Fundamental Analysis - SX5E Index (Eurostoxx50) Members

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
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
27.01.2012
Long-Term Rating
AA
Long-Term Outlook
STABLE
23.03.2009
Short-Term Rating
A-1+
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
53.5%
Total Debt/Capital
33.8%
Asset Turnover
0.14
Inventory Days
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
26.03.2013
Allianz SE
Holdings By:
All
Holder Name
BLACKROCK INC
AXA
DEUTSCHE BANK AG
DB PLATINUM ADVISORS
HARBOR CAPITAL ADVIS
VANGUARD GROUP INC
HARRIS ASSOCIATES L
UNION INVESTMENT GMB
FIDELITY MANAGEMENT
ADIG INVESTMENT
ALLIANZ GLOBAL INVES
AMUNDI
DEKA INVESTMENT GMBH
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
HSBC
Macquarie
Equinet Institutional Services(ESN)
Mediobanca SpA
Nord/LB
JPMorgan
CA Cheuvreux
Hamburger Sparkasse
Kepler Capital Markets
Nomura
Collins Stewart
RBC Capital Markets
Raymond James
National Bank AG
Bankhaus Metzler
WestLB Equity Markets
Silvia Quandt Research
Day by Day
AlphaValue
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
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
31.12.2011
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
26.03.2013
Anheuser-Busch InBev NV
Holdings By:
All
Holder Name
STICHTING INBEV
EPS
BRC SARL
FIDELITY MANAGEMENT
VANGUARD GROUP INC
ANHEUSER-BUSCH INBEV
CAPITAL RESEARCH GLO
BNP PARIBAS ASSET MG
VOORZITTER VERHELST
BLACKROCK GROUP LIMI
ARTISAN PARTNERS HOL
INBEV-BAILLET LATOUR
JANUS CAPITAL MANAGE
BRITO CARLOS ALVES D
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
TREVOR STIRLING
Bryan Garnier & Cie
NIKOLAAS FAES
Nomura
IAN SHACKLETON
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
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
ArcelorMittal
Holdings By:
All
Holder Name
MITTAL LAKSHMI N
MORGAN STANLEY
ARCELOR MITTAL
VANGUARD GROUP INC
AMUNDI
ING INVESTMENT MANAG
AVIVA PLC
LBPAM
ING INTERNATIONAL AD
ACHMEA BELEGGINSFOND
UBS STRATEGY FUND MG
Firm Name
Nomura
AlphaValue
Banco Sabadell
Exane BNP Paribas
RBC Capital Markets
Kempen & Co
EVA Dimensions
Nord/LB
Barclays Capital
Grupo Santander
Societe Generale
JPMorgan
Natixis
Main First Bank AG
ABN Amro Bank N.V.
BHF-Bank
Hamburger Sparkasse
Bankia Bolsa (ESN)
Petercam
National Bank AG
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
58.97
51.43
-1.44
0.57
18.7%
15.7%
0.65
4.54
57.47
233.70
39.17
252.00
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
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
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
BNP PARIBAS INV PART
DEUTSCHE BANK AG
HENDERSON GLOBAL INV
BESSEMER GROUP INCOR
Firm Name
Exane BNP Paribas
Grupo Santander
AlphaValue
Credit Suisse
Piper Jaffray
Societe Generale
Morgan Stanley
Pacific Crest Securities
Natixis
JPMorgan
ING Bank
EVA Dimensions
Day by Day
Deutsche Bank
Liberum Capital Ltd
ABN Amro Bank N.V.
Baader Bank
Bank of Valletta
CA Cheuvreux
Petercam
S&P Capital IQ
Main First Bank AG
Barclays
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
A
NEG
118.4%
51.0%
-
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
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
PANTHEON 2000 SPA
MARKETFIELD ASSET MA
CALTAGIRONE EDITORE
GAMMA SRL
B&D FINANCE SA
ARCA SGR SPA
FINANZIARIA ITALIA 2
Firm Name
EVA Dimensions
Macquarie
Exane BNP Paribas
AlphaValue
ICBPI
Banca IMI
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
Morgan Stanley
Deutsche Bank
HSBC
Societe Generale
Natixis
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
18.12.2012
Long-Term Rating
ALong-Term Outlook
STABLE
18.12.2012
Short-Term Rating
A-2
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
19.9%
Total Debt/Capital
16.0%
Asset Turnover
0.15
Inventory Days
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
26.03.2013
AXA SA
Holdings By:
All
Holder Name
MUTUELLES AXA
AMUNDI
BLACKROCK
FRANKLIN RESOURCES
LANSDOWNE UK EQUITY
VANGUARD GROUP INC
VANGUARD GROUP INC
LBPAM
AVIVA PLC
FMR LLC
AMUNDI
TEMPLETON INVESTMENT
DIMENSIONAL FUND ADV
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
RALPH HEBGEN
Goldman Sachs
COLIN L SIMPSON
CA Cheuvreux
STEFAN BONGARDT
S&P Capital IQ
RODERICK WALLACE
Nomura
MICHAEL KLIEN
Main First Bank AG
FEDERICO SALERNO
Banco Sabadell
MARIO LODOS
FABRIZIO CROCE
Barclays
CLAUDIA GASPARI
Mediobanca SpA
MARC THIELE
Deutsche Bank
OLIVER STEEL
Macquarie
NEIL WELCH
HSBC
KAILESH MISTRY
Natixis
BENOIT VALLEAUX
WERNER SCHIRMER
Morgan Stanley
JON HOCKING
Redburn Partners
LANCE BURBIDGE
JPMorgan
ANDREAS VAN EMBDEN
PIERRE CHEDEVILLE
DZ Bank AG
WERNER EISENMANN
JOY FERNEYHOUGH
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
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
31.12.2012
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.10.2012
BBBNEG
16.10.2012
A-3
546.0%
83.8%
0.04
3.93
-
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
26.03.2013
Banco Bilbao Vizcaya Argentaria SA

Holdings By:
All
Holder Name
BNP PARIBAS SA
INVERAVANTE INVERSIO
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
FMR LLC
OPPENHEIMERFUNDS INC
CORP GNRAL FINANCIER
UMB BANK N A
SWEDBANK ROBUR FONDE
SANTANDER ASSET MGMT
CREDIT SUISSE ASSET
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
ANTONIO RAMIREZ
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Grupo Santander
ARTURO DE FRIAS
Bankia Bolsa (ESN)
JAVIER BERNAT
IRMA GARRIDO
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
ALEJANDRO RUYRA DE ANDRADE
EVA Dimensions
AUSTIN BURKETT
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
Credit Suisse
IGNACIO CEREZO
JUAN PABLO LOPEZ
BPI
CARLOS JOAQUIM PEIXOTO
AlphaValue
DAVID GRINSZTAJN
La Caixa
DAVID FERNANDEZ
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
STEFAN BONGARDT
Natixis
FREDERIC TESCHNER
Nomura
DARAGH QUINN
S&P Capital IQ
WILLIAM HOWLETT
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.10.2012
BBB
NEG
30.04.2012
A-2
492.3%
81.3%
0.03
3.19
-
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
26.03.2013
Banco Santander SA
Holdings By:
All
Holder Name
STATE STREET
BNP PARIBAS SA
BARCLAYS PLC
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
DE LOS RIOS EMILIO B
DODGE & COX
ASSICURAZIONI GENERA
HARRIS ASSOCIATES LP
BANCO SANTANDER SA
CARMIGNAC GESTION
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
IRMA GARRIDO
FRANCISCO RIQUEL
Natixis
FREDERIC TESCHNER
La Caixa
DAVID FERNANDEZ
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
Bankia Bolsa (ESN)
JAVIER BERNAT
ALEJANDRO RUYRA DE ANDRADE
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
Credit Suisse
IGNACIO CEREZO
ANTONIO RAMIREZ
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
JUAN ALBERTO TUESTA VILANOVA
Morgan Stanley
ALVARO SERRANO
JPMorgan
JAIME BECERRIL
Hamburger Sparkasse
CHRISTIAN HAMANN
RBC Capital Markets
PATRICK LEE
Macquarie
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
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
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
31.01.2013
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
BASF SE
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
DEUTSCHE BANK AG
FMR LLC
VANGUARD GROUP INC
ADIG INVESTMENT
FRANKFURT TRUST INVE
UNION INVESTMENT LUX
SEB
ETFLAB INVESTMENT GM
SWEDBANK ROBUR FONDE
Firm Name
Nord/LB
Jefferies
AlphaValue
JPMorgan
Canaccord Genuity Corp
DZ Bank AG
M.M. Warburg Investment Research
Exane BNP Paribas
Baader Bank
CA Cheuvreux
Credit Suisse
Bankhaus Lampe
S&P Capital IQ
Societe Generale
Goldman Sachs
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Morgan Stanley
HSBC
Nomura
Redburn Partners
Banco Sabadell
Barclays
EVA Dimensions
Deutsche Bank
Main First Bank AG
Berenberg Bank
Day by Day
Gilford Securities
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
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
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
22.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Unclassified
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
26.03.2013
Bayer AG
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
DODGE & COX
VANGUARD GROUP INC
SUN LIFE FINANCIAL I
MORGAN STANLEY
DEUTSCHE BANK AG
VANGUARD GROUP INC
CI INVESTMENTS INC
ADIG INVESTMENT
TIAA CREF INVESTMENT
Firm Name
Helvea
DZ Bank AG
Exane BNP Paribas
AlphaValue
Baader Bank
Jefferies
Berenberg Bank
Natixis
S&P Capital IQ
JPMorgan
EVA Dimensions
CA Cheuvreux
Societe Generale
Hamburger Sparkasse
Nomura
Day by Day
Nord/LB
Credit Suisse
Macquarie
Bankhaus Metzler
Barclays
Bryan Garnier & Cie
Goldman Sachs
Deutsche Bank
Redburn Partners
Main First Bank AG
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
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
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
28.02.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
26.03.2013
Bayerische Motoren Werke AG

Holdings By:
All
Holder Name
QUANDT STEFAN
QUANDT JOHANNA
KLATTEN SUSANNE
BLACKROCK
FMR LLC
DODGE & COX
VANGUARD GROUP INC
DEUTSCHE BANK AG
VANGUARD GROUP INC
SEB
ADIG INVESTMENT
Firm Name
DZ Bank AG
Exane BNP Paribas
Macquarie
Nord/LB
JPMorgan
Oddo & Cie
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
Goldman Sachs
Natixis
Main First Bank AG
Hamburger Sparkasse
CA Cheuvreux
Barclays
Cyrrus
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
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.10.2012
A+
NEG
25.10.2012
A-1
1287.6%
91.5%
0.05
4.07
-
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
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
26.03.2013
BNP Paribas SA
Holdings By:
All
Holder Name
BELGIAN STATE
AXA
BLACKROCK
FRANKLIN RESOURCES
FMR LLC
STATE OF LUXEMBOURG
VANGUARD GROUP INC
VANGUARD GROUP INC
AVIVA PLC
AMUNDI
LBPAM
SCHRODER INVESTMENT
DODGE & COX
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst

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
BENOIT PETRARQUE
Nomura
JON PEACE
Morgan Stanley
THIBAULT NARDIN
INGO FROMMEN
CA Cheuvreux
CYRIL MEILLAND
Hamburger Sparkasse
CHRISTIAN HAMANN
Banco Sabadell
MARIO LODOS
Natixis
ALEX KOAGNE
Main First Bank AG
FEDERICO SALERNO
STEFAN BONGARDT
PIERRE CHEDEVILLE
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
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
31.12.2012
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
31.01.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
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
MACKENZIE FINANCIAL
BLACKROCK
VANGUARD GROUP INC
CARREFOUR SA
AKO CAPITAL LLP
GROUPE ARNAULT SAS
VANGUARD GROUP INC
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
CHRISTIAN DEVISMES
Jyske Bank
ROBERT JAKOBSEN
Cantor Fitzgerald
MICHAEL J DENNIS
Nomura
NICK COULTER
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
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
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
COGEMA
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
PREDICA
AVIVA PLC
SOCIETE GEN GESTION
FMR LLC
DODGE & COX
AMUNDI
JP MORGAN
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
Jefferies
Bryan Garnier & Cie
Natixis
S&P Capital IQ
Liberum Capital Ltd
Goldman Sachs
HSBC
Morgan Stanley
JPMorgan
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
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
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
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
31.12.2012
Investment Advisor
31.12.2011
Insurance Company
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
CRH PLC
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BLACKROCK
UBS
NORGES BANK
GRWTH FUND OF AMERIC
VANGUARD GROUP INC
VANGUARD GROUP INC
SCOTTISH WIDOWS
MARKETFIELD ASSET MA
INVESCO LTD
MORGAN STANLEY
MACKAY SHIELDS LLC
LEGAL & GENERAL
Firm Name
Oddo & Cie
AlphaValue
EVA Dimensions
Raymond James
Goldman Sachs
Credit Suisse
Goodbody Stockbrokers Ltd
Deutsche Bank
JPMorgan
Natixis
Day by Day
Societe Generale
Berenberg Bank
Jefferies
Bryan Garnier & Cie
S&P Capital IQ
Exane BNP Paribas
Numis Securities Ltd
Merrion Stockbrokers
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
23.02.2012
Long-Term Rating
ALong-Term Outlook
STABLE
26.02.2001
Short-Term Rating
A-2
Credit Ratios
5.24
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
2.58
24.64
Inventory Days
71.73
37.55
58.83
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
26.03.2013
Daimler AG
Holdings By:
All
Holder Name
BLACKROCK
KUWAIT INVESTMENT AU
AABAR INVESTMENTS PJ
NORGES BANK
NISSAN MOTOR CO LTD
VANGUARD GROUP INC
VANGUARD GROUP INC
ONTARIO TEACHERS PEN
GOLDMAN SACHS GROUP
Firm Name
Exane BNP Paribas
AlphaValue
Macquarie
Day by Day
Morgan Stanley
Credit Suisse
Banco Sabadell
Goldman Sachs
Redburn Partners
DZ Bank AG
Barclays
Societe Generale
JPMorgan
HSBC
Bankhaus Lampe
Oddo & Cie
Bankhaus Metzler
S&P Capital IQ
Nord/LB
Hamburger Sparkasse
Natixis
EVA Dimensions
Main First Bank AG
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
VALERIE GASTALDY
STUART PEARSON
ERICH HAUSER
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
GEORGES DIENG
CRAIG STERLING
LOTHAR LUBINETZKI
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
Danone SA
Holdings By:
All
Holder Name
GROUPE DANONE
AMUNDI SA
EURAZEO
NORGES BANK
SOFINA & HENEX GROUP
FMR LLC
FCPE FONDS GROUPE DA
VANGUARD GROUP INC
BLACKROCK
TRIAN FUND MANAGEMEN
VANGUARD GROUP INC
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

ANDREW WOOD
HSBC
CEDRIC BESNARD
AlphaValue
SOPHIE CABO-BROSETA
Grupo Santander
PEDRO GIL
Nomura
DAVID HAYES
Jefferies
ALEX HOWSON
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
S&P Capital IQ
CARL SHORT
Equita SIM SpA
FABIO FAZZARI
RBC Capital Markets
JAMES EDWARDES JONES
JON COX
Day by Day
VALERIE GASTALDY
Credit Suisse
ALEX MOLLOY
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
FRANCIS PRETRE
Oddo & Cie
LAURENCE HOFMANN
Helvea
ANDREAS VON ARX
Barclays
LIAM ROWLEY
Deutsche Bank
JAMES ISENWATER
JPMorgan
CELINE PANNUTI
LARS LUSEBRINK
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Banco Sabadell
IGNACIO ROMERO
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
ALEX SMITH
Natixis
PIERRE TEGNER
Aurel - BGC
JEAN-MARIE L'HOME
DZ Bank AG
ROBERT CZERWENSKY
Nord/LB
WOLFGANG VASTERLING
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
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
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.01.2012
A+
NEG
19.12.2008
A-1
0.0%
83.9%
0.02
9.56
-
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
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
26.03.2013
Deutsche Bank AG
Holdings By:
All
Holder Name
BLACKROCK
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
JP MORGAN
BANK OF AMERICA CORP
DEUTSCHE TELEKOM
UBS
ALLIANCE BERNSTEIN
Firm Name
Portfolio Name
n/a
n/a
n/a
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AKTIEN
CREDIT AGRICOLE SA
Multiple Portfolios
n/a
GOLDMAN SACHS GROUP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
BANK OF AMERICA
n/a
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
STEFAN BONGARDT
Oddo & Cie
JEAN SASSUS
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
INGO FROMMEN
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
Goldman Sachs
JERNEJ OMAHEN
ANDREW STIMPSON
ANDREW LIM
Banco Sabadell
MARIO LODOS
Redburn Partners
NICHOLAS WATTS
Barclays
JEREMY SIGEE
Hamburger Sparkasse
CHRISTIAN HAMANN
ARUN MELMANE
CA Cheuvreux
CYRIL MEILLAND
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
M.M. Warburg Investment Research ANDREAS PLAESIER
Berenberg Bank
JAMES CHAPPELL
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
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
28.09.2012
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
26.03.2013
Deutsche Telekom AG
Holdings By:
All
Holder Name
KREDITANSTALT FUER W
FEDERAL REPUBLIC OF
BLACKSTONE GROUP LP
BLACKROCK INC
DEUTSCHE BANK AG
VANGUARD GROUP INC
AMUNDI
PICTET ASSET MANAGEM
SCHRODER INVESTMENT
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

ROBIN BIENENSTOCK
Barclays Capital
JONATHAN DANN
ADRIAN PEHL
AlphaValue
HEINZ STEFFEN
Citi
SIMON H WEEDEN
Berenberg Bank
PAUL ANDREW MARSCH
Hamburger Sparkasse
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
STEFAN BORSCHEID
Morgan Stanley
NICK DELFAS
Nord/LB
JAN CHRISTIAN GOEHMANN
Oddo & Cie
ALEXANDRE IATRIDES
Bankhaus Metzler
ULRICH TRABERT
Natixis
JACQUES DE GRELING
ALEXANDER WISCH
DZ Bank AG
JOERI SELS
Societe Generale
OTTAVIO ADORISIO
MARKUS FRIEBEL
National Bank AG
MANFRED JAISFELD
WOLFGANG SPECHT
Main First Bank AG
MARC RODE
JACQUES ABRAMOWICZ
CA Cheuvreux
PETER KURT NIELSEN
HSBC
DOMINIK KLARMANN
Exane BNP Paribas
MATHIEU ROBILLIARD
Credit Suisse
JUSTIN FUNNELL
WILL DRAPER
Deutsche Bank
MATTHEW BLOXHAM
EVA Dimensions
TEAM COVERAGE
JEFFREY VONK
Day by Day
VALERIE GASTALDY
Investec
MORTEN SINGLETON
Liberum Capital Ltd
MARK JAMES
Banco Sabadell
ANDRES BOLUMBURU
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
27.07.2012
Long-Term Rating
ALong-Term Outlook
STABLE
27.07.2012
Short-Term Rating
A-2
Credit Ratios
2.90
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
2.40
47.34
Inventory Days
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
26.03.2013
E.ON SE
Holdings By:
All
Holder Name
BLACKROCK INC
E.ON AG
STATKRAFT REGIONAL H
FRANKLIN RESOURCES I
VANGUARD GROUP INC
DEUTSCHE BANK AG
ADIG INVESTMENT
AMUNDI
FIDELITY MANAGEMENT
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
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
LAWSON STEELE
Raymond James
EMMANUEL RETIF
Main First Bank AG
ANDREAS THIELEN
Baader Bank
KARIN BRINKMANN
AlphaValue
EILEEN RYAN
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
MICHAEL SCHAEFER
Oddo & Cie
STEPHANE LACAZE
Collins Stewart
HAROLD HUTCHINSON
Nord/LB
HEINO HAMMANN
SVEN DIERMEIER
DZ Bank AG
HASIM SENGUEL
Credit Suisse
VINCENT GILLES
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
European Aeronautic Defence and Space Co NV

Holdings By:
All
Holder Name
SOGEADE
DAIMLERCHRYSLER AERO
SOCIEDAD ESTATAL DE
FEDERAL REPUBLIC OF
BLACKROCK
AMUNDI SA
VANGUARD GROUP INC
VIKING GLOBAL INVEST
OLD MUTUAL
STATE STREET
PRIMECAP MANAGEMENT
DEUTSCHE BANK AG
INVESCO LTD
VANGUARD GROUP INC
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
DOUGLAS S HARNED
RBC Capital Markets
ROBERT STALLARD
Societe Generale
ZAFAR KHAN
Investec
ANDREW GOLLAN
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
ZAFER RUZGAR
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
HARALD LIBERGE-DONDOUX
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
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
31.01.2013
Unclassified
05.10.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
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
26.03.2013
Enel SpA
Holdings By:
All
Holder Name
MINISTERO DELL'ECONO
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
FMR LLC
ARCA SGR SPA
STATE STREET BANQUE
AVIVA PLC
CREDIT SUISSE ASSET
JOHN HANCOCK INVESTM
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
SVEN DIERMEIER
FERNANDO GARCIA GARCIA
Natixis
PHILIPPE OURPATIAN
Raymond James
EMMANUEL RETIF
Banca Akros(ESN)
DARIO MICHI
CLAUDIA INTROVIGNE
Goldman Sachs
DARIO CARRADORI
AlphaValue
MYRIAM COHEN
Credit Suisse
STEFANO BEZZATO
Centrobanca
EDOARDO MONTALBANO
Nomura
JAVIER SUAREZ
Berenberg Bank
ANDREW FISHER
Barclays
SUSANNA INVERNIZZI
EVA Dimensions
AUSTIN BURKETT
Equita SIM SpA
ROBERTO LETIZIA
Banco Sabadell
Nord/LB
HEINO HAMMANN
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
17.01.2012
Long-Term Rating
A
Long-Term Outlook
NEG
19.05.2010
Short-Term Rating
A-1
Credit Ratios
27.91
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
1.86
Inventory Days
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
26.03.2013
Eni SpA
Holdings By:
All
Holder Name
CASSA DEPOSITI E PRE
MINISTERO DELL'ECONO
BLACKROCK
FMR LLC
BNP PARIBAS ARBITRAG
VANGUARD GROUP INC
BNP PARIBAS SA
VANGUARD GROUP INC
ABERDEEN
FRANKLIN RESOURCES
BNP PARIBAS SEC SERV
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
Equita SIM SpA
Banca Akros(ESN)
Natixis
Barclays
RBC Capital Markets
Jefferies
Nomura
JPMorgan
S&P Capital IQ
VTB Capital
Investec
Goldman Sachs
Banco Sabadell
EVA Dimensions
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
45.52
35.54
0.23
0.84
25.0%
18.9%
0.76
5.10
84.68
131.44
154.58
-
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
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
VANGUARD GROUP INC
FMR LLC
CARMIGNAC GESTION
BLACKROCK
VANGUARD GROUP INC
TIAA CREF INVESTMENT
LBPAM
JUPITER ASSET MANAGE
SCHRODER INVESTMENT
UMB BANK N A
SARASIN
Firm Name
Societe Generale
AlphaValue
Day by Day
BPI
Goldman Sachs
HSBC
Berenberg Bank
Raymond James
Barclays
Jefferies
Bryan Garnier & Cie
Main First Bank AG
Exane BNP Paribas
Morgan Stanley
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
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
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
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
26.03.2013
France Telecom SA
Holdings By:
All
Holder Name
FRENCH STATE
SOCIETE GENERALE
AMUNDI
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
FRANCE TELECOM SA
VANGUARD GROUP INC
DNCA FINANCE
AMUNDI
LBPAM
AVIVA PLC
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

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
JAVIER BORRACHERO
EVA Dimensions
ANDREW S ZAMFOTIS
JPMorgan
HANNES C WITTIG
WILL DRAPER
Grupo Santander
Nord/LB
WOLFGANG DONIE
Macquarie
GUY R PEDDY
STEFAN BORSCHEID
Barclays
JONATHAN DANN
Goldman Sachs
ANDREW LEE
MARKUS FRIEBEL
S&P Capital IQ
ALEXANDER WISCH
New Street Research
RUSSELL WALLER
Banco Sabadell
ANDRES BOLUMBURU
HSBC
NICOLAS COTE-COLISSON
Credit Suisse
JAKOB BLUESTONE
Hamburger Sparkasse
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
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
26.03.2013
GDF Suez
Holdings By:
All
Holder Name
FRENCH STATE
GROUPE BRUXELLES LAM
GDF SUEZ
CNP ASSURANCES
FRANKLIN RESOURCES
BLACKROCK
SOFINA SA
VANGUARD GROUP INC
VANGUARD GROUP INC
LBPAM
INTERNATIONAL VALUE
AVIVA PLC
AMUNDI
Firm Name
Exane BNP Paribas
Macquarie
HSBC
Grupo Santander
Goldman Sachs
Nomura
Barclays
Morgan Stanley
Raymond James
KBC Securities
S&P Capital IQ
AlphaValue
Credit Suisse
Natixis
Banco Sabadell
Berenberg Bank
EVA Dimensions
JPMorgan
Day by Day
Deutsche Bank
Nord/LB
Societe Generale
Hamburger Sparkasse
DZ Bank AG
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
ANDREW FISHER
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
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
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
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
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
FERNANDO LAFUENTE
Day by Day
VALERIE GASTALDY
Goldman Sachs
FRED BARASI
BPI
GONZALO SANCHEZ-BORDONA
ERKAN AYCICEK
SVEN DIERMEIER
Bankia Bolsa (ESN)
VICTOR PEIRO PEREZ
Banco Sabadell
Nomura
JAVIER SUAREZ
Morgan Stanley
CAROLINA DORES
Credit Suisse
STEFANO BEZZATO
S&P Capital IQ
CLIVE ROBERTS
ANTONIO CRUZ
BBVA
ISIDORO DEL ALAMO
Berenberg Bank
ANDREW FISHER
Interdin Bolsa
ALEJANDRO MIRANDA FOURNIER
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
875.44
573.53
-1.05
0.00
0.1%
0.1%
1.34
3.62
15.83
81.50
160.21
-62.88
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
26.03.2013
Inditex SA
Holdings By:
All
Holder Name
GARTLER SL
PARTLER 2006 SL
ROSP CORUNNA
JP MORGAN
FMR LLC
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
VANGUARD GROUP INC
BAILLIE GIFFORD AND
UMB BANK N A
PRUDENTIAL FINANCIAL
JENNISON ASSOCIATES
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ISI Group
OMAR SAAD
EVA Dimensions
CRAIG STERLING
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
ZAFER RUZGAR
BBVA
ISABEL CARBALLO
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
GERMAN GARCIA BOU
Bryan Garnier & Cie
PETER FARREN
Nomura
FRASER RAMZAN
S&P Capital IQ
WILLIAM MACK
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
JESUS DOMINGUEZ ANGULO
Redburn Partners
GEOFF LOWERY
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
03.09.2009
A
NEG
31.03.2009
A-1
366.8%
78.3%
0.03
-
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
26.03.2013
ING Groep NV
Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
VANGUARD GROUP INC
CARMIGNAC GESTION
FMR LLC
VANGUARD GROUP INC
DEUTSCHE BANK AG
SCHRODER INVESTMENT
ROYAL BANK OF CANADA
Firm Name
Mediobanca SpA
AlphaValue
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
SNS Securities(ESN)
Societe Generale
Deutsche Bank
Nomura
S&P Capital IQ
Petercam
EVA Dimensions
Goldman Sachs
RBC Capital Markets
CA Cheuvreux
DZ Bank AG
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.02.2012
BBB+
NEG
10.02.2012
A-2
570.6%
84.9%
0.03
1.37
-
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
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
ALLEANZA TORO SPA
BLACKROCK
ASSICURAZIONI GENERA
FRANKLIN RESOURCES
VANGUARD GROUP INC
INA ASSITALIA SPA
GENERALI VIE SA
VANGUARD GROUP INC
MANDARINE GESTION
GENERALI VERSICHERUN
Firm Name
Mediobanca SpA
Barclays
Macquarie
Exane BNP Paribas
Berenberg Bank
Societe Generale
Morgan Stanley
Equita SIM SpA
Oddo & Cie
Banca Akros(ESN)
ICBPI
Natixis
Nomura
S&P Capital IQ
Credit Suisse
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
VANGUARD GROUP INC
FORTIS INVESTMENTS
BARCLAYS PLC
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

JAMES STETTLER
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
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
PETER OLOFSEN
Exane BNP Paribas
OLIVIER ESNOU
Nomura
DANIEL CUNLIFFE
HSBC
MICHAEL HAGMANN
ROB VIRDEE
Redburn Partners
PHILIP WILSON
EVA Dimensions
CRAIG STERLING
Nord/LB
WOLFGANG VASTERLING
Banco Sabadell
Day by Day
VALERIE GASTALDY
VOLKER STOLL
CA Cheuvreux
ANTOINE AZAR
Hamburger Sparkasse
MARCO GUENTHER
Natixis
LUDOVIC DEBAILLEUX
Barclays
DAVID VOS
Deutsche Bank
MARTIN WILKIE
Kempen & Co
ERWIN DUT
MARKUS FRIEBEL
Petercam
MARCEL ACHTERBERG
S&P Capital IQ
JAMES CRAWSHAW
Goldman Sachs
AARON IBBOTSON
Berenberg Bank
WILLIAM MACKIE
SNS Securities(ESN)
VICTOR BARENO
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
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)
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
26.03.2013
L'Oreal SA
Holdings By:
All
Holder Name
BETTENCOURT FAMILY
NESTLE SA
L'OREAL SA
VANGUARD GROUP INC
OWEN-JONES LINDSAY
BLACKROCK
BALYASNY ASSET MANAG
VANGUARD GROUP INC
FMR LLC
LBPAM
AMUNDI
INVESCO LTD
NEW JERSEY DIVISION
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

ANDREW WOOD
Stifel
MARK S ASTRACHAN
AlphaValue
ARMELLE MOULIN
Jefferies
ALEX HOWSON
JPMorgan
CELINE PANNUTI
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
EDDY HARGREAVES
Exane BNP Paribas
EAMONN FERRY
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
LARS LUSEBRINK
Hamburger Sparkasse
CHRISTIAN HAMANN
S&P Capital IQ
CARL SHORT
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
LVMH Moet Hennessy Louis Vuitton SA

Holdings By:
All
Holder Name
GROUPE ARNAULT SAS
LVMH MOET HENNESSY L
QATAR HOLDINGS LLC
CARMIGNAC GESTION
FMR LLC
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
TRAPANI FRANCESCO
DEUTSCHE BANK AG
AVIVA PLC
LBPAM
AMUNDI
Firm Name
ISI Group
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
Morgan Stanley
Goldman Sachs
Bryan Garnier & Cie
Credit Suisse
JPMorgan
Raymond James
Hamburger Sparkasse
Natixis
S&P Capital IQ
Barclays
HSBC
EVA Dimensions
Deutsche Bank
Equita SIM SpA
Redburn Partners
CA Cheuvreux
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
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
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
31.12.2012
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
AASTABLE
23.0%
18.6%
0.26
-
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
26.03.2013
Muenchener Rueckversicherungs AG
Holdings By:
All
Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
PEOPLES BANK OF CHIN
CREDIT SUISSE AG
FRANKLIN RESOURCES
VANGUARD GROUP INC
DEUTSCHE BANK AG
VANGUARD GROUP INC
MACKENZIE FINANCIAL
TWEEDY BROWNE COMPAN
ADIG INVESTMENT
SARASIN
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
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
WERNER SCHIRMER
Oddo & Cie
NICOLAS JACOB
Natixis
BENOIT VALLEAUX
Helvea
DANIEL BISCHOF
THOMAS SEIDL
STEFAN BONGARDT
Bryan Garnier & Cie
OLIVIER PAUCHAUT
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
FABRIZIO CROCE
Barclays
ANDREW BROADFIELD
Main First Bank AG
MICHAEL HAID
Morgan Stanley
MACIEJ WASILEWICZ
Mediobanca SpA
MARC THIELE
BEN COHEN
Redburn Partners
PAUL GOODHIND
JOY FERNEYHOUGH
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
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
31.12.2012
Investment Advisor
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
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
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
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
AMUNDI
DEUTSCHE BANK AG
SCHRODER INVESTMENT
STATE STREET
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
FERNANDO LAFUENTE
Day by Day
VALERIE GASTALDY
OSWALD CLINT
HSBC
PAUL SPEDDING
SVEN DIERMEIER
Banco Sabadell
BPI
BRUNO ALMEIDA DA SILVA
AlphaValue
ALEXANDRE ANDLAUER
JENS MUENSTERMANN
Credit Suisse
THOMAS YOICHI ADOLFF
Equita SIM SpA
MASSIMO BONISOLI
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
GORDON GRAY
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
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
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
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.07.2012
BBB+
STABLE
08.06.2011
A-2
7.25
3.18
134.6%
54.8%
-
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
26.03.2013
RWE AG
Holdings By:
All
Holder Name
RW ENERGIE-BETEILIGU
BLACKROCK
CREDIT SUISSE GROUP
MONDRIAN INVESTMENT
SOCIETE GENERALE SA
VANGUARD GROUP INC
VANGUARD GROUP INC
ETFLAB INVESTMENT GM
FMR LLC
DEKA INTERNATIONAL S
NUVEEN ASSET MANAGEM
MACQUARIE GROUP
Firm Name
Exane BNP Paribas
RBC Capital Markets
HSBC
EVA Dimensions
Redburn Partners
Grupo Santander
JPMorgan
Nomura
AlphaValue
Goldman Sachs
Raymond James
DZ Bank AG
Hamburger Sparkasse
Societe Generale
Morgan Stanley
Nord/LB
Bankhaus Metzler
S&P Capital IQ
Main First Bank AG
Banco Sabadell
Day by Day
Credit Suisse
Berenberg Bank
Barclays
Macquarie
Steubing AG
Deutsche Bank
Natixis
CA Cheuvreux
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
VALERIE GASTALDY
VINCENT GILLES
LAWSON STEELE
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
File Dt
Inst Type
31.12.2012
Other
22.03.2013
Investment Advisor
04.05.2012
Investment Advisor
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
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
31.01.2013
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
Sanofi
Holdings By:
All
Holder Name
L'OREAL SA
FMR LLC
BLACKROCK
VANGUARD GROUP INC
SANOFI EMP SAVINGS P
DODGE & COX
FRANKLIN RESOURCES
VANGUARD GROUP INC
MORGAN STANLEY
AVIVA PLC
DEUTSCHE BANK AG
LBPAM
AMUNDI
GRANTHAM MAYO VAN OT
AMUNDI
Firm Name
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
Deutsche Bank
Credit Suisse
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
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
FABIAN WENNER
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.21
25.11
0.57
1.15
37.1%
27.0%
0.65
9.96
83.59
-
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
26.03.2013
SAP AG
Holdings By:
All
Holder Name
PLATTNER HASSO
TSCHIRA KLAUS
BLACKROCK
HOPP DIETMAR
SAP AG
FMR LLC
VANGUARD GROUP INC
DEUTSCHE BANK AG
VANGUARD GROUP INC
MORGAN STANLEY
CREDIT SUISSE AG
Firm Name
Jefferies
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
Redburn Partners
EVA Dimensions
Exane BNP Paribas
Nord/LB
JPMorgan
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Barclays
Grupo Santander
Goldman Sachs
S&P Capital IQ
DZ Bank AG
Wells Fargo Securities, LLC
Natixis
Cross Research
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
GERARDUS VOS
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
Schneider Electric SA
Holdings By:
All
Holder Name
AMUNDI
VANGUARD GROUP INC
DODGE & COX
SCHNEIDER ELECTRIC S
FMR LLC
BLACKROCK
VANGUARD GROUP INC
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
JAMES STETTLER
Nomura
DANIEL CUNLIFFE
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
AlphaValue
LIONEL PELLICER
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
ROB VIRDEE
EVA Dimensions
CRAIG STERLING
Barclays
NICK WEBSTER
Credit Suisse
SIMON TOENNESSEN
VOLKER STOLL
Deutsche Bank
MARTIN WILKIE
RBC Capital Markets
ANDREW CARTER
CA Cheuvreux
ALFRED GLASER
MARKUS FRIEBEL
Natixis
LUDOVIC DEBAILLEUX
Morgan Stanley
BEN UGLOW
PIERRE BOUCHENY
S&P Capital IQ
JAWAHAR HINGORANI
Banco Sabadell
MARIA CEBOLLERO
Goldman Sachs
DANIELA COSTA
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
Siemens AG
Holdings By:
All
Holder Name
BLACKROCK
SIEMENS FAMILY
QATAR HOLDINGS LLC
SIEMENS AG
VANGUARD GROUP INC
VANGUARD GROUP INC
UBS
FRANKLIN RESOURCES
FMR LLC
DEUTSCHE BANK AG
LBPAM
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

JAMES STETTLER
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
Morgan Stanley
BEN UGLOW
Day by Day
VALERIE GASTALDY
AlphaValue
HEINZ STEFFEN
VOLKER STOLL
Hamburger Sparkasse
MARCO GUENTHER
Baader Bank
GUENTHER MICHAEL HOLLFELDER
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
ROB VIRDEE
RBC Capital Markets
ANDREW CARTER
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
DZ Bank AG
JASKO TERZIC
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
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
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
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
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
22.03.2013
Investment Advisor
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
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.01.2012
A
NEG
07.05.2009
A-1
1663.3%
93.2%
-
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
26.03.2013
Societe Generale SA
Holdings By:
All
Holder Name
LYXOR INTERNATIONAL
BLACKROCK INC
GROUPAMA SA
MEIJI YASUDA LIFE IN
SOCIETE GENERALE
CNP ASSURANCES
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
AVIVA PLC
LBPAM
BARCLAYS ASSET MANAG
FRANKLIN RESOURCES
AMUNDI
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
INGO FROMMEN
Day by Day
VALERIE GASTALDY
Barclays
KIRI VIJAYARAJAH
JEAN-PIERRE LAMBERT
Credit Suisse
MAXENCE LE GOUVELLO
Hamburger Sparkasse
CHRISTIAN HAMANN
HSBC
ROBIN DOWN
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
STEFAN BONGARDT
S&P Capital IQ
WILLIAM HOWLETT
Main First Bank AG
FEDERICO SALERNO
CA Cheuvreux
CYRIL MEILLAND
ANDREW LIM
Berenberg Bank
JAMES CHAPPELL
Grupo Santander
AURELIA FAURE
EVA Dimensions
AUSTIN BURKETT
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
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
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
DODGE & COX
LBPAM
BNP ASSET MANAGEMENT
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

ROBIN BIENENSTOCK
Barclays Capital
JONATHAN DANN
BPI
PEDRO OLIVEIRA
Banco Sabadell
ANDRES BOLUMBURU
Berenberg Bank
PAUL ANDREW MARSCH
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
RALPH SZYMCZAK
MARKUS FRIEBEL
NUNO MATIAS
Natixis
BENOIT MAYNARD
ALEXANDER WISCH
National Bank AG
STEFFEN MANSKE
GERMAN GARCIA BOU
Mirabaud Finanzas Sociedad de ValoresJAVIER
S
MIELGO
WOLFGANG SPECHT
MARTA GOMEZ
Grupo Santander
NAHUM SANCHEZ DE LAMADRID
HSBC
LUIGI MINERVA
AlphaValue
Credit Suisse
JUSTIN FUNNELL
EVA Dimensions
TEAM COVERAGE
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
DZ Bank AG
THORSTEN REIGBER
Renta 4 SA SVB
IVAN SAN FELIX
Nord/LB
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
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
31.10.2011
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
12.04.2011
Long-Term Rating
AALong-Term Outlook
STABLE
13.09.1999
Short-Term Rating
A-1+
Credit Ratios
48.20
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
2.73
39.41
Inventory Days
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
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
26.03.2013
Total SA
Holdings By:
All
Holder Name
TOTAL SA
GROUPE BRUXELLES LAM
AMUNDI
NATIONALE A PORTEFEU
AMUNDI
VANGUARD GROUP INC
AVIVA PLC
LBPAM
DODGE & COX
DNCA FINANCE
Firm Name
Goldman Sachs
AlphaValue
Collins Stewart
Banco Sabadell
Natixis
RBC Capital Markets
Morgan Stanley
HSBC
Day by Day
Credit Suisse
The Benchmark Company LLC
Societe Generale
Jefferies
Macquarie
Hamburger Sparkasse
Oddo & Cie
Berenberg Bank
Nomura
Exane BNP Paribas
Barclays Capital
JPMorgan
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
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
File Dt
Inst Type
31.12.2010
Corporation
31.12.2010
Holding Company
06.01.2012
Investment Advisor
31.12.2010
Private Equity
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
26.03.2013
Unibail-Rodamco SE
Holdings By:
All
Holder Name
APG ASSET MANAGEMENT
AMUNDI
STATE STREET
COHEN & STEERS INC
NORTHERN CROSS LLC
BLACKROCK
SOCIETE GENERALE
UBS
NATIXIS
COHEN & STEERS CAPIT
VANGUARD GROUP INC
MORGAN STANLEY
VANGUARD GROUP INC
LASALLE INVESTMENT M
ABN AMRO ASSET MGMT
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Jefferies
ROBERT DUNCAN
HANS-PETER KUHLMANN
AlphaValue
PIERRE-LOUP ETIENNE
Petercam
STEPHAN VAN WEEREN
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
STEFAN BONGARDT
MARTIJN VAN DEN EIJNDEN
Societe Generale
MICHEL VARALDO
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
File Dt
Inst Type
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.02.2012
BBB+
NEG
10.02.2012
A-2
459.9%
81.3%
0.03
2.10
-
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
26.03.2013
UniCredit SpA
Holdings By:
All
Holder Name
AABAR LUX SARL
CENTRAL BANK OF LIBY
CARIMONTE HOLDING SP
CAPITAL RESEARCH & M
ALLIANZ SPA
BLACKROCK INSTITUTIO
DEUTSCHE BANK AG
ALLIANZ FINANCE IV L
LIBYAN FOREIGN BANK
DODGE & COX
BLACKROCK AM IRELAND
BLACKROCK AM DEUTSCH
VANGUARD GROUP INC
Firm Name
AlphaValue
Hammer Partners SA
Societe Generale
Banco Sabadell
Barclays Capital
Centrosim SpA
Nomura
Day by Day
Exane BNP Paribas
Natixis
Banca IMI
Banca Akros(ESN)
Grupo Santander
Oddo & Cie
Macquarie
Goldman Sachs
Morgan Stanley
Citi
Equita SIM SpA
DZ Bank AG
Deutsche Bank
Redburn Partners
Centrobanca
CA Cheuvreux
RBC Capital Markets
Credit Suisse
JPMorgan
Berenberg Bank
EVA Dimensions
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
Unilever NV
Holdings By:
All
Holder Name
FOUNDATION UNILEVER
UNILEVER NV
VANGUARD GROUP INC
ING GROEP NV
AMUNDI
DEUTSCHE BANK AG
ELMA EN UNITED HOLDS
MORGAN STANLEY
MACKENZIE FINANCIAL
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
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
ANDREW WOOD
Collins Stewart
EDDY HARGREAVES
Mirabaud Securities
JULIAN LAKIN
Jefferies
SIMON MARSHALL-LOCKYER
Aurel - BGC
JEAN-MARIE L'HOME
Berenberg Bank
PHILIP MORRISEY
TOM MULLER
Banco Sabadell
IGNACIO ROMERO
Barclays Capital
JANE GELFAND
Kempen & Co
ERWIN DUT
JPMorgan
CELINE PANNUTI
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
BARBARA AMBRUS
LARS LUSEBRINK
Hamburger Sparkasse
SNS Securities(ESN)
RICHARD WITHAGEN
Petercam
FERNAND DE BOER
Nomura
DAVID HAYES
CARL SHORT
MARCO GULPERS
Citi
ROBERT DICKINSON
HSBC
CEDRIC BESNARD
KAREL ZOETE
CA Cheuvreux
XAVIER CROQUEZ
Day by Day
VALERIE GASTALDY
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
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
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
19.10.2011
n/a
31.03.2011
Investment Advisor
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
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
26.03.2013
Vinci SA
Holdings By:
All
Holder Name
COMET LUXEMBOURG HLD
AMUNDI
ARTEMIS SA
VINCI SA
CREDIT AGRICOLE SA
CREDIT SUISSE AG
AMUNDI
VANGUARD GROUP INC
LBPAM
AVIVA PLC
DNCA FINANCE
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
Natixis
Societe Generale
Credit Suisse
Deutsche Bank
RBC Capital Markets
Exane BNP Paribas
CA Cheuvreux
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
26.03.2013
Vivendi SA
Holdings By:
All
Holder Name
CAPITAL RESEARCH AND
EMIRATES INTL INVEST
ALLIANCEBERNSTEIN LP
PEG VIVENDI
BANK OF AMERICA CORP
DEUTSCHE BANK AG
VANGUARD GROUP INC
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
CLAUDIO ASPESI
Macquarie
GUY R PEDDY
LARS LUSEBRINK
EVA Dimensions
TEAM COVERAGE
Grupo Santander
STEPHANE SCHLATTER
Societe Generale
CHRISTOPHE CHERBLANC
JPMorgan
FILIPPO PIETRO LO FRANCO
CA Cheuvreux
RICHARD HOUBRON
ERIC RAVARY
Oddo & Cie
BRUNO HARENG
Natixis
JEROME BODIN
Nomura
MATTHEW WALKER
ALEXANDER WISCH
Exane BNP Paribas
CHARLES BEDOUELLE
Barclays Capital
JULIEN ROCH
Deutsche Bank
PATRICK KIRBY
Raymond James
STEPHANE BEYAZIAN
MIRKO MAIER
National Bank AG
STEFFEN MANSKE
WILL DRAPER
HSBC
NICOLAS COTE-COLISSON
Jefferies
WILL SMITH
Banco Sabadell
ANDRES BOLUMBURU
Goldman Sachs
RICHARD JONES
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
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
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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
31.08.2009
Long-Term Rating
ALong-Term Outlook
POS
15.06.2004
Short-Term Rating
A-2
Credit Ratios
17.46
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
3.54
19.54
Inventory Days
65.32
38.75
46.11
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
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
26.03.2013
Volkswagen AG
Holdings By:
All
Holder Name
QATAR HOLDINGS LLC
FIDELITY MANAGEMENT
DEUTSCHE BANK AG
VANGUARD GROUP INC
ADIG INVESTMENT
UMB BANK N A
AMUNDI
Firm Name
AlphaValue
Bankhaus Lampe
Redburn Partners
Exane BNP Paribas
Deutsche Bank
Day by Day
DZ Bank AG
Credit Suisse
National Bank AG
Bankhaus Metzler
Societe Generale
Nord/LB
Macquarie
Oddo & Cie
Morgan Stanley
Citi
JPMorgan
HSBC
Natixis
Barclays Capital
Goldman Sachs
CA Cheuvreux
Main First Bank AG
Hamburger Sparkasse
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
FRANCOIS MAURY
MARC-RENE TONN
STUART PEARSON
PHILIP WATKINS
RANJIT A UNNITHAN
HORST SCHNEIDER
GEORGES DIENG
MICHAEL RAAB
MIKE TYNDALL
STEFAN BURGSTALLER
ALEXANDER NEUBERGER
LOTHAR LUBINETZKI
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
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
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
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

Fundamental Analysis - SX5E Index (Eurostoxx50) Members

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Fundamental Analysis - SX5E Index (Eurostoxx50) Members

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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

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

BANCO BILBAO VIZCAYA ARGENTA

BAYERISCHE MOTOREN WERKE AG

DAIMLER AG-REGISTERED SHARES

DEUTSCHE BANK AG-REGISTERED

DEUTSCHE TELEKOM AG-REG

ING GROEP NV-CVA

KONINKLIJKE PHILIPS ELECTRON

LVMH MOET HENNESSY LOUIS VUI

MUENCHENER RUECKVER AG-REG

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

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

BANCO BILBAO VIZCAYA ARGENTA

BAYERISCHE MOTOREN WERKE AG

DAIMLER AG-REGISTERED SHARES

DEUTSCHE BANK AG-REGISTERED

DEUTSCHE TELEKOM AG-REG

ING GROEP NV-CVA

KONINKLIJKE PHILIPS ELECTRON

LVMH MOET HENNESSY LOUIS VUI

MUENCHENER RUECKVER AG-REG

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

Latest Fiscal Year:

Fiscal Year Ended

Price/ Cash Flow

Long-Term Rating Date

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

PATRICIA GARCIA SANCHEZ

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

Latest Fiscal Year:

Fiscal Year Ended

Price/ Cash Flow

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

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

Latest Fiscal Year:

Price/ Cash Flow

Long-Term Rating Date