONSO SUILS
JPMorgan
JAVIER GARRIDO
Exane BNP Paribas
MANUEL PALOMO
Grupo Santander
BOSCO MUGUIRO
HSBC
ADAM DICKENS
NMAS 1 Agencia de Valores
FERNANDO LAFUENTE
Day by Day
VALERIE GASTALDY
Goldman Sachs
FRED BARASI
BPI
GONZALO SANCHEZ-BORDONA
Landesbank Baden-Wuerttemberg
ERKAN AYCICEK
Independent Research GmbH
SVEN DIERMEIER
Bankia Bolsa (ESN)
VICTOR PEIRO PEREZ
Banco Sabadell
JORGE GONZALEZ SADORNIL
Nomura
JAVIER SUAREZ
Morgan Stanley
CAROLINA DORES
Credit Suisse
STEFANO BEZZATO
S&P Capital IQ
CLIVE ROBERTS
Banesto Bolsa SA Sociedad
ANTONIO CRUZ
BBVA
ISIDORO DEL ALAMO
Berenberg Bank
ANDREW FISHER
Interdin Bolsa
ALEJANDRO MIRANDA FOURNIER
Espirito Santo Investment Bank Research
FERNANDO GARCIA GARCIA
La Caixa
FERNANDO MURILLO GUIRAO
Barclays
MONICA GIRARDI
EVA Dimensions
AUSTIN BURKETT
Mirabaud Finanzas Sociedad de ValoresJOSE
S MARTIN-VIVAS
BCP Investimento
VANDA MESQUITA
Deutsche Bank
VIRGINIA SANZ DE MADRID
Natixis
PHILIPPE OURPATIAN
Macquarie
SHAI HILL
Nord/LB
HEINO HAMMANN
CA Cheuvreux
JOSE PORTA SAUDAN
Hamburger Sparkasse
ANNEMARIE SCHLUETER

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

Recommendation
buy
underweight
underperform
buy
neutral
neutral
hold
neutral/neutral
buy
hold
hold
buy
sell
reduce
Equalwt/In-Line
outperform
hold
buy
market perform
hold
buy
buy
overweight
underweight
overweight
underweight
buy
buy
neutral
underperform
hold
select list
sell

Amt Held
514'250'814
415'111'949
314'887'559
309'430'747
277'971'800
266'516'245
182'216'094
83'188'438
60'811'776
41'196'587
31'636'791
26'238'031
17'171'395
14'465'535
13'973'808
13'214'700
8'811'697
8'353'126
8'200'000
7'236'945

% Out
8.19
6.61
5.01
4.93
4.43
4.24
2.9
1.32
0.97
0.66
0.5
0.42
0.27
0.23
0.22
0.21
0.14
0.13
0.13
0.12

Weighting

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

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

Latest Chg
(13'299'908)
1'839'249
9'929'612
2'388'677
6'809'180
(1'721'294)
1'000'000
18'723
7'602'990
(673'854)
1'181'206
263'277

Target Price
5
4
4
5
4
4
#N/A N/A
5
5
4
4
5
4
4
4
5
4
6
4
4
5
5
5
4
#N/A N/A
4
5
5
4
3
#N/A N/A
5
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Government
31.12.2012
Corporation
31.12.2012
Bank
24.01.2013
Bank
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
17.01.2013
Bank
31.12.2012
Corporation
31.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
27.02.2013
n/a
22.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor

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

Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
11.03.2013
07.03.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
12.02.2013
05.02.2013
05.02.2013
04.02.2013
28.01.2013
25.01.2013
15.01.2013
14.01.2013
20.12.2012
29.10.2012
25.10.2012
19.10.2012
05.06.2012
07.05.2012
24.02.2012

26.03.2013

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 (01.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
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
01/yy
111.80
63.97
266'308.00
102.5
-8.32%
60.23%
77.21%
623.3
63'891.37
6.00
0.0
36.0
4'104.00
59'829.37

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
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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%
19.79%
29.76%
1.34%
59.8%
24.5%
19.5%
14.8%
1.92
1.42
0.05%
0.07%
23.13
4.49

LTM

01/yy
13'792.6
10.68x
3'214.6
11.86x
1'932.3
21.51x

01/yy
15'946.0
12.87x
3'913.0
15.40x
2'360.0
27.26x

FY+1

0.69
221.78
45.36%
-2.84%
0.692
40
3.450
1'107'449
1'297'963
1'178'268
FY+2

FQ+1

FQ+2

01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
17'727.9
19'675.9
3'773.5
4'227.9
3.32x
2.94x
4'399.6
4'927.6
828.8
934.0
13.60x
12.14x
13.85x
13.50x
2'668.6
2'992.9
472.0
550.9
23.94x
21.35x
24.24x
23.56x
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
-1.05
0.00
0.1%
0.1%
1.34
3.62
15.83
81.50
160.21
-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: info@qmsadv.com |

26.03.2013

Inditex SA
Holdings By:

All

Holder Name
GARTLER SL
PARTLER 2006 SL
ROSP CORUNNA
JP MORGAN
CAPITAL GROUP COMPAN
FMR LLC
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
HARBOR CAPITAL ADVIS
OPPENHEIMERFUNDS INC
ALLIANZ ASSET MANAGE
WILLIAM BLAIR & COMP
VANGUARD GROUP INC
BAILLIE GIFFORD AND
UMB BANK N A
PRUDENTIAL FINANCIAL
JENNISON ASSOCIATES
NATIXIS ASSET MANAGE
SUN LIFE FINANCIAL I

Firm Name

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

Analyst

ISI Group
OMAR SAAD
EVA Dimensions
CRAIG STERLING
Sanford C. Bernstein & Co
JAMIE MERRIMAN
Grupo Santander
REBECCA MCCLELLAN
Morgan Stanley
GEOFFREY RUDDELL
La Caixa
ANTONIO JOSE CASTELL NEYRA
Interdin Bolsa
SOFIA REBUELTA VILLEGAS
Societe Generale
ANNE CRITCHLOW
BPI
JOSE RITO
CA Cheuvreux
DANIEL OVIN
Cantor Fitzgerald
ALLEGRA PERRY
Independent Research GmbH
ZAFER RUZGAR
BBVA
ISABEL CARBALLO
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Exane BNP Paribas
BEN SPRUNTULIS
Telsey Advisory Group
DANA TELSEY
Credit Suisse
SIMON IRWIN
Raymond James
CEDRIC LECASBLE
HSBC
PAUL ROSSINGTON
Bankia Bolsa (ESN)
MARIA RIVAS RODRIGUEZ
Banco Sabadell
IGNACIO ROMERO
Ahorro Corporacion Financiera SA
GERMAN GARCIA BOU
Bryan Garnier & Cie
PETER FARREN
Nomura
FRASER RAMZAN
S&P Capital IQ
WILLIAM MACK
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
Banesto Bolsa SA Sociedad
JESUS DOMINGUEZ ANGULO
Redburn Partners
GEOFF LOWERY
Espirito Santo Investment Bank Research
FILIPE ROSA
AlphaValue
VIRGINIE BLIN
Deutsche Bank
WARWICK OKINES
Barclays
CHRISTODOULOS CHAVIARAS
Natixis
JEAN BAPTISTE TEISSIER
Hamburger Sparkasse
CHRISTIAN HAMANN
Day by Day
VALERIE GASTALDY
Goldman Sachs
FRANKLIN WALDING
Kepler Capital Markets
NATALIA BOBO BJOERK
Mirabaud Finanzas Sociedad de ValoresGONZALO
S
SANZ

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

Recommendation
strong buy
overweight
outperform
buy
Equalwt/Cautious
underweight
sell
buy
neutral
underperform
hold
sell
market perform
neutral
neutral
no rating system
underperform
market perform
overweight
hold
buy
sell
sell
buy
buy
hold
neutral
buy
neutral
sell
buy
equalweight
buy
hold
buy
Buy/Neutral
buy
underweight

Amt Held
311'727'598
57'872'465
31'494'806
18'823'336
7'598'170
6'649'493
5'244'417
4'779'721
3'112'524
2'887'450
2'657'118
2'349'841
1'835'758
1'745'086
1'192'900
1'105'737
871'054
753'341
737'364
703'033

% Out
50.01
9.28
5.05
3.02
1.22
1.07
0.84
0.77
0.5
0.46
0.43
0.38
0.29
0.28
0.19
0.18
0.14
0.12
0.12
0.11

Weighting

Change

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

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

Latest Chg
(2'766)
759'500
(1'464'302)
86'426
893'049
(620'282)
(43'431)
62'876
(75'362)
61'061
119'400
(159'687)
(53'921)
(54'094)
518'290
(36'531)

Target Price
110
#N/A N/A
115
125
100
102
84
131
112
95
106
96
107
112
110
118
103
#N/A N/A
120
98
115
82
100
121
115
94
105
#N/A N/A
110
87
115
89
125
#N/A N/A
114
125
108
67

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.01.2013
Unclassified
31.01.2013
Corporation
31.01.2013
Unclassified
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor

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

Date
24.03.2013
21.03.2013
20.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
07.03.2013
06.03.2013
22.02.2013
01.02.2013
18.12.2012
23.11.2012
07.11.2012
20.09.2012
21.03.2012

26.03.2013

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

60.0 M

50.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
7.91
4.44
9'946'024.00
5.746
-27.40%
29.41%
37.69%
3'831.6
22'016.15
207'649.00
0.0
1'081.0
17'657.00
213'089.15

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

30.0 M

20.0 M

10.0 M

1
0
m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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)
-

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
40'783.0
5.34x
3'894.0
10.31x
15.18%
8.66%
0.32%
7.33%
1.55%
0.03%
9.5%
17.77%
366.83%
-

LTM

12/yy
46'023.0
22.59x
0.0
0.00x
5'766.0
6.43x

12/yy
42'241.0
22.26x
0.0
0.00x
3'894.0
9.42x

FY+1

1.80
-14.75%
-18.62%
1.803
30
3.900
27'909'460
23'402'670
20'065'100
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
38'356.4
42'140.7
0.80x
0.73x
3'713.0
4'145.3
5.75x
5.19x
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: info@qmsadv.com |

26.03.2013

ING Groep NV
Holdings By:

All

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

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

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

Analyst
ALAIN TCHIBOZO
JEROME CASSAGNE
COR KLUIS
BENOIT PETRARQUE
MICHAEL HUTTNER
FRANCOIS BOISSIN
JAMES CHAPPELL
JAN WILLEM WEIDEMA
NICOLAS JACOB
KIRI VIJAYARAJAH
RICHARD BURDEN
THOMAS STOEGNER
VALERIE GASTALDY
STEVEN HAYWOOD
DAVID ANDRICH
CHRISTIAN HAMANN
FEDERICO SALERNO
STEFAN BONGARDT
LEMER SALAH
PHILIP RICHARDS
DAVID LOCK
WILLIAM HAWKINS
DOMENICO SANTORO
RODERICK WALLACE
MATTHIAS DE WIT
AUSTIN BURKETT
MARTIN LEITGEB
GORDON AITKEN
WERNER SCHIRMER
HANS PLUIJGERS
WERNER EISENMANN
TOM MULLER
TIM PROUDLOVE
BENOIT VALLEAUX

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

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

Amt Held
246'341'958
155'242'498
59'837'974
39'943'572
33'982'940
32'439'848
30'409'081
30'235'207
30'159'946
30'118'916
26'517'755
25'314'880
24'042'650
23'087'088
19'206'527
18'861'119
17'785'056
14'894'179
11'441'515
11'184'560

% Out
6.43
4.05
1.56
1.04
0.89
0.85
0.79
0.79
0.79
0.79
0.69
0.66
0.63
0.6
0.5
0.49
0.46
0.39
0.3
0.29

Weighting

Change

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

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

Latest Chg
(1'827'221)
(2'936'906)
599'105
1'701'096
(5'732'380)
1'170'048
122'201
968'030
(541'144)
(2'920'368)
1'817'067
1'256'401
(493'114)
3'877'089
(81'806)
(269'814)
14'365
-

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
22.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
30.11.2012
Bank

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

Date
25.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
05.03.2013
04.03.2013
01.03.2013
26.02.2013
26.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
17.01.2013
07.12.2012
07.12.2012
08.11.2012
05.10.2012
13.01.2012
27.10.2011
17.06.2011
17.03.2009

26.03.2013

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
2
2
1
1
1
1

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (23.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 02.01.2013
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

12/2012
12/yy
1.54
0.85
91'194'557.00
1.145
-25.81%
34.15%
42.63%
15'501.5
18'681.26
283'077.00
0.0
586.0
39'926.00
-

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

0
0
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
33'216.0
2'553.0
23.67x

500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
f-13 m-13

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
17'813.0
1'605.0
12.56x
21.90%
17.87%
0.24%
3.32%
0.51%
0.03%
9.0%
42.03%
570.57%
-

LTM

12/yy
23'133.0
0.00x
0.0
0.00x
(8'190.0)
0.00x

12/yy
17'685.0
0.00x
0.0
0.00x
1'605.0
10.08x

FY+1

1.39
13'656.70
-17.59%
-11.92%
1.388
35
3.171
#########
#########
#########
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'804.9
17'226.7
1'847.7
2'481.0
10.21x
7.53x
9.70x
8.95x
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

10.02.2012
BBB+
NEG
10.02.2012
A-2
570.6%
84.9%
0.03
1.37
-

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: info@qmsadv.com |

26.03.2013

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
ALLEANZA TORO SPA
BLACKROCK
ASSICURAZIONI GENERA
HARRIS ASSOCIATES LP
FRANKLIN RESOURCES
VANGUARD GROUP INC
INA ASSITALIA SPA
GENERALI VIE SA
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
MERCURY ASSET MANAGE
MANDARINE GESTION
TEMPLETON INVESTMENT
NATIXIS ASSET MANAGE
GENERALI VERSICHERUN

Firm Name
Mediobanca SpA
Barclays
Macquarie
Exane BNP Paribas
Berenberg Bank
Societe Generale
Morgan Stanley
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Equita SIM SpA
Oddo & Cie
Banca Akros(ESN)
ICBPI
Kepler Capital Markets
Natixis
Nomura
S&P Capital IQ
Credit Suisse
Keefe, Bruyette & Woods
Goldman Sachs
AlphaValue
Grupo Santander
HSBC
Intermonte Securities SpA
Day by Day
RBC Capital Markets
Deutsche Bank
EVA Dimensions
Centrobanca
CA Cheuvreux
Nord/LB
Hammer Partners SA
Banco Sabadell
Main First Bank AG

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

Analyst
ANDREA FILTRI
ANTONIO RIZZO
BENJIE CREELAN-SANDFORD
ANDREA VERCELLONE
ELENI PAPOULA
CARLO TOMMASELLI
FRANCESCA TONDI
INGO FROMMEN
STEFAN BONGARDT
MATTEO GHILOTTI
JEAN SASSUS
LUIGI TRAMONTANA
LUCA COMI
ANNA MARIA BENASSI
STEVEN GOULD
DOMENICO SANTORO
WILLIAM HOWLETT
IGNACIO CEREZO
RONNY REHN
JEAN-FRANCOIS NEUEZ
DAVID GRINSZTAJN
TANIA GOLD
CARLO DIGRANDI
CHRISTIAN CARRESE
VALERIE GASTALDY
PATRICK LEE
PAOLA SABBIONE
AUSTIN BURKETT
GUGLIELMO MARCO OPIPARI
ALDO COMI
MICHAEL SEUFERT
ENRICO RACIOPPI
MARIO LODOS
ALBERTO SEGAFREDO

Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH

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

Amt Held
1'532'766'787
725'460'008
647'953'597
523'633'314
422'874'979
286'308'683
206'391'083
205'236'977
193'171'300
144'797'677
131'567'493
85'877'104
82'931'860
80'794'996
57'605'428
38'765'931
38'252'534
37'525'547
35'693'662
34'722'872

% Out
9.89
4.68
4.18
3.38
2.73
1.85
1.33
1.32
1.25
0.93
0.85
0.55
0.53
0.52
0.37
0.25
0.25
0.24
0.23
0.22

Weighting

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

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

Latest Chg
(2'426'868)
19'137'900
(3'852'992)
21'857'253
24'865'982
51'882
(1'421'878)
(363'082)
(6'397'175)
-

Target Price
1
1
1
1
1
1
2
1
1
2
1
1
2
2
1
2
1
2
1
2
2
1
1
2
#N/A N/A
1
2
#N/A N/A
1
2
#N/A N/A
1
#N/A N/A
2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
20.11.2012
Other
20.11.2012
Bank
20.11.2012
Bank
20.11.2012
Bank
20.11.2012
Other
20.11.2012
Insurance Company
22.03.2013
Investment Advisor
20.11.2012
Insurance Company
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Insurance Company
20.11.2012
Other
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
22.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
20.11.2012
Holding Company

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

Date
25.03.2013
25.03.2013
21.03.2013
18.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
07.03.2013
06.03.2013
25.02.2013
19.02.2013
14.02.2013
28.01.2013
17.01.2013
17.01.2013
11.01.2013
06.11.2012
23.10.2012
19.06.2012
06.02.2012
29.07.2011

26.03.2013

Koninklijke Philips Electronics NV


Koninklijke Philips Electronics N.V. manufactures medical systems, domestic
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.

Price/Volume
25

14.0 M
12.0 M

20

10.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (07.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
24.16
13.57
764'432.00
23.51
-2.69%
73.25%
93.96%
957.1
22'502.20
4'534.00
0.0
34.0
3'834.00
23'236.20

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

8.0 M

10

6.0 M
4.0 M

2.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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
26'385.0
0.51x
1'883.0
7.11x
(91.0)
-

15

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

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%
0.78%
1.92%
2.46%
0.85%
38.0%
9.9%
4.2%
0.9%
1.26
0.82
15.59%
40.70%
5.81
4.32

Price/ Cash Flow

LTM

12/yy
22'582.0
3.02x
1'186.0
13.34x
(1'295.0)
0.00x

12/yy
24'788.0
2.75x
2'463.0
7.69x
226.0
72.71x

FY+1

1.19
908.50
60.88%
18.17%
1.188
41
3.756
4'440'591
3'671'441
3'306'995
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
24'867.4
25'694.2
5'551.7
5'823.8
0.94x
0.87x
4.08x
4.09x
3'417.1
3'749.6
589.0
713.0
6.82x
6.21x
7.33x
9.00x
1'435.0
1'670.2
221.4
310.4
14.40x
12.47x
13.94x
13.09x
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

11.05.2005
ANEG
26.02.2001
A-2
7.00
5.08
0.28
1.84
40.7%
28.9%
0.85
8.30
63.03
84.72
74.10
76.69

Sales/Revenue/Turnover

40.00

35'000.0

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0

10.00

5'000.0

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

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: info@qmsadv.com |

26.03.2013

Koninklijke Philips Electronics NV


Holdings By:

All

Holder Name
KONINKLIJKE PHILIPS
DODGE & COX
BLACKROCK
SOUTHEASTERN ASSET M
FRANKLIN RESOURCES
VANGUARD GROUP INC
FMR LLC
HARRIS ASSOCIATES LP
VANGUARD GROUP INC
ING INVESTMENT MANAG
ARTISAN PARTNERS HOL
ONTARIO TEACHERS PEN
ACHMEA BELEGGINSFOND
T ROWE PRICE ASSOCIA
DB PLATINUM ADVISORS
FORTIS INVESTMENTS
BARCLAYS PLC
TEMPLETON INVESTMENT
DIMENSIONAL FUND ADV
MERCURY ASSET MANAGE

Firm Name

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

Analyst

Canaccord Genuity Corp


JAMES STETTLER
Societe Generale
GAEL DE BRAY
Sanford C. Bernstein & Co
MARTIN PROZESKY
Rabobank International
HANS SLOB
AlphaValue
THOMAS PICHERIT
RBC Capital Markets
ANDREW CARTER
Credit Suisse
SIMON TOENNESSEN
ING Bank
FABIAN SMEETS
ABN Amro Bank N.V.
ROBIN VAN DEN BROEK
Morgan Stanley
BEN UGLOW
JPMorgan
ANDREAS WILLI
Kepler Capital Markets
PETER OLOFSEN
Exane BNP Paribas
OLIVIER ESNOU
Nomura
DANIEL CUNLIFFE
HSBC
MICHAEL HAGMANN
Espirito Santo Investment Bank Research
ROB VIRDEE
Redburn Partners
PHILIP WILSON
EVA Dimensions
CRAIG STERLING
Nord/LB
WOLFGANG VASTERLING
Banco Sabadell
GLEN SPENCER-CHAPMAN
Day by Day
VALERIE GASTALDY
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Landesbank Baden-Wuerttemberg
VOLKER STOLL
CA Cheuvreux
ANTOINE AZAR
Hamburger Sparkasse
MARCO GUENTHER
Natixis
LUDOVIC DEBAILLEUX
Barclays
DAVID VOS
Deutsche Bank
MARTIN WILKIE
Kempen & Co
ERWIN DUT
Independent Research GmbH
MARKUS FRIEBEL
Petercam
MARCEL ACHTERBERG
S&P Capital IQ
JAMES CRAWSHAW
Goldman Sachs
AARON IBBOTSON
Berenberg Bank
WILLIAM MACKIE
SNS Securities(ESN)
VICTOR BARENO
Theodoor Gilissen Securities
JOS VERSTEEG
DZ Bank AG
THOMAS MAUL
Jyske Bank
ROBERT JAKOBSEN

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

Recommendation
hold
hold
outperform
buy
add
outperform
neutral
buy
buy
Equalwt/Cautious
neutral
buy
neutral
buy
neutral
buy
buy
buy
buy
sell
hold
hold
hold
outperform
sell
buy
equalweight
hold
buy
hold
hold
hold
neutral/neutral
buy
hold
buy
buy
sell

Amt Held
47'895'476
46'061'138
45'264'486
41'502'897
13'434'710
10'760'946
9'615'086
9'437'496
8'150'341
6'622'250
5'481'917
4'800'000
4'020'057
3'920'784
3'875'475
2'924'969
2'911'837
2'860'801
2'569'692
2'523'231

% Out
5
4.81
4.73
4.34
1.4
1.12
1
0.99
0.85
0.69
0.57
0.5
0.42
0.41
0.4
0.31
0.3
0.3
0.27
0.26

Weighting

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

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

Latest Chg
15'514'236
(6'799'141)
(5'070'179)
498'208
2'767'369
586'900
(220'702)
282'727
623'576
153'795
2'263'827
(78'890)
(687'730)
3'398

Target Price
20
24
27
28
27
27
23
27
28
24
25
23
25
25
24
27
#N/A N/A
#N/A N/A
24
20
#N/A N/A
23
25
25
#N/A N/A
26
21
23
23
24
23
23
23
25
15
23
17
23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
08.02.2013
Corporation
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011 Pension Fund (ERISA)
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
30.11.2012 Mutual Fund Manager
04.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
22.03.2013
Investment Advisor

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

Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
14.03.2013
12.03.2013
08.03.2013
08.03.2013
08.03.2013
05.03.2013
26.02.2013
15.02.2013
15.02.2013
06.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
17.01.2013
08.01.2013
22.10.2012
04.09.2012
27.06.2012
29.03.2010

26.03.2013

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

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (26.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 20.02.2013
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
12/yy
123.70
86.80
222'002.00
121.75
-1.62%
40.26%
95.26%
604.3
73'575.18
248.00
0.0
4.8
1'823.20
72'004.78

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

3.5 M

120

3.0 M

100

2.5 M

80

2.0 M

60

1.5 M

40

1.0 M

20

.5 M

0
m-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
25.41x
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
4'388.9
13.94x
2'867.7
21.90x
4'388.90
3'697.30
16.46%
17.25%
10.17%
14.87%
14.49%
0.80%
70.7%
19.5%
16.5%
12.8%
1.29
0.79
0.84%
1.18%
7.24
3.22

Price/ Cash Flow

j-12

j-12

LTM

12/yy
20'343.1
0.00x
0.0
0.00x
0.0
0.00x

a-12

12/yy
22'462.7
0.00x
0.0
0.00x
0.0
0.00x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

0.68
226.70
39.42%
16.06%
0.680
39
3.308
777'020
681'386
584'061
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'444.8
24'818.8
5'755.0
5'663.0
3.04x
2.81x
4'745.7
5'099.7
15.20x
14.14x
3'090.1
3'346.8
23.77x
21.94x
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+
127.21
99.53
-0.36
0.06
1.2%
1.2%
0.80
7.69
50.55
113.50
182.89
-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 m-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
17'541.8
2.28x
3'441.7
11.63x
1'948.3
18.82x

140

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

L'Oreal SA
Holdings By:

All

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

Firm Name

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
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Sanford C. Bernstein & Co


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

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

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

Amt Held
% Out
185'661'879 30.72
178'381'021 29.52
10'454'165
1.73
5'729'800
0.95
5'647'487
0.93
4'446'174
0.74
2'998'095
0.5
2'784'467
0.46
2'524'547
0.42
(2'309'774) -0.38
1'948'992
0.32
1'794'714
0.3
1'415'058
0.23
1'085'268
0.18
1'056'948
0.17
831'525
0.14
805'008
0.13
725'628
0.12
661'487
0.11
511'365
0.08

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

Change
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

Latest Chg
(1'345'900)
95'322
(516'711)
(3'385)
729'403
313'136
20'420
15'098
306'745
2'576
1'825
887
-

Target Price
95
#N/A N/A
115
106
120
125
105
134
113
#N/A N/A
130
117
94
114
105
97
120
121
120
120
118
#N/A N/A
112
113
105
143
111
#N/A N/A
115
#N/A N/A
96
121
#N/A N/A
#N/A N/A
#N/A N/A
91
87
92
97

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
22.03.2013
30.01.2013
31.12.2012
31.01.2013
31.01.2013
22.03.2013
31.12.2012
31.10.2012
21.03.2013
30.06.2012
22.03.2013
31.08.2012

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

Inst Type
n/a
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor

Date
25.03.2013
21.03.2013
21.03.2013
20.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
05.03.2013
25.02.2013
19.02.2013
18.02.2013
18.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
08.02.2013
17.01.2013
17.01.2013
14.01.2013
07.11.2012
06.11.2012
30.10.2012
30.07.2012
30.07.2012

26.03.2013

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

3.0 M

140

2.5 M

120
2.0 M

100
80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.02.2013
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
12/yy
143.40
111.00
219'495.00
131.45
-8.44%
18.42%
57.56%
507.7
66'733.20
6'812.00
0.0
1'102.0
2'196.00
72'451.20

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

1.0 M

40
.5 M

20
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

60

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
6'940.0
10.82x
3'424.0
20.23x
6'940.00
5'921.00
21.07%
20.39%
7.06%
14.57%
12.72%
0.58%
64.7%
25.7%
21.1%
12.2%
1.51
0.44
13.64%
27.73%
14.55
1.27

Price/ Cash Flow

LTM

12/yy
23'659.0
0.00x
0.0
0.00x
0.0
0.00x

12/yy
28'103.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

2.21
0.93
254.93
3.68%
-5.30%
0.927
39
4.231
880'641
798'440
723'102
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
30'269.1
32'861.8
2.33x
2.09x
7'658.7
8'459.6
9.47x
8.58x
3'849.4
4'302.2
17.34x
15.46x
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
41.81
31.51
0.64
0.94
27.7%
21.0%
0.58
3.35
25.15
287.68
106.20
206.64

Sales/Revenue/Turnover

20.00

30'000.0

18.00

25'000.0

16.00
14.00

20'000.0

12.00

15'000.0

10.00
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

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: info@qmsadv.com |

26.03.2013

LVMH Moet Hennessy Louis Vuitton SA


Holdings By:

All

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

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

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

Analyst
OMAR SAAD
MARIO ORTELLI
CHRISTOPHER WALKER
LUCA GIUSEPPE SOLCA
LEOPOLD AUTHIE
VALERIE GASTALDY
THIERRY COTA
REY WIUM
VIRGINIE BLIN
ALLEGRA PERRY
DAVID DA MAIA
MATTHIAS EIFERT
IGNACIO ROMERO
JOHN GUY
DANA TELSEY
LOUISE SINGLEHURST
WILLIAM HUTCHINGS
CEDRIC ROSSI
ROGERIO FUJIMORI
LARS LUSEBRINK
VIRGINIA PEREZ REPES
MELANIE A FLOUQUET
MARC WILLAUME
CHRISTIAN HAMANN
OLIVIER DELAHOUSSE
MICHAEL SOUERS
JULIAN EASTHOPE
CATHERINE ROLLAND
ANTOINE BELGE
CRAIG STERLING
WARWICK OKINES
FABIO FAZZARI
ANNABEL GLEESON
THOMAS MESMIN
BARBARA AMBRUS
THOMAS MAUL
TIM DAWSON

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

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

Amt Held
235'886'503
9'536'678
5'230'723
4'275'828
4'200'037
4'085'056
3'878'869
3'385'819
3'326'140
2'724'161
2'107'952
1'969'659
1'732'620
1'561'592
1'528'000
1'422'781
1'387'002
1'355'126
1'150'592
1'042'404

% Out
46.46
1.88
1.03
0.84
0.83
0.8
0.76
0.67
0.66
0.54
0.42
0.39
0.34
0.31
0.3
0.28
0.27
0.27
0.23
0.21

Weighting

Change

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

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

Latest Chg
(147'143)
74'218
4'700
(478'859)
(55'514)
134'015
49'222
(230'305)
41'590
19'742
(18'102)
(2'100)
43'392
(14'807)

Target Price
160
165
155
135
160
#N/A N/A
145
152
172
141
145
157
144
140
140
152
198
160
148
165
160
142
163
123
155
160
151
168
150
#N/A N/A
145
178
#N/A N/A
140
150
147
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
01.10.2012
Holding Company
31.12.2011
Holding Company
15.03.2012
Government
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2011
n/a
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
31.12.2012 Mutual Fund Manager

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

Date
24.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
14.03.2013
07.03.2013
22.02.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
10.02.2013
08.02.2013
08.02.2013
08.02.2013
05.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
24.01.2013
17.01.2013
14.01.2013
10.12.2012
19.10.2012
17.10.2012
30.07.2012
02.05.2012
02.04.2012

26.03.2013

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 (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
152.00
95.85
205'088.00
148.65
-2.24%
55.09%
91.81%
179.3
26'659.07
6'256.00
0.0
242.0
2'860.00
30'297.07

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

1.0 M

60
40

.5 M

20
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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%
1.26%
12.72%
11.01%
0.26%
4.8%
2.42%
23.02%
-

Price/ Cash Flow

LTM

12/yy
61'764.0
1.29x
0.0
0.00x
702.0
23.74x

12/yy
66'135.0
1.52x
0.0
0.00x
3'195.0
7.56x

FY+1

0.95
178.94
33.99%
9.30%
0.951
41
3.415
654'843
716'320
668'270
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
55'834.1
57'808.9
0.59x
2'915.2
2'963.9
773.0
713.0
9.07x
8.86x
8.93x
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

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

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: info@qmsadv.com |

26.03.2013

Muenchener Rueckversicherungs AG
Holdings By:

All

Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
PEOPLES BANK OF CHIN
CREDIT SUISSE AG
FRANKLIN RESOURCES
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
ARTISAN PARTNERS HOL
DEUTSCHE BANK AG
VANGUARD GROUP INC
DEKA INVESTMENT GMBH
MACKENZIE FINANCIAL
NATIXIS ASSET MANAGE
TWEEDY BROWNE COMPAN
UNION INVESTMENT GMB
BNP PARIBAS INV PART
T ROWE PRICE ASSOCIA
ADIG INVESTMENT
SARASIN
FRANKFURT TRUST INVE

Firm Name

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

Analyst

Credit Suisse
ADAM MCINALLY
S&P Capital IQ
RODERICK WALLACE
AlphaValue
DIETER HEIN
EVA Dimensions
AUSTIN BURKETT
RBC Capital Markets
GORDON AITKEN
Keefe, Bruyette & Woods
WILLIAM HAWKINS
Macquarie
HADLEY COHEN
DZ Bank AG
THORSTEN WENZEL
Exane BNP Paribas
THOMAS JACQUET
Societe Generale
JASON KALAMBOUSSIS
Bankhaus Metzler
JOCHEN SCHMITT
Nomura
MICHAEL KLIEN
Nord/LB
JULIA SIEKMANN
Goldman Sachs
VINIT MALHOTRA
JPMorgan
MICHAEL HUTTNER
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Oddo & Cie
NICOLAS JACOB
Natixis
BENOIT VALLEAUX
Helvea
DANIEL BISCHOF
Sanford C. Bernstein & Co
THOMAS SEIDL
Independent Research GmbH
STEFAN BONGARDT
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
Day by Day
VALERIE GASTALDY
Bankhaus Lampe
ANDREAS SCHAEFER
CA Cheuvreux
FRANK KOPFINGER
Berenberg Bank
TOM CARSTAIRS
Raymond James
DANNY JACQUES
HSBC
THOMAS FOSSARD
Hamburger Sparkasse
CHRISTIAN HAMANN
Kepler Capital Markets
FABRIZIO CROCE
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Barclays
ANDREW BROADFIELD
Main First Bank AG
MICHAEL HAID
Morgan Stanley
MACIEJ WASILEWICZ
Mediobanca SpA
MARC THIELE
Canaccord Genuity Corp
BEN COHEN
Redburn Partners
PAUL GOODHIND
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE

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

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

Amt Held
20'086'215
17'474'218
5'380'236
3'097'431
2'261'723
2'242'202
1'886'892
1'798'228
1'713'886
1'417'567
1'374'140
1'050'506
925'403
909'100
834'488
800'481
619'738
590'450
574'580
539'431

% Out
11.2
9.74
3
1.73
1.26
1.25
1.05
1
0.96
0.79
0.77
0.59
0.52
0.51
0.47
0.45
0.35
0.33
0.32
0.3

Weighting

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

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

Latest Chg
(21'768)
(397'577)
(130'604)
75'261
263'657
107'059
(234'487)
97'400
715'207
(376'953)
5'222
(33'787)
6'554
131'232
196'794
(10'900)

Target Price
155
150
141
#N/A N/A
135
170
150
165
145
133
171
140
155
175
167
150
125
140
142
106
150
136
125
#N/A N/A
145
157
140
#N/A N/A
135
#N/A N/A
153
147
157
145
152
164
142
#N/A N/A
118
119

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Unclassified
25.04.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.03.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013 Mutual Fund Manager

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

Date
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
20.02.2013
18.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
30.01.2013
09.01.2013
15.03.2012
02.02.2012
10.05.2011

26.03.2013

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.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (25.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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

Price/Volume

12/2012
12/yy
19.33
10.90
2'690'080.00
16.24
-15.96%
48.99%
61.90%
1'282.4
20'826.96
19'090.00
0.0
770.0
6'318.00
34'368.96

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

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

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

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%
3.03%
8.20%
0.92%
11.7%
7.6%
3.5%
1.51
0.93
29.40%
71.49%
9.87
-

Price/ Cash Flow

LTM

12/yy
43'336.0
3.17x
5'544.0
0.00x
1'614.0
0.00x

12/yy
62'343.0
2.38x
7'313.0
4.49x
2'060.0
8.77x

FY+1

1.07
963.15
-8.17%
5.90%
1.068
42
4.119
8'670'876
11'955'540
10'658'080
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
61'024.3
61'739.6
13'710.0
13'710.0
0.55x
0.53x
2.37x
2.36x
7'428.1
7'678.0
1'790.0
1'931.0
4.63x
4.48x
3.87x
3.84x
2'142.2
2'245.2
574.0
654.0
9.81x
9.40x
9.40x
9.48x
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

19.04.2012
BBBSTABLE
19.04.2012
A-3
8.88
4.55
1.75
2.61
71.5%
41.0%
0.92
1.92
37.09
-

Sales/Revenue/Turnover

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 m-12

100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
f-13 m-13

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
m-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

Repsol SA
Holdings By:

All

Holder Name
CAIXABANK
SACYR VALLEHERMOSO S
PETROLEOS MEXICANOS
TEMASEK HOLDINGS PRI
BLACKROCK
BNP PARIBAS SA
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
AMUNDI
DEUTSCHE BANK AG
OPPENHEIMERFUNDS INC
UNION INVESTMENT GMB
UNION INVESTMENT LUX
SCHRODER INVESTMENT
STATE STREET
MERCURY ASSET MANAGE
ING INTERNATIONAL AD

Firm Name

Portfolio Name
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst

Grupo Santander
JASON KENNEY
Societe Generale
IRENE HIMONA
Jefferies
BRENDAN MICHAEL WARN
Exane BNP Paribas
ALEJANDRO DEMICHELIS
Bankia Bolsa (ESN)
SONIA RUIZ DE GARIBAY CUBILLO
NMAS 1 Agencia de Valores
FERNANDO LAFUENTE
Day by Day
VALERIE GASTALDY
Sanford C. Bernstein & Co
OSWALD CLINT
HSBC
PAUL SPEDDING
Independent Research GmbH
SVEN DIERMEIER
Banco Sabadell
JORGE GONZALEZ SADORNIL
BPI
BRUNO ALMEIDA DA SILVA
AlphaValue
ALEXANDRE ANDLAUER
Landesbank Baden-Wuerttemberg
JENS MUENSTERMANN
Credit Suisse
THOMAS YOICHI ADOLFF
Equita SIM SpA
MASSIMO BONISOLI
Banesto Bolsa SA Sociedad
ROBERT JACKSON
Morgan Stanley
HAYTHEM RASHED
Raymond James
BERTRAND HODEE
Macquarie
MARC B KOFLER
Natixis
ANNE PUMIR
S&P Capital IQ
CHRISTINE TISCARENO
Barclays
LYDIA RAINFORTH
Investec
STUART JOYNER
Goldman Sachs
HENRY MORRIS
Canaccord Genuity Corp
GORDON GRAY
Espirito Santo Investment Bank Research
FILIPE ROSA
Nomura
THEEPAN JOTHILINGAM
Intermoney Valores
ALVARO NAVARRO
RBC Capital Markets
PETER HUTTON
EVA Dimensions
CRAIG STERLING
Tudor Pickering & Co
ANISH KAPADIA
JPMorgan
NITIN SHARMA
BBVA
LUIS DE TOLEDO
Mirabaud Finanzas Sociedad de ValoresJOSE
S MARTIN-VIVAS
Interdin Bolsa
ALEJANDRO MIRANDA FOURNIER
Kepler Capital Markets
NATALIA BOBO BJOERK
La Caixa
FERNANDO MURILLO GUIRAO
Deutsche Bank
MARK BLOOMFIELD
CA Cheuvreux
DOMINIQUE PATRY

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

Recommendation
hold
buy
hold
neutral
buy
strong buy
hold
outperform
overweight
hold
buy
buy
reduce
hold
outperform
buy
overweight
Underwt/In-Line
outperform
neutral
buy
buy
overweight
hold
not rated
hold
buy
neutral
buy
sector perform
buy
hold
neutral
outperform
overweight
buy
buy
buy
hold
outperform

Amt Held
157'399'192
122'208'433
115'884'040
80'700'000
45'722'245
43'098'518
13'306'398
9'049'194
8'114'042
7'489'178
6'509'460
6'131'360
5'411'419
4'392'268
3'787'114
3'414'500
2'520'157
2'274'691
2'207'512
2'071'360

% Out
12.27
9.53
9.04
6.29
3.57
3.36
1.04
0.71
0.63
0.58
0.51
0.48
0.42
0.34
0.3
0.27
0.2
0.18
0.17
0.16

Weighting

Change

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

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

Latest Chg
(14'830)
4'142'554
285'878
71'919
(716'980)
(203'525)
5'796'040
(12'479)
129'183
316'718
217'966
783'547
70'648
2'941
211'035

Target Price
19
18
16
19
20
21
#N/A N/A
20
22
18
18
20
17
17
20
18
19
17
19
15
19
19
20
15
#N/A N/A
18
20
16
19
16
#N/A N/A
22
16
19
20
22
20
20
16
18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
08.10.2012
Investment Advisor
17.01.2013
Corporation
08.10.2012
Unclassified
04.03.2013
Government
22.03.2013
Investment Advisor
13.03.2013
Bank
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Mutual Fund Manager
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor

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

Date
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
12.03.2013
12.03.2013
11.03.2013
07.03.2013
07.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
22.02.2013
19.02.2013
14.02.2013
13.02.2013
06.02.2013
01.02.2013
29.01.2013
27.12.2012
26.11.2012
14.11.2012
25.10.2012
23.10.2012

26.03.2013

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

12.0 M

35

10.0 M

30
8.0 M

25
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (08.02.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
36.90
26.36
937'112.00
29.255
-20.78%
11.00%
26.42%
575.7
18'030.57
19'946.00
0.0
1'613.0
5'276.00
34'313.57

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

4.0 M

10
2.0 M

5
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

6.0 M

15

31.12.2009
31.12.2010
46'191.0
50'722.0
1.10x
0.85x
9'655.0
9'230.0
5.28x
4.68x
3'571.0
3'308.0
10.33x
8.05x
Profitability

LTM-4Q
31.12.2011
49'153.0
0.65x
8'286.0
3.88x
1'806.0
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
0.70x
9'055.0
3.92x
1'306.0
14.67x
9'055.00
3'699.00
7.29%
4.39%
2.6%
1.02
0.55
22.61%
134.55%
-

Price/ Cash Flow

LTM

12/yy
49'153.0
2.84x
6'912.0
4.66x
1'806.0
8.13x

12/yy
39'773.0
3.72x
7'228.0
0.00x
1'033.0
0.00x

FY+1

1.04
482.66
-14.92%
-6.35%
1.045
40
2.600
3'676'317
3'645'634
3'425'636
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
53'465.5
54'236.9
0.65x
0.64x
8'830.9
8'611.2
3.89x
3.98x
2'432.1
2'216.3
7.49x
8.23x
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

27.07.2012
BBB+
STABLE
08.06.2011
A-2
7.25
3.18
134.6%
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

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: info@qmsadv.com |

26.03.2013

RWE AG
Holdings By:

All

Holder Name
RW ENERGIE-BETEILIGU
BLACKROCK
CREDIT SUISSE GROUP
MONDRIAN INVESTMENT
SOCIETE GENERALE SA
CAPITAL GROUP COMPAN
DB PLATINUM ADVISORS
VANGUARD GROUP INC
VANGUARD GROUP INC
UNION INVESTMENT GMB
PICTET ASSET MANAGEM
DEKA INVESTMENT GMBH
MERCURY ASSET MANAGE
ETFLAB INVESTMENT GM
ALLIANZ ASSET MANAGE
BNP PARIBAS INV PART
FMR LLC
DEKA INTERNATIONAL S
NUVEEN ASSET MANAGEM
MACQUARIE GROUP

Firm Name
Exane BNP Paribas
Commerzbank Corporates & Markets
RBC Capital Markets
HSBC
EVA Dimensions
Redburn Partners
Grupo Santander
JPMorgan
Nomura
AlphaValue
Goldman Sachs
Raymond James
DZ Bank AG
Landesbank Baden-Wuerttemberg
Hamburger Sparkasse
Societe Generale
Morgan Stanley
Nord/LB
Bankhaus Metzler
S&P Capital IQ
Independent Research GmbH
M.M. Warburg Investment Research
Kepler Capital Markets
Main First Bank AG
Banco Sabadell
Day by Day
Credit Suisse
Berenberg Bank
Ahorro Corporacion Financiera SA
Barclays
Macquarie
Steubing AG
Equinet Institutional Services(ESN)
Deutsche Bank
Natixis
CA Cheuvreux
Silvia Quandt Research

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

Analyst
BENJAMIN LEYRE
TANJA MARKLOFF
JOHN MUSK
ADAM DICKENS
AUSTIN BURKETT
AHMED FARMAN
OSCAR NAJAR RIOS
VINCENT DE BLIC
MARTIN YOUNG
EILEEN RYAN
DEBORAH WILKENS
EMMANUEL RETIF
MARC NETTELBECK
ERKAN AYCICEK
ANNEMARIE SCHLUETER
ALBERTO PONTI
BOBBY CHADA
HEINO HAMMANN
DANIEL SEIDENSPINNER
CLIVE ROBERTS
SVEN DIERMEIER
STEPHAN WULF
INGO BECKER
ANDREAS THIELEN
JORGE GONZALEZ SADORNIL
VALERIE GASTALDY
VINCENT GILLES
LAWSON STEELE
VIRGINIA PEREZ REPES
PETER BISZTYGA
ROBERT SCHRAMM-FUCHS
MICHAEL BROEKER
MICHAEL SCHAEFER
ALEXANDER KARNICK
PHILIPPE OURPATIAN
SEBASTIAN KAUFFMANN
SEBASTIAN ZANK

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

Recommendation
neutral
hold
sector perform
underweight
buy
buy
underweight
underweight
reduce
buy
neutral/neutral
underperform
buy
sell
hold
sell
Overwt/In-Line
hold
sell
hold
hold
buy
reduce
underperform
sell
hold
underperform
sell
hold
underweight
neutral
buy
hold
sell
neutral
outperform
not rated

Amt Held
86'361'823
28'787'275
28'008'409
17'272'365
6'421'155
5'726'000
5'509'049
5'122'429
3'936'323
2'919'473
2'882'791
2'349'710
1'358'033
1'146'153
1'066'091
1'043'715
986'543
928'678
900'000
845'432

% Out
15
5
4.86
3
1.12
0.99
0.96
0.89
0.68
0.51
0.5
0.41
0.24
0.2
0.19
0.18
0.17
0.16
0.16
0.15

Weighting

Change

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

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

Latest Chg
4'226'000
3'963'686
196'272
78'546
(977'126)
(446'152)
1'819
8'720
(298'847)
(165'420)
(1'416'019)
79'174
900'000
(13'576)

Target Price
32
29
28
23
#N/A N/A
#N/A N/A
#N/A N/A
28
25
34
36
25
35
25
#N/A N/A
24
33
31
25
29
30
34
27
29
37
#N/A N/A
28
25
34
27
30
60
35
27
34
38
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Other
22.03.2013
Investment Advisor
04.05.2012
Investment Advisor
16.05.2012 Hedge Fund Manager
19.02.2013
Unclassified
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
30.11.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
22.03.2013
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012 Mutual Fund Manager
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor

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

Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
18.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
15.02.2013
14.02.2013
06.02.2013
05.02.2013
28.01.2013
25.01.2013
22.01.2013
14.01.2013
11.01.2013
07.01.2013
05.11.2012
14.06.2012
06.03.2012

26.03.2013

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
90

12.0 M

80

10.0 M

70
60

8.0 M

50

12/2012
12/yy
79.18
53.20
675'203.00
77.68
-1.91%
46.02%
91.42%
1'326.3
103'030.32
14'531.00
0.0
134.0
6'381.00
111'314.32

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

30

4.0 M

20

2.0 M

10
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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
27'568.0
2.22x
9'940.0
6.16x
3'851.0
15.94x

6.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.01.2013
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

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

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%
4.94%
8.75%
7.62%
0.35%
68.2%
36.3%
22.3%
14.2%
1.65
1.00
14.47%
25.34%
4.50
1.79

Price/ Cash Flow

LTM

12/yy
33'389.0
5.23x
2'463.0
0.00x
5'693.0
13.17x

12/yy
34'947.0
5.54x
2'704.0
0.00x
4'967.0
18.99x

FY+1

0.75
1'187.62
40.26%
8.81%
0.751
39
3.974
3'180'044
2'872'180
2'589'380
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
35'854.9
37'843.3
8'383.8
8'735.3
3.03x
2.77x
13'111.6
14'230.3
8.51x
7.84x
7'943.2
8'778.0
1'813.3
1'803.7
12.92x
11.58x
13.10x
12.65x
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

18.02.2011
AASTABLE
18.02.2011
A-1+
29.70
25.83
0.64
1.14
25.3%
20.2%
0.35
3.28
81.42
204.60
101.89
184.13

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0
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

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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: info@qmsadv.com |

26.03.2013

Sanofi
Holdings By:

All

Holder Name
L'OREAL SA
FMR LLC
BLACKROCK
VANGUARD GROUP INC
SANOFI EMP SAVINGS P
DODGE & COX
NATIXIS ASSET MANAGE
FRANKLIN RESOURCES
VANGUARD GROUP INC
MORGAN STANLEY
AVIVA PLC
FIRST EAGLE INVESTME
DEUTSCHE BANK AG
WADDELL & REED FINAN
ALLIANZ ASSET MANAGE
LBPAM
AMUNDI
GRANTHAM MAYO VAN OT
WILLIAM BLAIR & COMP
AMUNDI

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

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

Analyst
TIMOTHY M ANDERSON
SEBASTIEN MALAFOSSE
ODILE RUNDQUIST
NICHOLAS TURNER
VINCENT MEUNIER
ARMELLE MOULIN
RICHARD VOSSER
JEFFREY HOLFORD
ANDREW S ZAMFOTIS
STEPHEN MCGARRY
ERIC LE BERRIGAUD
PETER VERDULT
MARTA DIAZ
ALISTAIR CAMPBELL
MARK PURCELL
SEAMUS FERNANDEZ
ARSENE GUEKAM
MARK CLARK
LUISA HECTOR
TIMO KUERSCHNER
CHRISTOPH SCHOENDUBE
FABIAN WENNER
VIRGINIA PEREZ REPES
AMIT ROY
SHO MATSUBARA
KEYUR PAREKH
PHILIPPE LANONE
THORSTEN STRAUSS
VALERIE GASTALDY
TEAM COVERAGE
MARCO GUENTHER
LAURENT FLAMME
NARESH CHOUHAN
TIM FRANKLIN
ROBERT JAKOBSEN
TOMAS MENCIK
VISHAL MANCHANDA
ELMAR KRAUS

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

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

Amt Held
118'227'307
33'173'565
20'821'207
18'032'467
17'191'116
16'748'982
13'821'204
10'580'043
9'481'860
6'697'049
6'413'305
5'954'817
5'830'361
5'643'800
5'093'172
4'869'438
4'547'746
4'234'244
4'068'709
4'037'006

% Out
8.91
2.5
1.57
1.36
1.3
1.26
1.04
0.8
0.71
0.5
0.48
0.45
0.44
0.43
0.38
0.37
0.34
0.32
0.31
0.3

Weighting

Change

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

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

Latest Chg
325'750
(50'070)
1'487'319
1'647'107
(1'806'061)
490'404
(10'030)
249'926
597'970
630'744
(67'746)
(42'392)
(345'054)
8'077
(16'108)

Target Price
76
82
82
83
85
83
99
85
#N/A N/A
92
80
81
80
76
77
#N/A N/A
66
82
78
78
75
73
81
65
81
73
84
#N/A N/A
78
#N/A N/A
#N/A N/A
77
65
#N/A N/A
57
60
52
55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.01.2013
31.01.2013
22.03.2013
31.12.2012
31.01.2013
29.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
30.09.2012
28.02.2013
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.05.2012
31.12.2012
31.10.2012

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

Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
19.02.2013
18.02.2013
15.02.2013
13.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
28.01.2013
28.01.2013
11.12.2012
11.12.2012
10.12.2012
28.11.2012
29.10.2012
05.10.2012
20.07.2012
11.07.2012
05.04.2012
08.02.2012
20.12.2011

26.03.2013

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

18.0 M

60

16.0 M
14.0 M

50

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 04.03.2013
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

12/2012
12/yy
65.00
43.62
742'543.00
61.95
-4.72%
42.02%
86.95%
1'228.5
76'105.84
5'248.00
0.0
8.0
2'631.00
78'730.84

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

10.0 M

30

8.0 M
6.0 M

20

4.0 M

10

2.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

12.0 M

40

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
4'611.0
10.21x
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
4'936.0
15.19x
2'823.0
25.61x
4'936.00
4'073.00
25.11%
23.57%
11.29%
21.05%
16.33%
0.65%
68.8%
28.2%
22.9%
17.4%
1.00
0.93
19.56%
37.05%
4.38
-

Price/ Cash Flow

LTM

12/yy
14'233.0
13.42x
4'611.0
10.21x
3'438.0
14.13x

12/yy
16'223.0
15.96x
4'575.0
16.39x
2'827.0
25.61x

FY+1

0.82
912.18
19.42%
2.08%
0.815
44
4.114
3'002'560
2'821'254
2'931'982
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'008.2
19'843.9
3'814.2
4'343.7
4.18x
3.64x
20.21x
17.78x
6'414.1
7'242.7
1'112.5
1'483.0
12.28x
10.88x
12.14x
12.15x
3'998.9
4'574.4
672.2
919.8
17.88x
15.77x
17.82x
17.52x
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

28.21
25.11
0.57
1.15
37.1%
27.0%
0.65
9.96
83.59
-

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

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: info@qmsadv.com |

26.03.2013

SAP AG
Holdings By:

All

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

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

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

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

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

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

Amt Held
121'324'707
93'079'595
66'743'066
65'273'200
36'642'744
16'796'313
11'671'329
11'235'667
11'142'018
11'106'305
8'459'500
8'270'322
7'820'713
7'208'549
7'081'368
6'576'011
5'863'076
5'264'797
4'582'686
4'476'501

% Out
9.88
7.58
5.43
5.31
2.98
1.37
0.95
0.91
0.91
0.9
0.69
0.67
0.64
0.59
0.58
0.54
0.48
0.43
0.37
0.36

Weighting

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

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

Latest Chg
(2'035'409)
35'104
(632'162)
(155'226)
972'000
(346'827)
(171'398)
(461'445)
176'532
337'221
(406'504)
(928'550)

Target Price
62
69
63
65
72
70
#N/A N/A
66
68
71
70
74
67
#N/A N/A
71
70
67
65
#N/A N/A
#N/A N/A
63
70
65
64
#N/A N/A
69
70
55
57
86
57
66
70
66
#N/A N/A
67
53
45
69
65
65
46
55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
n/a
08.03.2012
n/a
22.03.2013
Investment Advisor
31.12.2012
n/a
12.06.2012
Corporation
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
06.06.2012
Investment Advisor
31.01.2013
Investment Advisor

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

Date
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
24.02.2013
15.02.2013
04.02.2013
01.02.2013
29.01.2013
28.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
09.01.2013
24.10.2012
02.02.2012
26.01.2012

26.03.2013

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

6.0 M

60

5.0 M

50

4.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (27.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.03.2013
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

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

2.0 M

20

1.0 M

10
0
m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

3.0 M

30

12/2012
12/yy
60.71
39.40
503'502.00
56.87
-6.41%
44.36%
78.33%
555.4
31'586.56
8'132.00
0.0
174.0
3'737.00
36'155.56

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%
5.11%
11.32%
9.07%
0.67%
37.8%
16.0%
12.7%
7.7%
1.51
1.01
22.49%
48.86%
4.48
4.63

Price/ Cash Flow

LTM

12/yy
22'387.0
0.00x
0.0
0.00x
0.0
0.00x

12/yy
23'946.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

1.28
525.90
17.17%
3.72%
1.281
31
3.516
1'829'300
1'577'389
1'340'359
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
24'351.1
25'608.7
5'390.0
6'012.0
1.46x
1.34x
4'069.6
4'431.2
8.92x
8.19x
2'291.4
2'548.3
13.79x
12.37x
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

26.11.2008
ASTABLE
14.03.2007
A-2
9.97
8.74
1.15
2.12
48.9%
32.6%
0.67
9.22
81.70
79.13
103.63
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

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: info@qmsadv.com |

26.03.2013

Schneider Electric SA
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
AMUNDI
CAISSE DES DEPOTS ET
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
DODGE & COX
SCHNEIDER ELECTRIC S
FMR LLC
BLACKROCK
SUN LIFE FINANCIAL I
NATIXIS ASSET MANAGE
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
BNP PARIBAS INV PART
T ROWE PRICE ASSOCIA
ARTISAN PARTNERS HOL
ABERDEEN
AVIVA PLC
LBPAM
INVESCO LTD

Firm Name

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

Analyst

JPMorgan
ANDREAS WILLI
Canaccord Genuity Corp
JAMES STETTLER
Nomura
DANIEL CUNLIFFE
Societe Generale
GAEL DE BRAY
Sanford C. Bernstein & Co
MARTIN PROZESKY
AlphaValue
LIONEL PELLICER
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
Espirito Santo Investment Bank Research
ROB VIRDEE
EVA Dimensions
CRAIG STERLING
Barclays
NICK WEBSTER
Credit Suisse
SIMON TOENNESSEN
Landesbank Baden-Wuerttemberg
VOLKER STOLL
Deutsche Bank
MARTIN WILKIE
RBC Capital Markets
ANDREW CARTER
CA Cheuvreux
ALFRED GLASER
Independent Research GmbH
MARKUS FRIEBEL
Natixis
LUDOVIC DEBAILLEUX
Morgan Stanley
BEN UGLOW
Kepler Capital Markets
PIERRE BOUCHENY
S&P Capital IQ
JAWAHAR HINGORANI
Banco Sabadell
MARIA CEBOLLERO
Goldman Sachs
DANIELA COSTA
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
CM - CIC Securities(ESN)
ARI AGOPYAN
Berenberg Bank
WILLIAM MACKIE
Redburn Partners
JAMES MOORE

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

Recommendation
overweight
hold
neutral
buy
market perform
add
hold
outperform
overweight
neutral
hold
equalweight
neutral
hold
hold
outperform
outperform
hold
neutral
Equalwt/Cautious
reduce
hold
buy
Buy/Neutral
hold
hold
hold
buy

Amt Held
82'567'657
27'220'485
20'349'002
11'778'760
10'849'337
10'102'524
9'164'952
8'946'790
7'588'214
6'092'778
6'029'853
4'494'386
4'146'970
3'310'741
2'485'819
2'452'160
2'357'130
1'839'691
1'775'165
1'725'770

% Out
14.87
4.9
3.66
2.12
1.95
1.82
1.65
1.61
1.37
1.1
1.09
0.81
0.75
0.6
0.45
0.44
0.42
0.33
0.32
0.31

Weighting

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

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

Latest Chg
(10'012'679)
(1'168'334)
477'308
(52'247)
95'500
1'797'130
(201'120)
223'109
1'063'472
46'843
(411'467)
551'587
(404'495)
(10'400)
3'134
(144'907)
28'032

Target Price
65
60
52
64
55
67
#N/A N/A
66
70
60
#N/A N/A
54
58
60
55
65
62
65
61
57
57
61
48
65
53
58
60
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
16.05.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
31.12.2011
Corporation
31.01.2013
Investment Advisor
22.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
28.02.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
21.03.2013
Investment Advisor

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

Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
19.03.2013
14.03.2013
08.03.2013
08.03.2013
04.03.2013
27.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
15.02.2013
30.01.2013
24.01.2013
21.01.2013
08.01.2013
08.10.2012

26.03.2013

Siemens AG
Siemens AG is an engineering and manufacturing company. The Company focuses on
three major business sectors including industrial, energy, and healthcare.
Siemens AG provides engineering solutions in automation and control, power,
transportation, medical, information and communication, and lighting.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (26.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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

09/2012
12/yy
88.25
62.13
647'699.00
85.98
-2.58%
38.39%
92.69%
881.0
75'748.38
20'706.00
0.0
569.0
11'415.00
87'309.38

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

12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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

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

30.09.2009
30.09.2010
76'651.0
68'978.0
0.81x
1.07x
9'196.0
9'544.0
6.77x
7.72x
2'292.0
3'899.0
24.49x
16.42x
Profitability

LTM-4Q
30.09.2011
73'275.0
0.89x
10'492.0
6.19x
6'145.0
8.24x

30.09.2012
78'296.0
0.98x
9'653.0
7.93x
4'458.0
13.50x

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

9'653.00
6'909.00
8.82%
9.30%
4.00%
13.31%
9.71%
0.75%
28.4%
13.2%
9.7%
5.7%
1.22
0.62
19.12%
67.37%
4.95
3.49

Price/ Cash Flow

LTM

12/yy
73'702.0
4.28x
9'978.0
7.27x
5'793.0
9.79x

12/yy
78'670.0
3.87x
10'351.0
7.81x
4'215.0
14.47x

FY+1

0.96
771.11
15.63%
8.46%
0.959
43
3.465
3'359'016
2'604'380
2'429'859
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
78'224.0
81'211.0
18'927.1
19'267.1
1.09x
1.03x
4.72x
4.66x
9'514.8
11'411.5
2'045.0
2'134.7
9.18x
7.65x
9.22x
8.74x
5'148.9
6'465.0
1'193.3
1'117.5
14.12x
11.41x
13.48x
12.94x
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
1.07
2.14
67.4%
39.8%
0.75
7.41
73.95
104.73
44.53
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

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: info@qmsadv.com |

26.03.2013

Siemens AG
Holdings By:

All

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

Firm Name

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

Analyst

Canaccord Genuity Corp


JAMES STETTLER
Societe Generale
GAEL DE BRAY
Sanford C. Bernstein & Co
MARTIN PROZESKY
Morgan Stanley
BEN UGLOW
Day by Day
VALERIE GASTALDY
AlphaValue
HEINZ STEFFEN
Landesbank Baden-Wuerttemberg
VOLKER STOLL
Hamburger Sparkasse
MARCO GUENTHER
Baader Bank
GUENTHER MICHAEL HOLLFELDER
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
Espirito Santo Investment Bank Research
ROB VIRDEE
RBC Capital Markets
ANDREW CARTER
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
DZ Bank AG
JASKO TERZIC
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Kepler Capital Markets
ULRICH SCHOLZ
Credit Suisse
SIMON TOENNESSEN
CA Cheuvreux
ALFRED GLASER
Bankhaus Metzler
ULRICH TRABERT
Berenberg Bank
WILLIAM MACKIE
Natixis
LUDOVIC DEBAILLEUX
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Nord/LB
WOLFGANG DONIE
JPMorgan
ANDREAS WILLI
William Blair & Co
NICHOLAS P HEYMANN
Independent Research GmbH
MARKUS FRIEBEL
S&P Capital IQ
JAMES CRAWSHAW
Redburn Partners
JAMES MOORE
SRH AlsterResearch
OLIVER DREBING
Goldman Sachs
DANIELA COSTA
EVA Dimensions
CRAIG STERLING
Deutsche Bank
PETER REILLY
Nomura
DANIEL CUNLIFFE
Silvia Quandt Research
EERIK KD BUDARZ
Langenberg & Co
BRIAN KEITH LANGENBERG

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

Recommendation
hold
hold
market perform
Overwt/Cautious
buy
reduce
buy
buy
buy
underperform
neutral
neutral
sector perform
buy
hold
hold
hold
outperform
outperform
buy
buy
reduce
underperform
equalweight
hold
hold
neutral
market perform
hold
hold
neutral
buy
neutral/neutral
hold
sell
neutral
avoid
buy

Amt Held
57'425'832
54'852'206
27'758'338
26'820'674
12'302'553
9'880'200
6'515'351
6'246'478
5'386'486
5'203'888
4'877'843
4'583'145
4'175'468
3'641'584
3'543'486
2'963'579
2'464'495
2'013'201
1'647'039
1'634'951

% Out
6.52
6.23
3.15
3.04
1.4
1.12
0.74
0.71
0.61
0.59
0.55
0.52
0.47
0.41
0.4
0.34
0.28
0.23
0.19
0.19

Weighting

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

M
M
M
M
U
D
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

Latest Chg
(593'681)
(179'474)
(890'272)
(142'559)
(1'084'091)
(551'912)
(330'620)
(417'782)
70'846
152'571
452'193
57'030
3'108
(38'813)
(87'700)
(5'200)

Target Price
80
88
73
99
92
84
96
86
88
88
87
81
86
90
77
85
85
95
94
93
94
75
86
84
83
76
90
79
85
85
#N/A N/A
92
90
#N/A N/A
65
85
58
100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
22.03.2013
Investment Advisor
10.11.2011
n/a
07.05.2012
Government
08.10.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.12.2012 Mutual Fund Manager
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
31.01.2013 Mutual Fund Manager
30.11.2012
Investment Advisor

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

Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
15.03.2013
14.03.2013
08.03.2013
08.03.2013
19.02.2013
15.02.2013
05.02.2013
04.02.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
17.01.2013
17.01.2013
20.11.2012
16.11.2012
08.11.2012
12.10.2012

26.03.2013

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
12/yy
34.40
15.10
5'317'981.00
25.69
-25.41%
70.13%
55.34%
780.3
20'045.24
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

2.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-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 (14.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
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
45'306.0
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
27.51x
8.87%
6.13%
0.06%
1.79%
0.16%
3.1%
59.23%
1663.34%
-

LTM

12/yy
0.0
#DIV/0!
0.0
0.00x
2'385.0
5.37x

12/yy
0.0
#DIV/0!
0.0
0.00x
774.0
29.73x

FY+1

1.86
697.56
7.81%
-9.35%
1.863
36
3.556
7'843'566
5'963'971
5'217'242
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'754.3
24'751.5
6'146.7
5'918.3
2'728.6
3'343.5
675.0
679.0
7.17x
5.95x
8.62x
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: info@qmsadv.com |

26.03.2013

Societe Generale SA
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
LYXOR INTERNATIONAL
BLACKROCK INC
CAISSE DES DEPOTS ET
GROUPAMA SA
MEIJI YASUDA LIFE IN
SOCIETE GENERALE
CNP ASSURANCES
NATIXIS ASSET MANAGE
BLACKROCK
VANGUARD GROUP INC
JANUS CAPITAL MANAGE
VANGUARD GROUP INC
AVIVA PLC
LBPAM
BARCLAYS ASSET MANAG
FRANKLIN RESOURCES
AMUNDI
ALLIANZ ASSET MANAGE
FMR LLC

Firm Name

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

Analyst

Mediobanca SpA
ANTONIO GUGLIELMI
AlphaValue
CHRISTOPHE NIJDAM
Macquarie
PIERS BROWN
Exane BNP Paribas
GUILLAUME TIBERGHIEN
JPMorgan
DELPHINE LEE
Oddo & Cie
JEAN SASSUS
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Day by Day
VALERIE GASTALDY
Barclays
KIRI VIJAYARAJAH
Keefe, Bruyette & Woods
JEAN-PIERRE LAMBERT
Credit Suisse
MAXENCE LE GOUVELLO
Hamburger Sparkasse
CHRISTIAN HAMANN
HSBC
ROBIN DOWN
Kepler Capital Markets
BENOIT PETRARQUE
Deutsche Bank
FLORA BENHAKOUN
Morgan Stanley
THIBAULT NARDIN
RBC Capital Markets
ANKE REINGEN
Natixis
ALEX KOAGNE
Nomura
JON PEACE
Goldman Sachs
JEAN-FRANCOIS NEUEZ
Independent Research GmbH
STEFAN BONGARDT
S&P Capital IQ
WILLIAM HOWLETT
Main First Bank AG
FEDERICO SALERNO
CA Cheuvreux
CYRIL MEILLAND
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Espirito Santo Investment Bank Research
ANDREW LIM
Berenberg Bank
JAMES CHAPPELL
Grupo Santander
AURELIA FAURE
EVA Dimensions
AUSTIN BURKETT
CM - CIC Securities(ESN)
PIERRE CHEDEVILLE
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
Banco Sabadell
MARIO LODOS
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN

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

Recommendation
underperform
add
underperform
outperform
overweight
neutral
hold
buy
equalweight
outperform
outperform
hold
overweight
buy
hold
Equalwt/In-Line
sector perform
buy
buy
neutral/neutral
buy
hold
underperform
underperform
hold
neutral
sell
buy
hold
accumulate
buy
hold
buy
buy
hold

Amt Held
73'717'333
50'619'422
39'030'082
19'567'063
15'059'288
11'069'312
8'987'016
8'976'936
8'824'619
8'734'688
8'070'350
6'424'772
5'566'924
4'302'319
3'648'601
2'612'606
2'540'017
2'444'229
2'378'561
2'327'738

% Out
9.45
6.49
5
2.51
1.93
1.42
1.15
1.15
1.13
1.12
1.03
0.82
0.71
0.55
0.47
0.33
0.33
0.31
0.3
0.3

Weighting

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

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

Latest Chg
(479'358)
(7'089'130)
(698'471)
(1'096'256)
320'629
(1'837'066)
(15'194)
219'286
376'954
200
364'433
13'288
(754'413)

Target Price
28
34
29
38
37
34
31
34
31
36
41
#N/A N/A
40
41
31
35
36
37
36
42
38
34
31
35
20
31
16
36
#N/A N/A
38
#N/A N/A
#N/A N/A
32
36
18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
26.09.2011
24.01.2013
31.12.2011
21.02.2013
31.12.2011
31.12.2011
31.12.2011
31.01.2013
22.03.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.03.2012
31.12.2012
31.10.2012
31.01.2013
31.01.2013

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

Inst Type
Investment Advisor
Investment Advisor
n/a
Government
Insurance Company
Insurance Company
Bank
Insurance Company
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
25.03.2013
21.03.2013
19.03.2013
18.03.2013
11.03.2013
08.03.2013
06.03.2013
05.03.2013
04.03.2013
27.02.2013
26.02.2013
20.02.2013
19.02.2013
18.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
07.02.2013
07.02.2013
30.01.2013
28.01.2013
17.01.2013
17.01.2013
16.01.2013
16.11.2012
23.10.2012
30.07.2012
19.06.2012
06.01.2012

26.03.2013

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

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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
12/yy
12.42
7.90
110'692'163.00
10.83
-12.79%
37.09%
73.92%
4'551.0
49'287.60
66'853.00
0.0
7'200.0
11'719.00
111'621.60

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

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

300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
a-11 m-11

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
20'835.0
5.22x
3'928.0
11.71x
20'835.00
10'402.00
16.68%
9.40%
3.03%
18.66%
0.48%
33.5%
16.7%
6.3%
0.81
0.71
51.52%
326.73%
6.28
-

Price/ Cash Flow

j-11

j-11

LTM

12/yy
60'737.0
8.93x
25'777.0
5.39x
10'167.0
7.57x

a-11

12/yy
62'837.3
8.47x
19'393.1
6.62x
5'402.7
11.28x

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-12

FY+1

0.96
4'396.29
-6.84%
6.28%
0.956
43
3.279
35'930'200
32'181'820
28'506'770
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
59'494.5
59'752.1
1.76x
1.71x
20'357.6
20'460.6
4'577.0
4'846.0
5.48x
5.46x
5.55x
5'168.8
5'347.4
9.54x
9.16x
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
7.26
3.86
2.64
3.20
326.7%
70.7%
0.48
1.77
58.28
-

Sales/Revenue/Turnover

7.00

70'000.0

6.00

60'000.0

5.00

50'000.0

4.00

40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00
02.01.2009

350.0 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
57'946.0
2.10x
22'919.0
5.31x
7'592.0
9.72x

20
18
16
14
12
10
8
6
4
2
0
m-11

0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Telefonica SA
Holdings By:

All

Holder Name
BANCO BILBAO VIZCAYA
CAIXABANK
BLACKROCK INVESTMENT
BNP PARIBAS SA
VANGUARD GROUP INC
CHINA UNICOM HONG KO
FRANKLIN RESOURCES I
BLACKROCK FUND ADVIS
T ROWE PRICE ASSOCIA
CAPITAL WORLD INVEST
HARBOR CAPITAL ADVIS
DODGE & COX
BLACKROCK ASSET MANA
UNION INVESTMENT GMB
MERCURY ASSET MANAGE
LBPAM
BNP ASSET MANAGEMENT
NATIXIS ASSET MANAGE
UNION INVESTMENT LUX
BNP PARIBAS ASSET MG

Firm Name

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

Analyst

Sanford C. Bernstein & Co


ROBIN BIENENSTOCK
Barclays Capital
JONATHAN DANN
BPI
PEDRO OLIVEIRA
Banco Sabadell
ANDRES BOLUMBURU
Berenberg Bank
PAUL ANDREW MARSCH
NMAS 1 Agencia de Valores
JOSE RAMON OCINA
Day by Day
VALERIE GASTALDY
Bankia Bolsa (ESN)
DAVID CABEZA JARENO
Nomura
JAMES BRITTON
JPMorgan
TORSTEN ACHTMANN
Exane BNP Paribas
MATHIEU ROBILLIARD
Morgan Stanley
LUIS PROTA
Jefferies
JEREMY A DELLIS
Macquarie
GUY R PEDDY
Oddo & Cie
ALEXANDRE IATRIDES
Deutsche Bank
KEVAL KHIROYA
Goldman Sachs
TIMOTHY BODDY
Landesbank Baden-Wuerttemberg
RALPH SZYMCZAK
Independent Research GmbH
MARKUS FRIEBEL
Espirito Santo Investment Bank Research
NUNO MATIAS
Natixis
BENOIT MAYNARD
Standard & Poor's Equity Research
ALEXANDER WISCH
National Bank AG
STEFFEN MANSKE
Ahorro Corporacion Financiera SA
GERMAN GARCIA BOU
Mirabaud Finanzas Sociedad de ValoresJAVIER
S
MIELGO
WestLB Equity Markets
WOLFGANG SPECHT
Banesto Bolsa SA Sociedad
MARTA GOMEZ
Grupo Santander
NAHUM SANCHEZ DE LAMADRID
HSBC
LUIGI MINERVA
AlphaValue
JEAN-MICHEL SALVADOR
Credit Suisse
JUSTIN FUNNELL
EVA Dimensions
TEAM COVERAGE
Kepler Capital Markets
JAVIER BORRACHERO
CA Cheuvreux
GIOVANNI MONTALTI
Investec
MORTEN SINGLETON
La Caixa
BORJA PAGOAGA
BBVA
IVON LEAL
BCP Investimento
ALEXANDRA DELGADO
Citi
GEORGIOS IERODIACONOU
Hamburger Sparkasse
TINA HECKING-VELTMAN
DZ Bank AG
THORSTEN REIGBER
Renta 4 SA SVB
IVAN SAN FELIX
Nord/LB
JAN CHRISTIAN GOEHMANN

Source
Co File
Co File
Co File
EXCH
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
market perform
underwt/negative
hold
buy
sell
buy
hold
buy
reduce
neutral
underperform
Underwt/Attractive
hold
outperform
reduce
hold
Sell/Neutral
buy
hold
sell
neutral
buy
buy
Under Review
overweight
buy
overweight
hold
neutral
buy
neutral
sell
buy
underperform
Under Review
buy
outperform
buy
neutral
hold
buy
overweight
buy

Amt Held
286'574'224
229'351'192
177'257'649
127'368'869
41'828'945
40'462'971
25'344'732
22'640'496
18'398'895
18'366'000
17'998'024
14'866'500
13'019'831
11'254'545
11'137'657
9'037'559
8'296'864
7'745'375
7'271'800
6'840'605

% Out
6.28
5.03
3.88
2.79
0.92
0.89
0.56
0.5
0.4
0.4
0.39
0.33
0.29
0.25
0.24
0.2
0.18
0.17
0.16
0.15

Weighting

Change

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

Latest Chg
(15'605'969)
1'035'757
(4'937'543)
(4'574)
53'777
(3'880'000)
(321'604)
(44'506)
(310'515)
(137'540)
5'389'156
6'527'134
226'799
(1'218'594)
(120'081)

Target Price
13
13
14
#N/A N/A
12
17
#N/A N/A
18
14
17
14
15
13
16
12
14
12
17
14
12
14
15
18
#N/A N/A
19
18
18
16
15
24
16
#N/A N/A
17
12
#N/A N/A
18
16
21
13
#N/A N/A
16
19
20

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2010
Bank
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
12.05.2011
Bank
31.12.2011
Investment Advisor
21.10.2009
n/a
31.12.2011
Investment Advisor
07.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
07.03.2012
Investment Advisor
31.03.2011
Investment Advisor
07.03.2012
Investment Advisor
30.11.2011 Mutual Fund Manager
31.10.2011
Investment Advisor
30.06.2011 Mutual Fund Manager
31.10.2011
Investment Advisor
31.12.2011
Investment Advisor

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

Date
09.03.2012
09.03.2012
07.03.2012
07.03.2012
06.03.2012
06.03.2012
06.03.2012
05.03.2012
05.03.2012
02.03.2012
02.03.2012
01.03.2012
29.02.2012
29.02.2012
29.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
24.02.2012
24.02.2012
24.02.2012
24.02.2012
24.02.2012
22.02.2012
20.02.2012
09.02.2012
31.01.2012
31.01.2012
20.01.2012
13.01.2012
15.12.2011
15.12.2011
15.12.2011
15.12.2011
24.11.2011
15.11.2011
15.11.2011
04.10.2011
06.07.2011

26.03.2013

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

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (01.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
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
12/yy
42.00
33.42
1'269'058.00
37.935
-9.69%
13.51%
51.08%
2'365.9
89'751.70
33'290.00
0.0
1'281.0
17'031.00
107'291.70

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

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

50.0 M
40.0 M
30.0 M
20.0 M
10.0 M

a-11 m-11

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%
6.37%
15.17%
10.66%
1.09%
17.5%
12.0%
5.9%
1.38
0.74
19.37%
45.66%
9.29
-

Price/ Cash Flow

j-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-12

LTM

FY+1

6.17
0.88
2'033.04
-1.74%
-1.27%
0.883
36
4.111
4'803'269
4'998'052
4'393'484
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
140'476.0 166'550.0 181'086.9 179'975.2
45'543.3
46'396.7
2.94x
2.50x
0.60x
0.61x
2.36x
2.31x
28'045.0
32'606.0
33'666.7
34'402.9
8'679.0
9'163.0
3.72x
3.31x
3.19x
3.12x
2.97x
2.93x
10'571.0
12'276.0
12'042.0
12'327.5
2'587.0
2'917.0
8.38x
7.23x
7.19x
7.14x
7.29x
7.32x
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
0.51
Total Debt/EBITDA
1.04
Reference
Total Debt/Equity
45.7%
Total Debt/Capital
31.0%
Asset Turnover
1.09
Net Fixed Asset Turnover
2.73
Accounts receivable turnover-days
39.41
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

9.00

180'000.0

8.00

160'000.0

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
02.01.2009

60.0 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
160'331.0
0.62x
29'887.0
3.32x
10'590.0
8.21x

50
45
40
35
30
25
20
15
10
5
0
m-11

0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Total SA
Holdings By:

All

Holder Name
TOTAL SA
GROUPE BRUXELLES LAM
AMUNDI
NATIXIS ASSET MANAGE
NATIONALE A PORTEFEU
AMUNDI
VANGUARD GROUP INC
CAPITAL WORLD INVEST
FRANKLIN RESOURCES I
BLACKROCK FUND ADVIS
AVIVA PLC
LBPAM
GRANTHAM MAYO VAN OT
DODGE & COX
BANK OF NEW YORK MEL
BLACKROCK ASSET MANA
MERCURY ASSET MANAGE
BLACKROCK GROUP LIMI
DNCA FINANCE
CAPITAL RESEARCH GLO

Firm Name
Sanford C. Bernstein & Co
Goldman Sachs
AlphaValue
Collins Stewart
Banco Sabadell
Natixis
Landesbank Baden-Wuerttemberg
RBC Capital Markets
Morgan Stanley
HSBC
Day by Day
Credit Suisse
The Benchmark Company LLC
Societe Generale
Jefferies
Macquarie
Independent Research GmbH
Hamburger Sparkasse
CM - CIC Securities(ESN)
Oddo & Cie
Berenberg Bank
Nomura
Exane BNP Paribas
Barclays Capital
Standard & Poor's Equity Research
JPMorgan
Kepler Capital Markets
CA Cheuvreux
Tudor Pickering & Co
EVA Dimensions
Citi
Jyske Bank
Grupo Santander
Simmons & Company International
Deutsche Bank
Investec
SEB AG
National Bank AG

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

Analyst
OSWALD CLINT
MICHELE DELLA VIGNA
ALEXANDRE ANDLAUER
GORDON GRAY
JORGE GONZALEZ SADORNIL
ANNE PUMIR
ACHIM WITTMANN
PETER HUTTON
MARTIJN P RATS
PAUL SPEDDING
VALERIE GASTALDY
KIM FUSTIER
MARK GILMAN
AYMERIC DE-VILLARET
IAIN REID
JASON D GAMMEL
SVEN DIERMEIER
INGO SCHMIDT
JEAN-LUC ROMAIN
JEAN-PIERRE DMIRDJIAN
NEILL MORTON
THEEPAN JOTHILINGAM
ALEXANDRE MARIE
LUCY HASKINS
CHRISTINE TISCARENO
NITIN SHARMA
BERTRAND HODEE
DOMINIQUE PATRY
ROBERT KESSLER
TEAM COVERAGE
ALASTAIR R SYME
ROBERT JAKOBSEN
JASON KENNEY
JEFFREY A DIETERT
LUCAS HERRMANN
STUART JOYNER
STIPO BRALO
MANFRED JAISFELD

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

Recommendation
outperform
sell/attractive
add
sell
buy
buy
buy
outperform
Underwt/In-Line
overweight
hold
neutral
buy
buy
buy
neutral
hold
buy
buy
neutral
buy
reduce
neutral
equalwt/neutral
buy
overweight
buy
outperform
accumulate
buy
sell
buy
hold
overweight
hold
hold
buy
buy

Amt Held
112'487'679
93'960'557
78'390'326
43'126'363
37'584'223
25'010'168
23'451'862
17'317'500
13'955'042
11'620'249
10'281'667
8'255'964
7'502'817
7'108'600
7'078'782
6'962'041
6'214'427
5'957'284
5'792'450
5'634'000

% Out
4.76
3.98
3.32
1.82
1.59
1.06
0.99
0.73
0.59
0.49
0.43
0.35
0.32
0.3
0.3
0.29
0.26
0.25
0.25
0.24

Weighting

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

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

Latest Chg
(243'098)
1'780'812
293'005
(1'384'950)
(3'481'765)
(12'332)
177'299
(21'969)
600'753
(75'281)
(4'566)
(76'740)
808'291
(96'000)
(979'000)

Target Price
51
47
46
41
48
50
47
43
38
48
#N/A N/A
45
46
47
46
47
43
#N/A N/A
54
45
47
40
48
47
51
49
47
47
48
#N/A N/A
36
50
39
#N/A N/A
46
43
46
46

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2010
Corporation
31.12.2010
Holding Company
06.01.2012
Investment Advisor
30.06.2011 Mutual Fund Manager
31.12.2010
Private Equity
30.12.2011 Mutual Fund Manager
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
07.03.2012
Investment Advisor
30.09.2011
Investment Advisor
30.11.2011 Mutual Fund Manager
30.11.2011
Investment Advisor
31.12.2011
Investment Advisor
07.03.2012
Investment Advisor
07.03.2012
Investment Advisor
07.03.2012
Investment Advisor
07.03.2012
Investment Advisor
30.09.2011
Investment Advisor
31.12.2011
Investment Advisor

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

Date
09.03.2012
08.03.2012
08.03.2012
07.03.2012
05.03.2012
05.03.2012
22.02.2012
21.02.2012
20.02.2012
20.02.2012
17.02.2012
14.02.2012
14.02.2012
13.02.2012
13.02.2012
13.02.2012
13.02.2012
13.02.2012
13.02.2012
13.02.2012
13.02.2012
13.02.2012
13.02.2012
13.02.2012
10.02.2012
03.02.2012
24.01.2012
20.01.2012
11.01.2012
28.12.2011
12.12.2011
07.12.2011
28.09.2011
01.08.2011
29.07.2011
20.07.2011
09.11.2010
19.05.2010

26.03.2013

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

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.12.2012)
52-Week Low (01.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.01.2013
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

12/2012
01/yy
188.50
130.50
50'681.00
182.85
-3.00%
40.11%
90.52%
94.9
17'351.00
11'919.00
0.0
1'583.1
63.10
30'790.00

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

2.5 M
2.0 M
1.5 M
1.0 M
.5 M

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M
f-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
1'642.5
11.17x
1'309.7
14.01x
(1'116.0)
-

200
180
160
140
120
100
80
60
40
20
0
m-12

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
1'939.9
12.81x
1'184.2
20.99x
1'327.8
9.61x

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
1'722.7
17.56x
1'187.1
25.48x
1'458.6
11.52x
1'187.10
1'184.80
30.90%
105.67%
5.21%
11.89%
6.71%
0.06%
68.9%
84.7%
40.31%
92.38%
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.97
91.67
27.09%
0.49%
0.969
31
3.355
296'366
341'260
314'623
FY+2

12/13 Y
12/14 Y
1'577.9
1'727.4
19.60x
18.21x
1'399.9
1'515.4
22.02x
20.34x
965.1
1'050.9
18.04x
16.61x
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
1.82
-0.27
9.99
10.04
92.4%
45.1%
0.06
-

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00
14.00

1'500.0

12.00
10.00

1'000.0

8.00
6.00

500.0

4.00
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

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: info@qmsadv.com |

26.03.2013

Unibail-Rodamco SE
Holdings By:

All

Holder Name
APG ASSET MANAGEMENT
AMUNDI
STATE STREET
COHEN & STEERS INC
NORTHERN CROSS LLC
BLACKROCK
HARBOR CAPITAL ADVIS
COMMERZBANK AKTIENGE
SOCIETE GENERALE
UBS
NATIXIS
COHEN & STEERS CAPIT
VANGUARD GROUP INC
MORGAN STANLEY
ARTISAN PARTNERS HOL
VANGUARD GROUP INC
WILLIAM BLAIR & COMP
LASALLE INVESTMENT M
ABN AMRO ASSET MGMT
NATIXIS ASSET MANAGE

Firm Name

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

Analyst

Jefferies
ROBERT DUNCAN
Landesbank Baden-Wuerttemberg
HANS-PETER KUHLMANN
AlphaValue
PIERRE-LOUP ETIENNE
Petercam
STEPHAN VAN WEEREN
Espirito Santo Investment Bank Research
MICHAEL BURT
JPMorgan
HARM M MEIJER
Exane BNP Paribas
VALERIE GUEZI
CA Cheuvreux
BRUNO DUCLOS
Oddo & Cie
MARINE LAFITTE
Morgan Stanley
BART GYSENS
Banco Sabadell
IGNACIO ROMERO
Goldman Sachs
JULIAN LIVINGSTON-BOOTH
Independent Research GmbH
STEFAN BONGARDT
Rabobank International
MARTIJN VAN DEN EIJNDEN
Societe Generale
MICHEL VARALDO
Kepler Capital Markets
SAMUEL HENRY-DIESBACH
Deutsche Bank
MARTIN ALLEN
HSBC
STEPHANIE DOSSMANN
Bank Degroof(ESN)
DRIES DURY
Berenberg Bank
KAI MALTE KLOSE
Natixis
SERGE DEMIRDJIAN
S&P Capital IQ
WILLIAM HOWLETT
ING Bank
JAAP KUIN
ABN Amro Bank N.V.
JAN WILLEM VAN KRANENBURG
EVA Dimensions
AUSTIN BURKETT
Kempen & Co
BOUDEWIJN SCHOON
Credit Suisse
STEVE BRAMLEY-JACKSON
Day by Day
VALERIE GASTALDY
Barclays
AARON GUY

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

Recommendation
hold
hold
reduce
hold
buy
overweight
underperform
underperform
neutral
Equalwt/Attractive
buy
Buy/Neutral
sell
hold
buy
hold
buy
neutral
hold
buy
neutral
hold
hold
hold
underweight
neutral
outperform
buy
equalweight

Amt Held
8'485'804
3'873'953
3'871'648
3'642'122
3'320'531
2'951'583
2'943'120
2'585'395
2'351'985
2'142'521
1'858'269
1'274'254
1'057'085
958'952
929'896
839'245
830'851
823'883
798'051
789'706

% Out
8.94
4.08
4.08
3.84
3.5
3.11
3.1
2.72
2.48
2.26
1.96
1.34
1.11
1.01
0.98
0.88
0.88
0.87
0.84
0.83

Weighting

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

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

Latest Chg
(361)
(27'121)
(3'161'695)
(5'617)
(255'967)
57'491
(14'564)
19'761
169'706
13'769
92'667
(13'496)

Target Price
185
175
166
180
209
210
172
145
194
163
141
208
165
190
210
178
206
183
180
185
164
180
185
163
#N/A N/A
175
186
190
176

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.10.2012 Pension Fund (ERISA)
31.10.2012
Investment Advisor
25.03.2013
Investment Advisor
01.03.2012
Corporation
31.10.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.03.2012
Bank
21.05.2012
Bank
31.01.2013
Unclassified
01.03.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
21.08.2012
Investment Advisor
17.07.2012
Investment Advisor
31.01.2013 Mutual Fund Manager

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

Date
25.03.2013
25.03.2013
21.03.2013
15.03.2013
11.03.2013
06.03.2013
05.03.2013
28.02.2013
19.02.2013
18.02.2013
15.02.2013
12.02.2013
08.02.2013
04.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
17.01.2013
14.01.2013
11.01.2013
29.11.2012
31.08.2012

26.03.2013

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
14

300.0 M

12

250.0 M

10

200.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (23.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
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

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

100.0 M

50.0 M

2
0
m-11

a-11 m-11

j-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-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
65'266.9
4'011.8
5.74x

150.0 M

12/2012
09/yy
4.88
2.25
52'361'707.00
3.36
-31.19%
49.07%
42.65%
5'787.1
19'463.85
288'748.00
0.0
3'669.0
82'045.00
-

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)
-

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
25'050.0
865.0
24.50x
1.86%
-1.28%
0.09%
1.51%
0.33%
0.03%
3.5%
31.15%
459.91%
-

Price/ Cash Flow

LTM

09/yy
35'972.0
28.19x
0.0
0.00x
1'374.2
27.63x

09/yy
25'850.5
41.67x
0.0
0.00x
(8'999.3)
0.00x

FY+1

1.47
4'425.69
-15.37%
-9.34%
1.469
41
2.780
#########
98'350'170
#########
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
24'546.3
25'357.1
6'407.0
6'245.0
1'165.5
2'332.5
15.48x
8.22x
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

10.02.2012
BBB+
NEG
10.02.2012
A-2
459.9%
81.3%
0.03
2.10
-

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0
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
04.01.2008

0.0
04.07.2008

04.01.2009

04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

UniCredit SpA
Holdings By:

All

Holder Name
AABAR LUX SARL
CENTRAL BANK OF LIBY
FONDAZIONE CASSA RIS
FONDAZIONE CASSA RIS
CARIMONTE HOLDING SP
CAPITAL RESEARCH & M
ALLIANZ SPA
BLACKROCK INSTITUTIO
DEUTSCHE BANK AG
ALLIANZ FINANCE IV L
LIBYAN FOREIGN BANK
DODGE & COX
FRANKLIN RESOURCES I
BLACKROCK AM IRELAND
BLACKROCK FUND ADVIS
CAPITAL WORLD INVEST
BLACKROCK AM DEUTSCH
BLACKROCK ASSET MANA
VANGUARD GROUP INC
MERCURY ASSET MANAGE

Firm Name
AlphaValue
Hammer Partners SA
Kepler Capital Markets
Societe Generale
Banco Sabadell
Barclays Capital
Centrosim SpA
Nomura
Day by Day
Exane BNP Paribas
Natixis
Banca IMI
Banca Akros(ESN)
Sanford C. Bernstein & Co
Grupo Santander
ING Wholesale Banking
Oddo & Cie
Macquarie
Goldman Sachs
Morgan Stanley
Keefe, Bruyette & Woods
Citi
Independent Research GmbH
Equita SIM SpA
DZ Bank AG
Deutsche Bank
Redburn Partners
Centrobanca
CA Cheuvreux
Standard & Poor's Equity Research
WestLB Equity Markets
RBC Capital Markets
Credit Suisse
JPMorgan
Berenberg Bank
EVA Dimensions
Landesbank Baden-Wuerttemberg
Hamburger Sparkasse
Nord/LB
Mediobanca SpA
HSBC
SEB AG

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

Analyst
DAVID GRINSZTAJN
ENRICO RACIOPPI
ANNA MARIA BENASSI
CARLO TOMMASELLI
MARIO LODOS
JEREMY SIGEE
LUCA COMI
DOMENICO SANTORO
VALERIE GASTALDY
ANDREA VERCELLONE
STEVEN GOULD
MANUELA MERONI
LUIGI TRAMONTANA
MARCELLO ZANARDO
A CARLOS GARCIA GONZALEZ
ALEXANDER PELTESHKI
JULIE LEGRAND
BENJIE CREELAN-SANDFORD
DOMENICO VINCI
FRANCESCA TONDI
RONNY REHN
AZZURRA GUELFI
STEFAN BONGARDT
MATTEO GHILOTTI
MATTHIAS DUERR
PAOLA SABBIONE
GEORGE SOSEI KARAMANOS
ELENA PERINI
SILVIA BENZI
FRANK BRADEN
CHRISTOPH BOSSMANN
ANKE REINGEN
IGNACIO CEREZO
EUGENIO M CICCONETTI
PEDRO FONSECA
TEAM COVERAGE
WERNER SCHIRMER
CHRISTIAN HAMANN
MICHAEL SEUFERT
ANTONIO GUGLIELMI
CARLO DIGRANDI
MANFRED JAKOB

Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG

Recommendation
add
sell
hold
buy
Under Review
equalwt/neutral
neutral
neutral
buy
neutral
neutral
add
hold
market perform
buy
hold
reduce
neutral
neutral/neutral
Equalwt/In-Line
market perform
buy
hold
buy
sell
buy
sell
hold
underperform
sell
neutral
sector perform
restricted
neutral
buy
hold
sell
hold
sell
neutral
restricted
buy

Amt Held
376'214'711
234'490'388
223'147'812
204'513'581
173'379'368
158'101'614
68'981'378
54'976'769
52'205'250
42'129'566
32'465'229
28'368'829
27'192'996
21'527'745
21'354'135
20'173'747
18'171'269
18'026'251
13'730'246
12'786'699

% Out
6.5
4.05
3.86
3.53
3
2.73
1.19
0.95
0.9
0.73
0.56
0.49
0.47
0.37
0.37
0.35
0.31
0.31
0.24
0.22

Weighting

Change

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

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

Latest Chg
52'095'792
(2'135'847)
1'846'721
20'173'747
(10'142)
255'203
(171'120)

Target Price
4
4
4
5
#N/A N/A
4
3
5
6
5
4
4
4
5
7
4
6
5
5
5
4
5
4
5
3
5
#N/A N/A
3
4
2
#N/A N/A
4
#N/A N/A
4
5
#N/A N/A
3
#N/A N/A
#N/A N/A
8
#N/A N/A
13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
01.03.2012
01.03.2012
01.03.2012
01.03.2012
01.03.2012
01.03.2012
01.03.2012
01.03.2012
31.01.2012
01.03.2012
01.03.2012
31.12.2011
31.12.2011
01.03.2012
01.03.2012
31.12.2011
01.03.2012
07.03.2012
31.12.2011
07.03.2012

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

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

Date
08.03.2012
07.03.2012
06.03.2012
05.03.2012
05.03.2012
02.03.2012
01.03.2012
01.03.2012
01.03.2012
01.03.2012
29.02.2012
23.02.2012
23.02.2012
22.02.2012
16.02.2012
13.02.2012
10.02.2012
09.02.2012
08.02.2012
06.02.2012
01.02.2012
30.01.2012
30.01.2012
25.01.2012
18.01.2012
17.01.2012
16.01.2012
12.01.2012
11.01.2012
11.01.2012
11.01.2012
10.01.2012
10.01.2012
10.01.2012
10.01.2012
10.01.2012
09.01.2012
05.01.2012
23.12.2011
10.11.2011
13.09.2011
23.11.2010

26.03.2013

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
30
25
20
15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (13.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
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
12/yy
32.00
24.51
869'786.00
31.645
-1.14%
29.14%
97.13%
1'714.7
95'983.55
10'221.00
0.0
557.0
2'866.00
103'895.56

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

5
0
m-11

a-11 m-11

j-11

j-11

a-11

s-11

o-11

n-11

d-11

j-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
40'523.0
1.41x
6'793.0
8.39x
5'027.0
9.69x

10

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
f-12 m-12

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%
9.56%
30.42%
19.56%
1.10%
40.2%
16.0%
13.6%
8.7%
0.77
0.36
22.14%
67.43%
18.04
-

Price/ Cash Flow

LTM

12/yy
39'823.0
6.07x
6'920.0
10.21x
3'370.0
18.80x

12/yy
44'262.0
6.40x
7'620.0
9.54x
4'244.0
15.43x

FY+1

3.00
0.60
28.02%
10.66%
0.597
45
3.533
4'180'722
4'141'979
3'756'147
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
53'444.2
56'472.4
12'678.3
13'837.2
1.92x
1.79x
8'778.1
9'393.8
11.84x
11.06x
4'914.8
5'355.1
18.72x
17.24x
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

05.10.2000
A+
STABLE
05.10.2000
A-1
15.57
11.81
0.90
1.25
67.4%
39.4%
1.10
5.63
20.29
-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
02.01.2009

0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Unilever NV
Holdings By:

All

Holder Name
FOUNDATION UNILEVER
UNILEVER NV
CAPITAL WORLD INVEST
VANGUARD GROUP INC
ING GROEP NV
GRANTHAM MAYO VAN OT
FIDELITY INTERNATION
WILLIAM BLAIR & COMP
BLACKROCK FUND ADVIS
AMUNDI
ACHMEA BELEGGINSFOND
ING INVESTMENT MANAG
DEUTSCHE BANK AG
ELMA EN UNITED HOLDS
UNION INVESTMENT GMB
ONTARIO TEACHERS PEN
MORGAN STANLEY
MACKENZIE FINANCIAL
BLACKROCK ASSET MANA
JANUS CAPITAL MANAGE

Firm Name

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

Analyst

Goldman Sachs
ALEXIS COLOMBO
EVA Dimensions
TEAM COVERAGE
Societe Generale
WARREN L ACKERMAN
Sanford C. Bernstein & Co
ANDREW WOOD
Collins Stewart
EDDY HARGREAVES
Mirabaud Securities
JULIAN LAKIN
Jefferies
SIMON MARSHALL-LOCKYER
Aurel - BGC
JEAN-MARIE L'HOME
Berenberg Bank
PHILIP MORRISEY
Theodoor Gilissen Securities
TOM MULLER
Banco Sabadell
IGNACIO ROMERO
Barclays Capital
JANE GELFAND
Kempen & Co
ERWIN DUT
JPMorgan
CELINE PANNUTI
Kepler Capital Markets
JON COX
Natixis
PIERRE TEGNER
DZ Bank AG
ROBERT CZERWENSKY
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Helvea
ANDREAS VON ARX
ABN Amro Bank N.V.
ROBERT JAN VOS
Grupo Santander
PEDRO GIL
Deutsche Bank
HAROLD THOMPSON
Morgan Stanley
MICHAEL STEIB
Credit Suisse
CHARLES MILLS
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Independent Research GmbH
LARS LUSEBRINK
Hamburger Sparkasse
TINA HECKING-VELTMAN
SNS Securities(ESN)
RICHARD WITHAGEN
Petercam
FERNAND DE BOER
Nomura
DAVID HAYES
Standard & Poor's Equity Research
CARL SHORT
ING Wholesale Banking
MARCO GULPERS
Citi
ROBERT DICKINSON
HSBC
CEDRIC BESNARD
Rabobank International
KAREL ZOETE
CA Cheuvreux
XAVIER CROQUEZ
Day by Day
VALERIE GASTALDY
Espirito Santo Investment Bank Research
MARTIN DOLAN
Liberum Capital Ltd
PABLO ZUANIC
Equita SIM SpA
FABIO FAZZARI
Redburn Partners
JEREMY FIALKO
Keijser Securities NV
NICO VAN GEEST

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

Recommendation
Buy/Neutral
overweight
hold
outperform
buy
hold
buy
hold
hold
buy
sell
overwt/neutral
hold
overweight
buy
neutral
sell
buy
accumulate
reduce
buy
hold
Equalwt/Attractive
underperform
hold
hold
hold
hold
hold
reduce
hold
hold
neutral
overweight
hold
outperform
hold
buy
buy
buy
neutral
hold

Amt Held
1'268'224'230
141'560'629
41'837'700
17'715'385
11'809'050
11'022'061
9'324'254
9'039'866
8'270'859
7'955'184
7'365'962
7'326'095
6'926'072
6'428'550
5'835'000
5'800'000
5'389'684
5'346'873
5'159'787
4'998'754

% Out
73.96
8.26
2.44
1.03
0.69
0.64
0.54
0.53
0.48
0.46
0.43
0.43
0.4
0.37
0.34
0.34
0.31
0.31
0.3
0.29

Weighting

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

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

Latest Chg
4'190'000
337'392
8'927'201
9'039'866
(1'958)
3'809'311
(88'837)
(213'068)
44'120
799'409
(96'450)
(45'500)
(3'194)
3'388'018

Target Price
36
#N/A N/A
23
31
29
27
30
24
27
29
24
26
25
28
30
24
22
29
27
24
30
26
26
24
24
27
#N/A N/A
23
27
23
26
25
27
30
29
28
#N/A N/A
28
35
28
#N/A N/A
23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
28.02.2011
Other
31.12.2010
n/a
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2010
Investment Advisor
30.11.2011
Investment Advisor
30.12.2011
Investment Advisor
30.09.2011
Investment Advisor
07.03.2012
Investment Advisor
30.12.2011 Mutual Fund Manager
31.01.2012 Mutual Fund Manager
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
19.10.2011
n/a
31.03.2011
Investment Advisor
31.12.2010 Pension Fund (ERISA)
31.12.2011
Investment Advisor
31.10.2011
Investment Advisor
07.03.2012
Investment Advisor
31.12.2011
Investment Advisor

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

Date
06.03.2012
05.03.2012
02.03.2012
02.03.2012
02.03.2012
01.03.2012
24.02.2012
14.02.2012
13.02.2012
07.02.2012
06.02.2012
06.02.2012
03.02.2012
03.02.2012
03.02.2012
03.02.2012
03.02.2012
03.02.2012
03.02.2012
03.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
24.01.2012
17.01.2012
06.01.2012
03.01.2012
14.12.2011
06.12.2011
09.11.2011
10.06.2011
24.11.2010
05.08.2010

26.03.2013

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

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (01.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 06.02.2013
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
09/yy
39.93
31.23
875'726.00
35.59
-10.96%
13.96%
44.39%
579.6
20'628.29
20'193.80
0.0
735.4
6'516.10
35'041.39

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

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

6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-11 m-11

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%
3.14%
14.62%
7.32%
0.63%
14.1%
9.3%
4.9%
0.87
0.46
32.79%
151.44%
6.49
-

Price/ Cash Flow

j-11

j-11

LTM

09/yy
23'994.8
0.00x
0.0
0.00x
0.0
0.00x

a-11

09/yy
33'699.5
0.00x
0.0
0.00x
0.0
0.00x

s-11

o-11

n-11

d-11

j-12

f-12

FY+1

.0 M
m-12

3.09
1.10
506.38
-4.79%
-1.03%
1.099
31
4.290
2'020'412
1'710'911
1'571'583
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
38'942.5
39'734.8
10'174.8
0.87x
0.82x
5'540.9
5'701.2
6.33x
6.16x
1'936.2
2'025.9
10.13x
9.57x
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
2.51
3.70
151.4%
58.9%
0.63
8.40
56.37
-

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
02.01.2009

7.0 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
33'930.3
0.90x
5'009.2
6.09x
1'591.4
8.85x

50
45
40
35
30
25
20
15
10
5
0
m-11

0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Vinci SA
Holdings By:

All

Holder Name
COMET LUXEMBOURG HLD
AMUNDI
ARTEMIS SA
VINCI SA
CREDIT AGRICOLE SA
CREDIT SUISSE AG
NATIXIS ASSET MANAGE
AMUNDI
BNP PARIBAS ASSET MG
VANGUARD GROUP INC
FRANKLIN RESOURCES I
LBPAM
AVIVA PLC
DNCA FINANCE
PICTET ASSET MANAGEM
ARTISAN PARTNERS HOL
BLACKROCK FUND ADVIS
DEUTSCHE BANK AG
FRANKLIN MUTUAL ADVI
AMUNDI

Firm Name
Aurel - BGC
Bryan Garnier & Cie
Oddo & Cie
AlphaValue
BPI
Goldman Sachs
EVA Dimensions
DZ Bank AG
Day by Day
JPMorgan
Raymond James
Hamburger Sparkasse
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Natixis
Societe Generale
Credit Suisse
CM - CIC Securities(ESN)
Kepler Capital Markets
Standard & Poor's Equity Research
Deutsche Bank
RBC Capital Markets
Exane BNP Paribas
CA Cheuvreux
ING Wholesale Banking
Barclays Capital
Nord/LB
Banco Sabadell
National Bank AG

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

Analyst

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

Recommendation

ERIC LEMARIE
SVEN EDELFELT
OLIVIER BECKER
GAETAN DUPONT
FILIPE MARTINS LEITE
WILL MORGAN
TEAM COVERAGE
MARC NETTELBECK
VALERIE GASTALDY
ELODIE RALL
ARNAUD PALLIEZ
INGO SCHMIDT
HANS-PETER KUHLMANN
STEFAN ROEHLE
GREGOIRE THIBAULT
MURIEL FELLOUS
ROBERT CRIMES
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
JOSEP PUJAL
JAWAHAR HINGORANI
LUIS PRIETO
OLIVIA PETERS
NICOLAS MORA
BORJA CASTRO PEREZ MANZUCO
IAN OSBURN
SUSANNA INVERNIZZI
HEINO HAMMANN
MARIA CEBOLLERO
STEFFEN MANSKE

not rated
buy
buy
buy
buy
Buy/Neutral
sell
buy
buy
overweight
outperform
buy
buy
hold
buy
buy
outperform
buy
buy
buy
buy
outperform
neutral
outperform
hold
overwt/positive
hold
buy
hold

Amt Held
31'499'000
21'535'986
20'987'172
11'360'406
10'491'891
8'283'072
8'269'323
6'544'966
6'074'253
4'681'116
4'450'178
3'248'042
2'822'361
2'791'000
2'551'506
2'267'690
2'241'567
2'076'773
1'644'283
1'533'916

% Out
5.56
3.8
3.7
2
1.85
1.46
1.46
1.15
1.07
0.83
0.79
0.57
0.5
0.49
0.45
0.4
0.4
0.37
0.29
0.27

Weighting

Change

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

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

Latest Chg
(223'192)
1'562'761
166'072
26
73'604
53'764
(39'358)
207'191
(196'336)
(2'687)
(101'500)
(6'171)

Target Price
#N/A N/A
43
49
46
51
49
#N/A N/A
47
41
54
43
#N/A N/A
43
40
49
44
57
46
52
45
47
52
40
43
36
48
#N/A N/A
49
43

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
30.06.2011
30.12.2011
31.12.2010
31.12.2011
31.12.2011
30.11.2011
30.09.2011
30.09.2011
30.12.2011
30.06.2011
07.03.2012
31.01.2012
31.12.2011
30.12.2011

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

Inst Type
n/a
Investment Advisor
Holding Company
Corporation
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
09.03.2012
09.03.2012
08.03.2012
08.03.2012
07.03.2012
05.03.2012
05.03.2012
29.02.2012
21.02.2012
17.02.2012
14.02.2012
14.02.2012
09.02.2012
09.02.2012
09.02.2012
08.02.2012
08.02.2012
08.02.2012
08.02.2012
08.02.2012
07.02.2012
07.02.2012
06.02.2012
01.02.2012
18.01.2012
12.01.2012
10.01.2012
18.11.2011
27.07.2011

26.03.2013

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
25

25.0 M

12/2012
12/yy
17.44
12.01
1'282'815.00
16.305
-6.48%
35.71%
77.86%
1'324.0
21'587.21
17'757.00
0.0
2'971.0
3'894.00
38'421.21

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

15

20.0 M

10

15.0 M
10.0 M

5.0 M

0
m-11

a-11 m-11

j-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-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
25'392.0
1.55x
6'774.0
5.82x
2'603.0
10.43x

30.0 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.12.2012)
52-Week Low (19.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 06.03.2013
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

35.0 M

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
1.35x
4'477.0
8.77x
164.0
130.38x
4'477.00
3'230.00
11.14%
7.27%
0.28%
0.87%
6.63%
0.50%
50.5%
22.5%
11.6%
0.6%
0.69
0.19
29.84%
96.17%
18.62

Price/ Cash Flow

LTM

12/yy
28'878.0
5.23x
8'020.0
4.64x
2'198.0
11.35x

12/yy
28'813.0
5.01x
5'018.0
7.20x
2'681.0
7.80x

FY+1

0.82
1'147.24
29.37%
-3.81%
0.823
34
4.000
5'663'165
4'770'851
4'103'820
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
28'852.4
29'182.0
6'982.0
6'523.0
1.29x
1.24x
7'762.4
7'972.9
4.95x
4.82x
2'301.6
2'370.3
9.11x
8.57x
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
16.72
10.36
2.12
2.72
96.2%
45.3%
0.50
3.06
19.66
360.74
-282.51

Sales/Revenue/Turnover

6.00

70'000.0

5.00

60'000.0
50'000.0

4.00

40'000.0
3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00
02.01.2009

0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Vivendi SA
Holdings By:

All

Holder Name
CAPITAL RESEARCH AND
CAISSE DES DEPOTS ET
EMIRATES INTL INVEST
ALLIANCEBERNSTEIN LP
PEG VIVENDI
NATIXIS ASSET MANAGE
FRANKLIN RESOURCES I
NATIXIS ASSET MANAGE
BANK OF AMERICA CORP
WADDELL & REED FINAN
DEUTSCHE BANK AG
BNP PARIBAS ASSET MG
VANGUARD GROUP INC
CAPITAL WORLD INVEST
DNCA FINANCE
CNP ASSURANCES
CREDIT SUISSE SECURI
CDG MAROC
PRUDENTIAL PLC
INTERNATIONAL VALUE

Firm Name

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

Analyst

AlphaValue
JEAN-MICHEL SALVADOR
Sanford C. Bernstein & Co
CLAUDIO ASPESI
Macquarie
GUY R PEDDY
Independent Research GmbH
LARS LUSEBRINK
EVA Dimensions
TEAM COVERAGE
Grupo Santander
STEPHANE SCHLATTER
Societe Generale
CHRISTOPHE CHERBLANC
JPMorgan
FILIPPO PIETRO LO FRANCO
CA Cheuvreux
RICHARD HOUBRON
CM - CIC Securities(ESN)
ERIC RAVARY
Oddo & Cie
BRUNO HARENG
Natixis
JEROME BODIN
Nomura
MATTHEW WALKER
Standard & Poor's Equity Research
ALEXANDER WISCH
Exane BNP Paribas
CHARLES BEDOUELLE
Barclays Capital
JULIEN ROCH
Deutsche Bank
PATRICK KIRBY
Raymond James
STEPHANE BEYAZIAN
Landesbank Baden-Wuerttemberg
MIRKO MAIER
National Bank AG
STEFFEN MANSKE
Espirito Santo Investment Bank Research
WILL DRAPER
HSBC
NICOLAS COTE-COLISSON
Jefferies
WILL SMITH
Banco Sabadell
ANDRES BOLUMBURU
Goldman Sachs
RICHARD JONES
Kepler Capital Markets
CONOR O'SHEA
Liberum Capital Ltd
IAN WHITTAKER
Morgan Stanley
PATRICK WELLINGTON
DZ Bank AG
HARALD HEIDER
Citi
THOMAS A SINGLEHURST
Day by Day
VALERIE GASTALDY
Hamburger Sparkasse
ANNEMARIE SCHLUETER
Credit Suisse
OMAR SHEIKH
Nord/LB
JAN CHRISTIAN GOEHMANN

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

Recommendation
buy
market perform
outperform
hold
hold
buy
buy
neutral
outperform
hold
neutral
buy
neutral
hold
underperform
equalwt/positive
hold
market perform
buy
buy
buy
overweight
hold
buy
neutral/neutral
buy
buy
Equalwt/Attractive
buy
withheld
hold
buy
outperform
buy

Amt Held
57'398'503
46'636'819
34'711'040
30'890'180
24'821'769
24'118'458
20'331'138
20'267'149
18'697'470
16'412'700
15'747'896
15'372'179
13'779'534
13'000'000
12'384'516
12'358'565
12'258'330
12'170'496
11'051'279
10'638'119

% Out
4.6
3.74
2.78
2.48
1.99
1.93
1.63
1.62
1.5
1.32
1.26
1.23
1.1
1.04
0.99
0.99
0.98
0.98
0.89
0.85

Weighting

Change

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

M
M
M
M
U
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
M
M
M

Latest Chg
(1'776'629)
(79'095)
16'084'820
1'486'176
262'380
3'319'765

Target Price
23
14
22
16
#N/A N/A
22
18
16
18
17
16
18
17
16
15
19
17
17
17
17
19
23
18
21
18
20
30
23
23
#N/A N/A
#N/A N/A
#N/A N/A
21
22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2010
Investment Advisor
31.12.2010
Government
31.12.2010
Other
31.12.2010
Investment Advisor
31.12.2010
n/a
31.12.2010
Investment Advisor
31.12.2011
Investment Advisor
30.06.2011 Mutual Fund Manager
31.12.2010
Investment Advisor
30.09.2011
Investment Advisor
31.01.2012
Investment Advisor
31.12.2010
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Insurance Company
31.12.2010
Investment Advisor
31.12.2010
n/a
31.12.2010
Investment Advisor
30.09.2011
Investment Advisor

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

Date
09.03.2012
06.03.2012
06.03.2012
05.03.2012
05.03.2012
02.03.2012
02.03.2012
02.03.2012
02.03.2012
02.03.2012
02.03.2012
02.03.2012
02.03.2012
02.03.2012
02.03.2012
02.03.2012
01.03.2012
01.03.2012
01.03.2012
01.03.2012
27.02.2012
14.02.2012
10.02.2012
06.02.2012
03.02.2012
13.01.2012
21.12.2011
14.12.2011
06.12.2011
11.11.2011
14.09.2011
12.09.2011
18.08.2011
20.12.2010

26.03.2013

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 (26.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.03.2013
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
12/yy
187.40
115.95
226'831.00
156.7
-16.44%
35.14%
54.93%
170.1
70'642.78
117'663.00
0.0
4'310.0
25'921.00
166'694.78

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

8.0 M

140

7.0 M

120

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0
m-11

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%
7.71%
32.16%
0.68%
18.2%
12.7%
5.9%
11.3%
1.03
0.33
38.00%
151.79%
18.73
5.60

Price/ Cash Flow

j-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

.0 M
f-12 m-12

LTM

FY+1

1.16
143.79
20.92%
-8.97%
1.160
39
4.615
1'182'855
1'219'617
971'756
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
126'875.0 159'337.0 204'339.9 215'054.3
54'027.0
53'617.0
2.92x
2.10x
0.34x
0.30x
1.26x
1.28x
16'659.0
16'212.0
24'020.7
26'849.2
4'387.0
4'225.0
6.29x
0.00x
6.94x
6.21x
6'835.0
15'073.0
10'013.6
11'624.4
2'360.0
2'247.0
7.05x
3.20x
7.23x
6.25x
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
3.76
Total Debt/EBITDA
4.82
Reference
Total Debt/Equity
151.8%
Total Debt/Capital
59.0%
Asset Turnover
0.68
Net Fixed Asset Turnover
3.54
Accounts receivable turnover-days
19.54
Inventory Days
65.32
Accounts Payable Turnover Day
38.75
Cash Conversion Cycle
46.11
Sales/Revenue/Turnover

10.00

180'000.0

9.00

160'000.0

8.00

140'000.0

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0

3.00

40'000.0

2.00

20'000.0

1.00
0.00
02.01.2009

a-11 m-11

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

160

0.0
02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26.03.2013

Volkswagen AG
Holdings By:

All

Holder Name
QATAR HOLDINGS LLC
WADDELL & REED FINAN
FIDELITY MANAGEMENT
CAPITAL WORLD INVEST
BLACKROCK ASSET MANA
THORNBURG INVESTMENT
DEUTSCHE BANK AG
VANGUARD GROUP INC
FIDELITY INTERNATION
BLACKROCK FUND ADVIS
DB PLATINUM ADVISORS
UNION INVESTMENT GMB
FRANKLIN RESOURCES I
ADIG INVESTMENT
ALLIANZ GLOBAL INVES
FRANKFURT TRUST INVE
CAPITAL RESEARCH GLO
UMB BANK N A
AMUNDI
MERCURY ASSET MANAGE

Firm Name
WestLB Equity Markets
AlphaValue
Landesbank Baden-Wuerttemberg
Bankhaus Lampe
Redburn Partners
Exane BNP Paribas
Deutsche Bank
Day by Day
DZ Bank AG
Sanford C. Bernstein & Co
Credit Suisse
Independent Research GmbH
National Bank AG
Bankhaus Metzler
Equinet Institutional Services(ESN)
Societe Generale
Commerzbank Corporates & Markets
Nord/LB
Macquarie
Oddo & Cie
M.M. Warburg Investment Research
Morgan Stanley
Silvia Quandt Research
Citi
JPMorgan
HSBC
Natixis
Kepler Capital Markets
Barclays Capital
Goldman Sachs
CA Cheuvreux
Main First Bank AG
Hamburger Sparkasse
Standard & Poor's Equity Research
Cyrrus
Berenberg Bank
SEB AG

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

Analyst
ADAM HULL
HANS-PETER WODNIOK
FRANK BILLER
CHRISTIAN LUDWIG
CHARLES WINSTON
THIERRY HUON
JOCHEN GEHRKE
VALERIE GASTALDY
MICHAEL PUNZET
MAX WARBURTON
ARNDT ELLINGHORST
ZAFER RUEZGAR
STEFFEN MANSKE
JUERGEN PIEPER
TIM SCHULDT
STEPHEN REITMAN
DANIEL SCHWARZ
FRANK SCHWOPE
CHRISTIAN BREITSPRECHER
FRANCOIS MAURY
MARC-RENE TONN
STUART PEARSON
ALBRECHT DENNINGHOFF
PHILIP WATKINS
RANJIT A UNNITHAN
HORST SCHNEIDER
GEORGES DIENG
MICHAEL RAAB
MIKE TYNDALL
STEFAN BURGSTALLER
ALEXANDER NEUBERGER
LOTHAR LUBINETZKI
TINA HECKING-VELTMAN
MARNIE COHEN
JAN ROH
DAVID CRAMER
STIPO BRALO

Source
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
reduce
buy
buy
buy
outperform
buy
buy
buy
market perform
outperform
hold
buy
buy
buy
buy
buy
hold
neutral
neutral
buy
Overwt/In-Line
buy
neutral
overweight
overweight
buy
buy
overwt/neutral
buy/attractive
outperform
buy
buy
strong buy
buy
buy
buy

Amt Held
26'355'116
7'308'991
7'039'656
4'221'575
3'375'767
2'925'675
2'625'040
1'626'974
1'496'660
1'185'419
1'083'486
982'000
651'286
617'787
550'875
484'973
425'000
412'797
390'424
371'525

% Out
15.49
4.3
4.14
2.48
1.98
1.72
1.54
0.96
0.88
0.7
0.64
0.58
0.38
0.36
0.32
0.29
0.25
0.24
0.23
0.22

Weighting

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

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

Latest Chg
29'870
136'181
2'000'575
(296)
15'235
79'824
(904'374)
(164)
271'278
703'500
(21'175)
(5'000)
150'000
22'000
425'000
114'341
(185'050)
(4'980)

Target Price
155
148
157
180
#N/A N/A
165
180
187
150
140
155
150
150
170
170
160
160
140
125
135
171
165
157
140
187
170
170
159
185
218
160
207
#N/A N/A
170
149
155
125

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
10.03.2011
Government
30.09.2011
Investment Advisor
31.01.2012
Investment Advisor
31.12.2011
Investment Advisor
07.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
31.12.2011
Investment Advisor
30.12.2011
Investment Advisor
07.03.2012
Investment Advisor
31.01.2012
Investment Advisor
31.03.2011
Investment Advisor
31.12.2011
Investment Advisor
31.10.2011
Investment Advisor
31.10.2011
Investment Advisor
31.10.2011 Mutual Fund Manager
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
30.12.2011 Mutual Fund Manager
07.03.2012
Investment Advisor

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

Date
09.03.2012
08.03.2012
06.03.2012
06.03.2012
06.03.2012
02.03.2012
01.03.2012
01.03.2012
29.02.2012
28.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
24.02.2012
24.02.2012
24.02.2012
24.02.2012
24.02.2012
24.02.2012
23.02.2012
22.02.2012
21.02.2012
14.02.2012
06.02.2012
27.01.2012
19.01.2012
19.01.2012
16.01.2012
02.01.2012
16.12.2011
15.12.2011
28.10.2011
11.10.2011
16.09.2011
28.10.2010